Treasury Bulletin. August 1978 WASHINGTON, D.C.

Transcription

1 Treasury Bulletin August 978 DEPARTMENT OF THE TREASURY WASHINGTON, D.C. OFFICE OF THE SECRETARY

2 August 978 I CONTENTS Page Article - Treasury Financing Operations... VI FEDERAL FISCAL OPERATIONS FFO-. - Summary of Fiscal Operations..... FFO-. - Budget Receipts b y S o u r c e Chart - Budget Receipts b y So u r c e FFO-3 - Budget Outlays by Ag e n c y FF Undistributed Offsetting Receipts FFO-5. - Budget Outlays by Function FFO-6. - Investment Transactions of Government Accounts in Federal Securities (Net) FFO-7. - Trust Funds Transactions..... FFO-9 - Detail of Excise Tax Receipts J- FO-. F0-. F O - 3. FO-4. FEDERAL OBLIGATIONS - Gross Obligations Incurred Within and Outside the Federal Government by Object Cl a s s Gross Obligations Incurred Outside the Federal Government by Major Function and Ma j o r Object C l a s s Gross Obligations Incurred Outside the Federal Government by Department or Agency.. - Gross Obligations Incurred Outside the Federal Government, Comparative Statement by M o n t h s... 9 ACCOUNT OF THE U.S. TREASURY UST-. - Status of the Account of the U.S. Treas u r y...0 UST-. - Elements of Changes in Federal Reserve and Tax and Loan Account Balances..... UST-3. - Gold Assets and Liabilities of the Treasury..... MONETARY STATISTICS MS-. - Currency and Coin in Circulation FEDERAL DEBT F D - l. - Summaiy of Federal D e b t FD-. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt 4 FD-3 - Interest-Bearing Public D e b t FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt 5 FD-5. - Government Account S e r i e s FD-6. - Interest-Bearing Securities Issued by Government A g encies FD-7. - Participation Certificates....8 FD-8. - Debt Subject to Statutory Limitation FD-9# - Status and Application of Statutory Limitation...30 FD-0. - Treasury Holdings of Securities....3 PUBLIC DEBT OPERATIONS PD0-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities PDO-. - Offerings of B i l l s PD New Money Financing through Regular Weekly Treasuiy B i l l s PDO-4. - Offerings of Public Marketable S ecurities PD Unmatured Marketable Securities Issued at a Premium or Discount PD Allotments b y Investor Classes on Subscriptions for Public Marketable Securities.. 47

3 II Treasury Bulletin CONTENTS PDO-7. - Disposition of imolic Marketable Se c urities PD Foreign Series Securities PD0-9. Foreign Currency Series Securities UNITED STATES SAVINGS BONDS SB-. - Sales and Redemptions b y Series, Cumulative SB-. - Sales and Redemptions by Periods, All Series Combined SB-3. - Sales and Redemptions b y Periods, Series E through K SB-4. - Redemptions of Matured and Unmatured Savings B o nds SB-5. - Sales and Redemptions b y Denominations, Series E and H Combined... 6? UNITED STATES SAVINGS NOTES SN-. - Sales and Redemptions by Periods OWNERSHIP OF FEDERAL SECURITIES 0FS-. - Distribution of Federal Securities FS-. - Estimated Ownership of Public Debt Securities TREASURY SURVEY OF OWNERSHIP TS0-. - Summary of Federal Securities TSO-. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution 7 TS Interest-Bearing Marketable Public Debt Securities b y Issue TS Securities Issued by Government Age n c i e s TS Securities Issued by Government-Sponsored Agencies and D. C TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP TSC-. - Summary of Interest-Bearing Public Debt Securities TSC-. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution 75 TSC-3. - Interest-Bearing Marketable Public Debt Securities by I s s u e TSC-4. - Securities Issued b y Government Agencies TSC-5. - Securities Issued b y Government-Sponsored Agencies and D.C MARKET QUOTATIONS ON TREASURY SECURITIES MQ-l. - Treasury B i lls MQ-. - Treasury N o t e s MQ-3. - Treasury B o n d s Chart - Yields of Treasury Securities... 8 AVERAGE YIELDS OF LONG-TERM BONDS AY-. - Average Yields of Long-Term Treasury, Corporate, and Municipal Bo n d s... 8 Chart - Average Yields of Long-Term Treasury, Corporate, and Municipal B onds NATIONAL BANK REPORTS NBR-l. - Operating Income and Expense, and Dividends of National Banks Calendar Year INTERNATIONAL FINANCIAL STATISTICS IFS-. - U.S. Reserve A s s e t s IFS-. IFS-3. - U.S. Liquid and Nonliquid Liabilities to Foreign Official Institutions, and Liquid Liabilities to All Other Foreigners U.S. Liquid and Nonliquid Liabilities to Official Institutions of Foreign Countries, b y A r e a IFS-4. - Nonmarketable U.S. Treasury Bonds and Notes.... gg IFS-5. - U.S. Position in the International Monetary Fu n d IFS-6. - Weighted-Average of Exchange Rate Changes for the D o l l a r Page

4 August 978 III CONTENTS C A P I T A L M O V E M E N T S LIABILITIES TO FOREIGNERS REPORTED BY BANKS - U.S. CM-I-. - Liabilities by Type of Holder CM--. - Liabilities by Type, Payable in Dollars - Part A CM-I-. - Liabilities to Nonmonetary International and Regional Organizations by Type, Payable in Dollars - Part B CM-I-3. - Liabilities by Country CM-I-4. - Liabilities by Type and Country CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-. - clains by Type CM-II-3. - Claims by Country CM-II-6. - Banks Own Claims by Type and Country Payable in Dollars LIABILITIES TO FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-IV-. - Liabilities by Type CM-IV-. - Short-Term Liabilities by Country CM-IV-3. - Short-Term Liabilities, by Type and Country CM-IV-4. - Long-Term Liabilities, by Country CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS - U.S. CM-V-. - Claims by Type CM-V-. - Short-Term Claims by Country CM-V-3. - Short-Term Claims, by Type and Country CM-V-4. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type CM-V-5. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Country...09 CM-V-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country 0 CM-V-7. - Long-Term Claims by Country...H I TRANSACTIONS IN LONG-TERM SECURITIES BY FOREIGNERS CM-VI-. - Foreign Purchases and Sales of Long-Term Domestic Securities CM-VI-. - Foreign Purchases and Sales of Long-Term Foreign Securities... CM-VI-3. - Net Foreign Transactions in Marketable U.S. Treasury Bonds and Notes by Country... H 3 CM-VI-4. - Estimated Foreign Holdings of Marketable U.S. Treasury Bonds and Notes by Country.. 4 CM-VI-5. - Net Foreign Transaction's in Long-Term Domestic Bonds H 5 CM-VI-6. - Net Foreign Transactions in Domestic Stocks by Country......H 6 CM-VI-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country CM-VI-8. - Net Foreign Transactions in Foreign Stocks by Country... CM-VI-9. - Foreign Purchases and Sales of Long-Term Securities, Latest Date......H 9 CM-VI-0. - Foreign Purchases and Sales of Long-Term Securities, Latest Year Page

5 IV Treasury Bulletin C O N T E N T S F O R E I G N C U R R E N C Y P O S I T I O N S SUMiJARI POSITIONS Page FCP-I-. - Noribanking Firms' Positions... FCP-I-. - Weekly Bank Positions FCP-I-3. - Monthly Bank Positions..... BELGIAN FRANC POSITIONS FCP-II-. - Nonbanking Firms' Positions FCP-II-. - Weekly Bank Positions FCP-II-3. - Consolidated Monthly Bank Positions CANADIAN DOLLAR POSITIONS FCP-III-. - Nonbanking Firms' Positions FCP-III-. - Weekly Bank Positions FCP-III-3. - Consolidated Monthly Bank Positions FRENCH FRANC POSITIONS FCP-IV-. - Nonbanking Firms' Positions FCP-IV-. - Weekly Bank Positions FCP-IV-3. - Consolidated Monthly Bank Positions GERMAN MARK POSITIONS FCP-V-. - Nonbanking Firms' Positions FCP-V-. - Weekly Bank Positions FCP-V-3. - Consolidated Monthly Bank Positions ITALIAN LIRA POSITIONS FCP-VI-. - Nonbanking Firms' Positions FCP-VT-. - Weekly Bank Positions JAPANESE YEN POSITIONS FCP-VII-. - Nonbanking Firms' Positions FCP-VII-. - Weekly Bank Positions FCP-VII-3. - Consolidated Monthly Bank Positions SWISS FRANC POSITIONS FCP-VIII-. - Nonbanking Firms' Positions FCP-VIII-. - Weekly Bank Positions FCP-VIII-3. - Consolidated Monthly Bank Positions STERLING POSITIONS FCP-IX-. - Nonbanking Firms' Positions FCP-IX-. - Weekly Bank Positions FCP-IX-3. - Consolidated Monthly Bank Positions UNITED STATES DOLLAR POSITIONS ABROAD FCP-X-. - Nonbanking Firms' Foreign Subsidaries' Positions FCP-X-. - Weekly Bank Foreign Office Positions FCP-X-3. - Monthly Bank Foreign Office Positions

6 August 978 V CONTENTS FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS GA-I-. GOVERNMENT CORPORATIONS AND OTHER BUSINESS-TYPE ACTIVITIES - Statements of Income and Retained Earnings ^- FEDERAL CREDIT PROGRAMS GA-II-. - Direct M:eis and Repurchases of Loans TRUST FUNDS GA-III-. - Civil Service Retirement and Disability Fund GA-III-. - Federal Old-Age and Survivors Insurance Trust Fond GA-III-3. - Federal Disability Insurance Trust Fund GA-III-4. - Federal Hospital Insurance Trust Fund GA-III-5. - Federal Supplementary Medical Insurance Trust Fund GA-III-6. - Railroad Retirement Accounts GA-III-7. - Unemployment Trust Fund GA-III-8. - National Service Life Insurance Fund GA-III-9. - Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities Cumulative Table of Contents Note: Details of figures may not add to totals because of rounding.

7 VI Treasury Bulletin Treasury Financing Operations Auction of -Year Notes On July the Treasury announced that it would auction $3,50 million of -year notes to refund $,480 million of notes maturing July 3, 978 and to raise $770 million new cash. The notes of fered were Treasury Note of Series R-980, to be dated July 3, 978, due July 3, 980, with interest payable on January 3,and July 3 in each year until maturity. A coupon rate of 8-l/7o was set after the determination as to which tenders were accepted on a yield basis,, the average of which translated into an average accepted price close to Tenders for the notes were received until :30 p.m., EDST, July 0 and totaled $4,98 million, of which $3,54 million was accepted at yields ranging from 8.57., price up to 8.67», price Noncompetitive tenders for $ million or less from any one bidder were accepted in full at the average yield of accepted tenders, 8.67», price These totaled $770 million. In addition to the $3,54 million of tenders accepted in the auction process, $375 million of tenders were accepted at the average price from Government accounts and Federal reserve banks for their own account in exchange for securities maturing July 3, 978, and $484 million of tenders were acacepted at the average price from Federal Reserve banks as agents for foreign and international monetary authorities for new cash. Tenders were received at Federal Reserve banks and branches and at the Bureau of the Public Debt, Washington, D. C. Bearer notes, with interest coupons attached, and notes registered as to principal and interest were authorized to be issued in denominations of $5,000, $0,000, $00,000 and $, 000, 000. August Refunding On July 6 the Treasury announced that it would sell to the public at auction, under competitive and noncompetitive bidding, up to $,500 million of Treasury Notes of Series N-98, $3,000 million of Treasury Notes of Series B-985, and $,500 million of Treasury Bonds of These issues were to refund $4,380 million of publicly held Treasury securities maturing August 5 and to raise new cash. A coupon rate of 8-3/87. was set on the notes of Series N-98 after the determination as to which tenders were accepted on a yield basis, the average of which translated into an average accepted price close to The notes of Series N-98 will be dated August 5, 978, due August 5, 98, with interest payable semiannually on February 5 and August 5 until maturity. Tenders for the notes of Series N-98 were received until :30 p.m., EDST, August, and totaled $5,384 million of which $,503 million was accepted at yields ranging from 8.44%, price 99.83, up to 8.47$^ price Noncompetitive tenders for $ million or less were accepted in full at the average yield of accepted tenders, , price these totaled $,4 million. A coupon rate of g-l/4$ was set on the notes of Series B-985 after the determination as to which tenders, were accepted on a yield basis, the average of which translated'into an average accepted price close to 00,000. The notes of Series B-985 will be dated August 5, 978, due August 5,985, with interest payable semiannually on February 5 and August 5 until maturity. Tenders for the notes of Series B-985 were received until :30 p.m., EDST, August, and totaled $4,078million of which $3,000 million was accepted at yields ranging from 8,8%, price , up to 8.4$, price 99.66, Noncompetitive tenders for $ million or less were accepted in full at the average yield of accepted tenders, 8.36$, price These totaled $75 million. A coupon rate of 8-3/8$ was set on the bonds after the determination as to which tenders were accepted on a yield basis, the average of which translated into an average accepted price close to The bonds of will be dated August 5, 978, due August 5, 008, with interest payable semiannually on February 5 and August 5 until maturity. Tenders for the bonds were received until :30 p.m., EDST, August 3, and totaled $,588 million, of which $,50 million was accepted at yields ranging from 8.37$, price up to 8.46$, price Noncompetitive tenders for $ million or less from any one bidder were accepted in full at the average yield of accepted tenders, 8.43$, price These totaled $48 million.

8 August 978 VII Treasury Financing Operations Continued In addition to the amounts allotted to the public, $,00 million of the notes of Series N-98, $,434 million of the notes of Series B-985 and $600 million of the bonds were allotted to Federal Reserve banks and Government accounts for their own account in exchange.for securities maturing August 5, 978. $30 million of the notes of Series N-98 and $330 million of the notes of Series B-985 were allotted to Federal Reserve banks as agents for foreign and international monetary authorities for new cash. Payment for accepted tenders in all of the auctions was required to be made or completed on or before August 5, 978, in cash, securities maturing on or before August 5, 978, which were to be accepted at par, or other funds immediately available to the Troacury by that dato. Tenders were received in all three auctions at Federal Reserve banks and branches and at the Bureau of the public Debt, Washington, D. C. Bearer notes of Series B-985 and bonds, with interest coupons attached, and notes of Series B-985 and bonds registered as to principal and interest were authorized to be issued in denominations of $,000, $5,000, $0,000, $00,000, and $,000,000. The notes of Series N-98 were to be issued in denominations of $5,000, $0,000, $00,000, and $,000, Week Billa On July 3 tenders were invited for approximately $3,340 million of 364-day Treasury bills to be dated July 5, 978, and to mature July 4, 979. Tenders were opened on July 9. they totaled $4,9 million, of which $3,340 million was accepted, including $93 million of noncompetitive tenders from public and $967 million of the bills issued at the average price to Federal Reserve banks for themselves and as agents of foreign and international monetary authorities. An additional $37 million of the bills were iss i<r U> Federal Reserve banks as agents of foreign and international monetary authorities for new cash. The average Tank discount rate was 7.80%. The issue was to refund $3,038 million of bills maturing July 5, and to raise $30 million new cash. 3-Week and 6-Week Bin.<3 Issues of regular weekly Treasury bills in July totaled $,900 million. These issues were offered for cash and in exchange for bills maturing in the same amount. There were four 3-week issues of $,300 million, three 6-week issues of $3,400 million and one 6-week issue of $3,500 million. Average rates for the new issues are shown in the following table. Date of issue 978 Annual average rate (bank discount basis) 3-week 6-week July Treasury Bills (Other than Short-dated bills) - General Treasury bills are sold on a discount basis under comr- petitive and noncompetitive bidding, and at maturity their par amount is payable without interest. Except for definitive bills in the $00,000 denomination, which are available only to investors who are able to show that they are required by law or regulation to hold securities in physical form, all series are issued entirely in book-entry form in a minimum amount of $0,000 and in any higher $5,000 multiple, on the records either of the Federal Reserve banks and branches, or of the Department of the Treasury. Tenders are received at Federal Reserve banks and branches and from individuals at the Bureau of the Eublic Debt, Washington. Each tender must be for a minimum of $0,000. Tenders over $0,000 must be in multiples of $5,000. Payment for the full par amount applied fotf must accompany all tenders submitted for bills to be maintained on the book-entry records of the Department of the Treasury. A cash adjustment will be made for the difference between the par payment submitted and the actual issue price as determined in the auction. No deposit need accompany tenders from incorporated banks and trust companies and from responsible and recognized dealers in investment securities for bills to be maintained onthe book-entry records of Federal Reserve banks and branches, or for definitive bills, where authorized. A deposit of percent of the par amount of the bills applied for must accompany tenders for such bills from other, unless an express guaranty of payment by an incorporated bank or trust company accompanies the tenders. Noncompetitive tenders (without stated price), usually for $500,000 or less from any one bidder, for each issue of 3-week, 6-week, and 5-week bills, are accepted in full at the average price of accepted competitive bids for an issue. Payment foi duocpocd tenders mas I be made or completed on the date of issue, in cash or other immediately available funds or in a like par amount of Treasury securities maturing on or before that date. Payment for 3-week, 6-week, and 5-week bills may not be made by credit in Treasury tax and Inan ar»r»nnn+c!> PXe,.ign.. Series and Foreign Currency Series. Foreign series securities issued in July totaled $98 million, consisting of 3 certificates and note. Redemptions for the month totaled $,534 million. At the end of July, foreign series securities outstanding totaled $9,95 million. (Details are shown on page 60.) There were no foreign currency series securities issued in July. Redemptions for the month totaled an equivalent of $4 million. At the end of July foreign currency series securities outstanding totaled an equivalent of $86 million and were all denominated in Swiss francs. on page 6.) (Details are shown Note: Details of Treasury market financing operations are shown elsewhere in tables on public debt operations.

9 August 978 FEDERAL FISCAL OPERATIONS Table FFO-. - Summary of Fiscal Operations (In millions of dollars) / Budget receipts and-outlays Means of financing net transactions Borrowing from the public Federal securities Cash and monetary assets (Deduct) Fiscal year or month Net Net receipts / outlays / Surplus or deficit (-) - Rtblic debt securities 4/ Agency securities Investments of Govern ment accounts j>/ Within general account of the U.S. Treasury y u U.S. Treasury operating cash Special drawing rights 8/ Other Gold tranche drawing rights / ( ) () (3) (4) (5) (6) (7) (8) (9) (0) () () ,784 84,548 3,36 7,56-0,50 8,5 -, ,743 96,588 -,845 7,98 -,739 0,06 5,397,746 _ 557 -, ,39,45-3,033 7, ,47 9, _ /649 3,0-3,37 9,3 -,69 8,40 9,44,668. 7, ,5 47,074-4,849 30,88 6,8 9,75,068 _ -8 -, ,93 69,6-4,689 6, ,83 3,009-3,380 _ ,997 36,05-45,08 58,953 -,069 7,03 50,853 _ -, , ,97 365,648-66,45 87,44 0 4,34 8,93-7, ,04 T.Q... 8,687 94,660 -,973 4, ,54 8,507, ,86 40, ,380 9, , (Est.)... 40,07 45,39-5, _ 54, (Est.) ,63 496,646-48,483 6, June... 43,948r 33,758r 0,9Qr,36-3,7b'/ 57r _ 9, b6 July... 4,95 33,630-8, ,460,803 _ -6, Aug... 9,676 34,70-5,044, ,4 7,780 _ -3, Sept... 36,64 35,097,545 3, ,69 0,04 _, Oct... 4,7 38,790-4,663 -, ,96,85 - -,47 4, Nov... 7,596 36,864-9,69 0,569-30,685 8, , Dec... 3,794 37,646-4,85 0, ,97-6, , Jan... 33,0 36,98-3,77,65 5-3,370 6,07 _ Feb... 6,795 33,787-6,9 8,57-38,7 5, , Mar... 4,879 40,004-5,5 8,98-5 -,46 9,656 _ Apr... 4,343 35,74 6,68 -, ,63 _, May... 34,96 36,670 -,709 5, , _ -5, June... 47,657 38,60 9,055 7,46-34,99 5,40-3, Fiscal ,73 335,85-40,65 50, ,65 44,05 - -, Means of financing net transactions Con. Selected balances, end of period Fiscal year or month Other 0/ (3) Transactions budget General ac U.S. not applied to financing count of the Treasury year s surplus U.S. Treasury operating or deficit / / / cash ( M ) (5) (6) (7) Public debt securities u (8) Agency securities / (9) Federal securities Investments of Government accounts (0) Held by the public ,407-3,36 7,544-35,895 4,49 87,66 79, ,845 9,9-370,094,50 97,73 84, , ,033 0,7-397,305,63 05,40 304,38 4,958,44 3,37,785 ~ 46,435 0,894 3,559 33,770-3, ,849 3, ,37,09 5,38 343, , ,689 0, ,35,0 40,94 346, ,968-7,393 45,08-7, ,88 0,943 47,5 396, ,956-6,70 66,45-4,835 60,43 0,953 5, ,89 T.Q ,436,973-7,44 634,70,678 48,05 498, ,004-8,47 45,035-9,04 698,840 0,98 57,95 55, (Est.)..., ' 5, 979 (Est.)... 48,483 ~ June... -,46-8r -0,90r - 6,55 674,45 0,84 53,03 53,37 July...,84 -,678 8,678-0,54 673,864 0,78 50, ,039 Aug... -3,940 -,535 5,044-7, ,74 0,3 53,666 54,89 Sept...,59 -,634 -,545-9,04 698,840 0,98 57,95 55,843 Oct...,37 6 4,663-7, ,403 0,90 53, ,694 Nov... -, ,69-5,47 707,97 0,60 55,684 56,548 Dec...,430 -,58 4,85 -,74 78,943 0, 56,645 57,59 L978-Jan ,46 3,77 -,48 7,595 0,6 53,75 578,546 Feb... -,053 -,34 6,99-7,39 79,753 9,898 55, ,654 Mar.... 5,576 -,00 5,5-6, ,95 9,893 54, ,30 Apr ,68-9,8 736,589 9,84 55,383 59,048 May... -3,0 -,030,708-3,76 74,598 9,84 60,99 590,493 June ,055 ~ 7,56 749,04 9,780 6,90 595,894 Fiscal 978 to date...,4-6,66 40,65 7,56 749,04 9,780 6,90 595,894 () Footnotes on following page.

10 Treasury Bulletin.FEDERAL FISCAL OPERATIONS Footnotes to Table FFO-. Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: Budget estimates are based on figures released in the "Mid-Session Review" of the 979 Budget on July 6, 978,by the Office of Management and Budget. / Budget receipts and outlays are revised to reflect Earned Income Credit payments in excess of an individual's tax liability, formerly treated as outlays, and now classified as income tax refunds. J For detail see Table FFO-. / For detail see Table FF0-3. k / As of July 3, 974, public debt outstanding has been adjusted to exclude the notes of the International Monetary Fund to conform with the "budget presentation. 5/ For detail see Table FFO-6. / Current fiscal year to date transactions through June 30, 974, are on the Daily Statement of the U.S. Treasury clearance date basis and are converted to accounting date basis at June 30 (final) only. Prior fiscal year amounts include transactions in transit as of June 30. For amounts in transit see Table FF0-0 in the October 974 Bulletin. / As of July 974, balances shown under "Within general accounts of the U.S. Treasury" are now presented in columns 9, U, and 3. 8/ Represents holdings of special drawing rights, less certificates issued to Federal Reserve banks. / Represents activity of the International Monetary Fund. 0/ Includes: public debt accrued interest payable to the public, deposit funds, miscellaneous asset and liability accounts, and as of July 974, the gold balance. / Includes: Seigniorage; increment of gold; fiscal 969 conversions of certain corporations to private ownership; fiscal 970 reclassification of Commodity Credit Corporation certificates of interest; fiscal 974 conversion of interest receipts of Government accounts to an accrual basis; and net outlays of off-budget Federal agencies. Also includes rural electrification and telephone revolving fund since May, 973, Postal Service fund since July 973, Federal Financing Bank since July 974, housing for the elderly or handicapped fund from August, 974, through September 30, 977, and Pension Benefit Guaranty Corporation since September 7, 974. For detail see Table FD-6. Revised. Not available. In billions of dollars.

11 August FEDERAL FISCAL OPERATIONS. Table FFO-. - Budget Receipts by Source (In millions of dollars) Social insurance taxes and contributions Fiscal year or month Net budget receipts / Individual Corporation Employment taxes and contributic Old-age, disability, and hospital insurance Withheld / Other Refunds / Net Gross Refunds Net Gross Refunds Net 87,784 70,8 7,58 0,9 87,49 38,338,660 36,678 3,97 33, ,35 93,743 77,46 6,36 3,40 90,4 35,037,08 3,89 3,4 38, ,4 88,39 76,490 4,6 4,5 86,30 30,30 3,535 6,785 3,05 4,37' 58 40,79 08,649 83,00 5,679 4,43 94,737 34,96,760 3,66 6,903 45, , 3,5 98,093 7,09,866 03,46 39,045,893 36,53 39,398 54, ,687 64,93,09 30,8 3,95 8,95 4,744 3,5 38,60 57,57 65, ,48 80,997,07 34,38 34,03,386 45,747 5,5 40,6 63,007 74, ,75 99,97 3,44 35,58 8,75 30,795 46,783 5,374 4,409 7,04 78, ,384 T>Q... 8,687 3,950 6,809,044 38,75 9,809,348 8,460 47,75,475 -, , ,06 30,94 56,75 60,057 5,64 54,89,68 90, , (Est.)... 40,07 68,59 45,70 35,033 78,88 64,67 5,38 58,949 37,777 0, ,8 979 (Est.) ,63 0,496 8,87 4,36 90,077 68,047 5,560 6,487 5,564 8, , dune... 43,948r,l75r 7,09r 46r I8,8r 4, ,379 33,00r 7, ,874 July... 4,95, ,438, ,538 3,976 6,690-6,690 9,676, ,75, ,534 0,034-0;034 Sept... 36,64,777 5, ,37 8, ,376 5,703 7,60-7,60 4,7, ,75,59 74,445 4,7 5,490-5,490 7,596, ,7, ,09 8,446-8,446 3,794 3, ,94 9, , 3,53 5,875-5, Jan... 33,0 3, 7, ,7,73 8,99,08 7,4-7,4 Feb... 6,795,8 9 3,0 9,60,5 508,03,633 0,45-0,45 Mar... 4,879 4,469,546,756 5,58 8, ,03 3,8 7,773-7,773 May... 4,343 3,095 3,6 7,883 8,833 9, ,850 7,683 9,967-9,967 34,96 4,808 6,756 7,7 4,93,64 44,83 5,475,9 58 0,774 47,657 4,490 6, ,30 5, ,655 34,956 8,668 8,668 Fiscal 978 Net income taxes 95,73,80 39,53 30,6 30,730 5,590 4,98 47,9 78,0 75, ,583 Fiscal year or month Employment taxes and contributions - Con. Railroad retirement accounts Gross Refunds Net Social insurance taxes and contributions - Continued Net employment taxes and contributions Gross Unemployment insurance Refunds Net unemployment Federal insurance supplementary medical insurance Net contributions for other insurance and retirement Federal employees retirement Other retirement ,36 3, ,38 903,,46 4, ,33 3,47 6 3, ,735 9, ,669 3,68 8 3,674,53, ,07,009,008 46,0 4, ,357,340, ,437,90,89 54,876 6, ,05,47,46 4 3,64,4,4 65,89 6, ,837,704, ,05,490,489 75,04 6, ,77,90,53 5 4,466,55,55 79,909 8, ,054,937, , ,803,704 6, ,58,909,908 9,0,347 36,3,9, ,6 978 (Est.)...,858,858 03,986 4,47 5 4,40,408 3,46 6 5, (Est.)....,053,053 9,609 6, ,3,63 3,65 6 5, ,044 33r r 5 45r July , ,347,58- -3, , Oct , ,750,7, , Jan , Feb ,745,9, Mar , Apr ,987,404, May ,084 4, , June , Fiscal 978 to date...,306,306 75,888 9, ,68,78, , Footnotes at end of table.

12 4 Treasury Bulletin.FEDERAL FISCAL OPERATIONS. Table FFO-. - Budget Receipts by Source Continued Fiscal year or month Social insurance taxes 'and contributions - Continued Net social insurance taxes and contributions (In millions of dollars) Excise taxes Miscellaneous Airport and airway trust fund Highway trust fund T.Q (Est.). 979 (Est.). 977-June... July... Aug... Sept... Oct... Nov... Dec Ja n Feb... Mar... Apr... May... June.., Fiscal 978 to date..., 39,98 45,98 48,578 53,94 64,54 76,780 86,44 9,74 5,759 08,683 4, 4,889 7,696 7,96,958 7,88 6,550 0,404 6,647 7,998,47 8,560,88 6,09 9,87 89,79 0,68 0,59 0,643 0,56 9,995 9,884 9,550 0,753,564 9,796,936 7, , , ,585 0,35 0,50 9,506 9,836 9,743 9,400 0,6,50 9,648,777 6, , , ,93,89, ,9,87, ,86 5,386 5,664 5,635 5,88 6,384 6,334 5,565,677 6,844 7,6 7, , ,637 5,354 5,54 5,3 5,665 6,60 6,88 5,43,676 6,709 7,086 7, ,036 Fiscal year or month Excise taxes - Continued Black lung disability trust fund Net excise taxes Estate and gift taxes Customs duties Net miscellaneous receipts Deposits of earnings by Federal Reserve banks All other T.Q (Est.) 979 (Est.) 977-June.., July.., Aug..., Sept... Oct... Nov..., Dec Ja n Feb Mar Apr... May..., June... Fiscal 978 to date , 5,705 6,64 5,477 6,60 6,844 6,55 6,963 4,473 7,548 0,4 5,475,530,567,53,589,59,65,463,49,59,395,368,670,65 3,44 3,530 3,680 3,784 5,490 4,976 5,0 4,688 5,307,485 7,45 5,78 6, <09 3, ,49 3,644 3,735 5,436 4,97 5,035 4,6 5,6,455 7,37 5,68 6, ,98,387,494,657 3,394 3,308 3,444 3,78 4,09,43 5,87 5,946 6, loi 667 4, ? 4 6,39,430,59 3,87 3,88 3,334 3,676 4,074, 5,50 5,79 6, ,686,66 3,66 3,533 3,5 3,495 4,845 5,777 5,45,500 5,908 6,00 6, , ,908 3,44 3,858 3,633 3,9 5, /6,7,576 4/ 8,08 ~, , ,98 7, H I 674 5,36 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: Budget estimates for net receipts are based on figures released in the» Mid-Session Review " of the 979 Budget on July 6, 978, by the Office of Management and Budget. Estimates in detail are not available and are based on the 979 Budget of the U.S. Government, released January 3, 978. / Budget receipts are revised to reflect Earned Income Credit payments in excess of an individual's tax liability, formerly treated as outlays, and now classified as income tax refunds. / Includes individual income taxes designated for the Presidential election campaign fund. Prior to February 974, these taxes were included in "Other". 3/ Includes $44,65 thousand in fees for licenses to import petroleum and petroleum products. 4/ Included $,670 million in fees for licenses to import petroleum and petroleum products. 5/ The Black Lung Disability Trust Fund was formally created on April, 978 pursuant to the "Black Lung Benefits Revenue Act of 977" (Public Law 95-7). Less than $500,000. r Revised.

13 BUDGET RECEIPTS BY SOURCE F i scal Y e a r s T. Q / / / / A ////,< - / / / / / I C v/a Ifi a T L. A U K JC CA/V j Z i am b 9 7 j T. Q. p H H T. Q i ^ M O t h e r'j ill T. Q Source: Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. For actual amounts see preceding Table FFO-. / Includes estate and gift taxes, customs duties, and miscellaneous receipts. i ^ ' i m

14 6.FEDERAL FISCAL OPERATIONS, Treasury Bulletin Fiscal year or month Legislative branch The judiciary % Executive Office of the President Table FFO-3. - Budget Outlays by Agency (In millions of dollars) Funds appropriated to the President Agriculture Department Commerce Department Defense Department Military Civil Energy Department / / Health, Education, & Welfare Department Housing & Urban Development Department Interior Department / / Justice Department ,967 8, ,870,68,607 46,594, ,774 8,307,08 77,50,,60 5,338,603, ,540 8,560,88 74,546,376,439 6,866, ,69 0,943,50 75,50,530,545 7,779 3,6 4,56, ,733 0,08,368 73,97,703,558 8,04 3,59 -,36, ,05 9,767,455 77,65,68,493 93,735 4,786-4,88, ,57 9,75,583 85,40,05 3,54,4 7,488,6, ,55,796,00 88,036,4 3,888 8,785 7,079,93, , 3, ,96 583,000 34,34, ,497 6,738,607 95,75,80 ^ 5,3 47,455 5,83 3,085, (Est.)..., ,4,60 5,54 0,000,53 6,647 63, ,99, (Est.)..., ,089 7,77 4,385 5 > 0 0,547 0,087 8,65 9,59 4,00, June cr, ,355r 98 48$r, tr 56r 9 July ,37 464, Aug , , , Sept ,3, , , , , , , , , Dec , , , Jan , , , Feb... Mar... May , , , , ,387 8 m m , , ,9 5 8, , June.... 9, , , Fiscal 978 to date ,438 5,966 3,699 76,476,698 4,53 0,868 5,67,50,87 Fiscal year or month Labor Department Treasury Department Interest on the public debt 4/ Other / 6 / State Department Transportation Department Environmental Protection Agency General Services Administration National Aeronautics and Space Admin. Veterans Administration Other independent agencies / Undistributed Offsetting Receipts / / Rents and Royalties on the Outer Continental Shelf lands Other 6/ , ,970 6, _ 45 4,47 7,669 4,734 _ -5,7 84, , ,47 9, ,749 8,653 7,089 _ -6,380 96, , ,47 0, ,38 9,756 8,75 _ -7,376, , ,53, ,4 0,70 9, ,858 3, , ,83 4,67 6,79, ,3,968,83 _ -8,379 47, , , 9,39 6,674, ,5 3,337 3,988, - -9,893 69, , ,47 3,665 8,5, ,67 6,575 8,433 -,48 -,670 36, ,74,06,936 37,063 6,464 3,8-9 3,670 8,45 9,003 -,66 -,04 365,648 5, ,003 8,0,5, ,957 5,85 -,3 -,55 94, ,374,3,54 4,900 7,660 4, ,944 8,09 9,8 -,374 -,679 40, (Est.)...,905, ,600 7, ,980 8,753 4,^39 -,450-3,640 45, (Est.)... 5,34,355 5,798 55,400 7, 5, ,69 9,38 7,699 -,800-4, 496, June... l,763r 9^r,0 6,384 5Qr 4b 70 34,8,735r -30-3,89 33,758r July...,766 46,065,909, ,334, ,630 Aug...,950 80,9, ,47, ,70,69 3,38, ,39, ,097 Oct...,575 5,308 3,083, ,574 3, ,790,54 46,63 3, ,597, ,864 Dec...,845 3,3 6, ,604, ,965 37, Jan...,038 94,45 3,8, , ,97 Feb..., , ,54, ,787 Mar...,3^ , ,676, ,004 59,07 3,493, , ,74 May ,080 3, ,75, ,670 June ,0 7, ,43, ,088 38,60 Fiscal 978 to date.... 7, ,84 37,66 6,57,99 44,99 5,387 8,679 -,06 -,5'? 335,85 Source: Monthly Treasury Statement of Receipts and Outlays of the United the Energy Research and Development Administration, Federal Energy States Government. Budget estimates are based on figures released in Administration, and Federal Power Commission, and certain functions the'mid-session.review" of the 979 Budget in July 6/ 978. by the Office of of Interior (Bonneville Power Administration and other power administrations), certain other departments, and the Interstate Commerce Management and Budget. Figures are available in detail for the 978 Estimates. Other estimates are based on the 979 Budget of the U.S. Commission were transferred to the Energy Department. Government, released January 3, 978. / Cumulative year to date figures may not add due to budget realigments. Note: Outlays consist of disbursements less proprietary receipts from / Prior to January 975, Rents and Royalties on the Outer Continental the public and certain intrabudgetary transactions. Agency shifts are Shelf lands were shown as proprietary receipts from the public for the shown in this table beginning with the period of such shifts; figures Interior Department. To conform with the FY 976 Budget Document's prior to the shifts have been adjusted. presentation, these amounts were reclassified and are now being shown The Export-Import Bank was moved within the Budget effective as undistributed offsetting receipts. October,976 pursuant to Public Law Adjustments are made i j Reported on an annual basis. to include totals for the period it was outside the Budget (August 7, J5/ For content see Table FF through September 30, 976). Also, adjustments are made to 6/ Budget Outlays are revised to reflect Earned Income Credit payments m reflect certain Export-Import Bank borrowing transactions now classified excess of an individual s tax liability, formerly treated as outlays, as agency debt. These transactions were previously reported as off- and now classified as income tax refunds, budget negative outlays. r Revised. X / Pursuant to Public Law 95-9, as of October, 977, all finactions of

15 August 978 FF.nF.RAT. FISCAL O P E R A T IO N S 7 Table FFO-4. - Undistributed Offsetting Receipts (In millions of dollars) Fiscal year or month Federal employer contributions to retirement funds Health, Education, and Welfare Dept. Federal Old-Age, Disability, and Hospital Insurance Civil Service Commission Civil Service Retirement and Disability Fund Other / Defense Department Soldiers' & Airmen's Home Permanent Fund Interest credited to certain Government accounts Federal Old-Age and Survivors Insurance Trust Fund Health,i Education, and Welfare Department Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund ,40 6,08 3, ,709 8,444 3, ,876 8,6 3, ,08 9,768 3, ,0 0,97 3, , ,39 4, ,08, ,980 7, ,38,080,04 4,4 6, ,5,9,04 4,548 6, (Est.)...,7,495,58 5,04 6, (Est.)...,386,508,63 5,57 6, June July Aug Nov Jan Feb Fiscal , ,303 5, Fiscal year or month Labor Department Unemployment Trust Fund Transportation Department Highway Trust Fund Interest credited to certain Government accounts - Continued Veterans Administration Government Life Insurance Fund National Service Life Insurance Fund Civil Service Commission Civil Service Retirement and Disability Fund Railroad Retirement Board Other / Rents and royalties on the Outer Continental Shelf lands 3/ Grand total ,099 _ 5, ,936-6, , ,765-7, , ,089-7, , ,45-8, , ,574-9, , ,690,48 4, T.Q , ,800 70,66,3 4,704, , ,3,374 5, (Est.) , ,595,000 5, (Est.) , ,064,800 6,0 977-June , , , July , , , , , Jan Feb Mar May , , , ,5 Fiscal , ,4,05 3,553 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: Budget estimates are based on the 979 Budget of the U.S. Government, released January 3, 978. / Includes receipts from off-budget Federal agencies to the Civil Service Retirement and Disability Fund as of May 974. / Beginning fiscal 974, includes adjustments of interest on public debt issue to convert to the accrual basis. Also includes Indian tribal funds, Interior Department, Judicial survivors annuity fund, State, foreign service retirement and disability fund, and Airport and Airway trust fund. 3/ Prior to January 975, Rents 'fend Royalties on the Outer Continental Shelf Lands were shown as proprietary receipts from the public for the Interior Department. To conform with the FY 976 Budget Document's presentation, these amounts were reclassified and are now being shown as undistributed offsetting receipts. As a result, the detail will not add to the Fiscal Year 974 totals. Less than $500,000.

16 Table FFO-5. - Budget Outlays by Function 0 0 Function (In millions of dollars) F.Y. 977 F.Y. 978 June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June Cumulative to date / / National defense Outlays... 8,869r 8,438 9,67 9,395 8,470 9,644 9,0 8,97 8,559 0,855 8,377 9,4 9,8 78,634 74,66 Proprietary receipts from the public r , ,47 Intrabudgetary transactions ,767r 8,004 8,4 8,979 8,087 8,974 8,47 7,974 8,676 0,70 8,49 9,07 9,0 78,448 73,390 IpteraaJ.ional.aff airs Outlays l,354r ,686 75,900 0,9 8,848 Proprietary receipts from the public... -l,45r , ,860-6,963 Intrabudgetary transactions... r r ,59 60,099 3,979,843 General science. st>ace. and technology Outlays > ,548 3,358 Proprietary receipts from the public _ ,545 3,356 Energy Outlays ,34 3,30 Proprietary receipts from the public ^ ,689,99 Natural resources and environment Proprietary receipts from 'the public... l,09r,50,664,9,38,6,70, ,087 ',038,066 9,89 8,505-00r ,073 -, r,66,404,5,59,56,56, ,096 7,443 Agriculture r" Proprietary receipts from the public... 34^ ,095,597,74, ,688 4, r ,03,553,697, ,66 3,949 Commerce and housing credit 3/ ,570 Proprietary receipts from the public Intrabudgetary transactions _ ,588 Transportation 3/,06, ,57,0,63 3,46,335 Proprietary receipts from the public Intrabudgetary transa ct ions _ -..., ,53,4,585 3,63,304 Community and regional development Outlays r , ,55 780,93 Proprietary receipts from the public... 8, Intrabudgetary transactions r , ,46 77, ,348 4,800 Education, training,, employment and social services Proprietary receipts from the public r,658,97,80,758,839,778,997,058,7,94,39, 8,5, r,656,970,80,76,834,778,996,058,4,93,389, 8,05,335 Conroarable period fiscal 977 M am > -I CQ O > tr O d W 5 HH GO? I If

17 Table FFO-5. - Budget Outlays by Function Continued (In millions of dollars) 0 - q June July Aug. Sept. 978 Apr. May Comparable Cumulative period to date fiscal / / 977 V O 0 0 Health Outlays Proprietary receipts from the public Intrabudgetary transactions Income security Outlays...,... Proprietary receipts from the public, Intrabudgetary transactions Veterans benefits and services Outlays... Proprietary receipts from the public Intrabudgetary transactions Administration of justice Outlays... Proprietary receipts from the public, Intrabudgetary transactions General government Outlays..., Proprietary receipts from the public,, Intrabudgetary transactions General purpose fiscal assistance Outlays.... Proprietary receipts from the public Intrabudgetary receipts Interest Outlays.... Proprietary receipts from the public, Intrabudgetary transactions Undistributed offsetting receipts.... Net Budget outlays J,... 0,457r ,055r 8,59r _ -,306 7,87r,7-46,$ I? r 63r 63 r 6, ,9 3, ,5, , ,57,57, ,494 -,355 33,630 3, ,469, ,598,470-40, , ,844" 34,70 3, ,36,65-9,643,360-35, , , , ,7' ^973" 35,097 3, ,355, ,476,65-37, ,9-6,855,74, ,908-5k 38,790 3,63 - -,07,63, ,635, , , ,864 4, ,554, ,05,646-33, , ,36-4,063 37,646 3, ,680, , ,30-3,37 3, ,68 ss=m 36,98 4, ,634, ,073,573-44, , ,353 33,787-5,7-4 -,8 3,895 3, ,09,70-58, , ,004 4, ,589, , ,050,050 3, , ,74 4, ,76,3 _ -3,30,769-43, ,46-3,96 -,84 36,670 4, ,876 4,3 -,6,5,476-4, , ,73 40, ,799 33,450 35,656,484-3,507 08,978 5, ,76-5,486 98,690 4, ,374 3,948,849-7,84,769-7, , ,68, ,04,078 _ ,855-4, ,49 7,055 6,85 35,877 3, ,38 -,0 6,67 34,8 30,03-3,553 -,06 38,60 335,85 ^ 99,39!! g a CO 0 W W Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Note: The Export-Import Bank was moved within the Budget effective October, 976 pursuant to Public Law Adjustments are made to include totals for the period it was outside the Budget (August 7, 97 through September 30, 976). Also, adjustments are made to reflect certain Export-Import Bank borrowing transactions now classified as agency debt. These transactions were previously reported as off-budget negative outlays. If Due to Budget reclassifications and new functions, the monthly totals may not add to cumulative totals. / Budget outlays are revised to reflect Earned Income Credit payments m excess of an individual s tax liability, formerly treated as outlays, and now classified as income tax refunds. 3/ Details for the months of July 977 through January 978 are not available, therefore figures will not add to total net budget outlays. Less than $500,000. r Revised. VO

18 0.FEDERAL FISCAL OPERATIONS. Treasury Bulletin Fiscal year or month Table FFO-6. - Investment Transactions of Government Accounts in Federal Securities (Net) Federal Old-Age and Survivors Insurance Trust Fund (In millions of dollars) Health, Education, and Welfare Department Housing and Urban Development Department Labor Department Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Other Federal Housing Administration Government National Mortgage Assn. Participation Sales Fund Oilier Other Federal Insurance Administration Unemployment Trust Fund ,898, ^ ,953, _ ,74, , , ,98 79, , ,7 39 3, ,65 _ ,75-37, ,938 _ ,94 -,7, ,373 7 T.Q ,645 -, , (Est.)... -4, _, ,600 _ 979 (Est.) ,58 9, ,00 H < Other 977-June... -, _ July... -, _ - _ -80 _, ,3 - -, _ -847 _ Oct... -, _ -69 _ Nov , _ 543 _ Dec Jan... -, , _ Feb..., _ 308 _ Mar... -, _ Apr _ 58 5 May..., ,58 4 June... -, Fiscal 978 to date... -3, , , Fiscal year or month Transportation Department Airport and Highway Airway frust Fund Trust Fund Treasury Department Veterans Administration National Service Life Insurance Fund Other Civil Service Commission Federal Deposit Insurance Corporation Federal Savings and Loan Insurance Corporation Postal Service Railroad Retirement Board , _ , , , _ , ,033, , _ , , , , , , , , , , , ,058, , , , ,030 4, ,68-3 5Z , , ,4? 978 (Est.) , , (Est.) ,606, , June ,3-73,767 July , ,4 Sept , , , ,96 Nov ,685 Dec , , Jan ,370 Feb <70-9,7 Mar... Apr... May... June a Fiscal 978 to date , , , , ,36 All other , ,536,990 Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 979- Budget of the U.S. Government, released January 3, 978, Note: Figures may not add due to rounding. Less than $500,000.

19 Classification Federal Old-Age and Survivors Federal Supplementary Medical Federal Employees Life and in trust funds () Trust interfund and proprietary receipts / () Receipts Receipts of trust funds (3) Table FFO-7. - Trust Funds Transactions October, 977 through June 30, 978 Interfund transactions / (4) Unified budget receipts attributable to trust funds I f (5) in trust funds (6) (7) (In millions of dollars) Trust interfund transactions Proprietary receipts from the public (8) Outlays of trust funds (9) Federal payments and contributions (0) Outlays Federal employer contributions () Interfund transactions Interest and profits on investments in Federal securities () Other (3) 4/ (4) Unified budget outlays attributable to trust funds (5) Excess of receipts or outlays (-) 56,969 56,,969 3,333 53,636 60,39 _ 60, ,048-3,333 56,986-3,35 9,55 9,, ,779 9,330-9, , ,97-3,,97,803,69 3, , ,803, ,867 _,867 5,084,78 5, ,360 4, ,084 76,506 8, ,,09 5,590,439 8,90 7-8,83 5,36 3, ,590, Federal Deposit Insurance ,77 -,, General Revenue Sharing... 6,855-6,,855-6,855 5, , ,8,737 5,680-5,, ,036 4, , ,585,45 6, 6, ,3-6, ,349-3,,349,044,306, ,939 50, , ,77-0,,77,090 9,68 8, , ,090 7,86, ,54 6,945 3,,596 0,883 0,73 4, ,937 7,904 6,760 4,9 8, ,883 97,0 5,69 (6) w d M > t- 4 HH CG O >I- o "d H» i i o co I VO 0 0 Source: Based on the Monthly Treasury Statement of Receipts and Outlays of the United States Government. / Note: The memorandum section of various tables in the Federal Budget / presents the trust fund receipt and outlay data on the same concept as 3J columns (3) and (9) above. Trust interfund transactions are payments from one fund to another trust fund and are excluded in calculating kj trust fund receipts and outlays. The intragovernmental transactions are payments from Federal funds to trust funds, and vice versa, but exclude $43 million in trust fund payments to Federal funds. For content see columns 7 and 8. For content see columns 0-3. Includes net taxes and other receipts, mainly deposits by States and Federal employee retirement contributions. Excludes trust fund payments to Federal funds, such as charges for administrative expenses of Social Security Act. Less than $500,000.

20 Treasury Bulletin FEDERAL FISCAL OPERATIONS Table FFO-9. - Detail of Excise Tax Receipts (In thousands of dollars) Second Quarter Type of Tax Fiscal year 975 Comparable prior period 7/ Fiscal year Jan. - Mar. 978 Jan. - Mar. Alcohol taxesi. / Tobacco taxes.: / 3,365,6 3,877,986 3,87,460 97,553,094,967 77,3 78,638 80,676 4,74,308,583,34,430,398,497, ^ 5,350,858 5,399,055 5,406,633,98,36,467,07 5,6 49,053 37,8 8,44 8,6,6,6,46,803,357,59 650,88 675,40,748 3,466 3,854,007,3 O,35,090,54,3,398,50 660,49 685,54 Manufacturers».excise taxes: Retailers' excise taxgsj. 3,980,4 4,80,860 4,3,077,076,468,4,386 9,053 95,586 00,99 3,86 5,44 697, ,055 79,957 90, 97,379 3, ,657 -, ,58 360,86 598,084 4,740 97,45 5,05 33,04 59,87 37,39 40,586,33,743 3,35,995 3,649,899,094 5,46 5,6 6,366 9,435 3,636 3,554,05 836,735 4,0,86 5,7 5, ,66 4,376,005 3, _, 5,56,6 5,6,93 6,068,68,467,945,594,885,7 0,677 0,390,47,397,573 9,06 30,04 7,875 7, , ,38 440,90 08,55 5, Miscellaneous excise taxes: Transportation of: _ 404,87 430, ,60 7,646 5,857,879,68,03,744,708, ,9 464,50 750,64 83,8 957,5 43,85 75,70 47,33 45,795 55,47,84 5,870 5,594 54,96 58,96 3,58 5,74 03, _ 6,86 6,45 6, , ,540 5,7 6,63,938,48 0,959,60,788 4,770 4,0 Use tax on highway motor vehicles having a "taxable gross 07,663 9,9 6,09 4,373 43, ,458 8,8 38,97 8,66,93 65,069 6,77 80,63 4,040,88 63,88 59,859 78,59 3,640 6, , Failure to timely file certain information returns 3 / Investment which jeopardize charitable purposes / _ 39 7, , _ Tax on excess contributions to - - Failure to file statement required ,934, ,306,077 3,59,37 3,65,7 778,65 846,869 received with returns and from salfce of stamps... 6,89,83 7,5,75 7,59,589 4,3,69 4,79,87-45,08 73,403 33,8-9, ,565 6,847,74 7,399,8 7,83,707 4,093,5 4,5,307

21 August FEDERAL FISCAL OPERATIONS Footnotes to Table FFO-9. Source: Internal Revenue Service reports. The figures shown include collections for credit to special accounts for certain island possessions. Floor stock taxes are included with the related classes of tax. Note: Detail may not add to totals because of rounding. / Releases showing details are published quarterly. / Includes taxes on cigarette papers and tubes and miscellaneous tobacco collections. / Taxes on passenger automobiles and light turcks repealed December, 97 under the Revenue Act of 97. These data reflect refunds. U Includes taxes on items which were repealed by Public Laws , 88-36, and / Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 3 cents per gallon. 6/ Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 7 cents per gallon. / Rate of 6 percent effective January, 976 (Public Law 9-64). / Under the Airport and Airway Revenue Acc of 970, effective July, 970, rate increased from 5 to 8 percent on domestic airline passenger fares. / Under the Airport and Airway Revunue Act of 970, effective July, 970, rate 5 percent. 0/ Under the Airport and Airway Revenue Act of 970, effective July, 970, tax of $3.00 per person. / Terminated effective June 30, 975. / Tax increase from $50 to $500, effective December, 974 (Public Law ). 3/ Rate reduced from 0 percent to percent effective December, 974 (Public Law ). 4/ $5 per year with an additional cents per pound on nonturbine engine powered over,500 pounds, or 3-/ cents per pound on turbine engine powered. 5/ 4 percent of net investment income. 6/ Disqualified persons, 5 percent of amount involved^ foundation manager, lesser of $0,000 or -/ percent. If not corrected within 90 days, 00 percent on disqualified person and lesser of $0,000 or 50 percent on foundation manager. / Foundation, 5 percent of excess holdings. If not corrected within 90 days, 00 percent. 8/ Foundation, 0 percent of improper expenditure foundation manager, lesser of $5,000 or -/ percent. If not corrected within 90 days, foundation, 00 percent; foundation manager, lesser of $0,000 or 50 percent. / Penalty of $0 per day, not exceed $5,000. 0/ Foundation, 5 percent of amount which should have been paid out. If not corrected within 90 days, 00 percent. ZL/ Foundation, 5 percent of investment which jeopardizes exempt purpose foundation manager, 5 percent not to exceed $5,000. If not corrected within 90 days, 5 percent on foundation and another 5 percent ( up to $0,000) on the manager. / Tax of 6 percent on excess amount and tax on underdistribution (50$). Separate detail not available. / Tax of 50 percent on underdistribution. Zk/ Tax of 5 percent of prohibited transaction. If not corrected within 90 days, additional 00 percent tax can be imposed. 5/ Tax of 5 percent on accumlated funding deficiency. 6/ Tax of $0 per day up to $5,000. 7/ The Congressional Budget and Impoundment Act of 974 (P.L ) effective with fiscal year 977. For comparative purposes, data are for period beginning October, 975, through September Less than $500,000.

22 4 Treasury Bulletin.FEDERAL FISCAL OPERATIONS. Table FFO-9. - Detail of Excise Tax Receipts (In thousands of dollars) First Quarter Type of Tax Fiscal year 975 Comparable prior period 7/ Fiscal year Oct. - Dec. 977 Oct.- Dec. Alcohol taxes: / Distilled spirits... Wines.... Beer.... 3,865,6 77,3,308,583 3,877,986 78,638,34,430 3,87,460 80,676,398, ,64 47,387 97,97 907,784 43,963 84,006 alcohol taxes.... 5,350,858 5,399,055 5,406,633,54,955,35,75 Tobacco taxes: / Cigars.... Cigarettes.... Other /... 5,6,6,6,748 49,053,46,803 3,466 37,8,357,59 3,854,74 46, ,70 40, tobacco taxes.... Ms^ufacA ures excise taxes,: Gasoline.... Lubricating oil, etc... Tires, tubes, and tread rubber... Passenger autombile chassis, bodies, etc. /.... Trucks and buses, chassis, bodies, etc. /... Parts and accessories for autombiles, trucks, etc.... Pistols and revolvers.... Fishing rods, creels, etc.... Firearms (other than pistols and revolvers)... Shells and cartridges.... Bows and Arrows..., Other U....,35,090 3,980,4 9, ,660 3, ,58 5,05,33,899 m u 546 -,54,3 4,80,860 95, , ,86 33,04,743,094 3,636 4^0 4,66 493,398,50 4,3,077 00,99 79,957 -, ,084 59,87 3,35 5,46 3,554,86 4,376 49,3,3,366 4,36 69,538,6 4,608 37,7,888 3,677 8,335 6^475,508 4,86,40,70 7,746 08, ,49 44,668 3,6 3,94 8,63 6,788,44-5 manufacturers' excise taxes... 5,56,6 5,6,93 6,068,68,493,045,67,80 Retailers excise taxes.: Noncommercial aviation gasoline 5/... Noncommercial aviation fuel other than gasoline 6/.... Diesel and special motor fuels.... Other I j...,7, ,489 0,677 9,06 390,38 5 0,390 30,04 440,90 8 3,984 6,86 05,438 3,388 8,037 7,878 retailers' excise taxes ,87 430, ,60 6,84 9,30 Miscellaagpus excisg.jaxesjt. Telephone and teletypewriter exchange service /... Transportation of: Persons by air 8 j... Property by air /... Use of international air travel facilities 0/... Sugar /... Coin-operated gaming devices... Wagering occupational tax /.... Wagers 3/... Use tax on civil aircraft U Use tax on highway motor vehicles having a "taxable gross weight" exceeding 6,000 pounds... Firearms transfer and occupational taxes... Foreign insurance... Exempt organization, total... Net investment income 5/... Self dealing 6/... Excess business holding 7/... Taxable expenditures... Failure to timely file certain information returns 9/... Failure to distribute income 0/... Investment which jeopardize charitable purposes /... Employee pension plans, total.... Excess contributions to an IRA /... Prohibited transactions 3/... Tax on underistribution from an IRA U... Tax on excess contributions to an HR-0 Plan /... Failure to meet funding standards 5/... Tax on excess contributions to custodial accounts /... Failure to file statement required by section 6047 or /... Other i j...,03, ,64 47,33 5,594 03,769 6,86 7 5,540 0,959 07, ,458 65,069 63, ,934,879,68 83,8 45,795 54,96 6,45,046 5,7,60 9,9 8,8 6,77 59, ,335r,708, ,5 55,47 58,96 6, ,63,788 6, ,97 80,63 78, ,067, r 468,49 6,869,980 6, ,30,56 5,0 8 8,08 4,833 4, ,063 64,78 5,074 8,8 7 6, ,393 8,878 5,00 4, miscellaneous excise taxes... 3,306,077 3,59,37 3,65,7 755,85 758,889 received with returns and from sales of stamps... 6,89,83 7,5,75 7,59,589 4,049,446 4,64,579 Unclassified excise taxes... excise taxes ,08 6,847,74 73,403 7,399,8 33,8 7,83,707 ' 45,944 "4,465, ,63 4,640,843

23 August FEDERAL FISCAL OPERATIONS. Footnotes to Table FPO-9. Source: Internal Revenue Service reports. The figures shown included collections for credit to special accounts for certain island possesions. Floor stock taxes are included with the related classes of tax. Note: Detail may not add to totals because of rounding. / Releases showing details are published quarterly. / Includes taxes on cigarette papers and tubes and miscellaneous tobacco collections. / Taxes on passenger autombiles and light trucks repealed December, 97 under the Revenue Act of 97. These data reflect refunds. i j Includes taxes on items which were repealed by Public Laws , 88-36, and / Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 3 cents per gallon. / Under the Airport and Airway Revenue Act of 970, effective July, 970 rate 7 cent per gallon. / Rate of 6 percent effective January, 976 (Public Law 9-64). / Under the Airport and Airway Revenue Act of 970, effective July, 970, rate increased from 5 to 8 percent on domestic airline passenger fares. / Under the Airport and Airway Revenue Act of 970, effective July, 970, rate 5 percent. 0/ Under the Airport Airway Revenue Act of 970, effective July, 970, tax of $3.00 per person. / Terminated effective June 30, 975. / Tax increase from $50 to $500, effective December, 974 (Public Law ). 3/ Rate reduced from 0 percent to percent effective December, 974 (Public Law ). U $5 per year with an additional cents pwe pound on nonturbine engine powered over,500 pounds, or 3-/ cents perpound on turbine engine powered., 5/ 4 percent of net investment income. 6/ Disqualified persons, 5 percent of amount involved; foundation managers lesser of $0,000 or -/ percent. If not corrected within 90 days, 00 percent on disqualified persons and lesser of $0,000 or 50 percent on foundation manager. / Foundation, 5 percent of excess holding. If not corrected with 90 days, 00 percent. / Foundation, 0 percent of improper expenditure foundation manager, lesser of $5,000 or -/ percent. If not corrected within 90 days foundation, 00 percent) foundation manager, lesser of $0,000 or 50 percent. / Penalty of $0 per day, not to exceed $5,000. 0/ Foundation, 5 percent of amount which should have been paid out. If not corrected within 90 days, 00 percent. / Foundation, 5 percent of investment which jeopardizes exempt purpose; foundation manager, 5 percent not to exceed $5,000. If not corrected wi thin 90 days, 5 percent on foundatipn and another 5 percent ) up to $0,000) on the manager. / Tax of 6 percent on excess amount and tax on underdistribution (50$). Separate detail not available, 3/ Tax of % percent of prohibited transaction. If not corrected within 90 days, additional 00 percent tax can be imposed. Jj Tax of 50 percent on underdistribution. 5/ Tax of 5 percent on accumulated funding deficiency. 6/ Tax of $0 per day up to $5,000. / The Congressional Budget and Impoundment Act of 974 (P.L ).established a new fiscal period ( October thourgh September 30) effective with fiscal year 977. For comparative purposes, data are for period beginning October, 975, through September 30, 976. Less than $500,000.

24 6.FEDERAL OBLIGATIONS. Treasury Bulletin "Obligations" are the basis on which the use of funds is controlled in the Federal Government. They are recorded at the point at which the Government makes a firm commitment to acquire goods or services and are the first of the four key events order, delivery, payment, consumption which characterize the acquisition and use of resources. In general, they consist of orders placed, contracts awarded, services received, and similar transactions requiring the disbursement of money. The obligational stage of Government transactions is a strategic point in gauging the impact of the Government's operations on the national economy, since it frequently represents for business firms the Government commitment which stimulates business investment, including inventory purchases and employment of labor. Disbursements may not occur for months after the Government places its order but the order itself usually causes immediate pressure on the private economy. Obligations are classified according to a uniform set of categories which are based upon the nature of 'the transaction without regard to its ultimate purpose. All payments for salaries and wages, for example, are reported as personnel compensation, whether the personal services are used in current operations or in the construction of capital items. Federal agencies and firms often do business with one another; in doing so, the "buying" agency records obligations, and the "performing" agency records reimbursements. In Table FO-, obligations that are incurred within the Government are distinguished from those incurred outside the Government. Tables FO-, 3> and b show only those incurred outside. Obligation data for the administrative budget fund accounts were first published in the September 967 Treasury Bulletin and the trust fund accounts were first published in the October 967 Bulletin. Beginning with the April 968 Bulletin, the data are on the basis of the budget concepts adopted pursuant to the reconmendations of the President's Commission on Budget Concepts.

