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560. Supplemental estimate for Children's Bureau for grants to States for emer-
gency maternity and infant care.
561. Proposed provision and supplemental estimate, Children's Bureau, grants
to States for maternity and infant care.
562. Supplemental estimates for Federal Works Agency, 1944.
563. Supplemental estimates for the judiciary, 1944 and 1945.
564. Report on survey of Yazoo River watershed in Mississippi.
566. Estimates for Foreign Economic Administration, 1945, including lend-lease.
567. Deficiency and supplemental estimates for Justice Dept.
568. Estimate for American Commission for Protection and Salvage of Artistic
and Historic Monuments in War Areas.
569. Deficiency and supplementa! estimates for Post Office Dept.
570. Supplemental estimate for Federal Farm Mortgage Corporation, 1944.
571. Supplemental estimates for Navy Department and naval service, 1937 and
572. Estimate for United States participation in work of United Nations Relief
and Rehabilitation Administration.
2d Session No. 373
OPERATIONS OF THE POSTAL SAVINGS SYSTEM, 1943
THE POSTMASTER GENERAL
CHAIRMAN, BOARD OF TRUSTEES
THE REPORT OF OPERATIONS OF THE POSTAL SAVINGS SYSTEM FOR THE FISCAL YEAR ENDED JUNE 30, 1943
JANUARY 10, 1944.-Referred to the Committee on the Post Office and Post Roads and ordered to be printed
OFFICE OF THE POSTMASTER GENERAL, Washington, D. C., January 10, 1944. THE SPEAKER OF THE HOUSE OF REPRESENTATIVES.
SIR: On behalf of the board of trustees, I have the honor to submit herewith, as required by section 1 of the act approved June 25, 1910, the report of operations of the Postal Savings System for the fiscal year ended June 30, 1943.
At the close of the year there were 8,060 depositories in operation, including 861 branches and stations, a net decrease of 3 depositories during the year.
The outstanding principal to the credit of postal-savings depositors, represented by certificates of deposit, was $1,577,525,610, an increase of $262,002,305 over the amount for the corresponding date last year. The number of depositors increased from 2,812,806 to 3,064,054, an increase of 251,248, or 8.93 percent, in the number of accounts. The average principal per depositor increased from $467.69 to $514.85, a gain per capita of $47.16 or 10 percent.
Postal-savings funds were held at the close of the year by 1,345 banks as against 1,873 a year ago, of which 798 were national banks, 125 State banks, members of the Federal Reserve System, and 422 State banks, nonmembers. At the close of the year these banks,
as shown elsewhere in this report, held postal-savings funds in the amount of $11,875,203.94 to the credit of the board of trustees.
The board of trustees, under the authority of the Postal Savings Act, invested $1,028,480 during the year in postal-savings bonds, having purchased them from the holders at par and accrued interest, which makes the total holding of such bonds $33,715,880, after deducting matured 20-year bonds of the twenty-third and twenty-fourth series. During the year the board of trustees increased their holdings of other United States securities in the amount of $211,615,800 par value, at a cost of $212,049,919.44. The aggregate investment, as of June 30, 1943, in securities of the United States Government, was $1,482,568,580, par value, and $1,481,821,932.79, book value, allowing for amortization charges.
Eleven thousand nine hundred and nineteen accounts, aggregating $115,668, have been transferred to the division at Washington and are held by the board of trustees on June 30, 1943, as unclaimed, having been inactive for 20 years.
The System, which has always been self-supporting, realized a net profit in the fiscal year 1943 of $10,393,202.57, after deducting estimated departmental and Postal Service expenditures amounting to $5,495,312.
Financial statements and statistical tables, giving detailed information as to the operation of the System, are appended. Respectfully,
FRANK C. WALKER, Postmaster General, Chairman, Board of Trustees.
Working cash: Depository banks. Postmasters.
TABLE 1.--Financial statements-Comparative balance sheet for June 30, 1945, and June 30, 1942
June 30, 1943
June 30, 1942
Special funds, Treasurer of the United States:
Miscellaneous (working) funds.
Accrued interest on bond investments.
Investments, United States Securities:
Postal Savings 22% bonds.
TABLE 2.-Comparative statement of interest-earning resources and interest-bearing liabilities for June 30, 1943, and June 30, 1942
Working cash: Depository banks, per balance sheet.. Investments, per balance sheet...
Due depositors: Outstanding principal, represented by certificates of deposit, per balance sheet. Excess of interest-bearing liabilities..
Excess of income.
Extra expense incident to the operation of the Postal Savings System:
Field expenditures. Departmental overhead.
June 30, 1943
Estimated, subject to adjustment in fiscal year 1944.
TABLE 3.-Comparative statement of interest and profits for the fiscal years ended June 30, 1943, and June 30, 1942
Fiscal year 1943
Fiscal year 1942
June 30, 1942
1 5, 100, 000. 00
5, 119, 655. 65 4,331, 839. 48