3'?. /^.' Jtj MAY 1979 BEA-SP 79-033 Q Sources and Uses of Fimds Of Majority-Owned Foreign Affiliates of U.S. Companies, 197376 Bureau of Economic Analysis Staff Paper U.S. DEPARTMENT OF COMMERCE BUREAU OF ECONOMIC ANALYSIS ^-■""'y ACKNOWLEDGMENTS This staff paper was written by Ida May Mantel, an economist with the International Investment Division. David H. Galler, Juris E. Abolins, and Shirley J. Davis supervised preparation of the data. Arnold Gilbert and Arthur H. Jacoby developed software systems to set up the data base and produce the tables. Ethel J. Wheeler provided statistical assistance. Bureau of Economic Analysis Staff Paper Sources and Uses of Funds of Majority-Owned Foreign Affiliates of U.S. Companies, 1973-76 By Ida May Mantel MAY 1979 U.S. DEPARTMENT OF COMMERCE ^v.^«^°^co Juanita M. Kreps, Secretary Courtenay M. Slater, Chief Economist for the Department of Commerce BUREAU OF ECONOMIC ANALYSIS George Jaszi, Director ^^ates o^ ^ BIBLIOGRAPHIC DATA SHEET 1 . Report No. BEA-SP 79-033 3. Recipient's Accession No. 4. Title and Subtitle Sources and Uses of Funds of Majority-Owned Foreign Affiliates of U.S. Companies, 1973-76 5. Report Date May 1979 6. 7. Author(s) Ida May Mantel 8. Performing Organization Rept. N°- Staff Paper No. 33 9. Performing Organization Name and Address Bureau of Economic Analysis U.S. Department of Commerce Washington, D.C. 20230 10. Pro)ect/Task/Work Unit No. 11. Contract/Grant No. 12. Sponsoring Organization Name and Address Bureau of Economic Analysis U.S. Department of Commerce Washington, D.C. 20230 13. Type of Report & Period Covered Staff Paper 14. 15. Supplementary Notes 16. Abstracts Sources and uses of funds in 1973-76 are analyzed for a sample of majority-owned foreign affiliates of U.S. companies. Emphasized are nonfinancial industries: petro- leum, manufacturing, and other. In general, uses of funds are changes in affiliates assets, and sources of funds are changes in their liabilities and capital accounts. Includes sources and uses of funds data for 1966-76. Data for 1966-72, initially published in the July 1975 Survey of Current Business , are revised. Manufacturing and "other" industry detail are published for the first time. 17. Key Words and Document Analysis. 17a. Descriptors International transactions U.S. multinational companies Foreign affiliates of U.S. companies Sources and uses of funds of foreign affiliates Financing of affiliates abroad Petroleum operations abroad Manufacturing operations abroad 17b. Identifiers/Open-Ended Terms 17c. COSATI Field/Group 18. Availability Statement National Technical Information Service 5285 Port Royal Road Springfield, Virginia 19. Security Class (This Report) IINri.ASSIFlED 20. Security Class (This Page UNCLASSIFIED 21. No. of Pages 57 22. Price $5.25 paper;$3»00mf FORM NTIS-35 (REV. 10-73) ENDORSED BY ANSI AND UNESCO. THIS FORM MAY BE REPRODUCED USCOMM-DC 82eS-P74 THE major findings of this paper are: o In the 19 7 3-76 pe rio d , sources and uses of funds exhibited unusually volatile changes , largely re- flecting abrupt changes in economic activity, particularly in major industrial countries, and in prices . a The quadrupling of petroleum prices during 1973- 74 resulted in particularly large changes in the sources and uses of funds of affiliates in the petroleum industry and in certain nonpet role urn industries, such as chemicals and trans porta t ion- equip me nt manufacturing . o In 1973-76, for nonfinancial affiliates, changes in external funds from sources outside the multi- national company (MNC) were in the same direction as changes in the gap between phy s ical asset in- vestment and funds control le d by the MNC. The gap wa$ unusually large in 1973-74; to fill the gap, affiliates relied pri mar i 1 y on short-term funds from foreign creditors other than financial in- stituti ons . o By the end of 1976, the distribution of sources of funds of nonfinancial affiliates was similar to the average distribution in 1966-72, but the distribution of uses of funds differed significantly. In 1976, phys ical asset inves tment , particularly the capital e xpendi ture s component , was a smal ler percentage , and financial asset inves tment a larger percentage , of total uses of funds than in 1966-7 2. This paper analyzes sources and uses of funds of a sample of majority-owned foreign affiliates of U.S. companies (MOFA's) in 1973-76. V The sample accounts for a sub- stantial portion of the data for all MOFA's (see technical note). Sources of funds consist of internal funds generated by affiliate operations, ex- ternal funds loaned to or invested in affiliates by U.S. and foreign residents, and "other" sources of funds. External funds are classified as coming from the MNC-- the U.S. parent and foreign affiliates of the U.S. parent--or from U.S. and foreign residents outside the MNC. Uses of funds consist of investment in physical, financial, and other assets. Physical asset investment (PAI) consists of capital expenditures and the change in inventories. Financial asset investment consists of the change in current receivables, the change in cash and other short-term assets, and a substantial portion of "other" uses of funds. The latter consists of the change in long-term financial assets, to- gether with changes in intangible assets and adjustment items. TJ Except for the last section, the article focuses on affiliates in nonfinancial industries, which accounted for almost all PAI by the sample. 3/ The first section describes the economic factors that contributed to volatile changes in sources and uses of funds. The second and third discuss changes in major uses and sources of funds; uses are discussed first in order to analyze factors that influenced affiliates' in- vestment before analyzing the sources of funds used to finance that investment. The fourth section analyzes the financing of PAI with MNC-controlled funds and external funds from non-MNC sources. The fifth compares the distribution of sources and uses of funds in 1976 with that in 1966-72. The sixth section discusses sources and uses of funds of affiliates in financial industries. Economic Setting Total sources (uses) of funds of nonfinancial affiliates fluctuated sharply in 1973- 76. Large increases in 1973 and 1974 (71 percent and 49 percent respectively) were followed by a 41-percent decline in 1975 and a 9-percent increase in 1976. These fluctuations were closely related to changes in economic activity, particularly in major industrial countries. For most of 1973-76, the economies of these countries, 1. Data for 1966-72, published in the July 1975 survey of current business, have been revised. The revisions and 1973-76 data are summarized in tables 1 and 2. More detailed data for 1966-76 are given in tables 12 and 13. Manufacturing and "otiier" industry detail are published for the first time, in tables 14-17. 2. In general, changes in assets are treated as uses of funds and changes in liabilities and capital accounts as sources of funds. Exceptions are: (1) the change in affiliates' receivables, current and noncurrent, from all U.S. residents, which is netted against external funds and, therefore, excluded from uses of funds, and (2) sales of fixed assets, which are included among "other" sources. (See technical note for further definitions.) 3. Nonfinancial industries consist of petroleum, manufacturing, and "other" non- financial industries. Petroleum consists of the exploration, development and production of crude petroleum and natural gas, and the transportation, refining, and marketing of crude petroleum and petroleum products exclusive of petrochemicals. Manufacturing ex- cludes petroleum refining and the smelting operations of mining companies. Financial industries consist of finance and insurance. including the United States, were closely synchronized; in general, they grew rapidly in 1973, were characterized by recession in 1974-75, and experienced a modest upturn in 1976. Abrupt changes in prices also contributed to the sharp changes in sources and uses of funds. In 1973-74, inflation accelerated, particularly as a result of the quadrupling of crude petroleum prices and the rise in prices of agricultural commodities and industrial and raw materials. In 1975-76, inflation moderated. Although the contribution of price changes to changes in the data cannot be quantified, it was significant during this period. In particular, the 1973-74 quadrupling of petroleum prices--a much larger rise than for most other commodity prices--accounted for sizable fluctuations in the components of sources and uses of funds over several years. Changes in petroleum prices contributed significantly to fluctuations in the data be- cause petroleum accounted for a significant portion of affiliates' total sales and purchases. Petroleum sales take place in a chain that begins with the sale of crude petroleum from extractive areas and ends with the sale of petroleum and petroleum-based products to final customers. Normally, a series of intermediate as well as final purchases and sales is reflected in the data. Petroleum sales made on credit were reflected in the change in receivables of the seller and payables of the purchaser, both of which increased because of higher prices. Other sources and uses components were affected as a result of petroleum sales whether or not made on credit; they include the change in inventory, the change in cash, and both in- ternal and external funds. (See the technical note that describes in detail how a sharp rise in petroleum prices would affect these sources and uses of funds.) External funds were further affected by the quadrupling of petroleum prices because certain liabilities of petroleum affiliates in extractive areas were based on petroleum prices. Liabilities to host governments for taxes and royalties and for petroleum purchased from governments rose. Such liabilities are incurred because amounts owed are not paid until at least 30 days after petroleum production. Also, the petroleum-price increase contributed to changes in the sources and uses of funds of affiliates in nonpetroleum industries, particularly those that purchased petro- leum feedstocks and sold petroleum-based products. 4^/ In 1975, slower price increases contributed to the sharp decline in sources and uses of funds. In 1976, petroleum prices stabilized and no longer accounted for significant changes in the data. Uses of Funds Physical asset investment PAI of nonfinancial affiliates rose rapidly in 1973-74, fell sharply in 1975, then increased moderately in 1976. There were quite different patterns for the two components 4. In general, nonpetroleum industries in the sample for this article are less heavily weighted than in the universe of MOFA's. If the sample were weighted the same as the universe, the unusually large increase in petroleum prices would still account for significant changes in various sources and uses of funds of PAI, capital expenditures and inventory change (chart 1). Capital expenditures.— Expenditures lagged cyclical changes in worldwide economic activity. They increased more than 20 percent in both 1973 and 1974 and 3 percent in 1975. In 1976, they declined 6 percent. Capital expenditures lagged the 1974-75 down- turn in economic activity because commitments to major projects generally were made a year or more in advance; they lagged the 1976 upturn primarily because excess capacity was available to meet initial increases in demand. In 1973-74, affiliates in all three major nonfinancial industries shared in the rapid increase in capital expenditures, which included large increases in price as well as in volume of capital goods purchased. In 1975, as economic activity began to recover, expenditures by manufacturing affiliates declined. Expenditures by petroleum and "other" nonfinancial affiliates continued to in- crease, offsetting the decline in manufacturing. In petroleum, increases were primarily to develop North Sea oil fields. In 1976, declines in capital expenditures by petroleum and "other" nonfinancial af- filiates, which primarily reflected unused capacity, more than offset a slight increase in expenditures by manufacturing affiliates. The decline in expenditures by "other" nonfinancial affiliates was largely in mining and smelting, and trade. Change in inventories. -- Inventory change, which is normally a volatile component of PAI, fluctuated even more than usual over the 1973-76 period. The increase in inventories jumped to $4,2 billion in 1973 and to $9.5 billion in 1974; then it dropped sharply to $0.6 billion in 1975 before rising to $1.9 billion in 1976. In petroleum, inventory increases in 1973-74 primarily reflected the quadrupling of petroleum prices. Volume increased only slightly, if at all, in 1973, and probably increased moderately in 1974, particularly in Europe, where demand declined because of the slowdown in economic activity, conservation measures, and mild winter weather. In manufacturing and "other" nonfinancial industries, several factors contributed to the unusually large inventory increases in 1973-74. The acceleration of inflation in- creased the current-dollar value of additions to inventories, although the rate of in- crease in most commodity prices was less than that for petroleum. There was also some stockpiling of raw materials, particularly in 1973, because of anticipated price increases and shortages of some materials. As general economic activity slowed and demand weakened in 1974, some involuntary accumulation of inventories occurred. Finally, the petroleum price increase contributed significantly to inventory increases in two manufacturing industries--in chemicals, because petrochemical companies use petroleum or petroleum products as feedstocks, and in transportation equipment, because higher gasoline prices and the disruption of gasoline supplies during the 1973-74 Arab embargo resulted in a sharp decline in demand for automobiles. In 1975, the sharp drop in inventory increases in all three major nonfinancial in- dustries reflected declining production during the recession, the drawing down of excess inventories accumulated in the previous year, and the slowing of inflation. The 1976 rise in inventory change generally reflected the moderate upturn in economic activity abroad. In petroleum, inventories probably were built up at yearend in anti- cipation of further increases in crude petroleum prices. Financial asset investment In 1973-76, changes in financial asset investment were dominated by the change in current receivables. In 1973, the increase in current receivables nearly tripled, to $4.8 bil- lion; this reflected an increase in the volume of sales and the sharp rise in prices of commodities, particularly petroleum, sold on credit. As economic activity declined in 1974, the increase rose to $6.9 billion, reflecting the further rise in prices as well as some delay in customer payments and stretching out of payment terms. In 1975, the increase in receivables fell sharply to $2.3 billion as inflation moderated and sales declined; it rose moderately to $3.5 billion in 1976, as economic activity recovered. Sources of Funds Internal funds Because of the rise in economic activity in 1973, internal funds of nonfinancial affiliates increased 72 percent, to $10.3 billion. Thereafter, internal funds declined steadily to $9.0 billion in 1976, because undistributed profits declined (table 3). The 1973 increase in internal funds primarily reflected increases in net income. In all three major nonfinancial industries, rising revenues, which resulted from a higher sales volume and sharply higher prices, particularly of petroleum, more than offset rising costs. In 1974, internal funds declined because undistributed profits declined. For petroleum, undistributed profits declined even though net income rose as a result of the rise in petroleum prices; the decline was