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https://clinton.presidentiallibraries.us/files/original/ca87b7ec79c5d9a50810cd0592300f9e.pdf
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GOLD DEPOSITED \~HH
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Banco Central de Chile
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Banco de Mexico, S. A'
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FEDERAL RESERVE Blu'iK. OF' NEW YUlU{
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I
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RESERVE BANK OF NEW YORK AS AT THE
CLOSE OF BYSINESS IDECEiVa3ER '31. 1946
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(000 omitted)
Banco de Mexico, S. A.
$361
FEDERAL RESERVE BANK OF NEW YORK
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c•..,.."
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financial 'Joe! tions :!Ira ithe f',)11~1
(In mi.llloos of U.S. (i011krs at the
then eu,rrent ll.:~. r·!i.nlt pr:Lce)
192B
193ft
1940 ( pe~k:)
1951
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.').f tot.a! -e1x;)(')rt than in 193(1.
centl1f(€
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�I
REPRODUCED,AT THE NATIO
I I
I
NAL ARCHives I
•. ;;
DE,'CLASSIFIEO--
A.tlL'1ori~]' j:gOlu_
B~M.+~ARA-D.,,!lztii..
.
.......
VI.J. BUSSCHAU
D •Phi 1 • ( Ox0in • )
•
The Union
,I
IvI. Com. ( S • A • ), C. A . ( S • A. ) .
0) soulh Africa and the British Commonwealth ~~
Nations have a considJrabl~ interest in the price of gold, for the
comrrion reason that the!y contribute considerably to current pro
duction.
On the latest flligures (for 1956) their shares of world
proquction are respectJi ve]y about 49 and 71 per cent.
j The
cour;.tries coming unde~ thel Organisation for European Ec<;:momic Co
operation (O.E.E.C.) are also interested as substantial I' holders of
gol~ reserves.
, .
I
Twentieth Century use of
§ol~.
twen~iet~
:
In the
century there has been much 'criticism of
theirole of gold in s~ttl~ng international balances under the con
ditions of the so-called ]nternational Gold Standard. I In the
coufse of the century; tod, the possession of gold (in ~he form of
golql bars and coins) !:by irtdividuals has in most countri'es been pro
hibited,. and in many ~ase$ the law requires individualsl to surrender
thetr gold holdings td> th~ State.
In a few countrie s :it is sti 11
legal for individuals Ito deal in and to hoard gold, but, the so-called
1ifr~e\1 markets exist (DUly over a limited area and are s:ubject to
many restrictions.
I'.
I
,
It is a fact, however, that the official hoa)ders of gold
(Stat'e Treasuries and I Cen~ral Banks) remain eager to acquire the
met~l, and freely accept it in payment of internationall debts.
Golcl offered in payme~t tHrough official transactions r~emains a
means of acquiring any paRer currency, while go Id has b:een given a
deftnite place as a m$ans lof discharge of internationall indebtedness
in the clearing arrangements of the International Monetary Fund
(I.M.F.) and European Pay~ents Union (E.P.U.).
I
I,
!
J
the main ~tistics
[
' . These notes bring P td date
rel!ating to
gold stocks, produ~tiort. and prices as given in Chap~er VI of
t-hewriter's book ~lThe /Measure of Gold!!.
As in the book, a
humber of tables are. b<ts~d on inforr:~r~;j.«fh~;ry;~n?t,:eef!jrtTublished
by the late JosephlKlt€ h ln and the il!1f'O~6rrjhas ~een brought
~P to da~e with the us~ of statistics ~~b~i~~,t:d 9~i tlhe Union
,",orporatlon, Ltd.
CO~iy /Re rJ0 ,er !'~ v.,.;_..______> .-'
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. Hi stori J l l Y, t he currency value of a coun ry' s go ld
reserve in relatiort to its structure of credit has been held to
be significant, and recent monetary history has many \ examples of
~he attempt Of monetary authorities to retard the drain of gold
f:rom their nationa] tills or to build up their holdiNgs of gold.
'.,
~nternational
,I. I
:
agencaes and Z.P.U.
..
Although kOld\ has. almost disappeared from t;he finance of
ipternal trade, it u's st;ill necessary to think of it iin relation
t'o the convertibilifY of currencies.
Convertibility: of currencies
ip now usually taken to\mean the convertibility of ode paper
currency into anoth~r, ]but historically it meant tha~ the paper
currencies should b~ cawable of conversion into a commodity money,
a~ an instrument of \final payment, and hence into one' another.
Both the I.M.F. and E.P!U. arrangements may be said t:O envisage
the latter convertibilit,y, since they assign par valu1e to the paper
c~rrencies and gold \ can \command the separate paper currencies.
"i
,
The actual wo~king of the E.P.U. has shown that certain
c0untries possess i~adequate reserves to permit overall converti
bility, and South A~rican opinion contends that an ov~rall increase
in the price of gold woulld assist in the process of freeing intern.:itional currency trans1ers.
\
The effect of vlar and post-war financ e has been to
increase the money supply of the world to a much greater extent
than the increase in the currency value of gold stocks.
I
\
World output since 1493.
No accuratb reeords are available of the tot,al production
of; gold up to the time of the discovery of America.
:The total
pr9duction since theIh is about 1,800 million ounces, als shmm in
Table I.
\
TABLE
i
I,
WORT;D'S
OUTPUT
I
I
output
Cent~fs
\
1493
1601
1701
1601
1851
, 1886
1901
1930
.,. 1600
.,. 1700
- 1800 '
0:- 1650
,
... 1865 '
... 1900 I
_ 1929 ,
- 1956 I
1493 _ 1956
I.
I
24.3"
29.3..
I.
(in millions of ounoe!)
i,
y.2..
I
Progressive
output
%
1.3
1.6
3.4
38.1
202.2
126.9
3y.2 .. 20.3
!11:.E.
1,3311.5 .. 73.4
'5'52r;"S'
GOLD
I
\
OF
I
'
,
'
24.3
53.6
114.8
152.9
355.1
484.0
1,036.5
1,815.5
1
Yoarl3r output
\'
,I
',.1
,
.76
5.76
1
8.59
, 1'9';!2'
' 28.78
.22
.29
.61
I
,-
3.69
23.78
CGn:t~'8
inorease
in out put
\!
I.'
\:
I'
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5.0
31.9
308.0
\:
:,
I
1,81,5.5 .. 100
.\
228229
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~T THE NATIONAL ARCHlveS.S
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.
1
If one takes tHe total production of gold mihed as in
I
th~ order of 1,800 m{llidn ounces, this quantity as a ~hy cal
ma~s could be placediin d box which is a perfect cube with sides
th$' size of 48 feet. 1 I~ will be seen that overseven~tenths of
the gold has been mimed ~nthe years 1901 onwards, whi~e the
ye~rs since 1930 acc0unt Ifor rqughly one-third of the ,total.
rJlote than three-quarters (80.41<;) has been mined in thel' years
1886 to 1956, while the )fears 1493 to 1885 contributed less than
a quarter.
More thlim 9Q per cent of the, output relaties to the ','
years 1851 to 1956. I Indeed, the productlon of gold appears to
'
fit into the general picture of mineral production, vi:z., that
sihce 1910 the mineral p~oduction of the world has bee~ greater
than in all preceding hi$tory.
i
, II
I
Round about 19~0 there were fears that gold iproduction
would decline considerabTI..y, but under the stimulus of ia.higher
pr~ce, production inbrea~ed;
the physical gold stock lexisting in
19:29 had been increa!sed by nearly three-quarters, while the average
ra:te of annual produbtioh for the years 1930 to 1956 was about
291 million ounces, ais cobpared with a similar rate of 119 million
oU;nces in the years 119011 to 1929 - the figure for 1956 at over 32
mi!llion ounces is abpve both these figures~
Mr. Kitchin estimated
tHe production for t'he Ylears 1931 to 1940 at about 190 million
ou:nces, whereas the irigu['e was actually about 313 million ounces.
I
!
Major
prod;::n~n:::l:; South Africa is the
I
largest coltributor to
the total output, haVing/ produced just over 30 per ce~t of the
tdtal output since ~493 and over two-fifths of th~ to~al in the
twentieth century t~ date.
More than half (58.2%) of the total
output has come from three fields discovered after 184-7, i.e. the
United States fieldg (1848), the Australian fields (1851) and the
Ul1ion of South Afrida fields (1886), as shown in Tabl~ II.
I
TABLE II.
-
GOLD OUTPUT
I
!Ordel'
I of
I
,output
I
I
,
4
2
3
1
8
6
5
7
9
RJi,'CORD BY COUNmIES
I
(in thousands ot ounoes}.1
I
Y~ of
~Ior
I
•
Country
Total output
to
discovery
1958
is 14
Rest of World
World's tota.l sinoo l 1493
170,000'"
289,000
197,000
570,000
24,000
51,000
138,000
34,000
. 24,000
1,497,000
318.500
*-,815,500
'" Elitima.'£Ga or provisional! figura.
P 90.1% of
I
I
Russia. (U.S.S.R.)
U. S.A.
Australia.
Union ot South Afrioa
India,
. Mexioo
Cails.da.
Southern Rhodesia
West Africa
I
.
i846
i651
iS86
1889
[894
11896
11900
a903
Yea.r' a reoord
output
From Idisoovery .
to irtHlord
Yea.r
1956
outp1t
I
5,400
4,897
4,332
15,fl90
569
1,201
5,345
918
1,021
in
in
in
in
in
in
in
in
in
1936
1915
1903
1956
1912
1910
1941
1915
1940
122
67
52
70
23
16
45
15
37
4,300"
1,860'"
1,031'"
15,690 .
200"
350'"
4 ,360"
535'"
638
29,164P
3 z216*
32,400'"
total.
,
228230
�>,
-4
!
Table II shows that nine countries have contributed over
a~ per cent of the rlo~a~ output to date and over 90 p~r cent of the
1956 output.
Itw:iJll t1e seen that the Unionfs fields are first in
tdtal output and 1956 oJtput, while it should be note~ that the
li56 output (15,S90\ounces) is a record output to dat~.
Fluctuations of output.
I
'
.. '
rvIost of tJe cOjUntries have shovm sv-Tings frorh high to low
I
a~d vice versa, and lin ~able III they have been arranged in order
Ofi highest annual producttion.
l
\'
TABLE
GOLD
OUTPUT
-I
III.
i
TABUIlATION SHOWING SWINGS FROM HIGH
i
(in thousands or ounoee).
I
I
TO
LOW
pdINTS
\ I
I
I,
I
I
l!9th Centu!'y
i
Country
I
I
Hi/tl
I
20th Century
High
Lpw
Low
i
Union of South Afrioa
I
3,0,4
1883
'2,990
15,890
1,460
1915
4,697
1945
1886
1,248
1903
4,332
1929
1886
895
1936
5,400
1920
\
Oana.da
1941
5,345
1907
Maxico
1910
1,201
1914"""
1915
918
1951
1912
589
1940
~
U.S.A.
I
1853
I
1853
i
A
\lstre,lia
I
I: 1,2n
I
t
USsia
1871
I
I
~outhern
Rhodesia
,
India
1922 .... \
915
1,660 '"
427
1,031'"
47
4,300'"
,.
400
4,380"
I
24
350 '"
487
535"
1946
131
200"
I
Afrioa
I
1926
165
·1
!I
I
9,6ll
I
638
29,184*
'
Estimated or provisiol"Al f1\sure.
The low points of the Trans~aal in 1922 and of Mexioo and Russia. in 1914 and 1920 were severely
reduced b.Y the White Mineros'l S.'tl'i~9 on the Rand and by the :revolutionary troubles, in the les;st
two oa.ses, so that they are not r~presentat1ve of nOl'ma1 oonditions.
'
.
"
39,593
I
...... 1
\
•• !
I
I
West
15,690
7,015
1956
I
I
1956
,
I
I
I
\
It wi 11 be n6tld that the 1956 yield of thes'\e nine
countries is nearly thre~-quarters of their record annual output
whfn added, irrespective of dates.
I
9?823: 1,
'1
''''.I"v.I
I '
�:,
I
.....
.
REPRODUCED ATTHE NATIONAL ARCHlVES}~:
~-~.i!\.,".'"
_ _IIIIlIi!!i!'ti!t'1ii1iiiil,
Actual and relative
i
The
Commonwealth,
p~oduption.
. I
Br~tish
I
importance of the contribution of the
the Uni~ed States and Russia can be seen/from
Tab:le. IV.
Year
__
In9
:':.%0
IS31
-iO",)
lr::';3
j,~!34
1~35
19':6
i937
1933
1939
hlO
1941
1942
;,943
).944
~.945
:;:~6
1947
19,,8
1st}!;)
1.950
1951
"?52
I,S:;3
19'34
)1)"5
t ,:..)
,;.956
~
union of
SotrcJ:l Afrio~
01:S.
%
Re~
Canada
02:9.
•
I
of.
Cor.nnonwee.J:ch
%
10,412 53.9
::'O,7165J..3
10,87848.6
n~s):e 47.6
ll,OH 43.5
;'0,4'(10 38.4
10,7j74 36.4
11,3.36 34,2
11,713533.S
12,161 32.5
12,822 33.S
14,04735,0
1,9:::8
2;102
10.0
10.1
;:,694 12.0
3,044 12,5
2,91,9 11.6
2,972 10.9
3~285 11.1
3;749 E.3
4,09611.7
4,725 12.6
5,0C:4 1:<,4
5,311 13.2
12,604 48.0
12,:?80 50,5
12,225 52.8
ll,92750.7
:!.l,200 46.7
1l,'i85 46.4
11,705 45.3
3,,6:>1 I':! ,7
2,S?3 :1.::,0
2;697 n.6
2/128 1:.0
3,07012.,8
3,530 1'>.2
4,124 15,0
4,,;a 16.7
4,31)3 16.9
4,472 16.8
4,056 14.2
4,366 15.7
4,~? 15.6
4,38V' 13.5
0:':9;
1,76~
1,n03
1/)?~
2,27~
%I
9,21
8.,6
8,9,
9,~
2,62'1
lO,3
2 1 98 5
1
3,518
3,884
4,3:I!8
4.5/5
lU,Q
2,rl'3~
4~6q6
lI".4
10.6
11.~
:!.1..?
11.9
ll.~
British
Commomree.1th
czs.
%
14,108 73.1
;,;t,G21 90.0
15,56369.5
::':;,879 69.5
J6,584 65,4
110,286 59,7
J7,044 57,5
18,[02 56.1
19;71556,4
21:204 56.7
22,4(;1 58.9
24,0~4 60,0
United
States
0:0:9.
i
fulssia
%
2,C:)7 10.7
2,:':;1 :0.0
2;214
9.9
2,<:19
9.1
2,277
9.0
2,742 10,0
3,163 10.7
3,7GO 11.3
4,12211.7
4,245 n.s
4,6:21 12.1
4,63312.0
OZ9.
f1cewhsre
%
1,707
1,501
1:750
l,9Ul
2,650
3,GOO
4)500
5,400
5)000
5,000
4,SOO..
4,000
3.7
7.0
feO
U,5
'l.3.9
15.'2
16.• 3
g,3
13.4
.:.000*
7.!.:
7,;~
n.n
;'0.0
p~a.
.. ,
I
World
% (10~)
21"iF·':"12':f.""';.5:--"':'1:-!::i'""',2(J::.
21,~86 12.6
;:'0/J08
2:,l>7312.8
22/,0:.
