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estimate is derived by reduction of the gross lend-lease-aid totals by the amount of (1) lend-lease aid furnished on a credit basis, including the amount of credit retroactively determined in settlements; (2) the amount of cash received in lendlease settlements; (3) lend-lease aid originally furnished on a cash basis; and (4) the military civilian supplies program for Italy (so-called YB program), made available from lend-lease appropriated funds, which is excluded because of its inclusion in the relief and rehabilitation total. The grants totals include approximately $300,000,000 in silver and ships and other goods of undetermined value which are to be returned to the United States Government. Due to the fact that data on retransfers (mainly by the United Kingdom) of lend-lease goods to third countries are not available and therefore have never been included in the lendlease records, the total cash and credit lend-lease for certain smaller countries exceeds the aid recorded. The original lend-lease data are derived from the official fiscal records maintained by lend-lease fiscal operations, Treasury Department.
Lend-lease estimates are broken down by requisitioning governments and are shown only for major areas. Thus grants appear against the United Kingdom for the British Commonwealth, against France for all French areas, etc., and for the American Republics, in total against the entry "Unclassified American Republics." Hence, the other financial assistance grants-data totals in table 15 and particularly the figures for individual countries, are arithmetic sums including an estimate and must be interpreted in the light of these qualifications.
Relief and rehabilitation
Transactions covered. This table covers data on relief and rehabilitation financed and furnished by the United States Government to foreign governments or other foreign entities abroad, directly or through international organizations. Specifically, relief and rehabilitation covers:
1. Military civilian supplies, including (a) sales and issues of civilian supplies by the Navy Department on the Pacific islands; (b) supplies furnished by the United States Army for civilian use abroad; and (c) supplies financed from lendlease appropriations and furnished to the War Department for the Italian relief program.
2. Other than military civilian supplies, including supplies, services, and funds furnished by the United States Government to international or national agencies for relief abroad, in particular to UNRRA, the Intergovernmental Committee on Refugees, and the American Red Cross.
The War Department reports do not reflect the diversion of the stock pile in the Balkans to UNRRA, although the UNRRA data include $28,000,000 representing the estimate of the value of the United States share of this stock pile remaining from the combined supply operation in the Balkans, to which the United States Government originally contributed $90,000,000 in supplies. The relief and rehabilitation totals in this report are therefore overstated, in the cumulatives, by approximately $28,000,000.
The United States Army has individual responsibility for furnishing civilian supplies necessary to prevent disease and unrest that would endanger the occupying forces in Japan, the Ryukyu Islands, and the United States zones of Korea and Austria. Since January 1, 1947, when the United States and British zones were economically integrated, expenses for civilian supplies in the German bizone were to be split on a 50-50 basis with the United Kingdom. For operating purposes, all shipments which arrived in Germany after January 1, 1947, were considered bizonal; however, some shipments are still being made to the bizone on an individual-responsibility basis. The shipments on the basis of individual responsibility and some shipments procured by the War Department with United Kingdom funds are included in this report in the data presented for Germany.
The data on relief and rehabilitation provided through UNRRA cover only those goods, services, and funds provided by the United States Government. The data shown on United States contributions to UNRRA through June 30, 1947, include $94,000,000 in supplies transferred to UNRRA by the War Department and the Office of Foreign Liquidation Commissioner, without reimbursement, under the authority of section 202, of the first UNRRA appropriation act. Of this, $13,000,000 represented part of the Balkan stock-pile transfer by the War Department.
In most cases UNRRA shipments are destined for the country where they are to be used, and data are reported accordingly. In some instances, however (for example, in the case of certain shipments to Egypt that were actually used in Balkan refugee camps), goods were later transshipped and the reported country of destination was not the country actually utilizing the supplies. The dollar value of supplies so transshipped is small relative to the total. The shipments to
Norway, Switzerland, and (mostly) to the United Kingdom represent replacement from the United States, of commodity advances made by these countries to the actual recipient area. Food packages procured from the War Refugee Board in Switzerland are included in the UNRRA unclassified items since no country breakdown as to distribution is available. UNRRA supplies unclassified by country also include (July 1, 1944, through June 30, 1947) $35,927,378 representing supplies transferred to UNRRA but reported to be in warehouses in the United States, and $28,718,722 representing surplus procurement overseas for which complete information is not available.
Cumulative transfers to UNRRA reported through June 30, 1947, are short by about $175,000,000 from the total available funds of $2,700,000,000. This represents mostly recording lag as of June 30, 1947.
Transactions covered.-This table covers data on financial-aid transactions including direct expenditures or expenditures through controlled or affiliated agencies for the benefit of foreign countries; grants of cash, materials, equipment, or services which do not create an obligation to repay on the part of the recipient; and cash advances to foreign governments with the definitive terms upon which they are made available left to future determination. Excluded from the data on financial aid are transactions which create an obligation of a foreign government or entity to the United States Government and grants of cash, materials, equipment, or services under lend-lease or relief programs. Specifically, financial aid
1. Aid in cultural and economic programs for the American Republics, as reported by the former Office of Inter-American Affairs (transferred to the State Department by Executive Order 9710), except for $2,434,729 committed and disbursed by the Reconstruction Finance Corporation, Office of Defense Supplies. 2. Aid to China, reported by Treasury Department.
