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borrowing of $12.5 million from an agency of the Government of Spain.

The subscribed ordinary capital of the Bank on June 30, 1965, was the equivalent of $1,284,985,000, of which $903,405,000 represented callable capital.

STATISTICS AND SPECIAL STUDIES The work and personnel of the Office of Statistical Studies were transferred during the past fiscal year, in part to the Office of Policy Research and in part to the Office of Regulation, Division of Trading and Markets. The regular statistical activities of the Commission and the overall Government statistical program under the direction of the Office of Statistical Standards, Bureau of the Budget, have been continued in these Offices. The statistical series described below are published in the Commission's monthly Statistical Bulletin. In addition, current figures and analyses of the data are published quarterly on new securities offerings, individuals' savings, financial position of corporations, and plant and equipment expenditures. Issues registered under the Securities Act of 1933

Monthly statistics are compiled on the number and volume of registered securities, classified by industry of issuer, type of security, and use of proceeds. Summary statistics for the years 1935–65 are given in Appendix Table 1 and detailed statistics for the fiscal year 1965 appear in Appendix Table 2. New Securities Offerings

Monthly and quarterly data are compiled covering all new corporate and non-corporate issues offered for cash sale in the United States. The series includes not only issues publicly offered but also issues privately placed, as well as other issues exempt from registration under the Securities Act such as intrastate offerings and offerings of railroad securities. The offerings series includes only securities actually offered for cash sale, and only issues offered for account of issuers.

Estimates of the net cash flow through securities transactions are prepared quarterly and are derived by deducting from the amount of estimated gross proceeds received by corporations through the sale of securities the amount of estimated gross payments by corporations to investors for securities retired. Data on gross issues, retirements and net change in securities outstanding are presented for all corporations and for the principal industry groups. Individuals' Savings

The Commission compiles quarterly estimates of the volume and composition of individuals' savings in the United States. The series represents net increases in individuals' financial assets less net increases in debt. The study shows the aggregate amount of savings and the

form in which they occurred, such as investment in securities, expansion of bank deposits, increases in insurance and pension reserves, etc. A reconciliation of the Commission's estimates with the personal savings estimates of the Department of Commerce, derived in connection with its national income series, is published annually by the Department of Commerce as well as in the Securities and Exchange Commission Statistical Bulletin. Private Pension Funds

An annual survey is published of private pension plans other than those administered by insurance companies, showing the flow of money into these funds, the types of assets in which the funds are invested and the principal items of income and expenditures. Data on stock transactions of pension funds and property and casualty insurance companies are also collected quarterly and it is anticipated that these will be published in the near future. Financial Position of Corporations

The series on the working capital position of all United States corporations, excluding banks, insurance companies and savings and loan associations, shows the principal components of current assets and liabilities, and also contains an abbreviated analysis of the sources and uses of corporate funds.

The Commission, jointly with the Federal Trade Commission, compiles a quarterly financial report of all United States manufacturing concerns. This report gives complete balance sheet data and an abbreviated income account, data being classified by industry and size of company Plant and Equipment Expenditures

The Commission, together with the Department of Commerce, conducts quarterly and annual surveys of actual and anticipated plant and equipment expenditures of all United States business, exclusive of agriculture. After the close of each quarter, data are released on actual capital expenditures of that quarter and anticipated expenditures for the next two quarters. In addition, a survey is made at the beginning of each year of the plans for business expansion during

that year.

Directory of Registered Companies

The Commission annually publishes a listing of companies required to file annual reports under the Securities Exchange Act of 1934. In addition to an alphabetical listing, there is a listing of companies by industry group classified according to The Standard Industrial Classification Manual. Stock Market Data

The Commission regularly compiles statistics on the market value and volume of sales on registered and exempted securities exchanges,

round-lot stock transactions on the New York exchanges for account of members and non-members, odd-lot stock transactions on the New York exchanges and block distributions of exchange stocks. Publication of odd-lot transactions in 75 selected stocks on the New York Stock Exchange was begun in the fall of 1964. Since January 1965, the Commission has also been compiling statistics on volume of overthe-counter trading in common stocks listed on national securities exchanges based on reports filed under Rule 17a-9 of the Securities Exchange Act dealing with the "third market.”

Data on round-lot and odd-lot trading on the New York exchanges are released weekly. The other stock market data mentioned above, as well as these weekly series, are published regularly in the Commission's Statistical Bulletin.

OPINIONS OF THE COMMISSION Formal administrative proceedings under the statutes administered by the Commission generally culminate in the issuance of an opinion and order. Under a procedure adopted during the 1964 fiscal year, applicable to proceedings initiated on or after August 1, 1964, a hearing officer makes an initial decision following a hearing at which he has presided, unless such decision is waived by the parties. If Commission review is not sought, and if the case is not called up for review on the Commission's own initiative, the initial decision becomes final and an order pursuant to it is issued by the Commission.

