purposes probably constituted more than half of all institutional gifts to foreign countries in 1919 and 1920. By 1930, the proportion had fallen to a fifth; in 1938 it was nearly a third, and in 1939 a fourth. Geographic distribution. The bulk of Protestant remittances-70 percent, on the average-go to Asiatic countries. (See table 22.) The principal recipients are India, China, and Japan, in the order named. Substantial amounts are used also for missions' work in Latin America and in Africa. About two-thirds of Catholic contributions are sent to Europe. Virtually all of the remainder goes to Asia, notably to China. Germany and Poland in Europe and Palestine in Asia each received about half of all Jewish remittances to foreign countries in the years 1937-39, although the proportion devoted to European undertakings was previously considerably higher. Small remittances to Latin America in very recent years were presumably made in connection with the emigration of European Jews to certain South American countries. Contributions through nonsectarian organizations for educational, scientific, and philanthropic purposes go chiefly to Europe and Asia, with the large share destined generally for Europe. The countries bordering the eastern Mediterranean, on the one hand, and China, on the other, receive substantial sums each year, whereas relatively small amounts are sent to countries in Latin America and other areas. Of total institutional contributions transferred abroad in 1939, more than 50 percent was destined for Asia, 32 percent for Europe, 8 percent to Latin America, and the rest to Africa and other areas. Among individual countries, China, as the recipient of Protestant, Catholic, and nonsectarian benefactions, gets the largest single share of institutional remittances from the United States. At the levels prevailing in 1938-39, China received approximately $10,000,000 from this country in cash or in goods. Protestant churches were chiefly responsible for the amounts, estimated at $3,500,000 and $2,500,000, respectively, going to India and Japan, and Jewish organizations for practically all of the contributions to Palestine, Poland, and Germany, placed at $5,000,000, $1,300,000, and $1,500,000, respectively. Other countries receiving substantial amounts in recent years include the Philippine Islands and Spain, the former from Catholic and Protestant missions, and the latter from numerous relief organizations. Protestant missions account almost exclusively for remittances to Africa, and Protestant and nonsectarian sources combined for remittances to Latin American countries. Table 21.-Institutional Contributions to Foreign Countries by Class of Institution, 1919-39 1 Including $3,500,000 in each year to cover relief funds sent to Spain and China. 2 Including $4,000,000 to cover relief funds sent to China and various European countries, principally Poland and France. Table 22.-Institutional Contributions to Foreign Countries, by Class of Institution and by Geographic Areas, 1931-39 Table 24.-Insurance Transactions in the Balance of International Payments of the United States, 1938-39 Table 25.-Premium Income, Admitted Assets, and Net Worth of Foreign Insurance Companies in the United States and of United States Insurance Companies in Foreign Countries, 1938-39 B. GOLD AND SILVER MOVEMENTS Table 26. Reported Gold Movements Between the United States and Foreign Countries Exports, Imports, and Earmarking Operations, by Months, 1939 Since a loss of gold through earmarking operations (i. e., gold placed under earmark for foreign account at Federal Reserve banks or gold released from earmark in foreign countries for account of Federal Reserve banks) is equivalent to an export of gold, losses are designated with a plus (+) sign. Since a gain of gold through earmarking operations (i. e., gold released from earmark for foreign account at Federal Reserve banks or gold placed under earmark in foreign countries for account of Federal Reserve banks) is equivalent to an import of gold, gains are designated with a minus (-) sign. Changes in gold held under earmark abroad for the account of the Exchange Stabilization Fund are not reported. The total amount of gold held under earmark by Federal Reserve banks for foreign account at the end of 1939 was $1,163,004,000, as compared with $628,586,000 at the end of 1938. Table 27.—Gold Movements Between the United States and Selected Foreign Countries, by Months, 1939 1 |