accounted for by a large increase in distributed pro- fits. For manufacturing, a decline in undistributed profits was accounted for by an in- crease in distributed profits and a decline in net income. The latter probably reflected higher unit labor costs and a smaller volume of sales. The 1975 and 1976 declines in internal funds and undistributed profits were accounted for primarily by petroleum affiliates. In 1975, petroleum net income declined sharply because of the recession. Revenues declined, as both petroleum production and sales volume declined. On the other hand, costs increased partly because tax and royalty pay- ments to host governments increased. The proportion of net income that was distributed to owners remained high, and undistributed profits fell. In 1976, the major factor contributing to negative undistributed profits and the decline in internal funds of petroleum affiliates was the payment of a large dividend by an affiliate in Indonesia, which had been delayed from 1975 because of exchange restrictions. External funds In 1973-76, external funds fluctuated widely: After a 69-percent increase in 1973, they more than doubled to $19.8 billion in 1974, declined sharply to $6.5 billion in 1975, then increased to $10.1 billion in 1976. These fluctuations primarily reflected changes in non- MNC funds, particularly debt financing from foreign financial institutions and "other" foreign creditors (table 4). The 1973 and 1974 increases in debt financing from foreign creditors were accounted for primarily by short-term funds. For petroleum, short-term funds mainly reflected the rise in liabilities to host governments in extractive areas for taxes and royalties and for petroleum purchases (table 5). The amounts owed to governments increased as petroleum prices increased and, in 1974, as tax and royalty rates increased. (There was a lag between the time prices increased and the time host governments raised tax and royalty rates so that the host countries could benefit from the price increases.) Also, in 1974, liabilities increased to some extent because governments extended payment terms in order to accommodate the affiliates' slower collection of receivables from customers. For manufacturing, short-term funds from foreign creditors rose rapidly, partly to finance the unusually large increases in inventories and current receivables. "Other" creditors, probably primarily suppliers, provided the largest percentage of short-term funds--68 per- cent in 1973 and 56 percent in 1974. Financiaf institutions provided the remainder. High interest rates and a scarcity of funds discouraged long-term borrowing, particularly in 1974. In 1975, there was a shift by petroleum affiliates to net repayment of short-term funds from foreign creditors, mainly host governments. Liabilities to host governments declined because of the slower increase in crude petroleum prices, the decline in crude petroleum production, and the payment of liabilities delayed from 1974. Manufacturing affiliates also shifted to net repayments of short-term funds from foreign creditors, particularly foreign financial institutions, as inventory and current receivables changes declined sharply. In 1976, there was a shift to net borrowing of short-term funds from foreign creditors, primarily from "other" creditors. Short-term liabilities of petroleum affiliates increased, mainly reflecting increases in liabilities to governments for taxes and royalties and in supplier's credits from governments that had nationalized crude petroleum production before 1976. "other" sources Among "other" sources of funds, which consist primarily of sales of fixed assets, there was a particularly large increase in 1975. The increase was accounted for mainly by petro- leum affiliates and partly reflected the sale of their fixed assets to the government of Venezuela when it nationalized the petroleum industry. Some affiliates that sold their fixed assets continued to operate by providing management and technical services to the government on a contractual basis or by purchasing petroleum from the government for sale elsewhere. Financing Gap and Non-MNC Funds This section analyzes the changes in affiliates' non-MNC funds by comparing them with changes in the gap between affiliates' PAI and funds controlled by the MNC. Funds controlled by the MNC consist of internal and external funds from MNC sources. Both sources of funds are controlled ultimately by the U.S. parent through its majority ownership of the affiliate. Chart 2 shows how internal and external funds can be re- classified as MNC-controlled and non-MNC funds. Financing gap The financing gap equals PAI less MNC-controlled funds. There is no gap when MNC- controlled funds are sufficient to finance PAI. A positive gap indicates that MNC- controlled funds are insufficient, and a negative gap that they are more than sufficient, to finance PAI. The gap for affiliates is similar to the gap used in flow-of-funds analysis of an economic sector. The gap for a given sector is defined as nonfinancial investment less internal funds (savings). If the gap is positive, it indicates that the sector is a net borrower of funds from other sectors, i.e., it has received funds from other sectors. For affiliates, that definition has been modified so that all MNC-controlled funds, rather than just internal funds, are subtracted from nonfinancial investment, which in these data is closely approximated by PAI; thus, the gap is the difference between PAI and MNC-controlled funds. If the gap is positive, it indicates that affiliates are net borrowers of funds from non-MNC sources; if negative, the gap indicates that affiliates are net suppliers of funds. In 1973-74, the gap for affiliates was much larger than in previous years (chart 3). Compared with an average of less than $1.0 billion in 1966-72, it rose to $3.2 billion in 1973 and to $13.6 billion in 1974. In 1975, it plunged to a negative $2.3 billion. In 1976, it shifted to a positive $1.7 billion, closer to the 1966-72 average. In 1966-72, the relationship between MNC-controlled funds and the capital expenditures component of PAI was stable: They were about equal in each year (table 6). Thus, both the size and change in the gap were largely accounted for by the change in inventories-- the other component of PAI. In 1973-75, the stable relationship between MNC-controlled funds and capital expenditures was interrupted. In 1973, MNC-controlled funds exceeded capital expenditures, and were large enough to finance part of the unusually large increase in inventories as well. Consequently, the gap, while unusually large, was smaller than it would have been had it equaled or exceeded the size of inventory change, as in most earlier years. Affiliates in manufacturing and "other" nonfinancial industries primarily accounted for the altered relationship. In 1974, MNC-controlled funds were much smaller than capital expenditures. As a result, the gap was four times the size of the already large gap in 1973. MNC-controlled funds were dominated by unusual developments in petroleum; in manufacturing and "other" non- financial industries, MNC-controlled funds exceeded capital expenditures. MNC-controlled funds of petroleum affiliates were negative in 1974, reflecting negative external funds from MNC sources that more than offset internal funds (table 7). Negative external funds from MNC sources reflected primarily two types of transactions with affiliates in the Middle East--the extension of credit by affiliates to U.S. parents to finance parents' purchases of crude petroleum, and affiliates' receivables transferred to U.S. parents for collection. Both the extension of credit to U.S. parents and the transfer of receivables to U.S. parents reduced MNC-controlled funds; the reduction was unusually large in 1974 because the value of receivables was boosted by the higher petroleum prices. The reduction also reflected some delay in payments from U.S. parents as a result of affiliates' lengthening of credit terms to them and the slowing of parents' collection of affiliates' receivables. In contrast with petroleum, both manufacturing and "other" nonfinancial industries' MNC- controlled funds were sufficient to finance not only capital expenditures but also a portion of the large inventory increases, as in 1973. By narrowing the gap, MNC-controlled funds limited affiliates' demand for external funds from non-MNC sources, particularly from foreign financial institutions. In general, such non-MNC funds were scarce, or available only at higher interest rates. In 1975, MNC-controlled funds exceeded total PAI; this resulted in a negative gap. Shifts to negative gaps occurred in both petroleum and manufacturing. In petroleum, the shift primarily reflected a sharp reversal from negative to positive MNC-controlled funds, as the slower increase in petroleum prices and the decline in crude petroleum production resulted in a smaller increase in affiliates' receivables due from U.S. parents or trans- ferred to U.S. parents for collection. The shift also reflected payments by U.S. parents in 1975 that were delayed from 1974. In manufacturing, the shift reflected the much sharper decline in PAI than in MNC-controlled funds. In "other" nonfinancial industries, there was a small positive gap; MNC-controlled funds exceeded capital expenditures, as in 1973-74, and were sufficient to finance part of the inventory increase. In 1976, as in 1966-72, MNC-controlled funds were about equal to capital expenditures, and the gap was about equal to inventory change. Changes in non-MNC funds and the gap For all nonfinancial affiliates combined, the change in non-MNC funds was influenced by the change in the gap; i.e., non-MNC funds always increased (declined) as the gap widened (narrowed) in each of the years 1973-76 (chart 4). Except for "other" nonfinancial affiliates in 1973, this was also true for affiliates in each of the three major industry groups. In 1973-76, as in 1966-72, changes in non-MNC funds were largely accounted for by changes in funds from foreign creditors. Thus, in both periods, changes in the gap and changes in funds from foreign creditors usually moved together. Distribution of Sources and Uses of Funds In 1973-76, the sharp fluctuations in the components of sources and uses of funds of nonfinancial affiliates resulted in considerable variation in their percent distribution. However, by 1976, the distribution of major sources of funds closely resembled the average distribution in 1966-72, when the distribution was relatively more stable. In 1976, internal funds were 45 percent, external funds 50 percent, and "other" sources 5 percent, of total sources of funds (table 8). Unlike sources of funds, the 1976 distribution of major uses of funds differed significantly from the average distribution in 1966-72. PAI was 68 percent of total uses, down from 76 percent in 1966-72; financial asset investment was 32 percent, up from 24 percent. These changes reflected changes in particular subcomponents; capital expenditures accounted for a smaller percentage of total uses of funds in 1976 then in 1966-72, while the change in current receivables and the change in cash and other short-term assets both accounted for larger percentages. The percentage for inventory change remained about the same; that for "other" uses declined slightly. In petroleum, the relatively larger proportion of uses of funds accounted for by financial asset investment in 1976, compared with 1966-72, reflected primarily the turnover of current receivables at prices that were at least five times the 1966-72 price. The correspondingly smaller proportion accounted for by capital expenditures reflected in part the slower rate of increase in prices of capital equipment compared with prices of petroleum. Another factor was the decline in capital expenditures in 1976. In manufacturing and "other" nonfinancial industries, the change in cash and other short- term assets was a larger percentage, and capital expenditures a smaller percentage, of total uses of funds in 1976 than in 1966-72. In 1976, as in 1975, affiliates substantially increased cash and other short-term assets. Financial Affiliates In the sample, financial affiliates consist only of financial affiliates of nonfinancial U.S. companies. They include primarily finance subsidiaries and holding companies that provide services to the MNC. Also included are affiliates engaged in capital -equipment leasing, insurance, and other financial activities. In 1973-76, sources of funds continued to exhibit the pattern that began in 1972. In 1967-71, non-MNC funds were the largest portion of total sources. From 1972 on, MNC-con- trolled sources were the largest portion; this reflected a shift from negative to positive MNC funds, particularly from U.S. parents. Financial affiliates did not borrow significantly in foreign financial markets after 1971; this probably reflected the relaxation of U.S. capital controls. Under the U.S. capital-control program that regulated the financing of U.S. direct investment abroad, U.S. companies established affiliates to borrow abroad and to transfer funds to the U.S. parents; this contributed to large non-MNC funds and negative MNC funds in 1967-71. The capital controls were relaxed substantially by 1972 and were removed in 1974. As the controls were relaxed, financial affiliates began to borrow less and to repay long-term loans from foreign creditors, primarily foreign financial institutions. Affiliates probably repaid those loans out of MNC-controlled funds, particularly from U.S. parents. In 1973-76, uses of funds were largely accounted for by financial asset investment. The change in current receivables probably included loans to other foreign affiliates in the same MNC. Increases in cash and other short-term assets and "other" uses may have reflected receivables transferred from other affiliates for collection. Techni cal Note The sources and uses of funds data for 1966-76 are for a sample of MOFA's; the data have not been expanded to universe estimates. Data for 1966 were obtained from BEA's mandatory benchmark survey of American business INVESTMENTS IN FOREIGN COUNTRIES and, for 1967-76, from BEA's annual voluntary survey of sources and uses of funds of foreign affiliates. S ampl e MOFA's in this sample are owned at least 50 percent, directly or indirectly, by the U.S. parent. An indirectly-owned affiliate is one that is directly owned by another foreign affiliate of the U.S. parent, rather than by the U.S. parent itself. The sample consists of MOFA's of U.S. parents in nonfinancial industries. The sample excludes affiliates of U.S. parents classified as banking or insurance firms because those U.S. parents were not asked to report sources and uses of funds for their affiliates. Industry classifications for affiliates reported in the 1966 benchmark survey were main- tained for all later years. Affiliates new to the sample after 1966 were classified according to information provided by their U.S. parents in the first annual survey filed. The relatively small number of affiliates in the MOFA sample accounts for a substantial portion of 1966 universe values (tables 9 and 10). Table 9 gives the U.S. direct invest- ment position abroad and the number of foreign affiliates for the sample and the 1965 universe; unlike the sample, the 1966 universe consists of both majority-and minority-owned affiliates. The sample accounts for only 12 percent of the 23,123 foreign affiliates in the universe, but for 43 percent of the U.S. direct investment position abroad in 1966. Table 10 compares capital expenditures by the sample with expenditures by the universe of MOFA's in 1966. The sample accounts for 14 percent of the 20,500 MOFA's, but for 50 per- cent of 1966 capital expenditures by all MOFA's. Tables 9 and 10 show that the sample is more heavily weighted by