37. Yields on United States Government securities, June 30, 1939, to June 38. Total Government receipts in United States, 1939 and 1946. 39. International transactions of the United States, 1914-47-. 40. Reexports of foreign merchandise from the United States, 1914-46. 41. United States exports, by commodity groups and countries, 1914, 1932, 44. Foreign credits by private United States lenders from June 30, 1945, to 45. Postwar Canadian loans and advances to foreign governments_ 46. Postwar foreign loans by Latin-American countries.. 47. Postwar foreign credits by private British lenders.. LETTERS OF TRANSMITTAL UNITED STATES SENATE, To the Members of the Committee on Finance: There is transmitted herewith a report to the Committee on Finance by the National Advisory Council on International Monetary and, Financial Problems. The National Advisory Council undertook to submit this report, as you may recall, when the committee had under consideration Senate Resolution 103 by Mr. Butler requesting information relative to loans and commitments to foreign governments and other fiscal statistics. In view of the restriction placed upon the information furnished respecting military installations, that information does not appear. Very truly yours, EUGENE D. MILLIKIN, Chairman. VII THE SECRETARY OF THE TREASURY, Hon. EUGENE D. MILLIKIN, Chairman, Committee on Finance, Suite 310, United States Senate. MY DEAR MR. CHAIRMAN: I am transmitting herewith a detailed report prepared pursuant to my letter to you, dated July 18, 1947, stating that the National Advisory Council was taking the necessary steps to collect the data requested in the proposed Senate Resolution 103. This report covers items 1 to 16, inclusive. Data in response to item 17 of the resolution, now in the course of preparation, will be forwarded shortly. The work of bringing this material together in accurate and systematic form was done by a committee composed of representatives of the Treasury Department, the Department of State, the Department of Commerce, the Board of Governors of the Federal Reserve System, the Export-Import Bank, and the Securities and Exchange Commission. Information with respect to military installations abroad as requested in item 8 is separately attached and should be treated as a restricted document. Very truly yours, JOHN W. SNYDER, Chairman, National Advisory Council on International Monetary and Financial Problems. TREASURY DEPARTMENT, Hon. EUGENE D. MILLIKIN, Chairman, Committee on Finance, United States Senate. MY DEAR MR. CHAIRMAN: I am transmitting herewith the response to item 17 of the proposed Senate Resolution 103. This is in accordance with my letter to you dated December 18, 1947, transmitting the other material requested in the resolution. This completes the work on Senate Resolution 103. Very truly yours, JOHN W. SNYDER, Chairman, National Advisory Council on International Monetary and Financial Problems. FOREIGN ASSETS AND LIABILITIES OF THE UNITED STATES AND ITS BALANCE OF INTERNATIONAL TRANSACTIONS INTRODUCTION This report is in response to Senate Resolution 103, submitted by Mr. Butler on April 9, 1947, and referred to the Committee on Finance of the Senate. That committee asked the Departments of State and Treasury for comments on the resolution. When these requests were discussed by the National Advisory Council on International Monetary and Financial Problems, the Council offered to supply the data without formal resolution by the Senate. This offer was accepted by the Committee on Finance on June 27. Senate Resolution 103 listed 17 items as to which information was desired, relating to the international financial position of the United States. Data on these 17 items have been grouped into six chapters. Additional information has been included where pertinent and data have been supplied with respect to all foreign countries when such was available. Data in respect to each item is preceded in the report by the item as stated in Senate Resolution 103. A brief statement precedes each set of data explaining any technical points necessary to the understanding and correct use of the data. The first 16 items are largely factual and the data are contained in about 50 tables, many of them quite extensive. The text is primarily descriptive, not analytical. Chapter I contains a complete record by countries of all loans to foreign countries by the Government of the United States from 1914 to June 1947. It includes information regarding the repayment status of the loans, the extent to which they were utilized and to which they are still unutilized. In addition, information is given regarding the subscriptions made by this Government to the International Monetary Fund and the International Bank for Reconstruction and Development. Although the subscriptions of the United States are not direct loans to foreign countries, they facilitate financial assistance by those institutions in subsequent periods. Chapter II is devoted to statistical data regarding the creditordebtor position of the United States as of several significant dates. The data for the earlier dates was, in the absence of official studies, based on private studies. They differ somewhat in completeness and accuracy from studies made more currently and backed by the resources of the Government. This chapter includes a table regarding the total gold and short-term dollar balances of foreign countries, requested in item 6, and an analysis of the adequacy of those holdings for the purposes for which they are normally held. |