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Foreign Monetary Units Valued in U. S. Money

Source: Official Bulletin, the Treasury Department

Pursuant to the Tariff Act of 1930, the following estimates by the Director of the Mint of the values of foreign monetary units are hereby proclaimed to be the values of such units in the money of account of the U. S. in estimating the value of all foreign merchandise during the quarter beginning July 1.

1941.

If no such value has been proclaimed, or if proclaimed varies by 5% or more from the buying rate in the New York market at noon on the day of exportation, conversion shall be made at such buying rate. Argentine Republic, peso ($1.6335). Given value milligrams of fine gold per lira established by is of gold peso. Paper nominally convertible at monetary law of Oct. 5, 1936. 44% of face value. Convers. suspend. Dec. 16, 1929. Australia, pound ($8.2397). Control of gold stocks and exports authorized Dec. 17, 1929.

Belgium, belga ($0.1695). By decree of Mar. 31, 1936. One belga equals 5 Belgian francs. The Anglo-Belgian financial agreement of June 7, 1940, fixed the rate of exchange of the Belgian franc and the franc of the Belgian Congo at 176.625 francs for £1 sterling.

Bolivia, boliviano ($0.6180). Conversion of notes into gold suspended Sept. 23, 1931.

Brazil, milreis ($0.0606). Based upon official rate for milreis in terms of the dollar as announced by the Bank of Brazil. Conversion of Stabilization Office notes into gold suspended Nov. 22, 1930.

British Honduras, dollar ($1.6931)). Conversion of notes suspended.

Bulgaria, lev ($0.0122). Exchange control established Oct. 15, 1931.

Canada, dollar ($1.6931). Embargo on export of gold, Oct. 19, 1931; redemption of Dominion notes in gold suspended April 10, 1933.

Chile, peso ($0.2060). Given valuation is of gold peso. Gold pesos are received for conversion at the rate of 4 paper pesos for one gold peso. Conversion of notes suspended July 30, 1931.

China, yuan. Silver standard abandoned by decree of Nov. 3, 1935; bank notes made legal tender under Currency Board control; exchange rate for British currency primarily fixed at about 1 s. 22 d., or about 2912c U. S., per yuan.

Hong Kong, dollar. Treasury notes and notes of the three banks of issue made legal tender by silver nationalization ordinance of Dec. 5, 1935; exchange fund created to control exchange rate.

Colombia, peso ($0.5714). Obligation to sell gold suspended Sept. 24, 1931. New gold content of .56424 grams of gold 9/10 fine established by monetary law of Nov. 19, 1938, effective Nov. 30, 1938. Costa Rica, colon ($0.7879). Conversion of notes into gold suspended Sept. 18, 1914; exchange control established Jan. 16, 1932.

Cuba, peso ($1.0000). By law of May 25, 1934.
Czechoslovakia, koruna.

Denmark, krone ($0.4537). Conversion of notes into gold suspended Sept. 29. 1931.

U. S.

Dominican Republic, dollar ($1.6931). money is the principal circulating medium. Ecuador, sucre ($0.3386). Conversion of notes into gold suspended Feb. 9. 1932.

Conver

Egypt, pound (100 piasters) ($8.3692). sion of notes into gold suspended Sept. 21, 1931. Estonia, kroon ($0.4537). Conversion of notes into gold suspended June 28, 1933. Finland, markka ($0.0426). Conversion of notes into gold suspended Oct. 12, 1931.

France, franc. Provisions of monetary law of Oct. 1, 1936, providing for gold content of frano, superseded by decree of June 30, 1937, which stated that the gold content of the franc shall be fixed ultimately by a decree adopted by the Council of Ministers. Until issuance of such decree a stabilization fund shall regulate the relationship between the franc and foreign currencies.. Germany, reichsmark ($0.4033). trol established July 13, 1931.

Exchange con

Great Britain, pound sterling ($8.2397). Obligation to sell gold at legal monetary par suspended Sept. 21, 1931.

Greece, drachma ($0.0220). Conversion of notes into gold suspended Apr. 26, 1932. Guatemala, quetzal ($1.6931). Conversion of notes into gold suspended Mar. 6, 1933.

Haiti, gourde ($0.2000). National bank notes redeemable on demand in U. S. dollars.

Honduras, lempira ($0.8466). Gold exports prohibited Mar. 27, 1931; lempira circulates as equivalent of half of U. S. dollar.

Hungary, pengo ($0.2961). tablished July 17, 1931.