8',~53 lil.4
24,3:)1
3;,821 ~5.1
25,33:;;
4.l:S7 16.4
27,:;']3
4,917 16,6
29,624
5;391 16.2
33,I53
6,155 17 .6
34,90"
61 9,,)3 18.6 37,412
6,557 17.2
38,139
7,20618,0
40,123
i~ :1~~ ;~:~ ~~i~i ~~:~ ~ ~~~; g:t ;i :~;~ ~;:~ ~ :~~; i~:! ; :6g~: ~:i ~ :~~~ i;:~ ~1 ;!1;
E~?64
~3.9
1l,515
44,4
44.4
41.9
"-7.5
1l,~19
11,941
J.3,237
14,601
15',890
~0.1
49.1
2~e~'J
2,385
9.~
9,15
2,3~t· 1').0
'~'''8 ::.o.~
IG.p
2;557 ',l,p
2,6?2. 1O.f
:::,664 10.,0
2~1j96 10.i:I
2,Sn.3 10.6
2,898: 10,2
3,0~9 .. 10.8
2,782
9.6
2,5~0* B.3
2;3,h
71.5
72.0
74,4
73,1
~~':~8r:l 70.3
j.7,772 7":.,2
l'J/5H 71.7
18,769 70,5
::'8,605 71.7
19,104 71,3
18,895 66.3
20,"Z2 .. 74.0
n,C:Z5 75,3
22,£'60* 70,9
:"'),/):.'4
1'1,:08
17)<:25
!,7,JS:~
1,31:',
11('2~
915
1,462
2,166
2,0:?5
1,9''::;::
2,289
1,>;95
1,£;27
1,970
1,,(,59
::',817
1,85(,''''
5.2
4.2
4,0
6.2
9.0
8,1
7.4
:J.G
7.3
7.3
G,9
6.7
6.4
5,7
"';000'"
2.00Ct
2~()()o'"
2.000"
2~00C·
2,000'"
2,000"
2:0CO"
.1,000"
2;000"
2,000"
4,300'"
;;)229
3.775
15.8
15.6
8,';;
?~CQO 13,0
0.5
;:,g8412.2
8.:;
.::,90.1 j.2.4
e.,0 a,152 ]2.7
7,;'
3,,121 :"3.2
7.3
Z,5~'; 13.3
7.7
,3,441 13.3
7.5
::',56l 13.4
1;,0
bd541 12,0
7.2
:',3,,2 12.1
6.93;32~" n.4
13.~ :3,250* 10.1
2':C:;C~ e.?
26,60/1
2~.,30",
2?-,15l
28,539
2';;007
~4,95(:
25~[l54
26 ,58:!.
25,941
26,592
2(',506
27,G73
29~l24"
32;.40C'"
�,
,. ,
I ·,
I DE~LASSIFJED
,
NAL ARCHiVES S
REPRODUCE.DATTHE.NATIO
•. ;,,: i
-:,~"'..
,
It«Ol~ __ -.
h;L1Cri:y
..
ByJMj t~AP~-\ O;;t3~:lZO)
_-_.;.I_-_____...
'
......-*",
~
--6
TABLE V.
THE DISTRI'BUTION OF GOLD ABSORPTION FROM 1835 to 1956.
(in millions or ounoes e.nd peroentages of world outpxt)
I
I'
I
!
1
; 8~5
- 1889
;
(5i years)
,
i
Total
1890 - 1929
(40 years)
:
1930 ~ 1956
(27 years)
,,
-
1956
1835
(122 years)
II
,
%
I
"
I,
1
87"
36.
10
5
'i
,
,i
196 •
19
12
42
115. 15
,!
519 •
58
661"
'I
'i
1,164"
~
69
:'1
• *A
31
1,683" 100
35
15
157 II
123..
24
18
50
280..
50
382.
79..
37 ~
323 ..
--~I--'----~--------------~------------~--------~-----I!
J3
Demand
,
%%
Non~Monetary:
i
Industrial AI"ts
EStimatlOld net priva.te hoarding'
,
,I
io
Ii
Added to stook of gold money
1~1 III
World's, ()Utput
2J4 • 100
662 .. 100
I
777
II
85
100
I I
'
I,
!
Table VI shows in more detail the allocation between private
and bfficial hoards sihce iL890 and of particular interest here is the
position after World War Ilwhen there was first a heavy iaddition to
priv,ate hoards fOllowea lat er by a large release from PIjivate sources.
l
( in
,
1890
1895
1900
! 1905
i 1910
, T
I
....
..
-
:Pro81'oss~ve
:
1915
, 1920
1925
I
~
-
I
1894
1899
1904
1909
1914
total
1919
1924
1929
Progrossive total
I
1930 . 1934
1935
1939
-
~ogrags~ve tota.l
1940
1944
I 1945
1949
I
f!'0gressive total
1950
1954
i 1955
1956
i
,
~ine.l total
..
-
,
,
,
I
,
r
,
,
,
I
t
,
,
r
,
,
I
I
,
,
,
I
TABLE VI.
NON·MONErARY AND HONETARY ABSORPTION
I
I
'
millions of ouncos and percentages of world outpxt )
I
I
,
I
I
I
- - - - - - . - - ._World's Gold
put put
Non-Monetary
I
Year
I
I
l
,
,
O%S.
35.6
59,5
72.0
:101.4
>110.6
,
,
,
,
I
I
379.1
~01,3
84 5
1
•
97.1
I
662.0
120.2
~73.2
I
?55.4
164.9
~21.5
,
1,~41.8
135.5
S 1.5
I
I
1,436.8
I '
I
I
,
,
,
r
r
,
r
!
r
,
r
%
O%s.
40
38
43
38
47
14.1
22.9
31.0
38.2
52.5
158.7
36.7
44.3
39.7
279.4
_33.0
-15.5
.
42
36
52
41
42
,230.9
17 .9
52,5
24
43
301.3
75.3
23.2
24
56
38
11
I
,
,
I
'
,
,
i
Monetary
i
,
,
,
,
I
I21.5
~•.
36.6
41.0
,63.2
I
~58.1
I
I
,
,
,
,
220.4
:64.5
40,2
. ~57 .4
60
62
57
62
53
,
!
,
58
54
48
59
,
r
,
I
r
,
,
I
,
,
,
1:88.7
,
724,5
1~7 ,0
69.0
,
,
!¥0.5
r
S6.3
I
%
~~~:~ .
r
r
58
76
89
57
'
,
,
,
,
I
I
60,2
76
44
62
r
I
I
I
399.8
28
72
228233
�I
.... ' ,
. '
! '
REPRODUCED~TTHENATION
ALARCHlVES!i"
,.".:
I DECLASS1FIEO--
I
AUL~Cri:,/ I J':lli"Ol~ __
B)MJ NARA o.t3~:-:izt))
--1:-<'"
-_.....
I
-,
I
.....oi.i-~-.-.-.
-7
I
I
!
Table VI[ gives the annual figures from 1~30 and these
:show the heavy ind:'eas~ in the privat e absorption iIi t he post-war
years.
The broadi posttion at the end of 1956 was that of the
total of over 1,800 million ounces of mined gold only about two
~hirds were in thel s6~talled' monetary stocks.
At Rresent these
;stocks are in the orde±- of 1,200 million ounces of v.fhich the
pnited States hold~ ov~r 600 million ounces.
I
,
I
TABLE VII.
GOLD PRODU1TIO~mi~~on~B~~R~!~No~~~) PRIVATE HOARDS
---....---.----....~--~---------~---------~----~------------
l~'-"--""'--~""'------~--~I-----~I
:1
: Absor-P,tion
Year-
.'
'
Froduotion'
I
I
,Industljie.l
Al'tSI
01'
Releaso(-)
:
Estimated
net private
hoarding
,
I
I
2.4
1930
20.9
1931,
22.41.q
193224.3
-2.0
1933
25.3
~2.0
1934
27,3
~2.0
1935
29,6
-1,0
1936
33.1
1937
35.0
'I
1938
37.4
0
I
1939
38,1
0
':
1940
40.1
1.q
1941,
39.3
2.0
I'
, I
1942
34.4
2.7,
I
1943,
26.7
4.4
1944
24.3"
5.1
I.
1945 I
23,2
6.3
1946
23,5
8.5
1947
24.0
5.Q
1948
25.0
5.~
1949,
25,8
5.~
26.6
5,~
, : 1950,
1951,
25.9
5.3,
,,1952
26.6
5.~,
,i
1953
26,5
4.q
'i
1954,
27.9
3.S.
,;
1955,
29.1
3.1j
,I
1956,
3 2 . 4 . _ , .___4'9
.'
.'
,!:!Q!!:
°
°
'rota.l
,
to
private,
use,
3.1
5.5
':' 7.2
.,. 6.2
.,.11,7
..13.7
,. 7.4
.,. 9.4
.,. 7.2
.,. 9.2
~. 5,0
,.,. 6.0
3.6
,.,. 3.6
1.9
.,. 1.9
. , . 1 . 7 , .,.1,7
"',2.3
_ 2.3
_ 2.2
_ 1.2
- 0.1
1.9
0.9
3,6
1.6
6.0
2.2
7.6
3.0
9.3
3.5
l2.0
4.5
9.5
5,5
11.4
4.5
10.3
7.3
12.8
13.5
18.8
10.0
15.6
12.0
16.6
7.6
11.5
6.5
10.2
9,0
13:0
..,,..
,"
Result~
addition :to
'
monetary stooks
I
Monetary
gold stook
I
15.4
26.6
38.0
34.7
'36.5
35.6
36.7
36.9
39.1'
40.4
41.3
37.4
30.8
20.7
16,7
13,9
11.5
14.5
13.6
15,5
13.8
7.1
11.0
11.9
16.4
16.9
19.4
,
568.7
597.3
635,3
670,0
706.5
742.1
778.6
815.7
654.8
695.2
936.5
973.9
1,004,7
1,0i5.3
1,042,0
1,055,9
1,067,4
1,081,9
1,095,5
1,111,1
1,124,9
1,132.0
1,143.0
1,154.9
1,171,3
1,190.2
1,209.5
l
Since U)50 gold underling Loxponsive oonvor-sion to satisfY minimum 1egal r<;qUil'Oments has
been inu1uded in Hoe.N.oo GoId and not in Consumption in Industrial Al'ts aspr-eviously,
i
228234
�.
..
.
50
RG
REPRODUCED ~ TTHE NATIONAL ARCHIVES?: ,
lea., MFA.i#t~~:':';i"""''; .:,
Entry (p~,}
F,'I e I) 10.
'.1 /l/2.
I
L2J.b~1
~q.!.
x';:, \:;ldjK(t,.'~.~
iJ.!or
LCe ~·t:~1
Box
...
I
I
The figurels of the stocks of monetary gold ~ince 1929
ar;e shown in Table VillI.
'
TABLE VIII.
I
G.OLD It! CENTRAL BANKS AND
,
"
I
I
I
I
I
I
i
!
Year
t
I
1
I
I
I
!
~
I
I
I
,
I
I
I
:I
t
I
I
I
I
I I
I:
I
:I
I'
I
"I
Ii
Ii
I
I
I
Ii
'!
I
I
I
I
,
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1
I
I
I
I
I
I
I
I
I
I'
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
•
I
.
I
I
I
World Stoak
of Monetary
Gold
(millions of.
ounoes fine)
Averago
Prico of
Gold for
Decomber
of yea.r
I
t
I
I
84/11~<-
I
84/Di
I
84/11 z
I
97/10
l26/ ~
140/ 7;::
141/ 1
141/
139/.9
148/l.oi
I
I
I
at
1
I
I
I
150/~
168/~
168/~
168/~
I
I
I
I
I
I
I
1
I
I
I
I
I
I
I
I
Value of
Gold stook
£(mlll1on)
I
I
I
I
t
,
Price of
Gold
in $
I
I
I
I
I
I
I
I
I
I
I
1
I
I
I
I
I
I
I
I
I
I
I
I
I
250/~
250/~
250/~
I
I
I
,
,
I
,
I
Value of
Gold Stock
$(ml1110n)
,
I
168/_
168/
172/3
172/6
172/6
172/6
250/.,.
250/.,.
I
I
I
I
I
I
,
I
I
I
250/.,.
250/_
250/-
I
. I,
I
I
I
1
553
569
597
635
670
706
742
779
816
855
895
936
974
1,005
1,025
1,042
1,056
1,067
1,082
1,096
1,111
1,l25
1,132
1,143
1,155
1,171
1,190
1,210
,
I
I
I
I
I
TREASURIES.
2,350
2,416
2,537
3,108
4,228
4,968
5,235
5,517
5,700
6,363
6,714
7,867
8,181
8,440
8,611
8,753
9,095
9,203
9,332
9,453
13,888
14,062
14,150
14,2.88
14,438
14,630
14,875
15,125
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
1
I
I
I
I
I
I
I
I
I
,
I
I
I
1
20,67
20.67
20.67
20.67
20.67
35.00
35,00
35,00
35.00
35.00
35.00
35.00
35.00
35.00
.35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
35.00
I
"
I
The lncreases In the offlclal stocks at
I
•
hates since 1914 are shown in Table IX.
I
TABLE
I
I
,
I
I
I
I
I
I
,
.
I
I
I
I
,
1
I
I
I
I
I
I
I
I
I
:i
,i
I
I
11,437
11,755
12,346
13,132
13,849
24,728
25,974
27.258
28,550
29,918
31,332
32,778
34,086
35,164
35,882
36,470
36,960
37,345
37,870
38,360
38,885
39,375
39,620
40,005
40,425
40,985
41,650
42,350
.i
s~gnlflcant
I
IX.
STOCKS OF MONETARY GOLD IN VOLUME.
I
I
YOI.U' "
I
I
1914
1929
1939
1946
1956
I
I
I
Total World stook
of Monotary Gold.
Mpl10ns ofounoos approx.
Peroentage
Inoreaseon
1914
388
553
.895
1,096
1,210
43
131
182
212
,I
,
.1
I
I
I
I
lvionetary Gold Stocks.
.
I
I
,I
i
I
,
I
I
I
�.\
,
-~It«OZ~ ___
I .DE~LASS1FjED
,, ,
: ' llONAL ARCHIVES
REPRODUCED AT THE NA
AuL1Cri:"
8ylMj NARA
I
O0t3.&~iZt)'l'
, ,, __ ~.'I~"'"
I
-9
It will be seen that there has been a substantial
increase in the p,hysi!cal quantity of official go Id! stocks.
It is
interesting to ndte that in relation to populationlthe stock of
gold money a cen~ury ago was about, five ounces to everyone
hundred persons, while today it is in the order of forty-five
ounces for everyone lhundred persons,
'«,
I
i
The stock off monetary gold has, however,! increased not
only in terms of \ounc\es but even more in terms of ~urrency value
as measured say oy American dollars, as shown in Table X.
r
!A.~.
MONETARY
-
I
GOLD
STOCKS
IN
CURRENCY VALUE.
:I--------,---------+I-,-'-+I------~----------~--------~~-----------
I:
Curreroy va~ue
of Monst~
G01dl StOCK\
, 1
: 1
Year
(millions of' U.S. 1»
'1
I
)
I
(,I--------~---------+I----·~----~'
I
(to the n'earest t en $)
1
i
I
Pero::mtage
Increaso,
on 1929
i
I
I
on 1939
1
I'
Poroentc.ge
Inorea.sEl
'I
'
I I'
8,020"
1914
1929
'1939
1948
I'
1956 \
i !
11,140"
31 330'"
iI
..
....
I:
I
PSl'Osnta,go
Increase
on 1914
43
291
174
3 7 8 ' 235
428
270
38 :~60""
42,t 50 **
"
Valued a.t
Valued at
I
'I'
i';
I
'
22
35
,
$ 20.67 par ounce fine.
t 35.00 par ounbe fine.
On the Jas:;.J of the figures given one can say, broadly,
:that monetary gold stdcks in physical volume are now over three
,times what they 'V'l~re ~n 19lL~; and in terms of curr~ncy value
las measured in United \states dollars they are over rive times
what they were in \191~.