petroleum affiliates than either universe; this reflects the fact that petroleum affiliates are owned by a few U.S. companies, most of which reported continuously in the voluntary surveys. Manufacturing and "other" industry affiliates account for a smaller portion of the sample than they do of either the universe of all foreign affiliates or the universe of MOFA's. By geographic area, affiliates in Latin America and Canada account for a smaller portion of the sample than of either universe. Canada's portion is smaller in part because the sample excludes all foreign companies in which ownership exceeded 50 percent, but in which no one person owned 10 percent or more. Such publicly held companies were included in the 1966 universe; most were in Canada. Affiliates continuously in the sample in 1966-76 account for a large portion of the data (table 11). For example, the affiliates that remained in the sample for the entire period accounted for 93 percent of 1966 capital expenditures and 83 percent of 1976 capital ex- penditures of the sample. Affiliates that dropped out of the sample, because of liquidation or sale, accounted for 7 percent of 1966 expenditures. Affiliates added to the sample after 1966 accounted for 17 percent of 1976 expenditures. Sample coverage of universe data has declined since data were published for 1966-72. Coverage of the 1966 universe declined from 50 to 43 percent for the U.S. direct invest- ment position abroad, and from 56 to 50 percent for capital expenditures of MOFA's. Affiliates previously included for 1966-72 were excluded if they were not reported for any year after 1972. De fini tion of items Internal funds consist of undistributed profits and charges against net income for depreciation, depletion, and amortization of assets. Undistributed profits of both incorporated and unincorporated foreign affiliates are equal to net income after foreign income taxes, less distributed profits before deducting any foreign withholding taxes. Net income generally did not include unrealized gains or losses from the translation into U.S. dollars of affiliates' accounts expressed in a foreign currency. When translation gains or losses were known to be included, they were excluded from net income and included in "other" sources of funds. External funds from non-MNC sources consist of debt financing from foreign creditors, equity financing from foreign residents, and debt and equity financing from U.S. residents other than the U.S. parent. Equity financing from foreign residents includes financing from other foreign affiliates of the U.S. parent, which, if separately reported, would have been classified as external funds from MNC sources; the amounts involved are small. other (sources) consist of sales of fixed assets, adjustment items, translation gains and losses, and unallocated external funds. Physical asset investment consists of gross capital expenditures for fixed assets and the change in book value of inventories. Affiliates' sales of fixed assets at net book value were not netted against gross expenditures because such sales were not reported separately until 1974. For 1956, sales of fixed assets are included with depreciation and similar charges, and for 1967-76 with "other" sources of funds. Change in current receivables is the change in affiliates' current receivables from all foreign residents, including other foreign affiliates of the U.S. parent. The increase (decrease) in current receivables from U.S. parents or from other U.S. residents is reported as a reduction in (addition to) external funds from U.S. parents or from other U.S. residents, respectively. other (uses) consist of changes in long-term financial assets, including noncurrent re- ceivables; intangible assets, such as patents, trademarks, or copyrights; transfers of fixed assets from other foreign affiliates of the U.S. parent; and adjustment items. The increase (decrease) in noncu'^rent receivables due from U.S. parents or other U.S. residents is excluded because it is reported as a reduction in (addition to) external funds from U.S. parents or from other U.S. residents, respectively. Effect of petroleum price increase If other factors remain unchanged, a sharp rise in petroleum prices in a short period of time, such as occurred in 1973-75, would result in sizable increases in the components of sources and uses of funds. Among sources, the rise would cause both external and internal funds to rise; among uses, it would cause the change in inventories, current receivables, and cash to rise. These components would subsequently level off or decline as price increases slow; however, they would be larger than before the price rise, because of the higher price level. External funds and change in current receivables .--l\ rise in price WOUld cause liabilities 10 to host governments--for taxes and royalties based on posted prices, and for petroleum purchased from governments--to rise. This rise would be reflected as external funds from non-MNC sources (non-MNC funds). If host governments also increased tax and royalty rates, or allowed affiliates to delay their payments beyond the normal period, there would be an additional rise. A rise in price could cause both receivables and payables (liabilities) to rise if affiliates sold or purchased petroleum on credit at the higher price. For sales between foreign affiliates, both current receivables of the seller and payables of the purchaser would rise. For sales from an affiliates to other customers, the impact would depend upon the location of the customer. If the customer is located abroad there would be an increase in the affiliate's receivables (a use of funds). If the customer is located in the United States, there would be a reduction in the affiliate's external funds; this is because credit extended by affiliates to U.S. customers is reported to BEA as a reduction in external funds from U.S. sources rather than as a use of funds. Affiliates often sell crude petroleum to the U.S. parent, and the parent in turn resells it to a second affiliate. In this case, MNC-source external funds of the first affiliate are reduced by credit extended to the U.S. parent, and MNC-source external funds of the second affiliate are increased by credit extended to it by the U.S. parent. Affiliates that purchase petroleum from either their U.S. parent or another affiliate in the same MNC generally obtain credit from the seller. Alternatively, they can borrow from unaffiliated sources to finance their purchases; in that case, their non-MNC funds would increase. Change in inventories . — A rise in price would cause the increase in inventories to rise as additions to inventories of crude petroleum or petroleum-based products are made at the higher price. For petroleum affiliates, the effect would be greatest in developed countries, be- cause affiliates engaged in extractive operations, which are located primarily in developing countries, generally do not hold large inventories. Internal funds .--k rise in price would cause undistributed profits, which is a component of internal funds, to rise to the extent that net income rises and is not distributed to owners. Net income would rise initially if tax and royalty rates or other costs of goods sold remain unchanged. Also, if affiliates value their inventories according to the first- in, first-out (FIFO) method, their net income would include inventory profits, because the cost of goods sold, which is charged against revenues to compute net income, would reflect the lower prices of items longest in inventory rather than the higher prices of items added last. For affiliates that use the last-in, first-out (LIFO) method, there would be no in- ventory profit until items valued at lower than replacement costs are drawn down. Change in cash. — A rise in price would cause the increase in cash to rise; this is because a larger amount of cash would be needed and -generated for a given volume of business at the higher price. 11 CHART 1 Capital Expenditures and Change in Inventories of Nonfinancial Affiliates in a Sample of MOFA's Billion 16 12 — TOTAL Capital Expenditures \ /"^ \. %: Change in Inventories^.^ 1 \ 1 1 1 1 1 1 i ! 1 1 PETROLEUM I I I I 4 - MANUFACTURING J^ L US. Department ol Commerce, Bureau of Economic Analysis CHART 2 ernative Classifications of Total Sources of Funds of MOFA's INTERNAL FUNDS EXTERNAL FUNDS Undistributed Profits Depreciation and Similar Charges Debt and Equity Financing From U.S. Parent' Debt Financing From Foreign Affiliates of U.S. Parent Dept Financing From Foreign Financial Institutions and Other Foreign Creditors Equity Financing From Foreign Residents Debt and Equity Financing From U.S. Residents Other Than U.S. Parent' MNC-CONTROLLED FUNDS NON-MNC FUNDS OTHER other OTHER 1. Includes, as a reduction, credit extended by affiliates. U.S. Department of Commerce, Bureau of Economic Analysis. CHART 3 Financing Gap of Nonfinancial Affiliates in a Sample of MOFA's Billion 24 TOTAL 12 PETROLEUM ,\ — / /^^ f ' \ / \ / V \ / \ / \ \ / 1966 68 70 72 74 76 US Department of Commerce. Bureau of Economic Analysis. CHART 4 Financing Gap and Non-l\^NC Funds of Nonfinancial Affiliates in a Sample of MOFA's Billion $ 24 20 16 12 TOTAL Non-MNC Funds Financifig Gap' lb PETROLEUM 12 - /A - 8 /' 1 4 / / / / / / 1 /" rr -^^ y^ / J i / ' v' -4 1 1 1 1 1 1 1 1 1 1 8 MANUFACTURING 4 /\ ^^^^r^-^/\/ 4 1 1 1 1 1 1 1 1 1 1 OTHER —r F= : a-CT t^ lar.r*- -»•»._ , J i L J-aL 1966 68 70 72 74 76 1. Equals physical assel investmeni less MNC-controlled lunds. US Department ol Commerce, Bureau of Economic Analysis Table lA Summar rces and Use (Millio of Funds of a Sample of MOFA' of dollars) Total Sources U ses I [ternal fund s E. xternal funds 1 Other Physical asset in vestment Change in Change in Total Undis- Total j From From Total Capital Change in Other sources tributed ation MNC non-MNC expendi- inventories current cash and equal profits and sources sources tures receivables other : total similar short- charges assets (1) (2) (3) (4) (5) (6) U) (8) C9) no) (11) a2j (13) (14) All industries 1966 •■• 6,655 2,991 687 2,304 3,331 1,457 1,874 334 4,993 4,394 599 875 284 504 1967 6,493 3,489 1,023 2,467 2,701 1,247 1,454 303 4,976 4,793 184 640 670 207 1968 7,478 4,09 5 1,194 2,901 3,24/ 491 2,755 137 5,468 4,839 629 999 696 316 1969 8,515 4,057 1,086 2,971 4,083 1,144 2,939 376 6,362 5,414 948 1,250 793 111 1970 9,871 4,341 1,055 3,286 4,967 1,785 3,182 564 8,144 6,577 1,567 1,237 -109 600 1971 12,447 5,431 1,721 3,711 6,482 2,310 4,172 534 9,078 7,887 1,191 1,290 1,298 782 1972 12,444 6,098 1,887 4,211 5,628 2,214 3,414 719 8,415 7,980 436 1,680 1,643 706 1973 21,395 10,472 5,459 5,013 9,500 416 9,084 1,424 13,799 9,635 4,165 4,887 2,127 582 1974 31,314 10,2/4 4,597 5,677 19,772 -1,970 21,742 1,269 21,641 12,171 9,469 7,014 1,446 1,214 1975 19,444 9,852 3,694 6,158 7,133 6,878 255 2,459 13,195 12,588 607 2,491 2,267 1,491 1976 21,199 9,376 2,724 6,652 10 , 780 3,838 6,942 1,042 13,804 11,893 1,911 3,662 2,857 876 Nonfinancial 1966--- 6,649 2,978 675 2,303 3,335 1,465 1,871 336 4,992 4,394 599 874 302 481 1967 6,467 (D) (D) 2,466 2,658 1,331 1,326 (D) 4,976 4,792 184 631 684 176 1968 7,355 4,075 1,175 2,900 3,147 717 2,430 132 5,466 4,837 629 9 79 646 264 1969 8,405 4,098 1,127 2,971 3,940 1,229 2,711 366 6,360 5,414 946 1,226 754 65 1970 9,665 4,340 1,055 3,286 4,765 2,074 2,691 559 8,142 6,575 1,567 1,187 -150 487 1971 11,915 5,409 1,699 3,710 5,998 2,640 3,358 507 9,072 7,885 1,188 1,241 1,022 580 19 72 12,210 6,018 1,808 4,211 5,476 2,029 3,447 716 8,411 7,975 436 1,709 1,503 588 19 73 20,912 10,329 5,319 5,010 9,250 250 8,999 1,334 13,793 9,625 4,168 4,796 1,881 443 1974 31,113 10,119 4,445 5,6/5 19,761 -2,092 21,853 1,233 21,633 12,155 9,4/8 6,863 1,606 1,011 1975 18,483 9,587 3,432 6,155 6,453 5,908 545 2,443 13,158 12,541 616 2,336 1,790 1,199 1976 20,129 8,966 2,317 6,650 10,100 3,099 7,001 1,063 13,754 11,845 1,908 3,516 2,328 532 Petroleum: 1966--- 2,560 1,204 141 1,063 1,104 503 601 252 1,914 1,798 116 302 U4 230 1967--- 3,106 1,251 216 1,035 1,592 968 624 263 2,284 2,157 126 313 443 66 1968 • •- 3,225 1,468 206 1,262 1,755 787 968 2 2,569 2,387 182 253 268 134 1969-'- 3,139 1,167 -11 1,178 1,825 1,003 822 148 2,565 2,524 41 391 220 -36 1970--- 3,832 1,553 210 1,343 2,062 1,519 543 21/ 3,184 2,723 461 428 -51 271 1971--- 5,572 2,202 731 1,4/1 3,251 1,767 1,484 119 3,825 3,459 366 726 590 431 1972--- 5,011 1,895 286 1,609 2,810 1,300 1,510 306 3,672 3,558 114 490 381 467 1973-'- 9,184 4,537 2,625 1,912 3,851 -605 4,456 796 5,588 4,260 1,328 2,388 1,139 68 1974-.. 16,059 4,484 2,317 2,16/ 10,749 -4,491 15,240 827 9,771 5,226 4,545 4,157 1,751 380 1975--- 9,583 3,699 1,266 2,434 4,141 4,521 -380 1,742 6,774 5,927 847 1,540 525 743 1976-" 8,631 1,994 -580 2,574 6,139 2,146 3,993 498 6,112 5,383 729 2,022 181 316 Manufactur ing: 1966... 3,067 1,243 250 992 1,774 784 991 50 2,408 2,009 399 405 115 139 1967.-- 2,637 1,629 464 1,165 967 453 514 41 2,130 2,121 8 279 218 10 196B-.. 3,110 1,952 611 1,341 1,079 23 1,05/ 78 2,176 1,893 283 598 292 44 1969--. 4,175 2,366 908 1,458 1,635 203 1,432 174 2,951 2,175 776 721 429 75 1970-.. 4,237 2,034 480 1,554 1,984 380 1,604 219 3,759 2,839 920 549 -173 101 1971--. 4,637 2,622 773 1,849 1,790 405 1,385 225 3,725 3,114 611 379 413 120 1972--- 5,404 3,342 1,221 2,121 1,790 401 1,388 272 3,310 3,114 195 906 1,033 155 1973-.. 8,661 4,418 1,937 2,481 3,898 431 3,467 345 6,235 3,892 2,343 1,780 3 74 272 1974... 11,303 4,167 1,3 38 2,829 6,874 1,665 5 , 209 262 9,334 5,109 4,225 1,990 -389 369 1975.-- 5,591 4,339 1,394 2,945 803 846 -43 449 4,160 4,590 -430 341 753 336 1976.-. 8,135 5,166 1,991 3,175 2,635 527 2,107 334 5,467 4,661 806 1,165 1,311 192 Other: 1966... 1,022 531 283 248 456 178 278 34 670 586 83 167 73 113 1967.-. 724 (D) (D) 265 99 -89 188 (D) 563 514 49 38 23 100 1968-.. 1,020 655 358 297 313 -93 406 52 721 557 164 127 86 86 1969--. 1,091 56 5 230 335 480 23 458 45 845 715 130 115 105 26 1970--- 1,595 753 365 388 719 175 544 123 1,198 1,013 185 209 73 115 1971-.. 1,707 585 195 390 958 469 489 164 1,522 1,311 211 136 19 29 1972... 1,795 782 301 481 876 327 549 137 1,429 1,302 126 312 88 -34 1973... 3,0b/ 1,374 756 618 1,501 424 1,076 193 1,969 1,472 49 7 627 368 103 1974-.. 3,750 1,469 789 679 2,139 735 1,404 143 2,528 1,820 708 716 244 262 1975. ■■ 3,309 1,548 772 7 76 1,509 541 968 252 2,223 2,024 199 454 512 120 1976... 3,363 1,807 906 901 1,326 426 901 230 2,174 1,801 373 329 836 23 Financial; 1966... 6 13 13 (*) -5 -8 3 -3 1 (*) 1 -19 23 1967... 26 (D) (D) 1 43 -84 128 (D) (*) (*) (*) 9 -14 31 1968... 124 19 18 1 100 -225 325 5 2 (*) 20 50 53 1969... 111 -41 -41 1 142 -85 227 9 (*) 1 24 39 47 1970... 207 1 (*) C*) 202 -289 490 4 2 (*) 50 41 113 1971... 532 22 21 1 484 -330 814 26 3 3 49 276 202 1972... 234 79 79 1 152 185 -33 3 5 {*) -29 140 118 1973. •■ 483 143 141 2 250 166 85 90 10 -3 91 246 139 1974... 201 154 153 2 11 122 -111 36 16 -9 151 -160 203 1975... 961 266 263 3 6 79 969 -290 16 38 47 -10 155 477 292 1976... 1,070 410 408 2 680 739 -59 -20 51 48 3 146 529 344 D Suppressed to $500,000 ( + ). 16 IB.