25 August 978.FEDERAL OBLIGATIONS. 7 Table PO- - Gross Obligations Incurred Within and Outside the Federal Government by Object Class, February 8> 978 (In millions of dollars) Gross obligations incurred Object class Outside Within Personnel compensation... Personnel benefits... Benefits for former personnel. QQfltraqW- services apfl.supp^s Travel and transportation of persons. Transportation of things... Rent, communications, and utilities.. Printing and reproduction... Other services... Supplies and materials... Acquisition of capital assets Equipment... Lands and structures... Investments and loans... Grants and fixed charges Grants, subsidies, and contributions. Insurance claims and indemnities... Interest and dividends... Refunds... Other Undistributed U.S. obligations. Obligations incurred abroad... Unvouchered... 3,300 m 4, , ,90 3,554 9,766,393 3,05 44,86t 59,74 7, ,0 89 g& ,300,077,57 m m 4,34 5,038 75,48,39 3, ,504 3,794 5,07 8,64,657,43, ,74 3, ,874-59,74 5,44, , ,69 90 Gross obligations incurred /., 8,90 30,05 48,953 Source: Reports on Obligations, Standard Form 5, from agencies. / For Federal Budget presentation a concept of "net obligations incurred" is generally used. This concept eliminates transactions within the Government and revenue and reimbursements from the public which by statute may be used by Government agencies without appropriation action by the Congress. Summary figures on this basis follow. (This data is on the basis of Reports on Obligations received from the agencies prior to reports submitted for Budget presentation and therefore may differ somewhat from the Budget document.) Gross obligations incurred (as above)... Deduct: Advances, reimbursements, other income, etc. Offsetting receipts... Net obligations incurred... 48,953-4,8-4,965 8,860 Table FO-. - Gross Obligations Incurred Outside the Federal Government by Major Function and Major Object Class, February 8, 978 (In millions of dollars) Major object class Major function Personal services and benefits Contractual services and supplies Acquisition of capital assets Equipment Lands and structures Investments and loans Grants and fixed charges Other National defense... 8,839 5,809 9, _ 40,999 57,554 International affairs ,760 General science, space, and technology.. 369, ,65 Natural resources and environment...,39, , , ,054 3,88 Agriculture ,74, ,984 Commerce and transportation..., ,85 4, ,354 Community and regional development ,030, ,69 Education, manpower, and social services ,47,00 Health , , ,47 Income security , ,40 Veterans benefits and services..., , ,46 Law enforcement and justice ,4 General government...,9, ,055 General revenue sharing ,3-5,33 Interest ,857-6,070 Less than $500,000. 8,08 40,440 9,766,393 3,05,063 3,05 8,90

26 Table FO-3. - Gross Obligations Incurred Outside the Federal Government by Department or Agency, Fedruary 8, 978 (In millions of dollars) 00 Classification Personnel services & benefits Contractual services and supplies Acquisition of capital assets Personnel compensation Personnel benefits / Benefits for former personnel Travel and transportation of persons Rent, communications, and Printing Transportation of and reproduction things utilities Lands and Other services Supplies and materials Equipment structures Investments and loans Grants, subsidies and contributions Grants and fixed charges Insurance claims Interest and dividends Refunds i _ Executive Office of the President... li 35 _ 53 Funds appropriated to the President: International security assistance: 4 _ International development assistance 50 _ ,57 - Agriculture Department: Commodity Credit Corporation ,83,48 _ -,050-5, ,033 4, ,038 Commerce Department , Defense Department: Military: Department of the Army... 4, ,667,766,8 5,93 _,985 Department of the Navy... 5, ,498 3,464 3,73 03 _ 4 _ ,979 Department of the Air Force... 4, ,3,48 3, _ , , , " 34 > # ,908 <?0 4, , m...,9 0,007 8, , , ^ _ 3 _ «,6 Energy Department Health, Education, and Welfare 0 3 4, ,0 Department..., ,554,8 4 _ -35 _ 6,74 Housing and Urban Development Dept: Government National Mortgage Association... " " " - " " - 74 Housing for the elderly or handicapped JS/ _ , ,37 Interior Department _ _ - _,07 Justice Department , _ , ,936 State Department _ Transportation Department ,503-3,06 Treasury Department: Interest ion the public debt ,7 5,7 Interest on refunds, etc... 3 _ 3 35 General revenue sharing _ _ 4,953 _ 4, ,353 48, _ 55,943 Environmental Protection Agency _ _ General Services Administration _ 9 # 4 _,49 National Aeronautics and Space Administration _ , , _,98,464 - _ ,608 4, _ Other independent agencies: 8,58 Export-Import Bank of U.S _ 35 _ Small Business Administration _ 3 6 _ 68 _ 747 Tennessee Valley Authority _ _ -, , ,8 4, ,79 and indemnities Undistributed U.S. obligations Other Obligations incurred abroad unvouchered gross obligations incurred... 3, , , ,90 3,554 9,766,393 3,05 44,86 59,7^ 7, ,0 89 8,90 Off-budget Federal agencies 4/: 4, Rural Electrification Administration , Pension Benefit Guaranty Corporation > 4 _ 0 Off-budget Federal 4, _ 6,08. Source: Reports on Obligations, Standard Forms 5, from agencies. ' 3f Note: Agency shifts are shown in this table beginning with the periods of such shifts. The amounts for the complete fiscal year are adjusted at that time. / For purposes of this report this object class is considered as totally within the Federal Government except for the Department of Defense and Transporation Department, U.S. Coast Guard. /. Includes reports for Library of Congress, Government Printing Office, and General Accounting Office only. This fund was reclassified from an off-budget to a budgetary account pursuant to an act approved Oct. 4, 977 Postal Service since July, 973, Rural Electrification Administration revolving funds since May, 973, and Pension Benefit Guaranty Corporation since Sept. 7, 974. Less than $500,000. i I

27 Table FO-4. - Gross Obligations Incurred Outside the Federal Government, Object class Comparative Statement by Month (In million of dollars) FY 977 FY 978 Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Comulativ to date Comparable Period FI 977 National defense: Personal services and benefits:,583,794,83,505 3,08,87 3,68 5,378,9,949,698 3,50,56 34,64 3, , Contractual services and supplies: Transportation of things ,869,395,653,587,470,35,3, ,945,030 3,77,974 3,703 3,957,697,758,989,56,53,454,337,8.98,86,5,909,737 0,09 8,773 Acquisition of capital assets:,68,47,969,34, ,383,73,004,744,74 79 J,0_50 O A W , Grants and fixed charges: ' Insurance, claims and indemnities.... '! Interest and dividends.... i o,? Si Vi V O 0 0 Other:, ,347 -, ,766,660 ; ,605 0,434,9 8,75 0,883 6,746 0,840 0,646,640 0,95 0,577 3,447 9,937 57,55 5,59 Nonr-defgnge: Personal services and benefits: , ,69 6 0, , , Contractual services and supplies: i Travel and transportation of persons Transportation of things Printing and reproduction, r ,0,0,08,074,304 66,35,9, ,00,959 9,588 5,630 Supplies and materials , , ,53 3,98 Acquisition of capital assets: ,663 3,38 Lands structures Investment loans...,454,304,7,457, ,899 5,750,76,83 3,800 3,73?,43.'3,05 6,30 Grants and fixed charges: Grants subsidies and contributions... 5,994,995 0,34 9,08 0,90 6,304 8,373 36,780 8,453r 7,804r U,79r 0,38 6,465 44,8 38,086 Insurance claims nyi^ indemnities...,946 3,89 3,0,777,404,8,48,885,6583?,705,780a?,985 59,663 6,63 Interest flr>^ dividends....,406,353,45,554 4,934,49,66,5,63,85 7,09 lot m,976 7,050 5,054 Refunds Other: Undistributed U.S. obligations Obligations incurred abroad ,98 34,75 3,380 8,798 34,555 35,736 30,5 70,69 30,366 8,508r 39,307r 33,5r 9,645 6,346 43,089 Less than $500,(XX). Revised., , ,88 34,803 44,709 4,67 37,549 45,439 4,48 4,35 8,66 43,005r 39,46r 49,883r 46,965r 39,585 8,90 95,48, ,760 48,677 0,93 7 4, , , v o

28 0.ACCOUNT OF THE U.S. TREASURY. Treasury Bulletin Source and Availability of the Balance in the Account of the U.S. Treasury The working cash of the Treasury is.held mainly in Treasury's accounts with Federal Reserve banks and branches. As the balances in these accounts become depleted, they are restored by calling in (transferring) funds from the tax and loan accounts with thousands of commercial banks throughout the country. Deposits to tax and loan accounts occur in the normal course of business under a uniform procedure applicable to all banks whereby customers of banks deposit with them tax payments and funds for the purchase of Government. securities. ^In most cases the transaction involves merely the transfer of money from a customer's account to the tax and loan account in the same bank. On occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account as well as for the account of their customers. The tax and loan account system permits the Treasury to leave funds in banks and in the communities in which they arise until such time as the Treasury needs the funds for its operations. In this way the Treasury is able to neutralize the effect of its fluctuating operations on bank reserves and the econodoy. A detailed description of the Treasury's depositary system may be found in the Annual Report of the Secretary of 'the Treasury for 973, pages End of fiscal year or month Federal Reserve banks Table UST-. - Status of the Account of the U.S. Treasury Treasury operating ^balance / Available funds in demand accounts at: Special depositaries, Treasury tax and loan accounts Other depositaries / / (in millions of dollars) Funds in process of collection through: Federal Reserve banks Other depositaries i j Time deposits and other interestbearing demand accounts Other demand accounts / Coin currency and coinage metal Miscellaneous items Gold balance 6/ Balance in account of the U.S. Treasury 96#...,58 4,55 _ 5, _ , ,005 6,99-8, _ 77 9, ,74 7,37-8, , ,344 7, , _ , ,038 8,433 06, _ , ,99 6,5 88 9, , ,773, , _ _ 8, ,975, , _ _ 6,065 T.Q... 33,99 4,9-7, _ 88 _ 8, ,740 3,364 ~ 9, , July... 8,789,365 0, ,54 Aug... 6, , _ 8,09 Sept....5,740 3,364-9, _ 0,53 Oct... 6,398,89-7, ,697 Nov....,56,909-5, ,57 Dec... 7,4 5,60 -, , Jan....,8,53 _, _ 3,58 Feb... 3,65 3,776-7, _ 8,33 Mar... 4,705,70-6, _ 7,335 Apr... 7,77,04-9, _ 0,698 May...,398,38-3, _ 4,804 June... -,64 5,9-7, ,75 July... L0,33,73, ,90 Source: Bureau of Government Financial Operations. / Effective January 97, the Treasury operating balance excludes the gold balance in Treasury.4 / Represents deposits in certain commercial depositaries that have been concerted from a time deposit to a demand deposit basis to permit greater flexibility in Treasury cash management. / Will not agree with Daily Treasury Statement due to rounding. i j Represents funds in process of collection by (a) the U.S. Treasury and (b) commercial banks which have been authorized to defer credit until checks are collected. Data prior to January 97 included in "miscellaneous items" columns. J5/ Represents demand deposits in National, Foreign, and other bank depositaries previously included in time deposits. 6/ The free gold balance can be readily converted to available funds with Federal Reserve banks. Less than $500,000.

29 August 978 ACCOUNT OF THE U.S. TREASURY Table UST-. - Elements of Changes in Federal Reserve and Tax and Loan Account Balances Fiscal jspar or month Federal Reserve accounts / Credits / Withdrawals / (In millions of dollars) Credits and withdrawals Tax and loan accounts Proceeds from sales of securities y Marketable issues Nonffiarketable issues jjj/ Taxes 6/ credits Withdrawals (transfers to Federal Reserve accounts) _ 9,4,678 90,79,583, ,85,603 3,906 4,333 4, ,683,578 3,460 5,7 49, ,375,849 3, 53,346 5, ,8 3,34 45,797 64,90 64, ,57 3,70 7,88 85,669 84, ,07 3,04 97,09 09,67, ,80 7,47,897 3,366 8,49 4,4 9, ,48 804,8-3,676 5,0 8,877 7,494 T.Q... 09,758 08, ,457 59,367 58, ,07 87,67-3,908 67,5 7,033 7, Mar... 68,537 7,759-36,39,600 3, July... 57,888 64,8 _ 30 9,57 9,89 9,598 Aug... 73,77 76, ,96 0,74 0,69 Sept... 8,77 73,0-94 5,867 6,6 3,745 Oct... 6,974 7, ,0 9,494,569 Nov.... 7,685 76,5 93 9,064 9,357 7,737 75,460 70, ,44 7,433 5,8 978-Jan... Feb... Mar... Apr ,64 73, ,85 7,338,07 78,95 5,4 35 0,778,9 87,530 8,606 86, ,855 9, 89,045 86,573 3,96 90,580' 95,359 3A6 8,955 9,30 8, ,35 3,75 84,09 4, ,858 36,63 36,476 3,89 70,834 >,7 97 3,70 3,467 7,648 Fiscal year or month Federal Reserve? End of period Tax and loan Federal Reserve Balances During period High Low Average Tax and loan Federal Reserve Tax and loan Federal Reserve Tax and loan ,074^ 4,3,97 8,004 9, , ,58 4,55,586 9, , ,005 6,99,96 7, ,077 4, ,74 7,37,987 8, , ,344 7,634 3,39 0,5 397,737,894 5, ,038 8,433 5,07 0, ,34 5, ,99 6,5 4,36 9,340 50,0 3, ,773,473 9,766 7,49 7,786, ,97,856,97 4, ,05,394 T.Q... 3,96 4,8 3,96 4,456, ,84, ,740 3,364 6,5 6,86,04 8 8,035, Mar... 7, ,80 3,33 4, ,653, J«iy... 8,789,365,85,496 5, ,843,34 Aug... 6, ,895,803 3,9 50 6,05,35 Sept... 5,740 3,364 5,740 5,74 3,6 8 6,956,47 Oct... 6,398,89 5,740 3,364 4, ,67,59 Now......,56,909 6,7,909,99 66,399,69 Dec.... 7,4 5,60 9,963 5,54,88 6 5,640,9 978-Jan...,8,53,8 5,60 4, ,59,56 Feb... 3,65 3,776 0,4 3,776 3, ,707,38 Mar.... 4,705,70 '7,380 5,344, ,706,7 Apr ,77,04 8,79 5,94, ,00,737 May...,398,38,7 3,47, ,56,476,64 5,9 4,3 6,98, ,577,56 0,33,73,05 6,484 7, ,5,458 Source: Bureau of Government Financial Operations; figures are on basis of telegraphic reports. / Figures are from the revised Daily Treasury Statement, effective July, 974. Prior data not available. / Represents transfers from Tax and Loan Accounts, proceeds from sales of securities other than Government Account Series, and taxes. / Represents checks paid, wire transfer payments, drawdowns on letter of credit, redemptions of securities other than Government Account Series, etc. 4/ Special depositaries are permitted to make payment in the form of a deposit credit for the purchase price of U.S. Government securities purchased by them for their own account, or for the account of their customers who enter subscriptions through them, when this method of payment is permitted under the terms of the circulars inviting subscriptions to the issues. / Includes United States savings bonds, savings nates, retirement plan and tax and loss bonds. United States savings notes first offered for sale as of May, 967 and were discontinued after June 30, 970. Retirement plan bonds first offered for sale as of January, 963; tax and loss bonds first issued in March 968. / Taxes eligible for credit consist of those deposited by taxpayers in the depositary banks, as follows: Withheld income taxes beginning March 948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 950, and under the Railroad Retirement Tax' Act beginning July 95; a nuntoer of excise taxes beginning July 953; estimated corporation income taxes beginning April 967; all corporation income taxes due on or after March 5, 968 and FUTA taxes beginning April 970, Less than $500,000.

30 ACCOUNT OF THE U S. TREASURY Treasury Bulletin Table UST-3. - Gold Assets and Liabilities of the Treasury (in millions of dollars except ounces) End of calendar year or month Ounces Gold assets \j Gold liabilities / Balance of gold in U.S. Treasury account July, Aug. Sept, Oet., Nov., Dec., 978-Jan.. Feb.. Mar.. Apr.. May.. June. July ,630, ,954, ^,543, ,43,04. 76,940,579.9, ,73 0,3 0,40 /,567 /,65,599, , ,706,693, ,63 0,09 0,303,460,65,599, , ,706, Source: Daily Treasury Statement through June 974; Bureau of Government Financial Operations thereafter, l/ Treasury gold stock which excludes gold held by the Exchange Stabilization Fund (ESP). See "International Financial Statistics," Table IFS-. / Consists of: Gold certificates (Series 934) issued only to Federal Reserve banks; gold certificates fund-federal Reserve System; gold deposited by and held for the International Monetary Fund from September 9, 965,through February 5, 97; redemption fund for Federal Reserve notes until March 8, 968,when it was combined with the gold certificate fund pursuant to P.L , approved March 8, 968, and gold reserve against U.S. notes until March 8, 968,when it was transferred to the public debt also pursuant to P.L / Gold assets were valued at $35 per fine troy ounce until May 8, 97, when they were revalued at $38 pursuant to the Par Value Modification Act, P.L. 9-68, approved March 3, 97. The increment amounted to $8 million. Gold assets were valued at $38'per fine troy ounce until October 8, 973, when they were revalued at $4. pursuant to the amending of Section of the Par Value Modification Act, P.L. 93-0, approved September, 973. The increment amounted to $,57 million.

31 August MONETARY STATISTICS Table MS-. - Currency and Coin in Circulation End of fiscal year or month Federal Reserve bank notes (In millions of dollars except per capita figures) Currencies no longer issued National bank notes Gold certificates / Silver certificates Federal Reserve notes / Treasury notes of 890 Currencies Presently being issu'ed / United States notes Federal Reserve notes i j currencies ,547 45, ,66 48, ,304 5, ,57 55, ,664 60, ,85 65, ,093 7, ,08 79, ,597 80, ,349 87, ,35 86,94 July ,663 87,6 Aug ,488 88,087 Sept ,349 87,947 Oct...' ,37 88,969 Nov ,43 9,840 Dec ,43 93, Jan ,6 90,758 Feb ,690 9,85 lifer ,660 9,55 Apr ,37 9,9 Way ,560 95, ,339 95,933 End of fiscal year or month Coin Fractional coin Currency and Coin in circulation J5/ Currency and Coin in circulation per capita (in dollars) 6/ T.Q ,308 5,646 5,990 6,383 6,793 7,75 7,68 8,303 8,397 8,877 5,790 6,8 6,47 7,06 7,498 8,040 8,496 9,44 9,348 9,876 50,936 54,35 58,393 6,0 67,77 73,833 8,96 88,877 89,548 97, June, July, Aug., Sept, Oct.. Nov., Dec., 978-Jan.. Feb.. Mar.. Apr.. May.. June., ,005,00,03,05,09,04,030,039,03 8,750 8,794 8,858 8,877 8,96 9,006 9,058 9,045 9,065 9,3 9,6 9,50 9,34 9,739 9,786 9,856 9,876 9,93 0,06 0,07 0,060 0,084 0,37 0,9 0,89 0,355 96,65 97,048 97,943 97,83 98,900 0,856 03,8 00,89 0,369 0,39 03,4 05,443 06,88 / Source: Statement of United States Currency and Coin. / Excludes gold certificates, Series of 934, which are issued only to Federal Reserve banks and do not appear in circulation. / Issued prior to January 30, 934. / Issued prior to July, 99. i j Issued on and after July, 99. / Excludes Currency and Coin held by the Treasury and Currency and Coin held by or for the account of the Federal Reserve banks and agents. 6/ Based on the Bureau of the Census estimated papulation. 7/ Highest amount to date. Less than $500,000. r Revised.

32 4 Treasury Bulletin C T B n P P A T. n B l C T End of fiscal year or month / Amount outstanding Public debt securities / Table FD-. - Summary of Federal Debt (In millions of dollars) Agency securities Government accounts Public debt securities Securities held by: Agency securities The public j Public debts securities Agency securities 367,44 35,895 4,49 87,66 84,85,846 79,483 68,080,403 38, ,094,50 97,73 95,70,553 84,880 74,94 9, , ,305,63 05,40 0,888,5 304,38 94,47 9,9 437,39 46,435 0,894 3,559,460,00 33,770 34,976 8, ,46 457,37,09 5,38 3,385, , ,93 9,3 486,47 474,35,0 40,94 38,06, , ,09 0,04 544,3 533,88 0,943 47,5 45,83,94 396, ,905 9, ,385 60,43 0,953 5,566 49,6, ,89 470,8 8, , ,38 634,70 698,840,678 0,98 48,05 57,95 46,05 55,490, ,37 55, , ,350 9,730 3, Mar ,4 669,07 0,394 46,758 44,949, ,383 54,58 9,4 977-June ,49 674,45 0,84 53,03 5,04,809 53,37 53, 9,05 July ,59 673,864 0,78 50,553 48,744, ,039 55,9 8,90 Aug , ,74 0,3 53,666 5,860,807 54,89 533,34 8, ,38 698,840 0,98 57,95 55,490,805 55, ,350 8,493 Oct , ,403 0,90 53,999 5,95, , ,07 8,487 Nov... 78,3 707,97 0,60 55,684 53,888,796 56, ,084 8,464 79,64 78,943 0, 56,645 54,849,796 57,59 564,094 8, Jan... 73,8 7,595 0,6 53,75 5,480, , ,6 8,430 Feb ,650 79,753 9,898 55,996 54,8,84 583, ,570 8,084 Mar , ,95 9,893 54,534 5,7i8,86 593,30 58,3J 8, ,43 736,589 9,84 55,383 53,563,80 59, ,06 8,0 75,4 74,598 9,84 60,99 59,093,86 590,493 58,504 7, , ,04 9,780 6,90 6,085,85 595, ,939 7,955 Source Monthly Treasury Statement of Receipts and Outlays of the United exclude issues to IMF and other international lending institutions to States Government. conform with the budget presentation and the source for this table. / Amounts of public debt securities outstanding have been adjusted to / Includes holdings of Federal Reserve Banks, r Revised End of fiscal year or month Table FD-. - Computed Interest Charge and Computed Interest Rate on Interest-Bearing Public Debt (Dollar amounts in millions) interestbearing public debt / Computed annual interest charge / interestbearing public debt / Computed annual interest rate Marketable issues Treasury Bills / Notes Treasury bonds Other i j Nanmarketable Government account series 5/ T.Q Mar... 35,79 369,06 396,89 45, , ,38 53, 69,54 633, ,6 7,087 0,339 0,54,545 6,59 30,74 33,509 39,494 40, , July. Aug.. Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr.. May.. June. July.. 67, , ,30 706,973 75,7 70,563 78, ,99 733, , ,00 749,46 4,39 43, ,83 45,89 46,7 47,458 48,43 49^59 49,77 50,09 5,87 5, tim C ' Source: Bureau of Government Financial Operations. the rate of effective yield for issue sold at premiun or discount. Note: The computed annual interest charge represents the amount of interest Prior to that date it was based on the coupon rate for all issues, that would be paid if each interest-bearing issue outstanding at the / As of July 9/4, includes Federal Financing Bank. end of each month or year should remain outstanding for a year at the / Excludes Federal Financing Bank. applicable annual rate of interest. The charge is computed for each / Included in debt outstanding at face amount, but discount value is issue by applying the appropriate annual interest rate to the amount used in computing annual interest charge and annual interest rate. outstanding on that date (the amount actually borrowed in the case of i j On United States savings bonds the rate to maturity is applied securities sold at a premium or discount, beginning with May I960). against the amount outstanding. The aggregate charge for all interest-bearing issues constitutes the / As of July 3, 974, Monthly Statement of the Public Debt of the U.S., total computed annual interest charge. The average annual rate is computed the column heading was changed to "Government account series" which by dividing the computed annual interest charge for the total, or for includes Treasury deposit funds in addition to those accounts previously shown as special issues. any group of issues, by the corresponding principal amount. Beginning with data for December 3, 958, the computation is based on

33 August FEDERAL DEBT. Table FD-3. - Interest-Bearing Public Debt (In millions of dollars) End of fiscal year or month T.Q Mar ily. Aug., Sept, Oct.. Nov., Dec., 978-Jan.. Feb.. Mar.. Apr.. May.. June. July. interesthearing public debt ,06 396,89 45, , ,38 53, 69,54 633, ,6 67, , ,30 706,973 75,7 70,563 78, ,99 733, , ,00 749,46 'ga,io7. 3,599 45,473 57,0 6,97 66,575 35,606 39,58 407, , ,48 438, , ,86 459,97 466, , ,5 47,93 473, ,699 48,04 Bills If -W ;3 5 T 76,54 86,677 94,648 00,06 05,09 8,569 6,98 6, ,64 54,7 54, ,74 56,656 6,08 6, 6,87 65,65 59,640 59,39 59, Treasury notes 78,946 93,489 04, , ,57 9,758 06, ,65 3,37 38, ,587 5,04 5,800 57,077 58, ,6 65,30 66,586 Treasury bonds 6,956 53,989 49,35 45,07 33,37 36,779 39,66 39, ,490 44,650 45, ,674 47,0 47,045 48,483 50,477 50,40 50,373 5,68 5;63 54,363 I5765J- 36,46 50,86 68,58 93,38 06,663 6,56 6,673 5, ,837 4,38 45, ,866 5, 55,300 53,783 57,707 58,677 60,88 68,40 U.S. savings bonds 5,Wl" , , ,48 69,733 70, , , ,86 76,4 76,60 76,987 77, ,0 78,645 78, Investment series ";459,387,347,30,75,7,67,63, ,46,46,46, ,46 Nonmarketable Depositary series -" Foreign government series m i a r denominated / T, W 3,389 7,606 6,93 6,78 3,4.67 9,90 9, ,97 0, ,86 0,455,08,659.50,64,438,476 0,559 9,95 Foreign currency denominated 730^,366,664,07, ,46,348,35.89,6,0,69,8,087, Government account series kf 66,790 76,33 8,784 89,598 0,738 5,44 4,73 30,557 8, , , ,890 38,580 39,774 36,364 39,4 37,956 38,833 44, ,665 Other 564, ,3,407,00,36,6 3, ,7 0,087 0, , , ,09 7,03 8,4 9,8,76,406 Source: Monthly Statement of the Public Debt of the United States. / As of July 974, includes Federal Financing Bank. / Consists of certificates of indebtedness, Treasury notes beginning January 963, Treasury bonds beginning September 964, and Treasury bills beginning March 975, sold to foreign government for U.S. dollars. / Consists of the dollar equivalent of Treasury certificates of indebtedness; Treasury bonds from October 96-April 967; and Treasury notes beginning November 966 issued and payable in designated foreign currencies. td As of the July 3, 974, Monthly Statement of the Public Debt- of the U.S. the column heading was changed to "Government account series" which includes Treasury deposit funds in addition to those accounts previously shown as special issues, formerly included in "Other" column. Table FD-4. - Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors End of fiscal year or month Amount outstanding privatelyheld Within year (In millions of dollars) Maturity classes - 5 years 5-0 years 0-0 years 0 years and over Average length / T.Q Mar Tune.. July., Aug.., Sept., Oct.., Nov.., Dec.., 978-Jan.., Feb.., Mar.., Apr.. May.., June. 56,008 57^90 6,863 65, ,86 0,38 79,78 94, ,434 33,485 36,77 35, , ,09 355, ,30 36, ,44 356,89 353,660 % 74,803 79,509 84,04 87,50 5,677 5,73 53, ,58 57,353 60,33 6, ,699 69,55 7,376 77,64 75,95 78,474 70,7 66,094 6,533 50,8 57;035 58,557 57,57 54,39 50,03 65,85 89,5 94, ,4 07,000 05,55 0, ,744,346 8,975 3,69 30,75 3,50 30,884 35,54 37,543 4,503 6, , ,69 3, ,538 3,44 3,5 33, ,93 3,858 3,79 3,7 9,853 9,44 3,86 3,758 30,458 m ,74 9,930 8,857 8,087 7,939 8,48 8,350 7,09 8,440 8,5 8,48 8,406 8,364 8,93 9,733 9,79 9,635 9,57 9,847 9,766,337 4 yrs. mos. 8,7 3 yrs. 8 mos. 7,645 3 yrs. 6 mos. 6,9 3 yrs. 3 mos. 4,564 3 yrs. mos. 3,48 yrs. mos. 4,6 yrs. 8 mos. 6,65 yrs. 7 mos. 7,6 yrs. 9 mos. 0,53 yrs. mos. 6,074 yrs. 5 mos. 9,598 9,68 yrs. yrs. 0 mos. 0 mos. 0,66 3 yrs. 0 nos. 0,53 yrs. mos. 0,59 yrs. 0 mos.,750 3 yrs. 0 mos.,646 yrs. mos.,595 yrs. mos.,838 3 yrs ,669 yrs. mos.,60 3 yrs. 0 mos. 3,668 3 yrs. mos. 3,360 3 yrs. mo. Source: Office of Government Financing in the Office of the Secretary. / Beginningwith the September 976 Treasury Bulletin the average length of the interest-bearing marketable public debt is computed on that part of the outstanding public debt privately held.

34 6 Treasury Bulletin FEDERAL DEBT Table FD-5. - Government Account Series (in millions of dollars) End of fiscal year or month Airport and Airway trust fund Exchange Stabilization Fund Federal Deposit Insurance Corporation Federal employees retirement funds Federal disability insurance trust fund Federal Energy Administration Federal Home Loan Banks Federal hospital insurance trust fund Federal old-age and survivors insurance trust ftrnd ,790 _ 0 7,354 3,04 _ 5,890, ,33 - _ 74 8,93 4,435-99,583 5, ,784 -,4 56,644 5,73-44,980 7, ,598 -, ,69 6,697-6,834 9, ,738 -, ,894 7,488-4,7 3, ,44 878, ,0 7, ,84 33, ,73,936,45,367 35,55 7, ,7 35, ,557,59,5,69 40,383 6,66,7-0,89 33,89 T.Q... 8,640,7,59 3,49 39,607 6, ,959 3, ,3 3,46,050 4,89 46,63 3, ,94 3,333 8,9 3,9,978 4,7 39,34 4,90 -,6 30, July... 3,447 3,48,0 4,350 39,63 4, ,5 30,60 Aug... 36,39 3,378,049 4,85 39,344 4,8 - -,45 3,35 Sept... 40,3 3,46,050 4,89 46,63 3, ,94 3,333 Oct... 36,890 3,88,047 4,5 46,4 3,474 - _ 0,56 9,086 Nov ,580 3,306,06 4,359 45,95 3,39 0,80 9,037 Dec ,774 3,449,077 4,486 47,048 3,075 - _,30 8, Jan... 36,364 3,48,063 4,509 46,663,98 - _ 0, F«b ,4 3,54,047 4,993 46,399 3, ,5 8,6 Mar... 37,956 3,583,0 5,08 46,060 3,06 -,5 7,7 Apr... 38,833 3,65,99 4,975 45,645 3, ,36 7,840 44,394 3,68,86 5,09 0,987 9,835 46,448 3,830,836 5,76 t k l l i m :,805 7,96 July... 44,665 3,874,806 5,9 46,089 3,869,73 6,547 End of fiscal year or month Federal Supp, medical ins. trust fund Federal Savings and Loan Insurance Corporation Government life insurance fund Highway trust fund National service life insurance fund Postal service fund Railroad retirement accounts Treasury deposit funds Unemployment trust fund Other / ,53 5,754 _ 3,434 _ 9, ,60 5,95-3,75-0, ,635 6,068-3,85-8, ,456 6, ,74-7, ,550 6, ,766-8,330, ,599 6, ,706-9,495, , ,536 6, , ,557, ,30, ,030 6, , ,03 4,33 T.Q... I.44, ,95 6,956 77,75 780,345 5, ^3, ,079 7,50 978, ,603 6, Mar...,006, ,380 7,90,90, , July...,93, ,04 7,48,76, ,087 6,0 Aug...,469,5 59 0,35 7,5,663, ,450 6,56 Sept...,3, ,079 7,50 978, ,603 6,533 Oct...,95, ,09 7,49,60, ,335 6,58,984, ,04 7,5,636, ,878 6,89 Dec... 3,6, , ,96, ,06 6, Jan... 3,9, ,544 7,438,708,96 763,56 6,80 Feb... 3,495, ,700 7,49,57,6 748,9 Mar.... 3,675, ,890 7,407,6,08 75,3 7,68 3,58, ,085 7, 389,00,79 749,759 7,089 May... 3,680,880 50,73 7,360,055, ,34 7,53 3,807,93 50,553 7,565,38 3, ,493 7,48 July... 3,95, ,50 7,548,54, ,84 7,56 Source: Monthly Statement of the Public Debt of the United States. Note: Prior to July?74 title of this table was "Special Public Debt Issues". / Consists of Government National Mortgage Association fund and MBS Investment account; National Credit Union insurance fund; Federal Housing Administration fund; employees life insurance fund; veterans special life insurance fund; veterans reopened insurance fund; servicemens group life insurance fund from August 969-January 973; employees health benefits fund beginning October 970; Export- Import Bank of the United States from February 967-October 968; General Services Administration participation certificates trust; and Washington Metropolitan Area Transit Authority from November 97-March 973; Indian tribal funds and individual Indian money for August 974; Pension Benefit Guaranty Corporation beginning November 974; Bonneville Power Administration and Library of Congress trust fund beginning January 975; Tax Court Judges survivors annuity fund and Overseas Private Investment Corporation beginning February 975. Federal ship financing escrow fishing fund, Federal ship financing fund fishing vessels (NQAA), Federal ship financing revolving fund, gifts and bequests (Commerce), judicial survivors annuity fund, national insurance development fund (HDD), and the U.S. Army general gift fund beginning March 975, Emergency Loan Guarantee Fund beginning April 975, Comptroller of the Currency assessment fund, National Archives Trust fund, beginning July 975, Comptroller of the Currency, trustee fund, beginning August 975, Federal Financing Bank; National Archives Gift Fund; Public Health Service, Conditional and Unconditional Gift Fund; HEW; U.S. Naval Aoadeny Gift Fund; U.S. Naval Academy Museum Fund; War Risk Revolving Fund; Aviation war risk insurance revolving fund; Department of State conditional gift fund, general; Harry S. Truman Memorial scholarship fund; Special Investment Account; Black Lung Disability Trust Fund. Less than $500,000.

35 August 978 FEDERAL DEBT Table FD-6. - Interest-Bearing Securities Issued by Government Agencies 7 (In millions of dollars) End of fiscal year or month Defense Department amount outstanding Family housing / and homeowners assistance Housing and Urban Development Department Federal Housing Administration Government National Mortgage Association Export-Impart Bank of the United States Other independent agencies Federal Home Loan Bank Board Postal Service Tennessee Valley Authority T.Q ,49,50,63 0,894,09,0 0,943 0,953,678 0,98 0,934,863,775,683,588,484,38,76,7,36, ,600 7,30 6,005 4,90 4,480 4,370 4,60 4,80 4, ,845,47.893,65,89,.894,593,693 3, , ,355 50,855 50,55 50,696 50,075 50,075 50,975 50,85 50, June. July. Aug.. Sept. Oct... Nov... Dec Jan.. Feb., Mar.. Apr.. May.. June. 0,84 0,78 0,3 0,98 0,90 0,60 0, 0,6 9,898 9,893 9,84 9,84 9,780,044,035,04,06, , ,33 3,66, ,857,840,837,833,5,5,509,494,47 50,85 50, ,85,85 50,85 50,85 50, ,85,85 50,85 50,85 50,85 50,85 End of fiscal year or month Banks for cooperatives J Federal home loan banks / Memorandum - Interest-bearing securities of non-government agencies i j Federal intermediate credit banks / Federal land banks Federal National Mortgage Association / 6 / District of Columbia Stadium Fund ,4 5,54 4,40 5,70 8, ,59,790 9,94 7,93 4,94 5,705 6,9 6,65 3,65 4, ,805 7,848 6,88 7,393 8, ,338,49 6,673 9,058, ,475 8,6 7,995,067 5, ,896,50 9,497 4,9 8, ,694 9,390 0,98 6,060 9, ,90 9, 0,79 6,566 30, ,06 9,06,693 8^79 3, Mar... 4,899 8,483 0,670 7,304 30,39 0 4,948 8,977,48 8,37 3, ,604 8,9,654 8,79 3, ,356 9,40,786 8,79 3,30 0 4,06 9,06,693 8,79 3,49 0 4,05 9,368,63 9,8 3,57 0 4,08 9,9,4 9,8 3, ,434 0,389,74 9,8 3, Jan... 4,65 0,87,03 9,498 3,04 0 Feb... 4,6,08 0,958 9,350 3, ,78,3 0,88 9,350 33, ,046,56 0,977 9,686 34,04 0 May... 5,64 4,0,08 9,686 35,97 0 4,974 4,599,57 9,686 36,404 0 Source: Bureau of Government Financial Operations and Monthly Treasury Statement of Receipts and Outlays of the U.S. Government. Note: The Export-Import Bank was moved within the Budget effective October, 976 pursuant to Public Law Adjustments are made to include totals for the period it was outside the Budget (August 7, 97 through September 30, 976). Also, adjustments are made to reflect certain Export-Import Bank borrowing transactions now classified as agency debt. These transactions were previously reported as offbudget negative outlays. / Includes unredeemed matured securities outstanding on which interest has ceased. / Effective September 30, 968, Federal National Mortgage Association was converted to private ownership pursuant to provisions of the Housing and Urban Development Act of 968 (P.L ). / Effective December 3, 968, banks for cooperatives and Federal intermediate credit banks were converted to private ownership pursuant to provisions of Public Law 90-58, October 7, 968. i j Far details of securities outstanding, see Table TS0-5. j)j Includes Federal Home Loan Mortgage Corporation mortgage backed bonds beginning November / Includes mortgage backed bonds beginning June 970.

36 8 FEDERAL DEBT Table FD-7. - Participation Certificates Treasury Bulletin End of fiscal yeat or month Sales Agriculture Department Commodity Credit Corporation (In millions of dollars - face amounts) ExpoJt-Import Bank of the United States Sales Participation certificates issued by GNMA acting as trustee Sales Farmers Home Administration / Retirements Outstanding Sales Retirements Outstanding Retirements Outstanding Retirements Outstanding Health, Education, and Welfare Department / Sales Retirements _ 369,84,330, 630 8,600 5 I84,66 5 3,i8l, ,493 -,80 7,30 _ ,6 -,35 6,005 _ _ ,085 4, _ , _ , , , ,45 - _ , _ Mar ,845 _ - 45J- - - a June , July , Aug ,768 - _ Sept , Oct ,768 - _ 45 _ 90 Nov , _ 90 Dec , , Jan _ 3,743 - _ Feb , Mar , _ 90 Apr , May , June , ' T.Q Mar June. July. Aug.. Sept. Oct.. Nov.. Dec Jan.. Feb.. Mar.. Apr.. May.. June. End of fiscal year or month Participation certificates issued by GNMA acting as trustee - Continued Housing and Urban Development Department Office of Secretary / " W ul= standing,433,09, Government National Mortgage Association 4/ Retire- Outnaents standing ,897,707,66,433,338,73,04,64,45 980, Small Business Administration 5/ , Veterans Administration 6/ ,885,749,650,543,300,55,4,75,59.05,46, ,09, ,068,068,068 (Msmorandum) Commodity Credit Corp. (net certificates of interest authorized under Charter Act) 7/ Outstanding Retirements Retirements Outstanding Retirement's Outstanding Retirements standing 667,590 Source: Bureau of Government Financial Operations. / Includes the Direct Loan program through September 97, the Agricultural Credit Insurance fund beginning October 97, and the Rural Housing Loan programs.,/ Includes Construction of Higher Education Facilities, Health Professions Education fund, and Nurse Training fund, beginning April 968. / Includes College Housing, Housing for the Elderly, and Public Facility programs. 4/ Includes Special Assistance, and Management and Liquidating programs. J>/ Includes programs for Disaster Loans, and Business Loans and Investments. 6/ Includes Direct Loan and Loan Guaranty programs. 7/ In the case of Commodity Credit Corporation, participation certificates are called "certificates of interest" and are not included in the Participation Sales Act of 966. Amounts shown as sales retirements represent the net excess transactions for the period. On July, 969, the amount outstanding was reclassified as agency securities.

37 August FEDERAL DEBT Table FD-8. - Debt Subject to Statutory Limitation End of fiscal year or month Statutory debt limit (In millions of dollars) Debt outstanding subject to limitation Public debt / Other debt / / Interest-bearing debt subject to limitation Public debt Other debt Nosn- interest-bearing debt subject to limitation Public debt / Other debt / >V7,U0U 35,59 4,67 35,79 3, , ,45 369,463 3,96 369,06 3, , , ,678, ,89, ,000 48,576 45,83,764 45,360, , , ,697,39 456,353, , , ,68, ,38, , ,07 53,565,64 53,, ; ,000 6,556 69,80,736 69,54, «T.Q , ,8 634,089, ,560, , , ,9, ,69, Mfcr... 68, , ,596, ,6, , ,99 673,5,738 67,386,738, , ,97 684,56, ,08 -, SeP , , ,9 Oct..., ,69,734 75, , ,79, ,30, Nov , ,0 707,36, ,973, Dec... 75,000 70,068 78,33,736 75,7,736 3, Jan... 75,000 7,7a 70,985,756 Feb... 70,563, , ,900 79,4,758 Afar ,474, , ,03 737,34, ,99,763 4 Apr... May... June ,74 74, ,75 735, , , ,76 733, , ,00 July... 75,000 75,65 7^9,867, ,46, ,76, Source: Monthly Statement of the Public Debt of the United States. Note: For debt subject to limitation since 940, see Table of the Statistical Appendix to the Annual Report of the Secretary of the Treasury on the State of the Finances for fiscal 977 For a summary of legislation on debt limitation under the Second Liberty Bond Act and the amounts of limitation, see Table 3 of the Statistical Appendix. / Adjusted to exclude notes to IMF and other international lending organizations from public debt and include them in "Other debt" to conform with the budget presentation and the source for this table. / Consists of guaranteed debt of Government agencies, specified participation certificates, District of Columbia Stadium Bonds and notes of international lending organizations.

38 30 Treasury Bulletin.FEDERAL DEBT. Table FD-9. - Status and Application of Statutory Limitations The Act of June 30, 967 (Public Law 90-39) provides that the face amount of beneficial interests and participa- tions issued under section 30 (c) of the Federal National Mortgage Association Charter Act ( U.S.C. 77 (c)) during the fiscal year 968 and outstanding at any time shall be added to the amount otherwise taken into account in deter- mining whether the requirements of the above provisions are met. The Second Liberty Bond Act (3 U.S.C. 757b), as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest by the United States, shall not exceed in the aggregate $400 billion outstanding at any one time. 'Public Law 95-5 provides that beginning on March 7, 978, and ending on July 3, 978, the public debt limit shall be temporarily Increased by $35 billion. Part A. - Status Under Limitations July 3, 978 (In millions of dollars) Public debt subject to limit: Public debt outstanding $ Less amounts not subject to limit: Treasury Federal Financing Bank ^ public debt subject to limit " 7^9 g67 Other debt subject to limit: ' ' Guaranteed debt of Government agencies.... $3 Specified participation certificates other debt subject to limit i'~758 " debt subject to limit... ' 75 ^ 5! Statutory debt limit ' Balance of statutory debt limit ' Part B. - Application of Statutory Limitations, July 3, 978 Classification Amount outstanding Interest-bearing debt: Marketable: Bills: Treas'U 7... $60,09 Notes: ^ Bonds:... 66,586 Tr6aSUIy... 54,363 marketable r 48,04 Nonmarketable: r Depositary series... g Foreign government series:^ Dollar denominated _ Foreign currency denominated [...!!!!!!!!!!!!!!!!!!! 86 Government account series...!!.!.!!!.!!!!.!!!!!!!!!!!!!!... Investment series ia r.e.a. series...!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!.!!!!!!!!!! % State and local government series...!!!!!!!!!!!!!!!!!!!!!!!i!!!!!!!!i!i!!!!! 0 8 United States individual retirement bonds I!.!!!!!!!!!!!!!!!!!!!]! 37 United States retirement plan bonds...!.!!..!...!!!!!!!!!!!!!!!!!!!!!!"!!! sa united states savings bonds ]]...!!!!!!!!!!!!!!!!!!.!!!!!!!!!!!!!!!!!!!" 79?8i United States savings notes.....!!.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! 388 nonmarketable... interest-bearing debt... Non-interest-bearing debt: Matured debt... Other... non-interest-bearing debt. 68,, , ,,05 public debt outstanding Source: Monthly Statement of the Public Debt of the United States. $500 thousand or less.

39 August End of fiscal year or month fff.tyrrat. H R R T Table FD-0. - Treasury Holdings of Securities Issued by Government Agency for Internnational Development / Corporations and Other Agencies Federal Federal Financing Home Loan Bank Bank Board (In millions of dollars) Commodity Credit Corporation Agriculture Department Rural Electrification Administration Secretary: Farmers Home Administration Programs / Export- Import Bank of the United States / Housing and Urban Development Department College housing loans Office of the Secretary Urban renewal fund , _,5 5,045, , ,6 5,38,46,586, , ,977 5,746,39 783, , ,50 6,05,606,743, , ,864 6,563,60,888, , ,608 6,963,545,457, , ,466,47 5,046 7,409,48 07, ,09 -,43,534,840 7,5,77, T.Q... 57,374-5,884,49 3,556 7,409,867 73, ,353-35,48-6,8 7,865,9 3, Mar... 6,74-3,3-4,88 7,609,9 66, juiy... 6,77-3,444-5,07 7,765,9 l, , 64,66-33,800-5,697 7,865,9 409, Sept ,353-35,48-6,8 7,865,9 3, , 68,44^ - 36,7-6,95 7,865,9 3, Nov... I 70,69-37,095-8,8 7,888,9 3, Dec... 7,34-38,580-8,507 7,903,9 5, Jan... 74,58-39,5-9,947 7,95,9, Feb... 76,070 _ 40,606-0,09 7,95,9 6, Mar... 77,45 _ 4,69 0,30 7,865,9 8, Apr... 78J3-4,964-0^8 7,90 ^9 6 ^ ,0 - ^3,87-0,33 7,959,9, June... 80,4-44,504-0,8 7,979,9, July... 8,648 45,545 0,44 7,99,9 3, Other u End of fiscal year or month Housing.and Urban Development Departmenix-Continued Government National Mortgage Assn. J/ Other f j Interior Department Helium fund Rural Telephone Bank Tennessee Valley Authori t y Transportation Dept. Saint Lawrence Seaway Development Corp. Veterans Administration: Direct loan program Under Defense Production Act of 950 / , ,730, , ,730, , ,730, , ,730, ,053, ,730, ,33, ,730, ,43 3, ,730 / ,4 4, ,730 / 98 T.Q... 5,907 4, ,730 / ,908 3, ,730 / Mar... 5,00 5, , July... 4,948 3, _, Aug... 4,930 3, , Sept ,908 3, ,730 _ 3 Oct... 4,898 3, ,730 _ 3 Nov... 4,98 3, ,730 4 Dec... 4,93 3, , Jan... 4,960 3, ,730 _ 40 Feb... 4,950 b ,730 _ 4 Mar... 4,89 3, ,730 _ 43 Apr... 4,767 3, ,730 _ 44 May... 4,74 3, ,730 _ 44 June... 4,835 3, , July... 5,07 3, ,730-9 Other 8/

40 3.FEDERAL DEBT, Treasury Bulletin Footnotes to Table FD-0. Souree: Bureau of Government Financial Operations. Note: These securities were issued to the Treasury in exchange for advances "by the Treasury from public debt receipts under congressional authorizations for specified Government corporations and other agencies to borrow from the Treasury. Further detail may be found in the 977 Statistical Appendix to Annual Report of the Secretary of the Treasury, pages , and the 977 Combined Statement of Receipts, Expenditures and Balances of the United States Government, pages / And predecessor agencies. Beginning fiscal 957 figures exclude notes previously issued by the Administrator in connection with informational media guaranties. The obligation for these notes was assumed by the Director of the United States Information Agency, pursuant to the act approved July 8, 956 ( U.S.C. 44), and the notes together with others issued for the same purpose are included in "Other." / Farm housing and other loan programs, Agricultural Credit Insurance Fund (formerly Farm Tenant Mortgage Insurance Fund), Rural Housing Insurance Fund, and Rural Development Insurance Fund. / Includes securities transferred from the Reconstruction Finance Corporation. 4/ Consists of notes issued to borrow for: public facility loans; Low Rent Public Housing Fund; and advances for National Flood Insurance Fund. / Consists of liabilities taken over by the Association from the Secretary in accordance with the act approved August, 954, and notes issued by the Association under authority of that act ( U.S. C. 79 (c), 70 (d), and 7(d)) and also securities transferred from the Reconstruction Finance Corporation. 6/ Public Housing Administration ; Federal Housing Administration beginning January 966; Housing Assistance Administration from September 968-Deeember 969. / Consists of notes of: The Administrator, General Services Administration, far defense materials procurement; the Secretary of Agriculture; the Secretary of, the Interior '(Defense Minerals Exploration Administration) j and the Secretary of the Treasury through May / Consists of notes issued by the; International Communication Agency for informational media guaranties (see footnote ); Secrexary of Commerce (Maritime Administration), for the Federal Ship Mortgage Insurance Fund, fiscal years and Federal Ship Financing Fund (NQAA), beginning December 97; Virgin Islands Corporation from September 959-September 968; District of Columbia Commissioners for the Stadium Sinking Fund beginning December 97; Secretary of the Interior (Bureau of Mines) for development and operation of helium properties beginning May 964; Bureau of Commercial Fisheries for Federal Ship Mortgage Insurance Fund, Fishing Vessels from January May 967; and revenue bonds for Smithsonian Institution (John F. Kennedy Center Parking Facilities) beginning July 968; Secretaiy of Transportation (Washington Metropolitan Area Transit Authority) beginning December 97; Health, Education, and Welfare, Office of Education (Student Loan Insurance Fund) from May August 973; Pension Benefit Guaranty Corporation from September 9-74; Federal Railroad Administration, rail service assistance, beginning January 976, and regional rail reorganization, April, 976; Bonneville Power Administration beginning September 30, 977; Secretary of Energy beginning October, 977; General Services Administration (Pennsylvania Avenue Corporation) beginning November, 977. / Outstanding loans cancelled pursuant to Public Law 93-46, dated September 30, 974.

41 August Aug. Aug. Aug. Sept. Oct. Oct. Nov. Nov. Dec. Dec. 979 Jan. Feb. Feb. Mar. Apr. Apr. May May June June July Aug. Aug. Aug. Sept. Sept. Oct. Oct. Nov. Nov. Nov. Nov. Dec. Dec. Date of final maturity 5., 5., 3., 30.,. 3., 5., , 5., 8., 5.,., 30., 5., 3., 30., 30., 30., 5., 5., 3., 30., 30.,., 3., 5., 5., 5., 30., 3., Jan. Feb Feb. 5. Feb. 9. Mar. Apr. 3.. Apr. 30. May 5. May 3. June 30. June 30. July 3. Aug. 5. Aug. 5. Sept. Oct Nov. 5. Nov. 5. Dec Feb. 5. Feb. 5. Mar. Apr. 3.. May 5. May 5. June 30. Aug. 5. Aug. 5. Sept. Oct Nov. 5. Nov. 5. Dec Feb. 5, Feb. 5, Mar. 3. Apr...PUBLIC DEBT OPERATIONS. Table PDO-. - Maturity Schedule of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 5-Week Treasury Bills Outstanding, July 3, 978 (In millions oi dollars) Description 6#-B. 5-7/8#-L 7#-H 5-7/8#-L 6#-N -/J6-EA 5-7/8#-P 7-7/8#-D 6-l/8#-Q 7-3/4#-E 6-l/8#-R 6-/4#-S 6-l/4#-A 6-7/855-J 6-5/8#-T 8-l/#-F 6-5/8#-U l-l/#-e0 7-l/4#-V 6-5/8#-B 7#-C 6-l/4#-K 7-l/8#-W 7-l/#-G 7-l/8#-X... 7%-A Note 7-3/8%- C Note 6-7/8%- H Note -/%- EA Note 7-3/8%- D Note 7-/%- M Note 6-3/4%- J Note 7% Bond 7-5/8%- F Note 6-3/4% K Note -/%- -E0 Note 7-3/4%- -B Note 7%-G Note 7-/4%- L.. Note., Issue Date Note 5/5/74 Note 5/5/75 Note 8/3/76 Note 9/30/76 Note Note 0//73 //76 Note /5/7 Note /30/76 Note 0//75 Note /3/76 Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note Note 7-l/#-K Note 4# Bond 6-l/#-G Note 7-5/8#-L Note 7-l/#-C Note l-l/#-ea Note 7-3/4^-N Note 6-7/8#-A Note 8#-P Note 7-5/8#-D Note 8-l/4#-Q Note 8-/%-R Note 9%-B Note 6-3/4%-H Note 6-7/8#-E Note -/%-EO Note 3-/% Bond 7-/8%-J Note 5-7/8%-F Note /8% Bond 6-/87.-D Note 7-7/8%-G Note -/%-EA Note /3/77 /7/76 /8/77 3/3/77 4//74 5//77 /6/74 5/3/77 7/9/75 6/30/77 8//77 8/5/7 8/6/76 8/3/77 9/4/75 9/30/77 0A/74 0/3/77 /5/73 /5/73 /5/76 /30/77 /6/76 /3/78 /3/78 /3/59 /5/77 /8/78 3/7/76 4A/75 5//78 5/5/73 5/3/78 6/0/76 6/30/78 //3/78 8/5/74 8/5/77 9/4/76 0//75 0/3/60 /5/77 /7/76 /5/74 /8/75 / 3/8/77 ~ 4//76 /6/76 /5/78 6/3/77 8/5/7 7/9/76 9/7/77 0//76 /5/74 0//76 /7/77 5/5/7 /6/77 3/6/78 4//77 Amount of maturities Held by / - U.S. Govt, All accounts and other Federal Reserve investors banks, ,55,597, , ,9 98 8,07,376,94,59,57 3 3, ,76, ,69,73, , ,99 36,69 55,087 09,78 4, , ,559,794, ,48 40, , ,334 84,604,38,4 43 3, ,79 363, , ,775 0,94 3,875,494 4,608 3,80 6,076 3,80 7,65 3,099,85 4,407 4,7 4,96 4,33,4 3,753 4,600,69 64,746, ,796,07, ,00 8 3,89$,034, ,586 97, ,477,860, , ,7 5,877,70,697,853 8, , , , ,9, Source: Monthly Statement of the Public Debt of the United States and Office of Government Financing in the Office of the Secretary. / Beginning with February 969 Treasury Bulletin, the definition of U.S. Government accounts and all other investors is in conformity with the unified budget concept.,80,558,749,68 3,73 6,83 4,85,855 4,97,709,960,478,96,856,78,878,64,035 3,046,765, 3,079,85 3,495 4, ,80 3,6 4,48,870 3,54 55,834 3,5iO,565 3,40 3,55 5,384,743,7,9,89 3,609 3,63,6 3,484,988 3,34 3,97,634-48,454,8 3,769,69,838,859, ,89,906 4,67,440 3,368 8,844,639,638,67 Date of final maturity 98 May May June Aug. Oct.... Nov. Nov. 983 Feb. Apr.... May 5... June 5,78-83 Nov Feb. 5, Aug. 5, Aug. 5, 985 Feb. May May 986 May Aug. Nov. 987 TI3v. 988 May 990 Feb. May Description 8#-A Note 7#-E Note 8-/45&-H.Not 8-/8%-B Note l-l/#-e0 Note 7-7/8#-C Note 7-l/8#-F Note... 8%-k Note l-l/#-ea Note 7-7/85&-C Note 3-/4# Bond 7#-B Note. 7-/4$-A Note 6-3/8# Bond 7-l/4#-B Note s #-A /4# 5, /4# Note 7-7/8#-A Note 8#-B Note 6-/8# Bond., 99 Aug. 5, /4# Aug. 7-/4#.., 993 Feb. Feb. 5, Feb Aug. 5,88-93 Aug. 7-5/8%-k Note 8-l/4#-A Note 3-/# 8-/4#.., 4# 6-3/4# 7-7/8# 7-/# 994 May 5, /8% 995 Feb. 3% 998 May 5,93-98 % Nov. 3-/% May 5, /% 000 Feb. 5, /8% Aug. 5, /8%.. 00 Aug. 5,96-0 8% 005 May 5, Feb Nov /8%... 8-/4% 7-5/8% 7-7/8%.. Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Bond Issue Date 5/5/75 4/4/77 6/7/78 8/5/75 0//77 /7/75 0/7/77 /L7/76 4 A /7 8 4/5/78 5//53 A5/76 /5/77 8/5/7 8/5/77 /5/78 6/3/58 4/5/60 5/7/76 8/6/76 /5/7 /5 /77 5/5/78 /4/58 4/7/75 5/5/6 7/8/77 /7/63 VlO/73 /6/78 8/5/73 7//78 4/8/63 /5/55 5/7/76 0/3/60 5/5/74 /8/75 8/5/75 8/6/76 5/5/75 /5/77 /5/77 Amount of maturities Held by / - U.S. Govt, accounts and Federal Reserve banks lil4,447,63 8,594 57,9B,4 -,90 748, ,764 4,945 7,958,573,39,309 4,079 8,438,353,863 3,654. 4,03 748,04 5,993 5,9 9,55,6 5,950,387 4,48,768,43 4,05,855,504 4,359 69,957,649,44,77 4,66 7,433,575 4,46 4,49,495 5,744, ,556 3,839, ,609, ,0,038, ,894, ,300,8 88, ,50 4,94,38,768 5,99, ,04, ,048,67 85,77, ,864 A H other investors,300,585,537,777,54,57 9,89 5,83,484,0,4, 53 4, ,490 0 in I 8,, , 97 4,,8 7,,543 33,,056,,770, a j!, ,,75,77,46 3,, , ,766 4, ,43, ,0,64 / Treasury Notes 7-3/8% Series C-98 and 7-3/8% Series E-98 were two separate issues consolidated effective Sept., 976. Series E-98 notes were issued on April 5, 976 but are treated as if they were an additional issue of Series C-98. Less than $500,000. 4,86 760,069,690,90 3,880

42 34 Treasury Bulletin PUBLIC DEBT OPERATIONS. Table PDO-. - Offerings of Bills (Amounts In millions of dollars) Issue date Maturity date Number of days to maturity 3/ Description of new issue Amount of bids tendered Amount Amount of bids accepted On competitive basis / On noncompetitive basis / Amount maturing on issue date Qf new offering unmatured issues outstanding after new issues Regular weekly: (3-week and 6-week) l ^ - A p r May , June. 978-July Oct. July 3 Oct. July 0 Oct. 9 July 7 Oct. 6 Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Sept. Dec , , , , , ,06.0 3, , ,96.0 3, , , ,880. 3, , , , / ,407.0,34.4r ,43.r , ,Q86 Gr 30,087.9r 89,08«lr 30,088.9r 89,0805r 30, ,08,7 9,98.r 89,84dr p 89,80.4 9,855#r 89, Q. Or 9,645.7r 89,78.0r 9,549.8r 89,08.5 9, /380,9 5. Sept. 4 Dec ,948.5r ^ ~"5.3r. Sept. Dec / r 8 9 ^ 5. 5r 9. Sept. 8 Dec , , , , ,0. 5r 5-Week: July , 7.. Oct. Ii979-Jan. /978-Oct. \L979-Jan. /L978-0ct. 9 \j979-jan. 8 A978-0ct. 6 \L979-Jan , ?, , , , July 6... Aug. Sept Oct Nov. 978-Jan Feb. Mar. Apr. May. June 7... July July 5 Aug. Sept. 9 Oct. 7 Nov Jan. Feb. lifer. Apr. May June July , , , ,04.4, , , ,97.3 3,095. 5, , , , , , , Footnotes at end of table.

43 August PUBLIC DEBT OPERATIONS Table PDO-. - Offerings of Bilik Continued Issue date Average price per hundred On total bids accepted On competitive bids accepted High Low UViii A^UIV ftfo a Av»+ JuCU u cl ovoy^fi V cl age era rate / Price per hundred Equivalent rate / Price per hundred Equivalent rate 3/ Regular weekly: (Percent) (Percent) (Percent) (3-weekand 6-week) 978-Apr r \ I fi/ V / / 'IQ/ \ / / / \ / May 4... I M / \ / \ / V / / \ / / \ / / / ( / ( / ( / / \ ^0/ f / V f / f / f \ Week: 977-July Aug U Sept / Oct / Nov Dec / Jan Feb / Mar Apr / May / June July Footnote0 on following page

44 36.PUBLIC DEBT OPERATIONS Treasury Bulletin Footnotes to Table PDO-. Source: Monthly Statement of the Public Debt of the United States and Allotments. / The 3-week bills represent additional issues of bills with an original maturity of 6 weeks. / For bills issued on or after May, 974, includes amounts exchanged on a noncompetitive basis by Government accounts and Federal Reserve banks. 3/ For 3-weeks bill, 6-week tender for $500,000 or less from any one bidder are accepted in full at average prices of accepted competitive bids; for other issues, the corresponding amount is stipulated in each offering announcement. y Includes maturing short-dated bills issued Apr. 3, / Includes maturing short-dated bills issued June, 978. / Includes maturing short-dated bills issued Nov. 7, / Bank discount basis. / Except $600,000 at S/ Except $0,000 at / Except $,745,000 at / Except $00,000 at / Except $475,000 at / Except $5,000 at U / Except $500,000 at / Except $600^000 at W Except $50,000 at , $485,000 at , $,770,000 at and $85,000 at / Except $00,000 at / Except $80,000 at / Except $0,000 at 98.3, $455,000 at and $5,000 at / Except $,790,000 at / Except $,745,000 at / Except $600,000 at and $,685,000 at / Except $80,000 at U / Except $75,000 at / Except $350,000 at / Except $35,000 at / Except $5,000,000 at and $930,000 at / Except $,000,000 at / Except $0,000,000 at and $30,000 at / Except $65,000 at r Revised.

