TABLE 22.-Value of American-owned assets in foreign countries, May 31, 1943—

Continued

[In millions of dollars]

1 For statistical purposes only, control was determined on the basis of the ownership by one person or by an affiliated group of persons of 25 percent or more of the voting stock of corporations, and analogous interests in partnerships and other organizations.

2 Less than $50,000.

3 Included in the totals.

It is estimated that less than $600,000,000 of foreign assets which should have been reported on Form TFR-500 according to the regulations were actually not reported, a margin of error of less than 5 percent. In addition, it is possible that property exempted from the reporting because of its small value may have aggregated as much as $300,000,000.

All amounts given in this table are gross assets, without deduction for liabilities. Property reported herein was collateral for indebtedness amounting to approximately $100,000,000.

NOTE. The figures are rounded and will not necessarily add to the totals.

Source: Treasury Department, based on Census of American-Owned Assets in Foreign Countries (TFR500) Government Printing Office, 1947. Values as follows: Interests in controlled enterprise, book value; securities, market value; deposits, principal amount; other assets, estimated value.

TABLE 23.-Estimated value of American-owned assets in foreign countries, end of 1946

[In millions of dollars]

July 1, 1914..

Dec. 31, 1931.

United Kingdom.

Canada

All others..

NOTE.-Direct investments, book value; private securities, market value; government loans and shortterm assets, stated value.

Source: Based on Treasury Department, TFR-500 data, adjusted by the Department of Commerce and Treasury Department on the basis of current information.

B. FOREIGN-OWNED UNITED STATES ASSETS

In the absence of by-country data for the dates specified in item 5 of Senate Resolution 103, the following global estimates are supplied (in billions of dollars):

Country

Austria-Hungary, Turkey, and Bulgaria

France.

Germany.

Netherlands.

7. 2 Dec. 31, 1939.

3. 8 Dec. 31, 1946 (see table 27)

Total (par value).

Total (with common stock at market value).

Railroad

Again, details by country are shown only for certain years, namely, 1914, 1937, and 1941. See tables 24, 25, and 26.

Of the data presented in this section, the figures for 1939, 1941, and 1946 represent the most comprehensive coverage ever attained in this field. All known forms of investment are included and for 1939 and 1946 omission estimates were included for assets not reported in 1941. However, the figures of foreign assets in the United States on June 14, 1941 (table 26), include personal property and other movable goods, and the property of religious and charitable institutions, which are not included in the data for other years. The data for 1914 and 1937 are less complete in almost every category of investment. Unlike the estimates for other years, the 1937 figures exclude the assets in the United States of Americans residing abroad. The 1914 data partly include the value of such assets.

TABLE 24.-Estimated value of foreign-owned United States assets, July 1, 1914 [Par values, in millions of dollars]

Type of security

70 290

300

300
2,800

i 130
2 280

4, 170 3,933

Other

50

75

350

200

850

95

90 1,710 1,607

Direct investments

20, 885 15, 605 14, 380

30

45

300

135

8, 500 5, 880

1, 535 2,900

210 1, 235 1, 225

440

--

600

50

50

785

5, 280

4, 715

565

1, 210
1,210

12. 8 16. 1

Total

150

410

950

635 4, 250 275 420 37,540

3 7, 200

1 Includes $82,000,000 of direct investments.

2 Includes $3,200,000 of direct investments.

Includes an estimated $450,000,000 of short-term credits for which a geographic break-down is not available. Source: Lewis, Cleona, America's Stake in International Investments, Brookings Institution, Washington, D. C., 1938, p. 546.

TABLE 25.-Value of foreign-owned United States assets, middle of 1937 [In millions of dollars]

TABLE 25.—Value of foreign-owned United States assets, middle of 1937—Continued [In millions of dollars]

1 Exclusive of $100,000,000 of estimated foreign holdings of United States National, State, and municipal Government bonds. These holdings were estimated in total because of a lack of data for a by-country distribution.

2 Area totals include short-term data that are not available for specific countries.

3 Less than $1,000,000.

4 Short-term investments of Africa, Asia, Oceania, and unknown totalled $397,000,000. This figure is not shown in the total for any specific area but is included in the totals for all areas combined.

After deducting $148,000,000 from Canada and adding $3,000,000 to Belgium, $50,000,000 to France, $20,000,000 to Netherlands, $30,000,000 to Switzerland, and $45,000,000 to United Kingdom. That amount represents the estimated investment held by Canadian nominees for non-Canadian owners. No data were available on which to estimate similar holdings in other foreign countries.

To put the preferred stock in this figure on a market-value basis, it would be necessary to deduct $117,000,000 from this total.

*Not shown separately.

NOTE.-Direct investments, book value; bonds and preferred stocks, par value; common stocks, market

value.

Source:

Long-term data: Department of Commerce, Economic Series No. 11, Foreign Long-Term Invest-
ments in the United States, 1937-39, Government Printing Office, 1940.

Short-term data: Treasury Department, Statistics of Capital Movements Between the United
States and Foreign Countries, etc., Report No. 4, Washington, D. C., 1937, adjusted.

TABLE 26.-Value of foreign-owned United States assets, June 14, 1941