The figures of 1939 compared with those
iof 1929 show the combired effects of volume and pri<b", e increases,
:but in the compari\son ~f 1956 with 1939, the dollar1price of gold
,being constant, tn,e., st10ck in terms of money increas~" d by only
two-fifths.
I
"
I
~aper Money and In~~rest Rates.
.
I
I'
,
I
,
I
'I
Theincr~ase in paper money sinca 193$ has indeed been
~f fantastic proporti6ps.
An idea of the magnitud~ involved can
be obtained from the s~atistics published by the I.M.F., and
lexpressed in terms of lLJnited States dollars.
:
:228236
�I
REPRODUCED ~T THE NATIONAL ARCHives
I".7.,,·C
I
·1
I
'.C.:::::;,C"'"
DEtLASSIFJEO--
I:rEOlY
AuL'lcrit'
......
8Y~ ~AP.A o.t3~~lZOJ
I
.., ..
-
II
...
-10
For the countri,es wpich may conveniently be grouped under the
heading of the /West'" money supply in 1937 was in;the order of
about 50 billion dollars and rose to about 190 billion do lIars
at the end of ]956, while the gold reserves of the vJest in terms
of dollars inc~eas~d over the same dates from about 22 billion
dollars to about 30 billion dollars.
In terms of a gold/paper
ratio, express~d a~ a percentage, the figure has I fallen fro~
around 40 to apound 15.
It should be noted that by measur~ng
in U.S. dollar$ on~ has taken account of the efflects of the
1949 devaluatidms which improved international liquidity through
reduc ing the currericy value of the paper (measur,ed in dollars)
of the countri~s o-tlher than the North American Ones relative to
,
I
'
gold reserves (witn the dollar price unchanged)
I
Gold and Currency.
Agaih:with the use of statistics in Table XI one can
see the change/ in phe ratio of gold to money supply from 1938
to November, 1949, ,and December, 1956, which shows the influence
,
devaluations.
of the Septemb er,
,949
I
TABLE XI.
RATIO~
,
i
,
,
I
I
I
,
,
,
i
I
Actual
1938
I
I
1
I
,
U.S.A.
I
I
I
71.4
I
,
,
7.2
46.8
I
I
I
r
Nol"Wt\Y
10.0
17.2
I
Netharlan:is
,
51.9
,
,
Belgium
I
,
58.6
I
43.0
I
SWllden
U.K.
I
,
I
Franoe
I
-
54.3
17.7
I
South Af:rioa
I
,
Actual
November
1949
,
,
r
,
,
,
,
45.9
I
India
I
,
I
I
C=.nada
I
i
I
,
I
I
';'0 MONEY SUPPLY (as
OF GOLD
I
I
50.3
I
I
I
I
I
,
I
,
I
,
I
.
I:
NO"II'emb~t
i,
1949
2%.3 '
,
i
,
I
12.2
6.3
12.1
22.2
6.0
r
,
I
I
I
,
I
I
I
I
I
I
12.0
6.9
1
I
I
I
I
I'I
22.3
i
,I
11.1
I
I
I
15.9
19.0
r
4.4
. I
,
I
,
8.4
I
19.5
I
5.0
I
!I
II
4.2
Ir
I ,
7,8
I
,
Aotual
Deoember
1956
II
I
I
I
I
percentages)
,
,
Estimated
8.3
4.2
'
I
,
I
i:
5.4
18.5
24.2
33.9
,
I
I
,
,
I
3.7
r
,
14.5
,
13.0
4.9
I
I
!
r
1
,
•
For details see ~he author's Prosidential Address to the Economic Sooiety of South Afrioa, 1956.
entitled "']'he Nerd. for ICUl'ronoy Stabilization:'
••
Calculated on the basis of no devaluation in September 1949.
i
:?,282J7
�I I
I
~E~R~DUCED ~T THE ~ATIONAL ARCHIVES
. I
DECLASSIFIED
AuL'1!)rit'
I 'rrKolY
__
8y!MJ NARA O.t3_&~llt):)
__
__
.
~,,;.,.I
...;.J_.~
-11
I
,
It will be seen how disproportionate the cpanges in
~hese ratios have tieen las between 1938 and 1949 but what is
equally striking is the fact that in only one of the\ cases
quoted, that of Ca~a'da,1 was the 1949 ratio more than; half of the
1938 ratio.
The exact percentages by which the price of gold
would have had to have Ibeen increased in November 1949 in each
of these countries Itb nlestore the 1938 ratios are not. necessarLly
~f prime significance.
Fluctuations in these ratio~ would occur
during periods whiChco,uld claim to be perfectly "healthy!! and
t~normal\1 •
If the 1193?j ratios had been chosen as th~ basis for
80mparison the sto~ would have been somewhat different.
It
would have been ditfer~nt again if foreign-owned short-term
assets and hank deposit',s had been deducted from the gold reserves
in each case, and dred~ted to the reserves of the owner.
!
I
I
.'
I
.
The figur;es ~or D~cember, ~956, sho~ t~atFor the
countrles concerned the ratlos have In the maJorlty of cases
~mproved on the 1949, f~gures but it must be rememberbd that the
improvement would have Ibeen greater if money supply had not
almost everywhere shown a tendency to continue to in~rease.
:
.
The overJ11 Jicture which emerges, howeverl, is one of a
60nsiderable fall ~n t~e gold backing of currencies,: or, in other
words, a fall in interHational, as opposed to internkl, banking
+iquidity.
It is lsubmitted that this liquid positibn should be
~mproved by an all~rouHd increase in the price .of gold, and that
~xisting parities shou]d be maintained as far as possible.
Any
major adjustments ~n tHe existing pattern of exchang~ rates
inevi taoly cause frt1ictibnal dislocation in certain spheres of
economic activity, ,witH all their attendant social h?'rdship and
loss of business confidlence.
It would be the object of an all
round gold price iricrease to avoid this, and to create conditions
~nder which long-t~rm e~change rate stability can be maintained.
ther~
i
But whilJ one accepts this principle,
would still
appear to be a cas~ for effecting certain adjustment~ in the
current exchange palriti1es, which it must be remembered were
~etermined under th1e abnormal conditions of post-war i instability
and general shortagje Of\ means of payment.
i
I
Each country pecessarily has to be considered separately
ih relation to what I might be called its lYnet reserve [position!t J
i:.e. the gold it posses~es plus the dollars that can Ibe turned
into gold, plus thel debts it has to collect and the debts it has
tb pay, and the time sttucture of these debts is of vital
i6portance.
It isl pos~ible with the cl~aring arrangement
represented by the IT: .IYI.F., and new clearing arrangem~nt s like the
Ej. P •U., together wit h n~w techniques in central banking, that
.
I
�_~_~,_
I I
· . .
,I
TIONAL ARCHIVES S .
REPROOUCED ~TTHE NA
.,," i
I . DECLASS1F1ED
I r«Ol~ __
AuL'1crit'
eylM-+ NAAA OH3~"jll))'
-- --"" ..
..
-~--.
.. ~
-12
"
I
gold ?an ~o I?OIlle w9rk in the payment of internatJ...· onal accounts
than J..t dJ..d J..n prelwar days.
In the language of the 'thirties,
there is probably greater economy in the use of gold, but the
disproportion ~s; s~ill great.
'
, I t J..sI . ] .
. J..n~erestJ..ng to compare th e rJ..se 1n t h e prJ..ce 0 f
.
.
.
il and !Ythis time\! in Tables XII ahd XIII.
gold t1last time
TABLE
INDEX
I
OF
PRICE
OF
XII.
GOLD
IN
SELECTED
COUNTRIES
(Ease 1914 • 100)
~----+I--------------~----~---------~~----~:
1914
1929
1936
.
~----~I----------~----~----"""""~-------'
.
I
I'
I
I'
trnited Kingdom
'l{nited States
l\rO-noe
~e1gium
I'
I'
I'
He1lan:i
i'
I'
Spain
rn
~orwa.y
i:
'
100
100
100
100
100
100
100
100
100
100
493
139
100
100
100
100
168
169
1,135
192
123
273
184
179
T •
I
;
I
"
!
I
I.
.1'
:~
Of the currencies listed only those of France anfd Belgium had
been devalued ~y 1~29 but by 1938 there had been a substanti
upward revaluation in terms of all currencies. I
TABLE XIII •.
INDEX
OF m.ICE OF GOLD
(Ba.se 1938
,
,
IN
D
SELECTED
I
COON'mIES
100)
I'
1938
I
,
I
,
.,
I
,
1948
100
100
100
100
100
100
100
100
122
100
616
744
147
134
122
91
t
1949'"
I
I
I
I
I
tln1ted Kingdom
'l{nited states
Franoe
I
~e1gium
I
Iiolland
I
S,pain
I
I
I
I
I
I
I
~orwa.y
SWeden
I
175
100
1,007
849
210
134
176
131
'
I
I
I
'
I
... Arter the deVlllue.tions of September 1949.
Again there has been a substantial upward revaluktion of gold
after a war of linf~ation, but "this time!! the American dollar
has retained its prle-war parity •.
228239
�RG
Entry -:7""7-";;"'--:-"';;(:";''.....!l_
)- ?_S'!u'~l
'e
F i b),,:>t U/ z/ ~,", tJ~h(?J!':);;;;
Box· I. (p ·.f·t~itI1~.
I
-13
I
The 1949 Devaluations.
i
.
It should be noted that the devaluations after VJorld
War II ::epresent il! the /aggregate. a smaller i.ncrea.s.e in official
gold prlces than dld the devaluatlons after vvorld warl I.
Aqcording to the Un~on ~orporation's figures, the average
increase in the priqe ofil gold which took place in thel period
.
"1931 to 1934 arrived at by weightin~ each country in accordance :
wtth its official gqld stock was 75/0, while the increase
repre seI1t ed by the 1949ldevaluations, similarly weight ed, w~s
oilly 35~~.
The fact that the increa.se in the money sjupply of
the country concern~d wils relatively much greater in ,World War, II
tpan in World War I) mearts that the disproportion is e:'ven greater.
i
In a considerltion of the relation of gold ,.to credit in
this century, the tko g~eat facts are the two enormous ilulations
of credit during and after the two world wars.
Vlhat happened
after World War I ib thb process of what was then described as
i':competitive exchanlge drpreciations71 was that, by say 1938, the
Rattern of exchange' ratjes was not very different from what it had
been in 1919, but the eIT.'fect of the successive devallhations
leading to a gener~l dej~aluation was that everywherelthe ratio of
gold to money supp]y had been improyed in such a manner that
qigh levels of mon~y iticome and prices could be maintained and a
lfeasonable degree qf fTl11eedOm of trade and convertibil,. ity had
been re-established.
World ,,\far II then set off a fresh proc ess
of credit expan ort with the result that today the ratio of gold
~o money supply is IverY, much less than it was before! the war, and
even a relatively nard currency like the United Stat~s dollar has
iii ratio Ie ss than half of its pre.,..war ratio.
I'
:
Expressel dif!ferently, the September 1949 bevaluations
increased the currency value only of the miserable g:old stocks
held outside the UAitect States, and the significant Ifact remains
that, in terms of ~ollar goods, one ounce of gold wiill now buy
less than half of t/he 1uantity it commanded before tihe war.
I
Developments Since 1949.
th~detaluations
Since
of 1949' further increases in
prices and money ihcom~s in the world have diminished the benefit
to gold producers tvhich the initial devaluations represented,
while t,he improveml'ent ~n the ratio of gold to paper Imoney has
ialso been reduced.
The overall picture is still one in which
'
,the metallic reserlves ~re too low in terms of currency values to
,allow convertibili;ty f6r external transactions and ::free currency
!transfers.
I
I
I
I
�i\
I
, ' ,
I
'NAL ARCrllVES ;
_",; ','
REPRODUCED,"TTrlE NATIO
'-
....~- .']
/
-14Footnote on Russian Qold.
The gO~d st\atistics given above are defective in so far
as assumed figurds hare to be used fdr the Soviet Union
order
~o ~bta~n world, fligur1es which latter:\should be regarded as
'.,'
lndlcatlng an ordier of magnitude ratHer than exact! count s.
The
absence of Russiab'of['icial figures ~or a period beginning some
years before 'vJorlld \\fa\r II has led to Illmany and vari~d guesses.
Some of these ar~ basbd on calculatidns relating t~ mining areas
which multiply ou\tput per worker by n!umbers of worl~ers, but .
anyone with knowledge of gold mining ~\ ill appreciate how inaccu
rate such 11estimates?i can be.
In recent years the claims made
by some con@entatbrs have been that R~ssian produc~ion and stocks
, h ave shown a large inerease.
I
I
I
'
Recento.y a usually reliab 1 e
, observer has stat~d that according tq\ a good source the facts
are that Russian gold \ production is qurrently at tHe rate of 10
million fine ounces per annum and that Russia now holds 1070 of
the world t s stocklof rhonetary gold.
The ob server ,:. however,
stresses that the 'I sou~ce of the infon~ation cannot ibe disclos(jd.
"'mat commentators do ~otexplain is, :if the figures are as high
as the commentators claim, why they a:be not publish11ed as official
,figures in the sarhe weiy as other achi6vements are b~lazoned forth.
:'Why, for example, \did
rGcent offici~l Ibssian sta)tement about
: diamond discoveries talk about this liimportant new source ll of
:foreign exchange ~nd riot list gold am~ng its other present
'
:sources of exchange?
If the stories:\of Russian gOl,d were true,
Ithere would indeed be no need for ne',I[\ sources of exchange.
Let
:it be assumed simp,ly flor the sake of the present argument that
:there is some good! reason for the coy!isilence of the of cial
istatisticians and \that\ Russia has botH a high levellof production
:of gold and large gold reserves.
In such circumstances Russia
,could assume with !\confidence the role of central bartker to her
present satellites, anh much more important, also t~ those
'countries which hare nbt yet indicated on which side of the
~urtain they belong bu~ who cannot rel~sh holding urtpaid accounts
in inconvertible Weste:tn currencies. "In other words, if Russia
could because of h~r g~ld reserves be ia strong compdtitor for
~uch banking accouhts, \ is that not an Ikddi tional re~son for
~tabilizing the fi~ances of the \'lest?:1 In particular it is all
the more important for the West to rai\3e the pri ce olf go Id in
order to end the iBcon\jertibility of its currencies 'and hence
remove what, in th~ assumed circumstan~es, would be 'a discourage
ment to the non":'VJe~terri world to trade with the \1jestj rather than
¥ith Russia.
:
,
I
II
i
\a
I
I
I
, j
I
I
MGL.
26/4/1957.
�i;' ..
;.-•
.I.'>.
·,
1 ,.
"'~'J,."""""~"""~'~~':"'; ... ;~: l,,,:..'"', .,-{~
...
~.::':":t_,~.". . .. "-".-,,,,~, '.\' ';"""
.
,",!....
}.
i
,! .
T_"
:,""
\
,"
.
',:'
.1
'
..
;-, I .
.. ,-,
'
1
).
1
,i
t
;/'
,
.1
,
,
....
,
"
'"
'
-.'
,
I
t. .
. I
I
I
I
,I
I
i.
, ..
,
!
~~28242
�/
'J'
A
/
, 1
"..:i
i
,
'. '
'"
,',"
r
..;.: .
.
::. ,.j
}.,
,
"'.: .., .
,
','
.1
'.
,
L
':. :
1
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',,'..
t
, ', ,
\1" ,
1
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'.0\
1·
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i
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,I .
.).;
, I
228243
,
'
�,I '
{'
I
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April: 29, 1940
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,
I
SUbJe~tl
1.
Mr. 'White
I
0r'Ud
'
I '
aeoent DeYelOrenr 1n Gold and
l4oyeme,tl
There was
fA
el!l4ed! Apr11 17.
n&t inflow
1940.
