-5-                             
 
 
7. The $18,000,000 estimate of short term in-
vestment of Germans in the United States is as of 
September 28, 1938, and shows a reduction of such 
German assets by $21,000,000 since December 29, 1937, 
when they were estimated at $39,000,000, and a reduc-
tion of $9,000,000 in the two months after June 29, 
1938, when the estimate was $27,000,000.
 
 
                  II. Balance Of Payments                   
 
 
Important items of payments between the United 
States and Germany for 1937 may be tabulated as follows, 
on the basis off Department of Commerce estimates.