Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1949
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    APPENDICES
    APPENDIX I STATEMENT ON CHANGE IN THE PAR VALUE OF THE COLOMBIAN PESO

    (Press Release of December 17, 1948)

    The Government of Colombia has proposed, and the International Monetary Fund has concurred in, the change of the par value of the Colombian currency from the previous rate of approximately 1.75 pesos to the U.S. dollar to approximately 1.95 pesos to the U.S. dollar. The change in par value will be accompanied by certain modifications in the existing multiple currency system of Colombia, which should have the effect of curbing imports and thereby tend to lessen the drain on Colombia’s foreign exchange reserves. The measures should assist in the solution of Colombia’s balance of payments and exchange problems and will remove some of the features of the existing system which had been deemed to be in conflict with the policies of the Fund, such as the export premium on basic export commodities.

    Colombia and the Fund will continue consultations with a view to the adoption of measures in the financial and monetary field designed to lead toward further unification, simplification and strengthening of the exchange system.

    APPENDIX II STATEMENT ON CHANGE IN THE PAR VALUE OF THE CURRENCY OF FRENCH SOMALILAND

    (Press Release of March 22, 1949)

    The International Monetary Fund today announced its concurrence in a proposal by the Government of France to change the par value of the currency of French Somaliland. The new par value of the Djibouti franc is: one franc equals 0.00414507 gram of fine gold, which, expressed in terms of U.S. dollars, is Djibouti francs 214.392 per U.S. dollar.

    The par value for this currency which was initially established in agreement with the Fund was 70 Djibouti francs per U.S. dollar. When the Government of France instituted its new exchange system on January 25, 1948, the exchange rate of the Djibouti franc was fixed at 126 to the U.S. dollar.

    The parities for the Djibouti franc in terms of gold and in terms of U.S. dollars are:

    • (1) 0.00414507 gram of fine gold per Djibouti franc

    • (2) 7,503.73 Djibouti francs per troy ounce of fine gold

    • (3) 214.392 Djibouti francs per U.S. dollar

    • (4) 0.466435 U.S. cents per Djibouti franc.

    The new Djibouti franc will be freely convertible into dollars. Exchange restrictions will be abolished in French Somaliland.

    APPENDIX III STATEMENT ON REVISIONS IN THE EXCHANGE SYSTEM OF COLOMBIA

    (Press Release of June 16, 1948)

    The International Monetary Fund today released the following statement on the exchange system revisions recently announced by the Colombian Government.

    At its meeting of June 11th, the International Monetary Fund, at the request of the Colombian Government, considered the revisions of Colombia’s exchange system, which included, among other things, provision for a system, of exchange taxes on imports and exchange premia for exports and was intended to meet the present monetary situation in Colombia.

    Note was taken by the Fund, in considering the matter, of the emphasis laid by Colombia on the temporary nature of the newly announced regulations.

    The Fund, however, has withheld its approval of the proposal, since, in its present form, it contains features which are in conflict with the policies of the Fund. Colombia has asked for further consultation with the Fund, looking toward finding other ways of meeting her problems which would be acceptable to the Fund, and the Fund has agreed to such consultation.

    APPENDIX IV STATEMENT ON CHANGES IN THE EXCHANGE SYSTEM OF FRANCE

    (Press Release of October 16, 1948)

    The Managing Director of the Fund today announced that the French Government has consulted the Fund on changes which it proposes to make in the French exchange system in order to reduce the multiplicity of exchange rates and to unify the procedure applicable to commercial transactions.

    In summary, the proposals are:

    (1) All trade transactions in dollars, Swiss francs and escudos will take place on the basis of the average of the French official rate of 214 to the dollar (or the equivalent for other currencies) and the “free” market rate in Paris.

    (2) The “free” market rate will continue to be applicable to nontrade transactions in dollars, Swiss francs and escudos.

    (3) Transactions in other currencies will be effected at rates corresponding to average rates for the dollar as determined under (1) above.

    The new exchange system does not result in the establishment of a new official par value for the franc. However, the Fund considers that the proposals constitute a significant step toward restoring a unitary exchange system for France.

    The new exchange system differs in important respects from that introduced by France in January 1948. At that time one of the main objections of the Fund was directed against what it considered the disorderly cross rates involved in this system. Since then the Fund and France have worked together to seek a modification of these exchange practices in order to meet French needs within the framework of the Fund Agreement. As a result of such consultations, various measures were introduced in recent months which have already resulted in some simplification in the French exchange system.

    With the adoption of the new proposals, differential exchange rates for trade transactions of France will be eliminated. All such transactions will be based on the effective rate for the dollar, and the cross rates for the currencies of other members will conform closely with the parities agreed with the Fund. Differential rates will still continue only for financial transactions in dollars, Swiss francs and escudos.

    The Fund welcomes this evidence of the desire of the French Government to restore an orderly system of exchange rates in fulfillment of the principles agreed at Bretton Woods. While the French Government has not proposed to the Fund the fixing of a new par value which would govern all transactions, it has stated to the Fund that its objective remains the agreement of a new and stable parity as soon as conditions permit. It is the intention of the Fund and of France to continue consultations for this purpose.

    Note: The system described in (3) above was not applied to the lira. The lira rate stood at 220 lire = 100 francs, subject to revision in accordance with variations in the dollar rates on the official free markets in Paris and in Rome. In March 1949 the basic rate was changed from 220 lire to 180 lire = 100 francs, the provision for revision remaining as before.

    As from June 10, 1949, “free” market arrangements were also applied in France to the Belgian franc on the same lines as had been already applied to transactions in United States dollars, Swiss francs, and Portuguese escudos (see (see Annual Report for 1948, pp. 37-38).

    APPENDIX V STATEMENT ON REVISIONS IN THE EXCHANGE SYSTEM OF PERU

    (Press Release of September 7, 1948)

    The Government of Peru has been consulting with the International Monetary Fund regarding measures which that Government proposes to take with a view to restoring its international payments position. Peru has been faced with a difficult problem of limiting imports because of domestic inflation and of maintaining exports because of rising domestic costs. The measures proposed by the Government of Peru include the creation of a surcharge on imports of non-essential and luxury goods to reduce the demand for foreign exchange and to obtain a revenue which will be used to repay the Government’s debt to the Central Bank and to avoid the necessity for inflationary borrowing. Exporters will be given a higher return, thus encouraging an expansion of exports.

    These proposed measures will add to the number of effective exchange rates in Peru. It is the expectation of the Government of Peru that these measures will give it time to take the further steps necessary to stabilize the financial situation and to balance Peru’s international payments with a unified exchange system.

    After careful consideration the Fund has approved the proposals with certain recommendations which the Fund understands the Government of Peru will follow. At the same time, the Fund has emphasized that the exchange measures can be effective only if they are accompanied by determined efforts on the part of the Government of Peru to halt inflation, to secure additional revenue from sources other than exchange taxes, and to limit the expansion of bank credit.

    The consultations between Peru and the Fund have been conducted in a spirit of complete cooperation and will continue with a view to achieving the desired aim of financial stability and unification of the exchange system as soon as possible.

    The exchange measures are put into effect through a decree which is being issued in Lima, Peru today.

    APPENDIX VI STATEMENT BY THE MANAGING DIRECTOR ON CONSULTATIONS WITH THE UNION OF SOUTH AFRICA

    (Press Release of May 11, 1949)

    I came to Capetown at the invitation of the South African Government primarily to discuss questions relating to the sale of semi-processed gold. As has been made clear on previous occasions, the policy of the International Monetary Fund is to prevent sales of gold in this form from becoming a means of feeding the demand for gold for hoarding purposes and thus diminishing the production of newly mined gold which finds its way into monetary reserves. The Fund is also concerned about the fact that an increasing amount of gold in premium markets serves to aggravate the difficulties of countries that are trying to prevent the illicit import of gold into their territories.

    Our discussions have taken place in a very cordial atmosphere, and I have been impressed by the evident desire of the South African Government to reach an agreement with the Fund on the methods of achieving the policy referred to, while at the same time permitting the South African gold mining industry to have a share in the legitimate business in semi-fabricated gold.

    As a result of our discussions, certain safeguards will be adopted to secure that semi-fabricated gold is sold only to manufacturers for purposes of genuine manufacture and that the importer of the gold has the prior permission of his own authorities to make the purchase for this purpose. Moreover, the South African Government will keep a careful watch on the business and will reserve the right to decline permission for export in any case in which they are not satisfied that the demand is for the purpose of genuine manufacture.

    Certain safeguards will also be adopted in the case of the manufacture in South Africa of gold articles for export in order to avoid such articles becoming a device solely for feeding the markets which the Fund desires to limit.

    The Fund will of course continue to keep this whole matter of premium gold sales under review with all its members.

