2

no.819

Foreword..

Introduction.

Introductory.

CONTENTS

Page

VII

X

The dollar in foreign exchange during 1933.

Depreciation of the dollar.

The flight from the dollar.

Foreign-exchange restrictions_.

The unfreezing of blocked accounts..

Trade and service items..

Merchandise exports and imports.

Geographic distribution.

Excess of exports over imports-

Merchandise adjustments..

Freight and shipping account_.

The tourist account..

United States-Canadian tourist account_.

The United States-Mexican tourist account_

United States-oversea tourist account_.

Expenditures by foreign tourists in the United States.

Immigrant remittances...

Contributions by charitable and other institutions.

Interest, dividends, and commissions___

Returns from American long-term investments abroad.

Funding of blocked accounts.

Earnings on American short-term investments abroad____

Receipts on stock transfer taxes, brokerage fees, and commissions_

Payments to foreigners on long-term investments in the United

States.

29

Payments to foreigners on short-term investments in the United

States__

29

Repatriations of foreign securities.

United States Government international account_

Miscellaneous services_

Gold movements..

Movements of paper currency -

Capital transactions_

Short-term capital movements_

Changes in international banking accounts in 1933_

Reconstruction Finance Corporation credits__

Miscellaneous credits__

Long-term capital movements_

Items tending to increase American investments abroad.

Items tending to reduce American investments abroad_.

Items affecting foreign investments in the United States_

International securities movement.

Purchases of American securities by foreigners.

Institutional transactions..

Present status of American investments abroad__

I. Estimates of American investments abroad.

Distribution of estimates, by areas..

Portfolio investments, by classes.

Basis of the revision.

II. Defaults on foreign dollar bonds.

29

32

34

36

38

38

38

41

41

43

44

45

46

47

48

50

52

53

53

53

58

58

59

(III)

G. Immigrant remittances_ _ _ _

H. International cash transactions of the United States Government,

1932 and 1933..

I. The German standstill credits.

J. Notes on international security movements in 1933-

K. Transfer of service receipts on United States long-term investments in

Germany. --

L. The balance of international payments of the United States, 1919-33-

67

83

84

89.

LIST OF TABLES

The balance of International Payments of the United States, 1932

and 1933__

XI

IN THE TEXT

1. Merchandise exports to, imports from, and balance of trade by

leading countries___

10

2. Balance of trade by continents and great trade regions

11

3. United States foreign-trade freight earnings by United States and by

foreign vessels, calendar year, 1933-

12

4. United States international tourist account, 1932-33-.

5. Changes in the international tourist account of the United States,

1929-33--

13

13

6. United States tourist expenditures in foreign countries, 1927-33 (by

countries) _ _

15

7. United States tourist expenditures in Canada, 1928-33, by classes---

8. Canadian tourist expenditures in the United States, 1928-33, by

16

classes--

16

9. United States-Canadian tourist expenditure balance, 1928-33-..

10. Remittances to foreign countries by alien and other residents of the

United States, 1927-33..

16

20

11. Income and debt service receipts in 1933 of the United States from

its long-term foreign investments and loans and par value of bonds

retired..

12. United States Government receipts in 1933 on war-debt account_
13. Statement relative to indebtedness of foreign governments to the
United States as of January 4, 1934-

14. Shipments and receipts of United States paper currency to and from

foreign countries, 1933-..

15. United States internatioual banking accounts, 1931-33...

16. Summary of international long-term capital transactions in 1933.

17. Foreign capital issues publicly offered in the United States during the

calendar year, 1933-----

18. Changes in foreign holdings of common shares of American corpora-

tions, 1930-33_.

50

19. Changes in geographic distribution of foreign-owned common shares

of American corporations---

51

20. American investments in foreign countries, by areas and types, as of

December 31, 1933__

53.

21. American investments in Europe, by countries, as of December 31,

1933____

55

22. American investments in Latin America, by countries, as of December

31, 1933_..

56

23. American investments in Asia, Africa, and Oceania, by countries, as

of December 31, 1933..

57

24. American investments in foreign securities, by areas and classes, as of

December 31, 1933----

58

25. Defaults on interest payments on outstanding "American Share" of

foreign dollar bonds.

60