,1' .pltallana-lot,' cap1~1111
of $3.5
1I11110n
the total Bet
'1940 DOW amounts to $140 .11110n.
I
r
I
week
dUl";,1Jli
I
Het IOap1tal Illtlovi
~
Short~term
t~he
Be,ls Itp4e' Apr" 12,1 19!Q
'
:I
!( In
bank1ng tundsl
Foreign funds hel'd heN
Ul'll~ed States cla1ma ~ t~1gner8
Domest10 seourlty tra.1'18,otlqns
Foreign aeourlt7 transaotiollS
!
1I:11110R8)
"
!
1
I
Broltera&'e bal.o.no'es
I
I
,
(
,
i
'rl;te principal chaDi,S 1n foreign tunds held tn tltlsm~ket
durl~ the week ended Apr11 17. 19Jk) '110J"e
tollomn
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2.
air
i( In
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i
UnltedllngdoDl,
ii'rance
BelglWa
Ital,
1
~ttlill1
$+ 10.. 5
.. 4.2
.+
+
2.!
0.. 1
I
'NetheJ!.lands
a",.den
Swtt&erland
Canada
I
Argentina
PanamA and Canal Zome
Japan
,
Other Countries
- ,2.8
- 3.0
.. 2.4
...
g.l
: Ellv!!il '
-
i
%Otll,
I~.
1.2
,i ..
oq
,:,
+ : 1.~
.. 11.,
....
.. 13.9
i - 1.6
I 6,. 3
- 1·4.6
,
I
.. 1.2
.. ',.6
millions),
....
2.!
i.@
+5·5
+
II
-
! +
2.6
10.3
4.3
$+
~1 • 7
i
+ 11.1
-
:
! ;. 9
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$+ 19.1
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1>1,,18100 otMoneta.r l
fl.searoh I
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3. lI"lt"" statee ola\Jl~ 0Jl Japan doIOl'easet.!! .l~ aUlloll, lall4
oDcs:
, $6 m,111!i.Ol\, \'f~11e increases were! aftown tor U,d.,e4 .
nada
Kln*~om $4- m11110n, Net'berlands $3 million, and Latin Amer1e&.
.
I !
!
"'1
I· I
..
..
111on •
$2
' I
4. Britiah tran.aat1ons' 1ft United state9~eeur1tlee re~ult.e4
1e
in n,t ptaroh..\1J.aElts of $.5, ml~11on, . a9 a. r.e\l~ t ot the· 89::
of
stoek$ ot ~a'.• 2 ml1110tlJwh~eh was ottget b,1 the purch8,S6 i of
dO'&le~tle bonds of $2.1Iml1l10ne Tb.. tot&~lllqU1d..tl0ftof·
Bl:'lt~8h-owned Amel'1GILII ...oyr1tl.... ItO" ....."'l"ts to \11116 1I~1l101l.
InOlfdea 111 thl. tlgUl'e. b,...,f>"er. are P"l"!~". of $lG ",U11011
of i\iomeatio bonds b1 London branchea of t~relsn banks. !
l'
5. IG!>14 aport.. adJuie ted tor e al'lBal'lt ille;: or> er.at1 OIlO, .
~oun
tad
to S77ml111oft 10 tbelweek/ ende4A.pr11 21+, as oomparedTilth
$11$ a1111011 1n the ,pl'le"'l~ .....ek. '1'he '!!tal "et lnq>"rte of
aUI'1ns
110"
to 8956
I
19~O
gOli
T'' T"
lD1l1r'"
.
Net Gold I.par's .j,I,4jll1sted for Ohanges 1"
J. I· ·t·
.
(we. .spar·
8
.
j ( »
appear aaI .-
I
I
Week ended
un~ted. (instiol.
france
Be~gl\1!D
Netherlaru'l.a
I
,
sw1tzerland
It~11
portugal
CanB.dAil.
I
,
AJ'lent,1na
Ja'f'R
01fhel" Oountries
I
I Total
'I~
'
(In m.ill ioftS ) !
. APEll
Earmarlt~1ft1
lZll.19li-o
II
$ 1,.1
Week ended
8'1l. 24 pl;!iQ
i
i' 3
30.5
10.0
2q.l
-16.. 2
0.1
*.2
'j.6
1~~.3
i7 .. 2
-15.1
'0.,
il
!16.. ~..
~
...
12 .;
!I
•
~11'.3
!
.
$
1.;
~.O
1.6
77.2
�..
Seoretar1
K~rgenthatl
Mr. Wh1te
I
I
,
,
I
Movements
; Sub ect: Reoent Developments in Gold an~, Capital
,
,
: 1. i There was a net 1.rtflo'f of capital of ,$40 million in l the week'
i end~d April 214., 19Q.0. IThtf total net infl;ow of capital ,during
: 194? now amounts to $17g mi11ion.
!
Net canital in~low
Weeki 'Bded Aprl1 2'4, 1940
!
I
, (In million$)
,
I
I
Short-term bank1ng ~ds:
$2S.1
Foreign funds held here
12.9
Un1ted States claimS on foreigners
- 2.4
Dom'estic seourity transactions
I
2.5
, ror,e1gn secur1ty transaotions
- 1.0
Brokerage balances
:
II
I
I
$4o.i I'
'
I
i
2. i The principal changes in foreign funds held in this market
du:r;lng the week ended Apr~l 2Q., 1940 were as follows:
Ii
,
I
(In milllons)
i
I
Offic1al
!
United Kingdom
France
J>r1vat,l
$ :~r(:~
$ - 6.9
+ 4.. g i
+ 5.2
+ 6.1
i
Iptal
•
log
+ 0 .. 4
+
5.3
It~11
Netherlands
+ 0.. 1
Norway
Sweden
Swlt!.erlo.nd
- 0.1
4.9
+ 6,.3
- 4.1
- 2.. 4
- 104 i,
+20.2 I
2.5
- 603
+26.. 5
- 3.6
- 1.0
+ 2.5
+ 6.4-
+ 1.5
+ 6.0
- 1.8
+ 0.9
- 0.9
1.8
$ +35.9
$ +2S .. 1
... 2.6
, Canada
Latin America
,
Asia
Other countries
0.1t
'
$ -
I,
+ 0.5
I
.. 3.. 5
�I
Dfvls10n ot Monets,ry
- 2 -
l1~lted
3.
I
Research
I
I
States olrl1ms 011 Netherlasds decreased #6 m1l1!loll.
on United Klngdom $3 mlllJ.lon, on Argentina ~2 mllllon, an~ on
~l
Asia
million.
.1 .
'I
.
I
4.
Brltlsh transaotlons ln Unl.ted Statlea seourltles resulted
ln ne~ purohases ot $.2 Imilllon; for although fl07 ml111o~ ot
Amerl~an stooke were Bold, blonds amountlng ~o 2ml111on ",ere
purohAsed by Sw188 banks! through ~ondon. T~e .net llgUldatlon
of Brftlsh-owned Amerlca.in a.purlties now am.~unts to 8146 mi1
llon, Ibut Included in t~ls filgure are purchalsea of about i
$12 m~.l 110n of American b ond~by other torellg n banks thrOU.8h
.
LOlldorl:.
1
il'
l
5· Gold Imports, adJlIstf'd tpr e4~arklng o~leratlons, amounted
to $47! ml1lion ln the werk eflded May 1, 1940, a8 compared with
$77 million in the previous week.
.
i i i
Net Gold Imports *dJu,ted tor Change~ in Earmarking
( Hetex""'orts appear as (...!»
.~
I
""
,
(In millions)
Week ended·
i
United Kingdom
F~anoe
BEl1g1um .
Netherlands
I
I
S~ltzer1aDd
It:a1,
Po:rtuge.l
Canada
I
Ja.,.
Argent1na
Union ot South Afrioa
ot~el' oountries
'rotal
. ~1'11 211) 19~O
.
,
$ 22.2
10.0
- 6.7
16.2
R:~
-2j:~
Week
lndGd
May 1 1 "19 40
$ fo4
20.1
- 02
0
- '.S
4.6
1.7
I _
I
13 .. 1
1
- 1.S
4.0
-
5·6
$ 77.3
2.0
- 305
1].4
2.0
I
t 46 g
_
1
kfJ
HEH: esh
5/9/40
I O\jJf'fl .
"
.
,
�I.
"
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!
8ecre~1.0rpD'tbau
Mr. 1hite
SUbJrC1;:
BaoeRt
DevelfPlI8ra
" i'
14a1 13, 194q
'
Ir
,:
1ft Gold aDd
!Iov.arb
j
pital
1. ,'l'bere was a Det outflow of capl tal ot, III ml11ion ln the
wee~ endedBa,. 1, 1940~ ~e total net cap'1 tal inflow d~ring
1940; ,now am.ounts. w $165 mlUloD.
:I
.'
, I
lIet oapltal inflow
,
I
I
I
,
(In .1111(118)
'
I
Week: ended I&l 1,11940
ShOit-term banklng tunds:
i'orelgn tullda held ~ere
Unlted states Claill8 Oil torelgners
Dome etlc seourl t1 tra.n!saot,1ons
Po·reign s80url tl tranaactlons'
I
1
5.6
Ib.g
I
02
4.1
.1
Brokerage balance.
1
I
• - 18.0
:'otal
I
!!he prlncipal changes in foreign tund~ held ln thl s market
durlng the week ended Hall, 1940 were 8. s ltollOW8:
i
(In milllons)
2.
I
Off1cial
r
$-22.S
+ 0.7
Unl ed Klngdom
rral!'ce
-0.2
+ 6.7
1t&11
NetJ;1erlanda
t
- 2.1
Sweden
... 4.7
+ 1.5
.. 1.7
SWltzerland
Other Europe
Can~a
I '
Japan
I
Private
70 tal
t .. 6.1
$-1607
- 4.4
... 5·1
- 1.9
- 1.2
+ 60S
+ 4.1
.. 1.6
.. 3·9
.. 1+.2
Ar~ntll'l&
ot~r
1,1
+ 0.2
countries
Total.
s/-!:.-c) -
Yl8.1
2. Lo
to
r:::i~:;::..~
So !\.P.i.tJl
.. 6.3
- 4.4
- 2.1
- 1·5
.. 4.1
.... 0.6
+ 3·1
.. 5. 6
.. 4.2
.. 6. '3
4.2
�I '
REPRODUCED AT T~E NATIONAl. ARCHJVES..:
i
])1 vl 81 on
0
I
'
I
3. United State. olalms
'
t
Mone tary
1 Reaearob
- 2 ....
I
,
'
,Japan lncrea.ed 87 mlll,"on, Oil
'rano~ ., ml11lon, on,' N~~8,iland •• 3 B11ll0~. and 01a1ms o~
Canada and Latin AlDerl"a inoreased Il.1lllon eaoh.
I
I
'
, .
Gft
I
!I,
i
Brit1sh transaotlons ln UnltedStates db• • t10 8ecurl~1 8S
resulted 1n net 8ale. ot 11.3 ml1110n. Thellnet llquldat1pn
ot Sri tish-oWned American seourl tles slnoe ,the bepnnlng 'of
the war now amount. to $1481_11110n, but ln*luded 1n thli:
flgure are purohases ot!about 812 milllon ot Amerlcan bonda
by oth,e1' toreign bank;' throulh London.
II
'
'"
I
I"
,
'
I
5. O~lQ, 1mports, adJu8,ed ;or earmarking ~peratlons,amounted
to 858 mll1101'1 in the w,ek ended Ma1 eI, 19lK>,as oOlDpareca; with
'45 million 1n the prevlouslweek.
i
I
I
,
I '
'
! Net 0014 ImpOrts Adj sted tor Ohanps 1n Earurk1ng
I
(let eXpQrta appee" a8' (i.!..»
!
4.
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:
'
'
I
I
I
,
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:
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(In mi1l1ona)
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,
I
Week enAed
Mall,
i
~nlted
Jtlnpom
'ranoe
Belgium
Netherlanda
I
•
;,40
_I
~ag:il
- 5. 8 1
I
:hlt&erlan4
:Portugal
Oanada
!Arpntlna
4°:1
1~:~1
!Unlon ot South Urioa
IOther countl'188
11.-.i
- 0.1
... !
I
Week ended
8, !1240
gal
I
.-1~.3
22.8
.... ~.,
- ,.1
..
I
~.I
1.5
55.9
- 1.. 5
I
8.2
- 4.6
I
I "
• 58.2
Total
,.
..
�REPRODUCED AT TrE NATIONAL ARCHives.;
1
I
I
i
1
i
I'
1940
llay 201'
!
I
I
Beore'tarJllorgenth&u·
I
Mr. White·
I
subJeo:t:
1.
Recent Deve.lop.ants
YJiere waa a De;
1DrJow
ol
ended 1Ma1 8, 1940. The ltotah.
now amounts to $168 mllllon.
:
I
ln Gold and Capital .cvementa
,
I
:
I
capital ot .Simllll0R ln th,! week
net inflow of ' capltal durlng 1940
I
I
i
let capital lDflow
I
:1
(In millions)
[I
Week ended !aJ·.8, 1940
I
.
.
shortlterm banking f\lndaf
foreign tunds held he~e
Unlted States clalDlS ern fqrelgners
Domestlc security transaotloDS
Forelgn securlty transactlons
Brokerage balances
$ 1.5
2.b
-1 .. 7
!
I
I
2.0
.. 2
• 4."6
1
forelgn tunds 'held in this market
I
1940, were as iitOllOWS:
(In ,mlllions)
I
IPrlvate
"0tal
$-2.7
$+i6.. 7
-4·5
- 4.5
-2.4
!
otficlal
UnltedlClngdora
Prance
Italy
Netherlands
$+1,.4
- 4.2
-.1.7
3. 2
2.6
-4.g
+4.6
-
.4
i
i
Sweden
+
Other Europe
.. O·I
- 4.
Switzerland
eaR~a
Argentina
Chile
Cuba:
Ron Ikon g
- 0.6
-
1
Jap~11
Ot~r
Asia
other countrles
i
,
:'l'ot&l
I
- 2.'
- 0.8
8+ 3·5
+1•.'
+006
-6.7
...1.4
+2.0
I
-16.. 1
"'1 1 .. 6
+1 20\0
+:
1·3
jllo1
- 1 2.0
.
+ 2.0
..1·5
.. 1.,
..1.7
I
+ 1.1
..4.3
..6.8
...3·5
.. 4.3
.. 400
.l..
!
4.3
",2.0
:?28272
�I
L
,
1
1
1
-
Dlv,leion ot Mone~ary
Researoh I
2 -
l1~lted
Statu olai-,on tore1gners 1l1o~eued .5.6 11111I11on "
on Japan a.nd $2.3 ml111 Qn. on Argent1na; and I deareased $4.;4. m11
110n 9n Oemada, $2.4 ml:tlion on Uni ted Iln~om, and t3.0 ~11-
3.
110n ?n other Latin
Mer
II
oa •
: '
Brlt1sh transaatloDS 1n United States domest10 aeour1~le.
resulted In nAt sales ot $1.7 1111110n. The !net 1Iqulds.tlon.,
"
of Drl tll!h-owned Amerlcttn seourl ties slnoe .I~he begInning hr, ,\.
th. e w.ar now amounts to 8150 Imll11on, but 1naluded in this! figure
4.
are purohases ot about $12 millon of AmerIca,n bonds by other '
foreIgn banks th.roush LOndon'.
:1
i
I.
:
I
I
I
50 .GOld 1~port8, ad.Ju8~ed t'fr ea~rk1ng op,ers,t1ons, am0¥nted
to $101 m1llion 1n the "'leek pndediila, 15, 19.40, a.s compared with
857 m:tlllon 1n the prevloUA week.
