78 WAR BORROWING By this time, however, the Treasury’s plans for successive issues of certificates had definitely ma tured. At fortnightly intervals — May 10, May 25, June 8 — issues of $200,000,000 each were al lotted. Of the $600,000,000 thus realized, no less than $560,000,000 was advanced to the Allies to June 29, 1917, leaving as the Treasury balance on that date $299,830,457, with $417,748,467 (June 9) and $149,682,891 (May 21) as the high and low points intervening. The funds derived from certificate borrowing were carried as a government deposit with the Federal Reserve Banks up to May 25, after which time the proceeds of certificate is sues were redeposited with subscribing banks quali fied as special depositaries and were remitted to the Federal Reserve Banks for disbursement as required for public expenditure. Subscription lists to the First Liberty Loan closed on June 16, with an aggregate subscription of $3,- 035,226,850 and an actual allotment of $2,000,000,- 000. In the light of the Treasury’s prospective re quirements and the clear alternative of early resort to further certificate borrowing, it is incomprehen sible that no part of the oversubscription should have been accepted. A preliminary payment of two per cent, was due on June 15 and a further install ment of 18 per cent, on June 28, making the amount certainly available on that date $400,000,000. As a matter of fact there was heavy over-payment of the installment, the receipts on account of the Loan up to June 30 totalling $1,458,400,000 or 73 per cent, of the principal. The over-payment was not limited to any particular section. In the New York dis