    APPENDIX VII MEMBERSHIP, QUOTAS, GOVERNORS, AND VOTING POWER
    as of April 30, 1949
    QUOTAVOTES
    MemberAmount
    (000,000’s)
    Per Cent
    of Total
    Governor
    Alternate
    Number1Per Cent
    of Total
    Australia$200.02.49Joseph B. Chifley
    N. J. O. Makin
    2,2502.44
    Austria50.00.62Hans Rizzi
    Franz Stoeǵer-Marenpach
    7500.81
    Belgium225.02.80Maurice Frere
    C. Duquesne Wathelet de la Vinelle
    2,5002.71
    Bolivia10.00.12Hector Ormachea Zalles
    Jaime Gutierrez Guerra
    3500.38
    Brazil150.01.87Francisco Alves dos
    Santos-Filho
    Octavio Paranaǵua
    1,7501.90
    Canada300.03.73Douglas Charles Abbott
    Graham F. Towers
    3,2503.53
    Chile50.00.62Arturo Maschke
    Fernando Illanes
    7500.81
    China550.06.85Kan Hsu
    Te-Mou Hsi
    5,7506.24
    Colombia50.00.62Emilio Toro
    Iǵnacio Copete-Lizarralde
    7500.81
    Costa Rica5.00.06Julio Pena
    Angel Coronas
    3000.33
    Cuba50.00.62Guillermo Belt
    Jose A. Rodriguez Dod
    7500.81
    Czechoslovakia125.01.56Jozef Goldmann
    Ladislav Biel
    1,5001.63
    Denmark68.00.85Carl Valdemar Bramsnaes
    Einar Dige
    9301.01
    Dominican Republic5.00.06Jesus Maria Troncoso
    Ambrosio Alvarez Aybar
    3000.33
    Ecuador5.00.06Guillermo Perez-Chiriboga
    Pedro L. Nunez
    3000.33
    Egypt60.00.75Ahmed Zaki Bey Saad
    Mahmoud Saleh El Falaki
    8500.92
    El Salvador2.50.03Catalino Herrera
    Manuel Melendez V.
    2750.30
    Ethiopia6.00.07George A. Blowers
    Vacant
    3100.34
    Finland38.00.47Sakari Tuomioja
    Klaus War is
    6300.68
    France525.06.53Pierre Mendes-France
    Wilfrid Baumgartner
    5,5005.97
    Greece40.00.50Xenophon Zolotas
    Alexander Couclelis
    6500.71
    Guatemala5.00.06Manuel Noriega Morales
    Leonidas Acevedo
    3000.33
    Honduras0.50.01Julian R. Caceres
    Jorge Fidel Duron
    2550.28
    Iceland1.00.01Asgeir Asgeirsson
    Thor Thors
    2600.28
    India400.04.98Sir Chintaman Deshmukh
    N. Sundaresan
    4,2504.62
    Iran35.00.44Abol Hassan Ebtehaj
    Mocharraf Naficy
    6000.65
    Iraq8.00.10Ahmed Izzet Mohammed
    Amin Mumayiz
    3300.36
    Italy180.02.24Gustavo Del Vecchio
    Uǵo La Malta
    2,0502.23
    Lebanon4.50.06Charles Malik
    George Hakim
    2950.32
    Luxembourg10.00.12Pierre Dupong
    Huǵues Le Gallais
    3500.38
    Mexico90.01.12Carlos Novoa
    Luciano Wiechers
    1,1501.25
    Netherlands275.03.42P. Lieftinck
    M. W. Holtrop
    3,0003.26
    Nicaragua2.00.02Guillermo Sevilla Sacasa
    Rafael Angel Huezo
    2700.29
    Norway50.00.62Gunnar Jahn
    Ole Colbjornsen
    7500.81
    Panama0.50.01Octavio Vallarino2550.28
    Paraguay3.50.04Juan Plate
    Ruben Benitez
    2850.31
    Peru25.00.31Francisco Tudela Varela
    Emilio G. Barreto
    5000.54
    Philippine Republic15.00.19Joaquin M. Elizalde
    Miǵuel Cuaderno
    4000.43
    Poland125.01.56Edward Drozniak
    Janusz Zoltowski
    1,5001.63
    Syria6.50.08Faiz El-Khouri
    Husni A. Sawwaf
    3150.34
    Turkey43.00.54Nurullah Esat Sumer
    Bulent Yazici
    6800.74
    Union of South Africa100.01.24John Edward Holloway
    Michiel Hendrik de Kock
    1,2501.36
    United Kingdom1,300.016.18Sir Stafford Cripps
    Ernest Rowe-Dutton
    13,25014.39
    United States2,750.034.23John W. Snyder
    William L. Clayton
    27,75030.13
    Uruguay15.00.19Fermin Silveira Zorzi
    Mario La Gamma Acevedo
    4000.43
    Venezuela15.00.19J. J. Gonzalez Gorrondona
    Felix Miralles
    4000.43
    Yugoslavia60.00.75Vacant
    Draǵoslav Avramovic
    8500.92
    $8,034.0100.00292,090100.002

    Voting power varies on certain matters with use by members of Fund resources.

    These figures do not add to 100% because of rounding.

    APPENDIX VIII CHANGES IN MEMBERSHIP OF THE BOARD OF GOVERNORS

    Changes in the membership of the Board of Governors between May 1, 1948, and April 30, 1949, have been as follows:

    Gustavo Del Vecchio succeeded Luigi Einaudi as Governor for Italy May 27, 1948.

    Yun-wu Wang succeeded O. K. Yui as Governor for China July 6, 1948.

    Octavio Vallarino succeeded Ernesto Jaen Guardia as Governor for Panama July 15, 1948.

    Jozef Goldmann succeeded J. V. Mladek as Governor for Czechoslovakia August 9, 1948.

    Ladislav Biel succeeded Julius Pazman as Alternate Governor for Czechoslovakia August 9, 1948.

    N. J. O. Makin succeeded J. B. Brigden as Alternate Governor for Australia August 17, 1948.

    Ambrosio Alvarez Aybar succeeded Luis Julian Perez as Alternate Governor for the Dominican Republic September 2, 1948.

    Aquilino Vallarino succeeded Roberto Heurtematte as Alternate Governor for Panama September 2, 1948.

    Miguel Cuaderno succeeded Narciso Ramos as Alternate Governor for the Philippine Republic September 13, 1948.

    Dragoslav Avramovic succeeded Lavoslav Dolinsek as Alternate Governor for Yugoslavia September 14, 1948.

    Hans Rizzi appointed as Governor for Austria September 14, 1948.

    Franz Stoeger-Marenpach appointed as Alternate Governor for Austria September 14, 1948.

    Ahmed Izzet Mohammed succeeded Ali Jawdat as Governor for Iraq September 18, 1948.

    Amin Mumayiz succeeded A. M. Gailani as Alternate Governor for Iraq September 18, 1948.

    Carlos Novoa succeeded Antonio Espinosa de los Monteros as Governor for Mexico September 20, 1948.

    Pedro L. Nunez succeeded Homero Viteri Lafronte as Alternate Governor for Ecuador September 20, 1948.

    Hector Ormachea Zalles succeeded Rene Ballivian Calderon as Governor for Bolivia September 21, 1948.

    N. J. O. Makin appointed as Governor for Australia September 22, 1948.

    S. G. McFarlane appointed as Alternate Governor for Australia September 22, 1948.

    Octavio Paranagua succeeded Edgard de Mello as Alternate Governor for Brazil September 23, 1948.

    J. B. Chifley appointed as Governor for Australia October 11, 1948.

    N. J. O. Makin appointed as Alternate Governor for Australia October 11, 1948.

    The appointment of Obren Blagojevic as Governor for Yugoslavia was terminated December 1, 1948.

    Kan Hsu succeeded Yun-wu Wang as Governor for China December 29, 1948.

    Wilfrid Baumgartner succeeded Emmanuel Monick as Alternate Governor for France January 19, 1949.

    J. J. Gonzalez Gorrondona succeeded Carlos A. D’Ascoli as Governor for Venezuela March 17, 1949.

    Felix Miralles succeeded Jose Antonio Mayobre as Alternate Governor for Venezuela March 17, 1949.

    Klaus Waris succeeded Ralf Torngren as Alternate Governor for Finland March 18, 1949.

    APPENDIX IX EXECUTIVE DIRECTORS AND VOTING POWER

    as of April 30, 1949

    Director
    Alternate
    Casting
    Votes of
    Votes by
    Country
    Total
    Votes1
    Per Cent
    of Total
    APPOINTED
    Frank A. Southard, Jr.United States27,75027,75030.13
    Henry J. Tasca
    G. L. F. BoltonUnited Kingdom13,25013,25014.39
    G. H. Tansley
    Yee-Chun KooChina5,7505,7506.24
    Tsoo Whe Chu
    Jean de LargentayeFrance5,5005,5005.97
    Bernard de Marǵerie
    B. K. MadanIndia4,2504,2504.62
    D. S. Savkar
    ELECTED
    Octavio ParanaguaBolivia350
    (Brazil)Brazil1,750
    Walter BlomeyerChile750
    {Brazil)Dominican Republic300
    Honduras255
    Nicaragua270
    Paraguay285
    Peru500
    Uruguay4004,8605.28
    Carlos A. D’AscoliColombia750
    (Venezuela)Costa Rica300
    Hector SantaellaCuba750
    (Venezuela)Ecuador300
    El Salvador275
    Guatemala300
    Mexico1,150
    Panama255
    Venezuela4004,4804.86
    Bohumil SuchardaCzechoslovakia1,500
    (Czechoslovakia)Finland630
    Mihailo KolovicPoland1,500
    (Yugoslavia)Yugoslavia8504,4804.86
    Ernest de SelliersBelgium2,500
    (Belgium)Denmark930
    VacantLuxembourg3503,7804.10
    Ahmed Zaki Bey SaadEgypt350
    (Egypt)Ethiopia310
    Mahtnoud SalehIran600
    El FalakiIraq330
    (Egypt)Lebanon295
    Philippine Republic400
    Syria315
    Turkey6803,7804.10
    J. W. BeyenNetherlands3,000
    (Netherlands)Norway7503,7504.07
    Willem Koster
    (Netherlands)
    Louis RasminskyCanada3,250
    (Canada)Iceland2603,5103.81
    J. F. Parkinson
    (Canada)
    S. G. McFarlaneAustralia2,250
    (Australia)Union of South
    J. M. GarlandAfrica1,2503,5003.80
    (Australia)
    Guido Carli (Italy)Austria750
    Giorgio Cigliana-Greece650
    Piazza (Italy)Italy2,0503,4503.75
    92,090100.002

    Voting power varies on certain matters with use by members of Fund resources.

