XI. Geographic distribution of outstanding short-term foreign liabilities and assets of the United States, December 27, 1939. XII. Estimated dollar assets of belligerents and of neutral European 1. Foreign trade of the United States, by leading countries and by 2. Freight earnings by United States and foreign vessels in the car- riage of United States merchandise exports and imports, 1939. 3. Residents of the United States departing for oversea destinations, by geographic areas and by class of traveler, 1938-39. 4. Passengers departing from the United States for oversea destina- tions, exclusive of cruise passengers and air travelers, by country 5. United States residents returning from ocean cruises, 1938-39. 6. Air travel from the United States to oversea destinations, 1938-39- 7. Travel between the United States and foreign countries, by months and by class of traveler, 1938–39_ 8. Number, length of stay, and average daily expenditures of United States residents visiting selected European countries, 1938-39.. 9. Expenditures of United States residents in selected foreign 10. Arrivals and departures of residents of oversea countries admitted to the United States as temporary visitors, 1938–39. 11. Total passenger traffic (excluding cruises) between the United States and oversea countries, by class of traveler, 1938–39. 12. Passengers carried between the United States and oversea countries, by class of traveler and by registry of carrier, 1938-39... 13. Gross revenues of United States and foreign vessels from pas- senger traffic between the United States and oversea countries, by geographic areas and by class of traveler, 1938-39. 14. United States-Canadian travel account, 1938-39. 15. Number of trips across the Canadian border, 1938-39. 16. Expenditures of United States motorists in Canada, 1932-39. 17. Expenditures in Canada of United States rail and boat travelers, 20. Number of trips to Mexico by residents of the United States and to the United States by residents of Mexico, 1938-39 21. Institutional contributions to foreign countries, by class of insti- 23. Government international account, 1938-39- 24. Insurance transactions in the balance of international payments of the United States, 1938-39_. 25. Premium income, admitted assets, and net worth of foreign insur- ance companies in the United States and of United States in- 26. Reported gold movements between the United States and foreign countries-exports, imports, and earmarking operations, by 27. Gold movements between the United States and selected foreign 75 Page Appendix C: 30. Summary of long-term capital transactions between the United States and foreign countries, 1937-39... 31. Foreign capital issues publicly offered in the United States, 1939__ 32. Recorded movements of United States paper currency to and from Europe, by months, 1939-- 33. International movements of United States paper currency, 1938-39. Appendix D: 34. Estimated United States holdings of foreign dollar bonds, December 31, 1939__. 35. Interest-default status of foreign dollar bonds, by countries, December 31, 1939. 36. Market value of foreign dollar bonds, December 31, 1939. 37. Outstanding short-term foreign liabilities and assets of the United States, January 1, 1936, to December 27, 1939___ 38. German standstill credits, December 31, 1938, and March 30, 1940. 82 39. Foreign direct investments in the United States, by industries, 1937--- 83 40. Foreign direct investments in the United States, by countries, 1937-... 83 41. Foreign direct investments in the United States, by principal countries and industries, 1937. 84 42. Indexes of foreign holdings of United States common and preferred shares, 1937-39... 85 Appendix E: 43. Income and debt-service from United States portfolio investments in foreign countries, by countries, 1939. 86 LIST OF CHARTS 1. Balance of international payments of the United States, 1934-39. 3. Foreign trade of the United States, 1929–39_ 4. Trends in foreign travel, 1929–39. 5. International travel account of the United States, 1929-39 6. United States-Canadian travel account, 1929-39 7. International capital movements, 1938-39- 8. Movements of short-term banking and brokerage funds between the United States and foreign countries, 1930-39. 9. Long-term capital movements between the United States and foreign countries, 1928-39_. 5 10. International banking accounts of the United States, 1929-39_ 11. Receipts and payments of income on United States international investments, 1934–39. 12. Income and debt-service receipts from United States portfolio investments in foreign countries and from war debts, 1930-39__ FOREWORD This is the eighteenth consecutive annual report on the balance of international payments of the United States, prepared in the Finance Division of the Bureau of Foreign and Domestic Commerce. The study represents a comprehensive statement of the various types of international commercial and financial transactions between residents of the United States, on the one hand, and residents of foreign countries, on the other. In view of the wide scope of the report, its implications extend into many fields of national and international economic policy. Because of the time required for the collection, compilation, and analysis of detailed statistical materials and because of unavoidable delays in printing, this bulletin appears relatively late in the year. However, in order to make the summary results of the annual survey available to the public as early as possible, a preliminary statement was issued on February 19, followed by a series of special releases relating to particular aspects of the balance of payments. At the same time, the present bulletin was prepared with a view to promoting its maximum usefulness as a source book both of the international commercial and financial transactions of the United States and of the international investment position of the United States. In line with this purpose, the main text of the bulletin has been confined to a summary analysis, to the exclusion of a separate textual treatment of relatively minor items in the balance of payments. The appendixes, which contain the bulk of the detailed statistical data, together with statements of sources and methods, have been correspondingly lengthened. The Balance of International Payments of the United States in 1939 was prepared by Paul D. Dickens and August Maffry of the Finance Division, with the assistance of various other members of the Division's staff. Dr. Maffry was responsible for the portions relating to trade and service transactions (exclusive of interest and dividend items) and to gold, silver, and currency movements. Dr. Dickens contributed the portions covering international capital movements and the creditor-debtor status of the United States, as well as those on allied subjects, such as interest and dividend receipts and payments. As in other recent years, the bulletin was prepared under the general direction of Amos E. Taylor, Chief of the Finance Division. JUNE 1940. JAMES W. YOUNG, Director, Bureau of Foreign and Domestic Commerce. VII |