4
44 SURVEY OF CURRENT BUSINESS August 1986 Table 9.—U.S. Direct Investment Abroad: Royalties and License Fees and Charges for Other Services [Millions of dollars] 1984 Royalties and license fees Net U.S. parents' receipts U.S. parents' pay- ments Charges for other services l Net U.S. parents' receipts U.S. parents' pay- ments 1985 Royalties and license fees Net U.S. parents' receipts U.S. parents' pay- ments Charges for other services 1 Net U.S. parents' receipts U.S. parents' pay- ments All areas 3,923 4,018 Petroleum 22 23 Manufacturing 3,027 3,072 Other 874 923 Developed countries 3,649 3,738 Petroleum 18 19 Manufacturing 2,859 2,900 Other 772 819 Canada 488 502 Petroleum 1 1 Manufacturing 396 408 Other 92 93 Europe 2,467 2,533 Petroleum 1 2 Manufacturing 1,984 2,009 Other 481 522 Other 694 704 Petroleum 16 16 Manufacturing 478 483 Other 199 205 Developing countries 273 278 Petroleum 3 3 Manufacturing 168 172 Other 102 104 Latin America 151 156 Petroleum 3 3 Manufacturing 99 102 Other 50 52 Other 121 122 Petroleum (*) (*) Manufacturing 69 70 Other 52 52 International 1 1 2,437 621 1,205 611 1,520 240 963 316 721 154 691 ( D ) 518 108 72 806 264 242 300 188 ( D ) 67 ( D ) 618 ( D ) 175 ( D ) 111 4,465 796 1,821 1,848 3,180 363 1,543 1,274 110 571 218 1,875 180 837 858 406 73 135 198 1,137 297 277 563 422 63 85 274 715 234 192 2,028 175 616 1,237 1,661 122 580 958 178 64 1,185 <°) 319 298 2 331 33 36 263 234 ( D ) 18 ( D ) 97 ( D ) 17 ( D ) 36 4,123 21 3,174 928 3,875 ( D ) 3,006 477 (*) 379 2,687 1 2,138 548 710 <") 489 248 ( D ) 168 ( D ) 133 ( D ) 95 115 1 73 41 4,235 21 3,226 3,969 ( D ) 3,055 494 (*) 395 2,754 1 2,165 721 ( D ) 495 ( D ) 266 ( D ) 171 ( D ) 150 ( D ) 98 116 1 73 42 112 (*) 52 60 94 (*) 49 45 17 (*) 17 (*) 67 0 26 40 11 0 6 4 18 0 3 16 18 0 2 15 1 0 (*) (*) 2,526 603 1,254 668 1,692 235 1,004 454 767 47 794 121 533 140 131 67 773 257 251 265 174 54 78 41 599 203 172 224 61 4,811 768 1,981 2,063 3,511 357 1,691 1,464 1,039 130 676 232 1,999 158 876 964 474 68 138 267 1,143 284 290 569 455 63 100 291 220 189 278 157 2,285 164 726 1,394 1,819 122 687 1,010 271 83 1,205 37 343 370 27 39 304 281 9 22 250 18 17 54 96 * Less than $500,000 (±). D Suppressed to avoid disclosure of data of individual companies. 1. Consists of service charges, rentals for the use of tangible property, and film and television tape rentals. In 1985, U.S. parents'receipts of service charges were $4,183 million, of rentals for the use of tangible property were $182 million, and of film and television tape rentals were $446 million; U.S. parents' payments were $2,245 million, $27 million, and $13 million, respectively. Table 10.—U.S. Direct Investment Abroad: Position and Balance of Payments Flows, 1977-85 [Millions of dollars] 1977 1978 1979 1980 1981 1982 » 1983 1984 1985 Direct investment position Capital outflows (inflows (—)).. Equity capital Reinvested earnings Intercompany debt Income Royalties and license fees, net receipts Charges for other services, net receipts 3 ... 145,990 11,893 ( 2 ) (2) ( 2 ) 19,673 2,173 1,710 162,727 16,056 ( 2 ) ( 2 ) ( 2 ) 25,458 2,697 2,008 187,858 25,222 ( 2 ) ( 2 ) ( 2 ) 38,183 3,002 1,978 215,375 19,222 ( 2 ) ( 2 ) ( 2 ) 37,146 3,693 2,087 9,624 ( 2 ) ( 2 ) ( 2 ) 32,549 3,658 2,136 207,752 -2,369 9,708 1,359 -13,436 21,380 3,507 1,816 207,203 373 4,903 7,139 -11,669 20,499 3,597 2,532 212,994 3,858 1,680 9,126 -6,948 21,509 3,923 2,437 232,667 18,752 -2,280 20,664 368 34,320 4,123 2,526 1. Th&re is a break in series between 1981 and 1982 because, beginning with 1982, the estimates of all items have been revised to incorporate the results of the 1982 benchmark survey of U.S. direct investment abroad. Previous estimates for these years were, and current estimates for 1977-81 continue to be, linked to the 1977 benchmark survey. 2. For years prior to 1982, capital outflows cannot be disaggregated by component because data for the components were not reported separately for unincorporated foreign affiliates. 3. Consists of service charges, rentals for the use of tangible property, and film and television tape rentals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis August 1986