— Percent Distribut nd Uses of Funds of a Sample of MOFA ' s , 1956-76 Source" Uses ^ ■ A Total 1 nternal funds External funds T Other Physical asset in vestment Change in Change in Total Undis- Depreci- Total From From Total Capital Change in (*».r sources tributed ation MNC non-MNC expendi- inventories current cash and equal profits and sources sources tures receivables other total uses similar charges short- term assets J , (1) (2) (3) (4) (5) (6) (7) (8) C9) ClO) (11) C12) C13) ClO All industries: 1966 100 45 10 35 50 22 28 5 75 66 9 13 4 8 1967 100 54 16 38 42 19 22 5 77 74 3 10 10 3 ■ 1968 100 55 16 39 43 7 37 2 73 65 8 13 9 4 1969 100 48 13 35 48 13 35 4 75 64 11 15 9 I 6 1970 100 44 11 33 50 18 32 6 83 67 16 13 -1 1971 100 44 14 30 52 19 34 4 73 63 10 10 10 6 1972 100 49 15 34 45 18 27 6 68 64 4 14 13 6 1973 100 49 26 23 44 2 42 7 65 45 19 23 10 1 1974 100 33 15 18 63 -6 69 4 69 39 30 22 5 4 1975 100 51 19 32 37 35 1 13 68 65 3 13 12 » 19 76 100 44 13 31 51 18 33 5 65 56 9 17 13 4 Nonfinancial: 1966 100 45 10 35 50 22 28 5 75 66 9 13 5 7 1967 100 (D) (D) 38 41 21 21 CD) 77 74 3 10 11 1 1968 100 55 16 39 43 10 33 2 74 66 9 13 9 4 1969 100 49 13 35 47 15 32 4 76 64 11 15 9 1 1970 100 45 11 34 49 21 28 5 84 68 16 12 -2 5 1971 100 45 14 31 50 22 28 4 76 66 10 10 9 5 1972 100 49 15 34 45 17 28 6 69 65 4 14 12 5 1973 100 49 25 24 44 1 43 6 66 46 20 23 9 2 1974 100 33 14 18 64 -7 70 4 70 39 30 22 5 3 1975 100 52 19 33 35 32 3 13 71 68 3 13 10 6 1976 100 45 12 33 50 15 35 5 68 59 9 17 12 3 Petroleum: 1966 100 47 6 42 43 20 23 10 75 70 5 12 4 9 1967 100 40 7 33 51 31 20 8 74 69 4 10 14 2 1968 100 46 6 39 54 24 30 C*) 80 74 6 8 8 4 1969 100 37 (*) 38 58 32 26 5 82 80 1 12 7 -1 1970 100 41 5 35 54 40 14 6 83 71 12 11 -1 7 1971 100 40 13 26 58 32 27 2 69 62 7 13 U 8 1972 100 38 6 32 56 26 30 6 73 71 2 10 8 9 1973 100 49 29 21 42 -7 49 9 61 46 14 26 12 1 1974 100 28 14 13 67 -28 95 5 61 33 28 26 11 2 1975 100 39 13 25 43 47 -4 18 71 62 9 16 5 8 1976 100 23 -7 30 71 25 46 6 71 62 8 23 2 4 Manufacturing: 1966 100 41 8 32 58 26 32 2 79 66 13 13 4 ^ 1967 100 62 18 44 37 17 20 2 81 80 C*) 11 8 i*n 1968 100 63 20 43 35 1 34 3 70 61 9 19 9 I 1969 100 57 22 35 39 5 34 4 71 52 19 17 10 2 1970 100 48 11 37 47 9 38 5 89 67 22 13 -4 2 1971 100 57 17 40 39 9 30 5 80 67 13 8 9 3 1972 100 62 23 39 33 7 26 5 61 58 4 17 19 ) 1973 100 51 22 29 45 5 40 4 72 45 27 21 4 3 1974 100 37 12 25 61 15 46 2 83 45 37 18 -3 3 1975 100 78 25 53 14 15 -1 8 74 82 -8 6 13 t 1976 100 64 24 39 32 6 26 4 67 57 10 14 16 2 Other: 1966 100 52 28 24 45 17 27 3 66 57 8 16 7 11 1967 100 (D) (D) 37 14 -12 26 CD) 78 71 7 5 3 14 1968 100 64 35 29 31 -9 40 5 71 55 16 12 8 1969 100 52 21 31 44 2 42 4 77 66 12 11 10 1970 100 47 23 24 45 11 34 8 75 63 12 13 5 1971 100 34 11 23 56 27 29 10 89 77 12 8 1 1972 100 44 17 27 49 18 31 8 80 73 7 17 5 -2 1973 100 45 25 20 49 14 35 6 64 48 16 20 12 1974 100 39 21 18 57 20 37 4 67 49 19 19 7 1975 100 4/ 23 23 46 16 29 8 67 61 6 14 15 1976 100 54 27 27 39 13 27 7 65 54 11 10 25 Financial: 1966 100 226 218 8 -78 -136 58 -48 U c, 2 12 -323 400 1967 100 CD) (D) 2 167 -327 494 CD) 1 I C*) 34 -55 119 1968 100 16 15 80 -182 263 4 1 1 C*) 16 40 •2 1969 100 -37 -3 7 (*) 129 -77 206 8 1 C*) 1 22 35 42 1970 100 (*) (*) (*) 98 -140 237 2 1 1 {*) 24 20 55 1971 100 4 4 (*) 91 -62 153 5 1 C") 1 9 52 > 1972 100 34 34 (*) 65 79 -14 1 2 2 C*) -12 60 51 1973 100 30 29 {*) 52 34 18 19 1 2 -1 19 51 29 1974 100 77 76 5 61 -55 18 4 8 -4 75 -80 101 1975 100 28 27 (*) 71 101 -30 2 4 5 -1 16 50 30 1976 100 38 38 (*) 64 69 -6 -2 5 4 C*) 14 49 32 Suppr void disclosur ercent C + )• ^f data of individual companies 17 Table 2 Summary )f Sources and Uses of Funds of Nonfinancial Affiliates in a Sample of MOFA ' s , 1971-76, Industry by Major Area (Millions of dollars) Total sources equal Bes Nonfinancial : Developed countries: 1971 ■ 1972 1973 1974 1975 1976 Developing countries, inter- national, and unallocated; 1971 1972 1973 •- 19 74 1975 1975 Developed countries; 1971 1972 1973 1974 1975 1976 Developing countries, inter- national, and unallocated: 1971 1972 -.... 19 73 1974 1975 19 75 Manufacturing: Developed countries: 1971 ■ 1972 1973 1974 1975 1975 Developing countries, inter- national, and unallocated: 1971 1972 1973 1974 1975 1976 Developed countries: 1971 - 1972 1973 - - 1974 1975 1976 Developing countries, intei national, and unallocated 1971 1972 1973 1974 1975 1976 Tir 8,255 8,512 14,760 20,579 10,892 15,190 3;650 3,699 6,152 10,534 7,591 4,939 2,738 2,620 5,011 8,732 4,153 5,724 2,833 2,391 4,173 7,328 5,430 2,907 4,239 4,551 7,386 9,374 4,398 7,048 398 853 1,275 1,929 1,193 1,086 1,278 1,341 2,363 2,474 2,341 429 455 704 1,277 968 946 Sources Internal funds External funds 127 3,831 4,783 7,102 6,287 6,506 7,669 1,578 1,236 3,227 3,832 3,080 1,297 912 1,120 2,127 1,629 1,615 1,791 1,290 774 2,410 2,855 2,085 203 2,407 3,039 3,972 3,693 3,753 4,651 215 303 446 473 585 515 511 623 1,004 965 1,139 1,227 Undis- tributed profits TIT 1,104 1,657 3,392 2,203 2,162 2,917 595 151 1,926 2,242 1,268 -601 156 287 1,119 579 483 532 575 -2 1,507 1,739 782 -1,112 721 1,113 1,753 1,179 1,137 1,844 52 109 184 159 257 146 227 257 521 445 542 541 73 -32 158 44 370 235 504 344 410 230 580 355 Depreciation and similar charges (IT (5) From MNC source (fcTT 2,727 3,125 3,710 4,085 4,344 4,752 983 1,085 1,300 1,590 1,81) 1,898 755 833 1,008 1,051 1,131 1,2 59 715 776 903 1,116 1,302 1,315 1,686 1,926 2,219 2,514 2,615 2,805 163 195 262 314 329 369 285 367 482 520 597 686 105 114 135 159 179 214 4,074 3,242 6,970 13,649 3,375 6,710 1,925 2,234 2,279 6,112 3,079 3,390 1,774 1,372 2,557 5,833 2,145 3,654 1,477 1,438 1,195 3,916 1,996 2,485 1,644 1,237 3,102 5,426 260 2,034 145 552 795 1,448 543 601 556 633 1,212 1,390 970 1,022 302 ?43 289 748 540 305 1,915 1,055 1,881 3,638 (D) 2,654 724 973 ■1,630 5,730 (D) 445 1,197 538 1,179 (D) 1,266 1,699 570 762 1,783 CD) 3,255 447 (D) (D) 299 (D) 591 558 (D) (D) 131 (D) 254 -30 (D) (D) 403 490 lO) 397 CD) (B) 22 (B) 29 From non-HNC sources "TtT 2,158 2,186 5,090 10,011 (D) 4,057 1,200 1,261 3,909 11,841 (D) 2,945 577 834 ,478 CD) 879 ,955 907 675 2,978 (D) -1,259 2,038 (D) (D) 2,803 (D) -331 1,477 (D) CD) 664 (B) 289 631 CD) (0) 809 900 CD) 625 CD) (D) 267 503 (D) 276 350 487 688 642 1,011 811 157 229 646 590 1,432 252 12^ 226 269 393 279 67 178 568 558 1,349 219 188 275 312 254 385 363 37 -2 33 8 64 -29 148 119 233 168 Physical asset investment Total Capital Change expenditures inventories C9) 6,677 CD) 9,784 CD) ,889 CD) ,395 CD) ,009 CD) ,269 CD) 2,168 1,931 2,875 6,345 3,801 3,938 1,658 1,741 2,714 3,425 2,973 2,174 3,326 2,776 5.357 7,880 3,414 4,700 398 534 878 1,454 746 767 1,183 CD) 1,552 «D) 1,673 CD) 339 CD) 417 CD) 550 CD) (Tor 5,704 CD) 6,392 8,480 (D) CD) 2,180 CD) 3,233 3,675 CD) CD) 1,929 1,781 1,859 2,638 3,274 3,188 1,531 1,777 2,402 2,588 2,552 2,195 2,766 2,674 3,388 4,505 3,930 3,975 348 440 504 603 660 686 1,010 (B) 1,145 1,336 CD) (D) 302 (D) 327 484 (0) (D) CTiT Change in current receivables TnT Change in cash and oLher short-term assets THT Ti4r 973 342 ,392 CD) CD) ,793 215 94 776 CD) CD) 115 239 150 1,016 3,708 527 750 127 -36 312 838 321 -21 561 102 1,970 3,374 -516 725 50 93 373 851 173 89 407 CD) CD) 318 37 37 90 CD) (D) 55 817 1,243 3,142 4,154 363 2,232 424 455 1,654 2,699 1,973 1,285 296 319 1,203 2,104 -72 1,040 429 172 1,186 2,053 1,612 982 351 710 1,475 1,667 114 929 27 196 304 322 228 235 170 214 463 393 321 262 164 323 133 57 498 CD) 1,046 -284 680 1,855 524 CD) 835 ,889 ,110 472 178 221 485 91 -101 188 412 160 654 1,660 626 -7 369 943 318 -487 551 1,255 56 97 202 56 -49 (D) 243 112 230 413 (DJ 124 132 283 423 263 211 789 CD) 961 CD) 316 378 -346 CD) 239 CD) 96 150 449 191 525 558 334 317 -380 189 218 -242 192 121 235 313 318 164 -72 34 36 56 18 28 -26 -60 105 CD) 118 CD) 54 26 _2 CDJ 2 CD) D Suppressed to avoid disclosure of data of individual companie 18 Table 3 .--Undistributed Profits of Nonfinancial Affiliates in a Sample of MOFA's, 1971-76 (Millions of dollars) 1971 1972 1973 1974 1975 1976 Nonfinancial: Undistributed profits.. Net income Distributed profits.. Petroleum: Undistributed profits.. Net income Distributed profits.. Manufacturing: Undistributed profits.. Net income Distributed profits.. Other: Undistributed profits.. Net income Distributed profits.. 1,699 1,808 5,319 4,445 3,432 2,317 6,330 7,466 12,473 15,547 9,557 11,314 4,631 5,659 7,154 11,103 6,125 8,997 731 286 2,625 2,317 1,266 -580 3,999 4,431 7,935 11,045 5,446 6,080 3,268 4,145 5,309 8,728 4,180 6,660 7 73 1,221 1,937 1,338 1,394 1,991 1,551 2,209 3,193 2,880 2,623 3,509 778 987 1,256 1,542 1,229 1,518 195 301 756 789 772 906 780 827 1,345 1,622 1,489 1,725 585 526 589 833 716 819 19 T«ble 4. --External Funds From Non-MNG Sources of a Sample of MOFA's, 1971-76 (Millions of dollars) Debt financing from foreign non-MNG creditors Total !_/ II Total Short-term Long-term Other mnf inancial: 1971 3,358 1972 3,447 1973 8,999 1974........ 21,853 1975 545 1576... 7,001 P»t»oleum: 1971........ 1,484 1972 1,510 1973 4,456 1^74 15,240 1975 -380 1976 3,993 Manufacturing: 1971 1,385 i972 1,388 1973 3,467 i974 5,209 1975 -43 1976... 2,107 Other: 1971 489 1972 549 1973 .... 1,076 1974 1,404 1975 968 1176 901 Mifll^lal: ^^Hll 814 H72 -33 1173... 85 ■ 1|74 -Ill ii75 -290 1976 -59 3,218 2,125 1,094 140 3,125 2,174 951 322 8,775 7,396 1,379 225 21,461 19,563 1,897 392 187 -1,568 1,755 358 6,977 5,190 1,787 24 1,541 1,168 373 -58 1,499 1,067 431 12 4,395 3,807 588 61 15,219 14,364 854 21 -410 -1,180 769 30 3,868 3,087 780 125 1,238 759 479 147 1,158 829 329 230 3,419 2,774 645 48 4,884 4,101 783 325 -190 -797 607 147 2,267 1,544 723 -159 439 197 241 51 469 278 191 80 961 814 146 116 1,358 1,098 260 45 787 408 378 181 843 558 284 58 805 92 713 10 -33 73 -106 (*) 91 -124 215 -6 -98 -17 -81 -13 -290 70 -360 (*) -144 114 -257 84 t^ts than $500,000 ( + ). . d^als sum of columns 8 and 11 in table 13. %% f<%u*ls sum of columns 4 and 14 in table 13. 20 Table 5. — Debt Financing From Foreign Non-MNC Creditors of a Sample of MOFA's, 1971-76 (Millions of dollars) From financial institutions From other creditors Total Nonfinancial: 1971 3,218 1972 3,125 1973 8,775 1974 21,461 1975 187 1976 6,977 Petroleum: 1971 1,541 1972 1,499 1973 4,395 1974 15,219 1975 -410 1976 3,868 Manufacturing: 1971 1,238 1972 1,158 1973 3,419 1974 4,884 1975 -190 1976 2,267 Other: 1971 439 1972 469 1973 961 1974 1,358 1975 787 1976 843 Financial: 1971 805 1972 -33 1973 91 1974 -98 1975 -290 1976 -144 Total Short-term Long-term Total Short-term Long-term 990 541 1,334 4,861 -221 1,088 267 368 -43 2,277 284 488 457 16 1,165 2,154 -725 469 266 157 212 429 220 131 723 -64 35 •170 • 233 -319 236 65 770 4,428 -938 220 45 145 -267 2,243 -103 183 154 -143 897 1,811 -803 100 37 62 140 373 -32 -63 108 77 • 166 -24 22 80 755 476 564 433 717 869 222 223 223 34 387 305 303 159 269 343 78 3 70 229 95 72 56 252 194 616 -141 200 -146 -256 -399 2,228 1,889 2,584 2,109 7,440 6,625 16,600 15,136 408 -629 5,889 4,970 1,274 1,123 1,131 922 4,438 4,074 12,941 12,121 -694 -1,077 3,380 2,905 781 605 1,142 971 2,254 1,877 2,730 2,290 535 7 1,797 1,445 172 160 312 216 748 674 929 725 567 441 711 621 81 -16 31 -5 56 42 72 7 -57 48 176 34 339 475 815 1,464 1,037 918 151 208 364 820 382 475 176 171 377 440 529 353 12 96 74 204 126 90 97 35 14 65 -105 142 21 CO ^4 ■P 4-1 r-l -H Cd -o 4J C •M — / -d I— 1 d OJ o X3 o r-l M 0) Q- r— 1 4-1 I— 1 B O 0) 1—1 o U CU o o 4-1 5-1 4J -d o d 0) o o •1-1 1 O CD o o 1 X) a) pr o d " 3 ^ S H-l CO •n CO c 0) cd s-l :3 a 4-1 cd r-l .r4 O Cd X) 4-1 d 00 1-4 •r4 OJ C cd a a •I-I •H cd X o O O OJ c c td cd c c XI •r^ •I-I ai 1 cw C O t-i r-l o • z !-i ^ 4J d QJ o ,-t O CO J3 1 XI cd o d H vDLD^vDl^^Ororoi-PiOOOCO 1—1 r-l 1—! r-l 1—1 CNi r-l I — LH v£) VO CJ^ 00 CSJ 1— I CSl 1— I CNJ CSJ OM Oi— la^CNiOOr-lr-ICT^^^^£)^~- CNicsir-icNicNiroromi-n4CNirorol^Lrl^D^ocN!C^ d d •r-l QJ 2P d cd x; o X) d cd Cd 60 &0 d •r4 o d cd d •r4 t4 -d' ^ d cd tiO 00 d •r^ o d cd d •r^ fx< CO 0) •r^ S-l O 4-J tio d d QJ cd > rd d a •rJ QJ a cd 00 00 d •H o d cd d •r^ CD QJ d •r4 •r4 S-l O QJ +J 00 d d QJ cd > -d d O •H a Cd 00 00 d •r4 CJ d cd C •r) CD OJ d •r-l •H S-l O 0) 4-1 00 d d QJ cd > x: d o •H D. 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01 •H P-i c; :3 CO 01 u :3 4J •H T3 (3 OJ a X w — I vU rn O o T3 OJ 00 T3 C QJ •M 4-1 D. CO CL cti O O O OJ 0) .—I > r-l OJ CO M-l ^4 3) 0) (3 43 T3 <; Td cd 0) 13 X) C- S-I (3 V4 CO O 01 -r-l OJ X) (3 S-^ j3 4-1 43 C CO 3) 4-1 CO 4-1 CO O W O r-J O o •r— ) CO M-l s VX3 O «« vr> 4-1 en CT' c cn 01 1—1 cu •r-l +-' X CO r (3 ^J •H X) OJ OJ r— 1 CO 4-1 43 •r-l (3 e 14-1 S-I •H 3) m 43 S-J c < 6 QJ X) c ^ 01 M !-4 H (3 I+-I 1? 4-1 o o XI 9 QJ OJ in >^ S-i CD .— 1 4-1 •r-l CO 1 •H Q 43 m !-J O to- O • u ••— ) 00 3) cn CO • a •H S P 0) 01 U-l j3 43 o o •r-l •r-l (3 S-I CXI *• CO Cu X 4-1 a (3 C 01 :3 OJ CO 43 lii B CO H Cl w <4-l •H s o 3! M « cr CO CNl CD w P o 01 CQ ^ >-< 44 4J 4-1 u g 00 c ! CD > -.o OJ S-J QJ o u3 > 4-1 •r-l O C!> •r-l |3 o. — ^ C 33 • CO 33 O o CO U • c CU 33 M x: >. • 4-1 43 CO •», CO 44 EUROPrAN rOMnUfllTIES l6);Li DENMARK AMD ICELAND UNITED KIN6DCB OTHFP ELIROPE JAPAN AUSTRALIA. NEW 7FflLAN0. AND SOUTH AFRICA DEVELOPING CDU'JTR I ETC LATIN AMERICA OTHER AFRICA niODLF EASTjy OTHER ASIA AND PACIFIC ....... INTERNATIONAL ANC UNALLOCATED PFTROLEllMi «LL AREAS . DEVELOPED COUNTPTES CANADA , EUROPE EUROPEAN COHMUMTIES ( 9 > EUROPEAN COMMUNITIES litlL DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND. AND SOUTH AFRICA DEVELOPINO COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPED COUNTRIES ... CANADA EUROPE EUROPEAN COMMUNITIES (51 EUROPEAN COMMUNITIES ( 6 ) ii DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE ,. JAPAV , AUSTRALIA, NEU ZEALA\D, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE ElSTii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (S) EUROPEAN COMMUNITIES 2= 1 40 7 31 R 172 (D ) ( n ) (D ) 17P 25t 211 (0 ) 301 3,53 1 5 = 2 3,013 112 e92 915 1 ,»S1 653 1 ,617 610 1 ,090 11! 5 3 226 523 92 231 62 ISO 1C2 105 ID) 127 (D) -5 ■^5 18 12 1 ,063 1,101 510 1, oie 10> 161 2 66 762 2J5 615 761 121 (0) 611 5 79 133 680 1 217 PS 1C7 252 200 ID) 11 fo) 12 (D> 3 (C> CaplLal e.:pendi. 1 ,902 1 .69 1 110 212 117 235 356 227 ino 111 508 318 1 .187 1.10? 82 5 105 227 126 (D > (0) 1 266 15 112 ID) 80 <* > 11 ( n ) (D ) 166 366 317 205 ( •) 111 116 131 (C) ID) 118 2 38 213 150 127 100 ID) (D) 105 367 236 215 119 (•> 167 117 175 156 1 D) ID> 5 -18 (D) (* ) (0) 5 (D) (0) -27 -25 ID) ID) 501 315 ID) 10) * Leas than 5500,000 ( t_ ) D Suppressed to avoid digc 1. Equals external funds in 2. Conalats of Eelglum, Fra 3. Consists of Bahrain, Ira Qatar, Saudi Arabia, 3y Italy, Luxembourti, and t 1, Jordan, Kuwait, Leban ab Emirates, and Vemen. 28 Tabli- 12. --S,. «LL INDUSTRIES. «LL »RE«S DEVELOPED COLNTBIES ClMtDA EUROPE EUR0PE4N COBHUMTIES <9) . .^ EUROPEAN CCKKUNITIES (b)V DENMARK AND IRTLAND UNITED KINGDOn OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND CnuTH AFRICA DEVELOPING COUNTRIES ETC LATIN Ar EUROPEAN COMMUNITIES ( t ) i/ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA . DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST iy OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPEO COUNTRIES ... CANADA EUROPE EUROPEAN COMMUNITIES (11 .... EUROPEAN COMMUNITIES lolt. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES, i TC LATIN AMERICA OTHER AFRICA MIDDLE EAST OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED I'.^-i: OTHER INDUSTRIES. ALL AREAS DEVELOPEO COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES 191 EUROPEAN COMMUNITIES ( fe I i'. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAK AUSTRALIA. NEU ZEALA^n, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST ii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED .7?2 •iA7 54? .1 C2 927 220 17t 172 lie 1 .l^C 190 '!7 2 •'2 I 30 2''1 2.677 ; .292 121 148 1R2 231 (Dl ibuced prjfi (equals col. 3 (Dl (PI -19 232 222 1 39 124 2 .307 hH 7 227 1 .11 1 11 o It 2 2. etc. 12'- (Dl (0 1 ^2f 201 1.042 1.R45 14 ( ID ) (0 1 1.021 24 1 .032 l'^7 6B7 1 .035 515 lf.S 275 236 154 (Dl (Dl 521 251 1 .165 1 .065 2 6 6 2CJ 7 jl 2.161 421 1 . 346 1.178 173 169 2 01 l'>3 150 115 1 .300 ?3i; -1 39 187 lit 967 151 452 577 392 14P (0) (• 1 142 1 11 .793 .681 1 .985 1.35R 50 577 252 158 248 270 163 156 ROI 699 429 (Dl (01 102 2.121 1 .876 1.285 1.203 875 207 132 -103 -1 12 226 205 20 CDI (01 28 18 14 95 (01 (0) 313 443 124 236 219 105 46 34 27 121 1 38 3 3 °7 112 6 122 22 1 38 11 1 199 108 I 16 115 1 04 -16 8 -27 -18 { ni laR 153 (D 1 (Dl (Dl (Dl (01 (Dl -26 -17 (01 (Dl (D 1 (D 1 (Dl (01 29 JLL INDUSTRUS, «IL AREAS OFVELOPLD COUNTRIfS CANADA cuBOpr EUHPPEAN COHHUMTIES (9) EUROPEAN COHKUNIIIES lnH..., DENMARK AND IRELAND UNITED KINGCCK OTHER EUROPE JAPAN AUSTPALIA, NEW ZEALAND. AND SOUTH AFRICA OEVELOPIWr COUNTRIES. ETC LATIN AMERICA OTHER AFRICA nIDDLE EAST A'. OTHFR ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM. ILL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN C0MHUNI7IES ARK AND IRELAND UNITED KINGOOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND, ANU SOUTH AFRICA DEVELOPING COUNTRHS. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTj^ OTHER ASIA AND PACIFIC U'TERNAT I ONAL ANC UNALLOCATEO 1 .CI" It; 1 = 1 I .7=.! ! . f I 7 i.cei 1 .1 "4 1 1 !0 2't 1^7 :pft 677 55"= ?9f. 12 R Z.71 ; l.?3? 133 161 2 .JftI U't If 7 -111 (n) 137 167 23C 316 4C6 33 7 211 26C l.'Of .175 14R 103 2.901 2.112 1 .262 666 1P6 393 3«6 2r9 2PB 1 ni 1 ,3«1 1.2?? 2>>2 (<12 75b 120 1 ."il" 1 .252 771 36 267 2 2[. 1 H 192 n7 1.755 1 .255 746 621 125 163 115 1 05 1 36 37 159 193 176 253 217 147 1 14 267 1 75 146 2 68 527 341 246 190 2 92 278 262 285 30 2 r 199 232 198 226 172 194 134 160 316 142 C0> 26 IPl 30 JLL I>jDU<;TRirs. ALL iRE< DEVELOPED COIINTPIES .. CANADA EUROPE fURnPEAN COPHUNITTES C9) (6)1! EUROPEAN COKMllMTIES DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND SOUTH AFRirA DEVELOPING COUNTR lES ETC LATIN AMERICA OTHER AFPICA HIDOLE EASTI/ OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PFTROLEUWi ALL APE«S , DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES l"> EUROPEAN COMMUNITIES < 6 )1/. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ^EALA^D, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAETli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREHS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (1) EUROPEAN COMMUNITIES ( 6 ll'. DENMARK AND IRELAND UNITED KINfOOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMFRICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNAILOCATLO OTHER INDUSTRIES, ALL AREAS OEVELOPEC COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9) EUROPEAN COMMUNITIES ( 6 >i.' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEy ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA , OTHER AFRICA MIDDLE EAST 3./. OTHER ASH AND PACIFIC INTERNATIONAL AND UNALLnfflTEl) , col. i 1'J2 1= 7 (n > 1 ,32r i:p l.jp' I .?« = (0 ) Distrib- ute i ^72 12f 1 A 107 .7C? 625 ?^ 2 ^fl 7 2,<)71 - ,1«H 1 ,20'i 1 ,15^ 818 12 173 28! 182 (C) (0) 7'il i:7 147 121 2 = =, I 2f. D8 3 2,"( C' ?D2 1.16'^ 734 ■) 1«1C 2t2 1 ."25 1 ,276 1 '1 I'C 576 5,414 278 3,832 ! no 1,113 174 2.114 14' 1 ,883 ".S 1,261 -4 37 84 565 30 231 ICI 204 -■^ 371 = . 1.612 =.8 761 2 5 'J 3 22 135 f 168 ' 7ii7 1«B 2,524 RS 1 .376 3 342 (C) (0) (0) (D > 14 96 ( n) 121 ( 0) 178 63 1.14=) 38 370 (0) 286 22 123 6 1I» ( ni 242 174 2.175 If 2 1 ^^^■i 34 4r5 112 1.312 in 1.231 = 5 883 21 1 17 3 1 58 546 339 153 162 115 4 67 424 285 |li.25 100 lit 605 104 128 268 127 14:) 128 115 1 33 (0) < * ) ID) -100 154 U 1 i DENMARK AND IRELAND UNITED KINGOO" OTHER EUROPE JAPAN .- AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPED COUNTRIES ... CANADA EUROPE EUROPEAN COMMUNITIES (9) EUROPEAN COMMUNITIES (G)±./ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEy ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA , OTHER AFRICA MIDDLE EAST A/... OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES. ALL ARIAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES I ■? > EUROPEAN COMMUNITIES ib)2.i DENMARK AND IRELAND UNITED KINGDOM OTHER EURUPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA HI DOLE EASTi/ OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED .motes, L;:I,U II, i . I'otal (eo.,-,1 I«F -I '^F - ',s (P. ) 5, HP 2.0J2 3 ,21 t 3 ,02c (D ) (P ) -1 3 ^' 1 31 1 ,6>'=1 (Dl ,t 1 1 !'^2 (0 > ID ) ,2M(i 2.'''t 1 .«1P 1 .211 806 8P3 178 1F4 1.313 717 27B 362 315 21? F27 1=12 2F.7 25'= 151 -7 Qr. 12 (n> I 77 < D) 21 1 .551 1 ,181 1,30,0 1,6", 301 fcl 911 1 ,36C 72 1 .273 fr'^l 853 3 15 218 1?6 1'5 1 7 iV > (p ) ir 7 ^2 ( 0) fc 1 (n> (0) (f ) ( n) 2 .7y8 2 . 1 3 f 1 .F5C 12 715 ?72 158 361 1 .027 675 13 11 277 I .571 I08 1.080 977 669 21 287 103 221 115 125 217 183 2 1 1 217 155 1.812 1 ,303 2.78 7 2,506 1.817 12 617 281 306 136 289 230 187 732 615 151 132 283 125 181 226 219 2.83" 199 2,566 6? 157 119 1,835 87 1.730 67 1.331 273 21 1 (0 ) (D) 22c 131 163 270 1.567 1.553 157 1.001 880 278 12c 152 15 -IC 161 352 275 219 161 1.257 1.051 126 580 105 107 213 231 171 323 303 2C2 121 116 -173 -1 36 -37 1 30 (0) (0) -173 -215 -179 -186 -295 -222 -276 (D) ^' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE - JAPAN AUSTRALIA, NEU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTI'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS * DEVELOPED COUNTRIES CANADA EUROPE ^,D7S EUROPEAN COMMUNITIES 19) 2,aib EUROPEAN COHHUNITIES 16)1' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND, AND SnuTH AFFICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAS t1/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9) EUROPEAN COHMUMITIES tblll DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAIVD, AND SOUTH AFRICA DEVELOPING COUNTRirs, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST i/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED See fuocnotes, table 12, l.Jn... local (eTJ'U col. 1 1855 col. 4) C2) 1,721 1.137 8S7 ■^7 68A 130 96^ 614 J7« 170 262 264 5«7 152 BOl -43 9St) 70 5 72 731 7 7P. 156 rqq 182 137 -71 26° -4fl 822 -85 34 ID) 413 ID) lb7 -23 577 ID) 12G ID) 265 135 ID) ID) 773 721 197 427 396 2f 9 -2 131 6,384 2,332 764 1 ,2nP 995 436 .['91 293 93S RBI 632 -2 251 102 ID ) 33 3 173 1 ,956 778 601 ID ) I D ) 3,711 2.727 73b 1,63" 1 .432 1 .045 27 360 198 153 2 09 983 546 148 112 1 ,471 756 261 396 338 230 (D) ID) 3 32 1 37 10) ID) 1 ,849 1 ,686 1,105 1 ,023 7 76 114 101 140 ID) ( D 531 388 f 78 300 59] -148 251 739 771 3,251 1 .774 112 1 .070 948 670 237 123 572 -179 199 139 I 36 145 135 39D 1 ,442 285 861 109 296 12=' 458 7" 329 TO 16 ID) 14 I P) 155 59 129 ID) 10) 1 7 161 197 166 10 ID) ID) 216 (D) 227 ID ID) 225 3 ,114 186 2 ,766 41 358 112 2 ,085 100 1 ,957 54 1 ,557 44 39b 12 128 2 (0) 34 ID) .007 ,207 372 524 44 3 270 285 484 1,01 3 297 130 ID) ID) 190 1,514 133 1.012 7 6 517 44 282 35 168 114 211 302 115 10) ID ) 1,191 975 1 16 586 492 2 69 ID) ID) 611 561 375 318 220 214 176 1,290 845 162 462 384 595 726 296 136 122 I n ) 21 173 24 1 1.298 604 289 -57 160 1 07 122 -15 ID) ID) ID) 232 253 1 90 542 291 275 178 156 197 -52 (n ) 55 ID ) 128 ID) 220 218 180 186 152 I • ) 238 214 182 161 ID) 10) ID) ID ) 75b 31 5 ID) 1 1 EUKOPEAN COKKIINITIfS tbli-L DENMARK AND IRELAND UNITED KIMGOCn OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA DE VELOPING COUNTR 1F5. ETC LATIN AMERICA OTHER AFRICA HI DOLE t AtTli.. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (91 EUROPEAN COMMUNITIES I b >i. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStK OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES C9I .,.,.. EUROPEAN COMMUNITIES C<,|2./... DENMARK AND IRELAND •. UMTCE KINGDOM OTHER EUROPE JAPAN AUSTRALIA. TlEU ZEALAND. AND SOUTH AFRICA OCVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES. ALL AREAS DEVELOPED CCUNTRIE" CANADA EUROPE EUROPEAN CCMMUMTIFS (91 EUROPEAN COMMUNITIES 16)1/. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE ,. JAPAN AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST^i OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED ?=1 JI3 651 1 ^1 1 3Z 1 . ; 2 1 1.11? 2n2 to ) n 1 I .">f '; 1 •?'. 7 bi'7 « .21 1 S.126 itOT 217 l'? 7il 1,0P5 5f,l 1 8fi 1«6 3«0 776 321 1 . '28 311 1 .J-it ; .277 95S 271 -Iff. 2 .P!'! 1 .372 fllJ 7R^ 331 -17f 1 . 791 1.257 276 P95 1 .02a 638 167 : 17 51 929 9 251 28 603 -1 367 1'=.7 39 3 506 3.558 129 1.7S1 57 50<1 1.472 5.131 292 172 IHD 1«1 455 206 554 212 590 5.114 2.674 541 1.804 1 .699 1 .368 (Dl (D) 105 224 106 44 J 361 1,307 982 428 341 2C1 124 (0 ) (Dl 14 J 21 1 325 165 I'l 128 256 114 150 195 1C2 1C5 4 -72 692 55 9 545 <0> (0) 113 1 J3 7i: 191 452 5t 3 4D5 -46 8 10 7 1 05 112 108 742 (.88 6 00 75 b 772 647 674 6(i8 534 163 -18 2C -11 5f 159 56 145 8l 149 -25 -4 280 253 r • > 477 112 19 -2C (0) (0 ) ID> 2 (Dl -4 1 -147 34 Table 12. — So Undisttibuted proftLs Total isquals ol. 3 ol. 4) Dlstrib uted oflts Change in ALL INDUSTRIESt >LL iOEAS DEVELOPED COUNTRIE? CANADA EUROPE EUROPEAN COHHUMTIES (5i EUROPEAN COHKUNITIES Ib)^'. DENMARK AMD IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEy ZEALAND. AND SOUTH AFRICA . DEVELOPING COUWTR lES, ETC LATIN AMERICA OTHCR AFRICA MIDDLE EASTii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9> EUROPEAN COMMUNITIES <6>li DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND SOUTH AFRICA . DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA < MIDDLE EAS t1'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPED COUNTRIES CANADA • EUROPE EUROPEAN COMMUNITIES <9) EUROPEAN COMMUNITIES < b > ii DENMARK AND IRELAND UNITED KINGDOM ■ OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND SOUTH AFRICA . DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE FAStI/.... other asia amd pacific intfrnational and unallocated other industries, all areas developed countries CANADA EUROPE EUROPCAN COMMUNITIES CJ) EUROPEAN COMMUNITIES Itlli DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN - AUSTRALIA. NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED 21 .J'SS If , Lib ; ,2?3 9.657 7,910 6,780 176 1 ,9I>1 l,tl7 1, 070 1 ,lbb fc.3 79 2,1 IC b71 1 ,50(1 710 1.050 9,181 5 , C 1 1 1,126 3,020 2,533 1 ,731 107 713 631 1R5 1,001 ,6tl ■ 386 1,287 5,133 155 3,550 2,619 811 1 , 738 391 310 t66 608 22 156 100 5.150 3,170 2.070 1,610 1,288 181 303 727 129 536 19 217 2,625 1,119 351 519 501 385 17 102 (D) (D) 399 131 1,937 1.753 338 1,183 l,n27 U70 153 156 1 01 128 1 F1 139 897 599 3JB 109 33 229 (0) (D) 188 ( •) 1,338 3,291 615 262 7 ,320 1,310 69 1 1 .071 717 528 7,935 533 653 60 (D ) 737 687 ,001 ID ) 2,867 193 1 ,970 1.768 1,106 5 357 202 169 231 210 ID ) (D) 512 867 277 ID ) (0> (01 (D I CD) 8 10 1 (D ) 338 256 ,197 711 536 101 CO ) (D ) CD ) CD) CD) 162 ID) CD ) ID ) ID ) ID) 5,013 «,71I 915 2,337 2.071 1,561 38 172 603 250 (D) 1,912 1 ,008 306 578 515 370 17 128 CO) 231 CO) ID) 2,181 2,219 102 1,553 1,157 1 ,139 3 311 96 163 101 262 222 137 CO) 7 ID) 9,500 7.101 • 918 .733 101 .111 8 06 675 515 217 132 3,851 2 ,657 3 35 1 ,793 1 .118 929 68 121 375 121 105 126 332 2.205 2 ,028 I .506 23 500 177 165 221 620 1 ,751 183 1 ,312 2 07 312 206 756 103 502 55 299 1 .121 735 237 397 277 191 CD) 1 19 ID) 796 228 153 lOO ID) 1 05 ID) 192 157 110 283 195 ID) CO) .635 6.101 .157 ,259 522 361 501 5,233 1.035 257 668 332 911 1.260 1.859 959 813 160 119 137 103 230 615 223 931 3.388 696 2.322 2,132 1 ,702 8 122 190 239 130 398 212 569 ,338 .017 ,367 11 606 322 221 263 1,328 1.016 687 573 318 221 111 151 112 .313 1 .970 323 1,386 1,226 916 273 161 265 218 1C2 129 ,218 1 ,769 372 150 3C7 213 666 132 125 181 728 610 117 219 CD) ID) 377 153 261 1,176 162 1,133 980 711 15 221 719 519 179 116 CO) ID) 2.127 1.115 282 615 120 393 31 -1 196 139 109 982 109 287 2 01 187 CD) CO) 211 271 1 01 101 139 166 150 CD) CO) 23 6 172 327 306 231 CO ) CD) 218 161 CD) 10 ) ID) ID) ID ) ID) 111 ID) ID) ID) ID) 10) 706 578 117 I" ) 161 128 360 333 285 27 10) CD) -380 CD) -252 272 235 191 192 10) CD) table 12, 1966. 35 m4 Uses nf Funds of (MilUon^ of doUa Sample of HOFA's, 1974 s) ILL INDUSTRIES. ALL SRCAS OrVLLOPlD COUNTRIES .... CANADA fuRorr EUROPEAN COnnUNITIES (9) .... EUROPEAN COMMUNITIES ib)i-'.. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NCU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETPOLEUH. ALL APEJS . DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COHMUMTKS 19) EUROPEAN COMMUNITIES ( 6 xi' PENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN •• AUSTRALIA, NEU ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AREAS DEVELOPED COUNTRIES CANADA ,.,„..,. EUROPE '.'.'.','. EUROPEAN COMMUNITIES (9) '. EUROPEAN COMMUNITIES (6)2./ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE „, JAPAN ]]\ AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC ....... INTERNATIONAL AND UNALLOCATCC OTHER INDUSTRIES. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE ,.,.'. EUROPEAN COMMUNITIES (9) '.'.'. EUROPEAN COMMUNITIES (fe>i./ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE , JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVELOPINI. COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASlli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATEC 31 ,!1« ? ^ , fc ^> P 7,!e9 !,0J9 2,120 1,816 1 ,?67 1,136 2,10? 1 ,5«n 1,992 1 .965 1,276 2,13* 263 1 ,'570 669 1 ,392 3 82 7,528 1 .916 1.2 92 1 ,S67 9?6 1.3 26 1 ,e«3 6,571 5,762 1,312 5 79 540 1 .92'> 1 ,467 A5 15 401 14a 622 1 ,396 4r2 767 257 as 1 22 ir 1 220 <0) col. 3 less col. 4) 4,597 2,296 204 29S 715 1 .610 575 882 (D) -32 212 159 125 232 1 71 5,205 1.676 2,882 2,115 1,535 36 54 4 767 136 510 (D > ID) 832 867 1,107 31 C 1.703 I .435 1 .264 166 270 154 266 422 (D ) 1 1,638 2,907 598 1,942 1,474 1,124 1 I 340 469 895 307 101 (0 I 381 ,728 656 242 27 5 25 1 (D ) 1,542 1,415 228 1,031 975 773 126 639 588 <0 ) (D ) ,615 ,520 521 295 635 303 237 205 211 309 277 210 112 207 2,829 2 ,514 451 1.714 1 ,666 1.331 6 330 127 681 521 236 130 160 (D> 334 1 ,160 585 4 ,200 523 3 ,680 331 2 .142 39 201 153 1 .557 62 520 (0) 1 ,246 (D) 224 ,667 308 917 ,273 ,146 209 78 3 633 94 ,916 ,010 445 155 412 287 824 432 133 251 (D) (0) (D) 150 179 136 Capital 8.496 2,503 4,955 4,271 2,968 121 1.162 685 44 9 589 3,675 1,267 626 61 577 217 (0 1 ID) 497 306 608 281 696 ,747 ,219 503 25C 564 475 257 121 35 102 217 (D ) 7,596 1 ,074 4,674 4,069 2,622 127 1,320 8 05 94b .002 103 176 571 346 ,351 ,006 .230 104 672 345 797 213 354 IDI (0) 295 5,574 659 2,171 1,861 1 ,213 19 629 310 116 651 597 6''9 514 352 203 180 < D) ( 01 7,014 4,252 956 2,791 2,306 1 ,594 112 600 486 556 149 2,761 1,191 157 916 565 132 657 ,028 703 125 829 292 107 254 1,358 229 170 322 272 164 124 -263 -210 3 66 594 326 92 4 24 1.751 "1 333 567 -111 -203 -246 -211 296 -298 29 -169 -141 -151 1 8 -27 15 -175 594 57 115 ID) (0) 223 (0 ) (0) 203 -116 -316 -343 -283 -1 1 -27 -68 110 (D) lL DENBARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA KIDDLE EASTii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PfTROLEUH, ALL AREAS . DEVELOPED COUNTRIES CANADA , EUROPE \\ EUROPEAN COMMUNITIES (9) .'.,', EUROPEAN COMMUNITIES (6li/. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE , JAPAN , [[^ AUSTRALIA, NEy ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AREAS DEVELOPED COUNTRIES ... CANADA EUROPE , \ EUROPEAN COMMUNITIES (9) ] EUROPEAN CnMMUNITIES (6)1' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHEP AFRICA MIDDLE EAST iy OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED CANADA EUROPE !!!!!! EUROPEAN COMMUNITIES (9) EUROPEA^ COMMUNITIES I 6 1 ii DENMARK ANE IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA . 19,'t*4 11 ,0t7 fc,? 5,130 173 677 2,155 1 ,39^ 729 ,662 ,159 73 191 287 283 1 ,193 865 1,2 70 2,516 295 137 279 219 167 (0) -111 -189 -308 ID) 31 1 171 991 -190 -172 -66 21 -127 -Ifl 125 -2 -120 228 185 2,267 1 ,908 669 555 112 40 100 392 2 78 271 201 195 33 33 44 1 5 122 121 133 112 25 1 3 1,598 1.35 5 700 61 7 105 27 111 89 566 18 1 116 109 525 -101 ID) -127 -1 70 -161 ID) ID) 361 312 10) ID) 121 -102 -143 -111 ID) ID) 32 1 312 26 (0) (D ) 175 103 -11 10) ID) ID) ID) 1 ,191 972 726 565 290 161 363 -10 117 713 -14 525 ID) in ) -25 1 10 -27 525 -20 72 -4 ID ) -3 ID) 2 67 ID) ID) ID) 1 68 356 256 166 172 ID) 10) 70 ID) ID) 37 and Uses of Funrts (Hillions uf c! «LL INDUSTRIFS. «LL ARCAS OevELOPtO COUNTRIES CANADA EUROPE EUROPEAN COWHUtilTIES (9) .,. EUROPEAN COHWUNIIIES (6)-'. DENHARK AND IRELAND UNITED KINGDOM OTHER EUROrE JAPAN AUSTRALIA, NEU ZEALAND, AND GOUTH AFRICA DEVELOPING COUNTR lES, ETC LATIN AMERICA OTHER AFRICA niODLE east1[ OTHER ASIA AND PACIFIC INTERNATIONAL ANP UNALLOCATED PETROLEUM, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN CONHUNKILS ("1 EUROPEAN COMMUNITIES <6)1' DENMARK AND IRELAND UNITED KINC'DOH OTHER EUROPE JAPAN ...