FOR A NUMBER OF YEARS the Department of Commerce has been publishing, in the Survey of Current Business, an array of data concerning the flow of income payments between the various sectors of the economy. These data are very useful to the Financial Analyst who is interested in the large picture-the aggregate flows between business, persons, government, and the financial sector of the economy. Roughly summarized, the 1959 picture appears as indicated in the accompanying chart.' Of especial interest is the $115 billion flow of business and personal savings into the Gross Savings and Investment sector and out of that sector into investment and into the financing of government deficits. Unfortunately for Financial Analysts, the concepts on which these figures are based are socio-economic rather than financial-economic, and therefore they are not very susceptible of financial analysis. The concept of saving, for example, is aggregate income less aggregate consumption, and that of investment is formation of capital goods. Saving and investment in the financial sense do not appear in the picture because their instrumentsbank accounts, securities, and so on-are mere property rights and cancel out against one another in the compilation. Thus, while the Department of Commerce figures do show in some detail the ultimate sources of the $115 billion and their ultimate uses in the form of capital goods (see accompanying table entitled Gross Saving and Investment Account, 1959), they do not show the extent to which the various types of financial instruments (and what is at least equally important, the various financial institutions-banks, savings associations, insurance companies, and so on) figured in the flow of funds from the ultimate sources to the ultimate uses. The Securities and Exchange Commission, which in its Monthly Statistical Bulletin publishes quarterly estimates of savings by individuals with a certain amount of detail as to financial instruments, has for a couple of years also published annually a reconciliation between its figures and the personal savings figures in the Department of Commerce tables.2 This helps, but it still leaves a great deal of the most important financial flows in darkness, or rather in a sort of tantalizing half-light. It sheds no light at all, for instance, on such business savings as may be invested through the capital market rather than internally; and the institutional flow of even personal savings can only be inferred-and that incompletely-from the nature of the instruments involved. Every Financial Analyst has access, of course, to additional fragments of data-on growth and change in the asset structures of banks, savings associations, insurance companies, investment companies, and other financial institutions-but these fragments are difficult to reconcile and impossible, without prodigious effort, to put together into a single integrated system. Since August 1959 the Board of Governors of the Federal Reserve System has been publishing data depicting the flow of saved funds (business as well as personal) through the capital market in considerable detail