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abroad accrued interest average balance of payments Bank of Japan business activity business concerns capital cash cent bonds cent of total central bank certiﬁcates commercial banks commodities conﬁdence consumer consumer price index corporations cost countries coupons credit control credit policy credit restraint currency debentures debt December 31 decline Default deﬁcit demand deposits dollar bonds economy expansion exports February Federal Reserve Banks ﬁfths ﬁnance ﬁrst ﬁscal ﬁve ﬁxed foreign exchange gold gross national product growth imports increase industry inﬂation inﬂationary pressures inﬂuence interest rates International Monetary Fund investments issue Japanese July June June 15 loans mainly manufacturing ment million kroner money market money supply nonbank Norges Bank Norway Norway’s obligations oﬁered outﬂow output outstanding payable postwar period principal amount purchases quotas ratio recent redeemed redemption reduced reﬂected restrictions rise rose savings securities ships signiﬁcant sinking fund sinking-fund tion trade Treasury United wage