War borrowing

Bibliographic data

Monograph

Identifikator:: 101124439X

URN:: urn:nbn:de:zbw-retromon-21219

Document type:: Monograph

Author:: Hollander, Jacob H. http://d-nb.info/gnd/136924867

Title:: War borrowing

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1919

Scope:: 1 Online-Ressource (215 Seiten)

Digitisation:: 2018

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The treasury

Collection:: Economics Books

86 WAR BORROWING volume of outstanding short-term obligations. On November 15, 1917, the Treasury balance stood at $801,983,785. A fortnight later 6 with the pro gress of the Loan flotation it had attained the height of $1,968,484,725, and on November 30, 1917, it was still at $1,837,419,886 — despite the redemp tion of the October 18, 1917, issue of certificates ($385,197,000) maturing November 22, 1917, and the August 28, 1917, issue ($250,000,000) matur ing November 30, 1917. On the other hand the certificate issues of September 17, September 26, and October 24, 1917, of a nominal aggregate of $1,385,296,000 were due on December 15, 1917. Two courses were now open to the Treasury in meeting this combined problem of surplus funds and of maturing short-term obligations. The one was to conserve the Treasury balance for current dis bursements and to rely on further borrowings to meet the maturing certificate issues. The other was to use surplus funds to redeem outstanding certifi cate issues before maturity, and to provide for future expenditures by new short-term borrowings. The procedure followed was in the main the second course: two issues of certificates were called for redemption before maturity, and provision was made for further issues of certificates. The reason assigned for earlier redemption was the danger of disturbance in the money market by the heavy withdrawal of funds that must otherwise have occurred on December 15, 1917. Certainly, a further advantage was the reduction of the swollen Treasury balance. On November 22, 1917, the Sec- 6 November 23, 1917.

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