I
I ,
I
!
Ne t Gold IUlports IA.dJusted for Change II· 1n Earmark1ng
(Net
appear as (..l.»
I
I
expotts
II
t
(In m1111on8)
I
I
I
I
Week Ended
.
n
V 1ted!Klngdom
France:
Belgium
. Ita11 :
Netherlands
!
Swl tzerls.nd.
Portugal
Canada:
Argent1na
.
I
I
Nnlon ot South Atrioa
Austral1a
!ay 8, 19 4q
Week !nded
119 40
$ 12:.5
May 15,
'n
8-10.3
22.a
- 4.3
... 5·1
!
1
1~.4
16
51: 5
9.2
- 2.3
1.0
17ls
- 1·5
3sL6
.... 2Lo
51.8
lLo
lois
Japan I .
512
4~8
Other qountr1ee
213
I
I
• 5702
• 101 0
..
~
i
I,
i
.
2282'73
�!
'TIONAL ARCHIVES.
REPRODUCED ATTHE N A . ,
..
I
I
I
I
I
lila,. 27, 1940 '.
I
Seoretarr Jlorgena&u
Mr. Whl te
i
Subject:
!
I
I
i
i
Recent Develop,ments ln Gold and Caplta.l Movements
I
'
I
,
I
1. there W8S a net lnt]ow of capital of $1] m11l1on ln the week
ended 'May l5. 1940 •.
il
I
Ne:t cap1tal 1nflow
,
I
(In millions)
Week, ended Mal 15,11940
Shortitermbank:lng tund~:
. foreign funds held he Ije
I
~
•7
g .. 6
$
Unlted States cla1ms on forelgners
Domestlc securlty trano~ctlons
'Forelgn seourl ty tral'lsact10da
Broke.r&ge balano e 8
,
~e pr1nclpal' ab.ange,s
dur1n~ the week ended May
2.
(In, millloDS)
$+15.6
Un1ted K1ngdom
- 1.1
'ranee
'
04
,
ln forelgn funds ~eld ln th1s
1
15 , 1940, were as: follows:.
Bfflcla1
1
D7
1.1
• 11.3
I
i
Ptrlvate
mlr~et
~ ~
!
i
Total
II
e.
1
2.6
+ 3.7
I - 5. 4
.
$+lg.2
.. 2.6
- 5· g
Belgium.
Germarl7
,
- e.4
Ital,. ·
lITe thei>lands
Switzerland
OtheriEurope
.. 5·3
,- 0·9
.. 300
- 8 .. 9
+ 2.1
-19.0
+ 2.1
4 4
.. ,' 7.4
.. •
Canada
Latin IAmeri ca
Asla
Other :countrles
+10.7
; - 5·g
I .. 0.1
+ 4.. 9
+ 0.6
+ 1·5
1
I
I
.. 0·5
.. 0.7
1
+
1·3
!+ 1.4
!-
.. 1.4
!
:T~:~
- 8.8
9·5
.. 0.4
+1 1 .7
I
•
Total
$+1 006
$+39.8
1
I
.
'
I
I
,
I
I
f':,r
3l~~:t.~;Y'V.,rOJ:~t1
cC
¥"
t, 8
,~t:~: 1~\'IS
~-j,::'J.l,
co;
"
;, ',c
'\'l~'
I
�!;
,
i
:D1T1s1~n
_ 2 -'
I
of Hone tar,
i
Research
,
on I , il
..
United ata~eB 01a1ms
Japan deol'8&sea. 16l m11lion, and on
Netherla,nds 81+ millloni al.1118 on Oanada 1nore ased $2 ml111,?ft
,.
and 01\ Iltal1 ,1 111111101\.
II
I
I
4.
Dr1 tleh transaotions 1,n Unlted States doaest10 seourltles
l
resulted ln net sales of ~1.5 .1111on. The n$t l1Q.u1da.tion of
l
auoh se0',ur1 tles since the Ibe,11rtnlD,g of the war now amounts to
1152 811111011, but inoluded in Ith1s figure are lpurohases of
about
2 milllon of .mer~oan ibonds by other ~or.lgn b.nlts .
through i London..
I "
,
:\
·
i
•
I
5. Go1c;t lmports, adJuate4 tOlj earmarking o~:~atlon8. amounted
to 1140 I million ln the wesk ended May 22, 19401" a8 oomparedi, w1 th
$100 mlllion in the praTiQUe .eek.
$t
' I I
:
Net Gold Imports Adjusted tor Ohanges ,1n
I
(Net e~POJ"i. appe ar 9.S (-)1)
I
"
Earmarking
'
(In mlllions)
1
Week. ended!
Iff.l, 15,
Unlted :Jtlngdoll
Franca i
Ita11 I
121t.~,
• 1109
15.1+
Week ended
,.1 22, 112 40
• 3g~g
~
7J7
2j7
- §:i
- ;.1
awl tzerland
17·8
-2218
Oanada I
lO:~
5~1
Nether~anda
i
Union qf Soutb Afrioa
Austra~ia
,
Japan I
Other coun tria 8
I
42.9
129~9
:
I
4.7
-
1
.4
- 1.2
$10001
$139i.7
i
'1282 75'
1
':"1
J
�I
REPRODUCED AT )He NATIONAL ARCHives.,
"
IUD.e 3 J 1940
I
Secretary Korgenthau
Mr. White
subjec:t:
i
Recent Developments
in Gold and Capital Movement,s
I capital
int1 0w of
I'
!
1. T~ere . was a net
1
ending May 22, 1940. The net
amoun~s to $237 million.
!I
'
of $5 71million in the week
inflow of cs.p+,tal during 19 40 now
:1
.
.
I
Net ca.p1tal int10w
I
(lIn ml111onB.') i
I
Week ~nded M.ay.22. 1940.
.
•
I
Shortfterm bankin.g fund~: ~
foreign tund.s beld Iher~
United StEltes ela.lDta on foreigners
:
I .
$
I
- 6.7
·3
Domestic security transactions
Foreign security transactions
Brokerage balances
I
50.9
6.3
-6.2
$ 57.1
Total
i
market
2. The principal changes ip foreign funcls :re1d in this
22, 1940 were as -follows:
I
dur 1n:g the week ended May
IImillions)
(In;
I
I
I
Official
I
Unit ad Kingdom
France
Belg1um
Ita.1Y
Neth~r1ands
Switzerland
Other Europe
Cana~
, '
Latin America
Asi~
Othe'r countries·
6 6 L.O _
/ /
$- 6.1
+5~·5
+ 0 .. 1
- 5. 0
- 0.2
llpriyate
1
i $+
6.0
: - 9·3
- 002
. . 3· g
- 2.S
-13. 6
- 1.0
+100,
,-,
- 1.3
+ 1.1
... 0.2
... 9.5
+6 .. 5
_
4. 0
+'2.7
... 5.5
i,ota1 '
i
$+4e.. f!
,$+ 2.1
f~r. to Miss CtJauncev; CC to ssrs. Bell, Cochran, Haa.s,
:
2 to Mrs. Keith" '( fbr ).'~ait thews and Butterv.;¢'rt.h )
T~tal
�II
,
il60
,RG
i
Entry '15~ -ZSiC?l
II,
FI"I e --r,.,wl~ .Lit" !f..,;\ ,~
>'+4-/{
'-.(\
'-/-2.
Box
IXII
I
I
i
Djiv1s1on otMon~taJ!'Y
2 ...
3.
Researoh ' ,
1
The liquidation of British-owned Amerioan seeurlties wblch
'I.
has been fa1rly regular for many weeks was I ;praot 10al1y suspended
durlrtg the latest week.
:.
i
1
4.
I
'I
I
~old Impo'rts, adjus~ed tor eRrmarklng operliltlons, amqunted
I.
to $57 m1l1ion 1n the week ended May 29, 1940, as oompared with
$141!! ~ the previous week.
II
I
,
;,' 1
Net (lold Imports AdJi1(~ ted for Chang~s 1n F.armarlt1ng
, (Nat exp0rt$ app~ar as ~L»)
I
I
I
, i
I
Unltad Klngdom
France
Netherlands
Swttz~rland '
!
I
Canada
Union:of South Africa
Other (COuntr1es
Total
I
(In millions)
:
I
I
I
Week :U;nded
!aZ,22. 1940
Week Ended
Mal 29.1 1940
$ 37·5
$-1716
.•
.. 7. 7
- 5.1
-22.g
130.0
5.1
10·Z
'$!l.4717
I
20 .1
1
1
- 0.9
I
5316
I
1
,.'
114
. '"
I
I
I
,
:228277
{
�I
i
June 10, 194.0
I
.,
I
Secretary MorgenthaU
I
.
Mr. White
i
Gold and Capital Movements
I
.
,
•
I"
:
I
of $5l million 1n the week
1. There was a. net outflow o!f oapital capital during 194.oinow
ended May 29, 1911-0. The net inflow of
i
I
amounts to $195 million. .
Net capital inflow
i (In mil11on's )
Week ended May 2~9 19 40
I
subjeot::
Recent Developments in
I
,
I
,
i
I
Short-term banklng funds:·
Fore;ign funds held hert.
I
Unit'ad states ola1ms on fore1gners
Domest,1e seour1ty tranBa~t1ohs
Fore1gn seour1ty transact1on~
Brokerage balances
I
I
Total
1n foreign fUnds held 1n this market
2. T~e pr1ncipal ohang~s 2~j, 1911-0 were 8.S [toll ows :
I
dur1ng the week ended Ma.y
'I
(In :m11l1ona)
, II
I
,I'
Off1cial
~~;!d~ K1ngdom
I
Italy
, Netherlands
!
sw1t zerland
other Europe
Canada
Lat1n America
I
I
Ch1na
Japan
oth~~r countries
Total
$- 3. 6
- 5·0
- 0.2
- 2.. 1
+ 2.0
- 0 .. 5
o.g
Private
!I$-
2. g
- 11- .. 3
i - 3·5
9.. 6
3.. S
- 0 .. 1
-16og
- 1.3
- 3. 4
-13. 4
I
Total
$-16,4
-!9·3
:[U
-15.9
+: 1.9
-tl.7.3
-,I
.
2 1
I
-I 3. 4
13 "ll
+ 0 .. 4
-: 0 .. 1
1 0.3.
;;
$- 9. S
$-59·7
$t69 •5
l-hl"3.l.)
r
1 ••
I
I
I
I
2,28278'
�I
,
i'
'
'
REPRODUCED ATTt-iE NATIONAL ARCt-iIVES.
I
.l..J.v1sion ot lIIonetary
Researoh!
I .,'
- 2 . f
,
I
3.
•
i
Un1ted states cla1ms on Japan decreased $1.2 m1ll1on and: on
Canada ~g m1111on.
i
!t. The l11Qu1dat10n of Br t t1s1p.-owned Amer10art seour1t1es ~ich. ,
had been fairly regular tor many weeks was pract10ally suspended
for thel seoond conseout1v~we~k. A feature o~ the week' s ~rad1ng
1n thes.s secur1ties was t~e nft sale of $2.5 !m1l110n for the
account! of Asia, other
Japan.,
II
5.'
gold impo,rts,
for earmark1ng operat1ons, :
amount~d to $135 m1ll1on 1n the week end1ng ~une 5, 1940, as
compar;d with $61i-, m111101 in
previoUS
I
k
[Net Gold IIIPGrts Adjusted for Changes I11n Earmar 1ng',
(Net axpo1ts appear as
I, I
Ne~
tj
adJliUste~
~be
we~k.
(-»
i
(In m1111ons)
Week Ended
Mal 29. 1940
i
,
I
I
I
$- 17.. '1
Unit ed Kingdom
Franoe,
Netheljlands
Swlt zerland
I
Sweden
Canad&
ArgentUm
Brit1sh India
I
Japan!
Java i
Union! of South Afrioa
other oountr1es
l
;Tota1
20.1
-'1
0.9
.... 1
51t-.O!
-I
.. 1
-
4.7i
3 • .9
I
6403
• 4)
I j.""
?82'7 9
f>.J
'
�,.
i
REPROOUCEDAT1HENATIO
NAL ARCHIVES.
.. ,
I
June 11, 1940
Secretary Morgenthau
,
Mr. White
i
!
SubJeot:
Recent Developments ln Gold and CS:Pltal Movements.
,
I
I
I·
1. Th~re was a net lnflow of oapital of $35 milllon ln tWe week
ended June 5, 1940. The net oapltal inflow Idurlng 1940 no "
amollntr to $226 million. .
il
'I
N:et capltal inflow
I (In millionsl)
Week ended June 51, 1940
I
I
I
Short-term banking funo.s:
Foreign tunf.s held here
United, States elalms o~ f0l'jeigners
Domest+c seourity transaqtlons
For eigI?- securl t,. transact.lons
Broker~ge balanoes
.
I
$
21.2
3.4
12.3
2.g
2.2
Total
$
35.1
2. Th~ principal changesl 1n foreign funds held in this market
during Ithe week ended June 5. lQ40 were as
110WS :
f1
(In mit111ons)
!
;
I
Unit ed King dom
E~rance
1
Belgium!
Italy !
Official
3.7
- 1.S
$+
,I
Prlvate
I
$+
Netherlands
Swit zerland
Other E~rope
Canada I
I
Argentina
Oth~r Lat1n Amer10a
China
Japan
i
!
other oountr1es
I
. .:. 2.8
Total
()/··';4)
'] ~./' C
I
. .:. 2·5
... 0.1
+15.7
- 1·7
- 0.7
j
2.8
I
+,
1.2
...:
1'i
- 0.1
5.2
... 7.2
+ 0·5
D.g
~ 2·5
... g.l
...: 5·~
+ g.:1
1+ 0.8
$+21.2
4.4
I
i
1+20.~
Ccchr~tn,
i
2.:4
"lg.'S
- 2.'9
0.6
I
+ 2.0
- 0.3
r ~to idiss ChallnCe~T; CC t
- e • .til;.tterwcrth and EiIatthew I )Bell,
i
21 .7
i
-t"
1.2
'"I 1.9
1.3
I
I.
I
Total
'
I
2.15
-t-
...10.3
,
i
i
Haas, 2 t.o Mrs. Kei'lt.h (for
i
I
:228280
i.
!
�if
I
- 2
:United States claims o,n Gana-de. inc: "a~ed
clatms on HILly <lscreared ~1 ml1Uon.
3.
$5 ml11ion, while
II
4. iJ~ feature of the transaotions in Unit ad States domee1tlc
seourities wa.s the ne~ pUIjcha.se by Italy of ,,<,,13· 2 milJion of
I
'
.I
I
II
I
<jt
I
bonGis. Llqu,idatlon o:q such securit1es by,lthe British wile
rene,'wea. on a. amall scale ~ith net sA,les 0 '1' ~~;. 5 million. \
,
\
I
' .
5. I Gal d 1mpor t • • adJ".'ted fGr earmarking', oper at 10M. abaunt e d
to il1;102 million in th~ we~k ended June 12, 19 4 0, as oompared
With, ffi:129 million in the 1Drevloue v1eek. 11
: .'
I
,
I
Net gold
" I
"I
Importf~ Ad~llsted.
: '
for Chan~Fs in garmarkllng
(Net exnort s a-op,ear IH1 1,( - ) )
I
1
.
~ In mill ions)
I
I
I
Week Ended
J'une .5,11940
I
I
Un1lt ad Kingdom
li'rance
Nether1ancte
Swit zer1and
I
SW€Illen
Cana.da
I
Argentina
JaVa
i
Australia
Un~on
of South Africa
ot~~r countries
,
h
42~2
-).j.26~ 6
-
2.6
lr.;LS
-4g3:j4
~IJq
51 Jo
3:12
!16.6
_ l!l3
'/
Total
HEH:dt31
B-1S.... 4-0
I
l!t
$ 129·1
I
',,!leeK Ended
June 112. ' 1940
I
$it
I
i
25 . 0
5. 0
15.0
2.9
. 92.6
5· 0
I 4.0
_II
I
,
\
6.4
7·9
4.1
102.1
�,',
i
REPRODUCED AT THE
~AT10NAL ARCHIVES
I
I
I
!