•••.•.. AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA . DEVEL0PIN6 COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'.... OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL ARFAS DEVFLOPED COUNTRIES CANADA EUROPE EUROPEAtl COMMUNITIES (9) EUROPEAN COMMUNITIES I 6 ) i/ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE east!/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA CUR DTE EUROPEAN COMMUNITIES C) EUROPEAN COMMUNITIES IG)!' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA OCVELOPINC COUNTRIES, ETC LATIN AMTRICA OTHER AFRICA MIDDLE EAST }J. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED . L 21 ,1°1 1^,322 A ,C3*t ^ ,606 7,7*2 ■^.255 161 2,321 1 ,66« lift 7 5« 2.578 233 2,511 8 5A7 f .631 5,72') 1 .534 3,3 85 2 .755 1,001 66 1 .GBO 63C (D) (D) 2.9C7 376 112 2.233 -210 367 e,135 7,0«8 1 ,553 «,ei8 51(J 3 76 260 1 .ce6 1 .133 2,55G (<..,,„!.. 2.721 2.982 1. 1 18 1.525 213 121 309 -216 -127 ID ) 168 875 821 801 1.256 ?92 -51 325 170 125 151 325 172 31 101 -105 8 172 ID> ID) ID) 115 ID) I«) I •) 359 331 275 167 506 ID) -10 10) 213 251 219 ID) ID) -83 ID) ID) 50 561 4 ID) ID) ID) -1 -U ID) '.3 38 -Excernal Sourcus of Funds of a Saiii])lo of MOFA's, 1966 (MiUiTis of .l-^llar";) «LL INDUSTRIES. JLL «I>F:«S DEVELOPED COUNTRIES CtNlDl EUROPE EUROPEAN COMMUNITIES (S) EUROPEIN COMMUNITIES (6)1^ DENMJRK »ND IRELAND UNITED KINGDOM OTHER EUROPE J«P«\ AUSTRtLU. NEU ZEALAND. AND SOUTH AERICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES ("1 EUROPEAN COMMUNITIES (6)2./ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEV ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTl!" Funds o[ J Sample ol MOFA's, 1467 CMillior,'. -)f d'illari) External funds 1/ (.Icl.t and Cin^■, from U.i. ~..urc es From for eign sources Tol,l U.S. Other r.jt,ji Debt financing Tntal Forelin affiliates -.f P.S. Fina -itial Institutions Otht r creditor- total L.-.ng- Short- Total Lonc- Short- term EquI ty finan- cing 11) (2) (3) C4) (3) 1.6) (7) 18) C9) (10) HI) (12) (13) (14) ? , 7 1 <■ , 1 1 1 1 ,?.7 71 1 11- Of 7 71? 1 = 1 '77 5^: -1 3 7=. 1^ 65 IIP (0) ( • ) 10) 1 «: I II 11 -'}<■ 1 ni -1 5P 5f.'j 31C 1-7 1 : 2 1 1 21 .i CI 1 33 -1 6 'F 41 lt9 70 1P5 1 r 1 ( 1) 1 7t -15 no 27 ?3p IIF ?? 1 ' t 7l -ft 5 IP 33 -1 -1 1 1 1 1,173 F7 3 95 FPl 5R0 31 67 .^0 3 11 1 (P > ( D > 2CC ( P ) I PB -1 b 132 47 2''' 3 2=^ 22 = 6 = II 5 B? lO" (P ) 10 1 ipn 6 1 ( • > ( • ) 59 -72 1 7 -1 1 IP 5 6 3 5 -1 2 » -3 P 7 -PC (P > - 1 (P ) 1 4 - 1 -1 -1 1 -5P 1 ( • > 1 1 I (0 > (D ) 2 (n > ID ) -If -1 1 1 ( • > 1 (* > i) 1 ( * ) D -12 1 I -1 3 15 1 i • » ( * ) n 1 (P )

r -1 4 -2 -' P 1 * ) t* ) r ( » 1 IP ) ( n ) 7 IP 1 1 ,636 1,299 3f 2 6 64 597 631 -3 -30 67 250 72 3 39 41 (17 54 66 91 788 680 160 348 3C3 -7 -29 45 (P) 1 P) 108 -123 53 52 37 89 623 5 fl4 P5 336 295 284 1 11 41 5C '3 1 19 77 I0> 1 ,) ( Dl 1 15 118 -20 -1 -12 -19 ID> IP> 112 87 1 D) 3 (Dl I 1 ,50P 1,187 6 23 56' 61 7 -3 -50 6r inl ID) 314 (D) 54 63 ID) 736 651 124 ID> -7 45 ID) IP) 105 -123 ID ) 5 2 40 IP) 56-> 466 1 0) 3'Jl 264 ID) 1 1 D) 57 50 IP) 107 67 IP) ID) 201 100 IP) ID) ID) ID) 2 ID) -22 ID ) ID ) 102 85 ID) 3 1 174 1 41 -11 1 IB 1 33 62 -13 84 -15 IP) ID) 3 3 -54 -26 1 1 50 152 116 1 D) ID> IP) 10) ID) 22 ID ) IP) 36 -5.1 ID) 5 2 ID) 124 111 ID) 144 143 IP) 3 1 D) 1 -5 IP) 13 10 1* ) 1 * ) 2 -I 0? -86 IP) ID) ID) ID ) |P) ID) -37 ID) ID) -16 -15 1 P) 1 . ) -1 824 689 169 388 331 357 ft -34 57 126 7 155 104 ID ) 7 56 ID) 395 598 58 26 3 224 251 ID) (0) 58 82 -4 -4 -1 ID ) 7 28 ID) 202 79 97 93 94 -1 -3 45 -3 12 35 10) 31 1 ^ -8 27 I. ) -36 ID) IP) 18 ID ) 1 • ) ID) 42 5 26 6 5 ID ) IP ) 20 -1 12 48 IP) !• ) ID ) IP ) 502 356 141 117 198 1 -1 00 18 54 146 -21 84 -5 16 73 191 1 18 57 10 25 79 2 -57 -15 35 17 73 -72 78 -8 5 72 195 143 3? 68 29 64 -2 -34 39 8 54 53 -1 9 1 16 9b 3^ 46 54 1 -10 -7 3 20 7 6 1 167 126 76 4 2 32 24 {• ) 1 1 5 4 1 -24 -1 IP ) IP) 50 ID) -2 1 ID) ID) !• ) -10 ID) ID ) 29 -1 5 ID ) ID) 46 19 25 19 I, ) C«) 19 6 I* ) 2 8 7 1* ) 1 8 2 79 ID) ID) ID ) 1, ) - 1 IP ) I, ) ID ) 1 . ) I • ) 3 35 230 6 5 75 67 173 1 -107 7 41 1''5 85 ID) ID) 16C 116 ID) 3r 1 0) 1 D) 2 -47 ID) 31 ID ) 44 -57 80 -11 ID) ID) 141 97 13 43 9 64 -52 54 37 -1 1 • ) 8 54 1 7 IP ) 10) 10) 1 ID) 16 157 112 63 41 EUROPEAN COHHUNITIES 191 14 1 • ) 2 7 ID) 4USTBALU. NCU 2E1LAND. AND SOUTH AFPICA . DEVELOPING COUNTRIFS. ETC ID) 25 12 ID ) 1 * ) 4 ID) PETPOLEUM, ALL AREAS DEVELOPED COUNTRIES 36 EUROPE ................................... UNITED KlNr-DOM .,..,,,...,. AUSTRALIA, NEW ZEALAND. AND SOUTH AFRICA . C LATIN AMERICA 1 • ) OTHER ASIA AND PACIFIC - 3 INTERNATIONAL AND UNALLOCATED ID ) PANUFACTURING, ALL AREAS DEVELOPED COUNTRIES 6C CANADA 48 EUROPEAN CCHHUf.'IT IFS I") 35 5 1 DENMARK AND IRELAND ID) JAPAN 4 AUSTRALIA. NEU 7EALAND, ANH SOUTH AFRICA . ID) 12 OTHER AFRICA 1 1 MIDDLE EAST }j ID ) OTHER ASIA AND PACIFIC I • ) INTERNATIONAL AND UNALLOCATED ............ ID ) OTHER INDUSTRIES, ALl AREAS DEVELOPED COUNTRIES 25 CANADA 1 = EUROPE ID) EUROPEAN COHHUMTirs (T) ID) ID) ID) OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA . IP) 3 C c 10 OTHER AFRICA 2 KIDDLE EASTi; ID ) OTHER ASIA AND DACIFIC INTERNATIONAL AMD UNALLOCATED ID ) ^ 40 Table 1,3.— Eyternjl Sources of Funds of a Sample -f MOFA's, 1<)68 (Millions of d. liars) funds Cdebt Othe U.S. (5) Debt financing Foreign affilia of U.S. Financial instituti Total Long- Short- ALU INDUSTRIES. «LL ARfiS DEVCLOPtO COUNTRIES .... CtNADA EUROPE EUROPEAN COMHUWITIES (9) EUROPEAN COMHUNITIES ( b >i/. DENMARK AND IRELAND UNITED KINGDO" OTHER EUROPE JAPAN AUSTRALIA. NEW ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA ,. OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM, ALL AREAS . OtWELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9) EUROPEAN COMMUNITIES ibi 2J DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAK AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASli./. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AREAS DEVELOPED COUNTRIES ... CANADA EUROPE EUROPEAN COKMUNITirS (9) EUROPEAN COMMUNITIES (6)1/ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI/. OTHER ASIA AND PACIFIC INTFRNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL ARtAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN CUMMUNITILS 1 ,0fl2 825 f 22 22 181 257 166 170 q 4 ICl ID) 7 ID) I . ) 10) I * ) -=7 -61 952 605 507 518 159 I 1» 275 110 128 85 192 137 117 I . ) 51 5 26 1 210 |. ) 223 ID) ID) 2 5 ID) 172 159 ID) ID ) ID ) 10 ) in ) I. ) in ) (0> 22 259 19 IP ) ID) IP) 52 171 ID) 1 . ) 5 -1 IP ) C[I« EUROPEAN COKHUNITItS lfc)l( l.lt' DENMARK AND IRELAND 115 UNITED KINE.DCf T^l OTHER EUROPE JAPAN ?3'i AUSTRALIA. NEU ZEALAND. AND SOUTH AFRICA . 2T* DEVELOPING COUNTRIES. ETC l.i; LATIN AH ERICA OTHER AFRICA niDDLE EASTli OTHER ASIA AND FACIFIC I'D INTERNATIONAL AND UNALLOCATED ?t? PETROLEUH« ALL AREAS OFVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES 19) .............. EUROPEAN COMMUNITIES ( fc )i' DENMARK AND IRELAND UNITED KINCOOH OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'. OTHER ASIA AND PACIFIC 12? INTERNATIONAL AND UNALLOCATED ?f.7 MANUFACTURING. ALL AREAS :,fe?b DEVELOPED COUNTRIES :.2'il CANADA EUROPE 1.099 EUROPEAN COMMUNITIES (9) 971 EUROPEAN COMMUNITIES ( fc ) 2./. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTPIFS, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA 129 EUROPE 1'=', EUROPEAN COMMUNITIES (9) EUROPEAN COMMUNITIES I b li'. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND, AND SOUTH AFMC« DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTii OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED See fnotnoies, table 13, 19f,6. c:) 1(.5 1 41 297 (D ) Other U.S. 377 186 -'. DENMARK AND IRELAND UNITED KINGDOn OTHER EUROPE JAPAN , AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, FTC LATIN ARERICA OTHER AFRICA MIDDLE EAST 3./, OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM, ALL AREAS , DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES <9) EUROPEAN COMMUNITIES ( 6 ) £/ DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALA^O, AND SOUTH AFRICA DEVELOPING COUNTRIE";, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTl/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES < 9 1 EUROPEAN COMMUNITIES I fe )i' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND. AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA , OTHER AFRICA MIDDLE EASTl/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9) EUROPEAN COMMUNITIES ib> II DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTl/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCAIEU Sei> footnotes, table 13, W,l- . : .7(in 1,65? 361 1 ,027 2,?6? 1.571 1 ,080 977 f 69 267 221 717 ( . > 921 675 154 2 = = 126 125 -7 1 28 126 1 2 108 107 177 I'O IP) 21 -25 (0) 1 ,9fl1 177 161 1 ,60 (D) (D ) Other U.S. (4) (* ) (D > (D ) -1 7 ( * ) O) (6) 210 1 ,855 1 ,610 1 ,26° 11) 10) 215 299 251 665 778 -126 -155 121 11 101 109 (U) ID) 155 153 -135 -135 -156 -156 17 17 15 15 1,807 1 ,710 1 ,52? 1 ,415 -2 -6 1 ,290 1 ,22f 1.17 5 1,117 811 781 11 IP) 552 IP) 115 110 111 10) 97 10) 1 P) IP ) IP) IP) 088 I .05 509 586 116 228 115 220 (D) IP) Debt financln Foreign affiliate of U.S. parent (7) IP) ID) (D) -15 -in -100 25 IP) -I 27 IP) ID ) ID) 10) 28 ID) I * ) Financial institutions Total I Long- (8) 1 ,611 1.105 857 62 2 ID) 282 281 ID) 295 275 230 (D) 709 526 511 -1 7 53 21 112 100 1 * ) 1* ) 625 226 ID) 211 211 (p) 10) ID) 11 9 ID) 21 5 203 204 ID) ID ) IP) (D) 1 • ) ID) 1 D) IP) -1 ID) lit IP) 1 P) 10) 10) 1 3 32 1 D) ID) 7 ■' ID) CO ) IP) IP ) 1 ( *) 1 D) 1 * ) 10 ) Other credit Total j Long- 918 1,450 832 1,544 51 1 55 692 815 617 728 556 569 Q 5 102 I 55 15 117 5 7 191 29 1 70 150 125 1 31 -50 585 55 6 1.071 277 1.067 151 A 121 725 85 615 69 5P0 in ) -1 IP) ID) 18 15 16 I * ) IP) <• ) 112 1,070 OAR 670 2 W 125 ' 72 20 1 ,'.77 1« = -17=! 199 ^07 751 1 ,790 1,611 -tfl 1 ,132 1 ,296 1, 1S6 1 1 39 1 36 115 135 116 62 11 ( H) ID) 17 2,290 1.647 P2 1,166 1,166 973 25 167 ( , ) 169 lie 113 3 3 -12 -311 347 4t5 1,516 1,111 = 892 906 614 21 270 -IJ 127 15 102 145 -25 -325 211 392 127 356 -I 20 121 366 261 1 101 27 50 6 9 1" 6 (D) ( ) 347 375 1 5 2 1"" 194 76 2 114 -2 1 15 ^6 -28 -161 7 ID) (P) 1 3 • 2,171 1 ,73 2 -7 1 .470 1 ,169 ID) 25 10 ) 1 10) ID ) 44 26 -6 ID ) ID > 10' 1 ,56 8 ID ) ID ) POJ 907 61 4 21 271 -13 127 1"^ ID ) 14 8 -25 ID) 21 267 22 ID) ID ) IP ) ID ) 1 36 ID ) : f 7 4 3 9 ID ) IE ) 51 7 ID) ID > ID ) ID ) 71 2 ID 1 -21 1 = ID) ID ) -16 3 7 ID ) 1 3 119 11 6 69 16 17 10) ID ) - 1 ID) ID > 6 ID ) ID ) 1 * > 1 ) ID ) -1 -1 c -1 1 , ) ID ) 1 ID ) 1.) 14C 13S (D) ID ) ID ) 1 D ) -1 ID ) -1 7 -1 51 ID 1 ID) ID ) ID ) ID) 1 • ) ID ) ID ) 1 , ) ID ) 1,192 2,151 256 1 ,175 1 ,087 1,C13 51 13 366 189 1 ,761 558 -13b 581 593 366 1,735 659 62 178 12 ■^6 1 = -33 136 111 -25 1 ,075 51 -155 524 295 362 1,563 1 ,286 1,011 9]-) 6 75 ( . ) 55 101 116 105 77 33 ID) ID) n 1 ,C94 465 113 266 1 55 12 11 151 -53 1 10 609 17''. 10 ID) ID) 1,161 2 ,375 246 1 .134 1 ,052 978 31 13 382 506 169 1 ,767 59 -139 561 366 566 1 ,74 1 ID) 59 178 12 56 19 156 141 IP) ID) 1 D) -15 5 521 JQJ 562 1 ,356 ID) 51 967 ID ) ID) 1 • ) 35 ID) 115 ID) ID) 10) 6 ID ) ID) 1 , 165 162 1 56 2 6<^ ID) 1? 11 ID) -55 110 60 5 170 10 ID ) ID) 1 39 101 -21 93 91 112 15 -53 -1 1 0) ID) -45 -160 -16 10) 11 ID) 200 1 0) 16 33 31 ID) 1 D) 34 2 (D) 10) 1 0) ID) 46 8 ID) 1 17 ID) -50 164 ID) ID) -2 -1 ID) ID) ID) ID) 10) ID) 1 • ) -2 -176 -30 13 -101 ID) (D) ID) -67 ID) -3 64 -116 -153 in ) ID) 1 1,714 739 73 535 151 188 -5 -32 181 ID) ID) 975 641 7 ID) 18- ID ) 267 -7 2 -233 -281 ID) ID) -143 51 ID) ID) 274 21 ID) l<> 128 ID) 457 36C -88 295 291 282 -3 11 5 102 51 97 69 ID) ID) 1 989 366 160 27"! 146 ID) ID) 100 124 10) ID) 604 551 ID ) ID) 51 1 • ) 1,370 622 94 307 507 145 -5 166 1 • ) 182 59 749 562 -1 10) 125 ID) 222 122 ID) -5 -3 -It ID) ID) -2 120 ID) 100 -18 ID) ID) ID) 303 247 -20 188 192 123 (•) 69 -4 61 17 57 ID) ID) I'l 845 255 10) 124 118 39 10) ID) 6 1 ID) 592 557 1 •) ID) ID) 544 117 -20 26 -155 4 3 |, ) -199 181 ID) ID) 227 79 8 ID) 64 ID ) 45 -129 ID) -228 -262 ID) -1 ID) 54 ID ) 10) 171 38 5 1, ) ID) ID) 154 113 -66 107 98 159 -3 -58 40 54 41 26 ID) ID ) 10 145 155 ID ) 146 28 ID ) 5 ID) 118 1 D) -2 12 15 IP) t * ) ID ) -1 2,309 1 ,153 194 1,009 806 6 78 20 108 2?2 196 55 856 130 -128 528 187 138 1,2 74 5 94 41 378 295 208 11 77 83 1 78 -5 681 41 -132 4 79 157 156 781 753 189 528 149 420 5 25 79 ID) ID) 28 17 1 ID) CO) 251 10b -57 1 05 62 50 5 7 41 ID) ID) 148 72 4 CO) 10) 2 436 282 -105 352 228 157 1* ) 72 123 20 15 154 58 8 51 29 7 151 105 !• ) 92 ID) 27 (• ) ID) ID) ID) ID) 46 |, ) 7 19 15 7 176 154 -56 196 159 125 (• ) 34 37 10 ) ID ) 22 21 1* ) 10 ) ID ) 1 109 26 64 ID) 1 . ) ID) IP ) 1* ) 1 84 37 1 ID) ID ) 1,873 1,171 299 656 578 521 21 36 78 176 40 702 72 -136 477 158 131 1,125 491 41 286 ID) 18C 11 CD) 10) ID) ID) 632 41 -139 4bO 141 129 605 600 216 332 290 295 5 -10 42 6 17 6 -4 !• ) -2 12 144 80 12 39 ID) 46 ID) 10) ID) ID) 61 20 5 31 56 CANAO* •...•..•.•....•... •«.... 11 11 35 54 nCNHflRK AND IPELANP ,,, 1 • ) UNITED KI^JTiHrM 1 5 3 AUSTRALIA. NCU ZEALANOt AND SOUTH AFRICA . 1 -25 LATIN AMERICA ........•••.. -33 3 1 • ) OTHER ASIA Ar-O PACIFIC 5 -6 ID) CANADA 4 EUROPEAN COMMUNITIES <6)-/, AUSTRALIA, NEU ?EALA-:3, AND ^PUIH AFRICA . ID) ID) MinoLE EA^'T-'i , ,, MANUFACTURING, ALL AREAS 7 ID ) CANADA • 1 • ) EUROPE 24 ID) ID) JAPAN AUSTRALIA, NEb ZEALA^'n, AND S^UTH AFRICA , DEVELOPING COUMRIES, ETC 10 ) ID) ID) OTHER AFRICA 3 1 * ) ^ INTERNATIONAL AND U^ALLOCATEC 29 DEVELOPED COUNTRIES 24 CANADA 7 EUROPEAN rOMMUMTIFS ( 1 1 EUROPEArj CCMM UNITIES t^)^'. ID) ID) 1 •) ID) JAPAN • AUSTRALIA, NEg ?EALA'ID, AND SOUTH AFRICA . 6 5 n 1 44 I.jblo 13. --External Source-, of Fundi of a Sample of MOlA's, 1972 (Million, of dollars) ALL INDUSTRIES. ILL AOFAS DEVELOPED COUNTnlfS CANADA EuROPr EUROPFAN COMMUNITIES (9) FURCPFAN CO"MUMTirS (6)li PENMARK AND IRELAND UNITED RINGOCH OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND '^OUTH AFRICA OEVELOPIWr, COUf'TRirs. ETC LATIN AMERICA OTHER AFRICA „ "IDDLE EA5Tli ITHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (9) FUROPFAN COMMUNITIES (btlL DENMARK AND IRELAND UNITED KINCOCH OTHER EUROPE JAPAN ., AUSTRALIA. NEU ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AR^as DEVELOPED COUNTFIE' CANADA EUROPE EUROPEAN COMMUNITIES I"! EUROPFAN COMMUNITIES 16)1'. DENMJRK ANT IRELAND UNITED K1N''D0M OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA OEVELOFINF, COUNTRIES, ETC LATIN AMFRICA OTHER AFRICA MIDDLE EASTi.^ OTHER ASIA ANC PfCIFIC INTERNATIONAL ANC LNALLOCATEr OTHER INDUSTRIES, eLL AREA'" DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN CO^MUMTTES (T) EUROPFAN COM-UNITIES ( t > 1'. DENMARK A"0 IRELAND UNITEO K INF DOM OTHER EUROrE JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVFLOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EA'T li OTHER ASIA ANC PACIFIF IMTERNATIONAL AND UNALLOCATED External funds y (debt and ■5.628 3, 217 2.15° 1 ,371 197 2.380 5 88 551 z.eic 813 765 170 28? «61 25 S 565 1 .790 1 . 2 T 7 27t 51 1 5 51 2«5 U> 1.917 B75 159 = = 6 575 ^17 25 -1.3 3t5 2 79 1.227 5«9 380 337 87P 21b 222 786 519 321 168 179 167 -18 198 1 75 1 ,760 8*t7 (0 ) (D ) -1 7 98 11 1 913 311 28 -••C 53J 2 8 1 .222 553 (D ) »91 38C 337 216 IDI -72 288 398 ID ) I3C 165 (. ) ( . ) !• ) 101 (D ) (0 ) (D) (• ) t ( * 1 1 7; -12 Debt fluanclUR (5) 5.711 7.373 35R 1 .635 1.369 1 ,572 261 272 1 10 f * ) 118 101 -206 -1 5 37 (D ) 31 -2 277 121 1 .271 (D> 916 2'. 