The first part of the analysis is concerned with the flows of funds between the various sectors in the first quarter of 1969. Preliminary comments on the second quarter follow on page 352. These sections are based on seasonally adjusted series, which must be regarded with some caution until more is known about the reliability of the adjustments used. The unadjusted figures are presented in Table H at the end, where there are also notes on sources and definitions. The analysis ends with a discussion of changes in domestic credit and the money supply in the second quarter.