1 Includes liability on gold deposited by the International Monetary Fund (IMF)
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 IMF to
the United States to acquire income-earning assets.

2 Includes Bank for International Settlements and European Fund.

8 Derived by applying reported transactions to benchmark data; breakdown of
transactions by type of holder estimated 1960-1963. Includes securities issued by corpora-
tions and other agencies of the U.S. Government which are guaranteed by the United
States.

Includes nonguaranteed securities of U.S. federally sponsored agencies, beginning
February 1972.

Excludes notes issued to foreign official nonreserve agencies.

Includes short-term liabilities payable in dollars to foreign banks, and short-term
liabilities payable in foreign currencies to foreign banks and to "other foreigners."
7 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, and the Asian Development Bank. From De-
cember 1957 through January 1972 includes difference between cost value and face value
of securities in IMF gold investment account.

Includes total foreign holdings of U.S. Government bonds and notes, for which
breakdown by type of holder is not available.

11 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 fol-
lowing date.

12 Includes $17 million increase in dollar value of foreign currency liabilities resulting
from revaluation of the German mark in October 1969.

13 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 to reflect market exchange rates as of Dec. 31, 1971, as follows: U.S. Treasury
certificates, $7 million; nonmarketable convertible U.S. Treasury bonds and notes,
$33 million; and nonmarketable nonconvertible U.S. Treasury bonds and notes, $70
million.

NOTE.-Table is based on Department of the Treasury data and on data reported to
the Department of the Treasury by banks and brokers in the United States. Table
excludes IMF "helding 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. The liabilities figures are used by the Department of Com-
merce in the statistics measuring the balance of international payments of the United
States. However, this table does not include changes in liquid claims reported by U.S.
banks and nonbanking concerns, which are used in calculating the net liquidity balance,
or certain nonliquid liabilities to foreign official institutions which enter into the cal-
culation of the official reserve transactions balance. In addition, the balance of pay-
ments statistics include certain adjustments to Treasury data prior to 1963 and some
rounding differences, and may differ from the Treasury data because of varying timing
in incorporating revisions.

J

1 Also includes paid-in capital subscription to international financial institutions
(other than IMF) and outstanding amounts of miscellaneous claims which have been
settled through international agreements to be payable to the U.S. Government over
periods in excess of 1 year. Excludes World War I debts that are not being serviced.
2 Includes indebtedness which the borrower may contractually, or at its option, repay
with its currency, with a third country's currency, or by delivery of materials or transfer
of services.

For the most part represents the estimated investment in shipping companies
registered primarily in Panama and Liberia.

The long-term position data given here include estimates for real estate, insurance,
estates, and trusts.

Beginning in 1970 country detail for Western Europe includes the European Eco-
nomic Community, United Kingdom, and Switzerland only, and for Latin America
and O.W.H. includes only Bahamas and Bermuda. Remaining countries are not

separately identified due to insignificant amounts and are included in other foreign
countries.

The regional breakdown for liability lines may not add to the world total since
certain items cannot be shown separately and because of the assumptions made re-
garding lines 33 and 44 (see footnote 8).

7 U.S. Government liabilities are broken down into those to foreign official reserve
agencies in line 43 and those to others in line 28, including foreign official agencies other
than reserve agencies. U.S. Government notes held by the Canadian Government in
connection with the 1964 Columbia River power rights arrangements are included in
the entries for foreign official reserve agencies.

8 In the regional breakdown, nonliquid liabilities to foreign official agencies reported
by U.S. banks are included with private long-term liabilities reported by U.S. banks;
and, for summation purposes in the regional presentation, line 44 is assumed to be zero
and any entries that would appear there are considered part of line 33.
As reported by U.S. banks; ultimate ownership is not identified.
SOURCE.-Department of Commerce, "Survey of Current Business," October 1972.

TABLE 98.-Assets and liabilities of the Exchange Stabilization Fund as of June 30, 1971, and June 30, 1972

SCHEDULE 1.-SPECIAL ACCOUNT OF THE SECRETARY OF THE TREASURY IN THE FEDERAL RESERVE BANK OF NEW YORK-GOLD

TABLE 98.-Assets and liabilities of the Exchange Stabilization Fund as of June 30, 1971, and June 30, 1972-Continued

SCHEDULE 2.-INVESTMENTS HELD BY THE EXCHANGE STABILIZATION FUND, JUNE 30, 1972