In those instances where it prepares its own decision, upon review or waiver of an initial decision or where the record has been stipulated by the parties, the Commission, or the individual Commissioner to whom a case may be assigned for the preparation of an opinion, is generally assisted by the Office of Opinions and Review. This Office is directly responsible to the Commission and is completely independent of the operating divisions of the Commission, consistent with the principle of separation of functions embodied in the Administrative Procedure Act. Where the parties to a proceeding waive their right to such separation, the operating division which participated in the proceeding may assist in the drafting of the Commission's decision.

The Commission's opinions are publicly released and are distributed to the press and to persons on the Commission's mailing list. In addition, they are printed and published periodically by the Government Printing Office in bound volumes entitled "Securities and Exchange Commission Decisions and Reports."

DISSEMINATION OF INFORMATION As the discussion in prior sections of this Report has shown, most large corporations in which there is a substantial investor interest now have registration applications or statements on file with the Commission and are required to file annual and other periodic reports with

it. Much of the vital financial and other information included in these documents receives widespread dissemination through the medium of securities manuals and other financial publications and thus becomes available to public investors, broker-dealer and investment adviser firms, trust departments and other financial institutions.

Various activities of the Commission serve to facilitate public dissemination of corporate and other information. Among these is the publication of a daily “News Digest” which contains a résumé of each proposal for the public offering of securities for which a registration statement is filed. The News Digest also lists new registrations by companies as well as filings of interim reports reflecting significant corporate developments. In addition, it includes an informative discussion of all important orders of the Commission and of each decision issued or rule adopted by the Commission, as well as a brief report on court actions which are part of the Commission's law enforcement program. Thus, over 1,200 registration statements, 875 orders, decisions and rules, and 288 court enforcement actions were reported in the News Digest during the year.

The News Digest is made immediately available to the press, and it is also reprinted and distributed by the Government Printing Office, on a subscription basis, to some 2,500 investors, securities firms, practicing lawyers and others. In addition, the Commission maintains mailing lists for the distribution of the full text of its orders, decisions, rules and rule proposals.

During the year, individual members of the Commission and numerous staff officers addressed various professional, business and other groups and participated in panel discussions of the laws administered by the Commission, the rules and regulations thereunder, and the policies, procedures and practices of the Commission. These speeches and discussions are helpful in promoting a better understanding of the functions and activities of the Commission and thus facilitating compliance with the laws and rules. In addition, they stimulate public discussion of ways and means of improving the administrative process. Information Available for Public Inspection

The many thousands of registration statements, applications, declarations and annual and other periodic reports filed with the Commission each year are available for public inspection at the Commission's principal office in Washington, D.C. In addition, copies of recent reports filed by companies having securities listed on exchanges other than the New York Stock Exchange and the American Stock Exchange, and copies of current reports of many non-listed companies which have registered securities for public offering under the Securities Act, may be examined in the Commission's New York Regional Office. Recent reports filed by companies whose securities are listed

on the New York and American Stock Exchanges may be examined in the Commission's Chicago Regional Office. Moreover, there are available for examination in all regional offices copies of prospectuses relating to recent public offerings of securities registered under the Securities Act; and all regional offices have copies of broker-dealer annual financial reports and Regulation A letters of notification filed in their respective regions.

Reports of companies whose securities are listed on the various exchanges may be seen at the respective exchange offices. In addition, the registration statements filed pursuant to the new Section 12(g) of the Securities Exchange Act of 1934 are available for public inspection in the principal office in Washington, D.C., the New York, Chicago and San Francisco Regional Offices, and the regional office nearest the home address of the registrant.

In order to facilitate wider dissemination of financial and other information contained in corporate reports filed with the Commission under the Federal securities laws (an objective strongly urged by the Special Study Report), the Commission has arranged to take standing orders, on an experimental basis, for photocopies of annual reports filed on Form 10-K. This service may be extended later to other reports, depending upon public reception and the experience gained in supplying copies of annual reports.

Under the existing contract with a printing company for the reproduction of material in the Commission's public files in response to requests of members of the public, photocopies may be obtained at a cost of 7.6 cents per page for pages not exceeding 81/2'' x 14" in size. The detailed per page prices are given in Release No. 34–7640, which may be obtained from the Publications Unit of the Commission. The charge for each certification of any document by the Commission is $2.

In order to make corporate reports more readily available for examination by interested members of the public, the Commission has also made arrangements for the Form 10-K annual reports and Form 10 registration statements to be placed on open shelves in the public area of its Public Reference Room in Washington, D.C., thus making these reports available for immediate inspection. There are presently four coin-operated photocopiers in the Public Reference Room to enable visitors to make immediate reproductions of reports at a cost of 25 cents per page. (The New York Regional Office has a similar machine.)

Each year many thousands of requests for photocopies of and information from the public files of the Commission are received in the Public Reference Room in Washington, D.C. During the year 5,472

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