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U. S. DEPARTMENT OF COMMERCE

Daniel C. Roper, Secretary

BUREAU OF FOREIGN AND DOMESTIC COMMERCE

Alexander V. Dye, Director

THE BALANCE OF
INTERNATIONAL PAYMENTS OF THE

UNITED STATES IN 1937

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For sale by the Superintendent of Documents Washington, D. C

Price 15 cents

CONTENTS

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Foreword.com

Preface.--

Introduction.

Summary statement-

Residual item..

Merchandise adjustments...

American direct investments in foreign countries -

Foreign investments in the United States.-

International insurance transactions.-

Study of currency movements and related items..

Foreign-exchange markets in 1937.-

Commodity and service items..

Merchandise trade.--.

Foreign trade by countries and geographic areas.

Month-by-month trends.--

Merchandise adjustments.

Freight and shipping account.

Tourist account.

United States-Canadian tourist account..

United States-oversea tourist account.--

Expenditures of United States travelers in individual oversea

countries.

Noncommercial remittances and contributions..

Interest and dividends.

Summary

Receipts in United States from investments in foreign coun-

tries..

Income from portfolio investments.---

Income from direct investments---

Income from short-term investments..

Payments to foreigners on investments in the United States.

Payments to foreigners on long-term investments.-

Payments to foreigners on short-term investments..

Position of United States as creditor and debtor..

United States long-term investments abroad.

United States direct investments in foreign countries.

United States portfolio investments in foreign countries.

Repurchases by foreigners of foreign dollar bonds..

Interest-default status of foreign dollar bonds.-

Foreign long-term investments in the United States.--

Foreign holdings of common and preferred shares.-

Short-term assets and liabilities.

United States Government international account..

Miscellaneous service transactions...

International insurance transactions.

Movements of gold and silver---

Gold movements...

Silver movements..

Capital transactions..

Long-term capital transactions.

Changes in United States long-term investments in foreign

countries..

Changes in foreign long-term investments in the United States..

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LIST OF TABLES

1. Balance of international payments of the United States, 1936–37.---

2. Selected foreign exchange rates, 1937--

3. Foreign trade of the United States, by economic classes, 1936–37.

4. Foreign trade of the United States, by leading countries and by con-

tinents, 1926–37.

5. Foreign trade of the United States, by months, 1936-37--

6. Estimated freight earnings by United States and foreign vessels in the

carriage of United States merchandise exports and imports, 1937--

7. Trends in the tourist movement as reflected in various data, 1930–37.

8. International tourist account of the United States, 1936–37-

9. Passports issued and renewals granted: Object of travel as stated by

passport applicants, additional persons included, and citizenship of

bearer, 1929–37-

10. United States-Canadian tourist account, 1928–37-

11. Principal countries visited by United States citizens traveling in

European and Mediterranean area, 1935–37--.

12. Departures of United States citizens from United States and Canadian

seaports to oversea destinations, by geographic areas, 1930–37----

13. Departures of United States citizens via aircraft for oversea countries,

1935–37..

14. Principal countries visited by alien residents of the United States

traveling in European and Mediterranean area, 1937--

15. Expenditures of United States travelers in European and Mediter-

ranean countries, 1935 and 1937..

16. Institutional contributions to foreign countries, by class of institution,

1936–37.---

17. Receipts and payments of income on United States international in-

vestments, 1936–37---

18. Income and debt-service receipts from United States portfolio invest-

ments in foreign countries, by geographic areas, 1937--

19. Range estimates of income from United States direct investments in

foreign countries, by geographic areas, 1936–37.-

20. United States long-term investments in foreign countries, by types of

investment and by geographic areas, December 31, 1937-

21. Market value of foreign dollar bonds, by geographic areas, December

31, 1934–37-

22. Foreign dollar bonds outstanding and estimated repurchases by for-

eigners, by geographic areas, December 31, 1937-

23. Interest-default status of foreign dollar bonds, by geographic areas,

December 31, 1937.-

24. Foreign long-term investments in the United States, by types of

investment, 1934, 1936, and 1937-.

25. Indexes of foreign holdings of United States common and preferred

shares, 1936–37..

26. Geographic distribution of outstanding short-term foreign liabilities

and assets reported by banks and brokers in the United States,

December 29, 1937--

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27. Insurance transactions in the balance of international payments of the

United States, 1936–37.---

28. Premium income, admitted assets, and net worth of foreign insurance

companies in the United States and of United States insurance

companies in foreign countries, 1936-37.-

29. Reported gold movements between the United States and foreign

countries: Exports, imports, and earmarking operations, by months,

1937.-

30. Gold movements between the United States and selected foreign

countries, by months, 1937.--

31. United States gold exports and imports, by leading countries, 1934-37-

32. Imports of silver into the United States, by months and by selected

countries, 1934–37.---

33. Net movements of capital in short-term banking funds and in security

transactions, by countries and areas, 1935–37.

34. Summary of long-term capital transactions between the United

States and foreign countries, 1936-37-

35. Foreign capital issues publicly offered in the United States, 1937-

36. International banking accounts of the United States, 1932-37--

37. Outstanding short-term foreign liabilities and assets reported by banks

and brokers in the United States, January 1, 1936, December 30, 1936,

and December 29, 1937---

38. International movements of United States paper currency, 1936–37-.

39. Recorded movements of United States paper currency to and from

Europe, by months, 1937.---

Appendix B:

I. Expenditures of United States motorists in Canada, 1928–37.-

II. Expenditures of Canadian motorists in the United States, 1929–

37.-

III. United States citizens departed from United States and Cana-

dian seaports to oversea countries: Immediate destination

(country of debarkation), class of steamship accommodation,

and registry of carrier, 1937.-

IV. Estimated per capita expenditures of United States citizens

visiting oversea areas, 1935-37

V. Departures of United States citizens via seaports and land ports

for foreign countries, by months, 1936-37-

VI. United States citizens on cruise tours, 1937..

VII. Average time spent away from the United States by citizens

visiting European and Mediterranean area, 1937.-

VIII. Average time spent away from the United States by alien resi-

dents visiting European and Mediterranean area, 1937-

IX. Nonimmigrant aliens admitted to the United States, 1936-37.-

Appendix D:

X. International cash transactions of the United States Govern-

ment, 1936-37------

XI. Total indebtedness of foreign governments to the United States,

as of January 31, 1938 -

XII. Total payments received on account of indebtedness of foreign

governments to the United States, as of January 31, 1938...

XIII. Indebtedness of German Government to the United States, as

of January 31, 1938.-

Appendix E:

XIV. Long-term capital movements between the United States and

foreign countries, 1919–37.---

XV. Balance of international payments of the United States, 1919–

37..

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