data on international investments have been collected in connection with balance-of-payments analysis, where residence rather than citizenship is the criterion employed.

The United States includes not only continental United States but Alaska, Hawaii, Puerto Rico, the Canal Zone, the Virgin Islands, and certain other island possessions of the Unite States.

The bases of valuation differ somewhat from table to table, and are indicated, together with sources, at the foot of each table. The term "government," as it applies to foreign countries, includes local and provincial, as well as national governmental entities. The intergovernmental debts arising out of World War I have been omitted from all tables, but have been discussed in detail in chapter I.

Table 18, showing the estimated value of foreign assets owned in the United States, by government and private categories, is submitted in answer to item 1 in Senate Resolution 103:

TABLE 18.-Estimated value of American-owned assets in foreign countries, by Government and private categories, end of 1946

NOTE.-U. S. Government assets at stated value; private assets estimated on the following bases: Direct investments, book value; securities, market value; deposits, stated value; and other assets, estimated value. Source: Based on calculations made in the Department of Commerce and the Treasury Department.

A. AMERICAN-OWNED ASSETS IN FOREIGN COUNTRIES

Data by country are not available for the exact dates specified in item 4 of Senate Resolution 103, although the following global estimates have been made (in billions of dollars):

July 1, 1914.
Dec. 31, 1931-

3. 5 Dec. 31, 193915. 9 Dec. 31, 1946.

12. 5

20.9

Tables 19, 20, 21, and 22 show details by country for the years nearest the specified ones for which data are available. Table 22 differs from the others in that it includes the property of American citizens residing abroad. A break-down of the 1946 total by types of assets is presented in table 23.

Estimates for 1939, 1943, and 1946 are based on the most complete coverage of American assets ever obtained: All known forms of investment are included and for 1939 and 1946 omission estimates were included for assets not reported for 1943. However, the figures for American investments abroad on May 31, 1943 (table 22), also include the property of American citizens residing abroad, personal property, and other movable goods, and the property of religious and charitable organizations, which are not included in the data for other years. Moreover, the data for 1943 include about half a billion dollars of securities which are classified as direct investments in 1939 and 1946. The data for 1914, 1933, and 1946 are less complete in

almost every category of investment and in general exclude the assets in foreign countries of American citizens residing abroad.

TABLE 19.-Estimated value of American-owned assets in foreign countries, July 1,

NOTE.-Value of short-term assets believed to be negligible. Portfolio investments generally at par. Direct investments at book values.

Source: Lewis, Cleona, America's Stake in International Investments, The Brookings Institution Washington, D. C., 1938, p. 606.

TABLE 20.-Estimated value of American-owned assets in foreign countries, 1933

TABLE 20.—Estimated value of American-owned assets in foreign countries, 1933—

Continued

*Not shown separately.

1 Area totals may include short-term data that are not available for specific countries. The sums of country data are therefore less than the totals shown for Europe and Latin America. Asia, Africa, and Oceania total $56,000,000," added to "Total, all areas.'

3 Not readily allocable by specific countries.

NOTE.-Direct investments, book value; portfolio, par value; short-term, stated value.

Source: Department of Commerce, Trade Information Bulletin No. 819, The Balance of International Payments of the United States in 1933, pp. 53-62, Government Printing Office, 1934.

TABLE 21.-Estimated value of American-owned assets in foreign countries, 1940

1 Area totals may include short-term data that are not available for specific countries. The sums of the country data are therefore less than the totals shown for Asia and Latin America.

2 Certain bond issues of China, Mexico, and Russia, long in default, are omitted.

3 Includes Chosen and Manchuria.

4 Includes Austria.

5 Holdings not readily allocable by countries.

NOTE.-Direct investments, at book value: portofolio investments at par value; short-term, stated value. Data not comparable with global totals for 1939 and 1946 presented in text, which were based on more complete data from the Treasury Department census.

Source: Long-term data: Hearings before the Committee on Banking and Currency, House of Repre sentatives, 79th Cong., 1st sess. on Bretton Woods Agreements Act. vol. 1, pp. 299-307.

Short-term data: Treasury Bulletin, March 1941.

TABLE 22.-Value of American-owned assets in foreign countries, May 31, 1943 [In millions of dollars]