COMMITTEE ON FINANCE

EUGENE D. MILLIKIN, Colorado, Chairman

ROBERT A. TAFT, Ohio
HUGH BUTLER, Nebraska
OWEN BREWSTER, Maine
HARLAN J. BUSHFIELD, South Dakota
ALBERT W. HAWKES, New Jersey.
EDWARD MARTIN, Pennsylvania

II

WALTER F. GEORGE, Georgia
ALBEN W. BARKLEY, Kentucky
TOM CONNALLY, Texas

HARRY FLOOD BYRD, Virginia

EDWIN C. JOHNSON, Colorado
SCOTT W. LUCAS, Illinois

SHERWOOD B. STANLEY, Clerk

CONTENTS

Introduction.

Chapter I. Foreign credits and other financial aid by the United States

Government (items 2, 3, and 8)..

A. Foreign credits..

World War I indebtedness of foreign governments to the

United States (1917-21)--

The German debt, World War (1917-21).

Foreign credits 1934 to July 1, 1947.

International Monetary Fund and the International

Bank for Reconstruction and Development---.

Commitments to extend aid__.

United States Stabilization Fund Agreements..

B. Other financial assistance to foreign countries_

C. Installations and surplus property abroad..

Surplus property inventory-

Chapter II. International investment position of the United States and

gold reserves of foreign countries (items 1, 4, 5, 6, and 16)_

A. American-owned assets in foreign countries.

B. Foreign-owned United States assets__

C. United States securities and other long-term assets of countries

participating in the European recovery program__

United Kingdom_.

Netherlands..

Other European countries..

D. Foreign countries' gold and short-term dollar resources.

Chapter III. Status of American investments in foreign countries (item 7).

A. Treaty provisions---

Establishment of and participation in corporations.......

Reciprocal trade agreements...

Double-taxation conventions and agreements..

Aviation agreements.

B. Legal status of direct investments in foreign countries-

United Kingdom and British Dominions.

Europe--

Latin America_

Far East...

Africa__

C. Default status of private United States loans to foreign countries--

Chapter IV. National debt, revenue, and income (items 10, 11, 12, 13,

and 14).

General statement and definitions_

Government revenue.

Government debt__

129

National Income__

129

Average interest rate for foreign-government borrowing-

137

Effect of the war on the public debt of the United States.

Average interest rate for United States Government borrowing...

Chapter V. Balances of payments of the United States (items 9 and 15) – –

A. Balance of payments of the United States-

B. American loans and grants to foreign countries in the international

transactions of the United States__.

LIST OF TABLES

Table

1. Credits to foreign countries by the United States Government, through

June 30, 1947.

2. Other financial assistance to foreign countries by the United States

Government, through June 30, 1947..

3. Principal amount of obligations of foreign governments originally

acquired under the various acts of Congress_

4. World War I debt owed the United States, as of July 1, 1947.

5. Principal and interest computed at the rates specified in debt agree-

ments with foreign governments, credit allowances, cash payments,

and the total debt as funded..

6. Principal of debt as funded, interest funded, and amount to be received

over funding period on account of principal and interest_ --

7. Dates of moratorium agreements, amounts postponed, and payments

to be received over the 10-year period

8. Total payments received on account of indebtedness of foreign govern-

ments to the United States, as of July 1, 1947-

9. Summary of receipts by fiscal years-

10. Indebtedness of Germany under the funding and moratorium agree-

ments of June 23, 1930, and May 26, 1932 _ _

11. Status of foreign credits of the United States Government, by agency,

by type of credit, and by country, as of June 30, 1945, and as of June

30, 1947, and activity since July 1, 1945-

12. Loans to foreign governments and entities, by country, by agency,

and by status, July 1, 1940, through June 30, 1947.

13. Property credits to foreign governments and entities, by country, by

agency, and by status, July 1, 1940, through June 30, 1947--

14. Advances to foreign governments and entities, by country, by agency,

and by status, July 1, 1940, through June 30, 1947--

15. Financial assistance (other than loans and credits), by country, by

agency, and by type of transaction, July 1, 1940, through June 30,

1947__.

16. Cost of State Department property in foreign countries to which title

was acquired before December 31, 1946.

17. Property in Europe, declared surplus by United States agencies, re-

maining for disposal as of September 30, 1947-

18. Estimated value of American-owned assets in foreign countries, by

government and private categories, end of 1946--

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

1914_.

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

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

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

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

1946...

24. Estimated value of foreign-owned United States assets, July 1, 1914__

25. Value of foreign-owned United States assets, middle of 1937.

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

27. Estimated value of foreign-owned United States assets, end of 1946--

28. Gold and United States assets owned in foreign countries, June 30,

1947.

29. Gold and short-term dollar resources of foreign countries, as of June

30, 1947_

30. Status of publicly offered foreign dollar bonds, as of December 31,

1946-

31. Per capita tax burden, debt burden, and national income of the United

States and of foreign countries, and ratio of taxes to national in-

come, 1939 and 1946__

32. Internal and external public debt of foreign countries, 1939 and 1946.

33. Population and exchange rates used in preparation of table 39-

34. Current yields of foreign government bonds, as of August 1947.

35. Total public debt of the United States outstanding, classified by issuer,

June 30, 1939_

36. Estimated ownership of all interest-bearing securities by governmental

units in the United States, June 30, 1939, to June 30, 1946--