    These figures do not add to 100% because of rounding.

    APPENDIX X CHANGES IN MEMBERSHIP OF THE EXECUTIVE BOARD

    Changes in the membership of the Executive Board between May 1, 1948, and April 30, 1949, have been as follows:

    George F. Luthringer resigned as Alternate Executive Director to A. N. Overby, effective July 2, 1948.

    P. P. Schweitzer resigned as Alternate Executive Director to Jean de Largentaye July 15, 1948.

    Bernard de Margerie was appointed Alternate Executive Director to Jean de Largentaye, succeeding P. P. Schweitzer, October 1, 1948.

    J. V. Mladek resigned as Executive Director for Czechoslovakia, Poland and Yugoslavia October 17, 1948.

    Henry J. Tasca was appointed Alternate Executive Director to A. N. Overby October 21, 1948.

    Hubert Ansiaux, Executive Director for Belgium, Iceland and Luxembourg, completed his term of office October 31, 1948.

    Rodrigo Gomez, Executive Director for Colombia, Costa Rica, Cuba, Dominican Republic, El Salvador, Guatemala, Honduras, Mexico and Nicaragua, completed his term of office October 31, 1948.

    J. V. Joshi resigned as Executive Director for India October 31, 1948.

    Francisco Alves dos Santos-Filho, Executive Director for Bolivia, Brazil, Chile, Ecuador, Panama, Paraguay, Peru and Uruguay, completed his term of office October 31, 1948.

    J. W. Beyen completed his term of office as Executive Director representing the Netherlands and the Union of South Africa October 31, 1948, and was elected Executive Director by the Netherlands and Norway, effective November 1, 1948.

    Willem Koster was reappointed Alternate Executive Director to J. W. Beyen November 1, 1948.

    Guido Carli completed his term of office as Executive Director representing Denmark, Italy, Turkey and Venezuela October 31, 1948, and was elected Executive Director by Austria, Greece and Italy, effective November 1, 1948.

    Giorgio Cigliana-Piazza was reappointed Alternate Executive Director to Guido Carli November 1, 1948.

    Carlos A. D’Ascoli was elected Executive Director by Colombia, Costa Rica, Cuba, Ecuador, El Salvador, Guatemala, Mexico, Panama and Venezuela, effective November 1, 1948.

    Eduardo Montealegre was appointed Alternate Executive Director to Carlos A. D’Ascoli November 1, 1948.

    B. K. Madan, formerly Alternate Executive Director, was appointed Executive Director for India, succeeding J. V. Joshi, November 1, 1948.

    D. S. Savkar was appointed Alternate Executive Director to B. K. Madan November 1, 1948.

    S. G. McFarlane completed his term of office as Executive Director representing Australia, Lebanon and Syria October 31, 1948, and was elected Executive Director by Australia and the Union of South Africa, effective November 1, 1948.

    Roland Wilson was appointed Alternate Executive Director to S. G. McFarlane November 1, 1948.

    Octavio Paranagua, formerly Alternate Executive Director, was elected Executive Director by Bolivia, Brazil, Chile, Dominican Republic, Honduras, Nicaragua, Paraguay, Peru and Uruguay, effective November 1, 1948.

    Louis Rasminsky completed his term of office as Executive Director representing Canada and Norway October 31, 1948, and was elected Executive Director by Canada and Iceland, effective November 1, 1948.

    J. F. Parkinson was reappointed Alternate Executive Director to Louis Rasminsky November 1, 1948.

    Ahmed Zaki Bey Saad completed his term of office as Executive Director representing Egypt, Ethiopia, Greece, Iran, Iraq and the Philippine Republic October 31, 1948, and was elected Executive Director by Egypt, Ethiopia, Iran, Iraq, Lebanon, Philippine Republic, Syria and Turkey, effective November 1, 1948.

    Mahmoud Saleh El Falaki was reappointed Alternate Executive Director to Ahmed Zaki Bey Saad November 1, 1948.

    Ernest de Selliers, formerly Alternate Executive Director, was elected Executive Director by Belgium, Denmark and Luxembourg, effective November 1, 1948.

    Bohumil Sucharda was elected Executive Director by Czechoslovakia, Finland, Poland and Yugoslavia, effective November 1, 1948.

    Mihailo Kolovic was appointed Alternate Executive Director to Bohumil Sucharda November 1, 1948.

    Thomas Basyn served as Temporary Alternate Executive Director to Hubert Ansiaux between July 22, 1948 and October 29, 1948, and to Ernest de Selliers between November 1, 1948 and February 25, 1949.

    Yueh-Lien Chang resigned as Alternate Executive Director to Y. C. Koo December 31, 1948.

    Tsoo Whe Chu was appointed Alternate Executive Director to Y. C. Koo, succeeding Yueh-Lien Chang, January 2, 1949.

    Eduardo Montealegre resigned as Alternate Executive Director to Carlos A. D’Ascoli January 31, 1949.

    Hector Santaella was appointed Alternate Executive Director to Carlos A. D’Ascoli, succeeding Eduardo Montealegre, February 1, 1949.

    A. N. Overby resigned as Executive Director for the United States February 8, 1949.

    Frank A. Southard, Jr., was appointed Executive Director for the United States, succeeding A. N. Overby, February 8, 1949.

    Roland Wilson resigned as Alternate Executive Director to S. G. McFarlane February 28, 1949.

    J. M. Garland was appointed Alternate Executive Director to S. G. McFarlane, succeeding Roland Wilson, March 1, 1949.

    Walter Blomeyer was appointed Alternate Executive Director to Octavio Paranagua April 1, 1949.

    Willem Koster resigned as Alternate Executive Director to J. W. Beyen May 1, 1949.

    APPENDIX XI EXCHANGE OF LETTERS BETWEEN THE FUND AND THE CONTRACTING PARTIES TO THE GENERAL AGREEMENT ON TARIFFS AND TRADE

    Palais des Nations

    GENEVE

    9 September 1948

    The Managing Director,

    International Monetary Fund,

    1818 “H” Street,

    Washington 6, D. C,

    U.S. A.

    Dear Sir,

    The General Agreement on Tariffs and Trade, which has now been put into provisional application by all but one of the countries participating in the negotiation thereof, provides in paragraph 1 of Article XV as follows:

    “The CONTRACTING PARTIES shall seek co-operation with the International Monetary Fund to the end that the CONTRACTING PARTIES and the Fund may pursue a co-ordinated policy with regard to exchange questions within the jurisdiction of the Fund and questions of quantitative restrictions and other trade measures within the jurisdiction of the CONTRACTING PARTIES.”

    Throughout the Agreement various provisions call for consultation or agreement between the CONTRACTING PARTIES, that is, the contracting parties to the General Agreement acting jointly, and the International Monetary Fund on matters of common concern. In particular, paragraph 2 of Article XV calls for a wide range of consultation, and paragraph 3 of Article XV provides:

    “The CONTRACTING PARTIES shall seek agreement with the Fund regarding procedures for consultation under paragraph 2 of this Article.”

    In view of the fact that the General Agreement on Tariffs and Trade has been given only provisional rather than definitive application, it is the view of the CONTRACTING PARTIES that an elaborate agreement to implement paragraph 3 quoted above is not necessary at this time. However, questions may arise in the interim which would require the CONTRACTING PARTIES to seek the co-operation of the Fund.

    Under such circumstances it is proposed by the CONTRACTING PARTIES that the Fund agree to co-operate with the CONTRACTING PARTIES in carrying out the provisions of the General Agreement in accordance with the terms thereof and, in particular, to consult, at the request of the CONTRACTING PARTIES, on matters as contemplated by the General Agreement. If such cases arise, the Chairman of the CONTRACTING PARTIES will notify the Managing Director of the Fund of each particular instance in which the CONTRACTING PARTIES desire consultation and will furnish the Fund with all information available which may assist the Fund in considering the question. Since various provisions of the General Agreement call for consultation between the CONTRACTING PARTIES and the Fund, it might be necessary in particular cases to await a meeting of the contracting parties before formal consultation could be undertaken. However, the CONTRACTING PARTIES have authorized their Chairman to initiate requests, either at the direction of the CONTRACTING PARTIES or on the Chairman’s own initiative if the contracting parties are not in session, for the Fund to consult with the CONTRACTING PARTIES in accordance with the provisions of the General Agreement. This arrangement should make it possible for the Fund to undertake with a minimum of delay such studies as may be necessary and should afford the Fund opportunity to become familiar with the subject matter involved in advance of consultation with the CONTRACTING PARTIES in particular cases.

    The Fund may from time to time wish to request consultation with the CONTRACTING PARTIES on matters of common interest, and, in such cases, the CONTRACTING PARTIES will be prepared to consult upon such requests.