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Page 1: U.S. Direct Investment Abroad: Royalties and License Fees and … · 2018-11-06 · 62 SURVEY OF CURRENT BUSINESS August 1987 Table 9. U.S. Direct Investment Abroad: Royalties and

44 SURVEY OF CURRENT BUSINESS August 1986

Table 9.—U.S. Direct Investment Abroad: Royalties and License Fees and Charges for Other Services[Millions of dollars]

1984

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Charges for other services l

NetU.S.

parents'receipts

U.S.parents'

pay-ments

1985

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Charges for other services 1

NetU.S.

parents'receipts

U.S.parents'

pay-ments

All areas 3,923 4,018Petroleum 22 23Manufacturing 3,027 3,072Other 874 923

Developed countries 3,649 3,738Petroleum 18 19Manufacturing 2,859 2,900Other 772 819

Canada 488 502Petroleum 1 1Manufacturing 396 408Other 92 93

Europe 2,467 2,533Petroleum 1 2Manufacturing 1,984 2,009Other 481 522

Other 694 704Petroleum 16 16Manufacturing 478 483Other 199 205

Developing countries 273 278Petroleum 3 3Manufacturing 168 172Other 102 104

Latin America 151 156Petroleum 3 3Manufacturing 99 102Other 50 52

Other 121 122Petroleum (*) (*)Manufacturing 69 70Other 52 52

International 1 1

2,437621

1,205611

1,520240963316

721

154

691(D)

518

10872

806264242300

188(D)67(D)

618(D)

175(D)

111

4,465796

1,8211,848

3,180363

1,5431,274

110571218

1,875180837858

40673

135198

1,137297277563

4226385

274

715234192

2,028175616

1,237

1,661122580958

178

64

1,185<°)

319

2982

3313336

263

234(D)18(D)

97(D)17(D)

36

4,12321

3,174928

3,875(D)

3,006

477(*)

379

2,6871

2,138548

710<")

489

248(D)

168(D)

133(D)95

1151

7341

4,23521

3,226

3,969(D)

3,055

494(*)

395

2,7541

2,165

721(D)

495(D)

266(D)

171(D)

150(D)98

1161

7342

112(*)5260

94(*)4945

17(*)17(*)

670

2640

11064

1803

16

1802

15

10

(*)(*)

2,526603

1,254668

1,692235

1,004454

76747

794121533140

13167

773257251265

174547841

599203172224

61

4,811768

1,9812,063

3,511357

1,6911,464

1,039130676232

1,999158876964

47468

138267

1,143284290569

45563

100291

220189278

157

2,285164726

1,394

1,819122687

1,010

27183

1,20537

343

3702739

304

2819

22250

181754

96

* Less than $500,000 (±).D Suppressed to avoid disclosure of data of individual companies.1. Consists of service charges, rentals for the use of tangible property, and film and television

tape rentals. In 1985, U.S. parents'receipts of service charges were $4,183 million, of rentals

for the use of tangible property were $182 million, and of film and television tape rentalswere $446 million; U.S. parents' payments were $2,245 million, $27 million, and $13 million,respectively.

