Imágenes de páginas
PDF
EPUB

78TH CONGRESS HOUSE OF REPRESENTATIVES 2d Session

OPERATIONS OF THE POSTAL SAVINGS SYSTEM, 1943

LETTER

FROM

THE POSTMASTER GENERAL

CHAIRMAN, BOARD OF TRUSTEES

TRANSMITTING

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,

93707-44-1

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.

[graphic]

TABLE 1.-Financial statements-Comparative balance sheet for June 30, 1943, and June 30, 1942

Working cash:.

Special funds, Treasurer of the United States: Reserve fund.....

Accounts receivable:

Accrued interest on bond investments.

Due from discontinued depository banks. Due from late postmasters..

Investments, United States Securities:

Postal Savings 22% bonds.

U. S. Treasury bonds..

U. S. Treasury notes.

Federal Farm Mortgage Corp. bonds.
Home Owners' Loan Corp. bonds.

June 30, 1943

June 30, 1942

Increase

Decrease

TABLE 2.-Comparative statement of interest-earning resources and interest-bearing liabilities for June 30, 1943, and June 30, 1942

[blocks in formation]
[blocks in formation]

LIABILITIES-INTEREST-BEARING

Due depositors: Outstanding principal, represented by certificates of deposit, per balance sheet. Excess of interest-bearing liabilities.

[blocks in formation]

TABLE 3.-Comparative statement of interest and profits for the fiscal years ended June 30, 1943, and June 30, 1942

[blocks in formation]

Extra expense incident to the operation of the Postal Savings System:

Field expenditures.

Departmental overhead.

[blocks in formation]

25,085, 039. 16 4,387.43

$401, 768. 15 34, 520, 216. 38 1, 218. 69 6,065, 851. 26 5, 131.60 40, 994, 186. 08

$657,502, 59 32, 724, 684. 74

741.84
21, 394.00
11.709. 51

$255, 734. 44

$1,795, 531. 64 476.85 6, 044, 457. 26

6, 577.91

33, 416, 032. 68

7,578, 153. 40
1, 147, 629. 11

6,063. 36 13.95

26.03

391.81

1, 141, 133. 96 6, 437, 019. 44

266, 174. 25 109, 482. 10

26.51 16, 218. 41

25, 105, 671. 51

15, 888, 514. 57

1 5, 100, 000, 00 1 395, 312. 00 5,495, 312.00

1 10, 393, 202. 57

23, 937, 410. 05 10, 450. 79 13.95 52.54 16,610. 22 23, 964, 537.55 9, 451, 495. 13

4,833, 825.75 285, 829.90 5, 119, 655. 65 4,331, 839. 48

375, 656. 35

6, 061, 363. 09

« AnteriorContinuar »