U. S. DEPARTMENT OF COMMERCE

Harry L. Hopkins, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE
JAMES W. YOUNG, Director

Economic Series-No. 8

THE BALANCE OF INTERNATIONAL PAYMENTS OF THE

UNITED STATES IN 1939

II. Foreign capital issues.

States long-term investments in foreign countries___

16

18

18

25

32

36

40

40

42

42

51

59

68

73

75

75

77

77

78

79

79

82

82

83

84

86

86

87

III. Reconciliation of 1938 and 1939 estimates of total United

IV. Paper currency movements..

D. Creditor-debtor position of the United States

I. United States holdings of foreign dollar bonds_
II. Short-term foreign liabilities and assets_

III. German Standstill credits__.

IV. Foreign direct investments in the United States.
V. Foreign holdings of common and preferred shares.

E. Income from foreign investments

I. Income and debt-service receipts

II. Income from United States direct investments abroad.

LIST OF TABLES

I. Balance of international payments of the United States, 1938-39--
II. Foreign trade of the United States, by months, 1937-39-
III. International receipts and payments on freight and shipping account,

1938-39

IV. International travel account of the United States, 1938-39

V. Movements of gold and silver into the United States and production
of gold and silver outside the United States, 1934-39.
VI. Capital transactions affecting United States international invest-

ments, 1937-39--

VII. Net movements of capital in short-term banking funds and in
security transactions, by countries and by areas, 1935-39.
VIII. United States international investments, end of 1934, 1938, and

1939

IX. United States long-term investments in foreign countries, by types
of investment and by geographic areas, December 31, 1939
X. Foreign long-term investments in the United States, by types of
investment, 1938-39-