45 August 97 S PUBLIC DEBT OPERATIONS. 37 T able PD O New M oney Financing through Regular W eekly Treasury Bills^/ (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted (Percent) New money increase, or decrease (-) Apr. May. July 977-Apr. May 977-July Sept.., 8., 5.,., 9., 5., 3., 6.,. 9., 6., 3., 0., 7., , Apr. July Apr. 8 July 8 Apr. 5 July 5 Apr. July Apr. 9 July 9 May 6 Aug. 5 May 3 Aug. May 7 Aug. 6 July Oct. July 9 Oct. 8 Aug. 5 Nov. 4 Aug. Nov. Aug. 9 Nov. 8 Aug. 6 Nov. 6 Sept. Dec. Sept. 9 Dec. 9 Sept. 6 Dec. 6 Sept. 3 Dec. 3 Sept. 30 Dec. 30 Oct Jan ct Jan. 3 July 8 Oct. 7 Aug. 4 Nov. 3 Aug. Nov. 0 Aug. 8, Nov. 7 Aug. 5. Nov. 5 Sept. y Dec. Sept. 8 L Dec. 8 Sept. 5 L Dec. 5 Sept. L Dec. Sept. 9 L Dec. 9 ' Oct. 6 b.978-jan. 5 '977-Oct. 3 il978-jan. (l977-oct Jan. 9 (l977-dec. 5 Il978-Mar Dec. il978-mar. 3 Feb. 3 ^ May $4,957 5,94 5,084 6,539 5,783 5,457 4,588 5,488 4, ,505 6,558 4,709 6, 4,700 5, ,370 5,57 6,033 5,557 7,70 5,739 6,59 4,64 6,508 4,955 7,38 3,95 6,567 5,54 7,07 4,360 5,364 4,376 5,53 4,63 5, 4, ,34 6, ,375 6,054 4,449 6,065 4,636 6, ,056 5,487 4,06 6, ,06 3,75 4,987 4,94 6,347 3, ,379 5,8 4, 6,67 4,083 6,05 5,678 5, $, , , ,09 3, ,73, , , ,309 3, , , ,307, , ,0, , , , ,303r \ J 5.6 \ 5.5 J 4.87 \ > 4.78 ^ J 4,763 S 5.05 > 4.8 \ > ) \ 5.04 } ^ ) ) > > S 5.77 \ ^ K 5.95 > S > > > "S j 5.4 \ ) 5.90 \ ) J \ 5.05 J 4.83 \ 5.3 J $ \ J \ j \ J \ 5.34 / \ 5.66 J \ / ) 5.7 / J J ) J ) J } J 786 5,85 } J I J

46 38 Treasury Bulletin PITBT.Tf! DEBT OPERATIONS Table PDO-3. - New Money Financing through Regular Weekly Treasury Bills Continued (Dollar amounts in millions) Issue date Description of issue Maturity date Number of days to maturity Amount of bids tendered Amount of bids accepted Average rate of bids accepted / (Percent) New money increase, or decrease (-) 977-Dec Feb Mar /l978mar. 9 $4,535 $, } \ June 8 7,04 3, / f Mar ,438, \ \ June 8 8 7,4 3, J ( Mar ,05, \ June 5 8 5,98 3, J 00 Mar ,378, \ \ June 9 8 7,93 3, J 88 May \ Aug. [ May \ Aug. f June ,54 6,65,33 3, \ / 5 9 4,676, ) 4 8 6,340 3, J 9 4,697, I Aug ,54 3, J June 8 9 4,975, \ ( Sept ,900 3, J f June 9 9 4,4, \ ( Sept ,74 3, J 98 May 5... r Aug ,380, \ ( Nov ,900 3, J June... j Aug ,494, \ { Nov ,567 3, J Source: See Table PDO-. / Equivalent average rate on bank discount basis

47 August PUBLIC DEBT OPERATIONS. Table PD O-4. - O fferin gs o f Public M arketable Securities Other than Regular W eekly Treasury B ills (Dollar amounts in millions) Issue date Description of securities / Period to final maturity (years, months, days) / Amount of subj tendered scriptions Cash Exchange Amount issued jl/ For cash In exchange 4/ Date subscription books closed or tenders received Allotment ratio /7/76 /3/76 /4/76 /3/76 /4/76 /5/76 /5/76 /0/76 3/3/76 3/5/76 3/8/76 6/ 3/4/76 3/9/76 4/9/76 5/4/76 5/5/76 5/7/76 5/9/76 5/6/76 6/7/76 6/3/76 6/3/76 6//76 6/9/76' 7//76 7/0/76 8/3/76 8/4/76 8/6/76 8/8/76 8/9/76 8/3/76 6/ 9/5/76 9//76 9/8/76 0/3/76 0//76 /3/76 /4/76 /5/76 /9/76 /8/76 /30/76 /7/76 /8/76 /0/76 /8/76 /05/77 /9/77 /0/77 /0/77 /03/77 /04/77 /L7/77 /3/77 3//77 3//77 3/9/77 3/30/77 6/ 4A/77 4/9/77 4/7/77 5/3/77 5/4/77 5/8/77 5/4/77 5/5/77 6/03/77 6//77 6//77 6/8/77 7/9/77 7/0/77 8/0/77 8/03/77 8/04/77 8/7/77 /3/76 /6/76 / /7 6 /7/76 /0/76 /L7/76 /L7/76 3 /3 /7 6 3/9 /7 6 3 /7/76 3/3/76 4 / /7 6 4 /5 /7 6 4 /6 /7 6 5 /4 /7 6 5A 7/76 5/7/76 5/7/76 6 / /7 6 6 / /7 6 6/8 /7 6 6A 0/76 6/9/76 6/30/76 7 /9 /7 6 7/7/76 7/30/76 8/6/76 8/6/76 8/6/76 8/4/76 8/3/76 9/4/76 0//76 9//76 9/30/76 0//76 0/9/76 //76 /5/76 /5/76 /5/76 /5/76 /30/76 /7/76 /0/76 A 4/76 /3/76 /06/77 //77 /03/77 /5/77 /08/77 A 5/77 /5/77 /8/77 3 /8 /7 7 3 /8 /7 7 3/3/77 4 /4 /7 7 4/5/77 4 A /7 7 4/6 /7 7 5/ /7 7 5 /3 /7 7 5/6/77 5/6/77 5/3/77 6 /3 /7 7 5/3/77 6/07/77 6/30/77 6/8/77 7/08/77 8/0/77 7/6/77 8/5/77 8/5/77 8/5/77 8/3/ % 7-3/8% 6-3/8% 8% 5.57% 7% 8-/4$ 6-5/8% 6.00% 7-/% 6-3/4$ -/$ 7-3/8% 5.78% 5.645% 6-/% 7-7/8% 7-7/8% 7-/8% 6.309$ 5.50% 7-5/8% 6.08$ 6-7/8$ 7-5/8$ 5.739$ 6-7/8 $ 6-7/8$ 8$ 8$ 5.634$ 6-5/8$ 6-7/8 $ -/$ 5.56$ 6-/4 $ 7$ 5.6$ 5-7/8$ 6-/4 $ 7$ 7-7/8% 5.0$ 5-7A 4.448$ 4.708$ 5 -/4$ 6-/8$ 4.78$ 5-7/8$ 6-/$ 5.345$ 7-/4 $ 7-5/8$ 5-7/8$ 6-7/8$ 5.6$ 6$ 7$ 5.58$ -/$ 4.63$ 5-7/8$ 5.63$ 7 -/4 $ 7-5/8 $ 6-/8$ 6-3/4 $ 5.403$ 5.40$ 6-/8$ 5.408$ 7-/4 $ 6-/4 $ 5.647$ 6-3/4 $ 7-/4 $ 7-5/8$ 6.05$ Bill Note Note Note Bill Note Bond Note Bill Note Note Note Note Bill Bill Note Note Bond Note Bill Bill Note Bill Note Note Bill Note Note Note Bond Bill Note Note Note Bill Note Note Bill Note Note Note Bond Bill Note Note Bill Bill Note Note Bill Note Note Bill Note Bond Note Note Bill Note Note Bill Note Bill Note Bill Note Bond Note Note \Bill Bill Note Bill Bond Note Bill Note Note Bond Bill //77 5/5/8-D l/3/78-j /5/83-A / /8/77 /5/79-H 5/5/ Reopening ll/30/77-q 3/8/77 3/3/80-C 3/3/78-K 4//8-EA /5/8-E 4/5/77 5/3/77 4/30/78-L 5/5/86-A 5/ /5/ Reopening 5/3/78-M 5/3/77 6/7/76-Reopening 6/30/80-D 6/8/77 6/30/78-N 8/5/8-F 7/6/77 7/3/78-P 8/5/79-J 8/5/86-B V 8/5/ /3/77 8/3/78-Q 9/30/80-E lo/l/8-eo 9/0/77 9/30/78-R /5/8-G 0/8/77 0/3/78-S ll/5/79-k /5/83-B /5/ Reopening /5/77 /30/78-T I/3I/8O-F 4/l/77-Reopening /3/77 I/3I/78-U /5/8-D /0/78 /3/79-L /5/80-G /07/78 A5/84-A /5/00-07 /8/79-M 3/3/8-H 3/7/78 3/3/79-N 5/5/8-E 4/4/78 4//S-EA 4//77-Reopening 4/30/79-P 5//78 /l 5 /84-A-Reopening /5/ Reopening 5/3/79-Q 6/30/8-J 5/30/78 6/6/77-Reopening 6/30/79-R 6/7/78 8/5/9 7/3/79-S 7/5/78 8/5/80-H 8/5/84-B /5/00-07-Reopening 8//78 364d 4,90 _ 3,069 _ 5y 4m 3,38 -,00 - y 3,603 -,508-7y 9,,939 6,09, d 4,93 -,930-3y 4,48,600 3,09,600 95T 3m ly 9m 4,959 -,68-364d 5,666-3,05-4y 5,507 -,069 - y 4, , y 4y 0-l/m 5,80 -,68-364d 6,046-3,03-364d 5,668 _ 3,335 - y 4,7 300, loy 9, , y 9m, y 4,95 8, d 4,38 -,9-9d 6,007 -,00-4y lm 5,46 -,85-364d 4,856 _,6 _ y 4,96 69, y lm 5, 5a -, d 5,663 _,977 - y 4,89 -,855-3y 5, , loy 4,46,476 8,039,476 5y, d 4,934 -,953 - y 4,87 54, y 5,44 -,4-5y d ,97 - y 5,335 36, y 4,05 -, d 5,9 _ 3,095 - y 4,34 98,8 98 3y 5, , y 6,469 50, y 3m,545 -,00-365d 5,376-3,40 - y 4,090 36, y lm 5^6 -,69-3d 4,700 -, d 6,940-3,505 - y 6, ,4 5 5y lm 5,38 -, d 7,053-3,07 - y 5,874 -,855-3y 6,90,300 3,308, d 5, y 4,778 88, y, y 6,477 50, y lm 5,070 -, d 6,65-3,08 - y 4,789 53, y lm 3,97 -,63-364d 6,986-3,34-5y - - 5d 4,940-4,506 - y 3,39 0, d 6,96 -,966-6y 9m 6,60,63,909 9y 9m, ,003, y 4,3 90, y lm 4,777 -,54-364d 4, d 9,460 -,00 - y 4,900 64, $ 5,478 -,53-5y lm 3,699 -,504 - y 4, , d 5,90-3,038-3y 7, M 9 S 45 7y 5^04 300, y 6m,43 99, d 6,44 3,005 / / 0/ / / / 34/ 5/ 6/ Z / lg/ / 0/ / / / 4/ 5/ 6/ / / / 3/ i/./ 4/ / / / 4/ 4/ 43/ 45/ 46/ 4/ 4/ 4 0/ 3/ / i / # 5U

48 40.PUBLIC DEBT OPERATIONS. Tabid PDO-4. - Offerings of Public Marketable Securities Other than Regular Weekly Treasury Bills Continued Treasury Bulletin Date subscription books closed or tenders received Issue date Description of securities / (Dollar amounts in millions) Period to final maturity (year, months, days) / Amount of subscriptions tendered Cash Exchange Amount issued / For cash In exchange U Allotnent ratio 8/3/77 8/30/77 9 /0/77 9/9/78 9//77 & 0/5/77 0//77 0/8/77 0/8/77 //77 //77 /4/77 /9/77 //77 /9/77 /30/77 / / //77 /7/77 /04 /7 8 /8/78 /3/78 /0/78 /0/78 /0/78 /6/78 //78 3 A /7 8 3 /3 /7 8 3//78 / 3 /8/78 3/9/78 3/30/78 4/9/78 4/6/78 5/ /7 8 5 /3 /7 8 5/3/78 5/4/78 5/3/78 6 / /7 8 6/0/78 6//78 6 /8/78 7/0/78 7/9/78 8 / /7 8 8 / /7 8 8 /3 /7 8 8/3/77 9/07/77 9/06/77 9 /9/78 9/30/77 0//77 0/7/77 0/8/77 0/3/77 /5/77 A 5/77 /5/77 /7/77 /5/77 /30/77 //77 /7/77 A 3/77 /3 /7 8 /6 /7 8 lao/78 /3/78 /5/78 /07/78 /5/78 /5/78 /8/8 3/6/8 3 /7 /7 8 3 /8 /7 8 3/3/78 4 / /7 8 4 /5 /7 8 4 /4 /7 8 4 /3 /7 8 5//8 5 / /7 8 5/5/78 5/5/8 5/3/78 5/30/78-6 /7 /7 8 6//78 6/30/78 6/7/78 7//78 7 /3/78 7/5/78 8/5/78 8/5/78 8/5/78 6-5/8% Note - 8/3/79-T 6-3/4# Note - 9/30/8-K 5.760# Bill - 9/5/77-Reopening 5.760# Bill - 9//77-Reopening 6.56# Bill - 9/9/78 6-5/8# Note - 9/30/79^U -/# Note - 0/l/8-E0 7-/8# Note - /5/8-F 6.69# Bill - 0/7/78 7-/4# Note - 0/3/79-V 7-/8# Note - /5/80-J 7-5/8# Note - ll/5/87-a 7-7/8# Bond - /5/ # Bill - /5/77-Reopening 6.54# Bill - /4/78 7-l/8# Note - ll/30/79-w 6.73# Bill - 4/0/78-Reopening 7-/4# Note - /3/8-L 6.545# Bill - //78 7-l/8# Note - /3/79-X 7-7/8# Bond - /5/ # Bill - /09/79 7-/# Note - l/3/80-k 7-/# Note - 5/5/8-M 6.84# Bill - /6/79 8# Note - /5/85-A 8-/4# Bond - 5/5/ /8# Note - /9/80-L 7-7/8# Note - 3/3/8-G 6.859# 6.346# Bill Bill - _ 3/6/79 4/0/78-Reopening 7-l/# Note. 3/3/80- C-Reopening -/# Note - 4//83-EA 7-7/8# Note - 5/5/83-C 6.877# Bill - 4/3/ # Bill - 4/7/78-Reopening 7-3/4# Note - 4/30/80-N 7.07# Bill - 5//79 8-/4# Note - 5/5/88-A 8-3/8# Bond - 8/5/95-00-Reopening 8# Note - 5/3/80-P 7.47# Bill - 5/9/79 8-/4# Note - 6/30/8-H 7.0# Bill - 6//78-Reopening 8-/4# No oe - 6/30/80-Q 7.678# Bill - 6/6/79 8-5/8# Bond - 8/5/93 8-/# Note - 7/3/80-R 7.80# Bill - 7/4/79 8-3/8# Note - 8/5/8-N 8-/4# Note - 8/5/85-B 8-3/8# Bond - 8/5/ y 7, y lm 5,48-9d 4,36 _ l6d 5,78- _ 364d 5,7 - y 6,6 90 5y 5y lm 6,6-364d 3,977 y 6, y 9,40p 65 0y 4,55p y,9p 40 8d 6,46-364d 5,693p - y 8,75p 39d 7,406p - 4y lm 5,407p - 364d 5,86p - y 4,3p 38 5y lm,966p - 364d 5,43p _ y 6,65p 7 3y 3m 5,058p,000 5,57p - 7y 4,856p,00 7y 3m 3,377p 77 y 5,0p 53 4y lm 5,8l7p - 364d 5,587p 43d 7,84p : y 6,3p 3 5y - 5y lm 5,586p - 364d 6,053p - 4d 0,867p - y 5,7p d 4,638p - lqy 5,07p,600 y 3m 3,00p 895 y 5,79p d 5,767p 4y lm 5,06p - y 0d,85 _ 4,856p d 4,40p - 5y lm 4,3p - y 4,98lp d 4,9p - 3y 5,384p,00 7y 30y 4,078p,588p, ,359, ,036 3,77 i - j s 4,6 3,98p,003p l,54p,505 3,587p 4,67p 3,004p 3,436p 3,838p 3,560p l,500p 3,56p 3,57p,504p 3,49p 3,000p l,50p 3,74p,835p» 3,690p,555p 3,343p 6,006p,730p,967p,50p l,500p,898p,478p,57p 6,005 3,567p,750p l,757p 3,738p 3,340p,83p 3,330p l,$0p 3 59/ / - 6 / 8 65 / y 40 6 / - 6/ / - 6 / 7 0 /,000 m J,00 / 77 / 53 k/ 5 / 3 6 / - / 48 8 /,600 / / 77 & / - 8/ / - 84/ /, /, / / 'w lowing page.

49 August 978 PUBLIC DEBT OPERATIONS, Footnotes to Table PDO-4. 4 Source: Bureau of the Public Debt. Note: All securities except EA & EO notes and those beaming footnote 5 were sold at auction through competitive and noncompetitive bidding. / For bill issues, always sold at auction, the rate shown is the equivalent average rate (bank discount basis) of accepted bids. Other securities issued at par except those bearing footnote 5 and those sold at auction. For details of bill offerings see Table PDO-. From date of additional issue in case of a reopening. In reopenings the amount issued is in addition to the amount of original offerings. For securities exchanged for the new issues see Table FDO-7. Sold at fixed price by subscription. Exchange offering available to owners of nonmarketable -3/4# Treasury bonds, investment Series B , dated April, 95. For further information on the original offering see Treasury Bulletin for April 95, page A-l. Yields accepted ranged from 7.35# (price 00.08) up to 7.4# (price ) with the average at 7.40# (price 99.89). Yields accepted ranged from 6.4# (price ) up to 6.5# (price 99.75) with,the average at 6.49% (price ). All accepted subscriptions were awarded at the price of (yield 8.00#). Yields accepted ranged from 7.00# (price ) up to 7.09# (price 99.76) with the average at 7,05# (price ). Prices accepted ranged from 0.4 (yield 8.05#) down to 0.4 (yield 8.#) with the average at 0.75 (yield 8.09#). Yields accepted ranged from 6.57# (price ) up to 6.64# (price 99.95) with the average at 6.6# (price ). Yields accepted ranged from 7.50# (price ) up to 7.55# (price 99.88) with the average at 7.54# (price ). Yields accepted ranged from 6.7# (price ) up to 6.80# (price ) with the average at 6.76# (price 99.98). Yields accepted ranged from 7.35# (price 00.0) up to 7.39# (price ) with the average at 7.38# (price ). Yields accepted ranged from 6.59# (price ) up to 6.63# (price ) with the average at 6.6# (price 99.80). All accepted subscriptions were awarded at the price of (yield 7.875#). Prices accepted ranged from (yield 8.#) to (yield 8.#) with the average at (yield 8.9#). Yields accepted ranged from 7.08# (price 00.08) up to 7.9# (price 99.88) with the average at 7.6# (price ). Yields accepted ranged from 7.68# (price ) up to 7.73# (price 99.65) with the average at 7.7# (price ). Yields accepted ranged from 6.96# (price ) up to 7.0# (price 99.75) with the average at 6.99# (price ). Yields accepted ranged from 7.60# (price ) up to 7.64# (price ) with the average at 7.63# (price 99.95). Yields accepted ranged from 6.90# (price ) up to 6.96# (price ) with the average at 6.95# (price 99.86). Yields accepted ranged from 6.88# (price ) up to 6.9# (price ) with the average at 6.9# (price ). All accepted subscriptions were awarded at the price of (yield 8.00#). Yields accepted ranged from 7.98# (price 00.5) up to 8.03# (price ) with the average at 8.0# (price ). Yields accepted ranged from 6.59# (price ) up to 6.69# (price ) with the average at 6.67# (price 99.97). Yields accepted ranged from 6.90# (price ) up to 6.94# (price ) with the average at 6.93# (price ). Yields accepted ranged from 6.7# (price ) up to 6.3# (price ) with the average at 6.30# (99.907). Yields accepted ranged from 7.0# (price ) up to 7.0# (price ) with the average at 7.08# (price 99.64). Yields accepted ranged from 5.88# (price 99.99) up to 5.99# (price ) with the average at 5.96# (price 99.84). Yields accepted ranged from 6.3# (price 99.8) up to 6.37# (price ) with the average at 6.36# (price ). Yields accepted ranged from 7.00# (price ) up to 7.0# (price 99.89) with the average also at 7.0#. Prices accepted ranged from 0.05 (yield 7.77#) down to (yield 7.8#) with the average at (yield 7.80#). Yields accepted ranged from 5.76# (price 99.98) up to 5.94# (price ) with the average at 5.86# (price ). Yields accepted ranged from 5.87# (price ) up to 5.9# (price 99.89) with the average at 5.9# (price ). Yields accepted ranged from 5.9# (price 99.95) up to 5.38# (price ) with the average at 5.37# (price ). Yields accepted ranged from 6.5# (price 99.87) up to 6.0# (price ) with the average at 6.9# (price ). Yields accepted ranged from 5.94# (price ) up to 5.99# (price Q9.787) wkb the average at 5.97# (price 99.84). Yields accepted ranged from 6.65# (price Q Q.P W ) np 6.6 \% 'price vri+b +he av^ra^e h 6.6?^ ''r>ri»e 99.67A). Yields accepted ranged from 7.# (pri^e 00.7) up to 7.7# (price qq?q9\ <nt,h the average u /.djjl ). YieMs accepted ranged from 7. >8# (price ) up to 7.63# (price 99.94) with the average also at 7.63#. Yields accepted ranged from 5.95# (price 99.86) up to 5.99# (price ) with the average at 5.98# (price 805). LL/ Yields accepted ranged from 6.85# (price ) up to 6.90^ (.price ) with the average at 6.88# (price ). 45/ Yields accepted ranged from 5.99# (price 00.09) up to 6.03# (price ) with the average at 6.0# (price ). L6/ Yields accepted ranged from 6.98# (price ) up to 7.03# (price ) with the average at 7.0# (price ). 4/ Yields accepted ranged from 5.84# (price ) up to 5.89# (price 99.97) with the average at 5.87# (price ). 4/ Prices accepted ranged from (yield 7.4#) down to (yield 7.9#) with the average to 99.8 (yield 7.8#). 49/ Prices accepted ranged from (yield 7.75#) down to 98.3 (yield 7.78#) with the average at 98.5 (yield 7.77#). 50/ Yields accepted ranged from 6.0# (price 99.86) up to 6.5# (price ) with the average at 6.3# (price ). 5/ Yields accepted ranged from 6.75# (price ) up to 6.8# (price ) with the average at 6.80# (price ). 5/ Yields accepted ranged from 6.# (price 00.08) up to 6.4# (price 99.97) with the average at 6.4# (price 99.97). 53/ Yields accepted ranged from 7.7# (price 99.79) up to 7.30# (price 99.50) with the average at 7.9# (price 99.6). 54/ Yields accepted ranged from 6.5# (price ) up to 6.35# (price 99.85) with the average at 6.34# (price ). 5/ Yields accepted ranged from 6.78# (price 99.90) up to 6.85# (price ) with the average at 6S84# (pri6e ). 56/ Yields accepted ranged from 7.4# (price ) up to 7.7# (price 99.89) with the average at 7.6# (price ). 57/ Prices accepted ranged from 99.0 (yield 7.70#) down to (yield 7.73#) with the average at (yield 7.7#). 58/ Yields accepted ranged from 6.65# (price ) up to 6.68# (price ) with the average also at 6.68#. 59/ Yields accepted ranged from 6.80# (price 99.8) up to 6.85# (price ) with the average at 6.84# (price 99.67). 60/ Yields accepted ranged from 6.7# (price ) up to 6.75# (price ) with the average at 6.74# (price ). 6/ Yields accepted ranged from 7.5# (price ) up to 7.0# (price ) with the average at 7.8# (price ). 6/ Yields accepted ranged from 7.0# (price 00.09) up to 7.9# (price 99.97) with the average at 7.7# (price ). 63/ Yields accepted ranged from 7.# (price ) up to 7.5# (price ) with the average at 7.4# (price ). 64/ Yields accepted ranged from 7.66# (price ) up to 7.7# (price 99.45) with the average at 7.69# (price 99.55). 65/ Yields accepted ranged from 7.9# (price ) up to 7.95# (price 99.48) with the average at 7.94# (price 99.6). 66/ Yields accepted ranged from 7.# (price ) up to 7.4# (price 99.97) with the average at 7.3# (price 99.99). 67/ Yields accepted ranged from 7.9# (price ) up to 7.3# (price 99.74) with the average at 7.3# (price ). 68/ Yields accepted ranged from 7.6# (price ) up to 7.3# (price ) with the average at 7.0# (price ). 69/ Yields accepted ranged from 7. % # (price ) up to 7.96# (price 99.8) with the average at 7.95# (price 99.35). 70/ Yields accepted ranged from 7.5# (price ) up to 7.56# (price 99.89) with the average at 7.55# (price ). 7/ Yields accepted ranged from 7.50# (price ) up to 7.55# (price ) with the average at 7.53# (price ). 7/ Prices accepted ranged from (yield 7.85#) down to (yield 7.89#) with the average at (yield 7.88#). 73/ Prices accepted ranged from (yield 8.8#) down to 00.0 (yield 8.5#) with the average at 00.3 (yield 8.3# 74/ Yields accepted ranged from 7.67# (price 99.88) up to 7.7# (price ) with the average at 7.70# (price ). 5/ Yields accepted ranged from 7.87# (price ) up to 7.90# (price ) with the average at 7.89# (price 99.98). 76/ Yields accepted ranged from 7.50# (price ) up to 7.57# (price 99.87) with the average at 7.56# (price 99.89). / Yields accepted ranged from 7.93# (price ) up to 7.95# (price ) with the averape at 7.94# (price ). / Yields accepted ranged from 7.75# (price ) up to7.8# (price ) w l Oxi the average at 7.80# (price ). / Yields accepted ranged from 8.6# (price ) up to 8.30# (price 9.665) with the average at 8.9# (price 99.73). 80/ Yields accepted ranged from 99.3 (yield 8.45#) down to 98.9 (yield 8.48#) with the average at 99.0 (yield 8.47#). / Yields accepted ranged from 8.00# (price ) up to 8.0# (price 99.89) with the average at 8.09# (price ). / Yields accepted ranged from 8.4# (price ) up to 8.8# (price )with the average at 8.7# (pnee 99.9). 83/ Yields accepted ranged from 8.5# (price ) up to 8.33# (price ) with the average at 8.3# (price ). 8U/ Yields accepted ranged from 8.6# (price ) up to 8.63# (price 99.94) with the average also at 8.63#. 85/ Yields accepted ranged from 8.5# (price ) up to 8.6# (price ) with the average at 8.6# (price 99.80). 86/ Yields accepted ranged from 8.44# (price 99.83) up to 8.47# (price co.75 ' >,ith the average at 8.46# (price ). 87/ Yields accepted ranged from 8.8# (price ) up to 8.4I# (price 99.66) with the average at 8.36# (price 99.46). 88/ Yields accepted ranged from 8.37# (price ) up to 8.46# (price ) with the average at 8.43# (price 99.40). Less than $500,000. p Preliminary.

50 4 PUBLIC DEBT OPERATIONS Treasury Bulletin Table PDO-5. - XJnmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Description of securities Date of finaneing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged 3,78 /4 Note 7-5/8% Note 6-5/8#- Note 6-/4# Note 5-7/8% Note 8/5/78-C 8/5/78-E 8/3/78-Q 9/30/78-R 0/3/78-G 5/5/74 5/5/75 8/3/76 9/30/76 //76 I $343 40,880,46,300,855 5,55 54,895,949 36,8 3,95 I 98 \,8,9 $ # 7-/4# Note _ /4# Bond _ 8.73 / # Note 7.70 / /8% Note 6.67 / I/4# Note 6.30 / 5.96 ^ / # Note 5.96 / 5/5/74-D 5/5/74 5/5/75-B 8/3I/76-L 9/30/76-J 0/3/76-0 /5/78-B /5/7 63?" 3,09, ,067 8, /8# Note /4# Note _ /4# Note _ /4# Note _ # Note _ /8# Bond _ # Bond - /5/7-B /5/7-G 5/5/7-B 5/5/7-D 8/5/7-E /5/7 8/5/7 5-3/4# Note 8-/8# Note 5-/4# Note /8# Note 7# Note 5-7/8# Note 6% Note 5-7/8# Note 7-7/8# Note 6-/8# Note /30/78-T /3/78-H /3/78-U /3/79-L /5/79-H /8/79-M 3/3/79-N 4/30/79-F 5/5/79-D 5/3/79^-Q /30/76 0//75 /3/76 /3/77 /L7/76 /8/77 3/3/77 5//77 /6/74 /7/75 5/3/77 I 36,805,94JT,57 5 3,4 3,376, ,3 3,09 4,69 50,695,845 53,995 3,59 0,88,99,06,53 90, /8# Note 5.86 / /4# Note _ 5.37 / 5.97 / I/4# Note _ /8# Note _ 7.05 / % Note 5.98 / / Note 6.0 / /8# Note 5.87 / 7.89 / 7.5 / /4# Note _ 6.3 / /30/76-N /3/76-K /5/76-A /5/76-F /8/77-F 3/3/77-G 4/30/77-H 5/3/77-7-3/4# Note 6-/8% Note 6/30/79-E 6/30/79-R 7/9/75 6/30/77,78 64, / Note - 6/30/77-J 6-/4# Note 6-7/8# Note 6-5/8# Note 7/3/79-S 8/5/79-J 8/3/79-T 8//77 8/6/76 8/3/ ,5 "i:i80 706,89, ,359 3, ^.34 7-/# Note 6.34 / / Note _ 6.9 / I/4# Note 6.68 / 7/3/77-K 8/5/76-C 8/3/77-L Footnotes at end of table.

51 August 978.PUBLIC DEBT OPERATIONS. 43 Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations-Continued 979 Description of securities 8-/$ Note 6-5/8$ Note 7-/4$ Note 6-5/8$ 7$ 6-/4$ 7-/8$ 7-/$ 7-/8$ /$ 6-/$ 4$ 7-5/8$ 7-/$ 7-3/4$ 6-7/8$ 7-5/8$ 8-/4$ Note Note Note Note Note Note Note Note Note 9/30/79-F 9/30/79-U 0/3/79-V /5/79-B /5/79-C /5/79-K /30/79-W /3/79-G /3/79-X l/3/80-k /5/80-G /5/80 / /9/80-L 3/3/80-0 4/30/80-N 5/5/80-A 5/3/80-P 6/30/80-D 6/30/80-Q Date of financing Amount issued (In millions) Average price per hundred Effective interest rate 9/4/75 $,08 $99, $ 9/30/77 / \ 3, ,86 0/3/77 / ^ 4, ,334 / /5/73 \, ,604, /5/73 / \, , a /5/76 / V 3, ,376 /30/77 / P \ 4,67%) ,79p /6/76, /3/78 f 38p V 3>59p ' 3, «0 p /3/78 / 7p V 3,603p ,875p /5/77 /, V 3, ,608 /3/59 r \ /5/6 / I / 53p /8/78 \ 3,763p ,86p f 3/7/ /3/78 3,^9p P //78 48p ,746p ^,74P 5/5/73 ^, /, ^, ,65 5/3/78 77p ,898p ,074p 6/0/76, /30/78 f V 794 3,605p ,399p Eligible securities exchanged / 8-3/8$ Note / 7-/$ Note / 4-7/8$ Note / 4-/$ Bond / 6-/4$ Note / 6-5/8$ Note J / 7-/4$ Note / 6-3/8$ Note / 8$ / / Series F&G savings / 8$ / / 6-3/4$ Note / 6-/$ Note / 7-3/4$ Note 4-3/4$ / Note 7-/8$ Note / / 6-7/8$ Note / 9/30/77-M 0/3/77-N /5/73-D /5/73 /5/76-D ll/30/77-q /3/77-p /3/78-J /5/77-A /8/78-G 3/3/78-K 4/30/78-L 5/5/73-A 5/5/73-E 5/3/78-M 6/30/78-N 8-/% Note - 7/3/80-R 9$ Note - 8/5/80-B 6-3/4$ Note 8/5/80-H 6-7/8$ Note - 9/30/80-E 7-/8$ Note - ll/l5/80-j 5-7/8 Note - /3/80-F 98 7$ Note - /5/8-A Footnotes at end of table. f 859p /3/78 I,43p ,96p C/l^/7 4 /, I,S ,96 8/5/77 f t 3, ,33 9/4/76, /5/77 t 65p \ 3,975p ,600p /7/76, r /5/74 / \ ' ,84 6-7/8% Note / 5-5/8% Note / 7-3/4$ Note / / 7-3/4$ Note / 7-3/4$ Note 4-/8$ Bond 7/3/78-P 8/5/74-B 8/5/77-B /5/77-E /5/74-C /5/74

52 44 Treasury Bulletin, PUBLIC DEBT OPERATIONS. PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations-Continued 98 Description cxf securities Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged 7-3/8# Note 6-3/4# Note 7-3/4# Note 7# 7-/4# /8# 6-/8# /8# 8# Note Note Bond Note 7-7/8# Note 8# Note 7# Note 8-/4# Note Note 7-7/8# Note 7-/8% Note /8 Note 984 7# Note 7-/4# Note 6-3/8# Bond 7-/4# Note Note 3-/4# Bond /5/8-C d 6-7/8 Note 3/3/8-H 7-3/8 Note - 5/5/8-D 7-/# Note - 5/5/8-M 6-3/4# Note - 6/30/8-J 7-5/8# Note - 8/5/8-F 7# Bond _ 8/5/8 9/30/8-K 3/5/8-B /5/8-G /3/8-L /5/8 / /5/8-D 3/3/8-G 5/5/8-A 5/L5/8-E 6/30/8-H 8/5/8-B /5/8-C /5/8-F 5/5/83-C /5/83-B /5/84-A 8/5/84 8/5/84-B /5/85-A 5/5/85 /8/75 4/5/76 3/8/77 /6/76 /5/78 6/3/77 7/9/76 8/5/7 ( 9/7/77 /5/74 3A9/75 0//76 /7/77 5/5/7 /6/77 3/6/78 5/5/75 4/4/77 6/7/78 8/5/75 /7/5 0/7/77 4/5/78 /5/76 /5/77 5/6/77 8/5/7 8/5/77 /5/78 6/3/58 $400 $99, # 5-3/4# Note /5/7 5-A, /,68, /, /, J l,000p I/4# Note - /5/78-A,890p / 3,890p,, /, / /4# Note _ 8/5/7-F # Bond - 8/5/ / 807,, / /4#, / Note - A5/74-A,75, /, / 3,45p / /, /,850p /, # Note _ 5/5/75-B,54 k /,747, /,59p / /8# Note _ 8/5/75-C, # Note /5/75-D, /,90, /,569p /? /4# Note _ /5/76-D, /, # Note /5/77-A, /,905, # Note _, / 5/5/77-D 5, # Note _ 8/5/7-E # Bond _ 8/5/ / Bond _ 9/5/ Note /5/7-F I / Bond _ /5/ /4# Note - /5/7VA /8 Bond _ n/l5/ /4 Note _ /5/75-A /8 Note _ /5/75-E /, /4# ' Note _ 8/5/77-B, /,863, l,0qp /4# Note /5/78-A,994P / 4,94P, / Footnotes at end of table.

53 August PUBLIC DEBT OPERATIONS. Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued T M Description of securities 6-/8$ Bond - /5/ /4$ Bond - 8/5/ /8$ Note - ll/5/87-a 988 IS Bond /5/ /4$ Note 5/5/88-A Date of financing /5/7 /5/77 /7/63 5/5/78 Amount issued' (In millions) J6L. 373P,04P,387p p l,54p, 544p Average price per hundred Effective interest rate Eligible securities exchanged $ $ 5-3/8$ Note /4$ Note /4$ Note /4$ Note $ Note /8$ Bond $ Bond l / $ Note /4$ Note / /4$ Note / / /8$ Note _ /8$ Note / /5/7-B /5/7-G 5/5/7-B 5/5/7-D 8/5/7-E /5/7 8/5/7 8/5/6-B 8/5/6-G ll/5/77-e 5/5/78-D 5/5/78-F 7-/$ Bond - 8/5/ /8$ Bond 5/5/ /4$ Bond - 5/5/ /4$ Bond - 8/5/9 993, 6-3/4$ Bond - /5/93 7-7/8$ Bond /5/93 7$ Bond - 5/5/ /5/73 /5/73 /5/74 4/8/63 4/7/75 7/8/77 /0/73 /6/78 5/7/76 t ( "55 300,47 l,504p 67 l,50p /8$ Note _ $ Bond / /8$ Bond _ / /4$ Note /8$ Bond / / / / / / /4$ Note _ / 8/5/73-B 8/5/73 /5/73 /5/74-C /5/74 5/5/73-A 8-5/8$ Bond - 8/5/93 7//78 l,765p / 99A /$ Bond 5A5/ /8$ Bond /5/ /5/74 8/5/74 /5/74 /8/75 5/7/76 C /4$ Bond _ / /8$ Note / /4$ Note /8$ Bond / /4$ Note / /$ Note _ / 5/5/74 8/5/74-B /5/74-A /5/74 /5/75-A 5/5/76-B 8-3/8% 996 Bond 8/5/ /5/96-0 /5/76 8/5/75 /7/75 5/5/78 8/6/76, ,4 50,00 895p l,50p,396p C , / a:,44 S-7/8$ Note / $ Note / /8$ Note i f /$ Note _ /$ Note / 8A5/75-C /5/75-D 5/5/78-D 8/5/76-C 8/5/76-G Footnotes at end of table.

54 46 Treasury Bulletin Description of securities PUBLIC DEBT OPERATIONS Table PDO-5. - Unmatured Marketable Securities Issued at a Premium or Discount Other than Advance Refunding Operations Continued Date of financing Amount issued (In millions) Average price per hundred Effective interest rate Eligible securities exchanged 000 5/5/75, $0 $99, # 5-7/8% Note - 5/5/75-F J # Note - 5/5/75-B \ /,604 8-/4% Bond 5/5/00-05 / /7/76 / /4# Note _ /5/76-A \ / 67 f 450p /4# Note _ /5/78-A /5/78 L l,575p / 00 >,G4p f # Note - /L5/77-A /5/77 \ /,43 7-5/8% Bond /5/0-07 I / /8# Note _ 5/5/77-0 > 5/6/77 < % Note - 5/5/77-D ^, /,903 / 99 / /4% Note _ 8/5/77-B 8/5/77 \, /,0 7-7/8% Bond /5/0-07 /5/77 / 40p /4% Note _ /5/77-E \ l,55p / l,495p / Additional issue. / Issued for cash. / Treasury Notes, 7-3/8% Series C-98 and 7-3/8% Series E-98 consolidated effective Sept., 976. Less than $500,000. p Preliminary.

55 August 978 PUBLIC DEBT OPERATIONS. 4 7 Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Part A. Other than Bills J/ (In millions of dollars) Issues Allotments by investor classes Amount issued U.S. Gov State and local Private In ernment governments 6/ Date of accounts Commer Indi Insur Mutual Corporations pension Dealers All financing Description of securities exchange For for and cial viduals compaings tire and re brokers ance sav and re Pension and other cash Federal banks 5/ Other / Reserve securities banks / / U nies banks ment tirement funds funds funds /6/76 7-/# Note - /3/79-G, , /6/76 7-3/8# Note - 5/5/8-D,00 - -, //76 6-3/8# Note - /3/78-J,5-89, /7/76 j 7# Note - /5/79-H 3,09,600,600, < 8# Note - /5/83-A 6,09,939,939,76, /4# Bond - 5/5/ / 40 5 ' /3/76 6-5/8# Note - /30/77-Q,68 - -, /7/76 7-/# Note - 3/3/80-C, , /3/76 6-3/4# Note - 3/3/78-K 3, , /5/76 7-3/8# Note - /5/8-C,68 - -, /7/76 f 6-/# Note - 4/30/78-L, , / 7-7/8# Note - 5/5/86-A 4, ,894 l,ia P7-7/8# Bond - /5/ / //76 7-/8# Note - 5/3/78-m, , /0/76 7-5/8# Note - 6/30/80-D,85 - -, /30/76 6-7/8# Note - 6/30/78-N, , /9/76 7-5/8# Note - 8/5/8-F, , , /30/76 6-7/8# Note - 7/3/78-P, , C6-7/8% Note - 8/5/79-J, , /6/76 C 8# Note - 8/5/86-B 8,039,476,476,356 3, IjS# Bond - 8/5/ /3/76 6-5/8# Note - 8/3/78-Q, , /4/76 6-7/8# Note - 9/30/80-E, /30/76 6-/4# Note - 9/30/78-R, , //76 7# Note - /5/8-G, , //76 5-7/8# Note - 0/3/78-S, , J6-/4# Note - /5/79-K 3, , ,05 93 /5/76 \ 7# Note - /5/83-B, ^7-7/8# Bond - /5/ /, /30/76 5-3/4# Note - /30/78-T, , _ /7/76 5-7/8# Note - /3/80-F,69 - -, /3/76 5-/4# Note /3/78-U 3,4 5 5, , /6/77 6-/8# Note - A5/8-D, , /3/77 5-7/8# Note - /3/79-L,855, f6-/# Note - /5/80-G 3,308,300,300, /5/77 ( 7-/4# Note - /5/84-A, /8# Bond - /5/ /8/77 5-7/8# Note - /8/79-M, , /8/77 6-7/8# Note - 3/3/8-H, , /3/77 6# Note - 3/3/79-N, ,4V ,008 4/4/77 7# Note - 5/5/8-E,63 - -, //77 5-7/8# Note - 4/30/79-P, /6/77 f7-/4# Note - A 5/84-A 8/,90,63,63, , /8# Bofid - A5/0-07 /, /3/77 6-/8# Note - 5/3/79-Q, /3/77 6-3/4# Note - 6/30/8-J, /30/77 6-/8# Note - 6/30/79-R, /8/77 7-/4# Bond - 8/L5/9, A/77 6-/4# Note - 7/3/79-S 3, , fl-3/4# Note - 8/I5/8O-H 3, , , /5/77 ( 7-/4# Note - 8A5/84-B, V7-5/8# Bond - A5/0-07 8/, /3/77-3/8# Note - 8/3/79-T 3, , /7/77 6-3/4# Note - 9/30/8-K, , /8# Note 9'30/79-U 3, , «7-/8# Note - /5/8-F,737, /3/77 0/3/79-v 4,6 8 8, ,00 /5/80-J 3, , /5/77 / 7-5/8# Note - /5/87-A, S V7-7/8# Bonds - /5/0-07, Tl/iO/77 7-/8# Note - /30 /70-W 4,679,80 84?39 6 3?o,076,89 /7/77 I '/-laf/o Note - 3/3/b'-L 3,45 - -, ,0 /3/78 7-/8# Note - /3/79-G 3, , /6/78 7-7/8# Bond - /5/93, r 3r - 69r r /3/78 7-/# Note - /3/80-K 3, , (7-/# Note - 5/5/8-M,894,000,000, /5/78 / 8# Note - /5/85-A 3,003,00,00, \ 8-/4# Bond - 5/5/ /, /8/78 y -5/8# Note - /9/80-L 3, , ,08

56 48 Treasury Bulletin Date of financing.public DEBT OPERATIONS. Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Issues Description of securities Amount issued For cash Part A. Other than Bills A/ Continued In exchange for other securities U.S. Government accounts and Federal Reserve banks J (In millions of dollars) Commercial banks / Individuals A / Insurance companies Allotments by investor.classes Mutual savings banks Corporations i/ Private pension and retires ment funds State and local governments 6/ Pension and retire ment funds Dealers and brokers 3/6/78 7-7/8# Note _ 3/3/8-G,853 _ -, /3/78 7-/# Note - 3/3/80-C 3, l,896r l,003r 4/5/78 7-7/8# Note - 5/5/83-C, , r r 5//78 ^7-3/4# Note - 4/30/80-N, , /5/78 / 8-/4# Note - 5/5/88-A,548,600,600 86r 77r 5r 3r r,00 87r V 8-3/8 Bond - 8/5/ f, r r r Other funds Allother / Source: Based on subscription and allotment reports. For detail of 6/ offerings see Table PDO-4. / Excludes -/# Treasury notes issued in exchange to holders of non- / marketable -3/4# Treasury bonds. Investment Series B / Includes trust funds and accounts that comprise Government accounts under the unified budget concept. / Inclueds trust companies and stock saving banks. 8/ U Inclueds partnerships and personal trust accounts. 5/ Exclusive of banks and insurance companies. r Consists of trust, sinking, and investment funds of State and local government and their agencies. Includes savings and loan associations, nonprofit institutions, and investments of foreign balances and international accounts in this country. Also included are certain Government deposit accounts and Government-sponsored agencies. Reopeing of earlier issue. Less than $500, 000. Revised.

57 August , PUBLIC DEBT OPERATIONS. Table PDO-6. - Allotments by Investor Classes on Subscriptions for Public Marketable Securities Part B. - Bills Other than Regular Weekly Series Continued (In millions of dollars) Date of financing Date of maturity Average rate (Percent) One-year series amount issued 9-month series / Tax anticipation series 5-week series U.S. Government accounts and Federal Reserve banks j Allotments by investor classes Commercial banks Corporations / Dealers and brokers All other 4/ / 3/76 /0/76 3/9/76 4/6/76 5/4/76 6//76 6/9/76 7/7/76 8/4/76 9//76 0/9/76 /5/76 /4/76 //77 /8/77 3/8/77 4/5/77 5/3/77 5/3/77 6/8/77 7/6/77 8/3/7/ 9/0/77 0/8/77 /5/77 /3/77 /0/78 /7/78 3/7/78 4/4/78 5//78 5/30/78 6/7/78 //77 /8/77 3/8/77 4/5/77 5/3/77 5/3/77 6/8/77 7/6/77 8/3/77 9/0/77 0/8/77 /5/77 /3/77 /0/78 /7/78 3/7/78 4/4/78 5//78 5/30/78 6/7/78 7/5/78 8//78 9/9/78 0/L7/78 /4/78 //78 /9/79 /6/79 3/6/r,9 4 /3/79 5 //79 5/9/79 6/6/ ' "ource: Bd&ed on subscription and allotment reports. For detail of offering see Table PD0-4. / Reopening of one-year series. / Includes trust funds and accounts that comprise Government accounts _ tinder the unified budget concept. 3J Exclusive of banks and insurance companies. 3,069,930 < ,03 3,335,9,6,977,953,97 3,095 3,40 3,505 3,07 3,05 3,08 3,34,966, ,038 3,005 3,036 3,6 3,587 3,838 3, ,3 3,346 3,05,478, r ,083,447, , , n ,377, r 698r / Included with all other investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government investment accounts. Less than $500,000. r Revised ,37,095,034 95,356 80,45, ,34 555, ,06 957,7, , r 35r 677

58 50 PUBLIC DEBT OPERATIONS Treasury Bulletin Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills Date of refunding or retirement Called or maturing securities / Description Issue date Amount outstanding Disposition offers by Treasury Cash retirement Exchange security offered Results of exchange offers Fxehanged Turned in for cash / Description of new securities offered (See also Table PD0-4) /3/ Bill - /3/76 /4/75,00,00 _ /3/ # Bill - /3/76 4/4/75,586, /0/ # Bill - /0/76 //75,03, /5/76 6-/4# Note - /5/76-A /5/69 3,739,65,5 / - _ /5/76 5-7/8# Note - /5/76-F 8/5/7 4,945 3,73,3 u - - 3/9/ Bill - 3/9/76 3//75,0, /3/76 8# Note - 3/3/76-H 4/9/74,88,9 97 5/ - - 4//76 -/# Note - 4//76-EA 4// /6/ # Bill - 4/6/76 4/8/75,05, // # Bill - 4//76 /5/75,00,00? //76 ^ 4.834# Bill - 4//76 4/8/76,503, /4/ Bill - 5/4/76 5/6/75,435, /5/76 6-/# Note - 5/5/76-B 5/5/69,697, / - - 5/5/76 5-3/4# Note - 5/5/76-E 5/5/7,80,74 58 / - - 5/3/76 6# Note - 5/3/76-M 3/5/7,580, / - - 6// # Bill - 6//76 6/3/75,404, _ 6/9/76 6.9# Bill - 6/9/76 7/3/75,59,59 6/30/76 8-3/4# Note - 6/30/76-5/5/74,703,0 69 / - - 7/7/ # Bill - 7/7/76 7/9/75,93, /5/76 7-/ Note - 8/5/76-C 0//69 4,94 3,434,0 IQ/ - - 8/5/76 6-/ Note - 8/5/76-G /5/73 3,883,6 3,667 / - - 8/4/ # Bill - 8/4/76 8/6/75,893, /3/76 5-7/8 Note - 8/3/76-L 3/3/75,66, / - - 9// Bill 9//76 9/3/75,86o, /30/76 8-I/4 Note - 9/30/76-J 9/30/74,03, / - - 0//76 -/ Note - 0/l/76-E0 0// /9/ Bill - 0/9/76 0//75 3,06 3, /3/76 6-/ Note - 0/3/76-0 6/6/75,579, / - - /5/ Bill - /5/76 /8/75 3,45 3, /5/76 6-/4 Note - /5/76-D 9/8/7 4,35 4,05 0 5/ - - /30/76 7-/8 Note - /30/76-N 4/8/75, '>07, / - - /4/ Bill - /4/76 /6/75 3,53 3, /3/76 7-/4# Note - /3/76-K /3/74,8,030 5 / - - // Bill - //77 /3/75 3,069 3,069 - _ - - /8/ Bill - /8/77 /0/76,930, /5/77 8 Note - /5/77-A /5/70 5,63,59,57 8/ - - /8/77 6 Note - /8/77-F 3/3/75,665,55 50 / - - 3/8/ # Bill - 3/8/77 3/9/76 3,05 3, /3/77 6-/# Note - 3/3/77-G 3/3/75,576, / - - 4//77 -/ Note - 4//77-EA 4// /5/ Bill - 4/5/77 4/6/76 3,03 3, /30/77 7-3/8 Note - 4/30/77-H 4/30/75,579,469 0 / - - 5/3/ # Bill - 5/3/77 5/4/76 3,335 3, /5/77 6-7/8 Note - 5/5/77-C /5A4,565, / - - 5/5/77 9 Note - 5/5/77-D 8/5/74 5,39,333,996 / - - 5/3/ Bill - 5/3/77 6//76,9?, /3/77 6-3/4 Note - 5/3/77-5/7/75,37, U - - 6/8/ Bill - 6/8/77 6/9/76,6,6 _ 6/30/77 6-/ Note - 6/30/77-J 6/30/75,70, i/ - - 7/6/ Bill - 7/6/77 7/7/76,977, /3/77 7-/# Note - 7/3/77-K 7/3/75,56, / - - 8/5/77 7-3/4 Note - 8/5/77-B 8/5/70 4,98 3, / - - 8/3/ # Bill - 8/3/77 8/4/76,953, /3/77 8-I/4# Note - 8/3/77-L 8/9/r,5,0, / - - 9/0/ Bill - 9/0/77 9//76,97, /30/77 8-3/8 Note - 9/30/77-M 9/30/75 3,6 3,36 90 / - - 0//77 -/ Note - 0/l/77-k0 0//, 7 7 _ - - 0/8/ Bill - 0/8/77 0/9/76 3,095 3, /3/77 7-/ Note - 0/3/77-N 0/3/75 3,56, / - - /5/77 7-3/4 Note - /5/77-E /5/74 3,630,39,38 i/ _ /5/ Bill - /5/77 /5/76 3,40 3, /30/77 6-5/8 Note - U/30/77-Q 3/3/76,68,56 / - - /3/ Bill - /3/77 /4/76 3,50; 3,505 /3/77 7-/4 Note - /3/77-P /3/75,765,437?8 / - - /0/78 4.7?? Bill - /0/78 /L/77 3,07 3, /3/VH 6-3/8 Note - l/^l/78-j //76,5,39 75 jlj - - /7/ Bill - /7/78 /8/77 3,05 3, /5/78 6-/4 Note - /5/78-A /5/7 8,389 5,48,97 5/ - - /8/78 8 Note - /8/78.G 0/7/75,5, / - - 3/7/ Bill - 3/7/78 3/8/77 3,08 3,08 _ 3/3/78 6-3/4 Note - 3/3/78-K 3/33/76 3,6,850 3 / - - 4//78 -/% Note - 4//78-EA 4//73 5' 5 _ 4/4/ Bill - 4/4/78 4/5/ /30/78 6-/ Note - 4/30/78-L 5/7/76, '74, / - - 5// Bill - 5//78 5/3/77,966,966 5/5/78 7-/8% Note - 5/5/78-D /8/75 3,960 3, / I _ 5/5/78 7-7/8% Note - 5/5/78-F 8/5/75 4,43,88,54 40/ - _ 5/30/ % Bill - 5/30/78 5/3/77,454,454 - Footnotes at end of Table

59 August PUBLIC DEBT OPERATIONS Table PDO-7. - Disposition of Public Marketable Securities Other than Regular Weekly Treasury Bills Continued Results of ex change offers Date of refunding or retirement Called or maturing securities / Description Issue date Amount outstanding Disposition offers by Treasury Cash retirement Exchange security offered Exchanged Turned in for cash J Description of new securities offered (See also Table PD0-4) 5/3/78 6/7/78 6/30/78 7/5/78 7/3/78 7-/8$ 5.408$ 6-7/8$ 5.648$ 6-5/8$ Note - Bill - Note - Bill - Note - 5/3/78-M t m i h 7/5/78 7/3/78-P 6//76 7/6/77 7/30/76 i,567 $ 3,038,855,390,53,537 3,038, / 794 4/ 375 4/ - : Footnotes on following page.

60 5 Treasury Bulletin PUBLIC DEBT OPERATIONS. Footnotes to Table PDO-7 Source: Bureau of the Public Debt. / Original call and maturity dates are used. 7 j All by investors other than Federal Reserve banks. / Exchanged by Federal Reserve banks and Government accounts for $368 million of 7$ notes of Series H-979 $,939 million, of S$ notes of Series A-983 and $5 million of 8-/4# bonds of issued February 7, / Exchanged by Federal Reserve banks and Government accounts for 7$ notes of Series H-979 issued February 5, / Exchanged by Federal Reserve banks and Government accounts For 6-3/4$ notes of Series K-978 issued March 3, 976 / Exchanged by Federal Reserve banks and Government accounts for $76 million of 7-7/8$ notes of Series A-986 issued 5/7/76 and $85 million of 7-7/8$ bonds of issued May 7, / Exchanged by Federal Reserve banks and Government accounts for $300 million of 6-/% notes of Secies L-978 and $96 million of 7-7/8% notes of Series A-986, and $3 million of 7-7/8% bonds of issued May 7, 976. $ / Exchanged by Federal Reserve banks and Government accounts for 7-/8$ notes of Series M-978 issued June, 976. / Exchanged by Federal Reserve banks and Government accounts for 6-7/8$ notes of Series N-978 issued June 30. 0/ Exchanged by Federal Reserve banks and Government accounts for $700 million of 6-7/8$ notes of Series J-979, $60 million of 8$ notes of Series B-986, and $34 million 8$ bonds of issued August 6, 976. \/ Exchanged by Federal Reserve banks and Government accounts for $,47 million of 8$ notes of Series B-986 and $50 million of 8$ bonds of issued August 6, 976. / Exchanged by Federal Reserve banks and Government accounts for 6-5/8$ notes of Series Q-978 issued August 3, / Exchanged by Federal Reserve banks and Government accounts for 6-/4$ notes of Series R-978 issued September 30, 976.!&/ Exchanged by Federal Reserve banks and Government accounts for 5-7/8$ notes of Series S-978 issued November, / Exchanged by Federal Reserve banks and Government accounts for $70 million of 6-/4$ notes of Series K-979 and $50 million of 77. notes of Series B-983 issued Novenber 5, 976. Exchanged by Federal Reserve banks and Government accounts for 5-3/4$ notes of Series T-978 issued November 30, / Exchanged by Federal Reserve banks and Government accounts for 5-/4$ notes of Series U-978 issued December 3, / Exchanged by Federal Reserve banks and Government accounts for $,300 million of 6-/$ notes of Series C-980, $88 million of 7-/4$ notes of Series A-984 and $39 million of 7-5/8$ bonds of issued February 5, / Exchanged byfederal Reserve banks and Government accounts for 5-7/8% notes of Series M-979 issued February 8, / Exchanged by Federal Reserve banks and Government accounts for 6$ notes of Series N-979 issued March 3, 977. / Exchanged by Federal Reserve banks and Government accounts for 5-7/8$ notes of Series P-979 issued May, 977. / Exchanged by Federal Reserve banks and Government accounts for 7-5/8$ bonds of issued May 6, 977. / Exchanged by Federal Reserve banks and Government accounts for $,63 million of 7-/4$ notes of Series A-I984 and $373 million of 7-5/8$ bonds of issued May. lo, 977. /ij Exchanged by Federal Reserve banks and Government accounts for 6-/8$ notes of Series Q-979 issued May 3, 977. / Exchanged by Federal Reserve banks and Government accounts for 6-/8$ notes of Series R-979 issued June 30, / Exchanged by Federal Reserve banks and Government accounts for 6-/4$ notes of Series S-979 issued August, 977. Z/ Exchanged by Federal Reserve banks and Government accounts for $45 million of 6-3/4$ notes of Series H-980, $300 millions of 7-/4$ notes of Series B-984, and $99 of 7-5/8$ bonds of issued August 5, 977, / Exchanged by Federal Reserve banks and Government accounts for 6-5/8$ notes of Series T-979 issued August 3, 977. / Exchanged by Federal Reserve banks and Government accounts for 6-5/8$ notes of Series U-979 issued September 30, 977. / Exchanged by Federal Reserve banks and Government accounts for 7-/4$ notes of Series V-979 issued October 3, 977. / Exchanged by Federal Reserve banks and Government accounts for $65 million of 7-/8$ notes of Series J-I98O, $373 million of 7-5/8$ notes of Series A-987 and $40 million of 7-7/8$ bonds of issued November 5, 977. / Exchanged by Federal Reserve banks and Government accounts for 7-/8$ notes of Series W-979 issued November 30, 977 / Exchanged by Federal Reserve banks and Government accounts for 7-/$ notes of Series X-979 issued January 3, / Exchanged by Federal Reserve banks and Government accounts for 7-/$ notes of Series K-980 issued January 3, 978. / Exchanged by Federal Reserve banks and Government accounts for $,000 million of 7-/$ notes of Series M-98, $00 million of 8$ notes of Series A-985 and $77 million of 8-/4$ bonds of issued February 5, 978. ^6/ Exchanged by Federal Reserve banks and Government accounts for 7-5/8$ notes of Series L-980 issued February 8, 978. / Exchanged by Federal Reserve banks and Government accounts for an additional amounts of 7-/$ notes of Series C-980 issued March 3, / Exchanged by Federal Reserve banks and Government accounts for 7-3/47. notes of Series N-980 issued May, / Exchanged by Federal Reserve banks and Government accounts for $59 million of 8-/47. notes of Series A-988 and $895 million of 8-3/87. bonds of issued May 5, / Exchanged by Federal Reserve banks and Government accounts for 8-/4% notes of Series A-988 issued May 5, 97a. 4/ Exchanged by Federal Reserve banks and Government accounts for 8$ notes of Series P-980 issued May 3, / Exchangedby Federal Reserve banks and Government accounts for 8-/4$ notes of Series Q-980 issued Tune 30, / Exchanged by Federal Reserve banks and Government accounts for 8-/$ notes of Series R-I98O issued July 3, 978.