3. Financial aid under the first three titles of the Philippine Rehabilitation Act of 1946, as follows: (a) Title I, disbursements for compensation for war-damage claims and related administrative expenses, $923,653 reported by the PWDC; (b) title II, fair value of surplus property transferred, $53,959,000 (as of May 31, 1947) reported by the OFLC; and (c) title III, disbursements for the restoration and improvement of public property and essential public services, $6,500,746 reported by the agencies to which the State Department has allocated funds for executing the programs.
C. INSTALLATIONS AND SURPLUS PROPERTY ABROAD
Information, as called for in item 8, is available regarding properties held by the State Department for use as embassies and legations in connection with its normal operations. Data with respect to installations of a military nature have been presented to the Committee on Finance as a restricted document.
Installations of both types held abroad by the United States Government amounted to $1,600,000,000 on June 30, 1947, of which $1,573,000,000 was the cost of military installations and $22,000,000 the cost of State Department property. This compares with a high of $4,200,000,000, representing the total United States cost of all installations held or acquired abroad at any time during the war or postwar periods.
The cost of State Department property is shown in table 16. The value of these properties has increased in recent years, largely as a result of activities under Public Law 547, Seventy-ninth Congress, which provided for an appropriation not to exceed $125,000,000, of which $110,000,000 shall be available exclusively for payments representing the value of property or credits acquired through lend-lease settlements, the disposal of surplus property abroad, or otherwise. The State Department has reported acquisitions at cost, through December 31, 1946, of approximately $6,500,000 as a result of this program.
TABLE 16.-Cost of State Department property in foreign countries, to which title was acquired before Dec. 31, 1946
TABLE 16.-Cost of State Department_property in foreign countries, to which title was acquired before Dec. 31, 1946-Continued
[In thousands of dollars]
Total, all areas..
1 Value is the dollar equivalent of local currency cost at official rate.
2 Properties held were given to the United States.
Source: Department of State.
Out of appropriated funds
176 15, 146
SURPLUS PROPERTY INVENTORY
Detailed statements by standard commodity classification and countries of location as of December 31, 1946, as requested in item 8, are available in the report of the Clearing Office for Foreign Transactions. In view of the fact that this information is now out of date and would be practically meaningless, it is not included in this report.
Except for certain minor amounts of movable goods and some aircraft and maritime equipment, almost all of the surplus property located overseas outside Europe has been committed for sale. The inventory of surplus property in the European areas as of September 30, at original cost, is shown by countries in table 17. Strenuous efforts are being made to dispose of the property represented by this inventory, and sales are taking place every day, with the result that much of the property outside Germany represented by this inventory is not, in fact, available today.
TABLE 17.-Property in Europe, declared surplus by United States agencies remaining for disposal as of Sept. 30, 1947
[Cost to Government, in thousands of dollars]
surplus property agreements1
61 Union of Soviet Socialist Re
1, 244 Malta..
146 United Kingdom.
216 21, 665
- 294 2, 015
CHAPTER II. INTERNATIONAL INVESTMENT POSITION OF THE UNITED STATES AND GOLD RESERVES OF FOREIGN COUNTRIES
The first eight items in Senate Resolution 103 are concerned with American investments abroad, foreign investments in the United States, and gold reserves of foreign countries. Items 2, 3, and 8 deal with foreign assets of the United States Government itself and are considered in chapter I. This chapter will consider items 1, 4, 5, 6, and 16, while item 7-which, unlike the others, is not of a statistical nature is reserved for separate treatment in chapter III.
Item 1. The grand total of indebtedness on loans, investments, commitments, or other obligations outstanding as of December 31, 1946, of all foreign governments, their agencies, and their private citizens to the United States Government, its agencies, and its private citizens; and the same shown separately for public indebtedness and for private indebtedness.
Item 4. The amounts of American portfolio and direct investments abroad, by country, as of the end of 1914, 1932, 1939, and 1946.
Item 5. The amount of foreign portfolio and direct investments in the United States, by country, at the end of 1914, 1932, 1939, and 1946.
Item 6. Gold reserves, dollar balances, and other hard-money assets, as of the end of 1946, of countries whose governments are now in debt to the United States Government or with whom loan and investment discussions have been held by any American official since 1937.
Item 16. Assuming the ultimate necessity of gold settlements under estimated total economic transactions (exclusive of extensions of American loans and credits) between foreign countries and the United States within the next 5 years, what gold is available for such settlements and how is it distributed so that nations likely to be liable for gold settlements to the United States will have the gold to make them?
This chapter is divided into four sections. Section A contains data regarding American-owned assets in foreign countries. Section B relates to foreign-owned United States assets. Sections C and D relate to special phases of foreign-owned gold and dollar assets, particularly action in foreign countries with respect to the mobilization of their dollar assets and to the need for some reserves and working balances.
The data presented in the accompanying tables include direct investments (mainly branches and subsidiaries of American companies), portfolio investments (stocks and bonds, including government bonds) and other investments, such as real estate and interests in estates and trusts. Short-term refers to claims payable on demand or with an original maturity of less than 1 year; all other assets are classed as long-term. The following assets are not included in any of the tables, unless otherwise clearly indicated:
1. Government property held for governmental use, such as embassies and military installations.
2. Personal property and other movable goods.
3. Property of religious and charitable organizations.
In general, the tables on American investments abroad include the assets of all residents of the United States, regardless of citizenship, while table 26, on foreign investments in the United States, includes the assets of Americans permanently residing abroad. Most of the