JUD:8
24, 1940
I
seen tal'fIllOI'pD tlIau
I
IlironUe
I
Reoent 4e...elo~Dt8 1n Gold aad' Cap!,tal Movements
',i
I
SUDJect:
'
I I
!
..
i
. .
1. IThere Was a Det outflow of cap1 'al of'1 $34 millton 1n the week
GDc1.4June 12. 1940. l'fhe Inet capital outflow during 19~ DOW
amo.unts to '194 mil11on.
, ,
I
R.t:cap1tal tnfloW
,
(In ml11loDS) I
Week ~nded JUDe 12C I 19110
Short-term baRklng tunds:
.
I
i
r~relgm funds held h~re
!
it- 34.1
Un l ted ata tes cla1msl on ,orelgners
Dome~stlcseourl t7 transaot1ons
I For.~ga aecul'1.", transact10Ds'
,
1.6
Brok~rage balances
I
l
j:l
- 0.4
I 'fotal
! $- 34.2
I
2. !he pr1Doipal changes .1n forelgn fl.tnds' held in this /DArket
during the week enc1ed JUDe 12, 1940. were ~a8 follows:
i
I
'
,j'
I
(In 1ii111ofta)
I
j~ttlCle.l
Prl Va te
WRlted I:ingd.ol'l
Franoe
$+15.8
-21·7
SelgliWD
Italli
0.7
....1605
~ 2·3
-12.3
$f;
.o.l
- 0.1
5.1
-10.0
I
+111.3
.Netherlands
Swedea
Swl tz~rland
Ctlaada
- 0.2
... :0.1
... 2·5
- 6.5
... o. s
+ 1 0 . 9 . , . 5.5
LaUD! America
+ Jo 0
Chlna,
Jap8.D1
Other!. countries
-
~ta1
- 7.1
+, 4.1
..: 5.3
~ }.::5
tr
o. 2
,
I I
:
I
-26.g
-10.1
1
-11.5
+
II:!. (;
. 55'•• 1
- ...
~
1
401
... 1 • 1
4
- i5.::5
.. IJ.l
$-ll
I I I
.
$+ 1.1
/
6 2'7:,ho - Oridnal to lvIiss Chauncev',
I
I
''fo tal
11'- I
I
c-;,
1"
2
to
02
cc tc· MeSSrE,:,' 8e11) Cochr'an, Haas;
Mrs. Keith (for Butterworth ar.cc :,lat.thews
•
.
.
I
I
I
228282
�I
Divlslon OfiMonetery
Fleaearoh
,
I
I
i
'"
, I '.7 ml11ioni on
,
i:
United stat•• olalms on Gan.ab lnoreased , '
Uill te;t Kingdom, $2. 7 JB1~llo;; and on I tall,i 161.9 mtlllon.1
Olalm's on Japan deoreased $1.6 ml1llon and :on Quoa, $1.2 ]1111
11on.:
1
I
, I
4. A~ feature ot thetr~dln, in Un1 ted St8t~S domestl0 e~ou1"1 tlel' Was the purchase I of
m11110n of b0pii 8 tor Ital1an
Qaoou,..t, which lIlore tha~ offset oOlibined net a.lee ot $1.12 mil~
).
110n
r7
.,
,4
the Sri t1 ah, FrjDOh I and Clinad1ans.!
I
,
OPld lmports, adJu.8~e4 for eal"lls.rking ~pe, rat1olUt, amounted
to $1[2 m1llion ln the week ended June 19,1l.940, A8 oomp~red
w1 th '99 mil,110n in he, prev10us week.
',I
i
!
'
I
• Net Gold Imports AdJ¥sted tor Ohange. 1n Earmarking
(Net 8xpGrts appear 801 (l..})
I
5·
t,
I,
I
1
I
(
" 11111110".)
'i
I
Week End~d
June 12, 1940
....
Unlted Ktngdom
.Week 'Ended
June
1'9. 1940
• ! 7.7
Franoe
"
'ethel-lands
41 . :5
1
SV1e4.~
I
Oanada
I
Arsentina
Java I
I
Un1on:ot South Atrloa
I
I .. 1
Other:oountr1es
T~ta.l
I
I
I
. ,57.6
15.~
I
• 99. 2
1
I
'l~l. 7
'
I
,
I
HEH;esh
6/25/~
I
I '
i
:~28283
�I
ARCHIVES'
REPRODUCED ATTHE NATIONAL
-';
I
I
JU~1 1,
1940·.
Seoretary .orgenthau
Mr. Wh1 te
SubJeot:
1
Recent Devel.opments ln Oold and Cap 1 tal lloveJ,nts
I
!
i
I
.'
·
1. ; The le.rgest net lnflow of capital lnanyweek slncel the In
cep~loR ot theee reports, lamountln g to #2,09 ml1l1on, to1ok plaoe
ln~e week ended Jun, 19. 19lW. An lnc~~ase ln 'rench dollar
balanoes in the Unl ted 8t,ltes of $210 ml1110n accountedI for the
record movement., The I tots.l net ca.pl tal 1nl"low in the 1I1ear 1940
now! amounts to .403 ml1l10R.
1,1
lIet oapital infl0i"
(In ,millions)
Week lended June,
I
'
banklngfu~ds:
rore1 gn fund II he 1d be re
I
19, 12 40
I
Short.term
$200.5
7.5
2·5
1.7
1.5
l:Jr&ited States elalm~ Oft
forelgners
Do.,stie securlt;y tra"sac~lons
Foreign security transactions
Brokerage balances
i 'fotal
$208.7
I
2. i The principal ohanges 1n foreign funds held in this market
dur,ing the week ended June 19, 1940, were a8 tollows: I
I
I
~fticl~l
i
I
Un11ted K1ngdom
hanee
$-
..217.2
-
Be~glum
letherlanda
I
2.2
BOljWay
o'he r
5.6
Europe
Oanada
Argentina
... l.g
... 5·9
1.1
,
Brazil
Japan
other countries
+
4.2.
'
(In milllona)
I
!~r1 vate
1
!
8+3·0
-7.0
-009
+0.7
+0.,
-2.3
+1.7
+409
!Total
$.... 2.6
+210.2
.
0.9
0.7
- 4.1
4.2
1.7
- 3·8
+
+1.9
+
1.9
-2.1
+
2.1
-4.7
4.7
I
I
! 'rota1
,
....204.g
.-.... 3
. $+200.5
.
~:28284
�DiV1sion ot Uonetarl
- 2 -
a.searah
I
!
3· : Unl ted States 01a1t18 Oft torelgners 4e"line4 .1.5 Jllion'
1n'the current .eek. . United States balartoes 1n Ganada'deoreased .4.6 ml1l10n, ,and 1n Japan $2.4 million_
.
.,
! I .
4. : let 8s1es of dome etlc seour1 ties 'bl Unl ted KingdoDl, france
an4 Oanada amounted to. $6'1 million, of wh~eh $3. g ml111~n was
1
aocounted tor by the Isale of Amerloli\n bonde for Cans.dlan
aooount. There were Ret purohases ot $3im1111on for account
of :AsIe.tIO 8ouroe. other Ithan Japan.. i
,I
I
5. : Jet gold imports, adJ~8ted for 8e,rme·rfk1ng o~ra:tion8,
amounted to '92 millIon ip the week ende~ June 26, 1940, as
c"mpa ....a ..1 'h $13l!
1n the p ....
week.
i
'
I
n"ls
m1i111T
Net 00ld ImpOljte
(met
~dju8ted
e~orts
for Ohanges 1n Earms.rlr,lng
(-»
appear as
I
(In mIllions)
Week anded
June 19~1 19~
I
I
united K1ngdom
'rance
Spain
Netherlands
i
SWi1tzerland
Yugoslav1a
Canada
ArgentIna
Aus;tralla
i
I
Other oountries
Total
Week Ended
June 26, 1940
:1
07
• 491
lJ.3
~.4
3'· 7
,
i
I
i $15.0 .
I 20.6
.1
_
- 3.0
- 0.8
I
66.)
5$1- 5
5 0
0
6.4
1
,
,1.1
1- 0.1
t132.1
1$9201
I
�I
Jul::.. 10, 1940,
1
Seoretary IIOrgenthall
1IIr. Wh1 te
St.tbJect:
Recent Developmeats In Gold and Oapttal IBovemente'
I.'
I I
i!he
!
.'
I
1. !'there was a net outtlow ot capltal of) $It 1I11110D 1n the week
eBd~d June 26, 1940.
net Inflow of capital during i191to now
amounts to .398 ml1110D.
I
I
:
met capltal latlow
i
., (In ml1110D'S)
i
Week !ended JUBe 26, 1940
Short-term banking tu,ds:
I
.
r.,relgn tunds held "ere
t- 8.5
U~1ted States claim~ OD foreigners
7. 2
Domestio seour1 ty traasactloDS
- 2.5
I
•
'or~1gn secur1ty transactIons
·5
Brokerage balance 8
·9
1
I
I
.- 4.2
i 'fotal
i
2. : The prInclpal changes 1n foreign tul'ld~ held in thir:J me.rket
during the week eaded .lune 26, 1940 were ,as follow·s:
I
(In millions)
OffICial
-
Unl,ted KIngdom
Prance
Ita11
lether1ands
i
Swe'den
SW1:tr.erland
Otb:er Europe
t+ ,.,
- 2;.8
-
0.1
+ 2.1
i Prlvate
,'rotal
,
I
$- 6.0
+ 7.9
t- 2.7
- ,.4
I: 15:4
-
1.0
+ 1.2
i+
3·3
- 0.9
•
i
Argentlna
BrasIl
Gh1:1e
other oountrles
0.,
0.4
-
5·6
+ 0·3
+ 9.1
1·9
- 2·5
14.. It
+ 0.1
- 5·3
t- 1.,
C8~ada
- 4.4
$- 7.2
+ 10.0
+
+ S.7
+
+
+ 2.;
+ ,.,
+ 2.5
+ 3·3
5. 2
!-
i
t- 8·5
7
I
I
I
.
I
,1)?8286
I
,.,.~ .''<6
�I
I
!
Div1s1on ot Uollet~ry
Researoh!
- 2 -
14
LJlpu
3· United States olaim.
deo.... ased $9.5 m1111oa,
on Ita11, $2.0 millie.. Ola1ms on Cuba lnor~ased .~.1 millio!l,
and Oil Brazll, $2.1 ml1110n.
:
,
I
i
~
4. Of ~he total net sale, of $2.5 million o~ United States,
domest1c seourit1es, eales for Brltlah and Oanadian account
amCIUatef ~o t2. 1 .Ulloa·l. I
iI
. I
5· CJt)ld Imports, adJust.dtel" earme.rkUlg 0"ra'1088, Q8lounted
to 8153im111101\ 1n the tleel&:. ea4e4 J\lll 3. 19~, as compal"etJ!
wi th '354 mllllon 1n the previous week.
i
I
I
!
II~'
I
I
I
!
Oold Imports Adjusted tor Ohange. 1:n 'larmapk1ng
(Jet exports appear aa (~»
(In .11110na)
Week ended·
IUlle 26, 1940
United Kingdom
Franoe
• 3.4.6
262.2
!
Belglum:
Sweden:
I
I
Switzerland
Yugoslayla
Oana.da i
Ar8en~1~a
-
3.0
6.g
66.'
I
I
Union ot south Africa
Other oountrles
~Oll
I
.)54.1
I
$152.9
I
I
I
.'~ .
.'),' .
~.':.
,,:] ./,::.
r+-Y ,{i'!--" ,~\~"
!~.
HEHgesh
7/10/40
.28287
.
�.
1
'.
.
. .
REPRODUCED AT THE NATIONAl. ARCHIVE~.:
I
1
i
,
I
,
,
Jul~ 15, l:94~ .~
I
"
Secretar,. Morgentbu
1Ir. Wh1te
Sabj e1ct :
l~
Recent Developments In Gold and Janltal Movements
.
I
~hp.re was a net luno\!
I I"ml1l10n
.
1'1' capital 01'$915
i
in the week
!.~e net c9:p1tal Inflo~ durlng 1940 ~ow
ended July 3 1940.
amounts to $ 4 mll1Io~.
97
: .
!
i
Short- term . bank.l~g funds:
For,elgn funds held here
Un~ted States ola1ms 10D fF'relgners
Domestic securlty transaotlpns
ForeIgn security transa:otloDS .
Brokerage balanoes
I
j
met· c&'01tal 1nf'lc!nll
11< Inc m11l10ns)
Week' ended July 3. ~ 1940
i
.
i
I
$9700
- 5· 6
- 0.:;
3.0
1.4
I
!
.95.5
~otal
I
2. The pr1nclpal ohanges iJn foreIgn fundsiheld In tills market
durlng the week ended July 3, 1940 were as' follows:
!
,
I
~~r
__: ••;
3, ~,: 1..
Qrflo1al
(Inl
m11l101lS)
I l:rlva.te
,
yhtal
$+11.6
$+30.4
+11 4
,
i
1
Unlted KIngdom
Franoe
BelgIum
Heth~rlands
I
Sweden
Sw1tzerland
Other Europe
Canada
I
Panama and Canal ZODe
other Latin Amerlca
Asla:
Other countrles
'fotal
$+13og
+lgo2
+ 0.1
4.,0
-
+31.7
+ 6.1
+ log
+15. 4
.+ 6.6
0.6
- 4.,
t+90.g
- 0.8
4.. 6
- 0.,9
...
4
-I 4.. 9
0
-
05
3·7
+ 2 .. 9
7.g
+2g.0.
+1 9 .,0
+ 7.,9
..
3.. 3
+! 7.9
+1
+ 2.iJ.
- 2.,1
$+
6.2
- 0.3
-
2.g
-16.0
+fl.5 .. 1
~i 3
3·
0
l
$~97.0
!
228288
�- '2
i
30
,
Vnl ted States olalms ,1ft Canada moreaaeCi#5.' 1111111011 aad
011 OhIna, .5.4 IIl1110n.) Claims on Europe a..creaeed $4.8 :1811
llon,' and on lAtin America,
I
9 ml1110D.
1#1.
II'
'
i
,I
:, I
4. Transactlons In Onlted States dOll.atl0 iseoVltle. WeI',.
prinolpally tor Ital l anlaooount, wlth,net puoMaea OfbQ~dS
of .1~4 m1l1ion. Canad1uul/repurchaseA 01.;4 11111108 of
secn.lr.,.t 188 and Latln America repurchased t1J 6 11111101't.
'
:'
, I ,I
t~relgn
1
5. GOld imports, adJus,.a. ~or earmarking operat1ona, amounted
to #9) m11110n 11'1 the w~ek ~nded lull" 10, 1940, as oompar~, d
w1th $158 ml1110n 1n the pre~1ous week.
11
, '
'I
.. I ·
I
:
I
let hId Il8por'~, A4~u.'.d tor aba, Die. 1n lal"lllarltla,
I
(Ie'l exprrts appear
,
1
United' Klngdom
1rpaDoe~
~I-»
&8
I
I
(In m11110n8)
Week Inde"Mr 1. 19U
Week
IEDded
'
1
lI1lllQ, l!i9:Q
,,
1_
10. ~
I0I'W41:
, Sweden!
,
-I
-
26021
I
I
Swltaerland
Yugoslavia
Canada:
: Ij:tl
)0.2 1
'
Arge.1lt~1Ia
I
:l~t~,
24~3
' I.