    Any request for consultation by either the Fund or the CONTRACTING PARTIES shall be accompanied by available information which would contribute to the effectiveness of the consultation. In such cases, due regard shall be paid to the need to safeguard confidential information and to any special obligations of the Fund and the CONTRACTING PARTIES in this respect.

    The particular procedures in implementation of these arrangements can be worked out case by case until sufficient experience has been acquired on the basis of which more formal procedures can be developed if necessary.

    If the foregoing arrangements are acceptable to the Fund, a reply to that effect would be appreciated.

    Yours faithfully,

    /s/

    L. D. Wilgress

    Chairman of the Contracting Parties

    to the General Agreement on Tariffs

    and Trade

    International Monetary Fund

    September 28, 1948

    Dear Sir:

    I beg to acknowledge receipt of your letter of September 9, 1948, concerning the future cooperation between the International Monetary Fund and the CONTRACTING PARTIES to the General Agreement on Tariffs and Trade in carrying out the provisions of the General Agreement.

    The Fund agrees with you that an elaborate agreement on cooperation is not necessary at this time and that this informal arrangement of an administrative character constitutes a satisfactory basis for consultation and cooperation between the International Monetary Fund and the CONTRACTING PARTIES.

    I take pleasure in agreeing on behalf of the International Monetary Fund to the provisions of your letter of September 9, 1948.

    Yours faithfully,

    /s/

    Gutt

    Managing Director

    Mr. L. D. Wilgress

    Chairman of the Contracting Parties

    to the General Agreement on Tariffs and Trade

    European Office of the United Nations

    Palais des Nations

    Geneva, Switzerland

    APPENDIX XII STATEMENT ON TECHNICAL ASSISTANCE FOR ECONOMIC DEVELOPMENT OF UNDER-DEVELOPED COUNTRIES

    (Press Release of June 2, 1949)

    In a joint statement released at Lake Success today, nine international agencies set forth a cooperative, expanded program of technical assistance for economic development of underdeveloped countries. Six of these agencies estimate that their part of the program might run to $35.9 million the first year and $50.1 million the second year.

    The International Monetary Fund, while participating actively in this program, does not expect to ask for any special funds from its member governments to carry on its plans for technical assistance. Those activities will be a continuation and intensification of already existing Fund programs and will be financed out of the Fund’s income and existing resources.

    A major part of the Fund’s work over the course of its three-year existence has been in the field of technical assistance, in providing advice to and in consultation with its members. During this period, forty of its forty-eight member countries have received visits from Fund technical experts, Fund missions or officials from its Board or staff. These visits have been, in some cases, for the purpose of gathering information, but in many cases have also assisted in analyzing a country’s monetary and exchange difficulties and have recommended steps to meet those difficulties. On some occasions, Fund missions have helped government officials draft legislation or administrative regulations aimed at correcting conditions.

    In view of the confidential relations with member countries, there has seldom been any publicity given to these visits at the time. However, it was made known today that Fund missions and experts have in the past visited, among others, such countries as Brazil, Chile, China, Colombia, Czechoslovakia, Ecuador, India, Lebanon, Mexico, Netherlands, Nicaragua, Norway, Peru, Syria and South Africa.

    The Fund’s budget last year was approximately $4 million, a large part of which was spent in support of its program for technical assistance. It proposes in the current and future years to increase these activities as the availability of trained technical personnel permits.

    APPENDIX XIII REPURCHASE OBLIGATIONS

    Executive Board Decision No. 419-1

    Subject: Repurchase Obligations—Article V, Section 7(c)

    In the application of the repurchase obligations of the Fund Agreement the limits specified in Article V, Section 7(c), apply solely as of the end of the financial year for which repurchase obligations are calculated.

    Executive Board Decision No. 447-5

    Subject: Repurchase Obligations—Article V, Section 7(b)(i) or (ii)

    Whenever a member uses its monetary reserves to repurchase its currency from the Fund in accordance with the provisions of Article V, Section 7(b)(i) or (ii), the resulting reduction in its monetary reserves and in the Fund’s holdings of its currency must be regarded as having occurred, for the purpose of calculating subsequent repurchase obligations under the same provisions of the Fund Agreement, at the end of the financial year of the Fund in respect of which the obligation to make the repurchase arose. Members shall be informed of the foregoing.

    APPENDIX XIV LETTER TO MEMBERS ON UNENFORCEABILITY OF EXCHANGE CONTRACTS

    The Fund has addressed the following letter to its members relating to Article VIII, Section 2 (b) of the Articles of Agreement:

    June 14, 1949

    Dear Sir:

    The Board of Executive Directors of the International Monetary Fund has interpreted, under Article XVIII of the Articles of Agreement, the first sentence of Article VIII, Section 2 (b), which provision reads as follows:

    “Exchange contracts which involve the currency of any member and which are contrary to the exchange control regulations of that member maintained or imposed consistently with this Agreement shall be unenforceable in the territories of any member.”

    The meaning and effect of this provision are as follows:

    • Parties entering into exchange contracts involving the currency of any member of the Fund and contrary to exchange control regulations of that member which are maintained or imposed consistently with the Fund Agreement will not receive the assistance of the judicial or administrative authorities of other members in obtaining the performance of such contracts. That is to say, the obligations of such contracts will not be implemented by the judicial or administrative authorities of member countries, for example, by decreeing performance of the contracts or by awarding damages for their non-performance.

    • By accepting the Fund Agreement members have undertaken to make the principle mentioned above effectively part of their national law. This applies to all members, whether or not they have availed themselves of the transitional arrangements of Article XIV, Section 2.

    An obvious result of the foregoing undertaking is that if a party to an exchange contract of the kind referred to in Article VIII, Section 2 (b) seeks to enforce such a contract, the tribunal of the member country before which the proceedings are brought will not, on the ground that they are contrary to the public policy (ordre public) of the forum, refuse recognition of the exchange control regulations of the other member which are maintained or imposed consistently with the Fund Agreement. It also follows that such contracts will be treated as unenforceable notwithstanding that under the private international law of the forum, the law under which the foreign exchange control regulations are maintained or imposed is not the law which governs the exchange contract or its performance.

    The Fund will be pleased to lend its assistance in connection with any problem which may arise in relation to the foregoing interpretation or any other aspect of Article VIII, Section 2 (b). In addition, the Fund is prepared to advise whether particular exchange control regulations are maintained or imposed consistently with the Fund Agreement.

    Yours very truly,

    /s/

    A. N. Overby

    Acting Chairman of the Executive Board

    and

    Acting Managing Director

    APPENDIX XV ADMINISTRATIVE BUDGET

    Letter of Transmittal

    July 15, 1949

    Dear Mr. Chairman:

    The administrative budget of the Fund for the fiscal year ending April 30, 1950, as approved by the Board of Executive Directors, is presented for the information of the Board of Governors, in accordance with Section 20 of the By-Laws.

    Experience in previous years has shown that it is impossible to predict that the Fund will require precisely the amounts budgeted. These amounts are an expression of present administrative plans without provision for unforeseen contingencies, inauguration of extraordinary programs or expansion of existing programs. Should such contingencies arise or present plans change materially, the amounts now budgeted may have to be changed.

    Yours sincerely,

    /s/

    Gutt

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    ADMINISTRATIVE BUDGET FISCAL YEAR ENDING APRIL 30, 1950

    As Approved by the Executive Directors of the International Monetary Fund

    Personal Services$2,739,500
    Contributions to Staff Benefits270,500
    Travel348,000
    Communications97,200
    Office Occupancy Expense413,500
    Books and Printing148,300
    Supplies and Equipment137,500
    Meetings of the Board of Governors80,000
    Miscellaneous28,900
    TOTAL$4,263,400*

    Includes $35,400 for liquidation of prior-year commitments.

    APPENDIX XVI (i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENSE AND SUPPORTING SCHEDULES

    Letter of Transmittal

    July 15, 1949

    My dear Mr. Chairman:

    In accordance with Section 20 (b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors a balance sheet and statement of income and expense of the Fund for the year ended April 30, 1949, together with the Auditors’ Certificate, as well as audited financial statements of the Staff Retirement Fund which was established on July 1, 1948.

    In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Egypt, the United Kingdom and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Zaki Bey Hassan, Chartered Accountant, Mr. P. J. Curtis, a Deputy Director of Audit in the Exchequer and Audit Department of His Majesty’s Treasury, and Mr. Gilbert L. Cake, Associate Commissioner of Accounts of the United States Treasury. The auditors thus nominated were confirmed by the Executive Directors.

    It will be noted that, in the period under review, expenditure exceeded income by $2,014,349.60, and that the total excess of expenditure over income from inception to April 30, 1949, is thus increased to $2,159,379.38.

    The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

    Yours sincerely,

    /s/

    Gutt

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    APPENDIX XVI (ii) AUDITORS’ CERTIFICATE

    “We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1949, of the Statement of Income and Expenditure for the fiscal year ended that date, and of the schedules related to such financial statements. Our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. In that connection we have examined or tested, to the extent deemed appropriate, the accounting records of the Fund and other supporting evidence of its financial transactions; we have ascertained generally and to the extent practicable that financial transactions have been conducted in compliance with the Fund’s requirements; and we have obtained from the officers and staff of the Fund such information and representations as we have required in connection with the foregoing. We have also made a general review of the accounting methods and system of internal control.

