TABLE VII.-Receipts of interest, profits, amortization, and dividends from the Western Hemisphere, by participating countries, fiscal year 1948-49

Earnings on long-term dollar assets which are estimated at
$35,000,000 as of Dec. 31, 1947.
These receipts are small because the French Government
has liquidated almost all of the private dollar assets
known to it. In 1947, United States payments to France
in this category amounted to $6,000,000, according to
United States figures.

Earnings on United States investments which are estimated
at $64,000,000 as of Dec. 31, 1947. According to United
States data, receipts from investments in the United
States amounted to 0.4 million dollars in 1947.
Receipts from Netherlands earning assets in the United
States (estimated at $600,000,000 as of Dec. 31, 1947).
Earnings in 1947 amounted to $38,000,000, according to
United States data, but will be smaller in the future
because of liquidation of securities.

Returns on United States investments, which are estimated at $115,000,000 as of June 30, 1947.

Returns from securities, Swiss-held enterprises and reinsurance, including arrears earned in previous years.

Earnings from United States in 1947 estimated at $66,000,000 from United States data.

1 Austria, Greece, Iceland, and Ireland are omitted since they have no assets in the Western Hemishpere. TABLE VIII.-Invisible items (excluding ocean freight) in participating countries balance of payments, fiscal year 1948-49

TABLE VIII.-Invisible items (excluding ocean freight) in participating countries balance of payments, fiscal year 1948-49—Continued

TABLE VIII.—Invisible items (excluding ocean freight) in participating countries balance of payments, fiscal year 1948-49-Continued

1 Insurance, film royalties, and communications, remittances, Government expenditures, etc. TABLE IX.-Sources of credits to finance ERP requirements outside of ECA funds and dollar earnings (Apr. 1, 1948-June 30, 1949)

Undisbursed Export-Import Bank credits, International Bank and

private investments..

Undisbursed Export-Import Bank credits..

Undisbursed International Bank credits_

Possible private investment (unguaranteed).

Other

500

$125-$175

95

50- 100 130- 230

115

$50-$125

822

2, 137

Swiss Western Hemisphere surplus (derived from executive branch estimates of balance of payments on current account). Possible Swiss credit____

Bizone-Garioa appropriation..

TABLE X.-Estimated total gold and dollars of Latin-American countries as of Dec 31, 1946 and 1947 1

1 Dollar balances include official and private holdings.

TABLE XI.--Estimated gold and dollar assets of foreign countries as of Dec. 31,

1947

TABLE XI.-Estimated gold and dollar assets of foreign countries as of Dec. 31,

1947-Continued

1 Official figures were used for gold, wherever available. Estimates have been used for those countries which do not publish figures on their gold holdings. Where data for December were not available, earlier data or estimates, if available, were used.

As of June 30, 1947. There has been a further decrease since that date but later figures not available. * Based upon estimate of $390,000,000 for June 30, 1947, adjusted for sales of gold to the United States. Includes gold held by Tripartite Commission for Restitution of Monetary Gold, German short-term dollar assets, and gold and dollar assets of Greece and Italy.

Long-term assets not available by country.

6 Less than $500,000.

7 Not available.

Includes approximately $82,000,000 of gold earmarked by the Japanese Government for French IndoChina, Siam, Italy, and China.

Unidentified includes $1,310,000,000 in long-term assets of Canada and Newfoundland. Residual $1,660,000,000 held by countries of Latin America, Africa, Asia, Oceania, and European countries not partici. pating in the ERP.

10 Holdings of International Monetary Fund, International Bank for Reconstruction and Development and other international organizations are excluded.

NOTE.-Gold: Data represent total holdings of governments and central banks without regard to location. Short-term assets: Composed principally of deposits in American banks and holdings of U. S. Government Treasury bills and certificates. Where Dec. 31 figures were not available, short-term dollar balances as of Sept. 30, 1917 were used. Long-term assets include securities composed of holdings of stocks and bonds of United States corporations and bonds of the U. S. Government and other long-term assets composed of controlling interests in United States corporations, interests in estates and trusts, and other types of property holdings. These assets vary widely as to availability and liquidity.