Table 10.—U.S. Direct Investment Abroad: Position and Balance of Payments Flows, 1977-85[Millions of dollars]

1977 1978 1979 1980 1981 1982 » 1983 1984 1985

Direct investment position

Capital outflows (inflows (—))..Equity capitalReinvested earningsIntercompany debt

Income

Royalties and license fees, net receipts

Charges for other services, net receipts 3...

145,990

11,893(2)(2)

(2)19,673

2,173

1,710

162,727

16,056(2)(2)(2)

25,458

2,697

2,008

187,858

25,222(2)(2)(2)

38,183

3,002

1,978

215,375

19,222(2)(2)(2)

37,146

3,693

2,087

9,624(2)(2)(2)

32,549

3,658

2,136

207,752

-2,3699,7081,359

-13,436

21,380

3,507

1,816

207,203

3734,9037,139

-11,669

20,499

3,597

2,532

212,994

3,8581,6809,126

-6,948

21,509

3,923

2,437

232,667

18,752-2,28020,664

368

34,320

4,123

2,526

1. Th&re is a break in series between 1981 and 1982 because, beginning with 1982, the estimatesof all items have been revised to incorporate the results of the 1982 benchmark survey of U.S.direct investment abroad. Previous estimates for these years were, and current estimates for1977-81 continue to be, linked to the 1977 benchmark survey.

2. For years prior to 1982, capital outflows cannot be disaggregated by component because datafor the components were not reported separately for unincorporated foreign affiliates.

3. Consists of service charges, rentals for the use of tangible property, and film and televisiontape rentals.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1986

Page 2: U.S. Direct Investment Abroad: Royalties and License Fees and … · 2018-11-06 · 62 SURVEY OF CURRENT BUSINESS August 1987 Table 9. U.S. Direct Investment Abroad: Royalties and

62 SURVEY OF CURRENT BUSINESS August 1987

Table 9.—U.S. Direct Investment Abroad: Royalties and License Fees and Charges for Other Services[Millions of dollars]

1985

Royalties and license fees Charges for other services

NetU.S.

parents'receipts

U.S.parents'

pay-ments

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Charges for other services l

NetU.S.

parents'receipts

U.S.parents'

pay-ments

All areas 4,224 4,350Petroleum.. 22 22Manufacturing 3,304 3,354Other , 898 974

Developed countries 3,990 4,082Petroleum (D) (°)Manufacturing 3,136 3,184Other...... (°) (D)

Canada 470 487Petroleum (*) (*)Manufacturing 378 393Other .. 92 94

Europe 2,799 2,863Petroleum 2 2Manufacturing 2,252 2,280Other 544 581

Other.. 721 732Petroleum (D) (D)Manufacturing. , .. 506 512Other (D) (D)

Developing countries 234 268Petroleum . (D) (°)Manufacturing ......; 167 170Other.. . (°) (D)

Latin America 119 153Petroleum (D) (°)Manufacturing 95 97Other...... (D) (°)

Other 115 116Petroleum 1 1Manufacturing.......... 73 73Other 41 41

International..... 0 0

126(*)5076

92(*)4744

17(*)152

2,516525

1,246745

1,702240

1,002460

76937

840136542162

9467

782261244277

187567655

595205167222

4,783794

1,9802,009

3,493388

1,6871,419

1,087166

1,986153874959

42068

128224

1,153287293572

4646597

302

196270

137

2,267270734

1,263

1,791147685959

318129

(D)

1,14717

332798

3261

3712749

295

2779

21247

94182948

106

4,71520

3,5131,183

4,37919

3,3431,017

509(*)

406103

2,8703

2,235632

1,00016

703281

3361

169166

180

87

156(*)

4,82120

3,5541,247

4,47719

3,3781,080

519(*)

411108

2,9453

2,259

1,01316

707290

3441

176166

1831

90

161(*)8774

1060

4264

980

3464

10065

750

2451

1305

3,084531

1,4241,128

2,288311

1,159818

90545(D)

1,461198857407

-7868(°)(D)