    “In our opinion, based on our examination, such Balance Sheet and related Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1949, and the results of its operations for the year ended that date, in conformity with generally accepted accounting principles applied on a basis consistent with that of the previous fiscal period from July 1, 1947 to April 30, 1948.”

    /s/ Z. Hassan (Egypt)

    /s/ P. J. Curtis

    (United Kingdom)

    /s/ Gilbert L. Cake

    (United States)

    APPENDIX XVI (iii) BALANCE SHEET

    April 30, 1949

    Values expressed in United States dollars on the basis of established parities

    ASSETS
    Gold with Depositories$1,439,312,252.46
    (Fine ounces 41,123,207.213 at $35 per ounce)
    Deduct:
    Gold received from prospective member toward payment on capital subscription3,125,008.14$1,436,187,244.32
    (Fine ounces 89,285.947 at $35 per ounce)
    Currency and Securities with
    Depositories
    Currency1,147,357,988.06
    (In members’ currency)
    Securities4,379,383,987.095,526,741,975.15
    (Non-negotiable, non-interest bearing demand obligations payable at face value by members in their currencies)
    Subscriptions to Capital—
    Receivable
    Balances due10,823,890.80
    (Members whose par values have been established)
    Balances not due1,057,903,000.001,068,726,890.80
    (Members whose par values have not yet been established)
    Other Assets467,400.19
    (Other cash, receivables, etc.)
    TOTAL ASSETS8,032,123,510.46
    (sgd.) C. M. Powell, Comptroller
    See notes on page 90, which are an integral part of this Statement.
    CAPITAL, RESERVES, AND LIABILITIES
    Capital
    Authorized Subscriptions of Members:
    Subscriptions at April 30, 1948$7,976,000,000.00
    Additional subscription due to increased quota10,000,000.00
    Subscription of a new member50,000,000.00
    8,036,000,000.00
    Reduction of subscription to decreased quota of a member2,000,000.00$8,034,000,000.00
    Excess of Expenditure over Income:
    From inception to April 30, 1948145,029.78
    For Year ended April 30, 1949.2,014,349.602,159,379.38
    NET CAPITAL8,031,840,620.62
    Reserves
    Reserve for potential cost of turning certain gold into new62,469.11
    Reserve for potential cost of converting purchased gold into currency21,438.9183,908.02
    Liabilities198,981.82
    (Accounts payable, deferred income, etc.)
    TOTAL CAPITAL, RESERVES, AND LIABILITIES8,032,123,510.46
    (sgd.) Gutt, Managing Director

    NOTES TO BALANCE SHEET

    1 The established parities for members’ currencies represent par values in relation to the United States dollar as agreed to by the Fund and the members concerned, with exception of the French franc which has, from October 18, 1948, been computed, for bookkeeping purposes, at a provisional rate of 261.701 French francs per U.S. dollar. From January 26 to October 18, 1948, the provisional rate in effect was 214.392 francs per dollar as compared with the original par value of 119.107 francs per dollar. Appropriate adjustments of the Fund’s holdings of this currency were made to sustain the value thereof at the successive provisional rates.

    2 Gold with the United States depository of the Fund includes 7,432 bars, .995 fine or higher, which are not U.S. Assay Office unmutilated bars. A reserve is provided to meet the potential cost of turning certain of these bars into U.S. Assay Office bars. The amount of gold shown in this balance sheet does not include 1,297.309 fine ounces with the United States depository which are earmarked by the Fund for certain members in respect of excess payments of charges.

    3 A determination is required at the end of each financial year of the Fund regarding the obligation, if any, which exists on the part of each member to repurchase from the Fund a portion of its currency under Article V, Section 7, of the Fund Agreement. A repurchase obligation of Costa Rica amounting to the equivalent of $874,000 was determined in respect of the first financial year of the Fund, ended April 30, 1948, and has been effected. In respect of the same financial year, determinations will be necessary for eight other members when the required information regarding those members’ monetary reserves is obtained.

    4 The By-Laws of the Fund provide that Governors, Directors, Alternates, and staff shall, in addition to basic salaries and allowances, be compensated for national income taxation thereon. Provision has been made, at April 30, 1949, for all known claims. While a certain liability is considered to exist for unascertained claims it is not practicable to estimate the amount for balance sheet purposes. In addition, the Fund has a substantial contingent liability with respect to prospective claimants whose claims will not arise until they are required to make their tax payments under existing laws.

    APPENDIX XVI (iv) STATEMENT OF INCOME AND EXPENDITURE

    Year ended April 30, 1949

    Values expressed in United States dollars on basis of established parities

    INCOME
    Income from Operations
    Service charges on exchange$ 895,787.88
    Charges on Fund’s holdings of members’ currencies and securities in excess of quotas897,871.50$1,793,659.38
    Other Income
    Sale of Fund’s publication6,490.52
    Miscellaneous income806.717,297.23
    TOTAL INCOME$1,800,956.61
    EXPENDITURES
    Current Administration
    Personnel Outlays:
    Salaries and wages$2,188,726.77
    Compensation for national income taxation101,036.39
    2,289,763.16
    Expense allowance for Managing Director10,000.00
    Installation allowances19,766.74
    (for establishment of residence by staff personnel)
    Fund’s contributions for staff benefits:
    Staff Retirement Fund438,288.91
    Health and hospitalization.11,806.29
    Carried forward$2,769,625.10
    See notes on page 94, which are an integral part of this Statement.
    TOTAL INCOME (brought forward)$1,800,956.61
    CURRENT ADMINISTRATION CONTINUED (brought forward)$2,769,625.10
    Travel:
    Travel for Fund’s business159,676.38
    Appointment travel45,623.66
    (bringing personnel to seat of Fund on appointment)
    Repatriation travel39,346.09
    (returning personnel to homeland on separation)
    Home leave travel11,753.52256,399.65
    Communications:
    Telegraph and cable services16,063.95
    Telegraph services34,108.34
    Postal services26,865.7377,038.02
    Office Occupancy Expense:
    Space rentals and maintenance services359,625.96
    Building alterations40,154.52399,780.48
    Books, newspapers and periodicals17,489.15
    Printing, by contract60,477.41
    Equipment and supplies:
    (including rentals, repairs and maintenance)
    Equipment85,028.17
    Consumable supplies37,613.45122,641.62
    Carried forward3,703,451.43
    TOTAL INCOME (brought forward)$1,800,956.61
    CURRENT ADMINISTRATION CONTINUED (brought forward)$3,703,451.43
    Miscellaneous expenses:
    Insurance7,193.69
    External Audit5,968.98
    Actuarial expense regarding Staff Retirement Fund2,889.69
    Other miscellaneous expense14,193.3130,245.67
    TOTAL EXPENDITURE FOR CUR RENT ADMINISTRATION3,733,697.10
    Meeting of Board of Governors:
    Third Annual Meeting81,049.06
    (Sept. 27 to Oct. 1, 1948)
    TOTAL ADMINISTRATIVE EXPENSE3,814,746.16
    Other Expenses:
    Handling charges of depository in connection2.60
    TOTAL EXPENDITURES3,814,748.76
    EXCESS OF EXPENDITURE OVER INCOME FOR2,013,792.15
    ADJUSTMENTS NOT RELATED TO INCOME AND EXPENDITURE OF PERIOD
    Addition
    Expense of Second Annual Meeting of Board689.91
    Deduction
    Exchange adjustments—Net132.46
    NET ADJUSTMENT557.45
    DECREASE IN NET CAPITAL FOR YEAR ENDED APRIL 30, 1949$2,014,349.60
    (carried to Balance Sheet)

    NOTES TO STATEMENT OF INCOME AND EXPENDITURE

    1 The established parities for members’ currencies represent par values in relation to the U.S. dollar as agreed to by the Fund with the members concerned, with exception of the French franc which for bookkeeping purposes is computed at a provisional rate of 261.701 francs to the dollar. See also note 1 to Balance Sheet.

    2 Income from operations represents charges levied against members. Such charges are payable in gold except under certain conditions specified in Article V, Section 8(f) of the Fund Agreement.

    3 Expenditure under the heading of “Travel” does not include that in connection with meetings of the Board of Governors included in the expense of such meetings.

    4 It continues to be the policy of the Fund to write off the cost value of all furniture, office equipment, and automobiles by establishing full depreciation reserves against the assets and to charge the cost value of consumable supplies to expense of the fiscal year in which purchased.

    5 Expense of external audit relates exclusively to the audit for the fiscal period ended April 30, 1948.

    6 The net credit for exchange adjustments is the result of bookkeeping entries due to the expression in U.S. dollar values of transactions in gold and members’ currencies, which involves the use of fractional computations. The net credit does not represent a true gain such as may arise in dealing in foreign exchange at fluctuating rates.

