4
THE ECONOMIC JOURNAL
[JUNE
Table II— continued.
$ billion.
Liabilities (foreign investments in the United States ) :Long-term : < 2 '
Direct . . . . • . . • . 2-3
Preferred and common stocks ...... 3-7
Corporate and Government bonds ..... 0-9
Miscellaneous . . . . . ... . 0-6
Total long-term . . . . 7-5
Short-term :
Private .......... 4-5
U.S. Government < 4 >........3-1
Total short-term ....... 7-6
Total liabilities....... 15-1
Net creditor ( + ) or debtor ( —) position of the United States :
On long-term account . . . . . . . +5-1
On short-term account ....... —7-2
Net position ........ —2-1
Notes. —(1) Preliminary Estimates. The preceding table, prepared by theU.S. Department of Commerce , appears in Part 2 of the Eighth Report of the U.S.Congressional Committee on Postwar Economic Policy and Planning datedFebruary 7, 1946.
(2) Basis of valuation : Direct investments at book value; all other at marketvalues where available, otherwise par or estimated values.
(3) Includes estimated amounts due under Lend-Lease credits and Militarycivilian supply programmes; outstanding Export-Import Bank Loans and theR.F.C. Loan to the U.K.; and the $650 million due by the U.K. under the Lend-Lease Settlement of December 6, 1945.
(4) Includes holdings of United States currency and of short-term Governmentsecurities as well as certain foreign deposits within the U.S. Treasury .
( $ million)
U.S. goldreserves atend of period.
Net goldimport.
Decrease orincrease (—) in
ear-markedgold onforeign account.
1938 ....
14,512
1,974
-333
1939 ....
17,644
3,574
-534
1940
21,995
4,744
-645
1941 ....
22,737
982
-408
1942 .
22,726
316
-458
1943 . . - .
21,938
69 -
-804
1944 . ...
20,619
-845
-460
1945 Jan.-Nov. .
20,030
-125
-352
1945 Oct. .
20,036
1945 Jan.-Dec. .
20,065
-357
Note. —Source : Federal Reserve Bulletin, Jan. 1946.