61 August 978 PUBLIC DEBT OPERATIONS, 53 Jfonth of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Securities (Payable In U.S. dollars; dollar amounts in millions) Issue date Maturity date Interest rate (percent) Issued Retired Amount outstanding end of month _ 7/0/75 /08/ /09/75 /08/76-4 0/6/75 /5/76 _ 85 «- 0/8/75 /9/ /30/75 /9/76-80 Bills /08/76 /05/ /08/76 5/06/ /08/76 7/08/ /5/76 4A5/ /5/76 4/5/ Jan... Certificates of indebtedness //76 4// ,00 /7/76 /6/ ^ /9/76 /6/76 0-7/9/75 /7/ _ 40 /0/75 /3/ /0/75 /05/ /4/74 /9/ /9/76 0/3/ Notes /9/76 8/5/ /9/76 /5/ /3/75 A3/76 _ /08/76 /05/76 _ - /7/76 /6/ Bills /7/76 /6/76 - -, /05/76 3/04/76 _ /3/76 5/3/ /6/76 3/5/ /6/76 6/4/ V. /6/76 7/9/ Feb... 'l/0/75 /05/ _ 4 l on non /0/75 i/06/ ^ ; U'tU 48 /0/75 i/3/ /30/75 /3/ /30/75 /05/76 A3/76 5/05/ Certificates of indebtedness /05/76 5/05/ /06/76 5/05/ _ /3/76 A3/76 5/3/76 5A3/ /3/76 5/3/ /3/76 5/3/ A3/76 5/3/ L. /3/76 5A3/ T _ r 9/ 04/75 3/04/76 80 < I /6/76 3/5/76-40 Bills ( 3/04/76 8/05/ I 3/04/76 9/0/ L 3/5/76 /4/ f /05/76 5/05/ A3/76 5/3/ /3/76 5A3/ Mar... /Certificates of indebtedness J /3/76 5/3/ /3/76 5A3/ ,070 3/09/76 6/09/ /6/76 6/6/ /8/76 6/8/ /9/76 6/8/ f 7/9/7 3// _ 500 Notes \ 3//76 /5/ " < > 0/09/75 4/08/76 - _ 4 /5/76 4/5/ t A5/76 4/5/ Bills //76 4//76 _ /08/76 0/07/ ^ 4/5/76 0/4/ Apr... /06/76 5/06/ /06/76 5/06/ Certificates of indebtedness < 3/09/76 6/09/ > 0,03 3/6/76 6/6/ f 3/8/76 6/8/ Notes 4/0/76 /3/ > f /06/76 5/06/76 _ 40 /3/76 5/3/ B i U s 5/06/76 /04/76-40 _ I 5A3/76 // f /06/76 5/06/ _ 9 /3/76 5/3/ A3/76 5/3/ _ 54 /3/76 5/3/ _ 47 /3/76 5/3/

62 Treasury Bulletin.PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Month of activity Securities Issue date Maturity date Interest rate (percent) Amount Issued Retired I outstanding end of month 976-May... f /3/76 5A3/ _ 96 I 3/9/76 6/8/ Certificates of indebtedness 5/06/76 8/06/ _ 9,96 5/06/76 8/06/ /3/76 8/3/ _ 5A3/76 8/3/ /3/76 8/3/ A3/76 8/3/ _ ^ 5A3/76 8/3/ f /04/76 6/03/76 47 Bills i /08/76 7/08/76 _ - 35 \ /6/76 6/4/76 _ - 60 V, 6/03/76 /0/ June... Certificates of indebtedness 5/3/76 8/3/ ,90 c 6/5/76 6/5/ _ 600 Notes < 6/5/76 A5/ _ > V 6/8/76 3/3/ Bills f /6/76 7/9/76 60 J 4/5/76 7/5/ A5/76 0/4/76 67 _ V 7/9/76 8/6/ July... [ Certificates of indebtedness f 5/3/76 8/3/ _ 5 \ 5/3/76 8/3/ ^ 9,758 f 7/07/7 7/07/ _ 00 J 7/4/7 7/4/ Notes < /3/75 8/5/ _ 00 I 7/07/76 8/5/ _ s» V, 7/4/76 8/5/ f 3/4/76 8/5/76-40 Bills 7 7/9/76 8/6/76 _ 60 ] 8/5/76 9//76 0 _ L 8/6/76 9/30/ /3/76 8/3/ /3/76 8/3/ Aug... I Certificates of indebtedness < 5/3/76 8/3/ _ 96 / 9,368 8/3/76 // _ 8/3/76 // Notes 8/8/75 8/6/ _ 75 < 8/8/75 8/9/ _ 75 ] 0//75 8/9/ V. 0//75 8/0/ f 3/04/76 9/0/76 40 < 8/05/76 9/0/76 0 Bills 9/0/76 9/30/ Certificates of indebtedness / 8/3/76 9//76 0 \ 8/3/76 9/4/76 5 9,5 Notes f 3A5/7 9/5/ I 9/5/76 /5/ J f 4/08/76 0/07/ /5/76 0/4/76 9 7/5/76 0/4/76 - _ 67 Bills < 0/07/76 /06/ /4/76 4/4/77-97 _ 0A4/76 /3/77-69 _ ^0/4/76 /3/ /3/76 // _ 5 8/3/76 // Certificates of indebtedness 0/0/76 /09/ _ \ 0/9/76 /8/ _ I 0/9/76 4/9/ _ 0/9/76 7/9/ _ ^0/9/76 0/8/ Oct... 0,69 0/0/76 9/30/ _ 0/8/76 8 / 5 /a _ 0/9/76 /30/ _ 0/9/76 4/8/ Notes 0/9/76 9/8/ /9/76 0/30/ /9/76 /9/ _ 0/9/76 4/30/ _ 0/9/76 7/30/ ^0/9/76 0/9/ v 5/06/76 /04/76 40 Bills 5/3/76 //76 _ - 43 /04/76 /03/77 _ 40 //76 5//77 50

63 August PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreig n Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Month of Securities activity date Maturity date Interest rate (percent) Amount Issued Retired outstanding end of month 976-Nov... Certificates of indebtedness 8/3/76 // _ 7 0,908 (j.0/9/76 /8/ (0/30/75 3/3/ Notes /04/76 /5/ VJ.l//76 /5/ > ^ 3/5/76 A4/ /03/76 /0/ /0/76 6/0/ Bills /09/76 3/0/ /4/76 4/4/ Dec... y/8/76 3/3/ /0/76 /09/ _ 00 Certificates of indebtedness 0/9/76 /8/ /0/76 3/3/ Notes ' 5/9/75 /8/ p Bills 0/30/75 4/30/ \ L0/07/76 I /06/77 _ 977-Jan... [ Certificates of indebtedness 0/9/76 /8/ ^ \ /3/76 3/3/ Notes 5/9/75 /8/ I /8/77 5A5/ H r ) /04/76 /03/77-40 Bills ( /03/77 5/05/ ^ /3/77 5/6/ Feb... Certificates of indebtedness 0/9/76 4/9/ ,575 _ r 5/9/75 /8/ Notes { 0/0/75 /8/ V. /8/77 8/5/ > f /09/76 3A0/77 40 Bills,/8/76 3/3/ > /3/77 5/6/ S. J Certificates of indebtedness 0/9/76 4/9/ ,67 7/9/7 3// Mar... 9/5/7 3A5/ /7/75 3/5/ A0/77 3/3/ Notes 3/5/77 3/3/ //77 /5/ _ 3/5/77 A5/ /3/77 /3/ fl0/4/76 4A4/77 97 J /4/76 4A4/ Bills ( /3/77 5/6/ A4/77 0/3/ Apr... L 4/4/77 0/3/ Certificates of indebtedness 0/9/76 4/9/ ,469 Notes r 5/7/75 4/7/ _ 300 { 6/9/75 4/9/ V. 4/7/77 8/5/ ^Bonds 4/9/77 /5/ (//76 5//77 50 /03/77 5/05/ Bills /3/77 5/6/ /05/77 8/04/ //77 llao/ ^ 5/6/77 8/5/ Jfey.... Certificates of indebtedness 0/9/76 7/9/ ,43 f /09/ /7/ J 6/9/75 5A9/ \ 5/6/77 /3/ Notes 5/9/77 /5/ L 5/7/77 /5/ r /0/76 6/0/77 _ - > 47 /06/77 8/09/ Bills ( 5/6/77 8/5/ /0/77 /0/77-47 L 6/09/77 9/08/77-43 ~ Certificates of indebtedness 0/9/76 7/9/ f 6/6/7 6/7/ /05/75 6/04/ ^ 0,357 June... / / 6/9/75 6/0/ Notes J /8/75 6/30/ ^ 6/03/77 3/3/ < 0,753

64 56 Treasury Bulletin.PUBLIC DEBT OPERATIONS. Table PDO-8. Foreign Series Securities (Nonmarketable) Issued t$ Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Ifonth of activity Securities Issue date Maturity date Interest rate (percent) Issued Retired outstanding end of month 977-July. Aug. Sept. Bonds Certificates of indebtedness Certificates of indebtedness Notes Bills / Certificates of indebtedness Notes > Bills Certificates of indebtedness Certificates of indebtedness Bills 6/0/77 6/7/77 6/30/77 6/30/77 6/7/77 0/9/76 7/0/77 7//77 7/6/77 7/8/77 7/0/7 7/4/7 /5/73 7A7/75 (/8/75 7/07/77 7A4/77 7/5/77 7/8/77, 5/05/77 \ 8/04/77 n.o/9/76 I 7/0/77 < 7//77 I 7/6/77 ^7/8/77 /L9/74 8/0/77 ^ 8/0/77 f 6/09/77 ^ 9/08/77 0/9/76 f 7/9/7 9/04/75 J 9/06/77 9/07/77 9/07/77 9//77 4/4/77 4/4/77 0/3/77 0/3/77 0/9/76 0/05/77 0/06/77 0/4/77 0/7/77 0/4/77 ao/6/77 /09/75 /3/75 /8/75 /8/75 >/8/75 /9/76 /9/76 I /9/76 f 5//77 /0/77 /8/77 /8/77 //8/77 /0/77 /4/77 //77 /5/77 A/4/74 { 0/9/76 V.ll/8/77 f 6/0/77 /0/77 /05/77 /06/77 /07/77 /08/77 /09/77 //77 A3/77 /4/77 UA.5/83 5/5/8 4/30/79 /5/79 8/5/84 7/9/77 0/0/77 0//77 0/6/77 0/8/77 7/07/77 7/4/77 7/5/77 7A8/77 7/3/77 /L5/83 /5/83 A5/84 /3/79 8/04/77 /0/78 0/8/77 0/0/77 0//77 0/6/77 0/8/77 8/5/77 5/3/79 A5/80 9/08/77 3/09/78 0/8/77 9//77 9/05/77 8/5/79 3/3/80 5A5/80 8/5/84 0A3/77 0/3/77 4A3/78 4A3/78 0/8/77 /05/78 /06/78 /3/78 /7/78 /4/78 /6/78 A5/78 /5/78 0/3/77 5/5/78 8/5/78 /5/78 8/5/78 0/3/77 /0/77 5//78 5 /30/77. /03/78 ' /30/77 /0/78 /4/7 8 //78 /4/78 /5/77 /30/78 /3/78 /0/77 3/0/78 3/06/78 3/06/78 3/07/78 3/08/78 3/09/78 3A3/78 3/3/78 3/4/ ,97 0,055 0,50 9,86 0,455

65 August PUBLIC DEBT OPERATIONS Month of activity Table PDO-8. Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in. U.S. dollars; dollar amounts in millions) Securities Issue Maturity date date Interest (percent) Issued Retired Amount outstanding end of month 977-Dec... [ Certificates of indebtedness f/5/77 3/5/ >,08 /L6/77 3/6/ _ /9/77 3/0/ /0/77 3/0/ _ //77 3// //77 3// /3/77 3/3/ /7/77 3/8/ ^/ 3 0/77 3/0/ /9/73 /9/77.50 _ 99 /L6/75 /6/ /9/76 /30/ _ 30 Notes //77 7/3/ _ //77 8/3/ _ //77.9/30/79 ' _ > (J/9/77 /8/ Bills /8/77 /03/ /05/77 /05/ _ 7 0/06/77 /06/ /4/77 A3/ A7/77 /7/ /4/77 /4/ /6/77 /6/ /03/78 4/03/ /05/78 4/05/ Certificates of indebtedness /06/78 4/06/ /09/78 4/0/ /0/78 4/0/ //78 4// /3/78 4/3/ Jan... /6/78 4/7/ /7/78 4/7/ /4/78 4/4/ k /5/78 4/5/ ',659 /6/78 '4/6/ ^ /6/78,4/6/ /0/76 /3/ _ 00 0/9/76 '/30/ /8/77 /3/ /04/78 3/3/ Notes /06/78 /3/ _ /06/78 /8/ _ /06/78 /3/ /3/78 /30/ /3/78,/3/ Bills J 8/04/77 /0/78 _ 40 i /0/78 8/03/ ll/0/77 /0/ _ 45 A4/77 /4/ //77 // /5/77 /4/ /0/78 5/0/ /0/78 5/0/ /4/78 5/6/ /4/78 5/6/ /6/78 5/6/ /6/78 5/6/ /7/78 5/7/ //78 5// Feb... / Certificates of indebtedness //78 5// _ //78 5// /3/78 5/3/ /4/78 5/4/ /4/78 5/4/ /7/78 5/6/ > /8/78 5/9/ f 6/8/76 3/3/ _ 00 J0/9/76 4/8/ Notes </9/77 /8/ ^8^ Bills f 9/08/79 3/09/78 43 /0/77 3/0/ /0/78 3/3/ /09/78 9/07/ //78 3/3/78 50 _ 3//78 3/3/78 _ /7/78 3/3/ /7/78 3/30/78 3/3/78 6// /30/78 6/9/ ^,50

66 58 Treasury Bulletin PUBLIC DEBT OPERATIONS Month of activity Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries-Continued Securities (Payable in U.S. dollars; dollar amounts in millions) Issue date Maturity date Interest rate (percent) Amount Issued Retired outstanding end of month /05/77 3/06/ _ 36 I /06/77 3/06/ _ /,64 /07/77 3/07/ /08/77 3/08/ _ /09/77 3/09/ //77 3/3/ _ 8 /3/77 3/3/ /4/77 3/4/ /5/77 3/5/ /6/77 3/6/ _ 3 /6/77 3/6/ /9/77 3/0/ _ 6 /0/77 3/0/ _ 4 //77 3// Mar... Certificates of indebtedness //77 3// _ 8 /3/77 3/3/ /7/77 3/8/ /30/77 3/30/ _ 84 3/0/78 6/0/ /0/78 6/0/ /06/78 6/06/ _ 3/06/78 6/06/ /07/78 6/07/ /08/78 6/08/78 / /09/78 6/09/ _ 3A3/78 6A3/ _ 3A3/78 6A3/ /4/78 6/4/ _ 3A5/78 6/5/ _ 3/5/78 6A5/ _ 3A5/78 6/5/ _ 3/6/78 6/6/ /6/78 6/6/ _ 3A6/78 6/6/ /0/78 6/0/ _ 3/0/78 6/0/ //78 6// _ 3//78 6// _ 3/3/78 6/3/ _ 3/8/78 6/8/ /9/78 6/9/ _ 3/9/78 6/9/ _ 3/30/78 6/3.0/ /9/7 3// _ 500, Notes 0/9/76 4/8/ _ 37 ^3//78 /5/ /3/77 A/3/78 40 Bills 0/3/77 A/3/78 09 \ 4/3/78 0//78 _ 40 _ 4/3/78 0// /03/78 4/03/ _ 3 /05/78 4/05/ _ 7 /05/78 4/05/ /05/78 7/05/ _ 7 /06/78 4/06/ /09/78 4/0/ /09/78 4A0/ _ 89 A0/78 4/0/ _ 38 la0/78 4/0/ _ 38 A/78 4// _ 73 //78 4// /3/78 4/3/ /3/78 4/3/ _ 0 /3/78 4/3/ _ 0 /6/78 4/7/ _ 43 /6/78 A/7/ _ 43 /7/78 4/7/ _ 7 /7/78 A/7/ _ 9, /7/78 4/7/ Certificates of indebtedness /4/78 4/4/ /5/78 4/5/ /5/78 A/5/ /6/78 4/6/ _ 7 /6/78 4/6/ _ 8 /6/78 4/6/ /6/78 4/6/ _ 9 4/03/78 7/03/ /04/78 7/05/ _ Apr... 4/04/78 7/05/ ^,438 4/05/78 7/05/ _ 4/05/78 7/05/ _ 4/06/78 7/06/ _ 4/06/78 7/06/

67 August 978 PUBLIC DEBT OPERATIONS. 59 Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Month, of activity Securities Issue date Maturity date Interest rate (percent) outstanding end of month Bills 978-May., Certificates of indebtedness 4/0/78 4/0/78 4/0/78 4/0/78 4/0/78 4//78 4//78 4/3/78 4/3/78 4/3/78 4/3/78 4/7/78 4/7/78 4/7/78 4/7/78 4/7/78 4/7/78 4/4/78 4/4/78 4/5/78 4/5/78 4/6/78 4/6/78 4/6/78 4/07/7 0/9/76 L4/07/78 /0/77 ^5//78 //78 //78 //78 /L4/78 /4/78 /4/78 /4/78 /6/78 /6/78 A6/78 /7/78 /7/78 //78 //78 //78 //78 //78 /3/78 /3/78 /4/78 /4/78 /4/78 /7/78 /7/78 /8/78 /8/78 3/6/78 3/6/78 3/7/78 3/8/78 3/9/78 3A3/78 3/3/78 3/4/78 3/5/78 3A6/78 3/0/78 3/0/78 3//78 3//78 3/3/78 4/0/78 4//78 4/3/78 4/7/78 4/7/78 /6/78 4/6/78 5//78 $ $ 5//78 5//78 7/0/78 7A0/78 7/0/78 7A0/78 7/0/78 7//78 7//78 7A3/78 7/3/78 7/3/78 7/3/78 7/7/78 7/7/78 7A7/78 7/7/78 7/7/78 7/7/78 7/4/78 7/4/78 7/5/78 7/5/78 7/6/78 7/6/78 7/6/78 4/07/78 4/8/78 3/3/85 5A/78 /9/78 5//78 5//78 5//78 5/6/78 5/6/78 5/6/78 5/6/78 5/6/78 5/6/78 5/6/78 5/7/78 5/7/78 5//78 5//78 5//78 5//78 5//78 5/3/78 5/3/78 5/4/78 5/4/78 5/4/78 5/6/78 5/6/78 5/9/78 5/9/78 6/6/78 6/6/78 6/7/78 6/8/78 6/9/78 6/3/78 6/3/78 6/6/78 6/0/78 6/0/78 6//78 6//78 6/3/78 7A0/78 7//78 7/3/78 7/7/78 7/7/78 7/5/78 7/6/78 7/6/78 8//78 8//78 8//78 i//78 8// J ,476

68 60 Treasury Bulletin PUBLIC DEBT OPERATIONS Table PDO-8. - Foreign Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Payable in U.S. dollars; dollar amounts in millions) Month of Securities Issue Maturity Interest activity date date rate (percent) Issued Retired Amount outstanding end of month 5/6/78 8/6/ _ 5 5/6/78 8/6/ /6/78 8/6/ /6/78 8/6/ /6/78 8A6/ /6/78 8A6/ /7/78 8/7/ A7/78 8/7/ _ 5//78 8// _ 5//78 8// //78 8// //78 8// /3/78 8/3/ /3/78 8/3/ /4/78 8/4/ /4/78 8/4/ _ 5/6/78 8/5/ _ 5/6/78 8/5/ _ 5/9/78 8/9/ _ ^5/9/78 8/9/ Notes 0/9/76 7/8/ Bills f 3/30/78 o//78 _ 350 ^3/30/78 6/9/ > June.... Certificates of indebtedness 3/0/78 6/0/ _ 45 3/0/78 6/0/ _ 45 3/5/78 6/5/ /5/78 6/5/ _ 37 3A6/78 6/6/ /6/78 6/6/ /3/78 6/3/ /8/78 6/8/ /9/78 6/9/ _ 4 3/9/78 6/9/ _ 4 3/30/78 6/30/ , 5/6/78 8/6/ \ 5/7/78 8/7/ _ 7 5//78 8// _ 44 0,558 6/0/78 9/0/ /0/78 9/0/ /5/78 9/5/ /5/78 9/5/ A6/78 9A5/ /6/78 9/5/ /7/78 9/7/ /9/78 9/9/ ^6/9/78 9/9/ Notes 0/9/76 7/8/ > , , ,45 _ , _ _ _ 44 July.... /Certificates of indebtedness ,50 40 y A totes Source: Bureau of the Public Debt. Less than $500,OCX) _ _ , , _ , _ _ _ > 9, _ _ J f u v / >

69 August PUBLIC DEBT OPERATIONS. Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions ofl Foreign Countries (Dollar amounts in millions) Month of activity 976-Feb. Mar. Apr.. May.. June. July. Aug.. Sept. Oct.. Nov. Dec. Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Securities r Payable in Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Issue date /0/74 /0/74 /0/76 /0/76 /9/74 3/0/76 3/0/75 4/0/76 /8/75 5/8/76 6/3/75 6/4/76 4/07/75 7/07/76 5/06/75 5/0/75 8/6/76 8/0/76 6//75 9/0/76 7/08/75 0/8/76 7/9/75 0/9/76 6//75 6//75 9/08/75 /0/76 Maturity date /0/76 /0/76 8/0/77 8/9/77 3/0/76 9/03/77 4/0/76 0/0/77 5/8/76 /8/77 6/4/76 /4/77 7/07/76 /06/78 8/06/76 8/0/76 /06/78 /0/78 9/0/76 3/0/78 0/08/76 4/07/78 0/9/78 4/8/78 /0/76 /0/76 3/08/77 6/09/78 Interest rate (percent) Amount (Dollar equivalent) Retired outstanding end of month ,579, Jan. Feb. Apr. May. June. July. Aug. Sept. Oct. Nov., Dec. Notes Notes Notes Notes Notes Notes Notes Notes Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs 9/08/75 9/08/75 9/08/75 0/06/75 3/08/77 0/06/75 0/7/75 /6/75 4/8/77 /6/75 5/6/77 /0/76 /0/76 /0/76 /0/76 3/0/76 8/9/77 3/0/76 4/0/76 9/0/77 4/0/76 5/8/76 0/0/77 5/8/76 6/4/76 6/4/76 7/07/76 3/08/77 3/08/77 3/08/77 4/06/77 9/08/78 4/06/77 4/8/77 5/6/77 0/8/78 5/6/77 /7/78 8/0/77 8/0/77 8/0/77 8/9/77 9/09/77 /0/79 9/0/77 0/0/77 3/0/79 0/0/77 /8/77 4/0/79 /8/77 /4/77 /4/77 /06/ ,50,494,46,434,408,375,348,35,89,6,0, Jan. Notes Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs Swiss francs 7/07/76 8/06/76 /06/79 8/06/76 8/0/76 9/0/76 /06/78 /06/78 7/06/79 /06/78 /0/78 3/0/ ,8,087

70 6 Treasury Bulletin PUBLIC DEBT OPERATIONS Table PDO-9. - Foreign Currency Series Securities (Nonmarketable) Issued to Official Institutions of Foreign Countries Continued (Dollar amounts in millions) Month of activity Securities Payable in Issue date Maturity date Interest rate (percent) Issued Amount (Dollar equivalent) Retired outstanding end of month Mar... Notes f Swiss francs 9/0/76 3/0/ _ 44 \ Swiss francs 0/08/76 4/07/ / V Swiss francs 3/0/78 9/0/ I,035 Apr... Notes f Swiss francs 0/08/76 4/07/ \ ( Swiss francs 0/9/76 4/8/ ^ Swiss francs 4/8/78 0/9/ J 995 May... Notes Swiss francs /0/76 6/09/ J Swiss francs /0/76 6/09/ _ 85 Notes < Swiss francs 3/08/77 9/08/ / 90 Swiss francs 6/09/78 0/9/ J July... Notes r swiss francs 3/08/77 9/08/ _ 9 x V swiss francs 4/8/77 0/8/ ) 86 Source: Bureau of the Public Debt.

71 August UNITED STATES SAVINGS BONDS. Series E and Series H are the only savings bonds currently sold. Series E has been on sale since May, 94, and Series H has been on sale since June, 95. Series A - D were sold from March, 935 through April 30, 94-. Series F and G were sold from May, 94 through April 30, 95. Series J and K were sold from May, 95 through April 30, 957. Details of' the principal changes in issues, interest yields, maturities, and other terms appear in the Treasury Bulletins of April 95, May 95, May 957, October and December 959, May and October 96, June 968, and September 970; and the Annual Report of the Secretary of the Treasury for fiscal years 966 through 977. Table SB-. - Sales and Redemptions by Series, Cumulative through July 3, 978 Series A-D /.. Series and H. Series F and G. Series J and K. A-K... Sales / 3,949 03,08 8,396 3,556 Accrued discount,054 54,996,5 98 (In millions of dollars) Sales plus accrued discount 5,003 58,04 9, Redemptions / 5,000 78,8 9,50.75 Interestbearing debt 79,8 39,008 57,373 96,38 7,087 79,8 Amount outstanding Matured non-interestbearing debt 0 Footnotes at end of Table SB-4. Table SB-. - Sales and Redemptions by Periods, All Series Combined Redemptions / Amount outstanding Period Sales / Accrued discount Sales plus accrued discount Sales price / Accrued discount / Interestbearing debt Matured non-interestbearing debt Fiscal vears: ,47 9,58 04,575 5,78 37,0 5,769 5, ,550,789 6,338 6,339 5,37,0 5, ,449,84 6,9 6,748 5,508,40 5, ,08,056 7,38 5,45 4,34,083 53, ,940,30 8,49 5,338 4,306,03 55, ,54,564 9,078 5,586 4,494,09 59, ,49,749 9,78 6,68 5,366,34 6, ,86 3,5 0,078 6,59 5,73,346 65, ,93 3,496 0,790 6,543 5,33,409 69,733 3 T. Q...,833 90,735,77, , ,895 3,87,7 7,064 5,495,567 75,4 Calendar vears: ,959 8,85 0,44 49,538 34,33 5,5 5, ,696,759 6,455 6,33 5,094,040 5, ,393,83 6,4 6,639 5,457,8 5, ,665,909 6,574 6,95 5,07,3 5, '... 5,477,9 7,669 5,44 4,4,0 54, ,36,46 8,66 5,365 4,3,043 57, ,70,673 8,943 6, 4,945,66 60, ,86,994 9,856 6,89 5,476,354 63, ,038 3,368 0,406 6,9 4,959,33 67, ,555 3,597,5 6,77 5,88,483 7, ,954 3,90 [C Jjhc,863 7,0 5,50,590 76,60 Q,77-July ,803 Aug If Oct , ,4 Dec , Jan , ,987 Feb , ,45 Mar , ,804 7 Apr , ,0 7 May , ,645 7 June , I64 78,965 6 July , ,8 6 x>tnotes at end of Table SB-4.

72 64 Treasury Bulletin.UNITED STATES SAVINGS BONDS. Table SB-3. - Sales and Redemptions by Periods, Series E through K (In millions of dollars) Period Sales / Accrued discount Sales plus accrued discount Redemptions / Sales price / Accrued discount / Interest-bearing debt Amount outstanding Matured non-interestbearing debt Series E and H Combined 9jS T.Q Calendar years 39,57 4,550 4,449 5,08 5,939 6,54 6,49 6,86 7,93,833 7,895 6,78,788,84,056,30,564,749 3,5 3, ,87 66,98 6,337 6,9 7,38 8,49 9,078 9,78 0,078 0,790,735,7 4,77 6,98 6,7 5,46 5,33 5,58 6,675 6,57 6,539,75 7,063 0,95 5, 5,484 4,334 4,94 4,490 5,36 5,7 5,30,345 5,495 3,53,086,37,08,037,09,34,345,409 37,567 5,57 5,7 5,8 53, , ,48 69,733 70,75 75, Months: 977-July... Aug... Sept..., Oct... Nov... Dec Ja... n Feb... Mar. Apr... May... June... July... 37,059 4,696 4,393 4,665 5,477 6,36 6,70 6,86 7,038 7,555 7, ,90,757,83.909,9,46,673,994 3,368 3, ,970 6,45 6,4 6,574 7,669 8,66 8,943 9,856 0,406,5, , ,088,08,069,07,080,009,000,67 5,95 6,565 6,8 5,37 5,359 6,06 6,84 6,90 6,76 7, ,640 4,898 5,39 5,060 4,7 4,3 4,97 5,47 4,959 5,8 5, ,978,07,73,,00,049,34,353,33,48, ,35 5,890 5,549 5,84 54,75 57,579 60,37 63,349 67,464 7, ,059 75,4 75,86 76, ,987 77, ,0 78,645 78,965 79,8 Fiscal years: T.Q Calendar years: Months: 977-July... Aug... Sept... Oct... Nov... Dec Ja... n Feb... Mar... Apr... May... June... July... Footnotes at end of Table SB-4. Series F, G, J, and K combined i j 3,95,3 33,73 33,059 3,763, _ _ _ _ _ _ _ _ " ,3 33,7 39,95 3,643, _ _ _ _ _ _ - % _ ' _ _ _ _ _ ~ - _ _ - - _ L 4 -

73 August 978 ^UNITED STATES SAVINGS BONDS. 65 Table SB-3. - Sales and Redemptions by Periods, Series E through K Continued (In millions of dollars) Sales / Accrued discount Sales plus accrued discount Redemptions / Sales price / Accrued discount / Exchange of E bonds for H bonds Amount outstanding (interestbearing debt) Series E T U S I O m M T T.Q Calendar years: 9,73 4,343 4,89 4,870 5,650 6,90 6,45 6,503 6,975,76 7,576 6,78,788,84,056,30,564,749 3,5 3, ,87 55,954 6,3 6,30 6,9^ 7, , ,47,663,403 0,33 5, ,97 5,09 6,56 6,063 6,4,6 6,638 96,800 4,46 4,7 3,877 3,93 4,8 4,84 4,77 4,705,4 5,070 3,53,086,37,08,037,09,34,346,409 37,567,88 I ,05 44,67 45,90 48, ,34 57,67 6,648 6,6 67, Months: 977-Jul y Aug... Sept... Oct... Nov... Dec Ja... n Feb... Mar... Apr... May.... Junk... July... 6,85 4,45 4, 4,503 5,8 5,9 5,988 6,54 6,79 7,45 7, ,90,757,83.909,9,46,673,994 3,368 3, ,76 6,09 6,05 6,4 7,4 8,348 8,66 9,58 0,097 0,84, ,066,000,04,044, ,540 5,300 5,835 5,66 4,87 5,007 5,740 6,38 5,886 6^336 6, ,567 4,83 4,66 4,405 3,85 3,958 4,507 4,965 4,555 4,855 5, ,978,07,73,,00,049,34,353,33,48, I64 59, ? _4_ 43,504 44, 44,59 44,88 47,08 50,0 5,73 55,63 59,498 63, ,490 66,79 67,073 67, ,608 69,06 69,400 69,80 70,0 70, Series H Fiscal vears: ,343 0,343 4,396 4,396,88 7, _ I84 7, _ , , _ , , _ , , ,084 T.Q... 7 _ , ,338 Calendar years ,09-0,09 4,077 4,077 -,77 7, _ , _ , _ , _ , , _ , _ , _ , _ , b - 3b ,368 Months: 977-July ,3 Aug , ,338 Oct ,343 Nov ,355 Dec , Jan... _ _ 9 8,379 Feb... 8 _ ,389 Mar... 7 _ ,404 Apr a 4-4 8,40 May ,45 June ,43 July ,43 Footnotes at end of Table SB-4.

74 66 Treasury Bulletin.UNITED STATES SAVINGS BONDS. Table SB-4. - Redemptions of Matured and Unmatured Savings Bonds Period (In millions of dollars) Matured Series E and H Other Unmatured Series E and H Other Unclassified 0/ Fiscal, years: : T.Q Calendar years: July... Aug... Sept... Oct... Nov... Dec Jan.. Feb.. Mar.. Apr.. May.. June. July.. 77,84 5,73 5,64 5,346 5,74 5,9 5,98 6,339 6,748 5,45 5,338 5,586 6,68 6,57 6,543,689 7,064 76,399 5,60 5,0 5,5 5,44 6,000 5,793 6,33 6,639 6,95 5,44 5,365 6,0 6,833 6,9 6,77 7, ,80 8,678 6,50 4,004 33,89 8,85,50, /,95, ,057, ,088, ,84, ,84 3,65 8 -,53, ,300 3, ,47, ,35 3, ,548, ,40 3, ,560, ,566 3, ,79,76 9 3,84 3,84-5,490,48 9 3,660 3, ,043, ,37 3, ,6, 5 3,393 3,393-67,79,74 5 3,847 3,847-04,544,545-3,776 3,776-98,80,86 4 3,77 3, , ,487 3, ,560 7,87 5,88 43,899 34,6 9,94-8,387, // 3,00, ,043, / 3,03, ,7, ,57 3, ,48,93 6 3,87 3,76 6,47, ,384 3, ,386, ,43 3, ,65, ,455 3,44 3 6,686, ,76 3,74 8,84,87 5 3,885 3,885 _ -43,0,04 8 3,305 3, ,053, ,337 3, ,508, ,578 3,578 _ 3,67,6 5 3,789 3,789 _ 47,48,48 3,955 3,955 _ -45 3,75 3,75 8 3,487 3,487 _,556, ,553 4, _ Source: Monthly Statement of the Public Debt of the U.S.; Office of Market Analysis, United States Savings Bonds Division. Note: In these tables sales of Series A-F and J bonds are included at issue pr^ice, and redemptions and amounts outstanding at current redemption value. Series G,H, and K are included at face value throughout. Matured bonds which have been redeemed are included in redemptions. Matured J and K bonds outstanding are included in the interest-bearing debt until all bonds of the annual series have matured, and are then transferred to matured debt on which interest has ceased. / Sales and redemption figures include exchanges of minor amounts of () matured Series E bonds for Series G and K bonds from May 95 through April 957; () Series F and J bonds for Series H bonds beginning January I960; and (3) U.f>. savings notes for Series H bonds beginning January 97; however, they exclude exchanges of Series E bonds for Series H bonds, which are reported in Table SB-3. / Details by series on a cumulative basis and by periods of Series A-D combined will be found in the February 95 and previous issues of the Treasury Bulletin. / Because there is a normal lag in classifying redemptions, the distribution of redemption between sales price and accrued discount has been estimated. Beginning with the Treasury Bulletin of March 96 the method of distributing redemptions between sales price and accrued discount has been changed to reflect the distribution shown in final reports of classified redemption. All periods shown have been revised on this basis. 4/ Series F and G sales were discontinued April 30, 95, and Series J and K sales were discontinued April 30, 957. Sales figures after April 30, 957, represent adjustments. j>/ Includes exchanges of Series 94 F and G savings bonds for 3-/4# marketable bonds of / Includes exchanges of Series 945 F and G bonds for 4-3/4# marketable notes of 964. / Includes exchanges of Series 949 F and G bonds for 4# marketable bonds of / Includes exchanges of Series I960 F and G bonds for 3-7/8# marketable bonds for 968. ' / Includes exchanges of Series 95 and 95 F and G bonds for 3-7/8# marketable bonds of 97 and 4# marketable bonds of / Represents changes in the amounts of redemptions not yet classified between matured and unmatured issues. Less than $500,000. Not available.

75 August T T N T T B. n STATES SAVINGS BONDS Table SB-5. - Sales and Redemptions by Denominations, Series E and H i/ Combined (In thousands of pieces) Period all $0 z / denominations $5 $50 $75 J $00 $00 U $500 $,000 $5,000 $0,000 5/ / Sales / "fift-g?!?:...,93,5 0,50,9,06 555,83 6,356 'JdQ, 65 0,65 4,985 43, ( ,I84-78,508 5,06,8 0, ,06-78,043 4,675,68 0, ,544-76,03 8,034,989,073,59,, ,67-76,66 30,3,304 4,77,443,50, ,55-78,859,65,58 5,86,65,688, ,854-78,605 3,789,758 6,04,58,45, ,600-77,493 33,59,969 7,44,763,60, ,539-79,43 35,388 3,43 8,955,975,770,950 T.Q ,704-9,6 8, , , ,599,7 4.40,, Calendar vears: ,89,693 0,50,88,05 557,554 6,593 35,98 0,09-43,435 45, ±9b«... 8,955-78,03 5,694,95 0, ,3-77,9 4,33,659 9, ,30-77,88 6,583,853,049, ,637-75,736 8,94,39 3,0,84,9, ,568-77,330 3,040,397 5,0,547,63, ,90-77,747 3,64,604 5,744,59,538, ,359-85,595 35,6 3,037 7,89,753,67, ,4-77,69 34,89 3,03 8,48,866,69, ,757-80,308 36,433 3,37 9,686,07,86, ,960p - 79,769 37,446 3,577 0,705,6,96,93^ 7 Months: 977-July...,99-6,435 3,00 88, Aug...,550-6,69 306, ,95-6,393 3,064 99, ? 73 Oct...,488-6,85 3,68 3 U, ,40-6,69 3,4 306, ,004-7,070 3,34 36, Jan... 3,489 _ 7,489 3,97 36, Feb...,740 _ 6,6,983 9,704 I ,637-7,0 3,50 338, m Apr...,330-6,55 3, , May...,994-6,765 3,30 35, June...,958 6,896 3,330 37, Inception to date p... 4,95,57 0,50,Z,598 89,55 34, ,804 36,66 58,805 6, Redemptions / Fiscal years: , ,446 5,789,303,40 933,97, ,45 66,7,659,37 9, , ,83 3,9,577 9, , ,880 5,089,784 0, ,58 5 7,588 9,37,5,768,080,96, , ,534 8,4,39,490,035,09, ,84 _ 68,965 9,34,486 3,036,074,065, T.Q... 3,340-8,47 7, , ,9?7p _ A) ,088 3,5/ 0,/r4,88,90, ,4,767 4,396 9,946 9,646,066 73, ,636 5,308,699,05 36,4 0,955, ,759,65 8,49, Calendar years ,384,33 9,98,6,56 433,738,53 37,680,04 8,80 8, , ,04 4,0,05 0,48 8,5, , ,000 5,976,70,37 908,54, , ,693 4,444,80 0, ,69, , ,06,990,434 9, , ,990 4,5,670 9, , ,679 6,94,957,735 99,06, , ,867 30,405,36 3,57,088,75, , ,5 7,983,340,36,00,047, , ,637 30,347,58 3,66,35,098, ,650p 70,996 3,736,750 4,63,3,46, Months 977-July... 9,887 5,688,56 9, ,68 6,7,989 59, Sept..,,,.,,,,,,, 0,665 6,5,774 35, Oct ,765 5,605,5 8, Dec... 9,633 5,575,439 4, ,80 6,3,77 38, Jan... 0,970 6,06,966 4,38 4 ' 6 Feb... 9,809 5,500,584 35, Mar...,487 6,489,954 7, Apr... 0,587 5,883,750 5, May... 0,796 6,084,784 48, June...,38 6,4,906 64, Inception to date p... 3,589,453 0,0,359,869 70,5,59 363,94,37 39,775 40, / Sales of Series H bonds began on June, 95; the denominations authorized were $500, $,000, $5,000, and $0,000. / Sales were authorized in June 944 to Armed Forces only, and discontinued after March 3, 950. y Sales began on May, 964. i j Sales began on October 9, / Sales of $0,000 denomination Series E bonds were authorized on May, 95. 6/ Includes sales and redemptions of $00,000 denomination Series E bonds which are purchasable only by trustees of employees' savings plans, beginning April 954, and also personal trust accounts beginning January 955. / See Table SB-4, footnote. Less than 500 pieces. p Preliminary.

76 6 8 Treasury Bulletin.UNITED STATES SAVINGS NOTES, United States savings notes were on sale May, 967 through June 30, 970. The notes were eligible for purchase "by individuals with the simultaneous purchase of Series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savingb notes appear in the Treasury Bulletins of March 967 and June 968; and in the Annual Report of the Secretary of the Treasury for fiscal year 974- Table SN-. - Sales and Redemptions by Periods (In millions of dollars) Period Sales / Redemptions / Accrued Sales plus accrued discount discount Sales price Accrued discount Amount outstanding _ T.Q Calendar, xea^s: _ _ Months: 977-July... _ 397 Aug ' Oct Nov... _ Dec Jan... _ 393 Feb... _ Mar... _ 3 39 Apr.... _ May... _ 390 June... _ July.... " 388 Source: Monthly Statement of the Public Debt of the United States; Office / Includes U.S. savings notes exchanged for Series H bonds beginning of Market Analysis, United States Savings Bonds Division. January 97. / Sales were discontinued after June 30, 970. Figures shown thereafter Less than $500,000. represent adjustments.

77 August OWNERSHIP OF FEDERAL Table OFS-. - Distribution of Federal Securities by Classes of Investors and Types of Issues End of fiscal year or month Federal securities outstanding (In millions of dollars) outstanding Interest-bearing public debt securities Held by U.S. Government accounts Marketable Government account series Nonmarketable ^ Other Public issues held by Federal Reserve banks 367,44 35,79 84,85 6,007 66,738,07 54,095 38, ,06 95,70 6,974 76,4,07 57,74 409, ,89 0,888 8,09 8,740,056 65,58 437,39 45,360,460 9,868 89,536,056 7, ,46 456,353 3,385 0,080 0,48,056 75,0 486,47 473,38 38,06,9 4,9,056 80, ,3 53, 45,83 0,475,75,056 84,749 63,385 69,54 49,6 8,353 9,0,056 94, , ,560 46,05 6,640 7,409,056 96,47 709,38 697,69 55,490 4,69 38,86,056 04,75 / 977,-Mar ,4 668,6 44,949 5,787 7,06,056 95, ,49 673,389 5,04 5,44 33,74,056 0,39 684,59 67,386 48,744 5,45 3,63,056 98, , ,08 5,860 4,709 35,095,056 98, ,38 697,69 55,490 4,69 38,86,056 04,75 3/ 707, ,30 5,94 4, ,590,056 94,597 78,3 706,973 53,888 4,55 37,37,056 96,477 79,64 75,7 54,849 4,430 38,363,t)56 0, Jan... 73,8 70,563 5,480 4,403 35,0,056 97,003 Feb ,650 78,474 54,83 3,995 38,33,056 98,450 Mar , ,99 5,78 3,980 36,68,056 0,577 Apr ,43 733,074 53,563 3,977 37,530,056 03,07 May... 75,4 758, , ,00 3,967 3,904 43,070 45,6,056,056 0,86 0,34 End of fiscal year or month Interest-bearing public debt securities - Con. Held by private investors Marketable Nonmarketable Matured public debt and debt bearing no interest / outstanding y Agency securities Held by U.S. Government accounts and Federal Reserve banks Held by private investors,89 56,006 56,84,66 4,49,846,403 6,4 57,9 58,3,068,50,553 9,956 7,883 6,863 66,00,06,63,5 9,9 4,545 65,978 76,566,076 0,894,70 8,74 57,947 67,869 90, ,09,56 54,548 64,86 89, ,0,5 8,953 9,860 30,090 0,38 9,708,067 0,943,86 8, ,97 79,78 95,45,79 0,953,3 8,730 39,08 94,595 96,433,4,678, 9, ,43 36,674 0,750, 0,98,094 8, Mar... 47,80 33,605 03, ,934,053 8,88 49,946 33,485 06,46,036 0,84,64 8,560 43,995 36,77 07,88,478 0,78,03 8,55 433,785 35,00 08,784,093 0,3,095 8,6 437,43 36,674 0,750, 0,98,094 8,04 449,50 338,90,0,0 0,90,09 8,98 456, ,870, ,60,085 8,75 457, ,09 4,880 3,76 0,,06 8,95 47,08 355,374 6,707,03 0,6,05 8,0 475, ,3 7,59,79 9,898,0 7,876 Mar... 48,634 36,695 9,939,0 9,893,04 7, , ,44,95 3,55 9,84,03 7,8 478, ,89,768,09 9,84,034 7,78 476,78 353,660 3,,0 9,780,033 7,748 Note: The Export-Import Bank was moved within the Budget effective classified as agency debt. These transactions were previously reported October, 976 pursuant to Public Law Adjustments are made as off-budget negative outlays. to include totals for the period it was outside the Budget (August 3/ Includes a nonmarketable Federal Reserve special certificate for $ , 97 through September 30, 976). Also, adjustments are made / Adjusted to exclude non-interest-bearing notes issued to the Inter- to reflect certain Erport-Import Bank borrowing transactions now national Monetary Fund to reflect the unified budget concept. / For detail, see Table Fl>-6.

78 70 Treasury Bulletin End of month 939-Dec Feb.. Dec June. Dec.. 95-June. Dec.. 95-June. Dec June. Dec June. Dec,. 955-June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec.. 96-June. Dec.. 96-June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec June. Dec.. 97-June. Dec.. 97-June. Dec June. Dec June. Dec June. Dec June. Dec Ja n Feb Mar... Apr... May... June... July... Aug... Sept... Oct... Nov... Dec Ja n Feb Mar Apr. May June p OWNERSHIP OF FEDERAL SECURITIES. Table OFS-. - Estimated Ownership of Public Debt Securities by Private Investors privatelyheld Commercial banks / r 04.9r 04.lr 0.6r 0.8r 00.7r 00.4r 99.8r 99.7r 00.6r 0.4r 00.9r 0.r 0.lr (Par values / In billions of dollars) r 33.4r 3.6r 3.7r 38.r 35.8r 334.5r 338.8r 350.9r 357.Or 359.9r 37.r 374.9r 38.6r Individuals / Savings bonds Series and H Source: Office of Government Financing in the Office of the Secretary. / United States savings bonds, Series A-F and J, are included at current redemption value. / Consists of commercial banks, trust companies, and stock savings banks in the United States and in Territories and island possessions. Figures exclude securities held in trust departments. / Includes partnerships and personal trust accounts. Jt/ Exclusive of banks and insurance companies. J>/ Consists of the investment of foreign balances and international Other series / Other securities Nonbank investors Insurance companies Mutual savings banks Corporations i j State and local governments Foreign and international / Other investors 6/ 9.4 _ r 5.9r,? r r 6. Or 9.7r r r 3. Or r r 6.4r 9.r r r 6.4r 9.r r r 6.3r 7.6r r r 6.r 4.3r r r 6.r r r r 5. Or 5.lr r r 6.r 3.3r 53. Or r r 6.r 3.r 54. Or r r 6.r.8r 55.3r r lr 5.9r.t,55.r lr lx 5.8r 3.4r 56.7r.5 5.6r Or 5.8r.3r 58.6r r r 5.7r 0.8r 6.r r r 5.6r 9.9r 6.r r accounts in the United States. Holdings have been adjusted to exclude issues to the International Monetary Fund and other international lending organizations to reflect the unified budget concept. 6/ Consists of savings and loan associations, nonprofit institutions, corporate pension trust funds, and dealers and brokers. Also included are certain government deposit accounts and government-sponsored agencies. / Includes U.S. savings notes. Sales began May, 967 and were discontinued after June 30, 970. p Preliminary.

79 August TREASU RY SURVEY OF OW NERSHIP, JUNE 30, 978 The monthly Treasury Survey of Ownership covers securities issued by the United States Government, Federal agencies, Federally-sponsored agencies, and the District of Columbia. The banks and insurance companies included in the Survey currently account for about 80 percent of all such securities held by these institutions..the similar proportion for corporations and for savings and loan associations is 50 percent, and for State and local governments, 40 percent. Data were first published for banks and insurance companies in the May 94 Treasury Bulletin, for corporations and savings and loan associations in the September I960 Bulletin, and for State and local governments in the February 96 Bulletin. Holdings by commercial banks distributed according tu Federal Reserve member bank classes and nonmember banks are published for June 30 and December 3. Holdings by corporate pension trust funds are published quarterly, first appearing in the March 954 Bulletin. Table TSO-.-Summary of Federal Securities Classification Public debt issues. -bearing public securities; marketable... Nonmarketable 5 /... amount outstanding / 477,699 70,303 U.S. Government accounts and Federal Reserve banks 4,038 47,8 private investors 353,660 3, (Par values - in millions of dollars) Held by private investors covered in Treasury Survey 5, Insurance companies commercial savings mutual fire, banks banks Life casualty, / / and marine 485 savings and loan associations 435 corporations State and local government pension general and retirement funds funds All other private investors J 7,675 3,736 3,596 7,935 4,43 6,390,0 4,45 40,540 3, Memorandum: Held by 63,399 corporate pension trust funds y interest-bearing public debt securities. 748,00 7,0 476,78 7,675 3,736 3,596 7,935 4,34 6,390,0 4,45 363,66 0,996 Matured debt and debt bearing no interest...,0 _,0. _,0 public debt securities ,04 7,0 477,803 7,675 3,736 3,596 7,935 4/34 6,? & 364,68? 0.996_ G q v q r M P n t a ^ e c y. j8gueg; Regular issues... 4, , ,047 6 Participation 3,95,675, Govt, agency securities covered in Treasury Survey... 7,975,93 6,05, ,7 59 Nonsurveyed Govt, agency securities......,805 09,696 Govt, agency securities ,780,033 7,748 Federal securities ,804 73,53 485,55 0,996 Footnotes at end of Table TSO-5.

80 7.TREASURY SURVEY OF OWNERSHIP, JUNE 30, 978 Treasury Bulletin Classification Table TSO-. - Interest-Bearing Marketable Public Debt Securities amount outstanding y U.S. Government accounts and Federal Reserve banks by Type and Maturity Distribution (Par values - in millions of dollars) 5,473 commercial banks / Held by investors covered in Treasury Survey 464 mutual savings banks / Insurance companies 89 life.security: Issued by U.S. Government: 59,757 44,599 7, ,30 58,5 6^766 3,73,33 Treasury bonds.... 5,63,88, , ,699 4,038 7,675 3,736 3,596 By maturity distribution Call classes (due or first becoming callable): Within year...,... 5 to 0 years... 5 to 0 years... 0 years and over Maturity classes (final maturity): 5 i-o 0 years to 0 years... 0 years and over Footnotes at end of Table TS fire, casualty, and marine 499 6, savings and loan associations 40 3, corporations,309 4, State and local governments pension general and retirement funds funds 3,76 5,997,443 36,474,409 Held by all other investors y 0,56 8,870 0,53 Memorandum: Held by 63,599 corporate pension trust funds,37 7,3,503 7,935 4,34 6,390,0 -,4,45. 40,540 0,996, , ,59,696,60 5, ,590,7 73,060 36,53 4,44,070,30 3,864,480 3,60 3, ,880 4,004 46, , , ,03,373,3 3, , , ,85, , , ,699 4,038 7,675 3,736 3,596 7,935 4,34 6,390,0 4, ,996 0,683 58,50 0, ,89,656,597 5, ,700,90 74,30 36,759 4,98,077,399 3,98,503 3,80 3, ,377 4,005 44,443 3,984 6, , ,4,389 0,700, ,94, , ,377 0,07, , , ,699 4,038 7,675 3,736 3,596 7,935 4,34 6,390,0 4,45 40,540 0,966 r Issue Table TSO-3. - Interest-Bearing Marketable Public Debt Securities by Issue <rax vaxuee» «lu rnxxjuxvue ui uwxxgulo i Held by investors covered in Treasury Survey amount outstanding y U.S. Government accounts and Federal Reserve banks 5,473 commercial banks / mutual savings banks / Insurance companies 89 life 439 fire, casualty, and marine 485 savings and loan associations 435 corporations State and local governments,30 general funds 83 pension and retirement funds Held by all other investors y Memorandum: Held by 63,599 corporate pension trust funds y Treasury Bills: Regular weekly and annual maturing: July ,977 5, , Aug , 3,747 7, , Sept , 5,664 7, ,55 54 Oct , 6,778 5, ,573 Nov , 0,7 5, ,869 Dec , 7,459 6,489, , Jan , 3,05, ,5 8 Feb , , Mar ,3, _ , Apr ,346, ,90 9 May ,503, ,76 0 June ,784, ,07 4 Treasuiy Bills... 59,757 44,599 7, ,309 3, ,56,37 Treasury Notes: 6-7/8# July 978-P..., , /8 Aug. 978-E... 5,55,65, , /4 Aug. 978-C..., , /8 Aug. 978-Q..., , /4 Sept. 978-P... 3, , /8 Oct. 97&-S..., , /4 NOV. 97&-T-..., ,645 6 Nov. 978-B... 8,07 3,69, , /4 Dec. 978-U... 3, , /8 Dec. 978-H..., , /8 Jan. 979uL..., , Feb. 979-H... 4,59, , /8 Feb. 979-M..., , Mar. 979-N... 3, , /8 Apr. 979-P..., ,8 7-7/8 May 979-D..., /8 May 979-Q..., , /4 June 979-E..., /8 June 979-R..., ,5 5 6-/4 July 979-S... 3, , /4 Aug. 979-A... 4,559, , /8 Aug. 97- J..., /8 Aug. 979^T... 3, ,763 5 Footnotes at end of Table TS0-5.

81 August 978 Issue t r r A fix TRY SURVEY OF OWNERSHIP, JUNE 30, 978 Table TSO-3. - Interest-Bearing Marketable Public Debt Securities by Issue Continued 435 corporations amount outstanding / (Par values - In millions of dollars) U.S. Government ac 5, commer counts and cial Federal banks Reserve banks / Held by investors covered in Treasury Survey mutual savings banks / Insurance companies 485 savings and loan associations 89 life 439 fire, casualty, and marine State and local governments 83, 30 pension general and retirement funds funds nciu uy all other investors / Memorandum: Held by 63,599 corporate Treasury Notes: (Continued) 8-/% Sept. 979-F..., , /8 Sept. 979-U... 3, , /4 Oct. 979-V... 4,334 3, , /4 Nov. 979-K... 3,376 6, , /8 Nov. 979-B...,604, Nov. 979-C..., /8 Nov. 979-W... 4,79 4, , / Dec. 979-G..., /8 Dec. 979-X... 3, ,0 9 7-/ Jan. 980-K... 3, , , / Feb. 980-G... 4,608,59, , /8 Feb. 980-L... 3,80 8, , / Mar. 980-C... 6, , , /4 Apr. 980-N... 3, , /8 May 980-A... 7,65 5, May 980-P... 3, , /8 June 980-D..., , /4 June 980 Q... 4, , /4 Aug. 980-H... 4,33 674, , Aug. 980-B... 4,96, , /8 Sept. 980-E..., ' /8 Nov. 98CUJ... 4, , /8 Dec. 980-F..., , Feb. 98-A..., /8 Feb. 98-C... 4,796,08, , /8 Mar. 98-H..., , /8 May 98-D..., / May 98-M... 3,893,08, , /4 June 98-J..., , /8 Aug. 98-F...,586 93, /4 Sept. 98-K..., , Nov. 98-G...,543 04, /4 Nov. 98-B... 4,477, , /4 Dec. 9 -L... 3,45 38, /8 Feb. 98-D..., , /8 Mar. 98-G...,853 38, , Apr. 98-E..., , May 98-A...,747, /4 June 98-H..., , /8 Aug. 98S-B...,98, , /8 Nov. 98-C..., , /8 Nov. 98-F..., , Feb. 983-A... 7,958,36, , /8 Mar. 983-C..., , Nov. 983-B..., , /4 Feb. 984-A... 8,438 3,858, , /4 Aug. 984-B..., , Feb. 985-A... 4,03, , /8 May 986-A... 5,9, , Aug. 986-B... 9,55,003, ,97 6 a 7-5/8 Nov. 987-A..., /4 May 988-A... 4,48, ,8 86 Exchange Series., Treasury Notes ,30 58,5 6,766 3,73,33 6,65 3,708 4,673 5,997,474 8,870 7,3 Treasury. Bonds: 4-/4 May , >-/4 June , Feb , / Nov , Aug /8 Feb ,70, /8 Aug ,353, /4 May /8 Nov , /4 Aug ,860, , Feb _ / Aug ,94, _ /8 May , / Feb , , /4 May , /4 Aug , /4 Feb /8 Feb , _ , May ft-/ May ,44, Feb /8 Feb , , /8 Aug ,66, , AugT 996^00 r, / Nov , /4 May ,46, , /8 Feb ,49, , /8 Nov , Treasury Bonds... 5,63,88, ,97, ,443,409 0,53,503 Marketable Public Debt 477,699 4,038 7,675 3,736 3,596 7,935 4,34 6,390,0 4,45 40,540 0,996 Footnotes at end of Table TSO-5. pension trust funds

82 74..TREASURY SURVEY OP OWNERSHIP, JUNE 30, 978. Treasury Bulletin Type Exportr,Import. Bank: Debentures... Issues to State & Local Govts. /... Participation Certificates... Eximbank... Federal Housing Administration: Debentures... Government NatiQEfll.Mortgage Association: Participation Certificates U.S. Postal Service: Bonds... Tennessee Valley Authority: Bonds... Government agency securities covered by survey.. Footnotes at end of Table TSO-5 Table TSO-4. - Securities Issued by Government Agencies (Par values - in millions of dollars) Held by investors covered in Treasury Survey amount outstanding /, , ,70 50,85 7,975 U.S. Government accounts and Federal Reserve banks , ,473 commercial banks / ,93, mutual savings banks / Insurance companies 89 life fire, casualty, and marine savings and loan associations corporations 5 4_ 8 9 State and local governments 30, general pension funds tirement funds Table TSO-5. - Securities Issued by Government-Sponsored Agencies, Farmers Home Administration and the District of Columbia Held by all other investors / ,368,7 Memorandum: Held by 63,599 corporate pension trust funds y Issue amount outstanding / 8/ U.S. Government accounts and Federal Reserve banks 5,473 commercial banks / Held by investors covered m Treasury Survey 464 Insurance companies 485 mutual savings savings fire, and loan banks life casualty, associations / and marine 435 corporations State and local governments 3ib general funds 83 pension and retirement funds Held by all other investors / Memorandum: Held by 63,599 corporate pens ion trust funds Lj 4,974 47, , Farm Credit Banks: Dis cotint Notes..., ,08 9 Consolidated Bonds..., ,47 56 Farmers Home Administration: Insured Notes... 3, Federal Home Loan Banks: Discount Notes...., ,97 3 4, , ,79,94 Bonds... FHLMC Mtg. Backed Certificates 9,880,333 & Bonds /...,937 - Issues to State and Local Govts. 8/ 3 / FHLB... 4,599,333 4,908, ,979 4,9,0 LI, 588,08 Federal Intermediate Credit Banks Debentures...,57 58, ,88 00 Fedgral_Land Banks: Bonds... 9,686,449 3, LI, Federal National Mortgage Association: Discount Notes... 4, , Debentures... 9,700 3,00 5,65,87 439,3 306, L6,89 96 Capital Debentures..., Mtg. Backed Bonds Issues to State and Local FNMA... 36,404 3,47 6,40, ,543 45, L9,349,038 District Qf Columbia: Stadium Bonds / / Government sponsored securities covered in survey.. 03,885 8,00 9,964 3, ,49 5,09,39 5,83,735 Securities issued by the Treasury and Government agencies that are classified as debt tinder the new unified budget concept. For debt subject to limitation, see Table FD-9. Includes trust departments. Included with all other investors are those banks, insurance companies, j>/ savings and loan associations, corporations, and State and local government funds not reporting in the Treasury Survey. Also included 6/ are certain Government deposit accounts and Government-sponsored agencies. 7/ Consists of corporate pension trust fund and profit-sharing plans 8/ which involve retirement benefits. The data are complied from quarterly reports by bank trustees who report total number of funds / administered and Public Debt and Agency Securities held. It is estimated that these funds account for approximately 90 percent of Federal Securities held by all corporate pension trust funds. Since the data are not available each month, the regular monthly Survey i 54,966 i 4,737 includes holdings by these funds under "Held by all other private investors." The quarterly data are presented as supplemental information in a memorandum column accompanying the Survey for each reporting date, beginning with December 3, 953. Data on the holdings of nonmarketable Public Debt were no longer collected beginning with July 974 Treasury Survey of Ownership. Includes Export-Import Bank and Government National Mortgage Association participation certificates. Includes matured securities outstanding on which interest has ceased. Direct placements (mortgage-backed bonds) with State and local governments with various interest rates and maturity dates. Obligation of the Federal Home Loan Mortgage Corporation. The capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. Less than $500,000.

83 August TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, 97 The tables which follow report the security holdings of those commercial banks included in the Treasury Survey of Ownership by type of bank and by type of security. The figures in the columnar headings indicate the number of reporting banks in each class. Commercial bank ownership was first published in the May 944. issue of the "Treasury Bulletin" based on the Survey date for December 3, 943. It has appeared at semiannually or quarterly intervals since that time and is now being published for the June 30 and December 3 Survey dates. Table TSC-. - Summary of Interest-Bearing Public Debt Securities (Par values - in millions of dollars) Federal Reserve member banks Held by Reserve city,94 5,473 Classification 3,79 c'ommetcial 9 3,006 nonmember member 5 banks / New York banks Chicago other country banks City Interest-bearing public debtsecurities: Marketable... 7,675 57,04 8,835,690 0,3. 5,404 4,633 Nonmarketable / interest-bearing public debt securities... 7,675 57,04 8,835,690 0,3 5,404 4,633 Footnotes at end of Table TSC-5 Classification Table TSC-. - Interest-Bearing Marketable Public Debt Securities by Type and Maturity Distribution (Par values - in millions of dollars) Held by 5,473 commercial banks / 3,79 member banks Federal Reserve member banks New York City Reserve city 9 Chicago By.t o e security: Issued by U.S. Government: Treasury bills ,00 5, Treasury notes , , Treasury bonds...,899,77 4 ' 33 5 other,34 6, ,006 country,64,947 83,94 nonmember banks... 7,675 57,04 8,835,690 0,3 5, ^Call^classes if due or first becoming callable): Within year......,6 6 67,873,57 6,359 7,37 4,499 to 5 years ,44 SS y 70? 6,033,343,448 5,6 5 to 0 years ,59 6,56 / Qon 4Vo ) Oft 59,69,64,587 0 to 5 years / to 0 years years and over ILL ,675 57,04 8,835,690 0,3 5, Maturity classes (final maturity): Within year... 0,899 J.O A j 5HO?U7,837,57 6,8 7,97 to 5 years ,479 4,98 9U<CO 6,033,343,469 5 to 0 years ,83 8,69 6,538 L qao J Oft 59,655 0 to 5 years ,646, C ( to 0 years years and over , , S ( tu4c C\JO 8,835,690 0,3 5,404 4,63^,456,555 6 Footnotes at end of Table TSC-5

84 Treasury Bulletin.TREASURY SURVEY COMMERCIAL BANK OWNERSHIP, JUNE 30, 978 «Table TSC-3. - Interest-Bearing Marketable Public Debt Securities by Issue Issue 5,473 commercial banks / (Par values - in millions of dollars) Federal Reserve member banks Held by Reserve city,94 3,79 3,006 member 9 5 country banks New York Chicago other City nonmember banks Treasury Bills: Regular weekly and annual maturing: July Aug Sept Oct Nov Dec.,459, Jan Feb Mar Apr May June Treasury Bills. 7,00 5, ,34,64,456 Treasury., No-teg: J 6-7/8 July 978-P /8 Aug. 978-E...;..., /4 Aug. 978-C /8 Aug. 978-Q /4 Sept. 978-R /8 Oct. 978-S /4 Nov. 978-T Nov. 978-B......, /4 Dec. 978-U /8 Dec. 978-H /8 Jan. 979-L Feb. 979-H /8 Feb. 979-M Mar. 979-N /8 Apr. 979-P /8 May 979-D /8 May 979-Q /4 June 979-E /8 June 979-R /4 July 979-S /4 Aug. 979-A /8 Aug. 979-J m 5/8 Aug. 979-T / Sept. 979-F /8 Sept. 979-U /4 Oct. 979-V..., /4 Nov. 979-K..., /8 Nov. 979-B Nov. 979-C /8 Nov. 979-W..., / Dec. 979-G /8 Dec. 979-X / Jan. 980-K..., / Feb. 980-G...,39, /8 Feb. 980-L..., / Mar. 980-C...,78, /4 Apr, N, j /8 May 980-A May 980-P /8 June 980-D /4 June 980-Q /4 Aug. 980-H...,88, Aug. 980-B /8 Sept. 980-E /8 Nov. 980-J /8 Dec. I98O-F Feb. 98-A /8 Feb. 98-C...,453, /8 Mar. 98-H /8 May 98-D / May 98-M..., /4 June 98-J /8 Aug. 98-F..., /4 Sept. 98-K Nov. 98-G..., /4 Nov. 98-B /4 Dec. 98-L..., /8 Feb. 98-D /8 Mar. 98-G...,33, Apr. 98-E May 98-A /4 June 98-H /8 Aug. 98-B /8 Nov. 98-C /8 Nov. 98-F Feb. 983-A..., /8 Mar. 983-C Nov. 983-B /4 Feb. 984-A..., /4 Aug. 984-B Footnotes at end of Table TSC-5.

85 August TREASURY SURVEY COMMERCIAL BANK OWNERSHIP, JUNE 30, Table TSC-3. - Interest-Bearing Marketable Public Debt Securities by Issue Continued Held by Issue 5,473 commercial banks l/ (Par values - m millions of dollars) 3,79 member banks Federal Reserve member banks New York City Reserve city 9 Chicago 5 other 3,006 country,94 nonmember banks 8 Feb. 985-A /8 May 986-A Aug. 986-B...,738, /8 Nov. 987-A /4 May 988-A Exchange Series Treasury Notes. 6,766 49, 7,500,96 6,80,947,555 Treasury Bonds: 4-/4 May /4 June Feb / Nov Aug /8 Feb /8 Aug /4 May /8 Nov a /4 Aug , Feb / Aug /8 May / Feb /4 May /4 Aug /4 Feb /8 Feb May / May Feb /8 Feb /8 Aug Aug / Nov /4 May /8 Feb /8 Nov Treasury Bonds.,,879, marketable public debt securities... 7,675 57,04 8,835,690 0,3 5,404 4,633 Footnotes at end of Table TSC-5.

86 Treasury Bulletin.TREASURY SURVEY - COMMERCIAL BANK OWNERSHIP, JUNE 30, Table TSC-4. - Securities Issued by Government Agencies Exppr.t.-Import, Bank: (Mtg. Backed Bonds) Held by Issue 5,473 commercial banks l/ (Par values - in millions of dollars) 3,79 member banks New York City Federal Reserve member banks Reserve city,94 9 Chicago 5 other 3,006 country nonmember banks EX-IM ? 3 05 Federal Housing Administration: Government National Mortgage Association;, Participation U.S. Postal Service.: Tennessee Valiev Authority: Bonds... Government Agency securities Footnotes at end of Table TSC , Issues Table TSC-5. - Securities Issued by Government-Sponsored Agencies, Farmers Home Administration and the District of Columbia Held by 5,473 eommerical banks l/ (Par values - in millions of dollars) Federal Reserve member banks 3,79 Reserve city 3,006,94 member 9 5 banks New York country nonmember City Chicago other banks Banks for Cooperatives:, Farm Credit Bank: Discount Notes Consolid Bonds Farmers Home Administration: Insured Notes Federal Home Loan Banks: Discount Notes Bonds... % 4,39 3, ,038, FEEL' Mtg. Backed Certificates & Bonds / _ 86 68,03 Issues to State and Local Govts FHLB... 4,908 3, ,33,9,073 F^er,al_Intemediate. Credit Banks; Debentures...,045, federal Land Bank: 3,879, ,908,078 Federal. National Mortgage Association: Discount Notes Debentures... 5,65 4, ,305,344,07 Capital Debentures Mtg. Backed Bonds Issues to State and Local FNMA... 6,40 4, ,507,943,496 District of Columbia.Stadium Bonds... Government sponsored agency securities covered in survey.... 9,964 5,3b, ,45 8,95 4,87 / Includes trust companies and stock savings banks but excludes securi- / Obligations of the Federal Home Loan Mortgage Corporation. The ties held in trust departments. / Data on holdings of nonmarketable public debt were no longer collected capital stock of the Federal Home Loan Mortgage Corporation is held by the twelve Federal Home Loan Banks. beginning with July 974 Treasury Survey of Ownership. Less than $500,000.