250265294

1984091

610210175226

-13

5,620790

2,3432,487

4,283399

2,0431,841

1,207126739342

2,632205

1,1701,257

44468

135241

1,208286300622

52557

115352

184270

129

2,536259918

1,359

1,99589

8841,022

30281

1,1717

313851

5221

(D)

3993634

329

3271725

285

73191044

142

* Less than $500,000 (±).D Suppressed to avoid disclosure of data of individual companies.1. Consists of service charges, rentals for the use of tangible property, and film and television

tape rentals. In 1986, U.S. parents' receipts of service charges were $5,044 million, receipts of

rentals for the use of tangible property were $143 million, and receipts of film and television taperentals were $433 million; U.S. parents' payments were $2,375 million, $148 million, and $13 mil-lion, respectively.

Table 10.—U.S. Direct Investment Abroad: Position and Balance of Payments Flows, 1977-86[Millions of dollars]

1978 1979 1981 1982 i 1983 1984 1985 1986

Direct investment position

Capital outflows (inflows (—))..Equity capitalReinvested earningsIntercompany debt

Income

Royalties and license fees, net receipts ...

Charges for other services, net receipts 3

145,990

11,893(2)(2)(2)

19,673

2,173

1,710

162,727

16,056(2)(2)(2)

25,458

2,697

2,008

187,858

25,222

3,002

1,978

215,375

19,222(2)

37,146

3,693

2,087

228,348

9,624(2)(2)(2)

32,549

3,658

2,136

207,752

-2,3699,7081,359

-13,436

21,380

3,507

1,816

207,203

3734,9037,139

-11,669

20,499

3,597

2,532

211,480

2,8211,3478,447

-6,973

21,217

3,921

2,483

229,748

17,267-2,16718,3571,077

32,665

4,224

2,516

259,890

28,047431

18,8948,722

36,697

4,715

3,084

1. There is a break in series between 1981 and 1982 because, beginning with 1982, the estimatesof all items have been revised to incorporate the results of the 1982 benchmark survey of U.S.direct investment abroad. Previous estimates for these years were, and current estimates for1977-81 continue to be, linked to the 1977 benchmark survey.

2. For years prior to 1982, capital outflows cannot be disaggregated by component because datafor the components were not reported separately for unincorporated foreign affiliates.

3. Consists of service charges, rentals for the use of tangible property, and film and televisiontape rentals.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1987

Page 3: U.S. Direct Investment Abroad: Royalties and License Fees and … · 2018-11-06 · 62 SURVEY OF CURRENT BUSINESS August 1987 Table 9. U.S. Direct Investment Abroad: Royalties and

46 SURVEY OF CURRENT BUSINESS August 1988

Table 9.—U.S. Direct Investment Abroad: Royalties and License Fees and Charges for Other Services[Millions of dollars]

1986

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Charges for other services 1

NetU.S.

parents'receipts

U.S.parents'

pay-ments

1987

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

pay-ments

Charges for other services l

NetU.S.

parents'receipts

U.S.parents'

pay-ments

All areas 5,427 5,533Petroleum 20 20Manufacturing 4,108 4,155Other 1,299 1,359

Developed countries 5,106 5,204Petroleum 19 19Manufacturing 3,940 3,979Other 1,147 1,206

Canada 587 597Petroleum (*) (*)Manufacturing 491 501Other 96 96

Europe 3,521 3,596Petroleum 3 3Manufacturing 2,745 2,770Other 773 824

Other 998 1,010Petroleum 16 16Manufacturing 704 708Other 279 286

Developing countries 321 329Petroleum 1 1Manufacturing 169 176Other 152 152

Latin America 178 182Petroleum 1 1Manufacturing 85 89Other 92 92

Other 143 147Petroleum (*) (*)Manufacturing 83 87Other 60 60

International 0 0

1060

4659

2,996594

1,3151,086

2,118300

1,071747

84945

579226

1,346188801357

-7867

-309164

810242244324

202396698

607203179226

5,413780

2,1762,458

4,093389

1,8961,808

1,153126703324

2,497195

1,0571,244

44368

136239

1,190285279626

5791

340

702228188286

130

2,417185860

1,371

1,97589

8251,061

30481

12499

1,1518

256

5211

44575

3814335

302

1726

243

9526

6,9174

5,4631,450

6,5983

5,2721,324

585(*)

