CONTENTS

Page

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,

124

and 14).

127

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

138

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 - -

140

142

142

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

transactions of the United States__

167

Postwar foreign lending by private United States sources -

168

C. Postwar foreign lending by foreign countries.

170

Chapter VI. Problem of servicing the debt (item 17).

Probable volume of debt service...

176

177,

Conclusion..

177

Table

LIST OF TABLES

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.

11

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

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

12

9. Summary of receipts by fiscal years.

13

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

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

15

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.

126

54

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..

130

133

135

138

135

140