87 August MARKET QUOTATIONS ON TREASURY SECURITIES, JULY 8, Current market quotations shown here are over-the- listed include all regularly quoted public marketable secucounter closing bid quotations in the New York market for rities issued by the United States Treasury. Securities the last trading day of the month, as reported to the Treasury issued by Federal agencies and guaranteed by the United by the Federal Reserve Bank of New York. The securities States Government are excluded. Table MQ-. - Treasury Bills Amount outstanding (millions) Issue date Bank discount Amount outstanding Issue Maturity date 3-week 6-week 3-week 6-week date Change from (millions) Bid last month 5-week 5-week Maturity date Bid Bank discount Change from last month $,303 $3,505 5/d4/78 /0/78 8/03/ $3,005 8/3/77 8// ,304 3,50& 5//78 /09/78 8/0/ ,036 9/0/77 9/9/ ,07 3,509 5/8/78 /6/78 8/7/ If 3,6 0/8/77 0/7/ ,04 3,50 5/5/78 /3/78 8/4/ ,587 /5/77 /4/ , 3,503 6/0/78 3/0/78 8/3/ ,838 /3/77 // ,99 3,407 6/08/78 3/09/78 9/07/ ,05 /0/78 /09/ ,307 3,40 6/5/78 3/6/78?7izr/ ,53 /07/78 /06/ ,03 3,40 6//78 3/3/78 9// ,3 3/07/78 3/06/ ,306 3,403 6/9/78 3/30/78 9/8/ ,346 4/04/78 4/03/ ,304 3,406 7/06/78 4/06/78 0/05/ ,05 5/0/78 5/0/ ,306 3,40 7/3/78 4/3/78 0// ,478 5/30/78 5/9/ ,98 3,40 7/0/78 4/0/78 0/9/ ,784 6/7/78 6/6/ ,304 3,406 7/7/78 4/7/78 0/6/ ,380 7/5/78 7/4/ ,504 5/04/78 /0/ ,403 5//78 /09/ ,405 5/8/78 /6/ ,407 5/5/78 /4/ /0/78 /30/ ,403 6/08/78 /07/ ,40 6/5/78 /4/ ,404 6//78 // ,403 6/9/78 /8/ ,403 7/06/78 /04/ ,406 7/3/78 // ,409 7/0/78 /8/ ,503 7/7/78 /5/ Table MQ-. - Treasury Notes Amount outstanding (millions) Description Bid Price Change from last month (Price decimals are 3ds) Yield To maturity Change from las't month Issue date Price range since first traded / High Low Price Date Price Date $5,55 7-5/87. _ 8/5/78-E /5/ /03/ /6/75,46 8-3/4-8/5/78-C r 5/5/ /05/ /3/74, /8-8/3/78-Q /3/ /03/ //78 3,95 6-/4-9/30/78-R /30/ /0/ //78,9 5-7/8-0/3/78-S /0/ /0/ /8/ _ /5/78-B /5/ /03/ /3/74,94 5-3/4 - /30/78-T /30/ /0/ /9/77 3,376 5-/4 - /3/78-U /3/ /7/ /8/77,57 8-/8 - /3/78-H // /03/ /5/78, /8 - /3/79-L /03/ /4/ /0/78 4,69 7 /5/79-H /7/ /0/ /04/76, /8 - /8/79-M /8/ /4/ //78 3,59 6-3/3/79-N /3/ /4/ ' //78,99 5-7/8-4/30/79-P /0/ /0/ //78,69 7-7/8-5/5/79-D /06/ /0/ /5/75,087 6-/8 _ 5/3/79-Q /3/ /8/ /0/78,308 6-J/8-6/30/79-R /30/ /8/ /6/78,78 7-3/4-6/30/79-E /09/ /03/ /5/75 3,80 6-/4-7/3/79-S /0/ /6/ /6/78 4,559 6-/4-8/5/79-A /5/7 0.3 /0/ /3/74, /8 _ 8/5/79-J /6/ /0/ //78 3,48 6-5/8. 8/3/79-T /3/ /06/ //78 3,86 6-5/8-9/30/79-U /30/ /9/ /3/78,08 8-/ - 9/30/79-F /04/ /0/ /6/75 4,334 7-/4-0/3/79-V /3/ /9/ /0/78 3,376 6-/4 _ /5/79-K /5/ /0/ /4/78, /8 - /5/79-B /5/ /0/ /3/74,4 7. /5/79-C /5/ /0/ /3/74 4,79 7-/8 - /30/79-W /30/ /30/ //78 3,90 7-/8 - /3/79-X /03/ /04/ //78,006 7-/ _ /3/79-G /06/ /0/ //78 3,875 7-/ - /3/80-K /3/ /0/ /0/78 4,608 6-/ - /5/80-G /5/ /3/ /4/78 3,80 7-5/8 - /9/80-L /8/ // /4/78 6,076 7-/ - 3/3/80-C /7/ /0/ /4/78 3,80 7-3/4 _ 4/30/80-N /0/ /5/ //78 7,65 6-7/8 _ 5/5/80-A /5/ /0/ /3/74 3,099 8 _ 5/3/80-P /3/ /08/ /5/78,85 7-5/8. 6/30/80-D /0/ /7/ /5/78 4,407 8-/4-6/30/80-Q /30/ /8/ /4/78 4,7 8-/ 7/3/80-R /3/ /8/ //78 4,33 6-3/4-8/5/80-H /5/ /06/ /8/78

88 80 Treasury Bulletin Amount outstanding (millions) $4,96,4 4,600,69,84 4,796,809,00 3,893.54,586,968,543 4,477 3,45,697,853,63,747,594,98,737,90 7,958,573,309 8,438,863 4,03 5,9 9.55,387 4, Amount outstanding (millions) 9% 6-7/8 7-/8 5-7/ /8 6-7/8 7-3/8 7-/ 6-3/4 7-5/8 6-3/ /4 7-/4 6- /8 7-7/ /4 8-/8 7-/8 7-7/ /8 7 7-/4 7-/ / /8 8-/4 ^/ -/ -/ -/ -/ - / -/ -/ -/ -/ Description Description.MARKET QUOTATIONS ON TREASURY SECURITIES, JULY 3, /5/80-B 9/30/80-E /5/80-J /3/80-F /5/8-A /5/8-C 3/3/8-H 5/5/8-D 5/5/8-M 6/30/8-J 8/5/8-F 9/30/8-K /5/8-G /5/8-B /3/8-L /5/8-D 3/3/8-G 5/5/8-E 5/5/8-A 6/30/8-H 8/5/8-B /5/8-F /5/8-C /5/83-A 5/5/83-C /5/83-B /5/84-A 8/5/84-B /5/85-A 5/5/86-A 8/5/86-B /5/87-A 5/5/88-A 0//78-E0 4//79-EA lo/l/79-eo 4//80-EA 0//80-E0 4//8-EA 0//8-E0 4//8-EA 0//8-E0 4//83-EA $ Bid Table MQ-. - Treasury Notes-Continued (Price decimals are 3d's) Change from last month To first call or maturity / 8.4% Yield Change from last month -.0% Table MQ3. - Treasury Bonds (Price decimals are 3ds) Price Yield Change from last month To first call or maturity / Change from last month Issue date 8/5/74 9/4/76 /5/77 /07/76 /5/74 /8/75 3/08/77 /6/76 /5/78 6/03/77 7/09/76 9/07/77 0//76 /5/74 /07/77 /06/77 3/06/78 4/04/77 5/5/75 6/07/78 8/5/75 0/7/77 /7/75 /7/76 4/05/78 /5/76 /5/77 8/5/77 /5/78 5/7/76 8/6/76 /5/77 5/5/78 0/0/73 4/0/74 0/0/74 4/0/75 0/0/75 4/0/76 0/0/76 4/0/77 0/0/77 4/0/78 Issue date Price range since first traded / High Date /0/76 /0/76 /5/77 /03/76 /6/76 /0/76 5/8/78 //76 7/8/78 6/8/77 /0/76 9/06/77 /6/76 /0/76 /0/77 /3/76 4/7/78 4/4/77 /03/76 6/07/78 /0/76 0/06/77 /03/76 3//78 4/7/78 /0/76 6/8/77 9/06/77 3//78 /30/76 /30/76 //77 5/7/78 7/3/78 7/3/78 6/30/78 7/3/78 7/3/78 7/3/70, 7/3/77 /30/77 3/3/77 3/3/ Price range since first trade / High Low Date 8/3/74 7/0/78 7/4/78 7/0/78 8/3/74 9/0/75 7/4/78 7/5/78 7/5/78 7/4/78 7//78 7/0/78 7/5/78 9/6/75 7/4/78 7//78 7/4/78 7/4/78 9/6/75 7/4/78 9/5/75 7/5/78 7/0/78 7/5/78 7/4/78 7//78 7/3/78 7//78 7/5/78 7/4/78 7/0/78 7/3/78 7/0/78 9/30/74 9/30/74 0/3/74 4/30/75 0/0/76 5/8/76 3/3/77 3/3/77 6/30/78 6/30/78 Price Date Price Date $,494 4% _ /5/ % -.09% /3/ // /9/69,753 3-/ - /5/ /03/ // /4/ /5/ /5/7 0.0 /5/ /8/74,70 6-3/8 - /5/ /5/ /09/ /8/74,39 3-/4-6/5/ /0/53.8 8/04/ /6/70,353 ^6-3/8-8/5/ /5/ /03/ /7/ '3-/4-5/5/ /03/ // /6/70,04 4-/4-5/5/ /5/ /7/ /0/78,6 6-/8 - /5/ /5/ /05/ /9/74,768 3-/ - /5/90 3/ /4/ // /6/70,47 8-/4-5/5/90 3/ /07/75.05 /3/ /3/78,855 4-/4-8/5/ /5/ /6/ /6/70,504 7-/4-8/5/9 3/ /08/ /9/ /3/ /5/ /7/ /6/ /6/ /4 - /5/93 3/ /0/ /04/ /6/74,50 7-7/8 - /5/93 3/ /06/ /30/ /3/78,94 7-/ - 8/5/ / /5/ /8/ /6/74, /8-8/5/93 3/ // /8/ /5/78,053 4-/8-5/5/ / /8/ /8/ /6/ /5/95 3/ /5/ /8/ /6/ /5/ / /5/ /8/ /6/74,957 3-/ - /5/98 3/ /03/ // /6/70,44 8-/ - 5/5/ / /5/74.6 /3/ /6/74,77 7-7/8 - /5/ / /8/ /3/ /3/78 4,66 8-3/8-8/5/ / /5/75.6 /3/ /6/75, /5/96-0 3/ /6/ /3/ /3/78 4,46 8-/4-5/5/ / /5/ /3/ /5/75 4,49 7-5/8 - /5/0-07 3/ /5/ /8/ /3/78 rr L y k, /5/0-07 3/ ij 9.,.. _a -,56., u n m,,, 7/3/78 the-counter market. Prices for prior dates are the mean of closing bid and ask quotations. "When issued prices are included in the history beginning October 94. Dates of highs and lows in case of recurrences are the latest dates. call date as more significant when an issue is selling above par, and to maturity when it is selling at par or below../ Included in the average yield of long-term taxable Treasury bonds as shown under "Average yields of Long-Term Bonds."

89 YIELDS OF TREASURY SECURITIES July 3, 978 Based on closing bid quotations o? Si v o 0 0 > C O H > hh o w I CO M O C 5d Ch I 3 00 Market yields on coupon issues due in less than 3 months are excluded.

90 8 Treasury Bulletin AVERAGE YIELDS OF LONG -TERM BftMna Table AY-. - Average Yields of Long-Term Treasury, Corporate and Municipal Bonds by Periods Period Treasury bonds / New Aa corporate bonds / New Aa municipal bonds / j Treasury New Aa bonds / corporate New Aa I Treasury bonds j municipal I bonds / bonds / ( Monthly series - averages of daily or weekly series New Aa corporate bonds / New Aa municipal bonds / Treasury bonds / New Aa corporate bonds / New Aa municipal bonds / $ 4/ / ;l U IJ / y U June / y / / U y y U / 8.7Q u B / 5 / , / U U Period Treasury bonds / New Aa Corporate bonds / New Aa municipal bonds 3/ Period Treasury bonds / New Aa corporate bonds / New Aa muncicpal bonds j/ Period New Aa Treasury corporate bonds l/ bonds / New Aa municipal bonds / Weekly series - average for weeks eriding Feb Apr ? / L Mar May / Treasury bond yields are based on a composite of closing bid quotations m the over-counter market. Series included bonds on which the interest income is subject to normal tax and surtax which are neither due nor callable before 0 years. For bonds currently in series, see Table MQ-3. / Treasury series based on reoffering yields of new corporate bonds rated Aa by Moody's Invertots Service and having an original maturity of at least 0 years. Prior to June 973, this series reflected bonds without call protection. From June 973 to July 976, the series was adjusted to refected 5 years call protection. Since that time the series reflects bonds yields regardless of the call protection offered. / Index of new reoffering yields on 0 year general obligations rated Aa by Moody's Investor Service. Prior to June 970 the series was compiled by Securities Industries Association. Since then, the series has been compiled by Treasury. 4/ One or more new long-term bonds added to the average. / An existing bond dropped from the average. Not available

91 PERCENT AVERAGE YIELDS OF LONGTERM TREASURY, CORPORATE, AND MUNICIPAL BONDS PERCENT X 8 Oc > V O ^ > < 8. 0 Sd > o O GO o r o Q w 5.0 w o a Change in Aa computation method effective June 973. See footnote following table AY

92 84 Treasury Bulletin NATIONAL BANK REPORTS. Table NBR-. - Operating Income and Expense, and Dividends of National Banks Calendar Year 977 (Dollar amounts in millions) Number of banks /. 4,655 Equity Capital: Capital stock, par value: / Preferred... Common capital stock... equity capital /... 9,38 9,340 43,57 OPERATING INCOME: Interest and fees on loans... Interest on balances with banks... Income on Federal funds sold and securities purchased under agreements to resell in domestic offices.... Interest on U.S. Treasury securities... Interest on obligations of other U.S. Government agencies and corporations. Interest on obligations of States and political subdivisions of the U.S... Interest on other bonds, notes, and debentures... Dividends on stock Income from direct lease financing... Income from fiduciary activities... Service charges on deposit accounts in domestic offices... Other service charges, commissions, and fees... Other income operating income... OPERATING EXPENSES: Salaries and employee benefits... Interest on time certificates of deposits of $00,000 or more issued by domestic offices... Interest on deposits m foreign offices... Interest on other deposits Expense of Federal funds purchased and securities sold under agreements to repurchase in domestic offices... Interest on borrowed money Interest on subordinated notes and debentures... Occupancy expense of bank premises, net... Furniture and equipment expense... Provision for possible loan losses (actual net loan losses)... Other expenses... operating expenses INCOME BEFORE INCOME TAXES AND SECURITIES GAINS OR LOSSES... APPLICABLE INCOME TAXES (domestic and foreign)... INCOME BEFORE SECURITIES GAINS OR LOSSES... SECURITIES GAINS, NET,AFTER TAXES... INCOME BEFORE EXTRAORDINARY ITEMS... EXTRAORDINARY CREDITS, NET OF TAX EFFECT... NET INCOME... 35, ,53 3,39,3, ,3 987, ,789 9,487 4,03 7,3,957 3, ,70,4,985 5,598 46,956 6,833,767 5, , ,39 Cash dividends: On preferred stock... On common stock ,993 Ratios: Net income, before dividends, to equity capital... Cash dividends to equity capital Source: Office of the Comptroller of the Currency / Includes all banks operating as National banks at year end. / Averages of amounts reported for the three call dates of June and December in the current year and December in the preceding year.

93 August INTERNATIONAL FINANCIAL STATISTICS. Tho tables tn this section ape designed to provide data on United States reserve assets and liabilities and other statistics related to the United States balance of payments and international financial position. Table IFS- shows the reserve assets of the United States including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund holdings of convertible foreign currencies, and reserve position in the International Monetary Fund. Table IFS- brings together statistics on liabilities to foreign official institutions, and liquid liabilities to all other foreigners, which are used in the United States balance-of-payments statistics. Table IFS-3 presents an area breakdown of United States liabilities to official institutions of foreign countries. Table IFS-4 shows United States Treasury nonmarketable bonds and notes issued to official institutions of foreign countries. Table IFS-5 sets forth the factors which affect the United States position in the International Monetary Fund. Table IFS-6 presents a measure of weighted-average changes in exchange rates between the United States dollar and the currencies of certain other countries. Table IFS-. - U.S. Reserve Assets End of calendar year or month reserve assets () j (In millions of dollars) () Gold stock / Treasury (3) Special drawing rights y (4) Convertible foreign currencies 4/ (5) Reserve position in International Monetary Fund 5/ (6) ,70 0,89 0,367-3, ^ 8..., ,964 y,859 0,367 _,78 6/,34 4,487,07 0, ~, ,67 7 0,06 0,3,00 76 V 585 3,5 8/ 0,487 8/ 0,40 8/,958 8/ / 4,378 9/,65 9/,567 9/,66 9/ / 5,883,65,65,374 5, ,6,599,599,335 80, ,747 0/,598,598,395 0/ 30 4,434 0/ 9,3 0/,79,79,69 0/ 8 4,946 0/ 977-July ,97 0/,658,595,498 0/ 55 4,76 0/ 9,055 0/,658,595,483 0/ 55 4,859 0/ Sept... 8,988 0/,658,595,489 0/ 65 4,776 0/ 9,048 0/,658,595,530 0/ 8 4,84 0/ Nov... 9,55 0/,658,595,548 0/ 6 4,933 0/ 9,3 0/,79,79,69 0/ 8 4,946 0/ 978-Jan... 9» 454 io/,78,78,69 0/ 73 4,934 0/ Feb... 9,373 0/,78,78,67 0/ 8 4,966 ^ Mar... 9,9 0/,78,78,693 0/ 80 4,70 0/ 8,84 0/,78,78,669 0/ 67 4,388 0/ May... 8,966 0/,78,78,760 0/ 4 4,347 0/ June... 8,864 0/,706,706,804 0/ 84 4,70 0/ July... 8,83 0/,693,693,860 0/ 0 4,77 0/ / Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, and gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for the purpose of making gold subscriptions to the Fund under quota increases. For corresponding liabilities see Table IFS-. / Includes gold held by the Exchange Stabilization Fund (ESF). See "Account of the U.S. Treasury, Table UST-3. / Includes initial allocation on January, 970 of $867 million, second allocation on January, 97 of $77 million and third allocation on January, 97 of $70 million of special drawing rights (SDR) in the Special Drawing Account in the International Monetary Fund, plus or minus transactions in SDR. Includes holdings of Treasury and Federal Reserve System. 5/ The United States has the right to purchase foreign currencies equivalent to its reserve position in the Fund automatically if needed. Under appropriate conditions the United States could purchase additional amounts related to the United States quota. See Table IFS-5. 6/ Includes gain of $68 million resulting from revaluation of the German mark in October 969, of which $3 million represents gain on German mark holdings at the time of revaluation. See also footnotes 3 and 4, Table IFS-4. J Includes $8 million increase in dollar value of foreign currencies revalued to reflect market exchange rates as of December 3, 97. See also footnotes 3 and 5, Table IFS-4. 8/ reserve assets include increase of $,06 million resulting fron change in par value of the U.S. dollar in May 97, consisting of $88 million total gold stock, $8 million Treasury gold stock, $55 million special drawing rights and $33 million reserve position in the International Monetary Fund.,9/ reserve assets include increase of $,436 million resulting from change in par value of the dollar on October 8, 973, consisting of $,65 million total gold stock,,57 million Treasury gold stock, 7 million special drawing rights, and $54 million reserve position in the International Monetary Fund. 0/ Beginning July 974, the IMF adopted a technique for valuing the SDP based on a weighted-average of exchange rates for the currencies of 6 member countries. The United States SDP holdings and reserve position in the IMF are also valued on this basis beginning July 974. At valuation used prior to July 974 (SDP =$.0635), the following end-of-month values amounted to (in millions of dollars): SDR holdings U,S. reserve position U.S. total (net) in the IMF reserves 977-July,57 4,738 9,03 Aug.,578 4,9 9, Sept.,58 4,83 9,35 Oct.,586 4,89 9,09 Nov.,597 4,906 9,77 Dec.,60 4,790 9, Jan.,60 4,776 9,77 Feb.,67 4,766 9,9 Mar.,67 4,466 8,89 Apr.,66 4,93 8,604 May,79 4,75 8,763 June,79 4,030 8,549 July,79 3,867 8,40

94 86 Treasury Bulletin _ INTERNATIONAL FINANCIAL STATISTICS Table IFS-. - Selected U.S. liabilities to Foreigners (In millions of dollars) Liabilities to foreign countries End of calendar year or month () Liabilities to IMF arising from gold transactions / () (3) Official institutions / Liabilities reported by banks in U.S. (A) Marketable U.S. Treasury bonds and notes / (5) Nonmarketable U.S. Treasury bonds and notes (6) Other readily marketable liabilities / (7) Liabilities to banks 6/ (S) (9) Liabilities to other foreigners Liabilities reported by banks in U.S. (0) Marketable U.S. Gov't, bonds and notes / U () Liabilities to non&onetary international and regional organizations s/ () 968 /... f 39,5,030 7,407 3, ,9 _ 4,48C 5,093 4, ,50 { 39,98,030 7,340 3, ,9-4,480 4,949 4, , r 46,740 i y,09 5,975 IQ /, ,070 ( / - 3,694 4,504 3,979 55,548 \ 46,899,09 5,998, ,070-3,70 4,69 4,04 55, /.... / 48, ,786 0, ,45 _ 7,303 4,79 4,08 647,633 \ 47, ,775 0,0? 95 3,45-7,335 4,657 4,09 565, / /... / 68, ,09 39,83,955 9,43 _ 0,59 4,94 3,7^7 447,974 \ 68, ,65 39,6,955 9,534 -,06 4,97 3, , /... / 83,769 _ 6,56 40,093 5,36 5, ,95 5,30 4,705 45,88 \ 83,787-6,56 40,093 5,36 5, ,95 5,30 4,705 45,06 93,64 / 66,86 / 44,33 5,70 5,564 /,363 7,985 6,03 5,60 430, /... / 0,47 _ 76,86 53,96 5,059 6,339, 30,575 8,88 8,3S ,44 \^0,35-76,83 53,03 5,059 6,339, 30,367 8,99 8, , ,43 _ 80,7 50,46 6,67 9,976 3,604 9,88 0,80 0, , , l(68r - 9,975 54,956,788 0,648 4,583 37,950 3,79, , ,806-6,03 65,8 3,6 0,443 7,650 43,50 6,494 4,736,758 8, June... 64,700-03,659 58,548 8,344 0,97 5,850 37,30 5,34S 3,95,396 S,463 July... 69,878 _ 07,608 6,44 9,39 0,837 6,35 40,398 5,8 3,77,455 6,690 Aug... 67,645-08, 57,800 3,088 0,655 6,578 36,450 5,604 4,048,556 7,470 Sept... 76,4 -,93 57,864 5,58,8 6,60 4,05 6,08 4,455,67 7,444 Oct... 80,47-7,04 60,909 8,633 0,35 7,49 39,475 6,5 4,460,69 7,748 Nov... 86,9-3,46 63,53 3,58 0,46 7,634 38,705 6,355 4,587,768 7,985 Dec... 93,806-6,03 65,8 3,6 0,443 7,650 43,50 6,494 4,736,758 8, Jan... 95,53 _ 9,783 67,740 33,830 0,473 7,740 4,048 6,603 4,785,88 8,089 Feb... 98,794r - 3,688 7,709 33,554 9,60 7,83 4,45r 6,670 4,745,95 8,0r Mar... 08,950-40,607 78,76 34,538 9,53 7,805 43,098 6,866 4,99,943 8,378 Apr. 3/... T0,496-37,40 77,37 3,838 9,444 7,793 47,97 6,856 4,88,974 8,67 \ 09,53S - 36,943 76,868 3,838 9,444 7,793 kqmz 6,83 4,30,974 7,850 M a yp... 05,056-34,96 75,98 3,089 9,355 8,9 ^, 703 7,0 5,8,073 8,9 June p... 0M - 34,9 73,860 3,559 9,84 8,46 H,70 7,350 5,89,6 8,633 Note: Table is based on Treasury Department data and on data reported to the Treasury Department by banks and brokers in the United States. Data correspond generally to statistics following in this section and in the "Capital Movements" section, except for the exclusion of nonmarketable, nonconvertible U.S. Treasury notes issued to foreign official nonreserve agencies and the inclusion of investments by foreign official reserve agencies in debt securities of U.S. Federally-sponsored agencies and U.S. corporations. Table excludes International Monetary Fund "holdings of dollars," and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. / Includes liability on gold deposited by the International Monetary Fund to mitigate the impact on the U.S. gold stock of foreign purchases for gold subscriptions to the Fund under quota increases, and U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets. / Includes Bank for International Settlements and European Fund. / Derived by applying reported transactions to benchmark data. j±/ Excludes notes issued to foreign official nonreserve agencies. j>/ Includes debt securities of U.S. Government corporations, Federally-sponsored agencies, and private corporations. 6/ Includes liabilities payable in dollars to foreign banks, and liabilities payable in foreign currencies to foreign banks and to "other foreigners." / Includes marketable U.S. Government bonds and notes held by foreign banks. 8/ Principally the International Bank for Reconstruction and Development; the Inter-American Development Bank <fnd the Asian Development Bank. / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. TO/ Includes $0 million increase in dollar value of foreign currency liabilities resulting from revaluation of the German mark in October 969. / Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks", a number of reporting banks are included in the series for the first time; and foreign currency liabilities to official institutions of foreign countries are increased in value by $0 million to reflect market exchange rates as of December 3, 97, as follows: U.S. Treasury certificates, $7 million; nonmarketable U.S. Treasury bonds and notes, $03 million. / Includes $6 million increase in dollar value of foreign currency liabilities to official institutions of foreign countries revalued to reflect market exchange rates, as follows: short-term liabilities, $5 million; and nonmarketable U.S. Treasury notes, $47 million. 3/ Data on the two lines shown for this date differ because of changes in reporting forms and coverage (See introductory text to Capital Movements tables for discussion of changes). Figures in the first line are comparable in coverage to thoss shown for the preceding date; figures on the second line are comparable to those shown for the following date. Not available, p Preliminary, r Revised.

95 August INTERNATIONAL FINANCIAL g'ta'tttyrina 87 Table IFS-3. - U.S. Liabilities to Official Institutions of Foreign Countries, by Area End of calendar year or month foreign countries () Western Europe / () (In millions of dollars) Canada (3) Latin American and Caribbean Republics (4) Asia (5) Africa (6) Other countries / 968 J/... f 7,407 8,070,867,865 5, \ 7,340 8,06,866,865 4, /... / 5,975 y 7,074 J j,64,888 4, \ 5,998 V 7,074 A /,64,9 4, /... / 3,786 3,60,95,68 4, \ 3,775 3,65,95,68 4, /5/... / 5,09 30,00 3,980,44 4, V. 50,65 30,34 3,980,49 3, ,56 34,97 4,79,733 7, ,963 r 66,866/ 45,764 6/ 3,853,544 0, , / 76,86 44,38 3,66 4,49 8,69 3,6,67 ^ 76,83 44,38 3,66 4,49 8,66 3,6,67 80,7 45,70 3,3 4,448,55, ,975 45,88 3,406 4,906 34,08,893, ,03 70,707,334 4,633 45,676, June... 03,659 53,344,700 4,40 39,839,938,598 July... 07,608 55,669,653 4,338 a, 67,460,3 08, 57,743,557 4,5 40,47,65 878,93 60,74,508 4,466 40,38,44,033 7,04 65,039,863 4,69 4,685,07,59 3,46 68,67,99 4,858 45,435, ,03 70,707,334 4,633 45,676, Jan... 9,783 7,557,078 4,56 48,084, Feb... 3,688 74,40,389 5,45 49,64, Mar... 40,607 76,38,633 5,75 54,97,756,03 /37,40 73,866,447 5, ,873,7 V 36,9^3 73,666,493 5,530 5,63,87,9 May p... 34,9 7,55,70 5,396 5,44, June p... 34,9 73,833,60 4,646 50,373, (7) Note: Data represent short-term and long-term liabilities to the official institutions of foreign countries, as reported by banks m the United States; foreign official holdings of marketable and nonmarketable U.S. Government securities with an original maturity of more than one year except for nonmarketable notes issued to foreign official nonreserve agencies; and investments by foreign official reserve agencies in debt securities of U.S. Government corporations, Federally-sponsored agencies, and private corporations. / Includes Bank for International Settlements and European Fund. / Includes countries in Oceania, Eastern Europe and Western European dependencies is Latin America. 3/ Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 4/ Includes $0 million increase in dollar value of foreign currency liabilities due to revaluation of the German mark in October / Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks"; a number of reporting banks are included in the series for the first time; and U.S. Treasury liabilities payable in foreign currencies to official institutions of foreign countries are increased in value by $0 million to reflect market exchange rates as of December 3, 97. 6/ Includes $6 million increase in dollar value of 'foreign currency liabilities revalued to reflect market exchange rates. 7/ Data on the two lines shown for this date differ because of changes in reporting form and coverage. Figures in the first line are comparable in coverage to those shown for' the preceding date; figures on the second line are comparable to those shown for the following date. (See introductory text to Capital Movements tables for discussion of changes in reporting forms as of April 30, 978.) p Preliminary. r Revised.

96 88 Treasury Bulletin INTERNATIONAL FINANCIAL STATISTICS Table IFS-4. - Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions of Foreign Countries End of calendar year or month (In millions of dollars or dollar equivalent) Belgium Canada 3/ Denmark Germany Payable in dollars () () (3) (4) (5) (6) (7) (&) (9) (0) () () (3) 3,350,69 3,334 0 _ 46 _ 5 5 _ ,^ 4/,43 3,9 - _ ,563,480 3, ,657 / 7,89 3,640 _ 5,000 _ ,87 4,333 0,840 -, ,669 6/ 4,0 «,540 _,670 _ - _ - 6,339 4,867 -,540 -,37 _ ,976 8,377 -,00-6, _ ,648 9,0 -,650-6,879 - _ ,443 9, , ,837 9,489 -,^50-7, V ,655 9,339 -,400-7, ,8 9,839 -,400-7, ,35 9, , ,46 9,5 _ 550-7, ,443 9, , ~ - Italy / Japan Korea Sweden Switzerland Taiwan Thailand 978-Jan... 0,473 9, , Feb... 9,60 8, , Mar... 9,53 8, , _ 4 Apr... 9,444 8, ,467 - _ _ - May... 9,355 8, ,467 - _ ,84 8, , July... 9,4 8, , End of calendar year or month Germany y Payable in foreign currencies Italy Switzerland,638,05 6 3,570 U,084 U 5 54, ,87 5/ 6 -, , ,33,459 6/ - -,459,47 - -,47, , ,546 _ -,546 l'l69 - ~ l'l July..., ,348 Aug ,35 - -,35 Sept...,89 - -,89 Oct......,6 - -,6 Nov...,0 - -,0 Dec...,69 - -, Jan...,8,8 Feb..., ,087 lifer..., ,035 Apr May June July ' Note: For further information, see "Public Debt Operations. Tables PD0-8 and 9. / Includes bonds issued to the Government of Canada in connection with transactions tinder the Columbia River Treaty. Amounts outstanding were $4 mill ion? through October 968; $64 million, November 968 4/ through September 969; $54 million, October 969 through September 970; and $4 million, October 970 through October 97. / Notes issued to the Government of Italy in connection with 5/ military purchases in the United States. / In addition, nonmarketable Treasury notes amounting to $5 million equivalent were held by a group of German commercial banks from June 968 through November 97. The dollar value of these notes was increased by $0 million in October 969, and by $8 million as of December 3, 97. See also footnotes 6 and 7, Table IFS-. Includes an increase in dollar value of $84 million resulting from revaluation of the German mark in October 969. See also footnote 6, Table IFS-. Includes $06 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of December 3, 97. See also footnote 7, Table IFS-. Includes $5 million increase in March and $3 million increase in April in dollar value of foreign currency obligations revalued to reflect market exchange rates.

97 August 978 INTERNATIONAL FINANCIAL STATISTICS 89 Table IFS-5. - U.S. Position in the International Monetary Fund 968"., 969., 970., 97., 97., 973., 974., 975., 976., 977., X977- July. Aug.. Sept. Oct.. Nov.. Dec Jan.., Feb.., Mar.. Apr... May... June.. July.. Calendar year or month Payments of subscription in dollars/., / 754 /,0 U.S. transactions with IMF Net gold sales by IMF / () 7 6/ (In millions of dollars) Transactions affecting IMF holdings of dollars during period Transactions by other countries with IMF Net borrowings by IMF / (3) Transactions in foreign currencies / (4) = & T 50, IMF net income in dollars (5) Purchases o i dollars i j (6) , , ,078 -, & Repurchases in dollars (7) , change (8).= 870 " -,034,99, , , , IMF holdings of dollars at end of period (9) 37S70-,836 4,765 6,5 6,80 7,53 6,65 5,800 3, / 3, ,9 3,94 3,847 / / 3,976 / 3,986 / 4,86 ' 6,670 6, ,965 Percent of U.S. quota (0) "T? II U.S. reserve position in IMF at end of period J/ (XX) i, m,34 X, X,85, 4, / 4,76 / 4,859 a / 4,776 3/ 4,84 / / / / 4,347 4,70 3/ 4>X77 9/ Note: The initial U.S. quota in the International Monetary Fund was $,750 million. The U.S. quota was increased to $4,5 million in 959, $5,60 million in February 966, and $6,700 million in December 970, and revalued to $7,74 million in May 97 and $8,083 million in October 973 as a result of changes in the par value of the dollar. In April 978 the U.S. quota was increased in SDP terms from 6,700 million to 8,405 million. / Represents net Fund sales of gold to acquire U.S. dollars for use in Fund operations. Does not include transactions in gold relating to gold deposits or gold investment (see Table IFS-). / Represents net loans made to the IMF under the General Arrangements to Borrow. / Positive figures represent purchases from the Fund of currencies of other members for equivalent amounts of dollars; negative figures represent repurchases of dollars, including dollars derived from charges on purchases and from other net dollar income of the Fund. The United States has a commitment to repurchase within 3-5 years, but only to the extent that the Fund s holdings of dollars exceed 75 percent of the U.S. quota. Purchases of dollars by other countries reduce the U.S. commitment to repurchase by an equivalent amount. Beginning January 970, includes dollars obtained by countries other than the United States from sales of gold to the Fund. j>/ Represents the United States reserve tranche position in the Fund (the United States quota, plus net U.S. loans to the IMF, minus Fund's holdings of dollars), which is the amount that the United States could purchase in foreign currencies automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the United States quota. 6/ Includes $30 million of special drawing rights. / Represents amount paid in dollars to the Fund to maintain the value of Fund holdings of U.S. dollars. &/ Excludes currency valuation adjustments for each month as follows (in millions of dollars): Payable to -me... Payable to the W 977-Jul y - 8 Aug... 9 Sept Oct Nov Dec Ja... n - Feb Mar Apr... M a y June July / Includes valuation adjustments on net borrowings by the IMb due to changes arising from fluctuations in the dollar value of the IMF s unit of account (SDR), for each month as follows (in millions of dollars): 977-Juiy.. Aug.., Sept., Oct.., Nov.., Dec.., 978-Jan.,, Feb.., Mar... Apr... May... June.. July.. Increase or Passes,ae.(=.) Less than $500,000.

98 90 Treasury Bulletin.INTERNATIONAL FINANCIAL STATISTICS. Table IFS-6. - Weighted-Average of Exchange Rate Changes for the Dollar (Bercent change relative to exchange rates as of end-may 970) July.. Aug... Sept.. Oct... Nov... Dec Jan... F,eb.,. Mar.., Apr... May..., June p, July p End of calendar year or month Currencies of OECD countries / Trade-weighted average appreciation (+) or depreciation (-) of the U.S. dollar / Vis-a-Vis Currencies of 46 main trading countries / / This table presents calculations of weighted average percentage changes in the rates of exchange between the dollar and certain foreign currencies, in order to provide a measure of changes in the dollar's general foreign exchange value broader than a measure provided by any single exchange rate change. Calculations are provided for two sets of countries that account for a major share of U.S. foreign trade. U.S. bilateral trade patterns in 97 are used as a convenient, readily available proxy for the assignment of relative weights to individual exchange rate changes,though sich weights do not provide a full measure of individual currencies' relative importance in U.S. international transactions because they take no account of factors other than trade. The calculations do not purport to represent a guide to measuring the impact of exchange rate changes on U.S. international transactions. Exchange rate data used in constructing the indices reported here differ somewhat from those used in earlier calculations to more accurately reflect end-of-period currency values. The equations used are as follows: Equation one is used to calculate a trade-weighted average of changes in the dollar cost of foreign currencies; (EQ) Where: Em = Z(A$/ ci Mi/ZM) is the weighted average of percentage changes in the dollar cost of individual foreign currencies? A$/fci is the percent change m the dollar cost of foreign currency i; and Mj/SM i s U.S. imports from country i, as a proportion of total U.S. imports from all countries in the set. Equation two is used to calculate a trade-weighted average of changes in the foreign exchange cost of dollars: (EQ) Ex = Z(Afc/$ Xj/ZX) Where: Ex is the weighted average of percentage changes in the foreign currency cost of dollars? Afci/$ is the percent change in the foreign currency i cost of dollars? and Xj/EX is U.S. exports to country i, as a proportion of total U.S. exports to all countries in the set. Equation three combines the above export-weighted and import-weighted averages to provide an overall measure of exchange rate change: (EQ3) E = [ (Ejn m/m+x)(-l) ] + [Ex x/m+x] Where: m/m+x is U.S. imports as a proportion of its total trade with all countries in the set; and x/m+x is U.S. exports as a proportion of its total trade with all countries in the set. / Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. / The currencies of 46 IMF member countries which account for approximately 90$ of U.S. total trade, p Preliminary.

99 August CAPITAL MOVEMENTS A number of changes in the presentation of some sections of the capital movements statistics were introduced in the July 978 issue of the Treasury Bulletin. Chiefly, these changes reflect major revisions in the structure of the Treasury International Capital (TIC) B-series Forms, filed by banks and some brokers in the United States, to meet current conditions and needs; others are designed to increase the usefulness of the published statistics. Revisions to the reporting forms represent a continuation of a broad program conducted over the past several years to ensure the adequacy of the Treasury capital movements statistics for analysis and policy formulation with respect to the international financial position of the United States and on movements of capital between the United States and foreign countries. The revised forms and instructions were developed with the cooperation of other Government agencies and the Federal Reserve System, and in consultations with representatives of the banking and securities industries. The changes in the structure of the B-series JTorms greatly improve the usefulness of the reports for analysis of the foreign position of the banking system; analysis of the movement of funds through foreign branches and head offices; comparison of U.S. banking data with data of other countries; and relating the Treasury data to the Federal Reserve data on U.S. banks foreign branches. The reporting instructions were improved and clarified in several respects, and definitions of items to be reported have been made as consistent as is possible with definitions used in reports required by the bank regulatory agencies.» Data relating to capital movements between the United States and foreign countries have been collected since 935, pursuant to Executive Order 6560 of January 5, 934, Executive Order 0033 of February 8, 949, and Treasury regulations promulgated thereunder. The report forms, formerly entitled Treasury Foreign Exchange Forms, were redesignated in January 977 as Treasury International Capital Forms / The regulations were amended in January 977 to acknowledge the effects of the International Investment Survey Act of 976 which provides additional authority for the collection of data on international capital flows and international investment. Statistics on the principal types of data and the principal countries are published monthly in the Treasury Bulletin. Reports are filed with Reserve Banks by hanks, bank holding companies, securities brokers and dealers, and nonbariking concerns in the United States. These statistics are then consolidated and are published by the Treasury as promptly as possible. M a i c D ejli n ition s The term "foreigner as used in the Treasury reports covers all institutions and individuals domiciled outside the United States, including United States citizens domiciled abroad, and the foreign branches, subsidiaries and offices of United States banks and business concerns; the central governments, central banks and other official institutions of foreign countries, wherever located; and international and regional organizations, wherever located. The term "foreigner" also includes persons in the United States to the extent that they are known by reporting institutions to be acting on behalf of foreigners. In general, data are reported opposite the foreign country or geographical area in which the foreigner is domiciled, as shown on the records of reporting institutions. For a number of reasons, the geographical breakdown of the reported data may not in all cases reflect the ultimate ownership of the assets. Reporting institutions are not expected to go beyond the addresses shown on their records, and so may not be aware of the country of domicile of the ultimate beneficiary. Furthermore, U.S. liabilities arising from deposits of dollars with foreign banks are reported generally in the Treasury statistics as liabilities to foreign banks, whereas the liability of the foreign bank receiving the deposit may be to foreign official institutions or residents of another country. Data pertaining to branches or agencies of foreign official institutions are reported opposite the country to which the official institution belongs. Data pertaining to international and regional organizations are reported opposite the appropriate international or regional classification except for the Bank for International Settlements and the European Fund, which are included in the classification "Other Europe." Geographical Classification A number of changes in geographical classification were introduced for most capital movements tables in the July 978 issue. Several countries formerly included in "Eastern Europe and in "Other Latin American Republics" are shown separately in the country list, as well as a new category in the International and Regional grouping for "Middle Eastern Regional" in view of the proliferation of regional financial organizations, primarily in the Arab states. The remaining countries in the categories "Other Eastern Europe" and "Other Western Europe" have been combined into a single "Other Europe" category; and the heading, "Latin America" has been retitled "Latin America and Caribbean." To the extent possible, the statistics for earlier dates have been adjusted in accordance with the revised country stub. Reporting Coverage Reports are required from banks, bank holding companies, securities brokers and dealers, and nonbanking concerns in the United States, including the branches, agencies, subsidiaries, and other affiliates in the United States of foreign firms. Institutions which have total reportable liabilities, claims or securities transactions below specified exemption levels are exempt from reporting. Banks file reports monthly covering their dollar liabilities to, and dollar claims on, foreigners in a number of countries. Twice a year as of June 30 and December 3, they also report the same liabilities and claims items with respect to foreigners in countries not shown separately on the monthly reports. Beginning with reports due as of June 30, 978, banks also report quarterly their liabilities and claims vis a vis foreigners that are denominated in foreign currencies. The specified exemption level applicable to the monthly reports is $ million and is based on the average for the report dates during a six-month period, including the current report date. There are no separate exemption levels for the quarterly and semiannual reports. Banks, securities brokers and dealers, and in some instances, nonbanking concerns, report monthly their transactions in securities with foreigners; the applicable exemption level is $500,000 on the grand total of purchases and on the grand total of sales during the month covered by the report. Quarterly reports are filed by exporters, importers, industrial and commercial concerns, financial institutions other than banks and brokers, and other nonbanking firms if their liabilities or claims, on the six-months average basis, are $ million or more. These firms also report the liquid portion of their claims for each months end when they have reportable claims of $ million or more. Description of Statistics Data collected on the Treasury International Capital Forms are published in the Treasury Bulletin in six sections, beginning with the July 978 issue. Section I presents data in four tables on liabilities to foreigners reported by banks in the United States. Beginning with the July 978 issue there is separate reporting of amounts due to banksown foreign offices; the previous distinction between short-tem and long-term liabilities has been eliminated; there is now a separation of the liabilities of the reporting banks themselves from their custody liabilities to foreigners; Anri foreign currency liabilities are only reported quarterly. Also, beginning with the July 978 issue, the data on liabilities are made more complete by extending to securities brokers and dealers the requirement to report certain of their own liabilities and all of their custody liabilities to foreigners.

100 9 Treasury Bulletin CAPITAL MOVEMENTS Table CM-- showing-total liabilities by type of foreign holder has been revised to combine liabilities previously shown separately as either short-term or long-term (in old Table CM--6). Table CM--, Parts A and B, on foreigners holdings of liabilities, by type, is revised to show total bank reported liabilities payable in dollars only. Table CM--3 presents total liabilities by country for recent periods and includes the long-term data previously shown in Table CM--7; whereas CM--4, on total liabilities by type, and country for the most recent month, is revised to include several data items not previously reported separately. The liabilities data on supplementary countries previously presented in Table CM--5 will appear subsequently in new Table CM-III-. (See Section III below.) Old Tables CM--6 and CM--7 no longer appearv~ Section II presents the claims on foreigners reported by banks in the United States, including claims held for their own account and for the account of their domestic customers. Beginning with data reported as of the end of April 978, banks claims held for their own account aye reported separately from claims held for their domestic customers. The former 'are available in a monthly series whereas the latter data are collected on a quarterly basis only. Also, there is no longer a monthly breakdown available on the long-term and short-term components of banks claims. Maturity data are now collected quarterly on a time remaining to maturity basis as opposed to the historic original maturity classification. Foreign currency claims items are also collected only on a qiiarteriy basis. Table CM-II- presents total claims by type as reported on the old B-series Forms and has been revised to include the long-term claims components formerly published in old Table CM-II-4. Table CM-II-, showing total claims by type, is based on the new banking reports; however, it is not included in this issue. Table CM-II-3, which presents total claims by country merges the previously reported short-term and long-term claims data from old Tables CM- II- and CM- II- 5. New Tables CM-II-4 through CM-II-7, not all of which are shown in this issue, are based on the revised reports and replace the previous tables which showed short-term and long-term claims separately. Another important change in the claims reporting, beginrning with new quarterly data as of June 30, 978, is the adoption of a broadened concept of f o r e i g n public borrower which replaces the previous category of "foreign official institution to produce more meaning information on lending to the public sector of foreign countries. The term "foreign public borrower" encompasses central governments and departments of central governments of foreign countries and of their possessions; foreign central banks, stabilization funds, and exchange authorities; corporations and other agencies of central governments, including development banks, development institutions, and other agencies which are majority-owned by the central government or ite departments; State, provincial and local governments of foreign countries and their departments and agencies; and any international or regional organization or subordinate or affiliated agency thereof, created by treaty or convention between sovereign states. Section III is new and includes two supplementary tables on U.S. banks liabilities to, and claims on, foreigners. Neither of the supplementary tables, however, appears in this issue. Table CM-III- summarizes dollar liabilities to, and banks own dollar claims on, countries and areas not regularly reported separately. Beginning with reports due as of June 30, 978, these data are collected semiannually. Previously, the semiannual reports wea?e addressed to liabilities items only. Historically, the semiannual data were reported as of April and December, however, they are now collected as of the end of June and December. Table CM-III- is a new table that provides data for selected yearends and the most recent twelve months on U.S. banks loans and credits to nonbank foreigners, based on the TIC reports and on the monthly Federal Reserve 50 reports submitted for foreign branches of U.S. banks. Sections IV and V (previously Sections III and IV) show respectively the liabilities to, and claims on, foreigners reported by exporters, importers, industrial and commercial firms, financial institutions other than banks and brokers, and other nonbanking concerns in the United States. Tables in these sections are unchanged from previous issues. The data exclude the intercompany accounts of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. (Such transactions are reported by business firms to the Department of Commerce on its direct investment forms.) The data also exclude claims held through United States banka. Separate figures are shown in Section V for the short-term liquid claims of large nonbanking concerns in the United States. Section VI (previously Section V but otherwise unchanged), contains data on transactions in all types of long-term domestic and foreign securities by foreigners reported by banks and brokers in the United States (except nonmarketable U.S. Treasury notes, foreign series; and nonmarketable U. S. Treasury bonds and notes, foreign currency series, which are shown in the "International Financial Statistics" section, Table IFS-4). The data cover new issues of securities, transactions in outstanding issues, and redemptions of securities. They include transactions executed in the United States for the account of foreigners, and transactions executed abroad for the account of reporting institutions and their domestic customers. The data include some transactions which are classified as direct investments in the balance of payments accounts. The data exclude securities issued abroad by foreign subsidiaries of U. S. corporations, some of which are treated in the balance of payments, as issues of U.S. corporations. The geographical breakdown of the data on securities transactions shows the country of domicile of the foreign buyers and sellers of 'the securities; in the case of outstanding issues, this may differ from the country of the original issuer. The gross figures contain some offsetting transactions between foreigners. The net figures for total transactions represent transactions by foreigners with United State residents; but the net figures for transactions of individual countries and areas m y include some transactions between foreigners of different countries. Beginning with data for 969, transactions between foreigners in new issues not offered for sale to United States residents but managed by underwriters in the United States are excluded from the gross figures. The data published in these sections do not cover all types of reported capital movements between the United States and foreign countries. The principal exclusions are the intercompany capital transactions of business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies, and capital transactions of the United States Government. Consolidated data on all types of capital transactions are published by the Department of Commerce in its regular reports on the United States balance of payments. Mntfv With respect to all tables presented in Sections I and II, attention is called to the fact that not all breakdowns previously published will be exactly comparable to those currently presented. Although an attempt has been made to revise past figures to put them on a comparable basis with current data, caution should be exercised in using past series in Sections I and II in conjunction with those shown for periods after April 978. / Copies of the reporting forms and instructions may be obtained from the Office of Statistical Reports, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 00, or from Federal Reserve Banks.

101 August 978.CAPITAL MOVEMENTS, 93 m Note: Due to changes in reporting forms and coverage, Capital Movements Sections I and II are being revised. Effective with this issue of the Treasury Bulletin, Tables CM-I-5, CM--6, and CM-I-7 are no longer being published. New tables based on revised reporting forms will appear in subsequent issues of the Bulletin. These tables will be titled as follows: Table CM-II- " Claims, by Type:" Table CM-II-4 " Claims, by Type and Country;" Table CM-II-5 "Banks Own Claims by Type;" and Table CM-II-7 "Domestic Customers Claims bv Type." In addition, a new Section III, entitled "Supplementary Liabilities and Claims Data Reported by Banks in the United States," will be introduced in subsequent issues and will include Tables CM-III- "Dollar Liabilities and Dollar Claims, Countries and Areas not Regularly Reported Separately" and Table CM-III- " Claims of Banks and Their Major Foreign Branches."

102 94.CAPITAL MOVEMENTS. Treasury Bulletin Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Liabilities by Type of Holder End of calendar or month liabilities () () Official institutions / Payable m dollars (3) (In millions of dollars) Foreign countries International and regional / Payable in foreign currencies (4) (5) Banks and other foreigners Payable in dollars '6) Payable in foreign currencies (7) (8) Payable in dollars ,883 3,659 3, ,964 8,790 73,60 U, /... f 4,530,559, ,673 7,446 7,98 U,98 _ ^ 4,690,58, ,806 7,579 7,30 u, /... f 43,4 0,08 9,880 48,385,64,009 U,009 ( 43,464 0,08 9,880 48,47,07 0,009 u, /... f 56,306 39,83 39, ,67 4,09 48,7 U,7 _ { 56,33 39,6 5/ 38,988 / 65 6/ 4,956 5/ 4,708 5/ 48,3 u,3-6,689 40,093 39,9 7 9,69 9,83 346,968, ,535 44,33 44,05 7 / 3,587 3,7 468,76, /... f 96,8 53,96 53,069 7 / 38,959 38, ,973 3,973 ^ 96,056 53,03 53,076 7 / 38,860 38, 639 3,99 3,99 96,47 50,46 50,46-39,98 39, ,704 5, ,430 54,956 54,956-50,764 49, ,70 5, ,065 65,8 65,8-57,985 57, ,56 3, June.... 5,7b p8,548 58,548 _ 5,8 50, ,996 5,983 3 July..., 9,360 6,44 Aug... I,88 57,800 & & _ 54,4 53,06,08 4, , ,59 m 38 Sept... 7,98 57,864 57,864-55,560 54, ,874 3,84 3 Oct.... 8,577 60,909 60,909-53,935 53, 84 3,73 3,7 0 Nov... j 0,400 63,53 63,53-53,9 5, ,576 3,556 0 Dec... 7,065 65,8 65,8-57,985 57, ,56 3, Jan... I 7,07 67,740 67,740-55,83 55, ,635 3,64 Feb... 30,990 7,709 7,709-56,70 55, , 3,0 9 Mar... l 40,400 78,76 78,76-58,07 57, ,6 3,68 4 [ 43,597 77,37 77,37 _ 6,853 6,674,79, 3,47 3,45 t 4,638 76,868 76,868-6,770 6,59,79 / 3,000,998 May P... 38,99 75,98 75, ,65,79 3,70 3,68 June p... 36,698 73,860 73,860 59,900 58,35,585,939,99 0 (9) Payable in foreign currencies (0) / / / y Note: liabilities include liabilities previously classified as either short-term" or "long-term" on the Treasury reports filed by banks. The maturity distinction was discontinued with new reports filed as of April 30, 978, and the historical series adjusted accordinfly. Also see footnote 8. IncLudes Bank for International Settlements and European Fund. Principally Uie International Bank for Recon,li t(.iu n ana Development and the Inter-American Development Bank. Data on the tv/o Lines shown for this date differ because of changes m reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. Includes U.S. Government obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the International Monetary Fund to the United States to acquire income-earning assets as follows $800 million at end 968 and 969; $400 million at end 970 and 97. Upon termination of investment, the same quantity of gold was reacquired by the International Monetary Fund. / Data on the second line differ from those on the first line because certain accounts previously classified as "official institutions" are included with "banks and a number of reporting banks are included in the series for the first time. 6/ Includes $7 million increase in dollar value of foreign currency obligations revalued to reflect market exchange rates as of Dec. 3, 97. / Includes $5 million increase in dollar value of foreign currency liabilities revalued to reflect market exchange rates. 8/ Data on the two lines shown for this date differ because of changes in reporting forms and coverage. Figures on the first line are comparable with those shown for the preceding date; figures on the second line are comparable to those shown for the following date. (See introductory text for Capital Movements Section for discussion / Data as of April 30, 978. p Preliminary.

103 August C.APTTAI. MOVBMEMTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Liabilities by Type, Payable in Dollars Part A - Foreign Countries (In millions of dollars) Official institutions / Banks Other foreigners End of calendar year or month foreign countries Demand Deposits Time / U.S. Treas. bills & certificates Other liabilities / Demand Dep>osits Time / U.S. Treas. bills & certificates Other liabilities } To own foreign offices 3/ Deposits Demand Time / U.S. Treas. bills 6. certificates Other liabilities / () () (3) (4) (5) (6) ,987',49,899 5,486 3,663 0,374,73 30,69 _,797, f 39,80,98,95 3,844 3,643 6,745, ,73 -,709, \ 39,958,930,94 3,844 3,663 6,756, ,699 -,7, /... 4,044,65,554 3,367,307,376,36 4 3,367 _,688, ,086,65,554 3,367,307,385, ,36 -,688, f 53,684,60,504 3,3 3,30 7, , / 5/,660, { 53,706,37 I/,039 5/ 3,3 3,3 3,399 5/ 30 5/ 8 7,3 5/,660, / 59,05,59,880 3,453 3,998 4, , I 59,04,59,880 3,453 3,998 4, ,50 -,955,955,6, ,,5 3,9 3,5 6,558 6, ,034 -,43,359 68,03 f 9,389,95 4,57 34,656,05 8,48,9 3 9, t 9,97,95 4,67 34,656,30 8,3,90 3 9,355 -,79,79 3,796 3, ,58, ,89,644 3,43 34,99 0,95 7,534, ,588-3,48 4,83 35, ,943 3,394,3 37,75,56 9,04,97 9 5,65-4,05 6,54 98, ,893 3,58,797 47,80,677 0,933, , - 4,304 7,546 40, June... 08,998,705,476 4,9,076 9,464,7 00 4,86-3,790 7,97 67,699 July... 4,50 3,64,40 4,96 3,75 0,36, ,80-3,595 7,457 5,53 Aug... 07,370 3,,48 39,793,637 8,98,863 4,69-3,75 7,499 38,470,633 3,33,987 40,770,974 9,676,84 5 8,670-3,870 7, ,544 4,0,990,903 43,39,65 9,677, ,989-4,055 7,64 346,445 Nov... 5,90,557,848 45,87 3,30 9,666, ,69-4,080 7, ,559 Dec...,893 3,58,797 47,80,677 0,933, , - 4,304 7,546 40, Jan...,753,673,788 49,75 3,57 0,74, ,807-4,45 7,606 3,703 Feb... 7,00,78,570 5,689 3,668 0,570, ,99-4,43 7,56 68,807 Mar... 35,795,804,777 59,30 4,878 0,3, ,07-4,000 7,654 9,974 f 39,00 3,53,79 57,606 4,396 0,73, ,334 _ 4,74 7,80 87,8 ( 38,459 3,70,884 57,63 3,667 0,95, ,639 8,493 3,693 7,995 86,335 May P... 33,950 3,09,98 56,44? 3,776 0,343, ,465 4,757 4,086 June p... 8,77 97,568, 3,74,60,98 55,606 3,663 0,60, ,5 5,55 4,46 8,7 30,46 i..... '(7) (8) (9) (0) () () (3) (4) / Includes Bank for International Settlements and European Fund. / Time deposits exclude negotiable time certificates of deposit, which are included m " Other liabilities." 3/ Data not available separately prior to April, / Data on the two lines shown for this date differ because of changes m reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. 5/ Data on the second line differ from those on the first line because those liabilities of U.S. banks to their foreign branches and those liabilities of U.S. agencies and branches of foreign banks to their head offices and foreign branches which were previously reported as deposits are included in "Other liabilities"; certain accounts previously classified as "official institutions" are included with "banks"; and a number of reporting banks are included in the series for first time. 6/ Data on the two lines shown for this date differ because of changes m reporting coverage. Figures on the first line are comparable with those shown for the preceding date; figures on the second line are comparable to those shown for the following date. (See introductory text to Capital Movements Section for discussion of changes m reporting.) p Preliminary.

104 96.CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-. - Liabilities by Type, Payable in Dollars Continued Part B - Nonmonetary International and Regional Organizations (In millions of dollars) Treasury Bulletin End of calendar year or month () Demand () Deposits Time / (3) U.S. Treasury bills and certificates (4) Other liabilities / (5) ZJ ,460,498,50, ,09,3,70 97 /...,88, ,34, , , , , /.... 3,973 3, ,6 3, , ,554, , ,70, June... July..., Aug..., Sept..., Oct..., Nov. Dec Jan..., Feb... lifer... Apr. y. May p.., June p ,983 4,077 4,48 3,84 3,7 3, ,64 3,0 3,68 3,45,998 3,68, ,5,9,990, ,,37, ,077,609,0,69,597,474.69,350,69,947,33,689,60U l,6c3 Note: Principally the International Bank for Reconstruction and Development and the Inter-American Development Bank; excludes Bank for International Settlements and European Fund. / Time deposits exclude negotiable time certificates of deposit, which are incltided in "Other liabilities." / Data on the two lines shown for this date differ because of changes m reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. y Data on the two lines shown for this date differ because of changes in reporting forms and coverage. Figures on the first line are comparable with those shown for the preceding date; figures on the second line are comparable to those shown for the following date. (See introductory text to Capital Movements Section for discussion of changes in reporting.) p Preliminary.

105 August 978 Country.CAPITAL MOVEMENTS. Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-3. - Liabilities by Country (Position at end of period m millions of dollars; Calendar year Jan. Feb. Mar. Apr. / May p June p 97 Europe; German Democratic Republic Italy... Netherlands... Poland... Turkey , ,88 9,574 49,578 3,35, ,38 0,40 5 7, ,87 760, ,735 4,57 84,073 3, ,90 8,5 8 6, ,70 348, ,894 6, , 3, ,693 9, ,7 5 89,98 39, ,93 7, n.a> 6,866, ,78, ,5 99 3,97 30,73, ,87 8, ,, ,78,94 87, , ,88, ,706 0, ,957 3, ,83,838 7, , ,06, ,073, ,64 3,46, ,87 3,700 5, , 37 3,45, ,54, ,965 3,03, ,88 3,80 5, ,50 4, ,535 47, ,007 3,0, ,83 3,39 49, ,035 5, 399 6, , ,385 3,003, ,308,663 0, Europe... 49,039 44,39 47,508 60,755 60,08 6,476 64,54 64,40 63,739 63,6 64,709 Canada... 3,539 3,099 4,84 4,73 5,396 4,83 4,640 6,037 6,06 6,736 5,938 Latin America and Caribbean: British West Indies... Chile... Colombia... Cuba... Netherlands Antilles If , 6, , ,5,889 84,33, ,076, ,540,840 05,438, ,0 6 30,87 58, ,469 3,607 33,396 4,68 36, 6 330,877 97, Trinidad and Tobago... Uruguay. 48 Venezuela... 3,435 3,33 3,0,93 3,08 3,49 3,440 3,65 3,7 3,98 3,59 Other Latin America and Caribbean.,7,40,703,97,950,085,64 060,545,49 Latin America and Caribbean...,870 5,08 9,74 3,9 3,49 4,58 5,67 9,93 9,03 5,49 5,79 Asia: LH,08,043,9 Hong Kong ,096,038,3,76 055,0,49, ,05,0 957 Q/Q q/7 V4' 970 Indonesia..., l ^aa 568 Japan. 0,93 0,9 4,387 4,646 4,59 7,056, ,44 0,049 9,095 Korea # Lebanon Malaysia i 7 % 06 Pakistan.... na! n!a na It Philippines A 7 rtrsrt Singapore J7 3"SO Thailand <070 OQA Oil-exporting countries 3/ 4,77 7,355 9,360 8,979 9,94 9,333 9,67 8,938 8,677 7,868 7,75 Other Asia China (Mainland) , ,03 54, ,04 56,9 Asia...,3,44 9,804 30,548 30,94 33,38 38,057 36,54 36,55 35,605 33,75 Africa: Egypt Liberia rjn <7 to Morocco X 79 > 7J- 9 8 South Africa /e Oil-exporting countries 4/,84,40,6,55,79,65,6,396,395, Africa... 3,55 3,374,30,538,508,648,47,75 709, Other countries: Australia...,74,04,9, ,44,88 77, ,83,8,00,35,8,0, ,73.99 foreign countries... 9,063 90,443 05,70 3,808 3,57 7,879 36, ,9 ^,75... International and regional: International.... 3,55 5,Ul3 5,50,75' 3,6,558 3,094,779,590,3 European regional ' 46 8 Latin American regional Asian regional African regional Middle Eastern regional... international and 3,99 5,70lf 5,70 3,56 3,635 3,, 3,6 3, ^7,Me J 7,07 30,990 40,400 43,597 4,638 38,99 36,698,799 3,53 77,3 4,7 388, ,99 06, ,98 3, ,4 43, ,090 03, ,864 4,09 4,37 4,74 47, ,799, I f S.8 4, , ,988 08, ,9 7,69 370,04 4, , ,68, / Data m two columns shown for this date differ because of changes m / Through December 3, 975, Surinam included with Netherlands Antilles, reporting coverage. Figures m the first column are comparable m 3/ Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the coverage to those shown for the preceding date; figures in the second United Arab Emirates (Trucial States), column are comparable to those shown for the following date. (See 4/ Includes Algeria, Gabon, Libya, and Nigeria, introductory text to Capital Movements Section for discussion of Less than $500,000. changes in reporting.' p Preliminary. Not available.,30 3, , ,98 89, , , , , ,897 3,7, ,35,4 5, ,766 4,04 406,48 4, , ,765 30,3 83 9

106 98.CAPITAL MOVEMENTS Section I - Liabilities to Foreigners Reported by Banks in the United States Table CM-I-4. - Liabilities by Type and Country, as of June 30, 978 Preliminary Treasury Bulletin Country liabilities s Payable Payable in in Bank?' dol own Custody lars ren- liabilities cies / liabilities (4) (Position m millions of dollars) liabilities Liabilities payable in dollars To foreign official institutions and Liabilities to unaffiliated foreign banks all other foreigners Liabil Short- ities. Deposits Shortto banks' U.S. Other U.S. Treasury lia eign Treasury Demand Time obligationitietionbil offices Demand Time obliga (6) (7) (8) (9) (0) () () (3) Memorandum Negoti- able- CD's held for all foreigners (5) () () (3) (5) (4) Europe; Austria Belgium-Luxemboyrg ,77, , Bulgaria Denmark.,338,335 93,4 44, Finland A France ,56 6,53 3,45 5, ~ German Democratic Republic Germany... 0,86 0,066 0,547 8, Greece, Italy... 6,897 6,865 3,038 4, , Netherlands , , , Norway... 34,870, Portugal Romania Spain Q fifla " k Sweden ,036 6, IRQ 5 85,4,89,995 9, Turkey... 5,63 3, ,79 84 fio? A5«! 9AO U.S.S.R... 3,776 fifi fia,7 5, " Other Europe , r U li ll! ^ Europe....64, , ,03 4,747 5,775, LQ.t ,30 8 -,, T t.. r,.. T, 5,938 5, ,936, , _ Latin America.and Caribbean: Argentina...,69 Bahamas ^AOfi ^3QS 93 3, Brazil British West Indies... J, A 7A , Chile fi 4, Colombia , Cuba Ecuador... " Guatemala IQ 9AQ Jamaica Mexico , A Netherlands Antilles Q li, Panama , QQ Q Peru , fifi il Trinidad and Tobago Uruguay... ~ IQS Venezuela... ~ ,59 3, Other Latin, eriga and 375 9, Caribbean... Latin America and, T ^ Caribbean... 5^79 5,84 445, ,.m, ML ,377 9,983,94 5, Asia; 93,947 China (Mainland) China (Taiwan) nco 5 7ft Hong Kong ^ o// India... Jyt Indonesia Israel A7fi A9Q Japan fl 8 9^0 3-5,39 90 Korea... 4,837 59, fin Lebanon Ift^ Malaysia " Pakistan ^A 9fi Phil ippines ~ 0 0 Singapore A 73 k Syria Thailand ~ Other Asia ,049 8, , ,769 / 3, v p Asia... 33,75 33,46 53,89,73 3, ,763 4,849 3,98 Z87_ 85 r47t Africa Egypt... Ghana Liberia , Morocco South Africa Zaire....? Other Africa..., stt. 6 5 % /, 0( 3 & al - y, ^ Africa...,370,360 0, Other countries: , Australia.....,09 06, other countries...,..,99, , 36..,37 L. JLfl- foreign countries....33,759 3,74,585 SO,098 7,076 L,77 3,40 55,906 9,84 5,55 4,46 8, International and regional International...,3 European regional... 8 Latin American regional... 4 Asian regional African regional Middle Eastern regional..., , international and regional...,939, , , Grand total ,698 35,03,595 60,583 74,50 3,036 3,356 56,88,437 5,55 4,47 8,74 30,460 9,04 / Deposits exclude negotiable time certificates of deposit, which are of oil-exporting countries m "Other Asia" and "Other Africa" amounted included in "Other" liabilities. to $3,34 million. / U.S. Treasury bills and certificates held in custody for the account Less than $500, , :

107 August CAPITAL Mnvw.Mi?.TJTfl Section II - Claims on Foreigners Reported by Banks in the United States Table CM-H-. - Claims by Type End of calendar year or month claims Official institutions (In millions of dollars) Payable in dollars Loans Banks Other foreigners Collect Acceptances tions outstanding made for for account account of of foreigners reporting banks and domestic customers ( 0 (8) Other claims Payable in foreign currencies Deposits of reporting banks and domestic customers with foreigners () () (3) (4) (5) (6) (9) (0) () () ',78,83 6,33 775,934 3,64,733, /... f,88,95 6, ,55 3,69,954 3,69, ^,930,397 6, ,5 3,69,05 3,0, ,877 3,4 5,749 63,956 3,70,389 3,985, / g /... Other claims f 6,837 5,973 7, ,98 / 4,,475 4,43,407 / \ 6,939 6,0 7,34 806,395 / 4,3,475 4,54,979 / /... / 0,45 9,539 0, ,405 5,8 3,69 3,0A, \ 0,739 9,853 0,59,007 3,400 5,85 3,76 3,6 3, ,79 5,985 3,06,444 5,9 6,53 4,307 4,60 4, ,35 44,958 7,777,709 8,63 7,805 5,637,37 0,307, ,767 58,307,56,989 9,0 0,34 5,467,47 0,78, ,35 79,30 8,308,885 3,406,08 5,756,358 3,878,833, ,56 90,05 30,63,96 5,367,30 6,76 4, 39,87,355 94, Apr... 78,0 76,83 6,799,409,70,687 6,339,99 30,54, May... 80,476 78,50 7,065,663 3,00,40 6,37 3,087 3,04, ,0 June... 8,033 80,065 6,590,66,53,396 6,47 3,09 33,848, ,33 July... 8,874 80,039 7,9,536 3,89,556 6,35 3,476 3,88, ,04 Aug... 8,085 78,970 7,84,759,967,558 6,00 3,60 3,877,4,006,09 Sept... 83,8 8,869 8,997,79 4,30,894 6,05 3,698 33,49,944 88,6 Oct... 86,507 84,300 8,969,896 3,96, 6,005 3,768 35,557,07 900,307 Nov... 87,357 85,70 8,83,889 3,665,69 6,045 3,46 37,580,086 84,46 Dec.... 9,56 90,05 30,63,96 5,367,30 6,76 4, 39,87,355 94, Jan... 94,46 9,874 9,306 3,037 3,9,346 6,34 3,59 4,634,37 940,43 Feb... 93,357 9,040 9,346 3,079 4,5,5 6,446 3,689 4,559,37 895,4 Mar... 98,83 96,449 3,498 3,003 6,949,546 6,765 3,89 43,93, ,435 Apr... 98,97 95,876 3,335 3,3 6,596,48 6,90 3,783 4,847,3,034,88 Note: claims include claims previously classified as either "short-term" or "long-term" on the Treasury reports filed by banks. A monthly maturity breakdown was discontinued with new reports filed as of April 30, 978, and the historical series hgg been adjusted accordingly. (See introductory text to Capital Movements Section for discussion of changes in reporting forms and coverage.) / Data on the two lines shown for this date differ because of changes m reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date. j Data on the second line differ from those on the first line because those claims of U.S. banks on their foreign branches and those riaima of the U.S. agencies and branches of foreign banks on their h nd offices and foreign branches which were previously reported as loans are included m "Other claims"; and a number of reporting banfra are included in the series for the first time.