Exchange control es

India (British), rupee ($0.6180). Obligation to sell gold at legal monetary par suspended Sept. 21. 1931.

Indo-China, plaster. Plaster pegged to French franc at the rate of 1 piaster 10 French francs: conversion of notes into gold suspended Oct. 2, 1936. Ireland, pound ($8.2397). Conversion of notes to gold suspended Sept. 21, 1931.

Italy, lira ($0.0526). New gold content of 46.77

Japan, yen ($0.8440). Embargo on gold exports Dec. 13, 1931.

Latvia, lat. Currency pegged to sterling Sept. 28, 1936, at 2,522 lat £100; on Sept. 13, 1939, a law was passed providing that if the pound sterling should depreciate by more than 5 per cent with respect to the United States dollar, or the Swedish krona, the Bank of Latvia shall take steps to keep the rate of exchange of the lat stable by basing it on gold or some other monetary unit.

Liberia, dollar ($1.6931). British money is principal circulating medium.

Lithuania, litas ($0.1693). Free export of gold suspended Oct. 1, 1935.

Mexico, peso. Decree of Aug. 28, 1936, left the monetary unit, the peso, to be later defined by law. Netherlands and colonies, guilder (florin). ($0.6806). Suspension of convertibility of notes into gold and restrictions placed on free gold exports Sept. 26, 1936; gold export prohibition repealed by decree June 28, 1938; prohibition restored by Act. of Nov. 25, 1938. The Anglo-Netherlands financial agreement of June 14, 1940, established the official rate of exchange between the Netherlands Indies guilder and the pound sterling at 7.60 guilders for £1 sterling. By act of Sept. 20, 1940. the Netherlands Indies Volksraad decided, subject to later ratification by law, that the Java Bank shall fix the value of its stocks of gold coin and bullion at Fl. 2,121 per kilogram fine.

Newfoundland, dollar ($1.6931). Newfoundland and Canadian notes legal tender.

New Zealand (pound ($8.2397). Conversion of notes into gold suspended and export of gold restricted, Aug. 5, 1914; exch. regula. Dec., 1931.

Nicaragua, cordoba ($1.6933). Embargo on gold exports Nov. 13, 1931.

Norway, krone ($0.4537). Conversion of notes into gold suspended Sept. 29, 1931.

Panama, balboa ($1.0000). U. S. money is principal circulating medium.

Paraguay, peso (Argentine) ($1.6335). Paraguayan paper currency is used; exchange control established June 28, 1932.

Persia (Iran), rial ($0.0824). Obligation to pay out gold deferred Mar. 13, 1932; exchange control established Mar. 1, 1936.

Peru, sol ($0.4740). Conversion of notes into gold suspended May 18, 1932.

Philippine Islands, peso ($0.5000). By act approved Mar. 16, 1935.

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Spain, peseta.

Straits Settlements, dollar ($0.9613). British pound sterling and Straits dollar and half dollar legal tender.

Sweden, krona ($0.4537). Conversion of notes into gold suspended Sept. 29, 1931.

Switzerland, franc. Order of Federal Council enacted Sept. 27, 1936, instructed the Swiss National Bank to maintain the gold parity of the franc at a value ranging between 190 and 215 milligrams of fine gold.

Thailand (Siam), baht (tical) ($0.7491). Conversion of notes into gold suspended May 11, 1932. Turkey, píaster ($0.0744). 100 piasters equal to the Turkish £; conversion of notes into gold suspended 1916; exchange control established Feb. 26, 1930.

Union of South Africa, pound ($8.2397). Conversion of notes into gold suspended Dec. 28, 1932.

Union of Soviet Republics, chervonetz ($8.7123). Uruguay, peso ($0.6583). Conversion of notes into gold suspended Aug. 2, 1914; exchange control established Sept. 7, 1931. New gold content of .585018 grams of pure gold per peso established by monetary law of Jan. 12, 1938.

Venezuela, bolivar ($0.3267). Exchange control established Dec. 12, 1936.

Yugoslavia, dinar ($0.0298). established Oct. 7, 1931.

Exchange control

Foreign Exchange Rates, Yearly Averages

Source: The Federal Reserve Board

(Average of noon buying rates for cable transfers in New York. In cents per unit of foreign currency)

Austria Belgium Brazil Brit. Ind. Bulgaria Canada

Year

Arg'tina] Aust'lia

(Cal.)