    APPENDIX XVI (v) GOLD WITH DEPOSITORIES

    April 30, 1949

    Valued at U.S. $35 per fine ounce

    DepositariesOunces
    (.995 fine or higher)
    Equivalent Value
    in U.S. Dollars
    Banque de France2,308,663.99880,803,239.93
    Reserve Bank of India785,327.24627,486,453.61
    Bank of England14,816,879.176518,590,771.16
    Federal Reserve Bank of New York23,212,336.793812,431,787.76
    41,123,207.2131,439,312,252.46
    Less: Gold with Federal Reserve Bank of New York held in suspense by the Fund, having been paid by Thailand in anticipation of completion of formalities of membership.89,285.9473,125,008.14
    41,033,921.2661,436,187,244.32

    NOTE:

    See note 2 of the Balance Sheet regarding gold with the Federal Reserve Bank of New York. The gold shown above with that depository does not include 1,297.309 fine ounces which are earmarked by the Fund for the following members in respect of excess payments of charges:

    Brazil.727Mexico234.435
    Chile29.385Netherlands225.972
    Costa Rica.005Nicaragua5.443
    Denmark321.368Norway369.864
    Ethiopia.722Turkey109.388

    APPENDIX XVI (vi) CURRENCIES AND SECURITIES WITH DEPOSITORIES-April 30, 1949

    Equivalent values in United States dollars are based on exchange rates for established par values

    DepositoriesNational
    Currencies
    Amounts of Currency and Securities
    (In Units of National Currencies)
    Exchange RatesEquivalent Values in U.S. Dollars
    CurrencySecuritiesTotal
    Commonwealth Bank of AustraliaPounds6,226,044.6.353,200,000.0.059,426,044.6.3322.400*191,589,566.86
    Banque Nationale de Belgique, S. A.Francs992,438,187.967,349,500,000.008,341,938,187.9643.8275190,335,706.75
    Superintendencia da Moedo e do CreditoCruzeiros2,358,750,250.502,358,750,250.5018.500127,500,013.54
    Bank of CanadaDollars30,993,809.16194,000,000.00224,993,809.161.00000224,993,809.16
    Banco Central de ChilePesos1,549,446,451.531,549,446,451.5331.000049,982,143.59
    Banco de la Republica de ColombiaPesos73,121,874.2173,121,874.211.9499837,498,781.63
    The Issue Department—Banco Nacional de Costa RicaColones32,978,775.9832,978,775.985.615005,873,334.99
    General Treasury of the Republic, CubaPesos4,989,232.5032,500,000.0037,489,232.501.0000037,489,232.50
    National Bank of CzechoslovakiaKoruny925,080,286.705,552,378,996.006,477,459,282.7050.0000129,549,185.65
    Danmarks NationalbankKroner81,587,319.98267,172,231.34348,759,551.324.7990172,673,228.71
    Banco Central de la Republica DominicanaPesos501,865.333,248,000.003,749,865.331.000003,749,865.33
    Banco Central del EcuadorSucres50,618,535.1350,618,535.1313.50003,749,521.12
    The Treasury of EgyptPounds2,179,443.68110,767,067.25012,946,510.931413.300*53,507,929.67
    Banco Central de Reserva de El SalvadorColones4,685,752.114,685,752.112.50001,874,300.84
    State Bank of EthiopiaDollars2,236,626.6913,377,375.3015,614,001.9940.250*6,284,635.80
    Banque de FranceFrancs13,747,450,599.84135,530,000,000.00149,277,450,599.84See Note1570,412,228.46
    Banco de GuatemalaQuetzales3,749,367.313,749,367.311.000003,749,367.31
    National Bank of IcelandKronur4,864,276.714,864,276.716.48885749,636.18
    Reserve Bank of IndiaRupees463,113,763.9.101,099,970,000.0.01,563,083,763.9.1030.2250*472,442,067.55
    Bank Melli IranRials113,870,344.50732,132,569.30846,002,913.8032.250026,232,648.49
    Rafidain Bank, IraqDinars199,909.5701,785,000.0001,984,909.570403.000*7,999,185.56
    Banque de Syrie et du Liban (Beyrouth)Pounds9,274,185.409,274,185.402.191484,231,927.92
    Banque Nationale de Belgique, S. A. (Luxembourg Account)Francs43,841,220.05380,150,000.00423,991,220.0543.82759,674,090.92
    Banco de Mexico, S. A.Pesos436,941,043.11436,941,043.114.8550089,998,155.12
    De Nederlandsche Bank N. V.Guilders73,139,625.81674,000,000.00747,139,625.812.65285281,636,589.26
    Department of Emission—Banco National de NicaraguaCordobas10,011,477.9210,011,477.925.000002,002,295.58
    Norges BankKroner72,307,071.04161,250,322.58233,557,393.6220.1500*47,061,814.81
    Banco National de PanamaBalboas49,947.2049,947.201.0000049,947.20
    Bank of ParaguayGuaranies8,105,396.528,105,396.523.090002,623,105.67
    Banco Central de Reserva del PeruSoles16,260,697.63125,743,686.00142,004,383.636.5000021,846,828.25
    Central Bank of the PhilippinesPesos22,498,630.6222,498,630.622.0000011,249,315.31
    South African Reserve BankPounds4,962,481.0.516,126,410.17.421,088,891.17.9403.000*84,988,234.31
    Banque de Syrie et du Liban (Damascus)Pounds1,424,786.6012,447,000.0013,871,786.602.191486,329,871.41
    Banque Centrale de la Republique de TurquieLiras26,047,867.4078,250,000.00104,297,867.402.8000037,249,238.36
    Bank of EnglandPounds32,301,212.14.0304,625,000.0.0336,926,212.14.0403.000*1,357,812,637.18
    Federal Reserve Bank of New YorkDollars277,381,438.551,063,000,000.001,340,381,438.551.340.381,438.55
    Riggs National Bank3Dollars120,494.17120,494.17120,494.17
    Banco Central de VenezuelaBolivares5,026,805.4032,659,359.4237,686,164.823.3500011,249,601.44
    TOTAL5,526,741,975.15
    NOTES:

    Par values for members’ currencies are established in relation to the U.S. dollar as agreed to by the Fund and the members concerned with the exception of the French franc, which for bookkeeping purposes is computed at a provisional rate of 261.701 francs to the dollar. (See also See also note 1 to Balance Sheet.

    2

    Exchange rates represent number of units of national currencies to the U.S. dollar except for items carrying asterisk (*), which represent number of U.S. cents to the related unit of national currency.

    A checking account is maintained with Riggs National Bank in Washington, D.C. for the purpose of making local payments for administrative expenditure.

    SUMMARY

    Currency and Securities with Depositories, per Balance Sheet, at Equivalent Value in U.S. Dollars

    Currency1,147,357,988.06
    Currency4,379,383,987.09
    Total, as above.5,526,741,975.15

    APPENDIX XVI (vii) STATUS OF SUBSCRIPTIONS TO CAPITAL—April 30, 1949

    Values expressed in United States dollars on basis of established parities (See Note1)

    MEMBERSQUOTASPAYMENTS ON SUBSCRIPTIONS TO CAPITALSUBSCRIPTIONS TO CAPITAL RECEIVABLE
    (In Millions of U.S. Dollars1/100 of 1% Paid in U.S Dollars2Paid in GoldPaid in Member’s CurrencyBalances Due (Par Values Established)Balances not Due (Par Values not Established)
    Australia2008,404,843.20191,595,156.80
    Austria50350,000,000.00
    Belgium22522,500.0056,227,500.00168,750,000.00
    Bolivia101,000.009,999,000.00
    Brazil15015,000.0037,485,030.14112,499,969.86
    Canada30030,000.0074,970,000.00225,000,000.00
    Chile505,000.008,813,013.9341,181,986.07
    China55055,000.00549,945,000.00
    Colombia505,000.0012,495,150.6137,499,849.39
    Costa Rica5500.00373,700.094,625,799.91
    Cuba505,000.0012,495,386.3637,499,613.64
    Czechoslovakia12512,500.001,435,920.086123,551,579.92
    Denmark686,800.005,518,722.65662,474,477.35
    Dominican Republic5500.001,249,512.673,749,987.33
    Ecuador5500.001,249,612.813,749,887.19
    Egypt604,500.009,484,075.6950,511,424.31
    El Salvador2.5250.00624,787.801,874,962.20
    Ethiopia6600.0014,000.1865,985,399.82
    Finland3838,000,000.00
    France52552,500.0079,527,420.666445,420,079.34
    Greece404,000.0039,996,000.00
    Guatemala5500.001,249,559.813,749,940.19
    Honduras.54250.00124,809.20374,940.80
    Iceland1100.00249,900.28749,999.72
    India40040,000.0027,486,453.61372,473,546.39
    Iran3552,500.008,764,707.1426,232,792.86
    Iraq8800.007,999,200.007
    Italy18018,000.00179,982,000.00
    Lebanon4.5450.00267.415.1264,232,134.88
    Luxembourg101,000.00324,821.2569,674,178.75
    Mexico909,000.0022,491,205.1467,499,794.86
    Netherlands27527,500.0068,722,500.00206,250,000.00
    Nicaragua2200.00499,975.661,499,824.34
    Norway505,000.0012,495,054.9037,499,945.10
    Panama.550.0050,000.00449,950.00
    Paraguay3.5200.00875,496.472,624,303.53
    Peru252,500.003,149,921.0021,847,579.00
    Philippine Republic151,500.003,748,548.7911,249,951.21
    Poland12512,500.00124,987,500.00
    Syria6.5650.00169,187.1766,330,162.83
    Turkey434,300.0010,745,912.2332,249,787.77
    Union of South Africa10010,000.0024,994,519.2074,995,480.80
    United Kingdom1,300130,000.00236,135,323.701,063,734,676.30
    United Sates2,750275,000.00687,500,000.112,062,224,999.89
    Uruguay151,500.0014,998,500.00
    Venezuela151,500.003,748,541.9611,249,958.04
    Yugoslavia606,000.0059,994,000.00
    TOTALS8,034.0772,150.001,424,112,529.615,540,388,429.5910,823,890.801,057,903,000.00
    NOTES:

    The established parities for members’ currencies represent par values in relation to the United States dollar as agreed to by the Fund and the members concerned for the payment of their subscriptions. See also Balance Sheet regarding note on subsequent provisional rates established for the French franc for bookkeeping purposes.