108 00.CAPITAL MOVEMENTS, Section II - Claims on Foreigners Reported by Banks in the United States Table CM-II-3. - Claims by Country Treasury Bulletin (Position at end of period In millions of dollars) Calendax year Country Nov. Dec. Jan. Feb. Mar. Apr. p Europe: Belgium-Luxembourg Bulgaria France ,646,643,38,784,38,888,40,383,34 German Democratic Republic Hungary... Italy ,034,367,35,367,0,99,93,033 Netherlands Poland Spam Switzerland Turkey ,909 5,339 7,38 9,080 7,8 9,080 8,6 8,35 9,308 8, Yugoslavia Europe... 8,63,69 5,548 8,930 6,45 8,930 8,030 8,09 9,580 8,984 Canada... 3,77 3,37 3,686 4,63 4,7 4,63 4,477 4,630 4,836 4,97 Argentina ,379,9,479,347,479,63,574,643,648 3,430 7,63 5,49 9,99 8,6 9,99,389,548,83, ,58 3,387 4,90 4,664 4,503 4, ,56 4,836 4, ,464 5,08 6,633 5,580 6,633 6,34 5,753 6,993 7,497 Chile Cuba Guatemala......,673 3,785 4,844 4,9 5,064 4,9 4,9 4,730 4,846 4,664 Netherlands Antilles / Panama... 58,44,375,45,809,45,959,885,705, ,336,85,336,97,336,,438,40,406 Other Latin America and 98,304,43,35,374,35,60,63,567,868 Latin America and 4,99 4,000 39,6 46,59 43,760 46,59 48,890 47,50 50, 50,08 Asia: China (Mainland) ,054,345,7,63,7,6,664,657, India Indonesia ,776,07,379 0,087 9,898 0,087 9,83 0,005 0,59 0,878,058,79,98,34,44,34,468,3,095, Philippines Oil-exporting countries J/ ,458,769,937,769,78,78, ,845 7,85 9,579 9,539 9,057 9,539 9,089 9,84 0,40 0,30 Africa: Egypt ,005,9,0,9,58,7,8, Oil-exporting countries.3/ ,,975,37,583,599,583,60,66,694,63 Other countries: , ,09,8,09,058,04,5,078 46,6 59,733 8,095 9,480 87,76 9,480 94,64 93,8 98,750 98, International and regional: European regional Latin American regional i o tai interna tiona 7 3_ Gr.and t-r>fal... 46,35 59,767 8,35 9? ,56 94,46 93,357 98,83 98,97 / Through December 3, 975, Surinam included with Netherlands Antilles. 3/ Includes Algeria, Gabon, Libya, and Nigeria. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the p Preliminary. United Arab Emirates (Trucial States). Less than $500,000. Not available.

109 August CAPITAL MOVEMENTS. Section II - Claims on Foreigners Reported by Banks in the United States Table CM-H-6. - Banks Own Claims by Type and Country, Payable in Dollars, as of June 30, 978 Preliminary Country On foreign public On banks own On all borrowers and unaffiliated foreign other foreign banks offices foreigners () () (3) (4) Austria... Belgium-Luxembourg... Bulgaria... Czechoslovkia... Denmark... Finland... France... German Democratic Republic.. Germany... Greece t... Hungary Italy... Netherlands... Norway... Poland... Portugal... Romania... Spain... Switzerland... Turkey... United Kingdom... U.S. S. R... Yugoslavia... Other Europe..,... Europe... Canada... Latin America and Caribbean Argentina... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antilles Panama... Peru... Trinidad and Tobago... Uruguay.... Venezuela... Other Latin America and Caribbean.... Latin America and Caribbean... Asia: China (Mainland). China (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan.... Korea... Malaysia... Pakistan... Philippines. Singapore... Syria... Thailand... Other Asia.. Asia., Africa Egypt... Ghana... Liberia... Morocco.... South Africa., Zaire.... Other Africa., Africa., Other Countries: Australia., All other., other countries... foreign countries... International and regional International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional... international and regional Grand total... Less than $500, ,898, ,399 4,57, ,435 9,733 3,988,74,558,73 33,054, ,703 3,354 5, ,673, ,896 7,4,33 6, ,788,5 45, , , ,493, ,9 4,505,709 8, , ,03 3,30,835 4,894,305, ,603, ,80 8,67 3,50 7, r , ,48,038 33, ,334 35,03 30,803, _ " _ 33 8 _ 5 87,367 35,059 30,803,504

110 0 Treasury Bulletin CAPITAL MOVEMENTS Section IV - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Liabilities by Type (In millions of dollars) Short-term liabilities End of calendar year or quarter-end month / liabilities Payable in dollars Payable in foreign currencies Long-term liabilities () () (3) (4) C5),737,608,5 38,9 { 3,5,786, ,75 ^ 4,48,4,654 47,304 5,780,677, ,0 f 5,863,704, ,59 V 5,90,763, ,38 f 6,659 3,9, ,540 7,07 3,44, ,603 7,899 4,0 3, ,886 9,799 5,9 5, ,877 0,345 6,08 5, , ,84r 6,598r 5,886r 7 3,585r 977-Mar... 0,7r 6,595r 5,88r 767 3,53r June... 9,845r 6,480r 5,763r 77r 3,364r Sept... 0,545r 7,90r 6,340r 850r 3,355r,095 7,873 7, , 978 Mar. p...,56 8,3 7, ,05 Note. Breaks in series arising from changes in reporting coverage which for earlier quarter ends when the reporting coverage changed. amount to $5 million or less for any year are not shown; in such / Data on the two lines shown for this date differ because of changes cases, only the figure comparable to that for the following date is in reporting coverage. Figures on the first line are comparable in shown. coverage to those shown for the preceding date; figures on the second / Data are shown for calendar year ends and for most recent five quarter line are comparable to those shown for the following date, ends for which figures are available. Data are also shown p Preliminary. r Revised.

111 August CAPITAL MOVEMENTS. Section IV - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-. - Short-Term Liabilities by Country Country (Position at end of period in millions of dollars) Calendar Year Mar. June Sept. Dec. Mar. p Europe Austria... Belgium-Luxembourg... Denmark.... Finland... France... Germany... Greece... Italy... Netherlands... Norway... Portugal... S p a m..., Sweden... Switzerland... Turkey... United Kingdom.... Yugoslavia.... Other Western Europe. Poland... U.S.S.R... Other Eastern Europe., Europe... Canada.... Latin America Argentina... Bahamas \/.. Brazil Chile... Colombia... Cuba... Ecuador.... Mexico... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin American Republics. Bermuda... British West Indies... Netherlands Antilles /... Other Latin America... Latin America... Asia China, People's Republic of (China Mainland)... China, Republic of (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Tnailand... Middle East oil-exporting countries Other Asia... Asia. Africa Egypt... Ghana... Liberia... Morocco... South Africa Zaire... Oil-exporting countries 4/.. Other Africa... Africa.. Other countries Australia... All other... other countries... foreign countries... International and regional International.... European regional.... Latin American regional.... Asian regional.... African regional... international and regional., ' ^ar' total.... L/) ,8 7 n. a n. a n. a n. a. n. a n. a. n. a. n. a. 6 n. a n. a. n. a , n. a. 9 5, n. a n. a n. a. n. a n. a. n. a. n. a. 7 n. a. n. a ,0 3,44 4, , n. a , n. a n. a n. a. n. a n. a. n. a. 5 n. a ,37 3 n. a. n. a ,9 / Through December 3, 97, Bermuda included with Bahamas. / Through December 3, 975, Surinam included with Netherlands Antilles. 3/ Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States) r r , r 689r 7r 75r ,343,7r,35r,83r,83r,495, lr ,040,,00,07,78, (,68 l,68r l,38r,469,363, I 3 _ ,695,040,057 l,97r,594r,85, f \ ' _ ,743 6,390r 6,403r 6j30r 7,036r 7,658 8, a _ _ AA'L 6, r,6, 5JL. 6,480r 7,90r 7,873 8,3 4/ Includes Algeria, Gabon, Libya, and Nigeria. Less than $500,000. p Preliminary, Not available, r Revised.

112 04.CAPITAL MOVEMENTS Section IV - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-3. - Short-Term Liabilities, by Type and Country, as of March 3, 978 Preliminary (Position in millions of dollars) Treasury Bulletin Country short-term liabilities Payable in dollars Payable in foreign currencies Europe: Austria Belgium-Luxembourg# Denmark... 3 Finland... France Germany Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Yugoslavia Other Western Europe Poland... U.S.S.R Other Eastern Europe Europe...,754, Canada Latin America: Argentina Brazil Chile Colombia Cuba... Ecuador Mexico Panama... Peru... Trinidad and Tobago... 3 Uruguay Venezuela Other Latin American Republics Bermuda British West Indies Netherlands Antilles Other Latin America Latin America...,359,30 9 Asia; China, People s Republic of (China Mainland) China, Republic of (Taiwan) Hong Kong i } India j Indonesia Israel Japan Korea Lebanon... Malaysia... Pakistan Philippines Singapore Syria Thailand... Other Asia...,378,9 87 Asia ,68 80 Africa: Egypt Liberia Morocco South Africa Other Africa Other countries: Australia All other other countries ,4.. 9 foreign countries... 8,64 7, International and regional: Less than $500, _ ,3 7, S5B

113 August CAPITAL M f t V W M B N T S Section IV - Liabilities to Foreigners Reported by Nonbanking Concerns in the United States Table CM-IV-4. - Long-Term Liabilities by Country (Position at end of period in millions of dollars) Calendar year Country Mar. June Sept. Dec. Mar. p Europe Austrif Belgium- Luxembourg r 76r 7 40 Denmark Finland... France Germany Greece Italy Netherlands Norway... Portugal Spain Sweden Switzerland Turkey United Kingdom ,,36,63 l,4ir l,389r l,77rv l,55r,3,47 Yugoslavia... Other Western Europe... Poland... n. a. n. a. n. a. n. a. U.S.S.R Other Eastern Europe... - Europe...,63,706 3,03 3,309,76r,657r,50?r,565r,458,540 Canada Latin America Argentina Bahamas / Brazil Chile... Colombia Cuba... - _ - Ecuador... n. a. n. a. n. a. n. a. Mexico Panama Peru... Trinidad and Tobago... n. a. n. a. n. a. n. a Uruguay... Venezuela Other Latin American Republics Bermuda... n. a. n. a. n. a. British West Indies... n. a. n. a. n. a. n. a r 49r 44 9 Netherlands Antilles / r r 9r 9r 4 Other Latin America r Latin America r 9r 30 94r Asia China, People's Republic of (China Mainland)... ~ China, Republic of (Taiwan)... Hong Kong India... Indonesia... # Israel Japan Korea... Lebanon... n. a. n. a. n. a. Malaysia... n. a. n. a. n. a. Pakistan... n. a. n. a. n. a. Philippines Singapore... n. a. n. a. n. a. n. a. Syria... n. a. n. a. _ - - Tnailand... r Middle East oil-exporting countries Other Asia ( I Asia ' Africa Egypt... Ghana... n. a. n. a. n. a. Liberia... n. a. n. a. n. a. Morocco... South Africa l Zaire... - _ r - - ~ Other Africa... } 5 ( I Africa Other countries Australia All other... 8 other countries foreign countries... 3,603 3,886 3,877 4,37 3,585r 3,53r- 3,364r 3.355r sriijjllss t05, International and reeional. International... - European regional... _! - - _ Latin American regional _ - _ - Asian regional... _ - _ - African regional _ - - _ - international and regional _ T''nci total... 3,603 ~ 3,886 3,877 4,37 3,585r 3,53r 3,364r 3,355r 3, 3,05 / Through December 3, 97, Bermuda included with Bahamas. / Induces Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and / Through December 3, 975, Surinam included with Netherlands Antilles. the United Arab Emirates (Trucial States). i j Includes Algeria, Gabon, Libya, and Nigeria. Less than $500,000. p Preliminary. Not available. r Revised.

114 06 Treasury Bulletin End of calendar year or quarter-end month / / / / Mar..., June.., Sept.., Dec Mar. p, -CAPITAL MOVEMENTS. Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States claims () 5,57 f 5,95 V 6,53 7,0 ( 8,303 8,068 f 9,094 ^ 9,960,59 5, ,39 9,886r,03r 9,668r,04 3,39 () 3,783 3, ,85 5,000 5,73 6,94 8,47,63,8 4,83r 4,94r 6,5r 4,97r 6,050 8,5 Table CM- V-l. - Claims by Type (In millions of dollars) Payable in dollars J L 3,73 3,4 3,53 3,579 4,535 4,467 5,074 5,643 7,584 0,4,03 3,8r 3,95r 5,0r 3,95r 4,704 6,587 Short-term claims Payable in foreign currencies Deposits with banks abroad in reporter s own name { ) r Other short-term claims payable in foreign currencies ( 5 ) Long-term claims JL6L.,790,5,363,950 3,8 3,068 3,370 3,666 4,057 4,544 4,99 4,955r 4,946r 4,898r 4,697r 5,054 5,4 Note: Breaks in series arising from changes in reporting coverage which amount to $5 million or less for any year are not shown; in such cases, only the figure comparable to that for the following date is shown. / Data are shown for calendar year ends and for the most recent five quarter ends for which figures are available. Data are also shown for earlier quarter ends when the reporting coverage changed. / Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage to those shown for the preceding date; figures on the second line are comparable to those shown for the following date, p Preliminary. r Revised.

115 August 978.CAPITAL MOVEMENTS Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM- V-. - Short-Term Claims by Country 07 Country (Position at end of period in millions of dollars) Calendar year J lifer. June Sept. Dec. Mar. p Austria.... Belgium-Luxembourg..., Denmark... Finland.... France... Germany... Greece... Italy... Netherlands.... Norway.... Portugal.... Spain.... Sweden.... Switzerland.... Turkey.... United Kingdom.... Yugoslavia.... Other Western Europe., Poland.... U.S.S.R..., Other Eastern Europe., Europe.... Canada.... Latin America Argentina... Bahamas... Brazil... Chile... Colombia... Cuba... Ecuador... Mexico... Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin American Republics. Bermuda... British West Indies... Netherlands Antilles /... Other Latin America... Latin America. Asia. China, People's Republic of (China Mainland)... China, Republic of (Taiwan)... Hong Kong.... India.... Indonesia.... Israel... Japan..., Korea.... Lebanon.... Malaysia.... Pakistan.... Philippines.... Singapore... Syria.... Tnailand... Middle East oil-exporting countries 3J\ Other Asia... J Asia. Africa: Egypt... Ghana... Liberia... Morocco... South Africa... Zaire... Oil-exporting countries A Other Africa... Africa.. Other countries. Australia... All other... other countries.... foreign countries.... International and regional International.... European regional... Latin American regional... Asian regional African regional... international and regional. Grand total ,3 3 9, , , ,94 6, , ,368, , , ,47 8, , ,450, , n , , ,6,63 Through December 3, 97, Bermuda included with Bahamas. Through December 3, 975, Surinam included with Netherlands Antilles , ,490, , , ,45r ,460r 44 l,44r r r 3,66r n.a, 8& 568,76 8 ' r 4r 4,8r r 6r ,43r,963r,409r,687,56 3C i : r 5.75r i. 4.99r ij ,46,574r,509r,600 3, ![ i 53 l,90r,7r l,906r,007 3, ! 44 57! ! 40 « ; j! 34 43!I r 34 I 3 05 r i ! !I Ij i r ,448r 4,965r i 4,56?r 4,476 j 5, M 9 I ! I ! l,06r l,068r!, ! i : ! 43 ; ! 0 6 ' ; < 46 it 4?4 j 447r I: i - «..];_ 40 j ,36 r,403r,774 ',966, j i f !; : > 0 0 i 80, ( 9 7, 9 5 f 8 9, I n 3!i! A9!i 370, i ! 4! ' ,93Sr 6,4r 4, 9 ^ 6,049 8,4 r : _ I4,83r I4,94r I6,5r 4,97r 6,050 8,5 j/ Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arao Emirates (Trucial States). 4/ Includes Algeria, Gabon, Iibya, and Ntjpria. p Preliminary. Less than $5u0 ihx r Revised. Not a/dilaole.

116 08 Country.CAPITAL MOVEMENTS Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM- V-3. - Short-Term Claims, by Type and Country, as of March 3, 978 Preliminary (Position in millions of dollars) short-term claims Payable in dollars Deposits with banks abroad in reporter's own name Payable in foreign currencies Treasury Bulletin Other short-term claims payable in foreign currencies Europe: Austria Belgium-Luxembourg Denmark Finland France Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom...,56, Yugoslavia Other Western Europe Poland Other Eastern Europe Europe , Canada Latin America: Argentina Bahamas... 3,088, Brazil Chile Colombia Ecuador Mexico Panama Trinidad and Tobago Uruguay Venezuela Other Latin American Republics Bermuda British West Indies Netherlands Antilles Other Latin America Latin America... 5,885 5, Asia: China, People's Republic of (China Mainland)... - China, Republic of (Taiwan) Hong Kong India Indonesia Israel Japan..., Korea Lebanon Malaysia Pakistan Philippines Singapore Syria Thailand Other Asia Asia... Africa.,966, Egypt Other countries All other other countries foreign countries... 8,4 6, $ T International and regional: International and regional , Less than $500,000.

117 August 978.CAPITAL M OVEM EN TS, Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM- V-4. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns bv Type /.., / a/ End of calendar year or month short-term liquid claims () (),306,068, 847,95,05,65,966,64,660 3,04 4,84r 5,999r (In millions of dollars) Payable in dollars (3) Deposits 8, 9 95,06 697,09,078,446,90,604,59,70 4,45r 5,597r Short-term investments jl/ (4) (5) (6) r 937r Payable in foreign currencies Demand (7) 49 Deposits r 553r Time (8) Short-term investments / (9) r 977-May., June, July, Aug., Sept, Oct., Nov., Dec., 978-Jan., Feb., Mar., Apr., May., 7,44r 7,668r 6,904r 7,7r 7,564r 6,936r 7,694r 8,3r 8,99r 9,049 9,439 6,747r 6,904r 6,705r 7,09r 6,09r 6,998r 6,67r 5,999r 6,679r 7,3r 7,79r 7,953 8,40 6,3r 6,44 6,6lr 6,505r 5,766r 6,493r 6,8r 5,597r 6,6r 6,836r 7,3r 7,30 7, r 505r 446r r r 936r 937r, l,37r,096, r 553r 553r 533r 608r i 440r 384t 46r 458r 530r Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Tables CM- V-l through CM- V-3. / Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than one year from the date on which the obligation was incurred by the foreigner. / Data on the two lines shown for this date differ because of changes m reporting coverage or classification. Figures on the first line are comparable to those shown for the preceding date; figures on the second line are comparable to those shown for the following date, r Revised. Table CM- V-5. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns by Country (Position at end of period in millions of dollars) Calendar year 978 Country Jan. Feb. Mar. Apr. May Belgium-Luxembourg r 8 6r 79r France r 37r 35r 49 8 Germany r 7 Netherlands United Kingdom...,8,350,306 l,87r,006r l,757r l,908r l,8l0r,746,595 Canada ,56 l,54r l,696r,5r,84r,463r,70,77 Bahamas l,3r l,883r,404r,656r,95r,988 3,569 British West Indies / r 05r 67r 405r All other countries / BA r 839r 786r 844r l,006r 49' ,85 3,357 3,799 5,506r 6,936r 7,694r 8,3r 8,99r 9,049 9,439 Note: Data represent the liquid assets abroad of large nonbanking con- / Through March 978, British West Indies included in "All other cerns in the United States. They are a portion of the total claims on countries." foreigners reported by nonbanking concerns in the United States and / Includes the liquid claims of $500 thousand or more held by reporting are included in the figures shown m Tables CM- V-l through CM- V-3. concerns m any country not listed above. Not available, r Revised.

118 0 CAPITAL MOVEMENTS Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM- V-6. - Short-Term Liquid Claims Reported by Large Nonbanking Concerns, by Type and Country, as of May 3, 978 Treasury Bulletin (Position in millions of dollars) Country Belgium-Luxembourg... France... Germany... Italy... Netherlands... Switzerland... United Kingdom... Canada... Bahamas... British West Indies. Japan... short-term liquid claims () ,595,77 3, () ,54,95 3, Payable in dollars Deposits (3) ,5,739 3, Short-term investments / (4) (5) Payable in foreign currencies Deposits (6) Short-term investments / (7) Ail other countries /., ,4-39 8,40 7,84,08 56 Note: Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States that are included in the series published m Tables Cll-V- through CM-V-3. / Negotiable and other readily transferable foreign obligations payable on demand or having a contractual maturity of not more than one year from the date on which the obligation was incurred by the foreigner. / Includes the liquid claims of $500 thousand or more held by reporting concerns in any country not listed above. Less than $500,000.

119 August 978 Country CAPITAL MOVEMENTS Section V - Claims on Foreigners Reported by Nonbanking Concerns in the United States Table CM- V-7. - Long-Term Claims by Country (Position at end of period m millions of dollars) Calendar year Mar. June Sept. Dec. Mar. p Europe Austria... Belgium-Luxembourg... Denmark... Finland... France Germany... Greece Italy... Netherlands... Norway... Portugal... Spain... Sweden... Switzerland... Turkey... United Kingdom... Yugoslavia... Other Western Europe... Poland... U.S.S.R... Other Eastern Europe n. a n. a. n. a. n. a Europe ,05, r 899r 898r 86r Canada...,4,64,83,4,530,475,486,46,776,79 Latin America Argentina Bahamas % / Brazil Chile Colombia Cuba... 9 Ecuador... n. a Mexico Panama Peru Trinidad and Tobago... n. a. n. a. n. a. n. a. 6 6 Uruguay Venezuela Other Latin American Republics Bermuda... n. a British West Indies... n. a. n. a. n. a. n. a. Netherlands Antilles / Other Latin America , Latin America ,06,39,640,5,489,457,37,406,387 Asia. China, People's Republic of (China Mainland)... 0 China, Republic of (Taiwan) Hong Kong India Indonesia Israel Japan ili Korea $ & Lebanon... n. a. n. a. n. a Malaysia... n. a. n. a. n. a. 6 Pakistan... n. a. n. a. n. a. n. a Philippines Singapore... n. a. n. a Syria... n. a. n. a. n. a. Trail and Middle East oil-exporting countries 35 Other Asia... J V Asia Africa: Egypt Ghana... n. a. n. a Liberia... n. a. n. a. n. a. n. a Morocco... South Africa Zaire.... a Oil-exporting countries {J... A f 6 0 Other Africa... / L Africa Other countries Australia All other other countries foreign countries... 3,66 4,054 4,538 4,93 ' 4,948r 4,930r 4,88r 4,68r 5,039 5,099 International and regional _ International... - _ _ European regional _ - Latin American regional Asian regional African regional international and regional Grand total... 3,666 4,057 4,544 4,99 4,955r 4,946r 4,898r 4,697r 5,054 5, r / Through December 3, 97, Bermuda included with Bahamas. { J Includes Algeria, Gabon, Libya,and Nigeria. / Through December 3, 975, Surinam included with Netherlands Antilles. p Preliminary. / Includes Bahrain, Iran, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, Less than $500,000. and the United Arab Emirates (Trucial States). Not available r r 77 j> r

120 Treasury Bulletin Calendar year or month P A P T T A T. M f l V B M B W T S Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-. - Foreign Purchases and Sales of Long-Term Domestic Securities by Type (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) () Marketable Treasury bonds and notes Jet foreign uurchas3 8 Foreign countries Official institutions () Other foreigners 0 ) Internationa] and re^iona] Gross foreign purchases (5) Gross foreign sales (6) U.S. Gov't, corporal Federally-sponsored Net foreign purchases (7) Gross foreign purchases (8) bions and agencies Gross foreign sales (9) Net foreign purchases (0) Corporate and other securities Bonds / Gross foreign purchases () Gross foreign sales () Net foreign purchases (3) Stocks Gross foreign purchases (4) Gross foreign sales ,964 4,446,48,70 3,8 0, ,0 3,054,853,487,49 0, ,499, ,97 8, ,67, , ,967,63 73,66 0, ,36 3,8-57 4,358,043,88 4,73,84,88 4,36, ,738,433,96 5,88 3,867,790,767 9, ,38 3,854,039 8,6 7, ,636 7, ,995, ,898 6, ,408 4,64 4,678 5,355 0, ,096 5,7 77,70 5,60 7,54,07 5,59 4,3,753 8,7 5, ,83 0,38 78,73 39,797 6,974,7 4,97,585 ^63 3,44 ^88,675 4,54, Jan.-June p., ,93 4,38 456,933, ,40 845,99 9,546 7, June...,45 ', ,557, ,0 950 July...,38, , ,373,63 4,5 3, ,456, , ,483, ,66, ,0 847 Oct.... 3,57 3, ,846, Nov... 3,337, ,00, ,8 899 Dec ,35, , Jan...,48, ,380, , Feb ,360, ,576, ,43 9 Apr... -,569 -, ,808 3, ,864,5 May p ,89 3, ,39,963 June p... l,3i ,96, ,09,9 (5) / Data include transactions in issues of states and municipalities. p Preliminary Through December 976, data also included transactions in issues Not available, of U.S. Government corporations and Federally-sponsored agencies. Calendar year or month Table CM-VI-. - Foreign Purchases and Sales of Long-Term Foreign Securities by Type (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United states) Net foreign Foreign bonds Foreign stoeks purchases of foreign Net foreign Gross foreign Gross foreign Net foreign Gross foreign Gross foreign securities () purchases sales purchases purchases sales (3) (4) (5) (6) (7) -,380,306 3,686-34,5,566 purchases () -,695 I ,547 -,09,55,58-57,59, ,490,44 35, ,687,6-49,385,434 " ,03,90,93 409,53, ,474,467 76,79, ,034 -,8,036 3,54 84,907, ,54-6,36,383 8,708-88,54, ,063-8,740 4,93 3,67-33,937,59 I ,444-5,034 8,05 3,086-40,55, Jan. June p... -,003 -,404 5,98 7,60 40,79, june , July Aug... -,08 -,08 799, Sept , Oct , Dec , Jan , Feb Mar , Apr ,69, May.p ,07, June p ,00, p Preliminary.

121 August CAPITAL MOVEMENTS. Country Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-3. - Net Foreign Transactions in Marketable Treasury Bonds and Notes by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year, through June p 978 May p June p Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark.... Finland... France... German Democratic Republic. Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal... Romania... Spain.... Sweden... Switzerland... Turkey... United Kingdom... U.S.S.R... Yugoslavia Other Europe n.a _ _ I _ ,404,93 0 _ -5 - ll U 4 _ ,403 -, n.a , Europe., Canada Latin.America,and Caribbean Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba.,... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antilles /.. Panama.... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean Latin America and Caribbean... Asia China (Mainland)... China (Taiwan)... Hong Kong... India Indonesia.... Israel... Japan.... Korea... Lebanon Malaysia Pakistan... Philippines... Singapoife... Syria... Thailand... 0i3-exporting countries /. Other Asia Asia., Africa: Egypt... Chana... Liberia.... Morocco South Africa... Zaire... Oil-exporting countries 3/. Other Africa.... Africa.., Qtfeer countries; Australia.... All other ,45,586 -, i.... " ! ] _ ,73, ! ,797 3,887 4,45-87/d ,660..3^954, 9,4,860 j I ; i - _ LZQ_ I '.. 30! - -7, =i_ , _ 3 _ other countries... foreign countries... International and regional: International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional... international and regional... Grand total Z,84 5,393, ,584, j ,995 8,096,83,793 l / Through December 3, 975, Surinam included with Netherlands Antilles. j Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States) , ,569 ncluaew. Algeria, Gabon, Libya, and Nigeria, p Preliminary. Less than $500,000. Not available rJL

122 4 CAPITAL MOVEMENTS Treasury Bulletin Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-4. - Estimated Foreign Holdings of Marketable Treasury Bonds and Notes by Country Calendar year (Position at end of period in millions of dollars) Jan. Feb. Mar. Apr. May p June p Austria.... Belgium- Luxembourg.... Bulgaria /.... Czechoslovakia /.... Denmark.... Finland.... France... German Democratic Republic U Germany... Greece.... Hungary /.... Italy... Netherlands... Norway... Poland /... Portugal... Romania /.... Spain... Sweden... Switzerland... Turkey... United Kingdom... U.S.S.R... Yugoslavia... Other Europe... Europe.... Latin America and Caribbean: Argentina... Bermuda /.... Brazil... British West Indies /.., Chile.... Colombia... Cuba Ecuador /.... Guatemala /... Jamaica /.... Mexico... Netherlands Antilles Z/.. Panama Peru.... Trinidad and Tobago /.. Uruguay... Venezuela.... Other Latin America and Caribbean... Latin America and Caribbean , ,330 56~ ,68 3,373 3,494 3,85 3,80 4,03 4, ,09,079,070 60, z6i 04 8,888 9,839 9,53 9,48 7,737 6,856 6, _ ,96 5,044 4,895 5,06 3,607,763, A 4 4 i 4 4 I i China (Mainland). China (Taiwan)... Hong Kong... India... Indonesia... Israel.... Japan... Lebanon /».. Malaysia /... Pakistan /.. Philippines.. Singapore /. Syria /... Thailand... Other Asia... Asia... Africa: Egypt... Ghana /... Liberia /... M dtocco..., South Africa., Zaire.... Other Africa., Africa., P.tber. cqyjxferies: Australia.... All other... other countries., foreign countries... Xnjjg^a.ti.onal and, regional: International... European regional... Latin American regional.. Asian regional... African regional... Middle Eastern regional.. international and regional... Grand total... 3,7 3,005 5, ,37 3 9, ,486 9, ,765, ,033 7,70 5,798 Data represent estimated official and private holdings of marketable U.S. Treasury securities with an original maturity of more than one year. Data are based on a benchmark survey as of January 3, 97, and the monthly transactions reports. Country detail may not add to the area totals or to Grand total. Note _ 6,860 7,463 7,67 8,33 8,33 8,964 9, , ,7,83,094,66, ,745 9, , ' I _ _ 6 7 _,J , ,480 36, ,8. 34, ,646 4,358 4,78 4,640 4,740 4,93 5, ; _ I ^ _ - _ 4,746. A A?.?.., A J5. 4,S5P., ,6 40,0 40,380 4,3 39,66 39,83 40,44 / Country or area not listed separately m benchmark survey; holdings included m respective "Other geographical category. / Through December 3, 975, Surinam included with Netherlands Antjlies, p Preliminary. Less than $500,000. Not available.

123 August Country Europe: Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia.... Finland... France... German Democratic Republic. Germany... Greece... Hungary... Italy... Netherlands... Norway Romania.... Spain... Sweden Switzerland... Turkey... United Kingdom... Yugoslavia... Other Europe... Europe... Qsqaada... CAPITAL MOVEMENTS Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table C M - V r Net Foreign Transactions in Long-Term Domestic Bonds, Other than Treasury Bonds and Notes, by Country (In millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year ' , through June p Jan. Feb. Mar. Apr. May p June p , Latin America and Caribbean- Argentina Bahamas Bermuda Brazil British West Indies Chile... Colombia... Cuba _ Ecuador... - Guatemala..., - Jamaica... _ - - Mexico... -! Netherlands Antilles / ' 34 t -6 3 Panama ! Peru... ; i - Trinidad and Tobago... i!! - - I Uruguay... 3! 3 i Venezuela Other Latin America and j Caribbean... 3 i! 3 Latin America and Caribbean 'i ,4. 6 i Asia: i j China (Mainland)... I _ China (Taiwan)... 5 ; 5 Hong Kong India... _ Indonesia... \ Israel... ' Japan Korea ! Lebanon... I Malaysia... i - - Pakistan... _ Philippines Singapore t _ t Syria... _ - Thailand... ~! _ - Oil-exporting countries./.,553,79, Other Asia _ Asia...,58,04, Africa Egypt... - Ghana _ Liberia Morocco.... i South Africa... _! Zaire... i - Oil-exporting countries 3/, -! _ Other Africa _ j Africa ! Other countries- Australia... - All other i other countries,,,,,. - S foreign countries...,795" ".7S8".. ;3T~" ldi m ,fiit.eynat.ip?ial apd ppflpptf,. -, European regional Latin American regional ~ 85 Asian regional _ African regional Middle Eastern regional... - ~ international and regional... -, Grand total ,07 4,335 on / Through December 3, 975, Surinam included with Netherlands Alioa-lier. J/..^x uiet Algeria, Gabon, Libya, and Nigeria. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the p Preliminary. Less than $500,000. Not available. United Arab Emirates (Trucial States)

124 6 Treasury Bulletin CAPITAL MOVEMENTS Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table GM-VI-6. - Net Foreign Transactions in Domestic Stocks by Country (In millions of dollars; negative figures Indicate net sales^by foreigners or a net outflow of capital from the United States) Calendar year 978 Country through Jan. Feb. Mar. Apr. May p June p June p Europe; Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark... Finland... France German Democratic Republic. Greece Italy... Netherlands... Norway.... Spain Switzerland... United Kingdom... Yugoslavia _ ft Europe...,49 336,006, Canada Lakto..ABfiTtaft ancl.cayibbean,;, Argentina Bahamas u Bermuda Brazil... 3 British West Indies Chile Cuba... Ecuador... Guatemala... Jamaica... Mexico Netherlands Antilles i/ Panama..., Peru Trinidad and Tobago... - Venezuela Other Latin America and Caribbean Latin America and Caribbean X L Asia; 'China (Mainland)... _ China (Taiwan) Hong Kong ft India... Indonesia Israel Japan Korea... Lebanon Malaysia... Pakistan... _ Singapore Syria... Thailand Oil-exporting countries J.,649,803, Other Asia Asia...,790,9, Africa. Egypt... Ghana Liberia Morocco South Africa Zaire _ - Oil-export ing countries jv. Other Africa Africa Other counties- Australia All other other countries _ foreign countries... 4,660,740, International European regional Latin American regional..,. - - _ - Asian regional African regional _ - _ Middle Eastern regional international and regional CrarA " ,678,753, i December 3, 975, Surinam inducted with Netherlands Antilles. / Tnd dej Algeria, Gabon, Libya, and Nigeria. / Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and p Preliminary. the United Arab Emirates (Trucial States). Less than $500,000. Not available r

125 August 978 Country.CAPITAL MOVEMENTS. Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-7. - Net Foreign Transactions in Long-Term Foreign Bonds by Country (in millions of dollars; negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year through June p Feb. Apr, May p 7 June p Austria Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark... Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway Poland... Portugal... Romania... Spain... Sweden... Switzerland... Turkey... United Kingdom U.S.S.R... Yugoslavia... Other Europe... Europe... Canada.... and Capibbeap: Argentina... Bahamas... Bermuda... Brazil British West Indies... Chile... Colombia... Cuba... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antillesl/... Panama Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean... Asia: China (Mainland).... China (Taiwan).... Hong Kong... India... Indonesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand... Other Asia... Asia., Africa; Egypt... Liberia... Morocco... South Africa. Zaire... Other Africa. Africa., Other.countries: Australia... All other... other countries... foreign countries... International and regional: International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional... international and regional... Grand total , n,a, n.a, n.a ^,33 -, , ,36-8,740-5,034 -,404 / Through December 3, 975, Surinam included with Netherlands Antilles. p Preliminary. Less than $500,000. Not available , n.a, n.a, n.a, L , , m n,a, n.a, ^478 -, , , il n.a, n.a, ^ n.a, i ,, A i IL, - s L

126 8 Country.CAPITAL MOVEMENTSL Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-8. - Net Foreign Transactions in Foreign Stocks by Country (In millions of dollars? negative figures indicate net sales by foreigners or a net outflow of capital from the United States) Calendar year 978 through June p Treasury Bulletin Apr. May p June p Austria Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal... Romania... Spain... Switzerland... Turkey... United Kingdom., U.S.S.R... Yugoslavia... Other Europe... Europe... Canada... Latin America and Caribbean. Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antilles l/... Panama Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean.... Asia: China (Mainland). China (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand... Other Asia... Asia. Africa Egypt... Ghana... Liberia... Morocco... South Africa.. Zaire... Other Africa.. Africa.., Other.countries Australia... All other... other countries., foreign countries... International and regional: International... European regional... Latin American regional.. Asian regional... African regional... Middle Eastern regional.. international and regional... Grand total i.a ZL m _8Z_ ft... ^34^ -30 -L _ / Through December 3, 975, Surinam included with Netherlands Antilles. Less than $500,000. P Preliminary, Not available.

127 August CAPITAL MOVEMENTS. Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-9. - Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During June 978 Preliminary Country Austria... Belgium-Luxembourg... Bulgaria... Czechoslovakia... Denmark... Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway... Poland... Portugal... Romania... Spain... Sweden... Switzerland... Turkey... United Kingdom... U.S.S.R... Yugoslavia... Other Europe... Europe... Canada... Latin America and Caribbean: Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia... Cuba... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antilles... Panama... Peru... Trinidad and Tobago... Uruguay... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean... Asia- China (Mainland)... China (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand... Other Asia... Asia... Africa: Egypt... Ghana... Liberia... Morocco... South Africa... Zaire... Other Africa... Africa... Other countries: Australia... All other... other countries... foreign countries... International and regional: International... European regional... Latin American regional... Apian regional... African regional... Middle Eastern regional... international and regional... Grand total... Less than $500,000. Purchases (In millions of dollars, Gross -purchases by foreigners () Domestic securities Market Bonds uorporaiie <se able of U.S. other Treasury & Federal corp. and Financing Federally- Bank bonds sponsored Bonds Stocks & notes agencies () (3) (4) (5) Foreign securities Bonds (6) Stocks (7) sales (8) Gross sales by foreigners Domestic securities Market Bonds Corporaother be & able of U.S. Treasury Gov't & Federal corp. and Financing Federally- Bank bonds sponsored Bonds Stocks & notes agencies (9) (0) () () Foreign securities _ _ _ _ _ , , « , , , Ill 46, _ _ _ 3 _ _ _ _ _ _ _ _ - - _ «. _ " _ , _ _ & J, , ZL _ _ 3 _ _ _, 4 - I 6 L L 3 _ 7 - I... -.,,_... - J ,389, , , 08 l r ,393, _ _ - ~ - ~ ~ ,48,336 _ 90 X, AL _ ,869, ,09, m.. 3,9,609?P? Bonds (3) Stocks (4) 0

128 0 Treasury bulletin Country- Austria... Belgium-Luxembovirg... Bulgaria... Czechoslovakia... Denmark... Finland... France... German Democratic Republic Germany... Greece... Hungary... Italy... Netherlands... Norway Poland... Portugal... Romania... Spain... Sweden... Switzerland... Turkey... United Kingdom... U.S.S.R... Yugoslavia... Other Europe... Europe... Cjaugjla Latin America and Caribbean: Argentina... Bahamas... Bermuda... Brazil... British West Indies... Chile... Colombia Cuba... Ecuador... Guatemala... Jamaica... Mexico... Netherlands Antilles... Panama.... Peru... Trinidad and Tobago... Uruguay..... Venezuela... Other Latin America and Caribbean... Latin America and Caribbean... Asia: China (Mainland)... China (Taiwan)... Hong Kong... India... Indonesia... Israel... Japan... Korea... Lebanon... Malaysia... Pakistan... Philippines... Singapore... Syria... Thailand... Other Asia.... Asia... Africa: Egypt... Ghana... Liberia... Morocco... South Africa... Zaire... Other Africa... Africa... Other countries: Australia... All other... other countries... foreign countries... International and regional: International... European regional... Latin American regional... Asian regional... African regional... Middle Eastern regional... international and regional... Grand total... Less than $500,000. Not available..capital MOVEMENTS. Section VI - Transactions in Long-Term Securities by Foreigners Reported by Banks and Brokers in the United States Table CM-VI-0. - Foreign Purchases and Sales of Long-Term Securities, by Type and Country, During Calendar Year 977 {In millions of dollars) () ,67 4, , ,86 6 8, ,307 3, , , ,4r ,349 4, ,076 0, ,9 purchases Marketable Treasury Federal Financing Bank bonds & notes () , , , , , -lil- 4 9,98 9, ,869 Gross purchases by foreigners Domestic securities Bonds of U.S. Gov t corp. and Federallysponsored agencies (3) ,89 57, , Corporate & other Bonds (4) , n.& A.49 3, Stocks (5) ,003 3, ,6, " 67, I, L4,G Foreign securities (6) (7) ,94 5 4, , sales (8) ,770, , ,87 7 8,6 48 9, , ] 304, ,56? ,953 9, ,655 7,997 39,797 4,97 3,44 L4,54 8,05,55 47,608 Gross sales by foreigners Domestic securities Market Bonds Corpora te & able of U.S. Treasury Gov't other & Federal corp. and Financing Federally-- Bank bonds sponsored Bonds Stocks & notes agencies (9) (0) () () Foreign securities Bonds (3) Stocks (4) _ , _ 6 3, ,349, , ,55 5,4, ,585,83 7 a _ C ,466,05 99 _ _ , _ _.., ,066 _ 63..MfL 39 57^ 40,57,67 55 _ « ? ,88,348,769 H,49 0,935,664 7, , _ , ,5 6,974,585,88 LI,479 3,086,665

129 August 978 FOREIGN CURRENCY POSITIONS Background Data have been collected since 974 on the foreign currency positions of banks and nonbanking firms in the United States, and on those of foreign branches, majority- owned foreign partnerships, and majority-owned foreign subsidiaries of United States banks and nonbanking firms. Reports cover nine major foreign exchange market currencies and United States dollars held abroad. Reporting has been required pursuant to Title II of Public Law 93-0, an Amendment to the Par Value Modification Act, of September, 973> and implementing Treasury regulations. Statistics on the positions will be published monthly in the Treasury Bulletin, beginning with data for December 975. The report forms and instructions used in the collection of bank data were revised effective with reports as of October 9, 975, for the weekly reports, and as of November 8, 975 (the last business day of the month), for the monthly reports. The most recent revision of the nonbank Foreign Currency forms (see below) became effective as of the last business day of November 976 for the monthly reports on nonbanking firms' positions in the United States. Common Definitions and Concepts The term "United States" means the States of the United States, the District of Columbia, the Commonwealth of Puerto Rico, American Samoa, the Canal Zone, Midway Island, the Virgin Islands, and Wake Island. The term "foreign" means locations other than the "United States". The term "Worldwide" is used to describe the sum of "United States" and "foreign" data. Data for the United States include amounts reported by sole proprietorships, partnerships, and corporations in the United States including the U.S. branches and subsidiaries of foreign nonbanking concerns, in the case of "nonbanking firms positions", and the agencies, branches, and subsidiaries located m the United States of foreign banks and banking institutions, in the case of the weekly and monthly "bank positions". Data for "foreign branches" and "abroad" include amounts reported by the branches, majority-owned partnerships and majority-owned subsidiaries of United States banking and nonbanking concerns. In general, these data do not reflect the positions of foreign parents or foreign parents subsidiaries located abroad except through intercompany accounts. The data include the foreign subsidiaries of a few foreign-owned U.S. based corporations. Assets, liabilities, and foreign exchange contract data are reported on the basis of time remaining to maturity as of the date of the report, regardless of the original maturity of the instrument involved. "Spot" means due for receipt or delivery within two business days from the date of the report. "Short-term" means maturing in one year or less from the date of the report. "Majority-owned foreign partnerships" are those organized under the laws of a foreign country m which one or more nonbanking concerns or nonprofit institutions in the United States, directly or indirectly, own more than 50 percent profit interest. "Majority-owned foreign subsidiaries" are foreign corporations in which one or more nonbanking business concerns or nonprofit institutions located in the United States directly or indirectly own stock with more than 50 percent of the total combined voting power of all classes of stock entitled to vote, or more than 50 percent of the total value of all classes of stock. Reporting Threshold The exemption level applicable to banks and banking institutions is $0 million equivalent. The exemption level applicable to nonbanking business concerns and nonprofit institutions was $ million equivalent on all nonbank forms from March 975 through November 976, when it was raised to $ million equivalent on the monthly reports of positions held m the (Anted States. Firms must report their entire foreign currency position in a specified foreign currency if a specified United States dollar equivalent value is reached in any category of assets, liabilities, exchange contracts bought and sold, or the net position in the currency. In general, exemption levels are applied to the entire firm in the United States and separately to each foreign branch or subsidiary. In reports on their foreign branches, majority-owned foreign partnerships and majority-owned foreign subsidiaries, United States banks and nonbanks are required to report the United States dollar denominated assets, liabilities, exchange contracts bought and sold, and net positions of those branches, partnerships, and subsidiaries with reportable positions in the specified foreign currencies. Description of Statistics Data collected on the Treasury Foreign Currency forms are published in the Treasury Bulletin in ten sections. The first section presents a summary of worldwide net positions in all of the currencies reported. Sections II through IX each present data on a specified foreign currency. Section X presents the United States dollar positions of the foreign branches and subsidiaries of United States firms which are required to report in one or more of the specified foreign currencies.

130 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section I - Summary Positions Table FCP-I-. - Nonbanking Firms Positions / (In millions of foreign currency unite} Report date Belgian francs () Canadian dollars () French francs (3) German marks (4) Italian lire (5) Japanese yen (6) Swiss francs (7) Sterling (8) U.S. g/ dollars (9) 977-Sept... ^5, Dec... 4,36r 0,79r 0,454r 7,068r 6,060r 5,36r 6, , ,94 70,933 34,747-3,7 -,98 r,647 r,70 r -5,999 r -6,073 r Report date Table FCP-I-. - Weekly Bank Positions / (In millions of foreign currency unite) Belgian Canadian French German Italian Japanese Swiss British U.S., francs dollars francs marks lire yen francs pound dollars & () () (3) (4) (5) (6) (7) (8) (9) 9/07/77 -, ,057 94,965 73, /4/77-3, ,65 63, //77 -, ,8 84, /8/77 -, ,350 8, /05/77 -,04-44,4 03,564 75, //77 -, ,073 7,35 73, /9/77 -,0-5 79,370 66,74 85, /6/77 -, ,376 8,770 6, /0/ ,37 85,857 70, /09/77 -, ,49 78,85 53, /6/77 -, ,047 67,87 77, /3/77 -, ,6 95,006 66, /30/77 -, ,00 93,369 9, /07/77 -, ,77 98,678 77, /4/77 -, ,403 87,85 7, //77 -, ,4 88,985 65, /8/77 -, ,069 7,584 78, /04/78 -,76 8,08 34,98 84, //78, ,067 60,45 78, /8/78 -, ,57 97, /5/78 -, -9 8,578 44,870 83, /0/78 -, ,09 39,73 86, /08/78 -, ,988 83, /5/ ,40 44,98 76, //78 -, ,69 59,963 84, Table FCP-I-3. - Monthly Bank Positions 5/ End of month Belgian francs Canadian dollars (In millions of foreign currency units) French francs German marks Italian lire Japanese yen > Stiss francs British pounds U.S. dollars 6/ () () (3) (4) (5) (6) (7) (8) (9) 977-Sept... -5, ,54 8, , ,60 59, u -4, ,503 87, , ,536 79, , '-4,333 87, Feb... -3, ,40 74, Footnotes at end of Table FCP-X-3.

131 August 978.FOREIGN CURRENCY POSITIONS _ Section II - Belgian Franc Positions Table FCP-II-. - Nonbanking Firms Positions / 3 Position at end of month Sept, Sept, Liquid assets / Shortterm debt J Short-term trade Forward exchange 8/ Net Exchange held by Positions Bought Sold position / rate 0/ offices in: Receivables (J Payables jj/ Other assets 6/ Other liabilities / () () (3) (4) (5) (6) (7) (8) (9) (0) 9,54 33,49 69,037 48,444 03,577 85,977,77 3,344 3, ,67,749,755,006 5,68,30,304 6,764, Abroad United States Sept, ,4 35,998 7,79 49,450 09,05 88,79 5,076 0,08 5, Worldwide Oct ,805,457, ,573,094,,00 6,0, Nov ,647,68, ,384,075,63 6, Dec ,637 35, 7,60 5,36 96,780 80,53.,894,670, Dec ,733,55,339,47 5,46,75 3,08r 7,9 l,998r Dec ,370 37,663 74,94 5,383 0,4 8,47 6,00r 9,899 4,36r Worldwide Jan. 978 P 3,63 T ; m. - 35,64 5,6^0,54 i 3,877r H T - l,79r Feb ,70,76,409,75 6,86,58 3,43 8,043, United States United States Abroad United States United States United States Date Assets () Table FCP-II-. - Weekly Bank Positions / (In millions of Belgian francs) Assets and liabilities / Exchange contracts 3/ Net position Banks in U.S. Liabilities () Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold (7) Foreign branch net (9) Worldwide net (0) United States A, () Foreign branch W () Worldwide 6/ (3) Exchange rate 7/ 9/07/ ,49,656,98 5,60 -,6 -,587-5,08 -, , /4/ ,33,466,597 4,635 -,038-4,056-6,094 -,903 -,75-3, // ,939 3,95,05 4,398 -,93 -,948-5,4 -, , /8/ ,699 3,75 4,53 6,349 -,88-3,35-4,953 -, , /05/ ,65 3,934,597 5,404 -,807-3,3-6,038 -, , // ,343 4,550,56 4,398 -,88-4,96-7,78 -, , /9/ ,540 5,730,66,434 -,68-5,58-6,850 -, , /6/ ,877 5,879,88 3,68 -,430-6,05-7,48 -, , /0/ ,004 7,66 4,796 5,909 -,3-6,445-7, /09/ ,806 9,56 3,533 5,55 -,98-9,90 -,883 -,63 -,095 -, /6/ ,48 9,334 4,38 6,333 -,095-9,595 -,690 -, , /3/ ,90 9,06 6,85 8,90 -,068-9,969 -,037 -,96 -,059 -, /30/ ,73 9,363 6,068 7,98 -,850-9,06-0,9 -,660 -, /07/ ,6 7,70 7,589 9,79 -,40-6,896-9,036 -, , /4/ ,999 6,80 6,96 8,77 -,80-6,407-8,08 -, , // ,53,735 9, 30,995 -,873 -,8-4,685 -, , /8/ ,66 7,946 8,69 30,97 -,578-8,54-9,73 -, , /04/ ,903 9,038 5,364 6,904 -,540-9,4-0,764 -, , // ,45 4,564 6,0 7,833 -,73-4,94-6,06 -, , /8/ ,88 5,04 4,956 6,39 -,435-4,650-6,085 -,30 3 -, /5/ ,36 8,480 5,009 6,50 -,493-8,098-9,59 -, , /0/ ,40 9,477 6,400 8,380 -,980-9,540 -,50 -,93-0 -,043 3,706 /08/ ,39 7,68 5,48 6,99 -,744-7,85-9,595 -, , /5/ ,00 9,93 7,584 9,393 -,809-8,56-9,965 -, // ,85 7,73 8,060 3,037 -,977-7,650-0,67 -, , Footnotes at end of Table FCP-X-3. Net (8) U4) _

132 Section II - Belgian Franc Positions Table FCP-II-3. - Consolidated Monthly Bank Positions 8/ (In millions of Belgian francs) End of month 977-Sept. Maturity Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities Summary ((7) + (8))... Assets 9/ () 30,35,0 4,99,686 8,453 5,77 03,67 3,39 06,8 Balance sheet items Liabilities () 3,7 30,373 5,9,9 4,58 5,54 99,448 5,93 05,36 Net (3) -,396-8,36-00,557 3,87 9,753 4,4 -,774,450 Bought (4) 0,953 8,53 7,736,883 8,90 9,005 9,005 >n exchange contracts Sold (5),8 3,55 3,98 30,07 7,67 5,593 5,593 Net (6) -,9 4,96-4,46-7,34, ,588-6,588 Net overall position / (7) -3,65-3,399-4,446-5,767 5,88 9,685 -,364 -,774-5,38 Oct. 978-Jan. Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months.,... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities..., Capital assets, liabilities, Summary ((7) + (8)).... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities, Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months.... Over 3 months-6 months.... Over 6 months- year... Over year... of all maturities. Capital assets, liabilities, Summary ((7) + (8))... Demand/spot days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year.... of all maturities..., Capital assets, liabilities, Summary ((7) + (8))... 7,407,35 7,95 4,548 4,76 05,6 3,9 08,49 3,33 3,50 8,774 3,47,673 7,38 3,53 0,635 3,0 0,089 9,550,4,56 05,687, ,34 0,849,67,690 4,70 07,8,647 09,865 '6,898 5,364,46 4,768 6,6 5,5,65,693 3,958 33,694 7,835 9,664 9,55 ( 98,434 6,08 04,46 37,854 9,3 0,4,5 9,667 07,983 6,50 4,33 3Ty w 9,8 7,458,534 0,036 00,046 5, ,503 6,45 9,96 0,38 0,540 ( 98,79 4,699 03,490 30,67 9,088,574 9,447 4,944 5,745 0,469 5,03 07,67-6,87-6,484,469 6,46,58 6,88 -,799 4,09-6,54,07 -,440,347,96 0,045 9,399 -,897 6, S T -9,39,09 888,58 0, 5,64 -,870,77-3,6-5,60,5,309 4,03 9,599 8,47 -,05 6,375-3,773-3,74-3 5,3,678 9,407 8,796 -,50 6,86,530 8,447 35,6 30,5 8,044 4,893 4,893 5,88 35,874 46,89 33,37, ,73 5,693 37,77 48,987 35,34,854 60,847 60,847,75 46,874 39,034 34,8,04,638 64,683 64,683 4,56 3,37 45,733 30,585 9,635,47 53,899,333 6,557 38,708 37,94 7,857 3,396 3,396 4,85 3,766 5,906 43,0 0, ,505 I E E T 34,89 55,449 4,74,865 68,44 68,44,6 43,906 43,65 4, 3,5,497 75,90 75,90,755 3,030 49,33 35,383,69,37 63,967 63,967,97,890-3,087-7,690 74? , ,08-5,05-9, ,774,879-6,46-6, ,97-7,97-860,968-4,68-6,99 -,9 4 -,9 -,9, ,580-4^98 -, ,068-0,068-5,090-4,594-5,556 -l,8l ,799 r l -6,078 5,35-6,455-7,537 3, ,897-4,7 T 9-6,60-4,370-5,484, 0,48 -,656 -,870-4,56-4,0 -,634 -,367-5,60,0 9,740 -,79 -,05-4,844 -,966-4,67-3, ,337 -,7 -,50-3,78 Q I I

133 August FOREIGN CURRENCY POSITIONS Section III - Canadian Dollar Positions Table FCP-III-. - Nonbanking Firms Positionsi/ Position at end of month Liquid assets 7j ( D Shortterm debt / () Short-term trade Receivables i j (3) Payables 5/ (4) Other assets / (5) Other liabilities / (6) Forward exchange 8/ Bought (7) Sold (8) Net position / (9) Exchange rate 0/ (0) Positions held by offices in: Sept, ,355r 5,l88r ll,98r 5,863r,37r I6,976r ,04r Abroad Sept, ,656,63 680,05r l,55r United States Sept, ,8r 5,599r,367r 6,567r 4,893r I8,39r,48,3r 0,79r Worldwide Oct ,538,5 893,, United States Nov ,505,54 838,6, United States Dec ,609 4,955r,56r 6,36r,650 7,786r r 9,066r 0.94 Abroad Dec ,539,79 690,95, ia United States Dec ,466 5,339r f773r 6,936r 5,89 I8,965r,463,97r 0, ia Worldwide Jan ,533,78 6,890, United States Feb ,65,88 674,86, United States Date Assets Table FCP-III-. - Weekly Bank Positions ^ (In millions of Canadian dollars) Assets and liabilities / Exchange contracts 3/ Net position Banks m U.S. Liabilities Net Foreign branch net Worldwide net Bought Banks in U.S. Sold Net Foreign branch net Worldwide net United States Vjj Foreign branch W () Worldwide 6/ Exchange rate 7/ () () (3) (4) (5), (6) (7) (8) (9) (0) () (3) (4) _ 9/07/ ,453, /4/ ,760, // a o,866, /8/ ,4, /05/ a ,849 3, // ,889 3, /9/ , 389 3,805 4, /6/ ,833 4, /0/ ,087 4, /09/ ,846 4, /6/ ,564 4, /3/ ,047 3, /30/ ,870 3, /07/ ,8 3, /4/ ,445 3, // ,569 3, /8/ ,873, /04/ ,766, // ,74, /8/ ,799, /5/ ,935, /0/ ,00, /08/ , /5/ B;S // ,33 li;$4i Footnotes at end of Table FCP-X-3.

134 Section III - Canadian Dollar Positions Table FCP-IH-3. - Consolidated Monthly Bank Positions W (In millions of Canadian dollars) K i G \ End of month I977-Sept... () () (3) U) (5) (6) (7) (8) (9) Maturity Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities Summary ((7) + (8))... Assets 9/ () ,506 73,679 Balance sheet items Liabilities () Net (3) Bought (4) 905,504 4,36,63,597 4, , ,97r 38r,49 exchange contracts 0/ Sold (5) 930,640 4,486,696, ,884,884 Net (6) Net overall position / (7) Jan., Feb. () () (3) (4) (5) (6) (7) (8) (9) () () (3) (4) (5) (6) (7) (8) (9) {} () (3) (4) (5) (6) (7) (8) (9) () () (3) (4) (5) (6) (7) (8) (9) () $ (6) (7) (8) (9) Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities, Summary ((7) + (8)).... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months.... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities, Summary ((7) + (8)).... Demand/spot days- month... Over month-3 months.... Over 3 months-6 months.... Over 6 months- year.... Over year... of all maturities..., Capital assets, liabilities, Summary ((7) + (8)).... Demand/spot... 3 days- month... Over month-3 months.... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities. Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities. Summary ((7) + (8)) ,566 7, ,646 9, , , , , U \-7-457, , , ,85u , ,5b , JZ3_ -73T ,45 58,56 493, ,66 3,007,3 48 4,6 4,6,47 3,57 3,90,86, ,73 3,73 668,686 3,68,599,00 435,06,06,495,309 4,086,64, , T 7 C T -,797 3,575,74, ,973,973, ,85 3,30, ,70 5,70,0 3,6 4,0,980, ,77 4,77 690,97 3,89,788,39 38,734,734r,505,493 4,35,798, , T Z W,93 3,665 3,008,0 44 3,579 3, r -0r -89r "TffT i (33 ft

135 August Position at end of month Liquid assets / Shortterm debt / FOREIGN CURRENCY POSITIONS _ Section IV - French Franc Positions Table FCP-IV-. - Nonbanking Firms Positions y Short-term trade Receivables 4/ Payables 5/ (In millions of French francs) Other assets 6/ Other liabilities / _ Forward exchange 8/ Bought Sold Net Ex Positions position / change held by rate 0/ offices in () () (3) (4) (5) (6) (7) (8) (9) (0) 3,73 0,,657 3,9 4,396 6, ,063 8, l,785r -l,6l3r Abroad United States Sept., 977 Sept,, 977 Sept,, 977 0,53,03 3,70 5,83 7,54 i,435 3,848r 7,068r Worldwide r 3,894 Oct. 977 U ,^77 -,0V Nov , Dec ,866r ll,576r 3,445r 4,933r,5r 5, l,970r 6,940r Dec ,59, Dec ,996r,00r 3,863r 5,7r 3,077r l6,78r,009 3,98r 6,060r Worldwide Jan ^4, Feb ,703, United States United States Abroad United States United States United States Table FCP-IV-. - Weekly Bank Positions / (In millions of French francs) Assets and liabilities / Exchange contracts 3/ Net position Banks in U.S. Foreign Worldwide branch Banks in U.S. Foreign Worldwide Date branch United Foreign Worldwide 6/ rate 7/ Exchange net net net States 4/ net branch Assets Liabilities Net Bought Sold Net w () () (3) (4) (5) (6) (7),(). (9) (0) () () (3) (4) _ 9/07/ ,64 3,050 0,359,075-7l -,403-3, :9i^<r 9/4/ ,609 3,9 0,86, ,30-3, // ,73 3,04 0,753, ,399 -, /8/ ,495,933 0,730, ,59 -, /05/77 665,747 3,4,34, ,434-3, // ,873 3,548 0,86, ,557-3, /9/77,06 97,009,588 3,597,76,445 -,69 -,49-3, /6/ ,47 3,46,459,506 -,047 -,054-3, /0/ ,85 3,587,6, ,543-3, /09/ ,688 3,4 0,6,5-99 -,44-3, /6/ ,396,903 0,73, ,95 -, /3/77 /30/ ,3,809 0,894, ,743 -, ,38,746,6 3, ,04 -, /07/ ,347,969 3,786 4, ,963 -, /4/ ,37,999 4,063 4, ,97 -, '3 //77,083 49,034,0 3,056 3,359 4,57 -,58 -,765 -, /8/ ,30,696,859 3, ,955 -, /04/ ,58,9,463 3, ,84 -, // ,767,343,33, ,58 -, /8/ ,587,049,490 3, ,94 -, /5/ ,737,0 4,56 5, ,364 -, I.7004 /0/ ,867,48 3,964 4, ,50 -, /08/ ,79,8 3,76 4, ,639 -, /5/ ,906,573 5,9 6,45 -,3 -,863-3, //78, ,86,857 4,979 6, -,33 -,950-3, Footnotes at end of Table FCP-X-3.

