An auction of new one-year bills yesterday generated disappointing demand, traders said.

Entire advanced collections are often sold at one time, and to this day single auctions can generate millions in gross sales.

Mr. Weinberger estimated the auction would generate $250,000 in revenue.

The Congressional Budget Office estimates that such auctions could generate $15 billion in revenue for the government over the next 10 years.

While auctions generate the most publicity, they are still relatively rare.

The auction generated over 10,000 views and 50 offers.

Since 1993, auctions of former television spectrum to the wireless (cellular) telephone and broadband service companies by the FCC generated $52 billion dollars.

The auction, which has been held in good times and bad for the last 11 years, has generated more than $18 million in sales of consigned equipment.

These auctions, Christie's said, generated more than $1.4 million for the early stages of the Philippine Government's land reform programs.

The last auction, for 3G in 2000, raised £22.5bn for the Treasury and generated the structure that defined mobile services for the following decade.