(Peso) (Pound) (Schilling)

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(Rupee)

(Lev)

(Dollar)

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World War Debt Owed the U. S., As of July 1, 1941

Source: (Official data. Funded debt is included in total debt)

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516

U. S.-Balance of International Payments, 1932-40

Source: United States Bureau of Foreign and Domestic Commerce; figures show millions of dollars

1934 1933

1935 1936

1937

1938 1939

1940

Items

1932

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Balance...

+289 +225

+478

+236

+33

+265 +1,134

+859+1,396

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99

129

210

164

249

259

Balance.....

-45

-16 -35

-36

-61

-103

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446

292

331

497 409

563

532

358

223

Balance..

-375

-221

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-130

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169

135

136

120

204

205

190

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Balance.

-163

-132

-131

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- 137

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525

68

103

126

171

238

280

196

226

195

Balance.....

+393

+384

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+330

War-debt receipts.

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+1

+1

Government transactions:

Exp. and remit. by for. govt. in

U. S. (credit)

Exp. and remit. by U. S. Govt.

abroad (debt)

Balance......

-70

Misc. com'od. and ser. Items (net)

Bal, on com'od. and ser. ac...

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126

98

96

123

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+131 +215

+461

+206
+148)
-13 +1.001
+183 -153

+111 +140

+50

+759+1,345

Gold and Currency Movements.

Net gold movements

- 11

Net silver movements

Net currency movements..

Bal., gold, silver, cur. move.

91

+173 80 -90 +83

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1,0301,386 -1,640 -3,040-4,099

-174
+22

-83

-71
-224
+16 +117

-55 +35

1.329-2,075-1,182 -1,469 -1,848

2,994-4.119

Capital Movements.

Private long-term capital move.:

Credit..

862

Debit..

1.991
1,505 1,160
958 1,529
1,456
645
+462
+202
+217 +49

Balance

Net capital inflow from transac-
tions of belligerent governments
Net short-term capital move'nt
Balance on capital account..
Residual item.

+524 +966 +1,372

The annual figures for certain items, notably currency movements, long-term and short-term capital movements, silver movements, and the interest and dividend items are not fully comparable owing to revisions in estimates, changes in methods of collecting data, etc.

Stock of Money, Classified by Kind, at End of Each Fiscal Year

Source: The United States Treasury Department

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+392 +359
-385 +184+1,076
-409
+881
192 -336 +386 +1,538 +1,165
+601
+170
+354
+38 +482
+152

+575 +866 +292 +1,266 +323 +1,269 +1,402

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Gold coin and bullion (June 30. 1938 and since). excludes gold net held in the Treasury.

7,001,520,625 447,247,697

Commercial and Industrial Failures in the United States

Number and Current Liabilities of Failed Concerns not Including Banks
Source: Dun & Bradstreet, Inc., N. Y.

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The 1939A figures are comparable with previous years; figures for 1939B are due to complete coverage of some branches of business which were not reporting all voluntary discontinuances with loss to creditors of all small concerns forced out by attachments, executions, foreclosures, etc.

BANK SUSPENSIONS

Source: Federal Reserve System

The figures for bank suspensions represent banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans).

(1934) 57, $36,937,000: (1935) 34, $10,015,000: (1936) 44, ($11,306,000): (1937) 59 ($19,723,000); (1938) 55, ($13,012,000): (1939) 42, ($34,998,000); (1940) 22, ($5,943,000).

Federal deposit insurance became operative January 1, 1934. Bank suspensions (with deposits) have numbered as follows: (1921) 505. $172,188,000; (1922) 367, $93,043,000; (1923) 646, $149,601,000: (1924) 775, $210,151,000, (1925) 618, $167,555.000; (1926) 976, $260,378,000; (1927) 669, $199,329,000; (1928) 499, $142,580,000; (1929) 659, $230,643,000; (1930) 1,352, $853.363,000; (1931) 2,294, $1,690,669,000; (1932) 1,456, $715,626,000; (1933) 628, $361,051,000;

Figures for 1933 do not include 2,113 banks with deposits of $2,523,938,000 that were not licensed following the "banking holiday" since placed in liquidation or receivership. The holiday began on March 6 and closed March 15, 1933.

Capital Issues, 1931-1940

Source: Domestic issues, Commercial and Financial Chronicle; foreign issues, U. S. Dept. of Commerce; figures show millions of dollars

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Domestic new capital and refunding issues by federal agencies include publicly offered issues of federal credit agencies, but excludes direct obligations of U. S. Treasury. Foreign issues include issues of noncontiguous U. S. Territories and Possessions.