136 End month Assets 9/ Section IV - French Franc Positions Table FCP-IV-3. - Consolidated Monthly Bank Positions 8/ (In millions of French francs) () Worldwide Balance sheet items Forei gi exchange contracts 0/ Liabilities Net Bought Sold () (3) (4) (5) Net (6) Net overall position / (7) 977-Sept... () 4,85 5,485 -,300 7,605 7, (?) 4,50 3,34,69 6,90 7, (?) 3,589,69,960 0,778,69 -,85 09 (t\), ,8 9, (>) 4,8 4, (6) ),458,736 ( 4,53, (7) of all maturities... 6,58,85 3,306 40,43 43,83-3,40 66 (8) Capital assets, liabilities (9) 6,666 3,470 3,96 40,43 43,83-3,40 56 Oct... 0 ) 6,007 6, ,338 5, (?) 3 days- month... 4,9,955,74 8,09 9,436 -,37-53 n ) 3,8,37,90,89 3,03 -, u ) Over 3 months-6 months...,676, ,430 8, (>) (6) Over year.... },4,947 ( 66 ) 6,630 6,876 { -4 6 (7) of all maturities... 7,55 4,7 3,343 40,336 43,549-3,3 30 (8) Capital assets, liabilities (9) Summary ((7) + (8))... ^,637 4,W 3,39 40,336 43,549-3,3 6 Nov... () Demand/spot... 4,7 4, ,030 6,^ () 3 days- month ,967 3,085,88 8,385 9,898 -, (3) Over month-3 months...,684, , 3, (4) Over 3 months-6 months...,747, ,3 9, if. (5) Over 6 months- year (6) Over year ),3,804 ( -34 ) 7,33 7,84 ( (7) of all maturities... 5,99 3,48,743 44,90 46,93 -,74 (8) Capital assets, liabilities.,, (9) Summary ((7) + (8))... 6,53 3, j j»7u t on Dec... ' r 46,93 -,74-9 () 5,644 6, ,5 4,70 () 3 days- month... 4, ,85 45 (3 ) Over month-3 months...,470,777,97, _ rv? LIJY (4) Over 3 months-6 months...,054, ,07 0, (5) Over 6 months- year... - m, ,59 5,3-540 ),35 (6) (7) of all maturities... 7,34 5,098,6 4,97 43,79 -,08 44 (8) Capital assets, liabilities, (9) 7,654. 5,59,063 4,97 43, Jan... () Demand/spot , , $8 7,6... 7,39 -& -7^0 () 3 days- month ,646 3,34,3 0,76, (3) Over month-3 months.... 3,367,333,034,0, (4) Over 3 months-6 months.....,803, ,648, (5) Over 6 months- year ,394 4, ),489,570 ( (6) (7) of all maturities... 8,09 5,434,675 44,960 47,667 -,707-3 (8) Capital assets, liabilities (9) Summary ((7) + (8))... 8,47 5,943,58 44,960 47,667 -, Feb. () 6,765 5, ,458 7,96 - m.. "S O T () 4,54 3, ,674 9, , (3) Over rronth- 3 months... 3, ,77 OdJL,338 -,78 (4), ,09, (5) 99 4,989 5, ),467,59 ( -03 (6) (7) 9,39 6,0,938 48,630 5,943-3, (8) Capital sesets, liabilities..,, (9) Summary((7) + (8))... 9,5 6,79,783 48,630 5,943-3, i 4 g5 S t -

137 August Position at end of month Liquid assets J Shortterm debt / FOREIGN CURRENCY POSITIONS _ Section V - German Mark Positions Table FCP-V-. - Nonbanking Firms Positions / Short-term trade Receivables i j Payables 5/ (In millions of German Marks) Other assets 6/ Other liabilities / Forward exchange 8/ Net position / Exchange rate 0/ Positions held by offices in: () () (3) (4) (5) (6) (7) (8) (9) (0) Sept, ,570 7,856 4,33 9,874 9,06 7,08,595,773 5, Abroad Sept,. 977, ,848,379,603 3,3r l,56r -647r.3089 United States Sept, ,597 8,667 4,657,7 0,485 9,8 4,76r 3,09r 5,36r.3089 Worldwide Oct. 977, ,63,,43 3,055r,9-39r.433 United States Nov. 977, ,733,8,87 3,00r,536-70r.05 United States Dec ,30r 7,484r 4,683r 9,603r I8,667r 7,653r,60 l,698r 6,85r.0984 Abroad Dec. 977, ,58,55,558r l,705r -07r.0984 United States Dec ,4r 8,04r 5,058r 0,60r 9,95r 9,808r 4,78r 3,403r 6,745r.0984 Worldwide Jan. 978 '", JOT" 9Sr..,98 ".. "STSiff,4^4.... ZM jt.079 United States Feb. 978, ,09,69,0,38, United States Bought Sold Date Assets () Table FCP-V-. - Weekly Bank Positions / (In millions of German marks) Assets and liabilities / Exchange contracts 3/ Net position Banks in U.S. Liabilities () Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold (7) Net (8) Foreign branch net (9) Worldwide net (0) United States /y () Foreign branch W () Worldwide 6/ (3) Exchange rate 7/.. (4). 9/07/ ,667 4,99 7,906 8, ,54-3,86-96,53, /4/ ,349 4,608 8,063 8, , r // ,60 4,533 8,765 9, ,99-3, /8/ ,534 4,77 9,78 9,69" -55-3,406-3,9-33, /05/77, ,503 4,898 3,55 3, ,54-3,674-5,349, //77, ,86 5,35 3,37 3, ,570-4,6-9,9, /9/ ,55 4,784 3,665 3, ,398-3,44 53,7, /6/ ,469 4,65 3,83 3, ,076-3,76-7,393, /0/77, ,870 4,00 3,335 3,3 3 -,74 -,79 43,8, /09/77, ,73 3,90 30,065 30, ,454 -,76-0,59, /6/77, ,63 3,758 33,468 33, ,380 -,7-86,33, /3/77, ,645 3,006 3, ,956 -,383 -,384,6.30 /30/77, ,3 3,537 3,435 3, ,03 -,536-98,99,00.05 /07/77, ,89 3,7 33,848 34, ,436 -,840-6,393, /4/77 / ,073 3,87 34,564 34, ,600 -,784-70,473, // ,93 3,500 3,370 3, ,94 -,386-38,5,4.88 /8/ ,703 3,738 30,407 30, ,36 -,669-73,34, /04/ ,778 3,907 3,430 3, ,469 -,799-0,309, // ,059 4,334 34,086 34, ,777-3,67-5,8, /8/ ,305 4,505 3,500 33, ,00-3,53-39, /5/ ,807 5,8 3,40 3, ,3-3,604-6,584, /0/ ,906 4,6 3,93 3, ,44 -,95-55,464,09.4 /08/ ,7 4,50 9,33 9, ,066-3, , /5/ ,656 4,99 33,604 34, , -3,58-4,534, // ,087 5,460 33,089 33, ,833-4,9 5,54, Footnotes at end of Table FCP-X-3.

138 Section V - German Mark Positions Table FCP-V-3. - Consolidated Monthly Bank Positions W (In millions of German marks) o End of month 977-Sept. Nov., 978-Jan., Maturity Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities. Capital assets, liabilities, Summary ((7) + (8))... Demand/spot days- month.... Over month-3 months.... \Over 3 months-6 months.... \0ver 6 months- year... Over year.... of all maturities..., Capital assets, liabilities, Summary ((7) + (8))... Demand/spot days- month... Over month-3 months.... Over 3 months-6 months..., Over 6 months- year... Over year.... of all maturities..., Capital assets, liabilities, Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities. Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Capital assets, liabilities. Summary ((7) + (8))... Demand/spot... 3 days- month... Over month-3 months... Over 3 months-6 months... Over 6 months- year... Over year... of all maturities... Captial assets, liabilities. Summary ((7) + (8))... Assets 9/ () 7,337 5,304,877 6,497 4, , ,048 7,354 4,76 3,73 6,499 4, ,44,090 57,53 7,745 3,73 5,473 6,460 4,985 9, ,53 8,45 3,499 7,04 4,95 0,65 6,539 6,654 7,78 5^9 5,7 7,9 4,860 9,77 60,743,09 6,85 o ,444 9,57 6, Balance sheet items Liabilities (),33 5,53 9,794 4,73, ,76,965 5,76 0,808 6,335,409 4,36, ,5 54,9 0,843 4,58 4,94 4,085,307 7,88 53,6, ,79 9,034,006 4,45 3,048 7, ,467,84 5,074 3,438 5, ,780 58,40 ^88 8,6, 5,6 3,748 5,8 57,336 " i t Net (3) -3,976-09,083,766, , ,3-3,454 -,574,3,73, , ,34-3,098 -,085 53,375,678,4 3, ,88-69,493,589,867,897 4, ,6-3,098,888,7,4 3, ,450 -,99 -,30,890,36,696 3,346 5, ,395 Bought (4) 5,9 6,38 0,045 4,56 0, ,950 8,950 4,498 6,798,47 5,, ,636 84,636 7,43 6,808,80 5,389,3C 5,565 9,333 89,333 6,55 9,60 0,90 5,770 4,66 3,533 79,704 79,704 5,04 7,589,759 6,588 4,50 3, ,38 Foreim exchange contracts 0/ Sold (5) 5,36 8,357,833 4,880 9,95 Net (6) 685 -,975 -, ,800 -,850 84,800 -,850 4,96 8,695,75 6,069, ,897 -, , ,885 3,49 87,885-3,49 7,48 8,50,633 6,600,548 5, , , ,84 -V 6,735 0,68,34 6,349 3,68 3, ,458 -, ,97-3,3 8,97-3,3 5,03 0 9,08 -,439 3,86 -,57 7, ,488,0 3, ,596-3,5 9,567 9,^ ,86 0,6 -,355 0,79, ,99 8,30 -, 4,36 3,54 7 3,7^9 3, ,54 97,33-4,079 93,54 97,33-4,079 Net overall position / (7) -3,9 -,84 95,4 3, ,5-3,47 844,5 3,7, ,85 -,47-8,64 3,450, ,768 -,077 7,00,865, ,05-4,537,444 3, ,4-3,657,04,5,48 3,389 9 IT T " I 03

139 August FOREIGN CURRENCY POSITIONS _ Section VI - Italian Lira Positions Table FCP-VI-. - Nonbanking Firms Positions!/ Position at end of month Liquid assets / Shortterm debt / Short-term trade Receivables i j Payables 5/ Other assets 6/ Other liabilities / Forward exchange 8/ Bought Sold Net position / Exchange rate 0/ Positions held by offices in: () () (3) (4) (5) (6) (7) («) (9) (0) Sept. 977,849,647,488,43,08,373,90,536 40,39 59,35 393, Abroad Sept ,88 4,77 48,840 9,67 63,7 67,5 80, United States Sept ,549,398,857 3,03,58,50,870,077,3,930,803 04,050 36, , Worldwide Oct. Nov. Dec. Dec ,4 85, 6,0,38 47,5 50,65 8,703 30, 63,986 88,555 56,000 98,66 69,088 87,870 58,93 9, ,9 63, United States United States Abroad United States 977 3,078,68,533,946,940,337,85,74 359, ,50 4,64 48,904 3,87 95,490 Dec ,579,44,59 3,45,670,548,587,989,4,884,559 54,66 454, , Worldwide Jan ,830 4,788 5,437 9,35 86), 086 " n7;m.., % i a Feb ,390 5,09 /,9,?Q?0,4 9,45 67,33-4, United States United States Date Assets Table FCP-VI-. Weekly Bank Positions / (In millions of Italian lire) Assets and liabilities / Exchange contracts 3/ Net position Banks in U.S. Liabilities Net Foreign branch net Worldwide net Bought Banks in U.S. Sold Net Foreign branch net Worldwide net United States lf^/ Foreign branch 5/ () Worldwide 6/ Exchange rate / () () (3) (4) (5) (6) (7) (8) (9) (0) () (3). (4) 9/07/77 44,676 0,0 46,697 89,94 94,34-33,47-8,585-5,73,59 83,436 94, /4/77 49,57 6,7 43,40 88,6 3, ,35,06,303-6,988-37,050-00,038-9,587 5, 3, //77 46,98 9,038 38,00 98, ,557-57,6-4,70-8,89-0,640 66,768 56, /8/77 49,90 5,5 44,075 05,00 49, ,98 986,987-4,789-33,946-76,735,86 7,064 7, /05/77 4,385 8,786 33,599 3,9 64,88 889,546 9,487 -,94-39,33-6,54,658 9,906 03, //77 4,70 3,07 39,495 99,503 38, ,89 93,48-39,537-8,09-67, ,394 7, /9/77 37,068,98 5,40 68,55 93,69 89,634 98,98-6,84 -,34-7,58 -,44 67,38 66, /6/77 46,36 3,99 4,837,886 54,73 84, ,48-4,68-3,335-7,953,9 80,55 8, /0/77 38,644 6,654 3,990 0,749 34,739 94,495 97,770-30,75-8,607-48,88,75 84,4 85, /09/77 4,740 4,06 37,74,6 49, ,03 9,54-39,50-3,54-7,05 -,787 80,60 78, /6/77 44,477 6,34 38,43 74,466,709 90,38 946,595-44, ,837-6,4 74,086 67, /3/77 43,959 5,638 38,3 7,955,76 950,609 98,30-30,5 4,5-6,70 7,800 87,06 95, /30/77 69,06,333 66,873 97,36 64,35 98,30 989,363-6,33-9,733-70,866 5,740 87,69 93, /07/77 64,305,00 6,05 59,57,46,04,00,06,793-48,773 5,989 -,784 3,43 85,46 98, /4/77 6,34 5,7 56,097 9,350 48,447,046,478,095,704-49,6 -, ; 7 80,944 87, //77 86,065 8,88 77,37 89,044 66,8,093,36,57,05-63,75-3,57-77,96 3,5 75,473 88, /8/77 7,005 89,799 6, ,505,043,64-70,37-0,083-90,0,868 69,76 7, /04/78 73,70 7,079 56,9 93, 49,3,06,573,074,376-57,803-56,59-4,394 -,6 36,530 34, //78 67,6 4,64 8,35,054,3,6,67-7,044-50,046 -,090-4,433 64,578 60, /8/78 75,799 5,603 50,96,57 6,767,068,584,,0-5,57-54,679-07,96 -,3 56,89 54, /5/78 68,86 5,8 93,34,089,498,7,938-8,440-66,004-48,444-4,54 59,4 44, /0/78 68,50,993 46,57 49,64 95,798,9,07,96,57-67,050-89,475-56,55-0,893 60,66 39, /08/78 7,654 0,656 50,998 0,30 5,300,9,,,535-9,43-63,875-56,88-4,45 37,47-3, /5/78 49,76 06,64 56,06,38,74,09,370-70,646-40,398 -,044-0,884 65,866 44, //78 67,7 9,546 57,66 0,67 68,98,44,65,3,468-68,303-40,03-08,335-0,677 70,640 59, Footnotes at end of Table FCP-X-3.

140 3 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section VII - Japanese Yen Positions Table FCP-VII-. - Nonbanking Firms Positions y Position at end of month Liquid assets / Shortterm debt / Short-term trade Forward exchange 8/ Net Exchange held by Pos it ions Bought Sold position / rate 0/ offices in: Receivables j j Payables 5/ Other assets 6/ Other liabilities / () () (3) (4) (5) (6) (7) (8) (9) (0) Sept ,93 93,550 66,38 44,973 46, ,007,377 8,076 95, Abroad Sept ,63 737,094 3,94 36,900 8,486 06,73 90,65 75, United States Sept ,96 94,87 683, ,94 453, ,493 8,090 98,69 70, Worldwide Oct. 977 " 5,68 3,7 06, l,3«r 48.9 Nov. 977,6 8,984 09,374 4,677 77, Dec ,8 395,55 6,435 6,985 4, Dec ,06 7,93 98,490 0,4 7, Dec ,948 86,76 66,44 49, ,643 4,95 7,7 34, Worldwide Jan ,55,475 3,763 34,30 9,395 8,60 5,730 "S';075" 98, Feb ,674,593 4,906 3,084 30,050 9,07 36,63 45,555 95, United States United States Abroad United States United States United States Date 9/07/77 9/4/77 9//77 9/8/77 0/05/77 0//77 0/9/77 0/6/77 /0/77 /09/77 /6/77 /3/77 /30/77 /07/77 /4/77 //77 /8/77 /04/78 //78 /8/78 /5/78 /0/78 /08/78 /5/78 //78 Table PCP-VII-. - Weekly Bank Positions a / (In millions of Japanese yen) Assets and liabilities / Exchange contracts 3/ j Net position Banks in U.S. Foreign World Banks in U.S. World- United ' Foreign Worldbranch wide Exchange Foreign States 4/ branch wide 6/ rate Y j/ net net Assets Liabilities Net Bought Sold Net branch net 5/ () () (3) (4) (5) (6) (7) (8) netc9) (0) () () (3) (4) 50,66 379,43^,9,653 47, ,00,9,54 45,64-398,97,0,90 46,60 379,76,55,90 60,57 64,789 70, ,380 49,65 6, ,959 5,354 65,409 69,03 66,376 66,453 79,387 6,57 49,5 50,5 5,607 54,45 0, ,84 6,69 7,68 6,7 3,974 5,56 8,354 5,997 6,07 5,945 6,95 9,7 3,06 8,70 0,65 9,487 0,95,0 3, ,549 3,50 9,804,75 8,357 9,983 4,890 48,067 56,909 50,54 40,06 3,68 36,74 40,85,835,84,48 46,708 58,398 56,889 55,50 68,366 49,063 38,403' 39,05 37,058 4, ,55 376,544 38, ,03 399, , , ,09 400,75 378, ,65 396,387 4,75 436, ,55 438,7 48,664 47, , , ,754 47,39 409,745 43,93 434,0 436,64 46,698 4,405 40, ,74 44, , ,95 4,900 45, , ,76 478,5 505,3 497,8 477,4 457, ,493 47,04,0,400,03,703,083,64,45,7,400,460,390,6,508,007,467,7,5,909 ;445,07,55,37,76,57,734,640,76,69,774,764,703,667,579,687,685,65,680,6,83,964,798,480,77,49,674,894,86,306,063,583,43,533,43,9,534,833,50,683,533, ,54,75,759,759,74,38,78,958,787,908,743,568,67,84,76,948,78,73,86,4,89,385,740,,690,98,877,467,080,0-8,53-5,838-9,59-0,703-3,073-3,68-6,86-33,97 -,467-7,993-7,380-33,88 0,40 -,67-3,44-39,90-47,497-3,783-38,047-30,77-30,905 -,60-6,034-6,6-6,59-37,55-35,604-34,00-36,85-36,400-37,637-33,83-330,300-39,8-338,75-33,60-34,450-35,96-39,75-336,874-30,046-30, ,57-36, ,596-38, ,478' -358,570-36, ,94-335,768-34,44-343,69-37, , ,55-350, ,7-350, , ; , ,560-33,98-350,08-359, ,7-369, ,63-407,873-43,849-39, , , ,443,55 5,94 9,098 9,80 0,87 5,449 30,083 6,83 8,559 5,65 9,344 7,67 3,37 0,575 8,004 6,807 0, ,454 38,089 8,58 ^,783 3,07 0,897 4,576 6,78 57,398 74,96 6,90 64,64 58,406 55,44 46,44 5,5 48,37 67,840 58,404 59,943 57,394 63,878 58,333 67,49 59,30 6,67 59,6 65, 60,43 60,094 56,046 60,03 73,79 63,3 84,060 8,90 75,459 73,855 85,55 6,47 70,80 53,94 77,84 66,03 9,80 77,969 7,88 65,40 78,39 84,36 78,6 97,350 83,369 86,06 83,65 76,943 84, Footnotes at end of Table FCP-X-3.

141 End of month 977-Sep t Nov... Dec... Maturity 978-Ja... n () Demand/spot... () 3 days- month... (3) Over month-3 months... (4) Over 3 months-6 months (5) Over 6 months- year... (6) Over year... -Feb... () Demand/spot... () 3 days- month... (3) Over month-3 months... (4) Over 3 months-6 months... (6) Over year... Section VII - Japanese Yen Positions Table FCP-VII-3. - Consolidated Monthly Bank Positions 8/ (In millions of Japanese yen) Assets 9/ () ,847 3,49 5,0 5,07 Worldwide Balance sheet items Foreign exchange contracts 0/ Liabilities Net Bought Sold () ^ 367,79 3,483 43,093 55,740,036 5,935 (3) -00,540 7,56 399,754 67,75 3,986 9,08 (4) 466,34 579, ,55 539,635 33,769 3,938 (5) 437,50 69,897 74,3 59,368 60,458 30,765 Net (6) 9,084 -,589-48,807-5,73; -6,689-6,87 Net overall position / (7) (7) of all maturities...,600,856,93, ,90,436,399,753,960-37,56 89,79 (8) Capital assets, liabilities... 3,49 40,4-7,695 _ -7,695 (9) Summary ((7) + (8))...,633,85,33, ,595,436,399,753,960-37,56 8,034 () 3 days- month... (3) Over month-3 months... (4) Over 3 months-6 months... (5) Over 6 months- year... 5, , ,30 03,673 9,3 7, , ,65 30,680 54,764,048,58-47,407 43, ,6 48,909 8,75 6,78 367, ,75 959, ,349 3,839 6, , ,086,043, ,049 5,89 9,860 -,487-7,8-83,37-08,700-8,053 -,900 (7) of all maturities...,568,39,5,79 45,673,708,573 3,06,76-353,88 6,48 (8) Capital assets, liabilities.... 3,98 36,359-3,378 _ - _ -3,378 (9) Summary ((7) + (8))... (3) Over month-3 months... (4) Over 3 months-6 months... (6) Over year... (7) of all maturities... (8) Capital assets, liabilities... () 3 days- month... (3) Over month-3 months... (4) Over 3 months-6 months... -7,456 4,667 50,947 6,09 -, ,894-84,75 463,385-59,79-9,878 3,378,60,373,89,078 4,95,708,573 3,06,76-353,88 59,07 47, ,48 74, 8,373 35,05 8,756 44,337 35,055 48,736 64,809 9,506,96-66,397 30,46 33,386 53,564 5,545 6, ,96 705,34 935,83C 777,755 9,499 8, , ,698,075, ,080 55,57 8,609-7,938-53,374-40,06-96,35-35, ,335 49,05 73,360-4,76-0,3 6,79,609,73,74, ,38 3,5,463 3,469, ,936 9,38 34,7 37,86-3, ,590,643,995,,67 43,78 3,5,463 3,469, ,936 87,79 94, ,67 796,09 36,034 9,99 5,9 408,774 & 64,669 4,46,099-3,799 7, ^408 7,365 4,953 3,8 55,5 780, ,37 660,995,57,5 38,450,05^^66 788,087 39,899 7,56 (7) of all maturities...,675,837,6,55 449,58,876,980 3,46, ,558 80,04 (8) Capital assets, liabilities... 35,8 35, ,70,965,6,00 448,964,876,980 3,46, ,558 79,406 60, ,5 843,46 34,359 4,330 8,606 40,9 8, ,4 6,68 5,45 9,709-50,94 77, ,3 7,73 9,085 8, ,59 644,655,68,63 635,7 6,57 8, , ,640,97,58 744,63 80,5,56 (7) of all maturities....,65,304,77, , ,50, (8) Capital assets, liabilities... 30,747 3,779 -,03 _ - - -,03 (9) Summary ((7) + (8))...,68,05,09,366 47,685 3,8,0 3,50,99-384,889 87,796 () Demand/sDot... () 3 days- month... (3) Over month-3 months... (4) Over 3 months-6 months... (5) Over 6 months- year... (6) Over year... 84,3 537,893 80,45 33,30 3,585 8,930 46,58 350, ,00 53,097 4,7 9,50 of all maturities...,77,365,56,357 47,008 3,49,345 3,887, (8) Captial assets, liabilities , J '06 (90 Summary ((7) +(8))...,757,438,88,39 469,047 3,49,345 3,887, ,8-78,349 87,06 444,395 80,3 7,863 9, ,394 79,65,0, ,608 38,686 7, , ,4«,40,40 936,94 3,585,873 7,06-3,977 -,795-7,09-7,38-5,374-6,48-8,985-8,67-08,89-8,985-3,5 4,486-3,883-37,896-49,586-3,899-3,987-96,737 3^63-55,77 -,49 8,438-56,44 58,89 36,694-36,6-9,900 5,745-63,863 73,33 306,499-69,373 3,964 5,693 K 4 v o 00 u >

142 34 Treasury Bulletin Position at end of month Liquid assets / Shortterm debt / FOREIGN CURRENCY POSITIONS Section VIII - Swiss Franc.Positions Table FCP-VIII-. - Nonbanking Firms' Positions / Short-term trade Receivables i j Payables 5/ (In millions of francs) Other assets 6/ Other liabilities / Forward exchange 8/ Net position / Exchange rate 0/ Positions held by offices in: () () (3) U) (5) (6) (7) (8) (9) (0) Sept. 977,600,067, ,70 4, Abroad Sept ,6.347 United States Sept. 977,877,69,774,89 4,93 8, ,7.347 Worldwide Oct , , T, W.97 United States Nov , , , United States Dec. 977 l,563r 957r,60 870r 3,96r 4,5r l,r.994 Abroad Dec. 977 ^9L , , United States Dec. 977 l,957r,66r,647 l,r 4,403r 7,333 r l,65r 579 -l,98r.994 Worldwide Jan , , , United States Feb , , , United States Bought Sold Date Assets () Table FCP-VHI-. - Weekly Bank Positions n / (In millions of Swiss francs) Assets and liabilities / Exchange contracts 3/ Net position Banks in U.S. Liabilities () Net (3) Foreign branch net (4) Worldwide net (5) Bought (6) Banks in U.S. Sold Foreign branch net (9) Worldwide net (0) United States IJjj () Foreign branch 5/ () Worldwide 6/ (3) Exchange rate 7/ 9/07/ ,9,374 3,70 3, ,06 -, /4/ ,99,45 3,007 3, ,890 -, // ,00,49 4,07 4, ,77 -, /8/ ,437,549 5,59 5, ,940 -, /05/ ,463,484 4,457 4, ,98 -, // ,5,453 4,36 4, ,04 -, /9/ ,646,667 4,55 4, ,34 -, /6/ ,673,759 4,599 4, ,34 -, /0/ ,90,970 4,973 4, ,575 -, /09/ ,980 3,040 3,548 3, ,546 -, /6/ ,33 3,0 3,965 4,88-3 -,70 -, /3/ ,98 3,053 4,465 4, ,546 -, /30/ ,955 3,00 5,93 5, ,500 -, /07/ ,93 3,35 4,805 5, ,48 -, /4/ ,84 3,375 3,99 4, ,744-3, // ,73 3,445 4,33 4, ,846-3, /8/ ,50 3,397 3,536 3,87-8 -,78-3, /04/ ,8 3,63 4,648 4, ,59 -, // ,96 3,008 5,00 5,63-6 -,37 -, /8/ ,840,784 5,864 6, ,395 -, /5/ ,76,685 5,4 5, ,007 -, /0/ ,78,80 5,065 5, ,48 -, /08/ ,867,83 4,675 4, ,38 -, /5/ ,755,67 6,30 6, , -, // ,67,54 5,765 5, ,85 -, Foob^oues at end of Table FCP-X-3. (7) Net (8) (4)

143 Section VIII - Swiss Franc Positions Table FCP-VIII-3. - Consolidated Monthly Bank Positions W (In millions of Swiss francs) Worldwide End Net of Maturity Balance sheet items Foreign exchange contracts 0/ overall month Assets 9/ Liabilities Net Bought Sold Net position / () () (3) (4) (5) (6) (7) 977-Sept... () Demand/spot..., 4 a -65 'OyKJ'yy A no^ 6, ,50 3, ,475 5,964 Hoy (3) Over month-3 months... 3,890 3,669 7,748 8,5 _T - r (h O _<5<5'3 (4-) Over 3 months-6 months...,04 7,935 A 00-86,97,959 AO (6) Over year ,477, (7) of all maturities ,837,95 30,647 33,037 -, (8) Capital assets, liabilities _ -56 (9) Summary ((7) + (8))... 3,350,669 30,647 33,037 -, (7 Oct...,374 On 7/ 4,645 4,563-5 () 3 days- month......,85 3,360-9.P9 5,65 6,974 -,349 -, (ft A ^90 8, i XrfJ on (4-) Over 3 months-6 months...,769 7 ( yd A7T ( J- 7;770 QQA AAA (5) Over 6 months- year... oon p 7<5 9 0/ J-7 Q JXJ ,479, (7) of all maturities... 5,946 3, ,94 3,59 -,335 5 (8) Capital assets, liabilities _ - _ -6 (9) Summary ((7) + (8))... 6,00 3,66,584 9,94 3,59 -, Nov... () Demand/spot...,05, ,466 6, () 3 days- month... 3,98 4, ,89 7, ,475 (3) Over month-3 months.... 5,399 3,999,400 8,354 9,98 -, (4-) Over 3 months-6 months... 4,77,666,6 6,807 7,4-335,76 (5) Over 6 months- year....,08,4 67,60, (6) Over year..., ,687, (7) of all maturities... 6,99 3,888 3,03 3,763 35,39 -, (8) Capital assets, liabilities _ -6 (9) Summary ((7) + (8))... 7,8 4,4,769 3,763 35,39 -,68 4 Dec... (l) Demand/spot....,39,0 38 3,654 4, () 3 days- month... 3,786 4,8-33 6,50 7,634 -,384 -,76 (3) Over month-3 months... 3,45 QQ 77J , (4.) Over 3 months-6 months... 4,59,68, ,8-6,00 (5) Over 6 months- year....,363, , (6) Over year...., (7) of all maturities... I6,6l8r 3,3 3,386 9,40 3,586-3,66. 0 (8) Capital assets, liabilities _ (9) Summary ((7) + (8))... Id col ,40 3,586-3, Jan... () Demand/spot...,443, ,60 6,099 ' () 3 days- month.... 3,634 3, ,360 7,499 -,39 -,386 (3) Over month-3 months.... 4,986 4, (4) Over 3 months-6 months.... 0,4 0, ,086,860,6 5,48 6, (5) Over 6 months- year......,89 3, (6) Over year..., , Z.9 0 7Z. (7) of all maturities ,076 3,545 35,4 -, (8) Capital assets, liabilities (9) Summary ((7) + (8)) ,749,.80 3,545 35,4 -,697 3 Feb...,76,55 7,05 7, "" ",994 3, ,508 7, ,790 4, ,59 8, (4) Over 3 months-6 months... 4,4,657,485 6,080 6, ,500,36 I84 3,99 3, ,648, ,08, (7) of all maturities... 6,350 3,83,58 33,4 35,348 -,4 394 (8) Capital assets, liabilities _ -60 (9) Summary ((7) + (8))... 6,609 4,35,58 33,4 35,348 -,4 34 o5 k VO ^ 0 0 Vil

144 36 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section DC - Sterling Positions Table FCP-DC-. - Nonbanking Finns Positions / (In millions of pounds) Short-term trade Forward exchange 8/ Position Liquid Shortterm Receiv Pay assets / liabil position / change held by Other Other Net Ex Positions at end assets / of month debt / ables i j ables 5/ Bought Sold ities / rate 0/ offices in: () () (3) (4) (5) (6) (7) (8) (9) (0) Sept. 977,06 l,89r 3,88,930r 5,66 4,99 44r 9 l,637r.7476 Abroad Sept ,085 r 0,7476 United States Sept. 977,09 l,958r 4,096 3,6r 6,03 4,537 l,37r l,34r l,647r '.7476 Worldwide Oct ,4,094,.8450 United States Nov ,74, United States Dec. 977 l,4r,86 4,77r 3,74r 5,69r 4,409r l,655r.994 Abroad Dec , United States Dec. 977 l,3r,997 4,406r 3,37r 5,959r 4,705r.,579,363 lj70r.994 Worldwide Jan ,3, United States Feb ,35, United States Table FCP-DC-. - Weekly Bank Positions n / (In millions of pounds) Assets and liabilities / Exchange contracts 3/ Net position Banks in U»S. Foreign Worldwide Banks in U.S. Foreign Worldwide Date branch United branch Foreign Worldwide 6/ rate 7/ Exchange net net net net States Uu braneh Assets Liabilities Net Bought Sold Net W () () (3) (4) (5) (6) (7) (8) (9) (0) () () (3) (4) 9/07/ ,963 8, /4/ ,339 9, // ,7 9, /8/ ,03. 9, /05/ ,337 9, '7570 0A/ ,007 9, A9/ ,564 9, /6/ ,04-0,0a /0/ ,948 9, /09/ ,509 9, /6/ ,345 9, /3/ ,474 9, /30/ ,43 9, /07/ ,38 9, /4/Tt ,93 9, // ,948 9, /8/ ,75 8, /04/ // m m -4? 3 a /8/ ,659 8, /5/ ,4 8, /0/ ,367 8, /08/ ,484 8, /5/ ,5 8, // ,33 8, Footnotes at end of Table FCP-X-3.

145 End of month Section IX - Sterling Positions Table FCP-IX-3. - Consolidated Monthly Bank Positions is/ fin millions of pounds) Worldwide Maturity Balance sheet items Foreign exchange contracts 0/ Assets 9/ Liabilities Net Bought Sold () () (3) (4) (5) Net (6) Net overall position / (7) 977-Sept.. (l) Demand/spot ,59,863-7,858, () 3 days- month...,387, ,379 3, (3) Over month-3 months......,576, ,8 6, (4) Over 3 months-6 months ,788 4, ,385, (6) Over year (7) of all maturities ,056 7,0 35 9,387 9, (8) Capital assets, liabilities (9) Summary ((7) + (8))... 7,369 7, ,387 9, ,797,7-430,443, () 3 days- month...,700, ,967 4, ,379, ,45 6, (4) Over 3 months-6 months..., ,698 4, (5) Over 6 months- year ,585, , (7) of all maturities... 7,600 7,89 3 0,930, (8) Capital assets, liabilities ,96 7, ,930, Nov... () Demand/spot ,6, ,67, () 3 days- month...,57, ,449 4, (3) Over month-3 months....,38, ,880 5, (4) Over 3 months-6 months...., ,63 4, (5) Over 6 months- year..., ,74, (6) Over year..., , (7) of all maturities ,4 7,7 JLPU 0,94 0 rv 7 c\j on (8) Capital assets, liabilities JL<c T O m. 0 (9) Summary ((7) + (8))... 7,78 7, ,94, Dec..., (l) Demand/spot..., l,695r l,677r () 3 days- month.... 8r -3r ,97r 3,97r 55r (3) Over month-3 months r, ,54r 5,477r (4) Over 3 months-6 months r -6r, ,393r (5) Over 6 months- year... 4,339r 54r ,840 w (6) Over year...., MQ -$f 345 (7) of all maturities... 8,3 8, 0 8,85r 8,9lr -69r 4r (8) Capital assets, liabilities (9) Summary ((7) + (8)).... ft 3Q/ 8,79 5 8,85r 8,9r -69r 46r 978-Jan... () Demand/spot... i, m (Lo d,893 JL(0 00 () 3 days- month... 4,38 -' m 53 - M (3) Over month-3 months ^549,560-5,393 5, (4) Over 3 months-6 months ,90 4, (5) Over 6 months- year ,93, (6) Over year (7) of all maturities , ,95 9, (8) Capital assets, liabilities _ - 3 (9) Summary ((7) + (8)) ,789,0,037,07 () 3 days- month ^699 0JLyX 4 3,793 3,554 (3) Over month-3 months , ,05 5,007 8 (4) Over 3 months-6 months ,456 4,556 (5) Over 6 months- year Jll M 69,868 (6) Over year , (7) of all maturities... 7,485 7, ,654 8, K V O "Vl 00 (8) Capital assets, liabilities (9) Summary ((7) + (8))... 7,693 7,50 9 8,654 8,

146 38 Treasury Bulletin FOREIGN CURRENCY POSITIONS Section X - United States Dollar Positions Abroad Table FCP-X-. - Nonbanking Firms' Foreign Subsidiaries Positions (In millions of United States dollars) Position at end of month Liquid assets / Shortterm debt / Short-term trade Receivable 4/ Payables j>/ Other assets 6/ Other liabilities / Forward exchange 8/ Bought Sold Net position / () () (3) (4) (5) (6) (7) (8) (9) Sept Dec ,63 6,459 3,99r 4,463 8,556 8,867r 3,093r 3,33r 8,90 9,585r 3,540r 4,r l,84r,5r 90,8-5,999r -6,073r Table FCP-X-. - Weekly Bank Foreigif Office Positions (In millions of United States dollars) ML Date Net assets and liabilities / Net exchange contracts 3/ Net position () () (3) 9/07/77 -,887 3, /4/77 -,77 3,000 9//77 -,789, /8/77-3,004 3, /05/77 -,884 -,885 0//77-3,70 3,6-9 0/9/77-3,35 3,374 0/6/77-3,75 3, /0/77-3,38 3,38 64 /09/77 /6/77-3,9-3,686 3,960 3, /3/77-3,867 3,73-44 /30/77-3,565 3,44-3 /07/77-3,00 3,84 84 /4/77-3,507 3,57 0 //77-3,79 3,840 /8/77-3,948 4,3 75 /04/78-3,550 3,30-30 //78-3,64 3, /8/78-3,599 3, /5/78-3,548 3, /0/78-3,48 3,54 3 /08/78-3,67 3, /5/78-3,367 3, //78-3,67 3, Footnotes at end of Table FCP-X-3

147 Section X - United States Dollar Positions Abroad Table FCP-X-3. - Monthly Bank Foreign Office Positions is/ (In millions of United States dollars) Worldwide End of Maturity Balance sheet items Foreign exchange contracts 0/ Net overall month Assets / Liabilities Net Bought Sold Net position / () () (3) (4) (5) (6) (7) 977-Sept ,807 0,36r 0,08 54r -6,753r () 3 days- month... 34,5 46,585r -,360r 5,455r 4,44r, -ll,49r (3) Over month-3 months... 47,348 46,95,53 I8,378r 7, ,37r 3,793,54 9,5 5,66r 4, ,94 8,3 6,66,685 7,30r 7, l,39r (6) Over year... 9,70 5,539 4,7,59, ,67 5,96 54,03r -,907r 68,056r 65,4r,83r -75r (8) Capital assets, liabilities (9) Summary ((7) + (8))... 5,67 54,76r -3,44 68,056r 65,4r,83r -3r Oct ,686 -,398 9,868 9, ,50 () 3 days- month... 35,9 4,90-7,7 I6,596r 4,688r l,908r -5,803r (3) Over month-3 months... 44,335 44,0 33 0,8r 9,94 800r,3 35,6 5,97r 9,649r I6,086r 4,987r l,099r 0,748r (5) Over 6 months- year... 8,940 7,96,744 7,83 8,47-64r l,03r 9,6 5,60 4,0,673, ,565 50,996 54,468r -3,47r 7,875r 69,97r 3,678r 06r ,98 55,050r -3,75r 7,875r 69.97r 3,678r -74 Nov... () Demand/spot ,36,706, , o 88r I6,580r 5,7l6r 864r -7,l89r 46,37 45,7r l,066r,59r 0,895r l,64r,690r 35,843 7,539r 8,304 I6,948r 5,793 l,55r 9,459r 8,593r 7,385,08 8,87r 9,393-5r 687r 9,970 5,878 4,09,943, ,576 53,387 57,096r -3,709r 79,568r 75,980r 3,588r -r ,76 57,749r -4,03r 79,568r 75,980r 3,588r -435r Dec () Demand/spot ,367-0,63 6,908r 6,63 77r -9,886r () 3 days- month ,653r -ll,755r I8,367r 7,059r l,308r -0,447r (3) Over month-3 months... 47,094 4,70r 4,393 0,664r 9,35r l,349r 5,74r 35,64 6,580 8,684 I6,00r 5,96r 904 9,588 8,54 7, ,4r 9,735r -593r 56r 9,76 5,5 4,40,694, ,730 (7) of all maturities... 53,763 57,65r -3,85r 7,975r 69,40r 3,735r -7r (8) Capital assets, liabilities _ ,08 58,6r -4,H8r 7,975r 69,40r 3,735r -383r 978-Jan... () Demand/spot , ,670 () 3 days- month... 35, 44^ ,5,3-8,477 (3) Over month-3 months ,607 47, ,86 9,777,084,07 (4) Over 3 months-6 months... 33,755 4,79 9,06 6,989 5,585,404 0,430 (5) Over 6 months- year.... 9,49 8, ,308 0, (6) Over year ,553 5,68 3,87,657,3 45 4,97 (7) of all maturities... 55,555 59,4-3,856 79,69 76,05 3,54-33 (8) Capital assets, liabilities (9) Summary ((7) + (8))... 55,776 59,93-4,47 79,69 76,05 3,54-63.FOREIGN CURRENCY POSITIONS. Feb... () Demand/spot ,538 9,5-0,973 4,09 4,5 57-0,96 36,60 44,649-8,389 7,0 6, ,48 48,605 45,36 3,43,658 0,4,444 4,687 3,903 4,99 7,604 7,487 6,4,45 8,849 9,300 9, ,53 0, ,48 5,46 5,0,749, ,438 55,034 58,85-3,78 8,744 79,00 3, ,88 59,366-4,078 8,744 79,00 3,

148 40 Treasury Bulletin.FOREIGN CURRENCY POSITIONS. SECTION I / Worldwide net positions on the last business day of the calendar quarter o f nonbanking business concerns in the United States and their foreign branches and majorityowned partnerships and subsidiaries. Excludes receivables and installment paper which have been sold or discounted before maturity, U.S. parent companies' investment in their majority-owned foreign subsidiaries, fixed assets (plant and equipment) and capitalized leases for plant and equipment. / Foreign branches and majority-owned partnerships and subsidiaries only. Weekly worldwide net positions of banks and banking institutions in the United States, and their foreign branches and majority-owned foreign subsidiaries. Excludes capital assets and liabilities. 4/ Foreign branches and majority-owned subsidiaries only. 5 / Monthly worldwide net positions including capital assets and liabilities on the last business day of the month of banks and banking institutions in the United States and their foreign branches and majority-owned subsidiaries. 6/ Foreign branches and majority-owned subsidiaries only. 6 / All current assets other than liquid assets and shortterm trade receivables, and financial assets maturing in more than one year from the report date. Includes intracompany accounts, inventories, prepayments, longterm trade receivables, long-term intracompany claims, and stocks, bonds, and other securities. Fixed assets (plant and equipment) and parents' investment in majority-owned foreign subsidiaries are excluded. ]_/ All financial liabilities other than short-term debt and short-term trade payables; includes long-term trade payables; intracompany liabilities, accrued expenses, and liabilities maturing in more than one year from the report date. Capitalized plant and equipment leases are excluded. 8/ Outstanding amounts of foreign exchange which have been contracted to be received or delivered in the future. Excludes spot exchange. 9/ Columns (),(3),(5), and (7) less columns (),(4),(6), and (8). 0/ Representative rates on the report date. Canadian dollar and United Kingdom pound rates are expressed in U.S. dollars per unit of foreign currency, all others in foreign units per U.S. dollar. SECTIONS II THROUGH X / Positions of nonbanking business concerns in the United States and their foreign branches and majority-owned partnerships and subsidiaries. In section X, positions of foreign branches and majority-owned partnerships and subsidiaries only. / Includes unsettled spot foreign exchange purchase contracts, as well as currency, demand and time deposits, negotiable and other readily transferable financial instruments maturing in one year or less from the report date, and intracompany claims and loans to other parties repayable on demand. Other loans, accounts receivable, and unaccepted trade drafts are excluded. 3/ Includes unsettled spot foreign exchange sales contracts, m t r ac o mp a ny liabilities, other than short-term trade payables, short-term borrowings due in one year or less from the report date, and the current portion of long-term debt. accounts payable are excluded. Other loans, accrued expenses and 4/ Due in one year or less; includes intracompany trade receivables. Receivables and installment paper sold or discounted before maturity are excluded. / Banks and banking institutions in the United States and their foreign branches and majority-owned subsidiaries. In section X, foreign branches and majority-owned subsidiaries only. / Excludes capital assets and liabilities. 3/ Includes both spot and forward exchange contracts. 4/ Sum of columns (3) and (8). 5/ Sum of columns (4) and (9). 6/ Sum of columns (5) and (0). 7/ See footnote 0. 8/ See footnote. 9/ Fixed-rate loans are reported by time remaining to final maturity or the nearest call date, whichever is earlier, and floating-rate loans by time remaining to the nearest interest-fixing date. 0/ Option forward exchange contracts are reported by time remaining to the nearest option exercise date. / Sum of columns (3) and (6). r Revised. Not available. 5 / Due in one year or less; includes intracompany trade payables.

149 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Government Corporations and Other Activities Treasury Department Circular No. 966, Revised, dated December 0, 97, and volume I, part, chapter 400 of the Treasury Fiscal Requirements Manual (Transmittal letter No. ) require Government agencies to submit business-type financial statements and related information to the Department of the Treasury for use in compiling financial reports of the U.S. Government. The circular was originally issued in 956 pursuant to the authority of Section 4 of the Budget and Accounting Procedures Act of 950 (3 U.S.C. 66b) which requires the Secretary of the Treasury to prepare reports on the financial operations of the U.S. Government. Department Circular No. 966, Revised, requires submission of semiannual financial statements by all Government corporations specifically subject to the Government Corporation Control Act, as amended (3 U.S.C. 846, 856) and any wholly owned and mixed-ownership corporations subsequently brought under the provisions of the act, and all other activities operating as revolving funds. Other business-type activities required to report semiannually include activities and agencies whose operations, services, or functions are largely selfliquidating or primarily of a revenue-producing nature or whose activities result in the accumulation of substantial inventories, investments, and other recoverable assets. Regular governmental activities, which are of a nonbusiness-type nature, are required to report on an annual basis. Two basic kinds of financial statements are called for by Department Circular No. 966, Revised; and they are published in the Treasury Bulletin. Statements of financial condition are required for all activities. Statements of income and retained earnings are required for business-type activities only. The statements of financial condition for business-type activities appear in'section I, Table GA-I- and are published semiannually. The first statements of financial condition published under the revised circular were as of December 3, 97, applied to business-type activities only, and appeared in the May 973 issue of the Bulletin, Statements of financial condition submitted annually by nonbusiness-type activities were published together with business-type activities in Section I, Table GA-I- in the January 974 issue of the Bulletin. Loans shown on the agencies statements of financial condition and held by the agencies, and loans guaranteed and insured by the agencies are reported on a quarterly basis. The first quarterly table on this Federal credit data, which was as of March 3, 973, appeared in Section III, Table GA- III- in the August 973 issue of the Bulletin. The first semiannual statements of income and retained earnings submitted under the revised circular were for the period July, 97, through. December 3, 97, and appeared in Section I, Table GA-I- in the June 973 issue of the Bulletin. All revolving funds shown in the statements are noted to indicate whether they are public enterprise funds, intragovernmental funds, or trust revolving funds; and trust funds are also noted. Direct sales and repurchases of loans are published on a monthly basis in Section II, Table GA-II-.

150 4 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 (In thousands of dollars) Account / Legislative Branch Government Printing Office (IR) Funds appropriated to the President Appalachian regional development programs Appalachian housing fund Executive (PE) Memo: Funds transferred to others Expansion of defense production Memo: Funds transferred to others m m m > s m s s Income:,640,588, ,89,60 60,70, ,48,753-7, ,468,395 _, ,575,874-0, ,943, 83,70 4, Expense: Cost of goods sold... 7,88,880 57, Interest expense: Treasury borrowings ,83 _ ,97 _ ,59, Other expenses: 834,44 9,78 7,036 _ - Depreciation ,307, Other operating expenses... 3,54,64 -, Other... 3,885,945 -, expense ,856,876 78,65, Income or expenses (-) before extraordinary -93,665 5,048 30, Extraordinary income and expense (-): G ain or loss (-) o n disposition of assets Other... -, " - extraordinary income and expense (-).. -, Net income or expense (-) before distribution. -95,9 5,05 9, AMiYSJS.pJ. Q M W ik P P I A I N E D e a j m g s Opening balance... -0,605,477r 8,845,959,045 -,907 -, Net income or expense (-) ,9 5,05 9, Adjustments for prior periods , Distribution of income: -65, Other ,005,039-4,09 " Closing balance... -3,740,5 86,859,47,097-3,36 -, Footnotes at end of Section.

151 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Funds appropriated to the President - Continued International security assistance Agency for International Development Account Liquidation of foreign military sales fund (PE) Foreign military credit sales Military programs -Israel Acquisition of property revolving fund (IR) Alliance for Progress loan fund (PE) XNQ0MS,,M> M P I S S Income: Sales of goods... _ _ Sales of services ,056,056 - Insurance and guarantee premiums...,836 -,836 -, Interest income... 38,30 37,43 6,04 57,05-33,03 Other income , income... 4, ,979 6,04 7,8,8 33,03 Expense: Cost of goods sold Interest expense: Treasury borrowings... - _ Federal securities Other Other expenses: Administrative.... _ - -, Depreciation Other operating expenses Other expense ,94,050-9 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 4, ,979 6,04 67, , Gain or loss (-) on disposition of assets... Other... - _ extraordinary income and expense (-) Net income or expense (-) before distribution. 4, ,979 6,04 66, , m & m earnjnqp Opening balance... Net income or expense (-)... 3,790 3,790,956,64,85 88,704 4, ,979 6,04 66, , Adjustments for prior periods... _ _ Distribution of income: Dividends... Other... -4, ,979 / -6,04 / Closing balance... 3,96 3,96 - -,,900,844 3,96 Footnotes at end of Section.

152 44 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Funds appropriated to the President - Continued Account Development loan fund (PE) Development loan fund liquidation account (PE) Agency for International Development - Continued Housing guaranty fund (PE) Common def ens e, economic, and triangular trade loans Foreign currency loans Private enterprises 3/ Loans of predecessor agencies m liquidation Other loans 4/ i n c o m e p. m Income: Sales of goods Sales of services..., Insurance and guarantee premiums , Interest income... 66,776 7,793-5,8 3,35 5,859 4,47 Other income ,675 3,66,846 3 income ,776 8,006,588 0,486 6,86 7,705 4,439 Expense: Cost of goods sold Interest expense: Treasury borrowings Federal securities Other Other expenses: Administrative , Depreciation Other operating expenses ~ - Other expense , Income or expenses (-) before extraordinary Extraordinary income and expense (-): 66,777 8, ,486 6,86 7,705 3,73 Gain or loss (-) on disposition of assets... O ther extraordinary income and expense (-) Net income or expense (-) before distribution. 66,777 8, ,486 6,86 7,705 3,73 A r o r e i s of m w i ; m m u m? p a y i n g s Opening balance... 76,33 699,5 49,46-755,47-36,835 83,069 60,07 Net income or expense (-)... 66,777 8, ,486 6,86 7,705 3,73 Adjustments for prior periods... _ Distribution of income: Dividends... O ther Closing balance ,90 707,57 49, ,995-30,0 849,774 73,938 Footnotes at end of Section.

153 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued Funds appropriated to the President - Con. Inter- American Foundation (PE) (In thousands of dollars) Agriculture Department Commodity Credit Corporation Overseas Federal Memo: Private Crop Investment Public Insurance enterprise Funds Corporation Corporation revolving (PE) (PE) 5/ transferred to others Agricultural Stabilization and Conservation Service Funds transferred from others Commodity Credit Corporation (PE) jchpqme.aep M Z S m Income: Sales of goods... Sales of services.... Insurance and guarantee premiums, Other income ,768 OCO OQ 35,735 A f\c. L. O " " luo,/oo 0,887 4OA HQA " 687, , income i %AA ,446,UU,/L6 384,7 Expense: Cost of goods sold... 37,689 " 307,87 " Interest expense: Treasury borrowings Federal securities O ther... Other expenses: 78,45 O ZJJjODO O O O QQA yyyjfhh /,/,Q o 3,84 6/ Administrative.... X, XXX 3,4 65, Depreciation , Other operating expenses...,063 0,038 55,6 3,9 Other...,890,49 87 X,O/Ojv/O expense ,74 3,440 3,847,853 67,837,68,4,794,794 Income or expenses (-) before extraordinary -3,7 5,34 -,747,30-65,39 -,884,07 -,794 -,794 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. -3,7 5,34 -,747,050-65,3 -,884,07 -,794 -,794 A M M S I S.OF, C H A T O p T O EARNINGS Opening balance Net income or expense (-) ,99-3,7 6,45 5,34-6,009,7 -,747,050-38,95-65,3 -,8,479 -,884,07-8/ -,794 Adjustments for prior periods...,047,034 46,560 7/ Distribution of income: Dividends... Other... Closing balance ,078 3,585-7,709,43-394,37 -,540,990 -,794 -,794-8/ -,794 Footnotes at end of Section.

154 46 Treasury bulletin.financial OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Agriculture Department - Continued Farmers Home Administration Account Agricultural credit insurance fund (PE) Rural development insurance fund (PE) Rural housing insurance fund (PE) Self-help housing land development fund (PE) Loans, salaries, expenses Funds transferred from others Community Services Administration i n c o m e Income: Sales of goods... _ Sales of services... _. _ Insurance and guarantee premiums... 4, ,706 _ - - Interest income ,705 79,69 66,577 30, Other income income ,39 79,47 66,583 35, Expense: Cost of goods sold Interest expense: Treasury borrowings... 44,389 9,895,897,597 Federal securities _ - O ther ,65 36,07 94,04 59, ,40 Other expenses: Administrative... 6,647 48,3 0,60 55,908 03,89 6 Depreciation Other operating expenses Other ,30 76,057-3,344 58, , expense...,358,5 505,8 3, , ,44,76 Income or expenses (-) before extraordinary -796,9-35,7-47,7-340,63 >-335-8, -,404 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) _ Net income or expense (-) before distribution. -796,9-35,7-47,7-340, , -,404 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... Net income or expense (-)... -4,6,000-89,393-97,390 -,96,74-3,759 -,47,504-6, ,9-35,7-47,7-340, , -, ,40 64,735 9/ 75,547 / 345,8 9/ Adjustments for prior periods... Distribution of income: Dividends... Other Closing balance... -4,8,783 -,053,369-69,4 -,9,875-4,094 -,508,74-64,37 Footnotes at end of Section.

155 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Account Fanners Home Admin. - Con. Af»riculture Department - Continued Forest Service Departmental management Agricultural Marketing Service Funds Office of the transferred Secretary Working from others Milk market capital fund (IR) Working Bureau of assessment 0/ capital Reclamation fund (TR) fund (IR) loan fund Commerce Department General Administration Economic Development Administration Working capital fund (IR) Economic development revolving fund (PE) - Income: Sales of goods...,38 3,38 Sales of services....,560 3,75 93,855,50 - Insurance and guarantee premiums...,90-77 Interest income... _ 439 9,93-3,38 Other income , income ,04 8,587 3,75 9,858,50 3,595 Expense: Cost of goods sold ,87 -,57 8,9 - Interest expense: Treasury borrowings Federal securities Other ,497-4,497 / Other expenses: Administrative... -,8,690 _ 68,09,304 - Depreciation... -, , Other operating expenses... _ - -,855, Other , 3 77, expense... -,8 6,69,965 36,655,58 4,676 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -,787, , ,08 Gain or loss (-) on disposition of assets... _ - Other extraordinary income and expense (-) Net income or expense (-) before distribution. -,787, , ,08 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,00 8,346,8-8,966,608,44-68,373 Net income or expense (-)... -,787, , ,08 Adjustments for prior periods... _ Distribution of income: Dividends... _ Other ~ Closing balance , 30,304,033-9,99,683,48-69,454 Footnotes at end of Section.

156 48 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Commerce Department - Continued National Oceanic and Atmospheric Administration Maritime Administration Account Coastal energy impact fund (PE Fisheries loan fund (PE) Fishermen's guaranty fund (PE) Federal ship financing fund, fishing vessels (PE) Vessel operations revolving fund (PE) INCOME AND EXPENSE Income: _,70 _ _ Insurance and guarantee premiums ,369 - Interest income ,53 _ income ,558 - Expense: Cost of goods sold ,34 - Interest expense: Treasury borrowings... _ Federal securities Other Other expenses: Administrative _ 7,38 _ Depreciation ,864 - Other operating expenses ,97 - Other ,908 - expense ,44 - Income or expenses (-) before extraordinary Extraordinary Income and expense (-): ,865 _ Gain or loss (-) on disposition of assets... _ - _ - _ Other extraordinary income and expense (-) Net income or expense (-) before distribution ,865 - m m i? o f crawgf in retained earnings Opening balance... -6, ,98 -,73,56-8,89,400 6,36 Net income or expense (-) ,865 Adjustments for prior periods _ Distribution of Income: Dividends Other Closing balance... -6, ,8 -,457,569-9,5,65 6,36 Footnotes at end of Section.

157 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3f 978 Continued (In thousands of dollars) Account War-risk Commerce Department - Continued Federal s!iip financing fund revolving fund (PE) Defense Department Maritime Administration - Continued Science and Military Technical Research revolving fund (PE) General funds Bureau of Standards Working capital fund (IR) Air Force Department Defense production guarantees (PE) XNQQMP. AND P f f l B E Income: Sales of goods......,70,59 9,978,076 3,38,077 Sales of services.... 8,353 5,03, ,968,369 0 _ Interest income ,80,094 Other income ,096 36,796 - income ,549 3,77 83,657 5,78,575 3,860,84 Expense: Cost of goods sold... 4,34 4,76,47 3,88,87 Interest expense: Treasury borrowings Federal securities... Other... 9,680 Other expenses: Depreciation.... _ 75,864 Administrative _,04 6,357 48,38 9,96,54 9,663 Other operating expenses....,97 596,80 39,70 Other _ 43,905 3,80 357,75 6,743 _ expense ,04 5,396 8,3 5,489,05 3,874,785 _ Income or expenses (-) before extraordinary items ,54-48,65,55 93,54-3,943 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other... _ extraordinary income and expense (-) Net income or expense (-) before distribution. 36 5,54-48,65,55 93,54-3,943 - m u m $, P. s m w m p x a h ^ p Opening balance ,39 7,5-9,033,78 -,7 989,734 96,3r,790 Net income or expense (-)... Adjustments for prior periods ,54-48,65,55 93,54 -,88,68-3, _ Dividends Other.... Distribution of income: ,5 - - Closing balance... 7,67 3,649-9,8, ,405 93,4,790 Footnotes at end of Section.

158 50 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Defense Department Continued Military - Continued Account Industrial fund (IR) Air Force Department - Continued Stock fund (IR) Cadet fund (IR) Surcharge collections, sales of commissary stores (TR) Army Department Defense production guarantees (PE) Industrial fund (IR) income m > m m & Income: Sales of g oods ,958,544,9,43,03 _ 364,668 Sftl.es of services , , ,587 _ - _ Interest income.... _ Other income ,346 5,450, income......,79,97,544,9,346 5,450,839,575,039,55 Expense: Cost of goods sold......,9,06,537,665,855,559 _,036,70 Interest expense: Treasury borrowings Federal securities Other ~ ~ Other expenses: Administrative Depreciation... Other operating expenses ,065 5,045 63,78 Other ^ expense...,9,06,557,468,065 5,045,835,836,036,70 Income or expenses (-) before extraordinary Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other... -,80-3, ,405 3,739, extraordinary income and expense (-) Net income or expense (-) before distribution. -,80-3, ,405 3,739 -,536 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,90r 90, ,40 -,03,847r,09^ -7,454 Net income or expense (-)... -,80-3, ,405 3,739,536 Adjustments for prior periods ,43 -,43 Distribution of income: Dividends Other Closing balance ,09 888, ,806 -,0,539,09-6,349 Footnotes at end of Section.

159 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Defense Department - Continued Account Army Department - Continued Military - Continued Navy Department Naval Academy Stock fund (IR) Surcharge collections, sales of commissary stores (TR) Defense production guarantees (PE) Industrial fund (IR) Laundry service (PE) Midshipmen's store (TR) Income: Sales of goods...,778,345,449,98 7,69 Sales of services... _ 3,00,834 _,998,83 Insurance and guarantee premiums... Interest income _ Other income income...,778,345,975 5,8,795 0,998,83 7,77 Expense: Cost of goods sold...,88,839 4,40,000,98, ,907 Interest expense: Treasury borrowings... Federal securities... Other Other expenses: Administrative _ Depreciation... 7 _ Other operating expenses ,75 37,003 0, Other ,00-4, expense...,76,3 37,003 5,036,080 -,98,494 80,703 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 6,3-5,08 9,76 0 6, Gain or loss (-) on disposition of assets... _ Other extraordinary income and expense (-) Met income or expense (-) before distribution. 6,3-5,08 9,76 0 6, AMALYSIS-QF CHANGE IN DETAINED EARNINGS Opening balance... -,39,47 40,84 46,48 6,6 99,30 38,60 Net income or expense (-)... 6,3-5,08 9,76 0 6, Adjustments for prior periods , -, Distribution of income: J Dividends... _ Other Closing balance... -,3,95 5,796 5,34 6,7 8,93 76,584 Footnotes at end of Section.

160 5 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Defense Department - Continued Military - Continued Account Stock fund (IR) Surcharge collections, sales of commissary stores (TR) Navy Department - Continued Industrial fund (IR) Marine Corps Stock fund (IR) Surcharge collections,.sales of commissary stores (TR) Defense agencies Defense Industrial fund (IR) / Income:,99,594 5,95 7,864,3,505 3,033,3,79 Sales of services , ,046 4,046 Insurance and guarantee premiums _ Interest income _ 643, ,8-40,56 _,943,345 5,95,45 44,504,505 3,87,63 5,5 Expense: Cost of goods sold...,83,55-0,90,37,387,689,849 JO,759 Interest expense: Treasury borrowings... _ Federal securities Other Other expenses:, Administrative _ 05,344 05,344 Depreciation _ Other operating expenses... 84,7,76-4,389 03,80 n Other , , expense ,865,06, ,96 Income or expenses (-) before extraordinary Extraordinary income and expense (-):.,, , _, -luz 78,39 3, ,4,8 88,96 8,747 Gain or loss (-) on disposition of assets... - Other extraordinary income and expense (-) Net income or expense (-) before distribution. 78,39 3, ,4,8 88,96 8,747 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,690,663 -,40-84,67 3,5,50,075-3,78r Net income or expense (-)... 78,39 3, ,4,8 88,96 8,747 Adjustments for prior periods _ -,90,39 3 Distribution of income: Dividends _ - Other ,300 - Closing balance ,930 5, ,590 4, ,680 5,088 Footnotes at end of Section.

161 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (in thousands of dollars) Military - Continued Defense agencies - Con. Defense Department - Continued Civil Army Department Account Homeowners assistance fund (PE) Defense stock fund(ir) Corps of Engineers (IR) Panama Canal Panama Canal Company (EE) United States Soldiers and A irmen s Home revolving fund (TR) INCOME AND EXPENSE Income: Sales of goods ,5 3,00,97 3,69 _ 3, Sales of services _ 66, ,68 33,340 - Insurance and guarantee premiums _ Interest income _ - - Other income _ 40,56 5,00 5, income......,5 3,06,73 665, ,78 56, Expense: Cost of goods sold...,04,678, ,47 483,96 6,88 33 Interest expense: Treasury borrowings _ - Federal securities _ - - Other ,680 _ 9,680 / - Other expenses: Administrative.... 3,776 _ 3,776 - Depreciation ,646 0,4 9,4 - Other operating expenses...,899 0,849 79,48-79,48 - Other , ,70 - expense... 0 #7Q AQft 6a? f m /Q/ / J. / 48, <-,74'-' CyO ( 7^ ,444 Income or expenses (-) before extraordinary items......;... -,75 8,74,76 ) 4,73 8,443 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. -,75 8,74,76 4,73 8,443 - ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,98,550, ,965 55,558 75,376 3 Net income or expense (-)... -,75 8,74,76 4,73 8,443 - Adjustments for prior periods ,90, Distribution of income: Dividends.... Other _ -,300-3, ,883 - Closing balance ,9 59,55 349,798 69,83 79,936 3 Footnotes at end of Section.