122 > 728 1 621 -2 782 35A 50A 857 653 13C 111 ' 16 2 21 157 3 .516 2.236 331 1 .5«7 1 .508 259 (P) <0) 5 79 55° 1°8 -202 585 [ 536 1 01 { 95 2 72 1 272 583 1 1.576 823 816 118 -206 537 it 277 .161 119 657 7'iC 9 -172 337 293 (0) 3"6 297 121 ForelRn affiliate of L'.S. C7) 136 1 90 23 ', 500 131 129 177 IJ 1 u 165 20 ID > 221 16 1 6 100 ID) ID) ID ) ID ) ID ) ID) ID) ID ) 10 ) 10) ID ) 3,365 2,780 2,031 71 675 5 65 • 98 116 1.007 1 .581 168 1.817 275 165 1.558 1 ,595 313 817 619 130 228 321 112 2.915 716 155 1,731 172 136 3,155 135 1 ,969 367 167 116 225 606 ID) ID) 302 519 359 188 233 ID) ID) 9,152 5,211 1 ,001 5,511 2,727 1 .987 70 669 585 197 105 3,938 1,520 168 1,817 268 165 1 ,525 1 .581 ID) 618 619 130 59 150 229 321 ID) 715 155 1.751 172 156 3 .55 5 2.691 133 1 .915 1.750 1 ,570 19 36 1 165 116 201 660 5f 7 ID) ID) 358 187 209 ID) 286 1,369 216 1,090 3 266 326 537 210 556 169 397 121 ID) 19 ID) 130 115 233 191 216 25 -77 39 10) ID) 117 ID) -101 -97 -115 222 219 197 113 100 53 ID) 392 ID) -117 -111 -187 -107 10) 166 675 669 556 281 210 217 111 136 130 I I . ) 303 279 336 ID) ID) 359 ID) ID) I. ) ID) ID ) ID) 979 (D> 10) 527 279 251 583 lie 10) 17 ID) 155 182 (01 ID) 282 10) 1,877 1 ,561 160 1,120 988 77C 6 211 132 91 187 517 285 716 197 119 273 155 ID) I 12 ID) 46 Table U.— External Sources of Fu-ili -if a Sample vf MOFA's, V4Tt («Uli-;ns ',{ .Irllars) funds U (debt an ILL INCUSTRILSi ML AUfts OEVELOPfD COUNTBIE? CAN* 01 CUROPC EUROpraN cniMuriTicr ii) EURO^■EeN COMMUNITIES (f)ll DENMARK am; IPELANP UNITED KIMGDOM OTHER EUROPr JAPAN AUSTRALIA. NEW ZEALAND. AND SOUTH AFRICA DEVELOPINC COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST 3/ OTHCK ASIA AND FACIFIC INTERNATIONAL AND UNALLOCATED PETROLEUM, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES (O) EUROPEAN COMMUNITIES < b )1'. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEW ZEALAND. AND SCUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTUR ING. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COMMUNITIES d) EUROPEAN COMMUNITIES (fell'. DENMARK ANf^ IRELAND UNITED KINCDDM OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAT'D, AND SOUTH AFRiCA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE FASTli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES. ALL AREAS DEVELOPED CGUNTRIF' CANADA EUROPE EUROPEAN COMMUNITIES ( f ) EUROPEAN COMMUNITIES <6)1./..- DENMARK AND IRELAND , UNITED KINCDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAND. AND 'OUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST 3^^ OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED 7.585 5.0J2 2(>fc 2,267 1,357 1 .If 815 t .159 2.667 308 917 1 .27! 993 ltl.T« = f. .8 33 1 .16C «,200 3.S.tO 2 .lo? 201 1.537 224 1 .1 16. 785 833 = .426 940 3,918 3,475 2,415 5C ,010 445 2,1«° I ,555 432 477 -2, P17 3,289 164 2,625 955 1,092 107 755 671 291 2 09 -5, 306 1,316 -70 -6,968 111 505 -4,605 1 ,855 10 1,556 1.2C7 422 77 717 (D) (D) -6,660 157 -85 -6,951 -45 285 1.381 9D7 170 642 5 95 420 1,406 527 -ICO 274 14 8 10) ID ) ID) ID) -8 5 -6.951 ID ) ID) 1 .212 ID ) 155 64 3 595 422 152 250 2 -100 274 10 ) ID ) 159 ID) 10 ) ID ) ID ) ID) I • ) ID ) ID) (0 > ID > f * > I . ) I • ) I • ) I. ) (• ) ! 21 .789 I 10.525 16 2 .224 ID ) 6 .517 2 5 .630 -2 I. ) ' ,940 159 5 1 .531 ID) 686 ID) 1 .179 -1 606 119 125 11 .464 1 .351 3 78 7,864 1,162 688 15.553 4.978 1 .151 2,644 2,473 1 ,719 123 630 171 ID) ID) 10.575 I.OIO 295 7.735 876 659 4. SI" 770 3,276 2,878 1 ,993 23 662 396 146 328 279 227 117 ID) ID) 21 ,568 10,157 2 ,203 6 ,189 5,554 3,868 156 1 .528 636 ID) ID) 1 ,327 577 7,862 ID) IDl 15 ,511 4 ,952 1 ,150 ID) 2,476 1 .725 123 630 ID) 10) 166 10.559 1,008 294 7,735 ID) ID) 5,336 4 ,406 ID) 3,176 2 ,800 1 ,920 22 856 375 145 ID) 277 225 i-.Cfi llat -,{ l!.S. 205 4 .690 289 4 256 46 420 465 2 .375 596 2 271 245 1 .58 6 ID) 10) -176 -352 ID) ID) ID) 284 130 ID) 10) ID) ID) ID) 149 17 9 ID) ID) ID) ID) -127 -138 ID) ID) -421 10) • 209 233 454 268 2.277 2,177 1 ,078 1,040 865 ID) -16 10) ID) 359 266 1.127 242 I .028 165 618 ID ) ID) 170 202 95 -32 ID) I • ) 287 566 122 2 66 158 66 -13 106 108 13 -15 -110 -8 ID) 21 (D) -66 126 108 -8 ID) I C A DEVELOPING COUNTRIES, LTC LATIN AHERICA OTHER AFRICA KIDDLE EASTl/ OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED PFTROLEUH, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPEAN COHHUtUTIfS (9) .............. EUROPEAN COHHUKITIFS ( b )i'. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEy ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EAST2i OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING, ALL AREAS DEVELOPED COIINTPIES CANATA EUROPE EUROPEAN COMHUriTTIES (°) FUROPEAN COMMUNITIES (b)l^....., DENMARK AND IRELAND UNITED KINCDOM OTHER EUROPE JAPAN AUSTRALIA, Nt U ZEALAND. AND SDUTi' AFRICA DEVELOPING COU'TRIFS, I IC LATIN AMERICA OTHER AFRICA MIDDLE EASrli OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES, ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE rUROPEAN COMMUfllTlFS < "1 ) EUROPEAN COMt'UNITlES ( G )i'. DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA, NEW ZEALAND, AND SOUTH AFRICA DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStU OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED S.-s footnotes, tabic 11, I'Jhh. 1 .682 1,51^ S2 625 5 61 547 497 500 1.J12 801 4.141 1 .15=1 251 310 255 1.996 -757 42fi 1 .I5<^ 64D 526 2.18 = 1.087 26 7 221 214 1.102 R77 1 '7 33 4.547 1.566 1.305 1.168 1.001 7 160 1'6 2. =80 1.424 1 05 1.18 4 107 160 2.458 (0) 618 -15 248 86 -37 CD) (D> (01 67 1.118 74 136 458 -13 286 4.269 1.367 (0 ) (D ) 1.169 163 (0 ) (0) 2 .902 1 .565 (0) 1 .184 103 (0) 578 (0 ) 852 619 1.118 (0) ID ) 286 281 269 (D ) (0) 288 ID) 1 .203 1 .068 277 199 (0 ) (• ) ID ) ID ) (0) ID > < * ) -2 !• ) 2.586 1.926 832 578 345 665 233 337 180 394 128 694 371 224 272 (D) ID) 361 566 389 172 -120 -128 Debt financln 526 501 225 351 176 594 129 691 371 422 510 286 ID) le uf MOFA' ,, 1976 kxt^rnal funds U (.iet,t and rquity flran- «LL INDUSTRKSi ILL tRFtS OEVELCPED COUNTPIf^ CANOPA EUROPE EUROPtaN COMHUNniES (9) EURCPE»N COffUNITlES ( b ii'. OENMJRK JND IRELIXO UNITES KINGDOn OTHER EUROPE JAPAN «USTR»LI«. NEU ZraHNO. SND SOUTH «FRIC DEVELOPING COUNTRIES. ETC LATIN AMERICA OTHER AFRICA MIDDLE EAStI'. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCA''En PETROLEUn, ALL AREAS DEVELOPED COUNTRIES CANADA EUR OPE EUROPEAN COKHUMITIES 19) EUROPEAN COMMUNITIES ( f. t' DENMARK AND IRELAND UNITED KINGOOK OTHER EUROPE JAPAN AUSTRALIA, NEU ZEALAND. AND SOUTH AFRICA .. DEVELOPING COUNTRIES, ETC LATIN AMERICA OTHER AFRICA MIDDLE EASTI/. OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED MANUFACTURING. ALL AREAS DEVELOPED COUNTRIES CANADA , EUROPE EUROPEAI.i COMMUKITIES IS) EUROPEAN COMMUNITIES ( b > li DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE JAPAN AUSTRALIA. NEU ZEALAI.D, AND SOUTH AFRICA .. DEVELOPING COUNTRIES. ETC LATIN AMEPICA OTHER AFRICA MIDDLE EAS t1/ , OTHER ASIA AND PACIFIC INTERNATIONAL AND UNALLOCATED OTHER INDUSTRIES. ALL AREAS DEVELOPED COUNTRIES CANADA EUROPE EUROPFAfJ CCHMUNITIES t^) EUROPEAN COMMUNITIES I fc ^' DENMARK AND IRELAND UNITED KINGDOM OTHER EUROPE , JAPAN AUSTRALIA. NEy ZEALArD, AND SOUTH AFRICA .. DEVELOPING COUNTRIES. ETC LATIN AMEPICA OTHER AFRICA MIDDLE EA'tI' OTHER ASIA AND PACIFIC INTERNATIONAL 'ND UNALLOCATED Sea f:c:-l'.i-i, table H, 106f,. ,780 ,79A .360 ,823 ,561 ,221 129 ,50G 1C6 ,76A 593 AB9 ,718 ,464 570 6 03 -63 493 ,422 .272 • 162 ,007 ,105 3gp 683 179 190 1 ,704 101 42 4 58 1 ,462 (C) 1 ,546 ID) 334 43 43 969 969 (D) 116 152 152 ID) ID) IP) ID) -25 6 -724 -206 -31 94 7 -243 131 146 -6 3 -5 9 ID) ID ) IP) -136 -163 IP ) 10 ) -4 ID ) I * ) ID ) -258 -51 (5) 8,347 4,715 2,086 1 .492 10) 3,633 1 ,635 ID) 1,764 ID) IP) 4,673 ID) IP) 1 ,260 IP) ID) 16 ,05 ID ) ID) ID) ID) 10 ID) ID ) ID) -1 165 - 3 56 ID ) ID) 207 768 215 730 ID ) 10) 9 IP) ID) C 49 1.120 ID) ID)

ID) ID) ID) U 33 563 !• ) ID) Debt financtii 4,639 1,117 3,205 2,042 1 .494 17 531 1 ,163 1 ,507 261 1,764 1 ,239 796 286 941 ID) 1,722 -344 ID) 1 ,253 I ,094 1.103 -15 551 713 152 105 56 1 -23 -47 al Institutions Ling- f Sho -155 107 363 -13 -106 ID) ID) -120 42 ID) ID) ID) I C) 252 -19 528 125 IP) ID) -56 186 IP) IP) 205 148 769 494 35 -127 276 -15 552 470 56 5 -12 -17 ID ) -235 ID ) 313 250 ITR -189 -130 -10 ID) 24 ID) 305 270 235 ID) IP) IP) -IB -42 -101 -205 169 197 -13 ID) -581 1 I D) 1 IP) ID) ID) ID) ID ) 148 10) Ottier credit T.ital Lons 6,064 3,7 66 621 2,652 1,847 1.515 30 503 805 512 181 406 757 -5 192 IP) 1,396 -1 -267 ID ) 240 163 3,380 231 1,324 -23 222 28? 752 237 433 -29 411 ID ) 12 ID) 10 45 519 IP) IP) 10) 1 P) 660 186 I ,797 1,590 193 1,507 1,159 996 4 159 207 1 36 B87 852 2 06 593 75 1 1,901 565 1,282 382 1,152 -2 52 184 118 186 618 -52 810 -2 195 46 1,350 1 7 -504 21 219 475 2.905 59 5 929 112 110 274 ♦ 78 20i 251 122 269 ID > 10) ID) ID) ID) 21 34 4 304 218 252 516 171 155 -5 8 10 ) 10 ) 503 193 235 108 656 ID) ,543 194 963 72 108 459 196 Equity finan- ID ) ID ) IP) ID) ID) 10) ID) ID) IP) IP ) 10 ) ID ) IP ) ID) 49 Table 14. --Source and Uses of Funds of Manufacturing AttlUatcs In a Sample of MOFA's, 1966-70, Industry by Malor Ar. (Millions of dollars) equal total Undistributed profits Total Ce.,uals Dlstri pro til Capital Change In Change In short-t I96e, H»NUF»CTURING. «LL ABfJS CHENICILS »N0 «LLI(n PROIUCTS OEVELOPfO COUNTRTCS OFVFLOPINC COUNTFIFS. 1 NTE BN« T I OM L , UN«LLnr«TEO H»CHI«lfRT OFVELOPED CnuNTRlCS nFVFLOPING COUNlPirs, 1KTERN4T 10N«1. UN«LLOCAirO TRANSPORTATION EOUIPHENT DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER DEVELOPED COUNTRIES ','.,', DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED 1967 MANUFACTURING. CHEMICALS AND ALLIED PROPUCTS DEVELOPED COUNTRIES DEVELOPING COUNTPIFS, INTERNATIONAL. UNALLOCATED HA CHINE RT DEVELOPED COUNTRIES DEVELOPING COUNTPIFS. INTERNATIONAL. UNALLOCATED TRANSPORTATION EOUIPMFNT DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCA TED or HE R DEVELOPED COUNTRIES DEVELOPINS COUNTRIES. INTERNATIONAL. 1066 MANUf ACTUf I NO, ALL Af-EAS CHEMICALS ANF ALLIED PROCUCTS orvFLOFED C'-UNTPIFS CFVELOPINC, cnUr.TrirS. If^TFK UNALLOCATED \AL« urjALLncATin MACHINFR» , DEVFLOPEO COUNTOlEf DEVELOPING COUNTPIf;. 1 NTE B NA T 1 UNA L . UNALLFCATEl TRANSPORTATION ECUIPKFNT DEVLOPEr CrUNlPIE' FEVELOPINC- roUNTFICS. 1 ME PNA T I OMA L . UNALLnCATCF OTHFB EFVCLODED COUNTPIFS DEVFLOPING COUNTPIFS. 1 NT E BN AT I ONA 1 , 196? fANUFACTUBl NG. ALL APfAS UMALLnCA Tl LJIEMICALS ANO ALLirO FROruCT'^ nrvELOPED COUNTBIE' DEVELOPING COUNTRIES, 1 NTF PN' A I I ONA L. UNALLOCA TtO "ACHIMERY DEVELOPED COUtJTPlFS nEVELOPING rOU'.'TPIF'. I''TF 1INALL"C« TLO B ANSPQBTA T In^ ECUIPWENT PEVELOFtn Cr-UMHE' DEVELOPING CUHMBHS. I NTF P NA T 1 ON Al . ■-CvrLOrEn COUNTPIFJ nfvELOPING rouriTBIFc, IMEPNAT loNAL , 19 7(1 ^^A^lUFA^Tl'BI NG. ALL A B E A <; CHf"ICALS AND ALLIED nRCr.urTE r.EVFLOFEP COIJNTBIF* DEVFLOPINf COU\'TBIFS. P TF B r.'ft T 1 PNA I , MACHINERY DEVELD"FD miiNTFlES OEVELOCING roUNTPIFS. INTE" lINALL'iCA Tf ' I'NALLorA TEO UNALLOCA Ttr IT lOKAl , U.'i«LL"CATtr B A^f PORTA T I t^ f'vUIBBENT FEV-lOrfD Cri'HTPIE' OrVEL'^PING CUUNTBIBS, I^'TEPNATU) -AL, UNALLOCATEl r^HEB PFVELCrCr CnilNTPIFF DEVELOPING rcuMTPIF^. 1 ^'TF B NmT I UNA L . t Less than 5500,000 ( t ). B Suppressed to avoid disclosure of data of 1. Equals external funds In col. 1, table 15. UNALLOCATED individual compa ?.P67 «ai 1 I« 1 .0?B, 9RA 777 6 02 175 7 06 55? I5J 837 607 5?T 161 7 7 223 227 123 1 11 I3» 108 188 (0) ID) 220 (D) (0> 11 3 108 212 198 1 .C7 1, 15 - 191 1 6^ 1 'f 2 6 3 1 ■- 9 tV ) 7 (D ) !7f 309 I'l in> 136 I3C 105 (D ) (D) 127 122 116 127 375 357 288 273 1^9 127 365 348 2 04 163 1.3B1 186 3°3 371 21" 1 7; 550 527 364 370 377 122 68 4 66 1 467 354 113 2.175 39] 1.25H 1.194 115 102 151 119 306 278 16C 1 3 2 136 123 132 18 50 ing AffLliates in a Sample (Millions of dollars) 19/1-76, Industry by Major lucal equal Sources Uses Undtst rLbiited prof its Depreci- txterual Otl.e- Capi-al Chan^je iti Cnanre it, Cl.anae in short- Total Kft Dlstrll- Other use' col. 3 less Lncor.u uted profits ation and similar charges funds U turl""" Inven- ables assets - — ■ — - — - ccl. i) Total Cash Other U) (2) (3) Ci) (5) Ch) (7) (8) f9) (10) (11) (12) (13) (14) l^'Tl 775 let 84 ?2 1 .551 243 192 51 778 138 108 ?9 1.849 250 219 51 I .790 53 3 51 1 21 225 34 41 -6 3.114 588 541 47 611 89 78 11 579 105 99 4 15 1 = 98 11 22 j 89 84 5 193 21 15 6 CMtMICALS AND *LLirO PRODUCTS 923 (8 34 39 -5 DEVELOPED COUNTRIES - DEVELOPING COUMBIES. I ME P ',« T I (IIJ Al . UNALLOCATED , MACHINERY ...••... 1.71.', lAl 355 '54 2! 7? = 692 33 37C 359 1 1 839 804 36 658 575 82 32 1 1 .404 1.507 97 66 67 -1 174 158 16 171 152 19 90 94 -4 81 57 74 7r 60 10 DEVELOPINE, COUNTRIES. INTERNATIONAL. UNALLOCATED . 75" ?0 121 121 (.) 229 220 8 108 99 466 421 45 124 155 -32 44 27 18 540 459 81 725 206 19 -5 5 -9 35 (D) (D> -13 -6 -7 48 (D) (01 -4 1 (0) (0) DEVELOPING COUNTRIESi INTERNATIONAL. UNALLnCATEO . OTHER ...• 1.075 91 = I5« 191 185 354 308 46 163 12 5 38 294 242 52 476 402 74 1 15 88 24 581 459 12 5 251 210 22 106 90 17 98 101 (D) 54 46 9 44 (D) (0) '7 (D 1 (0) DEVELOPED COUNTRIES DEVELOPING COUNTRIESi INTERNATIONAL. UNALLOCATED . 197; BANUFACTURINt, ALL AREAS = .A04 921 7fc(, IS-i 179 1 48 '1 7.209 36 5 29 7 68 987 18f 149 3 7 2.121 262 229 55 1 .790 585 283 101 2 72 96 105 -9 3.114 57? 507 65 195 85 59 25 9J6 175 150 25 1 . 1' 5 5 65 37 27 870 53 58 15 165 12 ( • » 12 155 27 12 15 CHEMICALS ANP ALLIED PROnuCTS DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . MACHINE RT 1 .98? 1 .779 ?P2 = P.5 556 28 098 95 6 4 I 41 2 399 14 1.027 975 52 555 21 1 122 37 36 1 1.370 1.270 100 31 13 18 197 144 55 351 320 31 294 2»0 1 4 57 4 J 16 33 32 1 DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . TRANSPORTATION EOUIPNENT 1 .Ml 888 255 ,97 158 -1 552 34 9 19 = 191 5 09 458 51 466 265 202 9 7 2 522 396 126 -87 -1C5 16 255 171 84 417 401 16 385 365 19 52 56 -4 34 22 1 1 DEVELOPED COUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL, UNALLOCATED . OTHER 1 .561 1.118 2«? 3ri 249 51 494 400 95 194 15C 4 3 323 265 59 606 479 127 I 31 127 651 502 149 169 133 36 279 245 34 201 184 16 159 128 11 62 56 5 61 DEVELOPED COUNTRIES -- - DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . 7 P .&f 1 1.957 3.195 1.29f 2.481 3 ,898 345 5.892 2.545 1,780 3 74 322 52 272 CHEMICALS ANO ALLIED PRQni'CTS 1 .",27 1 .200 328 422 5!il f 1 670 550 120 24P 189 59 52! 2 79 41 755 53 7 218 30 ?3 7 631 525 108 269 188 81 454 550 104 151 101 30 12'i 11 8 8 6 -17 23 4; DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . 58 4 WACHINEPY 818 7«.9 49 1 .5=6 I .295 65 537 524 1 3 1.258 1 .178 80 1 .284 1 .108 175 25 24 1 1.824 1,68 144 683 620 63 621 542 79 140 1 56 4 149 145 4 -10 -9 ( * ) DEVELOPED COUNTRIES 1 ! 7 DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . 306 101 16 TRANSPORTATION E1UIPMENT 1.703 1 . -> 7G 328 2 .0A5 1.75? 3 1 3 2'=8 2 = 7 (* ) 4'9 365 74 467 1R75 5.591 1.594 2.62 5 1 .229 2.945 805 449 4,590 -450 CHEMICALS AND ALLIED PRODUCTS ,,, 1.251 P52 329 211 54 7 566 218 155 425 365 443 216 57 60 1,054 936 -222 -236 197 99 95 -39 62 35 128 DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . 103 1 IB 181 6 5 5 8 227 -5 1«8 14 98 154 12? 12 6 2.575 2.2tf. 309 715 645 70 1.357 1 .244 62? 59a 2' 1.404 1.515 89 181 159 274 263 11 2,058 1 ,887 15 J 24 -20 43 I3R 53 262 233 29 ??? 209 15 40 74 114 1 13 ? D'VELOPEO COUNTRIES -- DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . TRANSPORTATION EGUIPMENT 5 3q 4 1,3 -14 4S 1^ 5 16« -6 1 11 7 11 4 2 607 525 82 -122 -103 -19 P7 1 1 604 493 111 -290 -256 -34 -1 04 -81 -75 2 95 ; 15 10 256 258 59 26 12 3 3 DEVELOPED COUNTRIES' DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . -8 OTHER 1 .22G '54 6' 5 27 1 5i: 301 51 895 59 11 101 -3 T07 1 3? 457 !9f 20 = P 6 410 1 'O 105 195 5 1 64 4 751 -4 63 42 68 72 29 81 23 UNALLOCATED . '-f lITf, 1.518 557 5.175 498 2 .635 1 .064 334 -43 4 ,661 8 ■'6 1.165 1.511 1.143 1 71 21 19? CHEMICALS AN" ALLIED PRODUCTS 1.9 09 390 7? 7 DEVELOPfO COUNTRTE*" 7 .655 3 31 58 7 25 = 4 51 -52 1,04 = DEVELOPING COUNTRIES. INTERNATIONAL, UNALLOCATED . 25f. 5» 140 8? 67 122 15 = 12 5 -50 -6 1 1 1 -7 MACHINERY ' .530 r . 