    As per Article XX, Section 2(d), of the Articles of Agreement.

    New Member.

    Quota as reduced.

    Quota as increased.

    Fund has provisionally accepted member’s payment in gold which is less than 25% of the member’s quota.

    Member’s payment exclusively in currencies is considered by Fund as final.

    APPENDIX XVI (viii) OTHER ASSETS

    April 30, 1949

    Values expressed in United States dollars (See Note1)

    CASH
    Imprest Funds$ 931.59
    (petty cash and postage)
    Cash with technical representatives overseas.1,807.65$ 2,739.24
    (See Note2)
    ACCOUNTS RECEIVABLE (including accruals)
    Members Accounts316,454.56
    (accrued charges against members)
    Commercial Accounts64,739.52
    Travel and Staff Advances67,936.92449,131.00
    DEFERRED CHARGES (unexpired insurance, etc.)15,529.95
    EQUIPMENT
    (represents furniture, office equipment, and automobiles at cost value of $381,968.50 against which full reserves for depreciation are carried)
    LIBRARY INVESTMENT
    (represents law library at cost value of $13,002.63 and investment at cost value of $20,813.58 in library owned jointly with International Bank for Reconstruction and Development, against which full reserves for depreciation are carried)
    TOTAL OTHER ASSETS, PER BALANCE SHEET467,400.19
    NOTES:

    The rates used for the expression of other currencies in U.S. dollars are explained in Note 1 to the Balance Sheet.

    Cash with technical representatives overseas consists of U.S. dollars 400, French francs 7,499, and Egyptian pounds 334.890.

    APPENDIX XVI (ix) LIABILITIES

    April 30, 1949

    Values expressed in United States dollars (See Note)

    ACCOUNTS PAYABLE
    Members Accounts$ 386.36
    (overpayments on capital subscriptions, reimbursable in member’s currency)
    Commercial Accounts:
    Vouchers Payable$62,902.45
    Unvouchered invoices and accruals99,058.72161,961.17
    Executive Directors and Staff31,772.92
    (amounts due or accrued for salaries and wages, travel, etc.)
    Total Accounts Payable and Accruals194,120.45
    UNEARNED INCOME
    Subscriptions to Fund’s publication4,861.37
    TOTAL LIABILITIES, PER BALANCE SHEET198,981.82
    NOTE:The rates used for the expression of other currencies in U.S. dollars are explained in Note1 to the Balance Sheet.

    APPENDIX XVI (x) SUMMARY OF TRANSACTIONS

    For the Year ended April 30, 1949

    Exchange TransactionsAmount in CurrencyU.S. Dollar Equivalent
    Currency Sold
    U.S. Dollars108,030,000.00108,030,000.00
    Belgian Francs500,000,000.0011,408,380.91
    119,438,380.91
    Currency Bought
    Indian Rupees238,147,229.1.1071,980,000.00
    Netherland Guilders18,158,843.786,845,028.55
    Norwegian Kroner22,646,910.024,563,352.36
    Ethiopian Dollars745,341.61300,000.00
    Czechoslovakian Korunas300,000,000.006,000,000.00
    Costa Rican Colones7,018,750.001,250,000.00
    Nicaraguan Cordobas2,500,000.00500,000.00
    South African Pounds2,481,389.11.710,000,000.00
    Brazilian Cruzeiros277,500,000.0015,000,000.00
    Egyptian Pounds725,864.9893,000,000.00
    119,438,380.91
    Gold TransactionsFine OuncesU.S. Dollar Equivalent at $35 per Fine Ounce
    Currency Sold
    Against Gold
    U.S. Dollars175,301.2646,135,544.24
    Currency Bought
    Against Gold
    Nil
    NOTE:Par values used for exchange transactions involving Belgian Francs and Netherland Guilders are in terms of gold in relation to these currencies instead of in terms of U.S. Dollars. This required certain bookkeeping exchange adjustments whereby the accounts of the Fund reflect the Belgian Francs sold as amounting to $11,408,362.34 and the Netherland Guilders purchased as amounting to $6,845,032.24.

    APPENDIX XVI (xi) STAFF RETIREMENT FUND AUDITORS’ CERTIFICATE

    “We have made an independent audit of the accounts of the Staff Retirement Fund of the International Monetary Fund from July 1, 1948, the date of its establishment, to April 30, 1949. Our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. In that connection, consideration was given to the authority and other requirements governing transactions of the Staff Retirement Fund.

    “The audit did not include a verification of the individual participants’ accounts as at April 30, 1949, except for inquiry into certain of such accounts as a consequence of the application of auditing procedures to the other accounts of the Staff Retirement Fund. We ascertained, however, that the Internal Auditor of the International Monetary Fund had made a detailed audit of all participants’ individual accounts as at April 30, 1919, and we satisfied ourselves that application of the auditing procedures adopted by him would be adequate to insure the correctness of such individual accounts with regard for eligibility, contributions, and interest allowed.

    “With regard to the note appearing on the financial statements concerning the income reported on certain investments, we believe that more satisfactory results would be obtained by employing the accounting method which would provide for deferring a portion of the interest received on United States Savings Bonds, Series G, on the basis of the redemption values of such bonds under conditions existing April 30, 1949. We recognize, however, that the accounting method used by the International Monetary Fund in relation to these securities is sometimes followed in practice.

    “In our opinion, based on our examination and subject to the foregoing comment, the Balance Sheet and related statements of the Accumulation Account, Participants’ Account, and Application of Funds, together with the notes appearing thereon, present fairly the financial position of the Staff Retirement Fund of the International Monetary Fund as at April 30, 1949 and the results of operations from July 1, 1948 to April 30, 1949, in conformity with generally accepted accounting principles.”

    /s/ Z. Hassan

    (Egypt)

    /s/ P. J. Curtis

    (United Kingdom)

    /s/ Gilbert L. Cake

    (United States)

    APPENDIX XVI (xii) STAFF RETIREMENT FUND BALANCE SHEET

    April 30, 1949

    ASSETS
    CASH IN BANK
    Riggs National Bank
    Washington, D. C$ 5,123.46
    INVESTMENTS (At Cost)
    United States Savings Bonds, Series G (non-marketable)
    Due July 1, 1960$250,000.00
    Due January 1, 196132,000.00
    Due February 1, 196124,000.00
    Due March 1, 196126,000.00
    Due April 1, 196118,000.00
    350,000.00
    International Bank for Reconstruction and Development 3% Bonds, due July 15, 1972 (Market value $251,450.00)244,176.25594,176.25
    ACCRUED INTEREST ON INVESTMENTS.2,187.50
    ACCOUNTS RECEIVABLE18.85
    TOTAL ASSETS$601,506.06
    LIABILITIES AND FUNDS
    ACCOUNTS PAYABLE$ 1,582.26
    PARTICIPANTS’ ACCOUNT153,256.22
    ACCUMULATION ACCOUNT446,667.58
    TOTAL LIABILITIES AND FUNDS$601,506.06
    See Notes on page 109, which are an integral part of this Statement.

    APPENDIX XVI (xiii) STAFF RETIREMENT FUND STATEMENT OF ACCUMULATION ACCOUNT

    July 1, 1948

    (inception) to April 30, 1949

    INCOME
    CONTRIBUTIONS OF EMPLOYER
    For Employees’ Prior Service$279,389.70
    For Employees’ Participating Service164,746.69
    Total Contributions$444,136.39
    INCOME FROM INVESTMENTS
    Interest Earned7,235.51
    OTHER INCOME
    Interest on unpaid prior service contributions of participants256.65
    TOTAL INCOME$451,628.55
    OUTGO
    BENEFITS
    Withdrawal Benefits (to former Participants)$ 1,313.92
    TRANSFERS TO PARTICIPANTS’ ACCOUNT
    For Interest credited to participants3,647.05
    TOTAL OUTGO4,960.97
    EXCESS OF INCOME OVER OUTGO
    Representing balance of accumulation account as at April 30, 1949, per Balance Sheet446,667.58
    See Notes on page 109, which are an integral part of this Statement.

    APPENDIX XVI (xiv) STAFF RETIREMENT FUND STATEMENT OF PARTICIPANTS’ ACCOUNT

    July 1, 1948

    (inception) to April 30, 1949

    INCOME
    CONTRIBUTIONS OF EMPLOYEES
    Prior Service$ 75,506.41
    Participating Service82,995.49
    Additional Voluntary Contributions2,490.00$160,991.90
    TRANSFERS FROM ACCUMULATION ACCOUNT
    Interest credited to participants in respect of:
    Prior Service2,802.50
    Participating Service825.88
    Additional Voluntary Contributions18.673,647.05
    TOTAL INCOME$164,638.95
    OUTGO
    REFUNDS
    To former participants who have withdrawn (contributions and interest)11,382.73
    EXCESS OF INCOME OVER OUTGO
    Representing balance of participants’ account: at April 30, 1949, per Balance Sheet153,256.22
    Consisting of:
    Partial payments on prior service contributions$ 6,870.28
    Participating contributions, fully paid prior service contributions, and interest credited143,877.27
    Additional voluntary contributions and interest credited2,508.67
    Balance of Participants’ Account, as above153,256.22
    See Notes on page 109, which are an integral part of this Statement.