5J,
AUstral'l.
Union
of
Soutb Atrloa
Other ~01lJltrle8
i
-"",,--, I
Total
602
2~4
I
,.0
I
8157.7 i
1i'
,
~-~
\!..'
1 ...,
.} " •.1
•
~'(jL'(
"
>
'.
j. \.
/.,i,
,
HEH:esh
,
I
i
'
0) /At;
11/Y 'lA /
'J"
i
7/18/40 '
I
I
1
! •
/'
..
I
#93·i 4
I
'<
'
.8)1.9
$ 9102
�, '
,
' TONAL ARCHIVES
REPRODUCED AT ,THE NA I , , :
"
SeoJ"eta~,.
WOl'g$n;tru
lir.Whlte
Reoent Developm.ents in Gold. and Capital Movements
Subject;
:
.
I I ,
I
i
1. There was a net inflow ¢)f cap1tal of $4~ million in the week
ended; July 10, 1940. The net oap1ta,1 lnfl~",WI' ~,ttrlng ,1940
to $520
amo1.in~e
Ina...
ml111t:)J.Il~
Net Cap1,tm.l In~low
(InmIlll0no),
I
We.tended IUlt le, '1,40
I
,
i i '
Sh$pt~t.ftl bank1ng tuds:
017.9
7.1
foreign tunds held here
pa
United States claims
nU"tllgners
Domes;tl0 seourltl transaotlf>Ds
- 3.'
.8
Forelgn aeour1t1transaotloft8
Brokerage balanoes
--r!
I
I
I
I
The principa.l changes 1il foreign tunds :he1d in this market
dur11 tbe week eaded lul, to, 1940 wet'e
2.
ail tOllo"'.'1 '
, : .
£2U191a.l
,
'
i -
United Kingdom
SWlt~erl&nd
:
$ .. 5.0
: - 1.2
i + 0.5
i
11.g
+
2.3
-
0ther Europe
0.1
- 3·3
• 2.2
+ 19.1
Canada.
America
I
+ 1.0
-
long [Kong
Otb.e~ Asla
Other oOllntrles
Total
,
,
- 2.9
+ 2.9
Franoe
Latl~
ir1ys.tl
.
,,
+ ).1
+ ".7
+ .5..s.Q
'I ..3
$
16.g
- 1&;.1
i.
•
3.Jt.
-
1.0
•
0.9
+
1+
J.1
b.0
+ 20.)
. ....LJ.
$ + 11. 9
6. 0
$ .. 17. 9
,. Un1ted states c1al~s on Japa.n decrease,milllon, on Europe
$ 2. 5mll11oB J and OD, OalnaCia.I.tl. g m.1,ll10~. 'I .'
I
l.:
, I sta-tea ciollsette securities ororelp
' t
t l
"'t.
let aales of United
aocou.nt smollnted to $3.13 a1!:Ll1011, ot whlchl $,2.111111108 Was tor
cana~laB accolUlt",·
:
I
I
7/26I
'4r
-'
-
",
v:o
I
~~ ~
,. ,
,.:? 1'1
\- as 2 to
II'. ,_,13 -'-, ."La,
'
l>:::r s • Kel Lh for Llu"Gl-er',orth ~.nd "a v iJ!.1ews j
t
-,,"
,'-"
0, E):~SS '-,na.,t~~ey;~-,~,vo "v~_C~,lr:~!
L
-',
','I
1'0
I
.
�I
I
REPRODUCED AT THE NATIONAL ARCHIVE~.:
I
I
I
I
,
.
---_..... --- ...
,"
I
' .
' . '.
5.
,.,.
GO.!Id lmports,
to $liO m1111t>D in
i
Research l
. , '.
. .,::'
I
. ' , ",;'
~~J~8te4 .toi-'ea~itini ;opiratlonB., amo~ate4
the 'we'ek Iended; JU11 1 7, '1940,
1n the 1pr11t>'11~, W88~., ... ,., ··1·
!l86 lll11110a
with
i'
.
Dlvls10ll of MoaetaJ"Y
- 2 i
'
as compa;red
.. .
i
Net Gold Imports, Adjusted for Changesln Earmarking
,
,., .. :'" J: . I " .' ,,', ,; ". ':' . . ' '.'
' ( N et)exn()%~t'tfal:rrietlr 'as" ( .;.:) '.
, 1, .,' I,
./c'
.,', '
.
{~n"Dl111ion81,
.,..
"lnl&nd·,
. I
.
I
,'"
. " . ,.
',
'I"'"''
,Vatlean stat:e
Yug<ls,lavia' :.
Cana4a '
",
'- g~l
2 d
,~,
-
I
-
~
Z·'
.,.I
'6«'
• 0
,.4,.7
7.0
Al"geri'tlna
I
•
,'.0
- 2.@
, ~.5
I"
'I :.
$ 211.5
- 4.1
-14.0
SVl1.tterl:an4 "
.
"I'
..
,/1111,17, 1940
$ '3.0
-6.2
'
'. 'r" '
'~~ek eJ~ed
Ju1llO" *940
. Jlorw~l
!
,j
. , .' I', , '
, ' . - " W e e k ended
" ~Dlt ~d, ' llagd()m
.
I
1
"
.,.~
,
Other countries
I
,.","
I',.'
T~t~r
• ,
.:
.
!., ,:: "
.
"
:
.
.'
I
"$llnl
.
I,'"
,,,'
~.', ,
". '. ...
:/
' ,. . . .'
t .....
•
..
I,
.'
,
,
,
~,!
,
",
.-:',.
'",: ~: .
\
I
.'
'.',"
~',
.
:
,
· -11.'('
,
'~-:
ffl~7~.··
,
28291
--~
�·.
.1'. Whlt.
I
I
I
SUbJ~c':
aeee.t D elopmeat. ln 0014 and Oapltal Movement.
....
I
1. fhere was a net laflow ot cap1ta.l Of'
ended, July 17, 1940. The net
C&pU&1
amounts to $559 1I1111Cinl
i
:
:.1
war
'
·
t4p
:
i
~he
million 1n
dur1n&
week
19401110
let capital ID~lO'llft
iI( In IIl1110ns,)
I
I
I
I
,
'
Nz
leek e"d"
8hort 7 'erm banklng funde,"
'oreign tunds helel llere
U. s. clal•• 011 for.l'.era
Domealie •••url', trall'~"lct-S
'Ol-818n secult, transaotlons
I,.
'
3l
liZ. 1942
I
e
$
O
og
... 0,8
I
I
I
.. 1:4
J)rokel'aae bals.nGes
Total
i
I
I
'he prlaClp&l. .1Ia~,e,!l 1ft for81,a tuu. ~.ld 1ft 'his market
4uI'lq tbe week ea484 lull'
1940 .e..e as Ilto11,,,,,.,
I
~.
IF'
I
!
I
ott,!!.).
IIn1,ted K1llldom
'ranee
Beli,lum
$- 2,6
+ 0.4
..
Germany
-
Metnerlaads
Switzerland
Otber Europe
+
5.4
+ 0.2
C a a a & a . 1).2
Latla Amerloa
•
Aelal
..
2.5
Otheb countr'e.
•
:
Grand
'0,&1
0.6
~J.5
_
$+
II
P£l~ltl
$- ~i,!
,to~AJ,
~,IJ
_ 216
+ 1~ 9
.. al7
.. 2.7
,
,
-
..._
3.6
3,.2
~ 2.6
+ l!. 9
1:\5
• 3],9
°
·0
+ ,.6
.. J! 9
+ 'l3
+ 71Jl
+
+29.3
+ 9 .:3
+ 4.6
1
1'11
• Ol5
•
.,
1
I
....
•• 1.1 5
i .
•• 35• 0
I
;
228292
�J)IYl~lon
- 2 -
i
of 1I08$t8%'\7
R.esearcb
I
I
.
h
lie prIncipal trana,ot1~!1s In UnIted St~tft8do.estlc IIseourities "ere sales of bonds tor; Itallan, Canadian and Japane!se
accourat , acoounting tor $2. 7 ml1lton out ofj total aet sEl,liea of
all dbmestle s,eour1t,1.8 01' i3.g mlllloD.
'
i
,
•
,
-h
'
,,
I
;
'.
.
.
I
4.~ld import., adJllsr"d ~or earma.rklng operatlODS, amounted
to $69 mill10n 1n the w~H~k ended July 24', 1940 as oOlBpal"e~4 with
t96 m~lllon in the prev!, CUI wee~.
I
I
I
.
I
"
"
i
let Gold IlIlports Adjusted tor Change. InEa~k'~
I, I, "
, II
'I
'
(a.t .lorts appear as :( - ) )
I
CIn ml111oa3)
I
!
I
Week linded;
lull laZ.19l!iQ
,
Weeki ended
4
"'11 2 .194:0
j
UnIted Kingdom
lor.-&1
"lnland
SW1tzerland
i
Vatiean State
, l'11goI1&'1'1a
eanaaa
Arpntina
I
, Austral1a
UnIon ot S()uth AfrIca
Othercouatrle,g
!
$1I 5.1
_
$ 57.7
-S.l
- 2.8
tlol
- 2.0
-
- 7-.• 7
- 6.g
W.1
~.3
7.0
5.1
1.0
1
6• 0
I
I
Total
I
i 95.5
.0..9
,
I
HEH:e,h
7/30/4c
i
228293
�. .
i
I"
REPRODUCED AT ;THE NATI
!I
.. .
ONAL ARCHIVES
.. ;
i
Augu at
5, 1940"
Secre\ary Morgentha:til
Mr. Wh1
te
;
I
I
:1
i
i
i
Subject:
Recent DevelopmeDts 1n Gold and Capital Movements
I I
i
'l'here was al1e~ 18:fle1'l of capital 91' on11 $1 mill10n
ill the week ended .1lIly ~4, ]940. ftle net capita.l inflow during
1940 now amounts to $559 m11111oDo
.1
i
1.
Net Capital Il'lflpwB
In m1l11ol'ls) I
Week end.e,d July .24.~ 1940
·(
1
Short •term banking funds:,
:foreign funds held ~re
$ 0·5
11.S. claims on foreigners
.-
Domes~lc Becuri ty trans~ctl0:ns
Foreign eeourl ty tr'aneactloDs
Broke rage bala,nee B
I
2~;1
O.S
0.4
1.1
!~
......
:
.
I
2. The prlnc1palchsnges in 1'ore1~ funds held 11'1 this
mSi.rkei during the week el~dedl .11111 24, 1940 iere as fOllOW~:
Offic1al
!
~r1vate
FranCe
I
I + 5.S
- 0.3
$- 16.7
Sweden
+ 0.1
+ 3·2
1.2
i
United K1ngdom
Belgium
Italy'
Switze'rland
othe rEurope
Canada
+
3·0
+ 2.4
+ 1.g
Other countries
+
~rand
total
1.9
r
:+
1.2
La tin :Ameri oa
I
Asia '
I
1.0
-
o~6
~ +15. 4
1-
1·5
1.1
1.0
1.7
6.4-
9.6
1+
0.6
·r $:I
'fotal
$ i 10.9
1.,
i 1.,
i 1.1
i
+
4.7
I
+ 1.1
+ 2.0
+ 0·5
I
I
I
4.0
i
+ 11.4
$ +
. I
-0·5
[32829.(2
�II
.
RG :16h
E,ntry i I ~&fl- ~S "tC?1
F II e :r~/i!,. (.iff f!Q{\ •~c)Box . L/-l.
lXI,
.
I
AL ARCHIVES
.. ;
REPRODUCED AT THE NATION
I
I
I
I
i
,
1 ....
I
2 .-
Dl,vi slon fit lIoRetar7
:
Basearob.
I
I
i
'
I
Un1ted Sta'es 01·lai fD 8 on Japan iDCir.· ased $4.3 mi:tlioD,
..
and ~m Latin Amerlca$2.0 ~111ol1. Clalms !Oft Unl 'ed KIngdom.,
France and .Italy decreased '1 millIon ef1;oh;
i3.
I
I
I
. ~.
:
j
:4. !be prlncipal ,feature of the week'is tradIng In United
Sta.tes domestic securltles Was the purchasel of $2 ml1110B of
,
,
'
dome~tIc bonds by the l1nlte?- Klngdom, whicllmore tha..n·'j of~set
sales of stocks for ot~er a c c o u n t s . ,
i
ladJll~ted
earmar~lng
'5. Geld imports,
for
operatlont
amounted to $94. ml1110ni 11\ ~he week eruled Jjuly 31, 1940, as
i
cOmPjred wl th $69 mll1I OD In the prevlous ~eek.
l
lIel Gold Import. MJ+t"d for
Change~ 1n Earmarlt1nS
(let lexports appea.r as
(J»
i
(In
mil11ons)
!
weekenled
Jall ;}1, : 1940
Uni te:d KIngdom
Finlcmd
N:orway
~
4.6
- 1.1
Sweden
YugojlaVla
Canada
Argenitlna
Un10n' of .Sou th Afr1ca
Other; countrles
.
,
iTotal
,
66~1
- 0.4
- 3,,1
- 2.2
Poland
Switzerland
Greec;e
$
6•. 0
-
- 2.1
- 2·5
- 2·5
31.2
- 1·5
-
JhI
$ 93·7
..
�•
1,
' •• 1
:,":
.
..
J
.,
"
.,
•., .,,!
."~
. 'i""-'
"I.,
""
"j
22829G
�ll.
.
;IRG
REPRO~~~EI?~: :rlE ~ATIONAL.~RC~IVe~i I)
i ~ ~.."
'I ,...U ~on iY _
l.el.4!l..
;.
..!.I...L.C!f..,.;:;-_=-__. _
i
"50
zs
E.ntry if5~;4- ~qL
File :rwr~.v,eirti/\ .~Box
'-/-2.
141
:'f
,.
:
I
~.
::
:.. ~
.
i,
',1
/"
:,-.
�/
I
I
\
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........ .......
I
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.,
"
_;.61-'
I
......
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Vot'.. I1......
..-.,••,.ha4
Othe.s..,.
Cw" ..
t.&~t.a~'
,
GC,
..
• 1.... '
+
1.,
..... Asl.
__fl_..
I
~
,_I
.1....•..
.
+
., ,
.•
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',
,. .l:.1
...
.• Si·a
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~22829g
�."'•..,--.
I
l l n _. .
r
i'
l.·'
i
..
";
"
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.I
'I;a~'.~,.'-" ~lil" .. ,I.~. 4~"" .,. ...~1: '.
:1-SrW' iD,. . .
LI~''''
~.' ·bl. . . . . . . . . . . 1.,.IIt.e.$_~:.
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•••••,.:.,'.' '.
J. ., .....,. . .«_._••
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. . .,...
filla,
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,~""._".tt. ('~)l
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. . . .'
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.. 1.,
.
'.
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1.. 1
:
'
.
.
,~a•
......
.. j
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"',$1.-.,.
.
au.·' '~.: .
...••...
u.,
I
1
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I
11.'
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"·::.,tr,,.'......'~ .•. ~..
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'
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lOe
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.,I.....•~ ; ......'
~,..,... ~•• III ••:~.
.
'
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·.,·.tlll'.i ...
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... .'
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•
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..
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&:. . . . . . .
' . ; .' ..
I
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'/20/40•.
. I
'
i
I
I
I
I.
228299
�i'
i
"r"-'eN'~"'"
,..••
,rvNlp ,""'• •:14 UN
Ualttll4' S. . ._
.Wale•• ,,I.""gae"
DO."'to .....", .......'1. .
P....P ...t.td;t, '~_.Il ' .
Jb'OJle~ap
bale-.OH
I
Uatte41U......
'raMe
.,e'ib;O'l!laA4e
"'Mea
S1rlti.1'!'ll.l.l4
Other-E'U,Npe
0;......
