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. 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. 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) (Rupee) (Lev) (Dollar) World War Debt Owed the U. S., As of July 1, 1941 Source: (Official data. Funded debt is included in total debt) 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 Balance... +289 +225 +478 +236 +33 +265 +1,134 +859+1,396 99 129 210 164 249 259 Balance..... -45 -16 -35 -36 -61 -103 446 292 331 497 409 563 532 358 223 Balance.. -375 -221 -130 169 135 136 120 204 205 190 Balance. -163 -132 -131 - 137 525 68 103 126 171 238 280 196 226 195 Balance..... +393 +384 +330 War-debt receipts. +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... 32. 126 98 96 123 +131 +215 +461 +206 +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 1,0301,386 -1,640 -3,040-4,099 -174 -83 -71 -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 Balance Net capital inflow from transac- +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 +392 +359 +575 +866 +292 +1,266 +323 +1,269 +1,402 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 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 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 51 821 789 51 600-800 Foreign 87 93 319 315 56 26 219 317 312 9 26 187 312 All Banks-Principal Assets and Liabilities by States Source: The United States Treasury Department Loans Investments Deposits Banks June 29, 1940 Dec. 30, 1939 183,780 337,271 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 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 2,661,175 704 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. 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. 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 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.. Louisiana. 186,450 182,525 453,209 145 145 145 Oklahoma. 166,291 143,533 391,649 390 391 393 603,373 457,525 1,439,537 836 839 840 48,696 53,709 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. 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 Bank Clearings in Chief United States Cities 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. 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. |