National Wealth of the United States

Source: United States Bureau of the Census

3,242 3,216

365

987 1,864 1,782

4,242 4,123

1,799 1,680
2,089 2,061
3,553 3,465
2,821 2,818

51 821 789

51

600-800 Foreign

87 93 319 315 56

26 219

317 312

9

26

187

312

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All Banks-Principal Assets and Liabilities by States

Source: The United States Treasury Department

Loans

Investments

Deposits

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Banks June 29, 1940

Dec. 30,

1939

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183,780

337,271

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New Hampshire

110,224

154,308

285,008

107

107

107

Vermont..

95,046

62,215

173,484

82

82

84

Massachusetts.

1,759,329

1,819 309

4,056,384

390

390

390

Rhode Island.

186,625

259,350

514,894

35

35

35

Connecticut.

581,109

612,403

1,448,451

202

202

205

Middle Atlantic:

New York.

7,491,556

11,760,165

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New Jersey

717,100

983,177

2,254,074

385

386

390

Pennsylvania

1,629,637

2,962,510

5,288,365

1,087

1,091

1,102

East North Central:

Ohio.

1,001,161

971,866

2,661,175

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704

Indiana.

335,796

380,330

957,523

506

507

511

Illinois.

1,158,973

2,233,968

4,238,400

840

842

848

Michigan.

500,037

795,922

1,780,077

443

449

452

Wisconsin.

310,331

431,333

944,800

572

575

578

West North Central:

Minnesota.

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Iowa.

333,836

189,327

666,744

647

649

647

Missouri.

530,392

594,837

1,224,420

625

627

633

North Dakota

47,165

24,219

82,617

160

160

167

South Dakota.

52,037

30.254

102,241

164

165

165

Nebraska.

144,360

107,460

288,366

417

421

423

Kansas

190,468

124,974

396,855

664

671

675

South Atlantic:

Delaware.

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Maryland

233,123

491,403

908,567

187

189

189

Dist. of Col.

128,221

136,389

380,560

22

22

22

Virginia.

333,723

170,124

603,155

314

314

315

West Virginia

140,223

81,453

302,117

181

182

181

North Carolina.

205,318

157,715

418,436

228

228

228

South Carolina

70,166

38,391

177,986

150

151

151

Georgia..

266,011

122,473

445,895

283

285

285

Florida..

139,305

156,364

408,480

173

173

171

East South Central:

Kentucky

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Tennessee.

271,192

160,667

501,335

297

297

300

Alabama..

136,883

103,877

327,466

217

218

217

Mississippi.

74,597

69,953

204,966

207

206

205

West South Central:

Arkansas..

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Louisiana.

186,450

182,525

453,209

145

145

145

Oklahoma.

166,291

143,533

391,649

390

391

393

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603,373

457,525

1,439,537

836

839

840

48,696

53,709

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Idaho.

40,373

37,627

106,268

50

50

51

Wyoming

27,027

18,007

70,813

58

58

58

Colorado

104,437

90,075

315,710

146

146

145

New Mexico

23,103

19,329

66,118

41

41

41

Arizona..

39.752

27,502

97,464

12

12

12

Utah.

69,834

48,302

154,083

60

59

59

Nevada.

15,573

16,843

46,239

11

11

11

Pacific:

Washington.

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Oregon

107,917

142,591

334,913

73

74

75

California.

1,984,794

1,897,898

Total.

23,740,607

30,447,836

4,407,240 65,021,466

226

227

228

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Bank Clearings in Chief United States Cities

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Source: Except as to Los Angeles, the Commercial and Financial Chronicle, N. Y. Baltimore Pittsb'rgh San Fran. $1,000 $1,000 $1,000 $1,000 Yr. (Cal.)) New York Chicago 9,479.464 7,945.493 8,856,572 5,852,244 5,832.394 6,468,835 2,910,637 5,245,718 7,230,152 3.349,477 6,663,998 6,118,971 7,350,410 3,642,965 7,387,019 7,913,846 7,599,601 3,586,289 3,274,045 5,560,826 7,052,520 6,597,556 4,201,985 7,074,775 7,773,877

Los Ang.

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Louisville

1,743.589

1,295,116

1,631,058

1,786,445

1,636,000

1,778,586

1940.

1,932,731

Total clearings in 191 cities (1938) $292,710,865.663: (1939) $304,323,157,503; (1940) $311,978,207,097.

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