9 p 9 747 592 5 5 1 .445 1 .352 9 5 699 66 : 3 = 1 .407 l.'P5 1 13 725 545 178 56' '68 -5 1 .974 1.786 1 88 120 84 36 401 597 7 39 r, 89 50 671 639 31 6S 49 1 DEVELOPED COUNTRIES . . 72 73 DEVELOPINE COUNTPICS. U.'TE RN AT I ONA I . UNALinCATLD . 540 TRANSPORTATIOS EOUIPMENT 1.3H8 ^50 73H IBP -,,0 '94 T^ 1 .2 5 3 1 51, ^1' 787 185 5C ■ HO 156 1 53 1 1 569 1 58 236 -25 61 21 4 17 -8 36 3 3 = -14 DEVELOPING COUr.'TRlFS. INTERNATIONAL. UNALLOCATED . 1 : OTHER I .^O" 204 = 9P 608 41 19« -1 3 6 - 37 793 1 75 567 521 151 8S 63 95 69 5 6 26 ?4 DEVELOPE" COUNTRIE' -- DEVELOPING COUrT°IIS. 1 M £ P Nt T 1 1 N A 1 . U'iALLOCATED . P5 1 7 5 89 1 o- 22 1 22 5 7 See footnotes, table 14, 1966-70. 51 Tjble 15.— External So of Funds of Manufacturing Affiliates in a Sample of MOFA's, 1966-70, Industry (Millions of dollars) 11^f. HAWUFflCTIIRI Nf' CHTKICtLS «nr ALtlFO rB0CUCT5 CrvFLOFED COUNTRIF' PFVELOt^INF. roLINTP ir<:,, 1 ^■^F o NA T I ONi L . urMLLnCATFD MtrHINFB Y - <• ' • • OFVFLOPEn rOliNTPIF? OEVFLOPING roUlJTRlCS. I MF RNAT 1 OIIA L . UN«LLnr«TFD TP A^IJA^ ional. u^;ALL1r«Trc n HE R - • • DEVEUnPED COUNTRIES DEVELOPING FOIINTPIFS. I NTE R NA T 1 ON AL t UNflLLOCATEO 10f,7 HANUFACTIIPING, AIL AfE«S CHEHICAL"; ANO ALLIED PRPPUCTS DEVELOPED CCUNTRIE'j DEVELOPING fOUNTRIFS. 1 NTF RNA T 1 ONA L » UNALLt'CflTED MACHINERY « DEVELOPED COUNTRIES DEVELOPING COUNTRIES, 1 NTE RNA T I 0N« L . UNALLf'CATFO TFANSPORHTION EOUIPMEMT DEVELOPED COUNTRIEF DEVFLOPINC COUNTRIES* I WTF RN AT I ONA L * UNALLOCATED OTHER DEVELOPED COUNTRIES DEVELOPING COUNTRIES* I NTE RNfl T I ONA 1 * UNALLnCATCD l=!6(i MANUFACTI'F nr* filL fisrtc CHEr'ICJLS AND ALLIED PPOruns OCVELOFEO CnULTBlE' DEVELOPING COIINTOIES* I NTE F Nfl T I ON fl L , UNaLLOCATEn £ChI^JrpY OEVELOPEO Cl'UriTPTE' OEVFLOPIKC COUNTPirs, I N 1 E S K A T 1 IIM M . UNJLLrrtTFl TPiiriSF OR TC T 1 ;'rj Fr.UIP^EMT , DFVFLOPEP CCUNTPIE' OFVFLOPING rourTPir:, INTERM4T Iii'mAL. UN AL LOC « T L 'j DEVELOPED COUNTFIE' CfVFLOPING rOlH.TRIFS* 1 rvTF PNO T I ONA I * U'vJLLOCATEU C.tNUfACTIipHil,, tLL fFFts CFEMICtLS AN' ALLIED PforuCTS F'PVE LOPED FfUN'FPIF'- DEVELOPING rCUNTFIrs* ! r;T FPMfi T I (iNA 1 * UNfiLLOCATfl "tCHIMERY OFVFLOPED CfUMFIE' PEVPLOPIMG rOL-.TRIES. I ' TE OF « T 1 0N« L . U '.« L L I'F n [ ri TR A^■S^OF^TAT 1 G\ Fr.UTPfFNT F'tVPLOrTD CriliF.'T"]'': , OEVtLOPING rF.U'TRlFE* I FTE F,4 T luF. 1 1 . UK '■ L L PC « Tt II PF VE DPVF CUE h. IC 0' VE CVE LOPED CiUkTPIE' LOPING Fnl'FiTFK', 1 r TE = '.A T 1 1 F. A L . lirALLFfATlP 1P7^ ^'UFaC TIIP I N(.* fill flRFfi^ 4LS t':n JLLIED por^UCTj LOPFO CMIMFK' , LOPING FOFiriTFlEc, I rT E B k« T 1 1 F, L . IF A L Lpr t T L F' 'LOI ED i lliF Toi (-. ■LnF■l^G rpur TF 1> IMCFMT II 'iSI . llf.ALLnrs TH PEVl Dl Vf ortatk'. efu IP-eft LOF-ED FPHNTPIE^ LOPING F PUl.Ti'I r ' * II.TF'MT lOMlL. UIvSLLnFJTEF VELOIEF' ClUfJTFIf VELCPINC rrur.TPIF', IFIE RfJi- T IGF.CL . HF'F L L PC t T F r nJs J,/ Pl.t and 1 ?2 I ='6 123 20 J 120 -"■2 12 11 Ej Othe U.S. ( 0) 1R7 ISP 1A7 (D) 'tC ' li^fc it; 1 ?? 12C 1<. 1' 2J2 722 (0) 4P (D) (Dl 1'.' 1 '7 Eiqolty finan- cing 10 ) 9 (Dl (0) ID) (D) (D) (P) ID I * Less than $500,000 ( jt_ ) . D Suppressed to avoid disclosure of data of Individual 1. Equals external funds in col. 6, Cable 14. 52 -External Sou ring Affiliates in (Millions of dolla Sample s) of MOFA's, l'-J/l-76, InJustry by Majo C5) affiliate of U.S. K4NIIFACTUH •lb ILL nscas PR nnuCTS. CHEMICALS 4HD ALLIfD DEVELOPED CCUM'SIFS DEVELOPING COU'JIPIES. 1 NT E RNA T I r,NA L . ^ACHINERT DEVELOPED COUNTRIES DEVELOPING COUr;TRIES. INTERNATIONAL. TRANSPORTATION EnuIP^ENT DEVELOPED COUNTRIES DEVELOPING COUMRirs. INTER UNOLLnCA TLD UNALLOCA TLD NATIONAL. UNflLLOfATEC OTHER DEVELOPED COUhTRIC DEVELOPIN'^ COUNTRIES* INTERNATIONAL* UNALLOOflTEO 197? MANUFACTURING. ALL AREAS CHEMICALS AND ALLIED PRODUCTS DEVELOPED COUNTRIES DEVELOPING COUNTRIES, I NIE ''NAT I ONA L. UNALLOCATED . "ACHINERr DEVELOPED COUNTRIES . DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED TRANSPORTATION EQUIPMENT DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNA! ICNl UNALLOCf TED OTHER DEVELOPED COUNTRIES . DEVELOPING COUNTRIES. MANUFACTUR I NG. INTERNATIONAL. UNALLOCATED CHEMICALS ANE ALLIED PPOEUCI' DEVELOPED COUNTRIES DEVELOPING COUMFIES. INTEF^ VTIDNAL. UNALLOCATED MACHINERY DEVELOPED COUNTRIES DEVELOPINC COUNTRIES. INTERNATIONAL. TF ANSPORTA TION EDUIPMENT DEVELOPED COUNTRIES DEVELOPING COUNTRIFS. INTERNATIONAL. OTHER DEVELOPED COUNTRIES DEVELOPING COUNTRIES. UNflLL OCA TED UNALLOrATED IMTERNAT ICNAL . UNALLOCATED . MANUFACTURI Nt. ALL AREAS CHEMICALS AND ALLIED PRODUCTS DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL, UNALLOCATED MACHINERY DEVELOPED COUNTRIES . DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED TRANSPORTATION EOUIPMENT DEVELOPED COUNTRIES DEVELOPING COUNTRIES. IHTE R NA T lONA I . UNALLOCA TED OTHER , DEVELOPED COUNTRIES . DEVELOPING COUNTRIES, INTEkNAT lONAL, UNALLOCATED l')75 MANUFACTURING, ALL AREAS CHEMICALS AND ALLIED PRODUCTS DEVELOPED COUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL. UNALLOCA TED "ACHINERY DEVELOPED COUNTRIES . DEVELOPING COUNTPIFS. INTERNATIONAL. UNALLOCATED TRANSPORTATION EGUIPMENT DEVELOPED COUfTRIES DEVELOPING ColINTPirs, 1 NTE RIJAT ION A L , OTHER DEVELOPED COUNTRIES DEVELOPING COUMRIFS, INTERNATIONAL. MANUFACTURING, ALL AREAS hEMICALS AND ALLIED PRODUCTS DEVELOPED CIUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL, "ACHINERY DEVELOPED COUNTRIES DEVELOPING COUNTRIES TD ANSPORTATI :">N rGUTP-^ENT DEVELOPED COUNTRIES DEVELOPING COUNTRIES. 1 OTHER DEVELOPED COU^ TRIES . . . DEVELOPING fOUNTRIF' IP'ALLnCA TED UNALLOCATED UNALLOCA TED INTE RNAT lONAI . UNALLOCATED /TERNAT lONAL. INTERNATIONAL. UNALLOCA TED 58': 17R 283 111 1 01 ■^7 5?5 ID) 211 (0 ) 12? ( D) 537 21f 9A1 I?l 1 .5 8f. 1 .If 1 .7M 7f,n 2I(> 227 1. ^S1 (0 ) (D) APf 1 2« (D ) (D) 1D> (0 1 ID ) ID) ID ) ID ) ID ) ID ) 2nG 142 =138 ',?6 111 721 '=j 3 ' (0) ^15 ( n ) t TQ (P ) 35 t. p) lis 1 l-h 11 13 1 '^ » able 15, 1966-70. 53 Table 16.— So of Funds of "Othe Industry Affiliates in a Sample (Millions of dollars) of HOFA's, 1966-70, Industry by Major Total qoal Undistributed profits l^f f, OTHCP INDU^TBKS. ALL ARIAS HIKING A NO SMELTING OFVELOfED COUNTRIES OrVELClPINC COUNTRIES. INTER N* T lONAL . UNALLOCATED TRADE DEVELOPED COUNTRIES OEVELOFING COUNTRIES! INTERNATIONAL. UNALLOCATED FINANCE AND INSURANCE DEVELOPED COUNTRIES DEVELOPING COUNTRirS. INTERNATIONAL. UNALLOCATED OTHER DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER IMCUSTRIES. ALL AREAS MINING AND S^ELTlNr DEVELOPEP COUNTRIES rrvELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED TRADE DEVELCEO COUNTRIES OrvELCPINC COUNTRIES. INTERNATIONAL. UNALLOCATED FINANCE AND INSURANCE DEVELOPED COUNTRIFS DFVFLOPlNr, COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER OFVfLOPEC COUNTRIES OfVELOUNG COUNTi^IES. INTERNATIONAL. UNALLOCATED 1168 OTHER INDUSTRIES. ALL AREAS MINING AND SMELT INC. DEVELOPED COUNTRIES DEVELOPING COUNTRIFS. INTERNATIONAL. UNALLOCATED , TRADE DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . FINANCE AND IN<^UPANCC , DEVELOPED COUNTRIES DFVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED , OTHER , DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED . 1961 OTHER INDUSTRIES. ALL AREAS MINING AND SMELTING DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED , TRADE DEVELOPED COUNTRIES DEVELOPING COUNTRIFS. INTERNATIONAL. UNALLOCATED . FINANCE AND INSURANCE DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL, UNALLOCATED , OTHER ,,. OFVELOPEO COUNTRIES , DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED , IITO OTHER INDUSTRIES. ALL AREAS MINING AND SMELTING DEVELOPED COUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL. UNALLOCATED TRADE DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED FINANCE AND INSURANCE DEVELOPED COUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL. UNALLOCATED OTHER DEVELOPED COUNTRIES OEVFLOPING COUNTRIFS. INTERNATIONAL. UNALLOCATED * Less than 5500,000 C ♦ ). D Suppressed to avoid disclosure of data of individual compan 1. Equals external funds in col. 1, table 17. 2°0 5^7 ?17 15? J23 ?1 J 110 (0) 257 ?07 26 1 IPl If 29e 2A7 51 21 '. lOJ 11 253 150 266 I'S ID 1 (Dl 1 3? 10 = (01 (Dl 135 12 : (Dl (0 1 (0 1 (Dl 165 (0 1 (0 1 112 151 35 ( • I 100 14H 106 1C5 1 J2 171 136 17n 17= 227 171 623 115 25 6 232 120 172 B2 151 58 20 qo 212 ir 268 1 2 A ( *> 2:2 ( • > 57 '•' KR 161 255 IIR 118 195 115 267 117 148 112 1A6 131 211 162 221 150 2A5 166 202 171 (Dl ( . 1 IDl (• 1 11 268 1 167 1 100 172 -6 151 -6 33 ( * 1 161 160 1A7 138 351 51 2»0 50 HI 9 271 1 15 2A« 1 01 101 12 Change in short-te -11 (01 (Dl (0) 136 51 101 (01 -11 50 EVELOPI\G- rorr.ToiCr. IMf p Nfl T I ^^ SL . UN-ALL LC A TCC Fir.-»r4CC fiND l^;:. UP «"CC OEVCLOPEC CCUr Tt^TES '^FVELOPI^JG rOtMPirs. IMtPNiTIONAL* UNOLLOCATCD PTMfR PE VFLOPeo CCUNTQirs CEVrLOPINP CCUf.TPirS, INTERNfiT ICNiL. UMLLCCft TE J 1072 OTHffi Ii^OUST^IFS* ALL fi R E A S ffclM WG i^'C Sf'FLTlN'; nrvFLOPEP CnUNTfilEf TEV^LPPINS COUMRIFS, I Mf "^jA T 1 ONA L . UNfiL L nc A T E TRADE PEVFLOoro COUNTRIES ncvEfPiN'^ rou^'ToiFS, inteonational. UNALLOCATFO F]\iiNrr A'.'D r^«u»ANCF rrvr LOPED chuntpies OrVFLOPING COUNTPIES. I r.'TF B MA T I CML . UMALLnCATEO OTHFR » OEVrLOPEO COUNTRIES TEVELOPING COU^T<>IFS, I NTE PNAT 1 OKA L . UNALLPCATlD CTHfR INDU^TPIFS. ALL AREAS >'1SINC 1^'D ^MfLTING OEVELOPEP CnuNTRIES OFVELOPING COtlNTPIES. IMTE « NA T ION AL » UNALLOCATED . TRADE , rCVFLOPED COUNTRIES , O^VELCING COUfJTPIES. IME RNAT I ONA l , UNALLOCATED , FINAN Cr AND INSUFANCF , PEVC LOPED COUMRIES OrVELOPINF COHNTPirS. INTEONAT ICiNAL. UWALLnCATEO , rTHCP , rrvE LOPED COllNTBIf*; , DEVELCPIMG COUNTRIES. I NTf PNfl T I0^ A L . UNALL^irATFO , OTH*"R IMPU^TOIES* ALL ABFAS rihING AND SMTLT INC DEVELOPED COUNTRIES "EVELOPINC C0UIJTPIF«, 1 NTE o fja t IONAL. UNALLOCATen TFAPE DEVELOPED COUNTRIES OEVFLOPI'WG rOUNTRIFS. INTE P NA T IPNAl. . UNALLPCATED FINA-uCF AND INSURAWCE "FVELOPEO COUNTRIES CEVELOPlNP CCUf.TfilfS. INTC R NAT lONA L . UNALLPCATFC PTHER prVELOPEO CruNTPIE*: PEVFLOPING COUNTPIES. I NTE ONflT 1 ONA L* UNALLPCATEO OTMFR INDUSTRIES. ALL ARFA*; , »'IMNC- AND SMELTING , PEVrLOPFP CruNTPIE^ , CEVELOPI NP C3UNTP IF';, INTFRNATlCr^AL. UNALLOCATED TPACE DEVELOPED CCUNTRTES , OFVELO'^ING CJUNTPIE-t INTE R N AT 1 OKA L . UNALLOCATFO . FINANCE AND IMSURA^'CF OrvFLOPED COUNTRIES DFVELPPING COUNTPIES. INTERNATIONAL. UNALLflCATEO PTHEP rrvrLOPto ccuntpif'; ^EVELPPINP- POL'». TPI E<". 1 NTE °*JA T lONAL . UNALLfif A TEP OTHFR I^^U^TP!ES. ALL AREAS , f'TNirC AND S-«FLTI'IG , OrVELOOED COur.Joicr DFVELOPINr, COUMPIFS, ] NTE "NA T I PN A L . U^JALLPCATEC . TPA<^r pf vf i.opFP rouNTRir s DEVELOPING COUt.TRIfS- TCTEfi rjAT 1 Pri AL . ll^ALLPCATFC FIN A MCE AND INSURANCE Of VfLOrEO C'-U»TPir« PF vr.LCPI'.T, POU^T''IFS. II,TE»r-AT Iop:AL. hnALLPCATEO PTH«"p Of vr LOP to CUK-r^lf^ nEVELOPI\"" rPHSTR K'j. INTE°NtT ICNr L. UNALLPPA TFT- Sec footnotes, cable 16, 1966-70. f ■'7 ! .1 1^ \U P 714 2^7 It C: ]:?7 6"? 61 f 1^7 ?7? 12: Hi u 1 21*> 12 1 H7 e ^^ lOS 10' '" .'0 161 T^t ItC f><-7 21 8t ? 1 1?1 Jll ? ?q 3'0 71 172 2f.7 K7tl 1K9 151 12a 1 76 133 : 55 Table 17. --External Sources of Funds of "Other" Industry Affiliates i (Millions of dolla 1966-70, Industry by Hajo External funds U (dcljt and equity finan- cing Other U.S. clal In-jtltutln I1(.6 OTHER INDUSTPIF5. SLL ARE*? MINING SND SnCLTInr- OEVFLOPED COUNTRIES DEVELOPING COUNTRIES* ] fJTE RNA T I ON AL. UNALLOCATED TRADE OEVELOOEO COUNTRIE'! CEVriOPING COUNTRIES, INTERNATIONAL. UNALLOCATCO FINANCE AND INSURANCE OEVFLOPED CCUNTOIES DEVELOPING COUNTPIFSt INTERNATIONAL. UNALLOCATED OTHER DEVELOPEO COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED 1967 OTHER INDUSTRIES. ALL AREAS •INING AND SMELTING DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED TRADE DEVELOPEO COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED FINANCE AND INSURANCE DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCA TED OTHER DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATCO 1966 OTHER INDUSTRIES. All AREAS MNING AND SMELTING DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED TRADE DEVELOPED COUNTRIES DFVFLOPING COUNTRIES. INTERNATIONAL. UNALLOCATED FINANCE AND INSURANCE DEVELOPED COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER DEVELOPEO COUNTRIES DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER INDUSTRTFS. ALL AREAS MINING AND SMELTING DEVELOPED COUNTRIES OFVELOPING COUNTRIES, INTERNATIONAL, UNALLOCATED TRADE DEVELOPED COUNTRIES DEVELOPING COUNTRIES, INTERNATIONAL. UNALLOCATED FINANCE ANO INSURANCE DEVELOPED COUNTRIES OFVELDPING COUNTRIES. INTERNATIONAL. UNALLOCATED OTHER DEVELOPED CCUNTRTES DEVELOPING COUNTPIES. I NTE » NAT I ONA L . INALLOCATED . LlTO OTHER INDUSTRIES. ALL AREAS MINING ANO SMELT IN': DEVELOPED COUNTRIES DEVELOPING roUNTRIFS. INTERNATIONAL. UNALLOCATED TRADE DEVELOPED CCUNTRIF<; DEVELOPING COUNTRIES. INTERNATIONAL. UNALLOCATED FINANCE ANO INSURA'i'CE DEVELOPED COUNTRIES DEVELOPING COUM°irs. INTERNATIONAL. UNALLOCATED , OTHER DEVELOPEO COUNTRIE*: DEVELOPING COUNTRIES, INTERNATIONAL. UNALLOCATED . 13? -27 1 71 1 36 17() 20? ?6n 2^2 ■^7 1 AA ID) I0> (E ) -75 -«5 (D I -323 -20 -1 A -1 7 (. ) ( . ) ( • ) ID ) (0) (D) ID) -13 ID ) ID) 217 181 ID) ID) ID) IR6 158 237 220 222 A3 17<) 1 .008 120 227 2 15 ID) I 0) ID) IC) ID) I O) 133 136 1 CO ICU ( . ) 2PR ID ) ID) ID) ID) ID) 222 1 7 = 1 It 12? 20'> 200 S16 ID) ID) I D) ID) ID) ID) ID) ID) (0) ID) ID) IA2 152 ID) ID) 21 1 ID ) ID) 10) ID) ID ) ID) 10) ID) 200 10) I D) ID) <0) 385 I n) ID) 5A6 167 ID) 10) ID) -1 10) 5 2 7 115 26 lot 1 =i ID) 1 D) ID) 25 1 D) ID) 1 » ) 1 ID) 3 10) I * ) ID) 37 ID) ID ) ID I 10) 1 20 ID) ID) I D) 16C 156 131 1 2» ID) ID ) ID) ID ) 10 ) ID ) ID ) 10) ID) IP) ID) ID) ID) ID) ID ) ID) 10 ) ID) ID) (0) ID) 125 121 ID) ID) 113 106 ID) ID) ID) (0) 10 ) ID) ID) I.) 10) ID) ID) * Less than S500,U00 ( * ). D Suppressed to avoid disclosure of data of 1. Equals external funds In col. 6, table 16. individual compani 56 Table 17.— Exte "Other" Industry Affiliates i (Millions of doUa Sample of HOFA's, l9/l-7f>, Industry hy Majo OTHrR INTUST^irs. £1L aP'"ac MINING A'jD SMFLIUADE DEVELOPED COUNTRIF"; DFVEUnpING COUMTPIFS, INTE P NA T IGNAL , UNALLnCaTEO FINANCE AND INSUPANCE PE OE CHE DE OE 1 ■INII OEl OFl rPAPi DE' PC' ■I HA I DE' OF' ITHF CE' DF r U'U DEV OEV PADt DEV DFV INAft DEV DEV 'THE' PE\ C ININ DFV PEV PADF DFV DEV INAN DEV CEV THFB OEV PEV C IMN DFV PtCF nr V I NA N OEV DFV TWEP DFV -.FV See footnotes, table 17, 1966-70. OCVELOPING COUNTPirs . INTEPNATIGMiL UNALLOCflTED , CTHrp ncvr LOPED ccu*'Tft T f^ OrvrUPPING rOllNTPlFS , INTF9NflTinNflL UNALLHCA TEO , 1Q73 LL fiorts DFVrLOPlNG COUNTPirs IMEPNftT lONfiL. UNALLnCATCD . DEVELOPED COUNTQIE-: DEVELOPING COUNTPIFS IMEPf^fiT lONiL UNALLOraTFO . FIWiiWCF flNH UiSUPa^CE nEvrLOPEO CnurjTRUS OFVELOPJNG COUMPIFS , IMEPNfiTIONAL UNALinrflTED . CEVELOOEO CruMPir<^ nrvELnPiNG courTPirs , INTEPNiTIONAL UNALLCCfi Tl . 1974 OEVELOPIhtG COUMPUS, IME^NfiT If fJ«L. MNaLLr,CflTED . DFVELnPiwr, couuTPirs, IMERNfiTlONSL. UNALLOrSTFD , DE VrinPING COl'MB IFS INTE°NfiT lONfiL. UNALLflCiTfO . DEVELOPING TOUMFIFS U.'TEFNAT IPNiL. IINALLrrATFP . 197^ MIMNG bKO SMfLTINP ,,, PEVELOPINr. COUNTRI FS. INTCONflT lUNAL. UNALLOFATCO . pPVFLOPINr. COUMPirs, rMEPNtTI&NAL. UMLLOCATfri . DEVFLOPINr rOtlNTPlES. UiTEPNATIONiL* UNftLLnCATrO . nrVFLOPlNG roUt.TFIES. Tf.TFQNAT lUNAL, UrjALLOrATED . ■^IMNG fiND <'"'LTlhr ,,, DFVELCpEO Cnu'JTOTF*^ 1 nryrLIPlNG FO'ifjTP I ^ -^ , INTCPNATIUNAL. UNALLOCflTrO . rrvFLOPED CM'iTPT'"'" 1 nrvr.LoPiN'^ r-(riTPl<-s, If, TE'MTIONAL. LiNALL^CATLO . nrvELTPiNr. rouMPi:^, I^T^.,r,fiT it.NM , UNALLnrfiTCu . OTHER DEVELOPING TCUr TPI f'=. H'Tt^^AT irf,aL» UNALLritftTrC; . ( n ) < ) 1 7? 121 571 117 7'45 2!0 Foreign affllist, of U.S. -2 87 16? I'-F -1 7a ( D) I D) 129 11 3 -166 -117 152 127 57 PENN STATE UNIVERSITY LIBRARIES ADDD07a7 III ADMfiD