162 54 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October X, 977 through March 3, 978 Continued (In thousands of dollars) Energy Department Health, Education, and Welfare Dept. Account Bonneville Power Administration Alaska Power Administration Southeastern Southwestern Power Power Administration Admininstration Fund for emergency expenses- Fort Peck project, Hontana (pe) Food and Drug Administration Revolving fund for certification and other services (EE) Income: 76,883 _ 7,3 6,464 3,08-50,9-5,466,69 0, ,909 9,595 3,73 Insurance and guarantee premiums , ,000 ~ ,775-0,954,78 48,750 6,464 3,3,909,0 3,73 Expense: Cost of goods sold... 3,744 3,744 8,5 _ Interest expense: Treasury borrowings... 3,66 3,66 Federal securities... _ - 5,64 - Other...,676, ,538 - Other expenses: Administrative _ 3,475,390 Depreciation.... 6, , Other operating expenses... 53,4 67 4,330,68 8,505, Other......,406 0, ,700 - expense... 0,903,38 8,934,935 9,700 3,95 76,373 3,4 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 0, ,86 3,58 3,43 -,04-64,53 59 Gain or loss (-) on disposition of assets... _ - _ - Other extraordinary income and expense (-) Net income or expense (-) before distribution. 0, ,86 3,58 3,43 -,04-64,53 59 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 73,89 4,768 97, ,3 30,99-8/ -7,960,68 Net income or expense (-)... 0, ,86 3,58 3,43 -,04-64,53 59 Adjustments for prior periods... -8, , ,39-33 Distribution of income: Dividends... _ - Other , , ,98 - Closing balance ,64 4,476 95,00 603,850 44,33 -,037-5,43,94 Footnotes at end of Section.

163 August Account.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued Adminx s tra ti on Health maintenance organization loan guarantee and loan fund (PE) (In -thousands of dollars) National Institutes of Health Service and supply fund (IR) Health, Education, and Welfare Department - Continued Health Resourcesi Administration Medical facilities guarantee and loan fund Health professions education fund (PE) Nurses training fund (PE) Office of Assistant Secretary for Health Service and supply fund (IR) m m m > p r a m Income: Sales of goods _ 33,59 4,790 4,790,60 Sales of services... _ 0,398 Insurance and guarantee premiums.... _ Interest income......,807 _ 6,957 6, _ Other income income...,807 33,59,5 0, ,000 Expense: Cost of goods sold... 7,38 4,790 4,790,0 Interest expense: Treasury borrowings... _ Federal securities _ O ther...,60 -,78 0,90 60 U / 07 4/ Other expenses: Administrative _ 8,679. Depreciation Other operating expenses , ,473 Other... 6,995 - expense......,60 33,47 36,96 35, ,676 Income or expenses (-) before extraordinary 647-4,835-4, Extraordinary income and expense (-): G ain or loss (-) on disposition of assets Other extraordinary income and expense (-) Met income or expense (-) before distribution. 647 Ill -4,835-4, ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance / 4,5 0,3-8/ 6,374 3, Net income or expense (-) ,835-4, Adjustments for prior periods Distribution of income: Dividends... j,... Other _. Closing balance ,6-4,54-4,85 6,34 3,976,67 Footnotes at end of Section.

164 56 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Health, Education, and Welfare Department - Con. Housing and Urban Development Department Account Education Division Student loan insurance fund (PE) Higher education facilities loan and insurance fund (PE) Office of the Secretary Working capital fund (IR) Housing programs Funds transferred from others Appalachian housing fund (PE) INCOME AND EXPENSE Sales of goods... Sales of services... Insurance and guarantee premiums. Interest income... Other income...,99 9,35,99,346 7,889 5,465,397 6,508-76,950 5,9 309,79 37,868,906 8,03 income. 3,65 3,75 7,889 6,86 65,55 398,36 Expense: Cost of goods sold. 4,085 6,96 Interest expense: Treasury borrowings. Federal securities.. Other.... 5,6,660 5,6,660 ( J 370,07 67,473 7,96 39,777 Other expenses: Administrative... Depreciation... Other operating expenses. Other......,406 65,563,400 65,563 4,94 9,35 456,455,43 3,463 5,6 49 expense. 84,790 67,963 6,87 4,7,54,05 55,740 Income or expenses (-) before extraordinary items ,688-8,937, ,897-54,378 Extraordinary income and expense (-): Gain or loss (-) o n disposition of assets. O ther... extraordinary income and expense (-)., Net Income or expense (-) before distribution -53,66-44,688-8,937, ,897-54,378 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... Net income or expense (-)... Adjustments for prior periods... Distribution of income: Dividends... Other ,99r -53,66 8,937 77, ,99r -44,688 77,784-8,937 8,937 5,89,634 -,4 -,486 -,958,843r -538,897-7,43-8,595,80-54,378-7,439-30,3 -, Closing balance ,03-73,03 5,87-3,535,4-8,787,39 Footnotes at end of Section.

165 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Housing and Urban Development Department - Continued Housing programs - Continued Account Federal Housing Administration revolving fund (PE) Housing for the elderly or handicapped fund (PE) College housing loans (PE) Low-rent public housing program (PE) Nonprofit sponsor assistance (PE) Community disposal operations fund (PE) Rental housing assistance fund (PE) m m Income: Sales of goods... - _ - - Sales of services Insurance and guarantee premiums... 5, Interest income... 68,0 7,905 48,083 3, Other income ,997 income... 3,00 8,36! 49,040 3, ,997 Expense: Cost of goods sold... Interest expense: Treasury borrowings... 38,34 _ 33, Federal securities... 8,450 3,07 4, Other Other expenses: Administrative..., Depreciation Other operating expenses... 3, " Other... 94, expense ,0 3,63 49, Income or expenses (-) before extraordinary -55,90 4,53 6 3, ,8 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other " extraordinary income and expense (-) Net income or expense (-) before distribution. -55,90 4,53 6 3,00" K... " 5" 5;5i A i m s i s of Q m m in t m m earnings Opening balance.... -,836,88 00,64 89,399-3,954,739 -,5-4,579 59,873 Net income or expense (-) ,90 4,53 6 3, ,8 Adjustments for prior periods... -7,439 - Distribution of income: Dividends ,3 Other Closing balance ,030,46 05,56 89,405-3,95,79 -,865-4,495 65,694 Footnotes at end of Section.

166 58 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Housing and Urban Development Department - Continued Housing programs Government National Mortgage Association Account Revolving fund, liquidating programs (EE) Special assistance functions fund (EE) Management and liquidating functions fund (EE) Guarantees of mortgagebacked securities fund (EE) Earticipation sales fund (EE) Emergency mortgage purchase assistance (EE) Sales of goods... Sales of services.... Insurance and guarantee premiums. Interest income... Other income , ,6 6,45 3,6 76, , ,6,546,993 53,790 3, income. 0,99 80,97 76,945 5,974 9,700 53,790 4,58 Expense: Cost of goods sold. Interest expense: Treasury borrowings. Federal securities.. Other... 3,950 84,355 7,695 59,848 6,75,475 0,980 3,03 Other expenses: Administrative... Depreciation... Other operating expenses. Other... 8, ,598 6,495 3,79 4, ,787,83,34 expense.,47 37,63,563 3,776,97 53,790 46,05 Income or expenses (-) before extraordinary items ,498-46,704-35,67,98 8,403-3,687 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets.. Other... extraordinary income and expense (-)., Net income or expense (-) before distribution -,498-46,704-35,67,98 8,403-3,687 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... Net income or expense (-).... Adjustments for prior periods... Distribution of income: Dividends... Other ,035,576 -,498 -l,9,409r -46,704 -l,695,453r -35,67 08,73,98 75,557 8, ,785-3,687 Closing balance ,047,074 -,068,3 -,83,070 0,47 93,960-44,473 Footnotes at end of Section.

167 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Housing and Urban Development Department - Continued Account Community planning and development New Federal Insurance Administration Communities Administration Rehabilitation loan fund (PE) Urban renewal programs (PE) New communities guarantee fund (PE) National flood Insurance fund (PE) National insurance development fund (PE) m m m.m m Income: Sales of goods... _ Sales of services Insurance and guarantee premiums... 5,85 Interest income.... 7,3 4,85,388 _ PM m Other income income... 7,95 4,907,388 -,063 5,85 6, Expense: Cost of goods sold Interest expense: Treasury borrowings...,065 _,065 6,509 4,98 4,98 _ Federal securities... _ Other Other expenses: Administrative... _,530 4 _ 4 Depreciation... _ Other operating expenses ,674 4,63 4,63 - Other... 00,988 4,09 96,959-33,809 4,30 9,489 expense ,935 4,9 99,04 9,73 43,536 33,933 9,603 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -96, ,637-9,73-3,473-8,08-3,39 Gain or loss (-) on disposition of assets... Other... _ extraordinary income and expense (-).. _ Met income or expense (-) before distribution. -96, ,637-9,73-3,473-8,08-3,39 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... Net income or expense (-)... -,9,506-4,6 -,87,884-6,463-5,689 8,448-96, ^637-9^73-8,08-3,39 -%i M Adjustments for prior periods... _ Distribution of income: Dividends... Other Closing balance... -,489,46-4,66 -,484,5-6,76-74,36-53,769 79,408 Footnotes at end of Section.

168 60 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Account Housing and Urban Development Department - Con. Departmental management Working capital fund (IR) Interior Department Bureau of Reclamation Upper Colorado River Basin fund (PE) Lower Colorado River Basin fund (PE) Memo: Funds transferred to others Bureau of Reclamation loan fund Bureau of Mines Helium fund (PE) Income: Sales of goods ,08 4,44,7 9,53-5,738 Sales of services... 6,508 34, Insurance and guarantee premiums Interest income... -, Other income... -,043,07, income ,508 83,974 4,7,739 9,533 ' - 5,79 Expense: Cost of goods sold... 6,96 39, ,76 Interest expense: Treasury borrowings Federal securities Other ,55 5,459 5,459 / - -,066 6/ Other expenses: Administrative Depreciation..., Other operating expenses ,745 3,745 8,87, Other " expense... 6,497 79,834 38,77 5,49,98-4,385 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 4,40 4,094 -,50 6,604,407 Gain or loss (-) on disposition of assets... _ Other... _ - _ extraordinary income and expense Met income or expense (-) before distribution. 4,40 4,094 -,50 6,604,407 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,06r 03,437 73,746 9,69-47,643 Net income or expense (-).... 4,40 4,094 -,50 6,604,407 Adjustments for prior periods Distribution of income: Dividends... Other... -, ,000 Closing balance... 37,96 07,53 7,36 36, ,045 Footnotes at end of Section.

169 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Interior Department - Continued Justice Department Account Bureau of Indian Affairs Secretarial General offices Administration Revolving. fund for loans (PE) Indian loan guaranty and insurance fund (PE) Liquidation of Hoonah housing project (PE) Working capital fund (IR) Working capital fund (IR) Income: Sales of goods... _ ,07 - Sales of services ,8 3,877 3,877 Insurance and guarantee premiums Interest income...,677, Other income income....,677, ,34 65,44 3,877 Expense: Cost of goods sold... ; ,894 53,996,685 Interest expense: Treasury borrowings Federal securities Other... " Other expenses: Administrative Depreciation , Other operating expenses ,8 Other ,408 expense ,894 60,86 3,060 Income or expenses (-) before extraordinary Extraordinary income and expense (-):,300, ,660 4, Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Met income or expense (-) before distribution.,300, ,660 4, _ ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 5,530r 6,50r -,670 l,950r 45 77,595 - Net income or expense (-)....,300, ,660 4, Adjustments for prior periods... _ Distribution of income: Dividends... Other Closing balance ,89 7,846 -,965,948 -,09 8, Footnotes at end of Section.

170 6 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Justice Department - Continued Federal Prison System Account Federal Commissary Prison funds, Industries Federal Inc. (IR) Prisons (TR) Law Enforcement Assistance Administration Operation sting (EE) Labor Department Departmental management Working capital fund (IR) State Department Office of the Secretary Working capital fund (IR) Income: 5,064 45,084 5,980 7 _ 3, ,06 3,356 Insurance and guarantee premiums _ ,360 45,347 6,03, 7,06 6,670 Expense: Cost of goods sold... 4,3 36,455 4,856-9,579,40 Interest expense: Treasury borrowings Federal securities _ Other Other expenses: _ 9 _,56, Other operating expenses..., ,306 Other ,408 3, expanse... 47,80 4,7 5,584-9,79 6,854 Income or expenses (-) before extraordinary 3,559 3, X,35-84 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 3,56 3, ,35-84 i n b e t a t p p s a f m o s Opening balance... 77,594 74,68,9,87 66 Net income or expense (-)... 3,56 3, ,35-84 Adjustments for prior periods ,335 _ Distribution of income: Dividends Other Closing balance... 8,55 77,8 3, , Footnotes at end of Section.

171 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Transportation Department Account Office of the Secretary Working capital fund (IR) Supply fund (IR) United States Coast Guard Yard fund (IR) Cadet fund TR) Surcharge collections, sales of commissary stores (TR) m m Income: 57,75 _ 44,906 9,059 5,736 Sales of services...,95 9, Insurance and guarantee premiums... _ Interest income Other income...,76 -, - 37,75 income... 8,959 9,903 47,8 9,059 5,773,75 Expense: Cost of goods sold... 45,80 5,5 40,695 8,844, Interest expense: Treasury borrowings... _ Federal securities... Other Other expenses: _,747 Administrative... 4,86 575,747 Depreciation , Other operating expenses... 3,75 3,78,88 _, Other.....,87 809,06 - -,06 - expense... 88,0 9,903 46,889 8,844 5,790,75 80 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -5, Gain or loss (-) on disposition of assets Other _ extraordinary income and expense Met income or expense (-) before distribution. -5, m w a a a - f f.ctwqje p r n m m. e a t o g s Opening balance... -, _ 40 Met income or expense (-)... -5,588 _ Adjustments for prior periods... _ - Distribution of income: Dividends... O ther... _ - - Closing balance... -7, Footnotes at end of Section.

172 64 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Transportation Department - Con. Treasury Department Account Federal Aviation Administration Aviation war - risk insurance revolving fund (EE) Federal Railroad Adminis tra t ion Alaska Railroad revolving fund (EE) Saint Lawrence Seaway Development Corporation (PE) Office of the Secretary Reconstruction Finance Corporation loans in liquidation (PE) Working capital fund (IR) Income: Sales of goods... Sales of services... Insurance and guarantee premiums. Interest income... Other Income....,89 7 3, ,64 46,86,004,75 4, ,54 465,54 income.,86 3,00,9,738,63,60 Cost of goods sold... 44,6,580,580 Interest expense: Treasury borrowings. Federal securities.. Other... Other expenses: Administrative... Depreciation... Other operating expenses. Other... 4,946,597 3,694 56,48,04 57, ,69, 5 expense. 4 7,37 3,968,04,605,605 Income or expenses (-) before extraordinary items... -4,4-868,008,74 Extraordinary Income and expense (-): Gain or loss (-) on disposition of assets. O ther extraordinary income and expense (-).. Met income or expense (-) before distribution, ,937,008,6 7 ANALYSIS. QF P H A M IE BSAlffiP. SAiTOPS. Opening balance... Net income or expense (-)... Adjustments for prior periods... Distribution of income: Dividends... Other... 5, ,457-4,937-9,88,950,89,008,6 -,95, Closing balance.... 5,506-3,394-0,696,006, Footnotes at end of Section.

173 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Treasury Department - Continued Account Bureau of Government Financial Operations Check Miscellaneous New York forgery loans and seasonal insurance certain other financing fund (HE) assets fund (PE) Funds transferred from others Expansion of defense production (PE) Bureau of Engraving and Printing Bureau of Engraving and Printing fund (IR) Internal Revenue Service Federal tax lien revolving fund (PE) Income: Sales of goods... _ 64,77 Sales of services ,55 - Insurance and guarantee premiums... - _ Interest income...,003,88 _,003,88 - _ - - Other income... 3, , income....,006,88 -,003,88 3,630-65, Expense: Cost of goods sold... 4,58 Interest expense: Treasury borrowings _ Federal securities... - Other Other expenses: Administrative ,445 _ Depreciation Other operating expenses... _ ,69 - Other expense ,78 97 Income or expenses (-) before extraordinary,006,86 -,003,88 3,630 -, Extraordinary income and expense (-): Gain or loss (-) on disposition of assets _ -508 _ Other extraordinary income and expense (-) Net income or expense (-) before distribution.,006,308 -,00,680 3,630 -, A P m i s of change m R m i N g D E A P I N Q S Opening balance...,99,607-0,99, ,59 - Net income or expense (-)......,006,308 -,00,680 3,630 -, Adjustments for prior periods _. _ Distribution of income: Dividends _ Other ,95,67 - -,947,997-3, Closing balance ,974,89 -,974, Footnotes at end of Section.

174 66 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Department of the Treasury -Con. Environmental Protection Agency General Services Administration Account Comptroller of the Currency (TR) Revolving fund for certification and other services (IR) Automatic data processing fund (IR) Federal buildings fund (IR) Defense production loan guarantees (PE) Federal telecommunications fund (IR) INCOME AWPEXPENSE Income: Sales of goods... Sales of services.... Insurance and guarantee premiums. Interest income... Other income... 43,876,55 660,90,06, ,700 33, ,8,95 93,58 6 income. 45,39,76,639 33, ,478 93,84 Expense: Cost of goods sold.,,59,998 9,08 67,705 83,390 Interest expense: Treasury borrowings. Federal securities.. Other... Other expenses: Administrative... Depreciation... Other operating expenses. Other , ,07 5,386 3, , ' 0 expense. 44,78,664,457 33,0 77, 83,768 Income or expenses (-) before extraordinary items... 6,8 9,46 Extraordinary income and expense (-): Gain or loss (-) on disposition of assets.. O ther... extraordinary income and expense (-).. Net income or expense (-) before distribution. 6,8 30,56 9,46 Opening balance... Net income or expense (-)... Adjustments for prior periods. Distribution of income: Dividends... Other... 3, ,689 6,8 -,3-7, ,78 30,56 -,5 4,73 9,46-4,73 Closing balance. 3,677 6,09-30,64 9,46 Footnotes at end of Section.

175 August 9 j 8 67.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) General Services Administration - Continued Account General supply fund (IR) Liquidation of Virgin Islands Corporation (PE) National Archives trust fund (TR) William Langer Jewel Bearing Plant revolving fund Construction services fund (IR) Working capital fund (IR) income m > M m m Income: Sales of goods ,336 _, Sales of services , ,456 6,969 Insurance and guarantee premiums Interest income Other income...,3 " 43 3 income... 73,63 68, ,457 6,97 Expense: Cost of goods sold ,750-3, ,59 6,997 Interest expense: Treasury borrowings Federal securities Other Other expenses: Administrative... _ - - Depreciation... 8, Other operating expenses Other... 4, " -4 expense ,5-3, ,59 7,067 Income or expenses (-) before extraordinary, Extraordinary income and expense (-): Gain or loss (-) on disposition of assets Other ' extraordinary income and expense (-) Net income or expense (-) before distribution., ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 5,460 3,333 4,7 670,40 45 Net income or expense (-)..., Adjustments for prior periods Distribution of Income: Dividends... _ O ther... -, Closing balance... 7,477 3,40 4, , Footnotes at end of Section.

176 68 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Ve terans Admini s tra ti on Account Loan guaranty revolving fund (PE) Direct loan revolving fund (PE) Canteen service revolving fund (PE) Service disabled veterans insurance fund (PE) Veterans reopened insurance fund (PE) Vocational rehabilitation revolving fund (PE) Income: 58, , Sales of services.... 3, , Insurance and guarantee premiums... 53, ,59,4 - Interest income ,86 3,409 4, ,366-89,534 8, 7, income ,05 50,6,008 67,48 3,686 6,07 - Expense: Cost of goods sold... 30, , Interest expense: Treasury borrowings... 3,350-3, Federal securities... 3,57,87 9, Other... " " Other expenses: Administrative... 7,87 6, Depreciation _ 56 _ Other operating expenses... 77,64, ,8 3,86 9,744 - Other... 7,5, ,530 3,678 3 expense ,356 56,336,788 66,768,356 3,800 3 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 6,659-5,75 9, 660-7,670,6-3 Gain or loss (-) o n disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. 6,659-5,75 9, 660-7,670,6-3 in eetajnep. m m m Opening balance... 7,563-79,575 0,367 5,46 -,449 4, Net income or expense (-)... 6,659-5,75 9, 660-7,670,6-3 Adjustments for prior periods... Distribution of income: Dividends... Other Closing balance... 78, -85,90 0,588 6,086-9,9 43, Footnotes at end of Section.

177 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS. Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Veterans Administration - Continued Independent agencies Civil Servicei Commission Account Veterans Administration education loan Aind rpe) Veterans special life insurance fund ( PE) Servicemen's group life insurance fund rpe) Supply fund (IR) Revolving fund (IR) Income: Sales of goods... 93,340 0,34 Sales of services _,474 3,54,933 0, 0, Insurance and guarantee premiums... _ 9,66 959, ,456 Interest income ,880,5,400 37,085 Other income ,64,96,45,85 _ income ,9 60,96 96,039 4,88,437 3,965,947 0, Expense: Cost of goods sold... 85,69 878,733 3,0,0 Interest expense: Treasury borrowings.... _ - _ 4,964 _ Federal securities... _ 8,054 Other , Other expenses: Administrative... _ 6 _ 34,45 4,0 _ Depreciation... _ - _ 73 78, Other operating expenses ,399-8,705,369,964,6,49 _ Other ,43 60,35 677,84 34,74,640 expense ,8 60,96 94,048 4,85,,979,035,907 Income or expenses (-) before extraordinary 589 5,37 -,99 57,36-3,088 -,685 Extraordinary income and expense (-): Gain or loss (-) o n disposition of assets..... _ Other _ extraordinary income and expense (-) Met income or expense (-) before distribution ,37 -,99 57,35-3,087 -,684 m m chang; m m u u m earnings, Opening balance... 75,090 9,535 _ -34 ll,507,979r 499, Net income or expense (-) ,37 -,99 57,35-3,087 -,684 Adjustments for prior periods ,009 Distribution of income: Dividends ,000 Other , Closing balance... 75,679 4,906 -,858,443, ,750-3,34 Footnotes at end of Section.

178 70 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Independent agenices - Continued Account Employees health benefits fund (TR) Civil Ser trice Commission - Continued Employees life insurance fund (TR) Retired employees health benefits fund (TR) Community Services Administration Memo: Funds transferred to others Export- Imjjprt Bank of the United States (PE) Farm Credit Administration Revolving fund for admini s tr a t i ve expenses CPE) Income: Sales of g oods _ Sales of services _ Insurance and guarantee premiums ,456 - _,594 _ 30,347 05, ,385 _ Other Income...,447, - 3,964 3, ,40 income...,477,56$ 463,380 4, ,5 4,40 4,40 Expense: Cost of goods sold _ Interest expense: Treasury borrowings.... _ -,9 Federal securities ,89 _ Other ,340, Other expenses: Administrative , ,87 4,40 4,40 Depreciation Other operating expenses...,39,559 8,58,405 _ 55 _ Other... 9,356 44,458 4, , expense......,486,9 463,380 6,557,76 337,403 4,40 4,40 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -8,63 - -,780 -,404 58,7 Gain or loss (-) on disposition of assets Other extraordinary income and expense (-) _ Met Income or expense (-) before distribution. -8,63 - -,780 -,404 58,70 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance ,945 _ 4,5-6,968,884,940 0, Net income or expense (-)... -8,63 - -,780 -,404 58,70 Adjustments for prior periods _ Distribution of income: Dividends ,000 Other I Closing balance ,3 -,743-64,37,908,65 0,0 Footnotes at end of Section.

179 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978 Continued (In thousands of dollars) Independent agencies - Continued Account Farm Credit Administration - Con. Short-term credit investment fund (PE) Banks for cooperatives investment fund (PE) Emergency Loan Guaranty Board (PE) District of Columbia Loans and repayable advances Federal Deposit Insurance Corporation (TR) Federal Home Loan Bank Board Federal Savings and Loan Insurance Corporation (PE) Income: Sales of goods... _ Sales of services Insurance and guarantee premiums ,886 78,080 78,080 Interest income ,8 65,86 69,39 69,39 Other income ,79 46,738 income ,8 650, ,47 Expense: Cost of goods sold Interest expense: Treasury borrowings Federal securities Other ,96 45,96 7/ Other expenses: Administrative ,35 8, Depreciation Other operating expenses ,87,06 Other... - " 3 35,893 7,049 70,48 expense ,8 50,046 7,869 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 567 4,8 365,044 67,09 66,77 Gain or loss (-) on disposition of assets... Other... _ extraordinary income and expense (-) Met income or expense (-) before distribution ,8 365,044 67,09 66,77 AMALTGSI3_QF CHANGE IN RETAINED EARNINGS Opening balance.... 8,9,909 30,483r 98,75r 7,83,680 4,75,03 4,743,55 Net income or expense (-) ,8 365,044 67,09 66,77 Adjustments for prior periods... _ 0, Distribution of income: Dividends.... Other , Closing balance ,9,909 3,050 74,934 8,99,39 5,09,95 5,009,88 Footnotes at end of Section.

180 7.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Treasury bulletin Independent agencies - Continued Account Federal Home Loan Bank Board - Con. Revolving fund (PE) International Communication Agency Informational media guaranty fund (PE) Interstate Commerce Commission Repayment of loan guarantees National Credit Union Administration Operating fund (PE) Share insurance fund (PE) Pennsylvania Avenue Development Corporation Income: Sales of goods _ Sales of services Insurance and guarantee premiums ,067-4,067 - Interest income ,485-3,485 -,99 ' - - 7,68 7, , ,33 7,657 7,576 - Expense: Cost of goods sold Interest expense: Treasury borrowings Federal securities O ther Other expenses: Administrative ,567 - _ 9,78 6,608 3, - Depreciation Other operating expenses..., Other " ~ expense..., ,776 6,666 3, 55 Income or expenses (-) before extraordinary , , Extraordinary income and expense (-): Gain or loss (-) on disposition of assets O ther... " " - " " extraordinary income and expense (-) Net income or expense (-) before distribution.... m v W T 5sr~- ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... 8,55-30,94 -,650 93,78 3,9 89,870-3,630 Net income or expense (-) , , Adjustments for prior periods... _ Distribution of income: Dividends... _ Other Closing balance... 9,367-3,88 -,650 09,38 4,903 04,335-4,8 Footnotes at end of Section.

181 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Independent agencies - Cont Imxed Small Business Administration Account Business loan and investment fund (PE) Disaster loan fund (PE) Lease guarantee revolving fund (PE) Pollution control equipment contract guarantees revolving fund(pe) Surety bond guarantee revolving fund (PE) Tennessee Valley Authority (EE) United States Railway Association / INCOME AND EXPENSE Income: Sales of goods... 0, ,34,7 - Insurance and guarantee premiums...,684 9,9 396, ,560 59,63 36, ,405 7,388 4, ,497 39,675 60,9 5,63 73,373 37, ,49,84,574 80,36 Expanse: Cost of goods sold ,53 - Interest expense: Treasury borrowings... _ _ 3,35 _ Federal securities... 9,35 7,798, ,847-77,990 04,86 U / 73,06 ly 38 / ,446 Other expenses: Administrative... 38,946,805 Depreciation ,40 - Other operating expenses... 3,864 3, ,06 7,000 Other... 4,688,389 -,60-0, ~ expense... 05,856 8,68 74,738,740-0,696,00,66 75,5 Income or expenses (-) before extraordinary Extraordinary income and expense (-): 84,308 0/ -90,4-45,309-37,58 -, ,05-67,934 Gain or loss (-) o n disposition of assets Other extraordinary income and expense (-) Net income or expense (-) before distribution. -90,4-45,309-37,58 -,54V 49-6,05 84,308-67,934 ANALYSIS OF CHANGE IN RETAINED EARNINGS Opening balance... Net income or expense (-)... -3,570,35 -,759,69-6, ,9 77, ,830-90,4-45,309 -, ,05 84,308-67,934 Adjustments for prior periods _ - _ Distribution of income: Dividends ,858 - Closing balance... -3,660,580 -,804,478 -,769,657-7, ,7 33,400 -,08,764 Footnotes at end of Section.

182 74 Treasury Bulletin.FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS, Section I - Government Corporations and Other Business-Type Activities Table GA-I-. - Statements of Income and Retained Earnings October, 977 through March 3, 978-Continued (In thousands of dollars) Off - budget agencies Account United States Postal Service (PE) Agriculture Department electrification and telephone revolving fund (PE) Rural Telephone Bank (PE) Treasury Department Federal Financing Bank revolving fund (PE) Labor Department Pension Benefit Guaranty Corporation (PE) income m > m m s s Income: Sales of services.... 6,740,486 6,740,486 _ Insurance and guarantee premiums...,855,855 Interest income......,67,673 _ 36,63 9,48 7,,489,58,55 Other income _ 5,576 income... 9,65,505 7,60,40 36,63 9,48 7,,489,58 8,946 Expense: Cost of goods sold Interest expense: Treasury borrowings...,457,48 0, ,5,446,90 _ Federal securities... 9,40 9, ,3 56,863 9,459 9, Other expenses: Administrative... 6,58,644 6,570, ,57 Depreciation ,89 06, Other operating expenses... 53,66 53,66 Other , , expense... 9,304,35 7,84,974 9,96 0,93 9,669,447,09,306 Income or expenses (-) before extraordinary Extraordinary income and expense (-): -38,846-4,573 6,668 09,5 7', 543 4,49 6,640 Gain or loss (-) o n disposition of assets... Other extraordinary income and expense (-) Net income or expense (-) before distribution. -38,846-4,573 6,668 09,5 7,543 4,49 6,640 m m m earnings Opening balance... 3, , , ,374 63,458-07,85 Net income or expense (-) ,846-4,573 6,668 09,5 7,543 4,49 6,640 Adjustments for prior periods...,554 4,5 Distribution of income: Dividends... Other , , , Closing balance... 79,76-80,066,054,578,05,500,079 05,877-78,663 Footnotes at end of Section.

183 August 978 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS- Footnotes to Table GA-I- Less than $500. r Revised. (PE) Public enterprise revolving funds. (IR) Intragovernmental revolving funds. (TR) Trust revolving funds. / Statements in this table are from Government corporations and business-type activities. Statements of the transferred account which represent funds transferred to others are shown in memo (nonadd) columns under the same headings with the "parent" accounts that receive the appropriations. These same statements of the transferred accounts are also shown as funds transferred from others under the heading of the "spending" agencies that administer these funds. / Represents a deposit of funds to receipt accounts. 3/ Represents the Cooley loan program established pursuant to the Agricultural Trade Development and Assistance Act of 954, as amended (7 U.S<C. 704 (e)). 4/ Consists of contingency fund, inter-american social and economic program, and supporting assistance loans. 5/ Includes the fund for administrative and operating expenses. 6/ Includes accrued interest expense of $3,50 thousand on capital stock. 7/ Includes restoration of capital by the Department of the Treasury to partially reimburse the Corporation for net realized losses sustaired but not previously reimbursed as provided by an act approved Aug., 977 (9 Stat. 88). 8/ Information pertaining to the amount of retained earnings at the beginning of the period was not shown on the statement submitted by the reporting agency. 9/ Represents insufficiency restorations made by appropriations. 0/ Represents only partial reporting of Forest Service. / Represents interest on appropriations for loans to be paid into miscellaneous receipts of the Department of the Treasury. / Includes the Defense Communication Agency. 3/ Represents interest on the net direct investment of the U.S. Government in this corporation. 4/ Represents interest on appropriations and other capital. 5/ Represents interest expense on appropriations allocated to power and to municipal and industrial water supply construction. 6/ Represents interest expense on public debt borrowings from the Department of the Treasury, and on appropriations and other capital. 7/ Represents premium payments and insurance losses. 8/ Represents interest expense payable to the Department of the Treasury on outstanding cash disbursements made from the fund. 9/ Includes interest expense on mortgage notes and escrow deposits. 0/ Represents net income of $4,57 thousand from power operations and a net loss of $-30,64 thousand from non-income producing programs. / Figures as of September 30, 977, latest available. Source:' Bureau of Government Financial Operations. Based on semiannual reports received from agencies pursuant to Treasury Circular No. 966, Revised.

184 76 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS... Section II - Federal Credit Programs Table GA-II-. - Direct Sales and Repurchases of Loans (In millions of dollars) Fiscal year or month Export-Import Bank of the United States Fanners Home Administration Housing and Urban Development Department Government National Mortgage Association Office of Secretary / Small Business Administration Veterans Administration Sales Sales Sales Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases Repurchases , T.Q ,337,5,548 3,045 6,57 3,903 7,89,666,759 7, ,4,559,8 4, ,66?,005,430 3,34,7 6,45 4,47,070 5, ,05,54,48 44,083,300,50,3 6,963,59, June July Aug. Sept Oct. Nov. Dec Jan.. Feb.. Mar Apr.. May.. June , ,0, ,4, ' , , ,07, , / Includes college housing, elderly housing, and public facility loans. Less than $500,000.

185 August 978 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS 77 Section III - Trust Funds Table GA-HI-. - Civil Service Retirement and Disability Fund (In millions of dollars) Receipts Fiscal year or month Agencies contributions Employees contributions Federal contributions Donations, service credit payments, and other misc. receipts Interest and profits on investments ,556 0,334 6,655 4, ,789 3,753,44, ,683,7, ,86,890, ,33 6,735,038,038,6 33,464 7,604,0,0,760 37,566 8,955,77,77,57 36,838,360,490,490 4,7 9,36 3,099,733,733 5,36 34,463, ,466,895,894 7,806 3,84 7,676 3,34 3,34 7/ ,37 9,4 3,53 3,53 8, , July Sept... 8, , Oct Nov Dec..., , Jan Feb Ma r Ap r M a y June..., ,56 Fiscal 978 to date... 7,96,37,37 7 3,45 Assets, end bf period Fiscal year or month expenditures other than investments Net increase, or decrease (-), in assets Investments Unexpended balance 9-68., 9b T.Q (Est.). 979 (Est.). 977-July..., Aug..., Sept... O ct... N o v... D e c... L978-Jan.., Feb.., Mar.., Apr.., May.. June. Fiscal 978 to date..., 9,383,40b,75 3,34 3,778 4,53 5,669 7,07 8,84,65 9,564 0,896, ,09 9,73,347,93,58,957 3,08 3,86 4,90 4, ,903 6,780 7, , , , ,73 0,5,45 5,033 7,990 3,07 34,357 38,647 43,46 4, ,359 63,437 4,66 4, ,3 48,883 49,980 49,640 49,373 m 48,95 49,403 49,403 9,00 0,3,047 4,77 7,668 30, , , , ,64 4, ,8 48,877 49,968 49,584 49,35 48,990 48, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 979 Budget of the U.S. Government, released January Less than $500,000.

186 78 Treasury Bulletin Fiscal year or month FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-. - Federal Old-Age and Survivors Insurance Trust FundV / Appropriations / (In millions of dollars) Receipts Deposits by States i j Net earnings on investments Other / Expenditures other than investments Benefit payments Payments to Railroad Retirement Accounts 6/ ,04 9,445,636 0, ,465 / 8,33 4,069 7,348 3,693,60, ,690 3, ,746 7,96, ,30 6, ,98 8,849 3,066, ,68 3, ,96 3,4 3,596, ,848 34, ,639 37,87 4,3, ,63 4, ,935 43,465 4,989, ,483 47, ,763 50,9 5,898, ,676 54, ,37 5,900 6,654, ,96 6,64, T. Q... 6,86 4,59, ,0 6, ,788 6,9 7,676,8 6 73,479 7,7, (Est.)... 77,000 56,330 7,96, ,665 78,988, (Est.)... 86,40 75,404 8,638, ,578 87,37, July... 5,04 5, X 6,3 6,36 8,86 5,509, ,3 6,68 5,08 5, ,40 6,39 _ Oct... 4,03 4, ,386 6,33-6,83 4,64, ,555 6,45 _ 5,473 4, ,448 6, Jan... 5,74 5,66-9 6,560 6,457 _ F e b... 8,46 5,833, ,54 6,437 _ M a r... 5,080 5, ,60 6,55 _ A p r... 7,77 7, ,455 M a y... 8,586 5,55 -, _ ,445 June... 6,00 6, , 6,438 Fiscal 978,589 to date... 56,969 48,703 5,606, ,39 57,897,589 Expenditures other than investments - Continued Assets, end of period Fiscal year or month Construction 8/ Reimbursement to general fund / Administrative expenses Bureau of 0ASI 0/ Reimbursement to, or from (-), EDI, FHI, and FSMI Trust Funds Other Net increase or decrease (-), in assets Investments Unexpended balance y , ,548 5,548 3,50, ,657 8,05 6,35, ,46 3,63 30,, ,74 34,345 3,375, ,068 36,43 33,03 3, ,49 35, ,45 37,88 37, ,086 39,968 39, ,969 37,999 37, ,074 37, ,69 35,384 35, (Est.) ,665 30,79 30, (Est.) ,58 7,56 7, July ,80 34,7 35,697 4 A u g... _ ,874 36,586 36, ,0 35,384 35, ,83 33,00 33, ,477 33,4 363 De c ,50 3, Jan _ -,386 3,6 3,8 - F e b ,6 3,757 3, M a r ,53 3,07 3, ,9 33,97 4 Ma y ,03 33,944 33, ,9 3,033 3, Fiscal 978 to date ,35 3,033 3, See footnotes following Table GA-III-3.

187 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS - Section III - Trust Funds Table GA-III-3. - Federal Disability Insurance Trust Fund (In millions of dollars) Receipts Expenditures other than investments Fiscal year or month / Appropriations / Deposits b y States / Interest and profits on investments Other V Benefit payments ,79./ 3,996, ,05 8 /, ,705 3, ,63, ,380 3, ,954, ,90 4, ,606 3, ,9 4, ,309 4, ,946 4, ,467 5, ,768 5, ,384 6, ,90 6, ,98 7, ,355 6, ,606 9,47,7, ,653, ,374 8, ,590, (Est.)...,73,0, ,064, (Est,)... 5,0 3,3, ,880 4, July _,0 984 A u g _, S e pt , Oct _,0 974 N o v _,045,000 D e c ,049,0 978-Jan , F e b...,09, _,07 99 M a r...,3, _,045,03,73, ,06,'007 Ma y...,04,04 0 8,04 995,494, ,070,006 Fiscal 978 9,55 7, ,330 8,984 Fiscal year or month Payments to Railroad Retirement Account 5 / Expenditures other than investments - Cont. Administrative: Reimbursement to SSA trust funds 6/ General fund Other Net increase, or decrease (-), in assets Assets, end of period Investments Un expended balance / 957r ,587,587, ,09 3,679 3, ,46 5,05 4,$ ,305 6,40 6, ,39 7, ,87 7, ,55 8, ,93 8, ,5 6,94 6,93 0 T. Q ,460 6, ,6 4,45 4, (Est.) ,903 3, (Est.) ,33 4, Ju l y ,74 4,709 5 A u g ,498 4,48 6 S e p t ,49 4, ,80 3,775 6 N o v ,47 3,440 3 D e c ,376 3, Jan... _ ,50 3,9 3 F e b ,36 3, ,493 3, ,750 3,763-3 M a y ,750 3,737 3 June ,74 4,54 0 Fiscal 9 7 8J ,74 4,54 0 Footnotes on following page.

188 80 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 979 Budget of the U.S. Government, released January 3, 978. / Includes payments for military service credits as follows: $6 million for each FY 967, FT 968, $3 million FT 969, $6 million for each FT 970, 97, $50 million FT 97, $5 million FT 973, $5 million and $3 million for interest on reimbursement of administrative and vocal rehabilitation expenses FI 974, $5 million military service credits for FT 975. Fiscal Year 976 includes $90 million for military service credits. Fiscal Year 977 includes $03 million for military service credits. FY 978 estimates include $8 million for military service credits. FY 979 include $4 million for military service credits. / Includes unappropriated receipts from January 96 to June 965. / To cover employees of States and their political subdivisions under the Social Security Act (4 U.S.C. 48). i j Includes payment for Vocational Rehabilitation Service beginning FY 966 and construction and equipment of buildings beginning FY 967. Section III - Trust Funds Footnotes Table GA-III-3. Transition Quarter includes $7 million for vocational rehabilitation services and $ million for construction of buildings. Fiscal Year 977 includes $77 million for vocational rehabilitation. 5 / Payments are made between the Railroad Retirement Account and Federal Old-Age and survivors and Federal disability so as to place those funds in the position in which they would have been if railroad employment after 936 had been included in social security coverage (45 U.S.C. 8 e (k)). 6/ For appropriate share of administrative expenses, including interest, paid from the trust fund during the preceding fiscal year as determined by the Secretary of Health, Education, and Welfare (4 U.S.C. 40 (g) ()). Beginning July 966 monthly reimbursements are paid to the Social Security Administration to cover salaries and expenses instead of the semi-annual reimbursement to FQASI. / Includes $7 million paid from Railroad Retirement Accounts in FY / Excludes transactions for investments in non-federal securities. Less than $500,000. Table GA-HI-. Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 979 Budget of the U.S. Government, released January 3, 978. / Includes transactions under the predecessor Old-Age Reserve Account. / includes: $5 million transferred from general fund for administrative and other costs of benefits payable to survivors of certain World War II veterans (60 Stat. 979 and 64 Stat. 5): $35 million (937-59), paid from the Railroad Retirement Accounts; beginning November 95, small amounts in the nature of recoveries from expenditures incidental to the operations; beginning 958, interest payments from Federal Disability Insurance Trust Fund and sale of waste paper; $78 million for each FY 967 and 968, $56 million FY 969, $78 million for each FY 970 and FY 97, $37 million FY 97, $38 million FI 973 and $39 million FI 974 for military service credits; and $6 million for FY 969, $364 million for FY 970, $37 million FY 97, $35 million for FY 97, $337 million FY 973 and $303 million FY 974 for benefits for the aged. Fiscal Year 975 includes $40 million for military service credits and $307 million for special benefits for the aged. Fiscal Year 976 includes $57 million for military service credits and $68 million for special benefits for the aged. Fiscal Y ear 977 includes $378 million for military service credits and $36 million for special benefits for the aged. Fiscal Year 978 estimates include $385 million for inilitary service credits and $8 million for special benefits for the aged. Fiscal Year 979 estimates include $384 million for military service credits and $30 million for special Denefits for the aged. / Includes unappropriated receipts from January 96 to June 965. y To cover employees of States and their political subdivisions, under the Social Security Act Amendments of 950 (4 U.S.C. 48). 5 / Includes payments for vocational rehabilitation services to Federal Disability Insurance Trust Fund and Social and Rehabilitation Service. y Payments are made between the Railroad Retirement Account and Federal Old-Age and Survivors and Federal disability so as to place those funds in the position in which they would have been if railroad employment after 936 had been included in social security coverage (45 U.S.C. 8c 0 0 ). / Excludes transactions for investments in non-federal securities. / Construction and equipment of office buildings for the Bureau (Public Law 70, approved July 3, 953 (67 Stat. 54)). / Under the Social Security Act, as amended (4 U.S.C. 40 (g) ()), for administration of Titles II and VII of that act and related parts of the Internal Revenue Code (6 U.S.C , ). See also footnote 0. 0/ Salaries and expenses of the Bureau of Old-Age and Survivors Insurance are paid directly from the trust fund beginning 947, under provisions of annual appropriations acts until passage of the Social Security Act Amendments of 956 (4 U.S.C. 40 (g) ()); previously these expenses were included in reimbursements to the general fund. Beginning July 966 payments of salaries and expenses for the Social Security Administration are charged directly to each trust fund. Less than $500,000.

189 August 978 FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-4. - Federal Hospital Insurance Trust Fund 8 (In millions of dollars) Receipts Fiscal year or month / Net Appropriations Federal payment Deposits by States Interest and profits on investments Other ,907 6,580 6? ,344 3, ,64 4, ,08 4, ,03 4, ,35 6, ,60 9, , ,568 0,077 59, ,544 0,78 658, ,56, , , (Est.)... 8,489 4, , (Est.)...,96 7,889 9, July...,07, ,30,34-93 Sept...,9, Oct , _ 44, Jan...,9, F e b...,405, M a r...,33r, Ir,58, M ay...,36,90-6 9,38, Fiscal 978 3,97 0, , Fiscal year or month Expenditures other than investments Benefit payments Administrative expense Net increase, or decrease (-), in assets Assets, end of period Construction Investments Un expended balance ,476 / 6,44 3 _,43,43, ,758 4, ,07, ,953 4, ,677, ,59 5, ,03 3, ,76 6, ,859, ,84 6,649 9,50 4,369 4, ,065 7, ,545 7,94 7, ,6 0,355 56,956 9,870 9,76 09,579, ,836 0, ,404 3, ,948, ,07 4, ,5 0, (Est.)... 7,880 7, ,74, (Est.)... 0,39 9,99 409,63 3,355 3, July...,, ,77,0 76 A u g...,40,390-7,05,95-90 Sept...,8,59-0,5 0,974 4 O ct...,388, ,589 0,576 3 N o v...,49, ,67 0, D e c...,68, ,44, Jan...,37, ,36 0,3 93 F e b...,68, ,454 0,75 79 M a r...,6, r ll,74r,65 9r,469, ,87,86,573, ,040,037 3,608, ,84,855-4 Fiscal 978 3,7 3, ,84,855-4 Source: Ifonthly Treasury Statement of Receipts and Outlays of thfe United States Government. Budget estimates are based on the 979 Budget of the U.S. Government, released January 3, 978. / Includes nominal amounts of other receipts. Includes receipts and interest from Railroad Retirement Accounts-net settlement of $6 million FY 967, $44 million FY 968, $54 million FT 969, $64 million FT 970, $66 million FY 97, $66 million FY 97, $63 million FY 973, $99 million FY 974, $7 million FY 975, $3 million F Y 976, and $43 million Transition Quarter. / Represents payments tor military service credits of $ million for each FY 967 and 968, $ million FY 969, $ million / for each FY 970 and 97, and $48 million for each 97, and 975 and payment for transitional coverage for the uninsured of $37 million F Y 967, $73 million FY 968, $749 million FY 969, $67 million FY 970, $863 million FY 97, $503 million FY 97, $38 million FY 973, $45 million FY 974 and $45 million FY 975. FY 976 includes $60 million for transitional coverage and $48 million for military service credits. F T 977 includes $803 million for transitional coverage and $4 million for military service credits. FY 978 estimates include $688 million for transitional coverage $43 million for military service credits. FY 979 estimates include $734 million for transitional coverage and $4 million for military service credits. Excludes transactions for investments in non-federal securities. Less than $500,000. r Revised

190 8 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Table GA-III-5. Section III - Trust Funds Federal Supplementary Medical Insurance Trust Fund (In millions of dollars) Receipts Expenditures other than investments Fiscal Yeat or month Tdtal / Federal contributions Interest and profits on investments All other Benefit payments , T.Q ,...,, 978 (Est.). 979 (Est.). 977-juiy... A u g.... S ept... Oct... Nov... Dec Jan... Feb... Mar... Apr... May. June..., Fiscal 978 to date...,,638,9,876,56,734,90 3,809 4,336 4,980, ,99 9, ,0, ,867, ,53,340,47,579,750,769 49,987,78, ,599, ,45,365,430,09,330, ,053 6,383 6, , , ,33,840,96.83,544, ,70 5,00,40 6,34 7,69 9, ,487,054,645,979,035,55,39,874 3,765 4,67,69 5,867 7,078 8, ,00 Fiscal year or month Expenditures other than investments-continued Administrative expenses Net increase, or decrease (-), in assets Assets, end of period Construction Investments U n expended balance _ 56,7, ,438, ,9,30-3 0,38, ,04,79,3 978 (Est.) ,30 3,58 3, (Est.) a 4,4 4, July ^,330,93 37 A u g ,49, Sept... Oct... N o v ,530 Dec..., ,99 3, ,79, ,9, Jan ,345 3,9 Feb Mar & 3,374 3,495-0 Ap r , M a y /530 3, June... 3,580 3,68b ,659 Fiscal 978 3, to daxe ,379 3,659 3, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates based on the 979 "Budget of the U.S. Government, released January 3^ 978. / Includes $ million FY 973, $ million FY 974, and $ million FY 975 for interest on reimbursement of administrative and vocational rehabilitation expenses. Premiums collected for the disabled were $5 million FY 974, $5 million FY 975, $68 million FY 976 $46 million Transition Quarter, and $06 million FY 977. FY 978 estimates include $30 million of premiums collected from disabled participants. FY 979 estimates include $58 million of premiums collected from disabled oartl <i pants. Less than $500,000.

191 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-HI-6. - Railroad Retirement Accounts Receipts (In millions of dollars) Expenditures other than investments Fiscal year or month / Appropriations / Interest and profits on investments From FOASI and FDI trust funds / All other From Unemployment Trust Fund A / S J Benefit payments ,574 5,387,35 4, ,973 7,079, ,595, , ,653, , ,968, ,097, ,99, ,356, ,480, ,67, ,679, ,777,489 74,00 4 3,083 3, ,60,55 46, ,48 3, ,596,908 30, ,860 3, (Est.)... 3,973,858 00,68 34 _ 4, (Est.)... 3,90,053 75, , July _ 33 3 A u g S ep t O ct N o v _ 33 3 D e c Jan _ F e b _ Mar,.,.^ _ 50 _ M a y , , Fiscal 978 3,349,306 75, ,008,93 Fiscal year or month Expenditures other than investments-continued To Unemployment Trust Fund j J Administrative expenses All other Net increase, or decrease (-), in JMBffte Assets, end of period Investments Unexpended balance / T.Q (Est.) 979 (Est.) 9 V?-J uly., A u g.., S e pt., Oct.., N ov.., D e c.., 978-Jan.. Feb.., lifer.. Apr.. May.. June.. fiscal 978 to date' , , ,60 Z.,69 4,863 4,857 4,755 4,63 4,58 4,75 4,053 3, ,076,698 3,40 3, ,93,898,804,483,446,559,47, ,47 4, ,695 4,585 4,609 4,549 4,59 4,03 3,353 3,8 3,098,70 3,34 3,357 3,8,947,935,859,795.75,580,9,87 3,603 3, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 979 Budget of the U.S. Government, released January 3, 978. / Includes payment for military service credits beginning fiscal 965. Also includes Federal payment for dual benefits and interest transferred to Federal Hospital Insurance trust funds. J Includes the Government's contribution for creditable military service (45 U.S.C. 8e-l (n)) through fiscal 964 and unappropriated transfers of tax receipts, and beginning FI 968 includes transfers of,receipts to Federal Hospital Insurance trust fund of $44 million FI 968, $54 million FI 969, $6 million FI 970, $63 million FI 97, $64 million FI 97, $6 million FI 973, $96 million FY 974, $3 million FI 975, $3 million FI 976 and $36 million Transition Quarter. Estimates include / transfers of receipts to Federal Hospital Insurance trust fund of $87 million for FI 978 ana $93 million for FI 979. / / Payment are made between the Railroad Retirement Account and Federal n<a< Old-age and survivors and Federal disability so as to place those funds in the position in which they would have been if railroad employments after 936 had been included in social security coverage (45 U.S.C. 8 (k)). For detail see Tables GA-III- and GA-III-3. For detail see Table GA-III-7. Receipts include repayment and interest. Includes $6 million (963-64) paid to Federal Old-age and survivors and disability insurance trust funds and $6 million FI 967 to Federal Hospital Insurance trust fund; beginning FI 968 excludes transactions for investments in non-federal securitiesj and includes payments to Railroad Unemployment Trust Fund of $5 million FI 970, $0 million FI 97, $ million FI 97, $6 million FI 973, and $5 million FI 974. Paid from the trust fund beginning 950(63 Stat. 97). Includes regional rail transportation protective account. Includes unappropriated receipts. Not available. Less than $500,000.

192 84 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-7. - Unemployment Trust Fund Continued (In millions of dollars) Fiscal year or month Benefit payements Expenditures other than investments - Continued Railroad Unemployment Insurance Railroad Unemployment Insurance Account 6/ Temporary extended benefit payments Repayment of advances to Railroad Retirement Accounts 3/ General fund All other Administration fund / Investments Administrative expenses Net increase or decrease ( - ), in assets uo, euu ui jjgx'x u u Unexpended balance , ,68,68 8/, / ,034,65, ,37 3, ,844,93, ,486 9,807 9, ,93,099 0, ,38,48, ,06 7,4 7, ,706 5,706 4, T. Q ,540 4, , _ ,43 5, (Est.) ,600 0,03 9, (Est.) ,00 5,3 4, July ,044 5, ,89 7,33 6, Sept ,43 5, Oct ,080 5,78 36 Nov ,547 6,6 85 Dec ,87 5, Jan _ ,039 4,937 0 Feb ,387 5,46 4 M a r ,583 4,555 8 A p r ,63 5, M a y ,65 8,85 8,665 li>0 June ,75 7, Fiscal 978 to date ,85 8,75 7, Source: Monthly Treasury Statement of Receipts and Outlays of the United States Government. Budget estimates are based on the 97 Budget of the U.S. Government, released January 3, 978. / State unemployment funds used for benefit payments. For the period August 96 to February 964, withdrawls by States were reduced by reimbursements to State accounts from the Federal Extended Compensation Account. / Established by the Employment Security Act of I960, approved September 3, I960 (4 U.S.C. (a)), into which are deposited tax receipts transferred in accordance with the act and from which are paid the administrative expenses of the employment security program and reimbursement for tax refunds. Receipts consist of appropriated and unappropriated transfers of tax collections. / Net of repayments. i j Amounts represent excess of collections from Federal Unemployment tax over expenditures for benefits and administrative expenses which excess was appropriated from the general fund to this account. (Includes amounts appropriated to the State Unemployment Accounts.) Beginning 96, such excess is transferred between book accounts within the Unemployment Trust Fund. 5 / Extended unemployment compensation benefits under the employment security amendments of 970 (P.L ) and the amendments to the Social Security Act (P.L. 9-4). / For payment of benefits and refunds (45 U.S.C. 360). Figures exclude interim advance of $5 million from the Treasury and subsequent repayment, both in 940. / Contributions under the Railroad Unemployment Insurance Act of 93 8, as amended (45 U.S.C. 360 (a)), in excess of the amount specified for administrative expenses. Through 957, also included transfers from the administration fund of excess amounts over the specified balance (45 U.S.C. 36 (d)). / Temporary advances are made when the balance in the Railroad Unemployment Insurance Account is insufficient to meet payments of benefits and refunds due or to become due. Whenever the balance is sufficient to pay such benefits and refunds, repayments are made, plus interest at 3% per annum, pursuant to an act approved M a y 9, 959 (45 U.S.C. 360 (d)). 9/ Consists of specified proportion of contributions deposited in the fund to be available for administrative expenses. The Railroad Unemployment Insurance Administration Fund was established in the Unemployment Trust Fund pursuant to the amending act of September 6, 958; before that the administration fund was a separate trust fund (45 U.S.C. 36). 0/ includes $07 million transferred fron State accounts to the Railroad Unemployment Insurance Account in connection with its establishment (45 U.S.C. 363). Beginning fiscal 96 refunds of taxes (principal only) are reported as deductions from receipts. Interest paid on refunds of taxes is included under expenditures. / Established b y the act approved March 4, 96 (4 U.S.C. 05 (a)), which provides for a temporary program of extended unemployment compensation payments. / Includes $5 million FT 970, $0 million FY 97 and $ million FY 97, $6 million FY 973, and $5 million FY 974 from Railroad Retirement Unemployment Insurance Account. 3/ Beginning FY 967 excludes transactions for investments of non- Federal securities. "}/, / Includes payment of $50 million from the extended unemployment account to the general fund. 5/ Includes $,09 million transferred to the Department of Labor for grants to States. 6/ Includes unappropriated receipts beginning September i960. 7/ Includes interest. 8/ Includes an adjustment of $7 million pursilant to the act of September 6, 958 (U.S.C. 36 (a)). less than $500,000.

193 August FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-7. - Unemployment Trust Fund (In millions of dollars) Receipts Employment Security Programs Railroad Unemployment Insurance Fiscal year or month State accounts / Deposits by States Employment Security Administration Account / Appropriations Advances from general fund / Federal Un- ment Account Board u Federal Extended Compensation Account / Railroad Unemployment Insurance Account 6/ Deposits toy Railroad Retirement accounts / Advances from Railroad Retirement accounts 3 / General fund Administration tund J/ Deposits toy Railroad Retirement Board Interest and profits on investments All other ,409 0/' 5,7 4, /(, , ,899, _ ,9 /, _ ,37 /, _ _ ,498 / 3,6,0 - _ _ ,75 I / 4,634, ,486 / 5,64, ,95 5,99, ,5 6,404,53 7, _ 3,378, (Est.)... 4, ,875 3, ,400,600, (Est.).... 6,800 3,800, _ 977- July Au g...,90, _ 4 9 _ Sept _ _ Oct _ 3 _ 0 _ Nov...,30, Dec _ 3 47 _ Jan Feb..., _ M ar _ 3 A p r...,56, M a y... 4,53 3, _ - _ 33 _ June Fiscal 978 to date... 0,768 7,677, Expenditures other than investments Fiscal year or month / State accounts / Withdrawals b y States Employment Security Programs Employment Security Administration Account / Federal Extended Compensation Account / Grants Payments to general fund Temporary Salaries extended Repayment R eimbursement to Reimbursements and advances expenses sation from gen Interest on and compen of advances to State States recoveries Accounts and refunds payments eral fund / ,790 0/ 45,4 3, ,865, ,634, ,6 5, ,984 5, _ - - 5,433, 4, ,58 U / 5, , 5/,958, ,90 6/ 6,43, T.Q... 3,544 3, ,03,339, (Est.)...,800 9,99, (Est.)...,600 9,657, _ 977-July A u g..., Sept _ Oct _ 3 N ov D e c..., Jan...,84, F eb..., M a r...,60, _ A p r _ 3 M a y June Fiscal 978 to date.... 8,96 7,576, Footnotes at end of' table.

194 86 Treasury Bulletin FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS Section III - Trust Funds Table GA-III-8. - National Service Life Insurance Fund (In millions of dollars) Fiscal year or month Premiums and other receipts Receipts Transfers from general and special funds Interest and profits on investments Expenditures other than investments (benefits, net lending refunds, and dividends) Net increase or decrease (-), in assets Assets, end of period Investments Unexpended balance ,640,767 4,776 4,096 5,407 6,33 6,33 6, ,35 6, ,34 6, ,43 6, ,476 6, ,755 6, ,94 6, ,045 7, ,64 7, ,83 7, ,498 7, (Est.) , (Est.) ,984 n. a. n. a. 977-July ,490 7, ,498 7,487 Sept ,498 7,485 3 Oct ,499 7,485 5 Nov ,506 7,486 0 Dec ,70 7, Jan ,687 7,673 4 Fe b ,675 7, ,65 7,64 9 A p r ,637 7,64 3 M a y ,60 7,595 5 June ,8 7,800 Fiscal ,8 7,800 Source: Monthly Treasury Statement of Receipts and Outlays of the Act of 940 (38 U.S.C. 70). United States Government. Budget estimates are based on the 979 / Excludes transactions for Investment in non-federal securities. Budget of the U.S. Government, released January 3, 978. Less than $500,000. Note: This fund was established by the National Service Life Insurance Not available.

195 August _ FINANCIAL OPERATIONS OF GOVERNMENT AGENCIES AND FUNDS - Section III - Trust Funds Table GA-III-9. - Investments of Specified Trust Accounts in Public Debt Securities and Agency Securities by Issues, as of June 30, 978 (In millions of dollars) Type and rate Investment securities Payable date Issue date Federal Old-Age and Survivors Insurance Trust Fund Federal Disability Insurance Trust Fund Federal Hospital Insurance Trust Fund Federal Supplementary Medical Insurance Trust Fund Railroad Retirement Accounts Unemployment Trust Fund Public issues: Notes: 8-3 / 4 %... 8 A 5 / A 5 / /L5/78 A 5 / /4... 8/L5/79 8/5/ /L5/80 8/5/ A 5 / 8 /5/ A 5 / 8 5/5/ /8... 8A 5/8 8/5/ /8... A 5/8 // onds: 4 %... A 5 / 8 0 /3/ /4-Invest. Ser. B... 4/0/ /0/5, /... A 5 / 8 0 0/03/ A 5 / 8 8 / 5 / H / A 5/ /0/ /8... 8/5/84 8/5/ / A 5 / /05/ /4... 5/5/85 6/03/ /8... A 5 / 8 6 A 5 / /... A 5 / 9 0 /4/ / A 5/90 4/7/ / A 5/ A 5 / : A 5/ 8 8/ 9 3 // l/... 8A 5/88/93 8/5/ / A 5 /8 9 /9 4 4 A 8 / A 5 / 9 5 /5/ /... A 5/98 0/03/ /... 5A 5/ /L5/ /8... A 5/ /8/ / A 5 / /5/ A5 / A 6 / /5/ /5/ /8... A 5 / / 5 / H "... 3, ,34 Government account series: Certificates: 6-3/4$... 6/30/79 6/30/78 Notes: /8$... 6/30/80 6/30/73, /30/8 6/30/74 _ 95 _ 8-/4... 6/30/85 6/30/ _,79 _ Bonds: 8-/4$... 6/30/79-85&93 6/30/78 7,68,899,53, /8... 6/30/8-89 6/30/74 5, , _ 7-3/8... 6/30/8-90 6/30/75 6,90 543, /... 6/30/8-9 6/30/76 6, , /8... 6/30/78&79, 6/30/77 3, _ ,96 3,855,805 3,807 3,05 5,493 Agency Securities: Participation Certificates: 5.0$... /9/8 /9/67 00 _ /06/87 4/05/ //87 //67 75 _ /0/88 /30/68 65 _ /08/88 4/08/68 35 _ //88 8// Securities... 3,003 4,54,855 3,807 3,604 7,87 _ Less than $500,000.

196 88.CUMULATIVE TABLE OF CONTENTS September 977 through August 978 Treasury Bulletin Issues and page numbers Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Article: Treasury financing operations Federal fiscal operations: Summary of fiscal operations... Budget receipts by source... Chart - Budget receipts by source... Budget outlays by agency... Undistributed offsetting receipts... Budget outlays by function... Investment transactions of Government accounts in Federal securities (net)... Trust fund transactions... Selected accrual data reported by Federal agencies... Detail of excise tax receipts... Summary of internal revenue collections by States and other areas... Federal obligations... Account of the U. S. Treasury: Status of the Account of the U.S. Treasury... Elements of changes in Federal Reserve and tax and loan account balances... Gold assets and liabilities of the Treasury... Monetary statistics: Currency and Coin in Circulation... Federal debt: Summary of Federal debt... Computed interest charge and computed interest rate on interest-bearing public debt... Interest-bearing public debt... Maturity distribution and average length of marketable interest-bearing public debt... Government account series... Interest-bearing securities issued by Government agencies... Participation certificates... Debt subject to statutory limitation... Status and application of statutory limitation... Treasury holdings of securities issued by Government corporations and other agencies... Description of securities of Government corporations and other business-type activities held by the Treasury... Public debt, operations: Maturity schedule of interest-bearing public marketable securities other than regular weekly and 5-week Treasury bills outstanding... Offering of bills... New money financing through regular weekly Treasury bills... Offerings of public marketable securities other than regular weekly Treasury bills... Unmatured marketable securities issued at a premium or discount other than advance refunding operations... Allotments by investor classes on subscription for public marketable securities... Disposition of public marketable securities other than regular weekly Treasury bills... Foreign series securities (nonmarketable) issued to official institutions of foreign countries... Foreign currency series securities (nonmarketable) issued to official institutions of foreign countries... United States savings bonds: Sales and redemptions by series, cumulative... Sales and redemptions by periods, all series combined... Sales and redemptions by periods, Series E through K.... Redemptions of matured and unmatured saving bonds... Sales and redemptions by denominations, Series E and H combined... Sales by States, Series E and H combined... United States savings notes; Sales and redemptions by periods... Ownership of Federal securities; Distribution by classes of investors and types of issues... Estimated ownership by private investors... Treasury survey of ownership... Treasury survey - commercial bank ownership... VI VI VI VI VI VI VI VI V I VI VI VI a Q /