486100

4,6973

3,736958

1,316(*)

1,050266

3191

192126

1651

9272

1540

10054

7,0654

5,5361,526

6,7293

5,3391,387

614(*)

511103

4,7823

3,7751,004

1,334(*)

1,053281

3361

197138

1711

9675

1650

10164

1480

7276

1310

6764

280

253

850

3945

180

2,391510

1,062820

1,661247825589

95340

621291

170540238

-24037

-33760

685230237218

172647237

513166165182

45

5,147675

2,0352,437

3,980.321

1,7491,909

1,12691

635401

2,452192996

1,265

40139

119244

1,044254286504

4467495

277

598181191227

2,756165974

1,617

2,31874

9251,320

1735113

109

1,50422

4551,027

6411

456184

3592449

285

2741023

240

85142645

79

* Less than $500,000 (±).D Suppressed to avoid disclosure of data of individual companies.1. Consists of service charges, rentals for the use of tangible property, and film and television

tape rentals. In 1987, U.S. parents' receipts of service charges were $4,613 million, receipts of

rentals for the use of tangible property were $146 million, and receipts of film and television taperentals were $388 million; U.S. parents' payments were $2,698 million, $49 million, and $9 mil-lion, respectively.

Table 10.—U.S. Direct Investment Abroad: Position and Balance of Payments Flows, 1977-87[Millions of dollars]

1977 1978 1979 1980 1981 1982 1983 1984 1985 1986

Direct investment position

Capital outflows (inflows(-))...Equity capitalReinvested earningsIntercompany debt

Income

Royalties and license fees, net receipts

Charges for other services, net receipts 3....

145,990

11,893(2)(2)(2)

19,673

2,173

1,710

162,727

16,056(2)(2)(2)

25,458

2,697

2,008

187,858

25,222(2)(2)(2)

38,183

3,002

1,978

215,375

19,222(2)(2)(2)

37,146

3,693

2,087

228,348

9,624(2)(2)(2)

32,549

3,658

2,136

207,752

-2,3699,7081,359

-13,436

21,380

3,507

1,816

207,203

3734,9037,139

-11,669

20,499

3,597

2,532

211,480

2,8211,3478,447

-6,973

21,217

3,921

2,483

230,250

18,068-2,21019,0091,269

33,202

4,096

2,490

259,562

27,811274

19,7097,828

38,417

5,427

2,996

308,793

44,4552,470

35,6696,315

52,308

6,917

2,391

1. There is a break in series between 1981 and 1982 because, beginning with 1982, the estimatesare linked to the 1982 benchmark survey of U.S. direct investment abroad; estimates for 1977-81are linked to the 1977 benchmark survey.

2. For years prior to 1982, capital outflows cannot be disaggregated by component because datafor the components were not reported separately for unincorporated foreign affiliates.

3. Consists of service charges, rentals for the use of tangible property, and film and televisiontape rentals.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1988

Page 4: U.S. Direct Investment Abroad: Royalties and License Fees and … · 2018-11-06 · 62 SURVEY OF CURRENT BUSINESS August 1987 Table 9. U.S. Direct Investment Abroad: Royalties and

66 SURVEY OF CURRENT BUSINESS August 1989

Table 9.—U.S. Direct Investment Abroad: Royalties and License Fees and Charges for Other Services[Millions of dollars]

1987

Royalties and license fees

U.S.parents'receipts

U.S.parents'

payments

Charges for other services '

U.S.parents'

U.S.parents'

payments

1988

Royalties and license fees

NetU.S.

parents'receipts

U.S.parents'

payments

Charges for other services '

U.S.parents'receipts

U.S.parents'

payments

All areas 6,900 7,049Petroleum , 5 5Manufacturing 5,445 5,521Other 1,449 1,523

Developed countries 6,573 6,706Petroleum 4 4Manufacturing. 5,248 5,318Other. 1,321 1,383

