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The article deals with the functional relation between national income and saving or consumption as derived from statistical analysis of data for the United States covering the past two decades. One may gain a much better understanding of how the yearly equilibrium of total saving and investment happens to have been struck at the levels of gross national income prevailing during each of the past twenty years if the component elements of investment and how they are related to income and other factors are deeply analyzed. It has also been investigated that what investment would be likely to be more under stable conditions if the economy operates at a steady increasing rate of production and income. The article concluded that the phase of the housing cycle is a major factor related to the amount of investment and is at least a minor factor related to the level of the saving function. The quantity of current income spent privately for permanent capital goods under conditions of fluctuating activity has responded to previous profits, but has been conditioned by the current level of income, while the income spent for temporary private investment has been related to the direction and extent of change of the level of income.

El artículo presenta detalles sobre actividades patrocinadas por el Centro de Estudios Monetarios Latinoamericanos (CEMLA). Representantes decidieron encargar un catálogo de maquinaria para los bancos centrales durante la Tercera Reunión Operativa del CEMLA. Un comité designado por CEMLA laboró sobre la clasificación de las máquinas y equipos utilizados por los bancos. El artículo ofrece detalles sobre las decisiones del comité.