.....*ttna,
Otber Lr>-11"Menoa
AalAi
I
Otlle"
eOlilatrl.,.
, I: total
!
, I
�... 2 ..
.,
-I . .'
-I"tt-
. ) _ _ .......~
..... ~u* ...... ~u
's..' :",fJ ,"._"" '~'....~~.
; '.r&••'I~·,I~"·'1: ."
;p.. , :.lutoa.'• .,SbiU........t tJ. ,_~l••, .1dl4.... I
,
e.~l____1l-I.'
.1
.
!
.".,1lll;J;,,,,,,.·1lI•.••••'. , . ,'
..••
'. '-."
1·
.tIft'd:"'IWMk.
!~".U~.,..... _'.:...4to••~~- .,..... . . .
"'~tc;e4
~' ,.~.
,,:.,;21.
as
~ . "'US) ,116 .~ 1.11
' , ••, o.l4 .
1__
. . . ; " t •...
'
:
, ,,:I.a1U.-)
,I
.
,, '
:
(:1.',' :a~r .'s QillWAAaJt ' . . (',.),)
I
"
-.~""! , ""...- ,
"
.' . I
"8 _.
·'I~
!
',."Iri'.I-.~a.
i
I,
•••I . . .t,
• •. •'21•• \$
I
" ~ 19.[6
t,,",,
•
I."
."Jl.
,1~O
-
I
I
_,irs
sll'i7Jb.o
228301
�I
I
I
!
I
I.
·1.......
VIIll,
~pte"r
.. .
Hr.
~'t"Jfi"
Ilace.'
IIIftftTlIi".
"j,
I
. . . . .·tafti.·
·
.... ,
,
..
I
i
ta
1.
$>14
I
~. .
<!QUal
hr. . . .
t II
t" Gtll1.eft tft
Ul.. &;tl ...ltal idu. 4~:rt·1
,0 '$G., allli...
i
I
.
. '. I
.t o.:pl·W ot
.
1. fteH ••• Ilttt tUlow
... _ek •.atle4 • •, 21, l~.
19140 _. aae.."
I
: ••'O.,,~ t~lo"
tl. .1Ui,,,.}
.
W It';.·;.;a;~
. e.k.~u... ~.t·al· _1.f'i4:0.
"
&
I
i
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'.
:
1.1.~.1
.OJI'............ ••14 ~...
,.~l.. tudra
I .
'1':'
.
'
"JetI&'a'•• O~o. to".lp.~I,
Pl" ,••••
"Me'to .....
O't1"".
·'.~'P .eo.ft11:1 ,~a$oU~.
·:tb'Ob,...
,
.
.
i
..
""'...
.
41" ':WII: '\I
.'1!i'~i1. §}
i'
'11W"J'lH~" ".P.tRfo~t•. ~Gtle~t•. ,Ale
..a.....
·ill, 1,_ _." :•• t.l10lie:
i
'.s.rk~t 4-anal •• w .
.
:,81"".'"
!V.dee
:36.7
.,
1.• 1
.,
'1
.~
.
,
~......
..v"....
.t.•.
$
I
.laMe'
i
I'
.
Au_.'
-o~ta.
'!
9.5
:8._.•
t
:'wl'••I"laa4
ioth• • •" ..
+
A ...•
..
1"~1
:Gaada
I Latla. AMI" ••
: 'a.w.aIl
.
, -4,.. ~
t - 0.6
!Be'l811111
,le"rl&Ji4;8
IJ01'WaJ'
~ri:'''.~
~·t.f!·1
1..
I
_0:;
-
I
i
.
-,
1.. 6
1
J.;.
: O-.I'A.la
~
! Ct. . . . . .tJ'l••
.. ...t.1,1
--l·l,
... 1.8
.. 2."
..
...
.
0·7
;'
~-. .
.. '1;"1"·'
4•...
.. .J.. t
. I ·..:e
.. 6.• '
.- .o.;!,
I
!1Il$a).
,~ . .
J
i$..
i:~
-
1.'8
l
.
-1.6
- .1.. 9
.. 10.. 2'
• 4.'
+1.·0
",11.6.
-lti.,
+ 11.0
+ 10.1
+
!
228302
I
�. I
!
,
..
~:...
,MH
6!1L&\,d,t ;t'!!t
Inl
tea
aw..ft
,,).6
ll.ns40.
.
•..,
7..
If. 1
..." ....1&.84
Ca...a
I
8sl00
~S'S$:q'U," .'
. .
. , _ 0:1 ku.,.AfI'I..a
O'~r
Il'~t••
i
•••
i
...
1
1.e
. !.,
'!"
..~
.J .61.7
Ii 77. ft
I
i
i
228303
�~ort-term banklD1 ltuaa;s:
'. rore18D t.uds he~a. h e r $ .
Ualted StatesalliUm8 !ontere1gller.
ll_e8'loaeo"'~'7 ~.aotl0ft8
e 11.0
4.0
I
-
"'1', tl"aDlI~otlo.8
fereip ••
•
Ih'olterage balllll'" I
total
2.
1
1.6
·•
t 20.'
t~. prlaOlpalOll"~8m. torelP fUa."ld 1n tlUI m,.,rk.t
2a, 1940 we•• ~a. tollon:. .
I
dariAI the week eaa4- ~,
!
~
lr1W1
Qtt1oa.tl
x.ta),
. . 1,.2
.. :0.8
.. ~.8
I
I
Vnlt.,a ltlll!40a
'ranee
, .. 6.• 1
.
_ 1.:.0
••tb.....lands
.. 0.4
$wltzerlaaa
.-
~we4a.·
Other Europe
I
:Caaa4a
,Latm ADle.-tea
iAea
,other eOWltrles
fotal.
.. '~3
5·1
1.1
. 0.8
•• 11-
• 6.8
+
- ".5
,
...28.,
I'
t-
2.,
+1.• 8
.. 6._
: - 6.6
.+ Q.'
2.5
-1.0
. 5·2
2.2
-
0.'
.. i5.11
..
1 •4
1
"13.2
+!l.S
- 0.'
-i'·'
$.17.0
t"!"11.,
..4.6
I
,
228384
�,p
- 2
I
,
'
"I,
1ata1!1
I
]. ,!be p.lnolp&l , ..aa.,acn~••8 1. Val'.' 8,at•• 4oII88t10 1 .80.
flitlee 'We" •• alee
S"ls8. Br1tlo a•• It..l1a1t aooo.' ,
_1_,' more tIlaa, ott••,
net P, 'self/tor Oalla41an aoooo,t.
:
I
uoha,
.
t
4. Got4 lmport., aaJ.~'e4 tor eat'lRar1t1DS opeJ'at101l8, amc,ute4
to $6,. m1111.0. 111 the ,eell ea,de,' September; -, 1940, .e .1lI~ec1
wi th:
.Ulloa 1a
Pl'r~· week.
.I
.
i
m
I
let 1014 Import, AdJ".ted tor OballS,•• 1a manarld.. ,
(1. 111111. .8) I
(.et euor,. app..... as
(-»
••ek $D4e.. 1
6IBId
: Val11.4 11DS40ID
; Jlether'laa48
: Canab
i
,
lexl.o
2'.
~9H
'
.3:
·--~:a i
2J.7
-
,1.0
1.6
I 4.8
1.0
'
i
1·1 !
.
,
'otal
;2.2
1.1
/loi
I
~6!.8
• 7).0
,
I·
I
..
�................
I
1Ir. lid.t i
:
.
I
I
atb""'" ....a' ......~.,. '8 1014 .Ulf.fo.ps:wsow••
I
De......
:;'
1.
I I
..'
. .
!
aut 1ilt101r ., .a't_~ . f .- IdlU._ AQ.
wee:Jlea4e4 ..Iep , .~'.J: 19...........,II ...P1tal .·lat.1O_4:O
.........
I
·Ute
I
I
lftl ,19-
,.te •• _ 1 1 . . . . :
I
Bet
111111-.,
,,'11 (Ia .!!P!!M ,.,• _-.
ft. . . . . .
:
i
.
!
i
e._
i
~.aplta1 1".f1~
.
Iho~t-te•• 'hdia. f\aIMl.~
'o..e1&ll tude .·14 ~
!1,..
.......1'1
,
II I'
......, '8_lt8
' ...
•••'1.....it1tttalasaa ...•- .1••••
riJHUIl'llJ' .~•
ro.eip
"",__UO.a
.......... 1t.laao..
-
- ·.0
.
i.,.,
-",,8 '0...
4"'1 . . :• ••••
"ph-'.
!J1--.
h.. ~o e' ~
I
: total
,
: 2 . . . pH_I,d
~t
,~.
1a
:
'.~-:lota1.
UdW &:1'
t
, . . . . . - 1<.,5
.......,. .
swl " .....1ara4
118,·"'8.11814 ".;tNiJ
4_119. we. . . . follows *
~!H.
I··.,·
10.1
- a.1
J.!.a.1
-
0.1
•
Dlftpe
..
0 ..,1
•
A&9r1oa
;
,
o~.
:.=a
A.l~·
_."".'
11
,.w.
Other
•
'I
~.
1::I
~
~
.l..
14.8
4.e
2••
t 1·5
!
•
:1,.)
;l:i
t
'.j1.2
•
12:1i
- 1.6
~
lD~6
- ,~,
' t..
1.'
0·5
I·:
•
.!-I
i
I~
'2.6
.
I
•I
.J!.:.l
,.1
�..
unitd 11--...
C
......
...1.. .
Upaliaa
,.,'.
1~1
d
:1::
I
,
.;
~
1
i
I
t ).0
I
!
! .
I
,
,
I·
I
!
I
JmH::1J.a
I
'/17/~
228307
I
�s.p'~er 23.
I
I
Beentan' . . . . . .1la1l
Mr.
1M'.
Un1t e4 K~
1
NllftA18
.
P1Dlan4 .
~nr
letherld4a
a••4Gn
8w1tzerlaa4
oth.... hPope
- 1.8
- 0 •. 8
Caaac1a
.17.1
'~=: ::i:
Other o~1l'rle8
- 5.'
- 2.,
I
. Lat1a Am8l'loa
I<
,
total
- 0.6
• 0.8
- 1.·'
-
. 8-40.5
i '.52.;
1+12.0
1940
..
�- 2 ....
..
.,
I
~eft'~"
JapaD
lava
I
.
.
AtB_lstaa
Ata.thlia
Other ooun'h'lea
I
~.:~
l.i
- i:~
-
-
•
~
I
..
I
.,
14.'
1~!
4.8
,
';
I
81.47.3
I
I
I
I
I
HE!hesh
9/24/40
!
i
i:?28309
�.............,........~....
I
.· ...........
L···.
'
i
D. \Jktte
lube.l..,s ..................: ...••, . . . . . . . ,all
-i'" . . .--....
~.".l ........
...r" · . . . . I
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Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Presidential Advisory Commission on Holocaust Assets
Description
An account of the resource
<p>The Presidential Advisory Commission on Holocaust Assets in the United States, formed in 1998, was charged with investigating what happened to the assets of victims of the Holocaust that ended up in the possession of the United States Federal government. The final report of the Commission, <a href="http://govinfo.library.unt.edu/pcha/PlunderRestitution.html/html/Home_Contents.html"> “Plunder and Restitution: Findings and Recommendations of the Presidential Advisory Commission on Holocaust Assets in the United States and Staff Report"</a> was submitted to President Clinton in December 2000.</p>
<p>Chairman - Edgar Bronfman<br /> Executive Director - Kenneth Klothen</p>
<p>The collection consists of 19 series. The first fifteen series of the collection are composed mostly of photocopied federal records. These records were reproduced at the National Archives and Records Administration by commission members for their research. The records relate to Holocaust assets created between the mid 1930’s and early 1950’s by a variety of U. S. Government agencies and foreign sources.</p>
<p>Subseries:<br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+">Art and Cultural Property</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+">Gold</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Gold+Team+Review+Form+Binders+">Gold Team Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+and+Cultural+Property+and+%E2%80%9COthers%E2%80%9D+Review+Form+Binders">Art and Cultural Property and “Others” Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders">Non-Gold Financial Assets Review Form Binders</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=History+Associates+Binder+">History Associates Binder</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Non-Gold+Financial+Assets+Review+Form+Binders+%282%29">Non-Gold Financial Assets Review Form Binders (2)</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+84%2C+Foreign+Service+Posts+of+the+State+Department%E2%80%94Turkey">RG 84, Foreign Service Posts of the State Department—Turkey</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Financial+Assets+Documents">Financial Assets Documents</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?search=&advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=%5BJewish+Restitution+Successor+Organization+%28JRSO%29%2C+Oral+Histories%5D&range=&collection=20&type=&user=&tags=&public=&featured=&exhibit=&submit_search=Search+for+items">[Jewish Restitution Successor Organization (JRSO), Oral Histories]</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=PCHA+Secondary+Sources">PCHA Secondary Sources</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Researcher+Notes">Researcher Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Unnumbered+Documents+from+Archives+II+and+Various+Notes">Unnumbered Documents from Archives II and Various Notes</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=RG+260%2C+Finance+Inventory+Forms">RG 260, Finance Inventory Forms</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Reparations">Reparations</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Chase+National+Bank">Chase National Bank</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Administrative+Files">Administrative Files</a><br /><a href="http://clinton.presidentiallibraries.us/items/browse?advanced%5B0%5D%5Belement_id%5D=39&advanced%5B0%5D%5Btype%5D=is+exactly&advanced%5B0%5D%5Bterms%5D=Art+%26+Cultural+Property+Theft">Art & Cultural Property Theft</a></p>
<p>Topics covered by these records include the recovery of confiscated art and cultural property; the reparation of gold and other financial assets; and the investigation of events surrounding capture of the Hungarian Gold Train at the close of World War II. These files contain memoranda, correspondence, inventories, reports, and secondary source material related to the final disposition of art and cultural property, gold, and other financial assets confiscated during the Holocaust.</p>
<p>For more information concerning this collection consult the<a href="http://clinton.presidentiallibraries.us/items/show/35992"> finding aid</a>.</p>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Publisher
An entity responsible for making the resource available
Clinton Presidential Library & Museum
Is Part Of
A related resource in which the described resource is physically or logically included.
<a href="http://clinton.presidentiallibraries.us/items/show/35992" target="_blank">Collection Finding Aid</a>
<a href="https://catalog.archives.gov/id/1040718" target="_blank">National Archives Catalog Description</a>
Extent
The size or duration of the resource.
2954 folders
Text
A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text.
Original Format
The type of object, such as painting, sculpture, paper, photo, and additional data
Paper
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Title
A name given to the resource
Master Set, Folder 54 228168-228317 [2]
Creator
An entity primarily responsible for making the resource
Presidential Advisory Commission on Holocaust Assets in the United States
Gold
Is Part Of
A related resource in which the described resource is physically or logically included.
Box 50
<a href="http://clintonlibrary.gov/assets/Documents/Finding-Aids/Systematic/Holocaust-Assets.pdf" target="_blank">Collection Finding Aid</a>
<a href="http://catalog.archives.gov/description/902534" target="_blank">National Archives Catalog Description</a>
Provenance
A statement of any changes in ownership and custody of the resource since its creation that are significant for its authenticity, integrity, and interpretation. The statement may include a description of any changes successive custodians made to the resource.
Clinton Presidential Records: White House Staff and Office Files
Format
The file format, physical medium, or dimensions of the resource
Adobe Acrobat Document
Publisher
An entity responsible for making the resource available
Clinton Presidential Library & Museum
Medium
The material or physical carrier of the resource.
Reproduction-Reference
Date Created
Date of creation of the resource.
5/29/2012
Source
A related resource from which the described resource is derived
902534-master-set-folder-54-228168-228317-2
902534