Canada 584 610Petroleum '(*) (*)Manufacturing 481 503Other 103 107

Europe 4,678 4,766Petroleum 4 4Manufacturing 3,716 3,760Other 958 1,002

Other 1,311 1,329Petroleum (*) (*)Manufacturing . 1,052 1,055Other. 259 275

Developing countries 327 344Petroleum 1 1Manufacturing 197 203Other 129 140

Latin America and Other Western Hemisphere 166 172Petroleum , 1 1Manufacturing 92 96Other 73 75

Other 161 172Petroleum (*) (*)Manufacturing 105 106Other 56 65

International 0 0

1500

7674

1330

7062

260

233

2,196509906781

1,488264667558

95441

605

784186

-24937

663214239210

159(D)80

504(D)

159(D)

45

5,106669

2,0212,416

3,962332

1,732

1,12789

621417

2,444205993

1,246

39138

118235

1,021238289494

43374

104254

588164185240

122

2,910160

1,1151,635

2,47469

1,065'•• 1,340

1744817

109

1,66019

6401

3582550

284

273

8,3195

6,4541,860

7,8464

6,1791,662

683(*)

566117

5,4404

4,2411,195

1,722(*)

1,372350

4731

275197

2001

11684

273(*)159114

8,4315

6,5261,900

7,9525

6,2491,699

702(*)

584118

5,5195

4,2881,227

1,731.(*)

1,377354

4791

278201

2051

11887

274(*)

160114

112(*)7240

107(*)7036

190

181

78(*)4632

9053

6023

5023

101

(*)

2,858491

1,0271,341

1,968310624

1,033

1,03054

1,256229

-31927

-39651

890

27052

118100

620(D)

284

6,168663

2,3593,146

4,781375

1,9042,502

1,204113639451

3,135234

1,1481,753

44328

117298

1,299

52369

138315

776(D)

316

3,310173

1,3321,805

2,81365

1,2801,468

17460

1,878.5

7611

514247

4093352

325

2531820

215

1561532

109

* Less than $500,000 (±).D Suppressed to avoid disclosure of data of individual companies.1. Consists of service charges, rentals for the use of tangible property, and film and television tape rentals.

In 1988, U.S. parents' receipts of service charges were $5,644 million, receipts of rentals for the use of tangi-

ble property were $204 million, and receipts of film and television tape rentals were $320 million; U.S. par-ents'payments were $3,257 million, $50 million, and $3 million, respectively.

Table 10.—U.S. Direct Investment Abroad: Position and Balance of Payments Flows, 1977-88[Millions of dollars]

1977 1978 1979 1980 1981 1982' 1983 1984 1985 1986 1987

Direct investment position

Capital outflows (inflows(-))...Equity capitalReinvested earningsIntercompany debt ....

Income

Royalties and license fees, net receipts

Charges for other services, net receipts3...

145,990

11,893C2)(2)C)

19,673

2,173

1,710

162,727

16,056O

25,458

2,697

2,008

187,858

25,222o(2)(2)

38,183

3,002

1,978

215,375

19,222(2)(*)O

37,146

3,693

2,087

228,348

9,624(2)(2)<*)

32,549

3,658

2,136

207,752

-2,3699,7081,359

-13,436

21,380

3,507

1,816

207,203

3734,9037,139

-11,669

20,499

3,597

2,532

211,480

2,8211,3478,447

-6,973

21,217

3,921

2,483

230,250

18,068-2,21019,009

1,269

33,202

4,096

2,490

259,800

26,311551

17,6548,106

38,533

5,412

3,024

307,983

44.1943,677

34,2646,252

54,754

6,900

2,196

326,900

17.533-5,46915,1707,831

48,264

8,319

2,858

1. There is a break in series between 1981 and 1982 because, beginning with 1982, the estimates of all itemshave been revised to incorporate the results of the 1982 benchmark survey of U.S. direct investment abroad.Previous estimates for these years were, and current estimates for 1977-81 continue to be, linked to the 1977benchmark survey.

2. For years prior to 1982, capital outflows cannot be disaggregated by component because data for thecomponents were not reported separately for unincorporated foreign affiliates.

3. Consists of service charges, rentals for the use of tangible property, and film and television tape rentals.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

August 1989