    APPENDIX XVI (xv) STAFF RETIREMENT FUND STATEMENT OF APPLICATION OF FUNDS

    July 1, 1948 (inception) to April 30, 1949

    FUNDS PROVIDED
    Contributions of Employer:
    Prior service$279,389.70
    Participating service164,746.69$444,136.39
    Contributions of Employees:
    Prior service75,506.41
    Participating service82,995.49
    Additional voluntary contributions2,490.00160,991.90
    Income on Investments7,235.51
    Interest on unpaid prior service contributions of participants256.65
    Total Funds Provided612,620.45
    FUNDS APPLIED
    Purchase of investments$594,176.25
    Refunds to former participants with interest11,382.73
    Withdrawal benefits to former participants1,313.92
    Creation of working capital (as below)5,747.55
    Total Funds Applied612,620.45
    Analysis of Working Capital
    CURRENT ASSETS
    Cash in Bank$5,123.46
    Accrued Interest on Investments2,187.50
    Accounts Receivable18.85
    Total Current Assets7,329.81
    CURRENT LIABILITIES
    Accounts Payable1,582.26
    Working Capital5,747.55
    See Notes on page 109, which are an integral part of this Statement.

    APPENDIX XVI (xvi)

    NOTES TO FINANCIAL STATEMENTS OF STAFF RETIREMENT FUND

    1 Income on investments includes interest on United States Savings Bonds, Series G, currently paid at the rate of 21/2

    2 Interest credited to Participants’ Accounts was at the regular rate provided for in the approved Staff Retirement Plan. While such interest amounting to $3,647.05 was charged to Accumulation Account, this account was credited with $256.65 for interest received from certain participants in respect of unpaid prior service contributions.

    APPENDIX XVII (i) SCHEDULE OF PAR VALUES–as of July 1, 1949

    CURRENCIES OF METROPOLITAN AREAS

    Par Values In Terms of GoldPar Values In Terms of U.S. Dollars
    MemberCurrencyGrams of fine
    gold per
    currency unit
    Currency units
    per troy ounce
    of fine gold
    Currency units
    per U.S. dollar
    U.S. cents
    per currency
    unit
    AUSTRALIAPound2.865 0710.856 10.310 174322.400
    AUSTRIAShillingPar Value not yet established
    BELGIUMFranc0.020 276 51,533.9643.827 52.281 67
    BOLIVIABoliviano0.021 158 81,470.0042.000 02.380 95
    BRAZILCruzeiro0.048 036 3647.50018.500 05.405 41
    CANADADollar0.888 67135.000 01.000 00100.000
    CHILEPeso0.028 666 81,085.0031.000 03.225 81
    CHINAYuanPar Value not yet established
    COLOMBIAPeso0.455 73368.249 31.949 9851.282 5
    COSTA RICAColón0.158 267196.5255.615 0017.809 4
    CUBAPeso0.888 67135.000 01.000 00100.000
    CZECHOSLOVAKIAKoruna0.017 773 41,750.0050.000 02.000 00
    DENMARKKrone0.185 178167.9654.799 0120.837 6
    DOMINICAN REPUBLICPeso0.888 67135.000 01.000 00100.000
    ECUADORSucre0.065 827 5472.50013.500 07.407 41
    EGYPTPound3.672 888.468 420.241 955413.300
    EL SALVADORColón0.355 46887.500 02.500 0040.000 0
    ETHIOPIADollar0.357 69086.956 52.484 4740.250 0
    FINLANDMarkkaPar Value not yet established
    FRANCE1FrancNo Par Value agreed with the Fund
    GREECEDrachmaPar Value not yet established
    GUATEMALAQuetzal0.888 67135.000 01.000 00100.000
    HONDURASLempira0.444 33570.000 02.000 0050.000 0
    ICELANDKrona0.136 954227.1106.488 8515.411 1
    INDIARupee0.268 601115.7983.308 5230.225 0
    IRANRial0.027 555 71,128.7532.250 03.100 78
    IRAQDinar3.581 348.684 860.248 139403.000
    ITALYLiraPar Value not yet established
    LEBANONPound0.405 51276.701 82.191 4845.631 3
    LUXEMBOURGFranc0.020 276 51,533.9643.827 52.281 67
    MEXICOPeso0.102 737302.7508.650 0011.560 7
    NETHERLANDSGuilder0.334 98792.849 82.652 8537.695 3
    NICARAGUACórdoba0.177 734175.0005.000 0020.000 0
    NORWAYKrone0.179 067173.6974.962 7820.150 0
    PANAMABalboa0.888 67135.000 01.000 00100.000
    PARAGUAYGuaraní0.287 595108.1503.090 0032.362 5
    PERUSol0.136 719227.5006.500 0015.384 6
    PHILIPPINE REPUBLICPeso0.444 33570.000 02.000 0050.000 0
    POLANDZlotyPar Value not yet established
    SYRIAPound0.405 51276.701 82.191 4845.631 3
    THAILANDBahtPar Value not yet established
    TURKEYLira0.317 38298.000 02.800 0035.714 3
    UNION OF SOUTH AFRICAPound3.581 348.684 86
    (or 173 shillings 8.367 pence
    0.248 139 (or 4 shillings 11.553 pence403.000
    UNITED KINGDOMPound3.581 348.684 86
    (or 173 shillings 8.367 pence)
    0.248 139
    (or 4 shillings 11.553 pence)
    403.000
    UNITED STATESDollar0.888 67135.000 01.000 00100.000
    URUGUAYPesoPar Value not yet established
    VENEZUELABolivar0.265 275117.2503.350 0029.850 7
    YUGOSLAVIADinar0.017 773 41,750.0050.000 02.000 00

    Since January 26, 1948, there has been no agreed par value with the Fund for the French franc, nor for separate currencies in French non-metropolitan areas except for those listed in the second part of the present Schedule.

    APPENDIX XVII (ii) SCHEDULE OF PAR VALUES—as of July 1, 1949

    SEPARATE CURRENCIES IN NON-METROPOLITAN AREAS OF MEMBERS
    Par Values
    In Terms of Gold
    Par Values
    In Terms of U. S. Dollars
    Member and
    Non-Metropolitan areas
    Currency and relation to
    Metropolitan Unit
    Grams of fine
    gold per
    currency unit
    Currency
    units per
    troy ounce
    of fine gold
    Currency
    units per
    U. S.
    dollar
    U.S. cents
    per currency
    unit
    BELGIUM
    Belgian CongoFranc
    (Parity with Belgian franc)
    0.020 276 51,533.9643.827 52.281 67
    FRANCE
    New Caledonia
    New HebridesCFP Franc0.017 906 71,736.9749.627 82.015 00
    French Possessions of Oceania
    French Possessions in IndiaRupee0.268 601115.7983.308 5230.225 0
    French SomalilandDjibouti Franc0.004 145 077,503.73214.3920.466 435
    NETHERLANDS
    SurinamGuilder (= 1.406 71 Netherlands guilders)0.471 23066.004 91.885 8553.026 4
    Netherlands AntillesGuilder (= 1.406 71 Netherlands guilders)0.471 23066.004 91.885 8553.026 4
    IndonesiaGuilderPar Value not yet established
    UNITED KINGDOM
    Kenya
    UgandaEast African Shilling (20 per pound sterling)0.179 067173.6974.962 7820.150 0
    Tanganyika
    Zanzibar
    Barbados
    TrinidadBritish West Indian Dollar (4-80 per pound sterling)0.746 11341.687 31.191 0783.958 3
    British Guiana
    Gambia
    Gold CoastWest African Pound
    (Parity with sterling)
    Nigeria
    Sierra Leone
    Southern Rhodesia
    Northern RhodesiaSouthern Rhodesian
    Pound (Parity)
    Nyasaland
    CyprusCyprus Pound (Parity)3.581 348.684 860.248 139403.000
    GibraltarGibraltar Pound (Parity)
    MaltaMaltese Pound (Parity)
    BahamasBahamas Pound (Parity)
    BermudaBermuda Pound (Parity)
    JamaicaJamaican Pound (Parity)
    Falkland IslandsFalkland Islands Pound (Parity)
    British HondurasBritish Honduras Dollar (4.03 per pound sterling)0.888 67135.000 01.000 00100.000
    MauritiusMauritius Rupee (13 ⅓ per pound sterling)0.268 601115.7983.308 5230.225 0
    SeychellesSeychelles Rupee (13 ⅓ per pound sterling)
    FijiFijian Pound
    (1.11 per pound sterling)
    3.226 449.640 200.275 434363.063
    TongaTongan Pound
    (1.2525 per pound sterling)
    2.859 3610.877 80.310 794321.756
    Hong KongHong Kong Dollar
    (16 per pound sterling)
    0.223 834138.9583.970 2225.187 5
    Malaya
    (Singapore and Federation of Malaya)
    Malayan Dollar
    (8.571 428 57 per pound sterling, or 2 shillings 4 pence per Malayan Dollar
    Sarawak
    British North Borneo
    The Sarawak and British North Borneo Dollars which circulate alongside the Malayan Dollar (which is legal tender) have the same value0.417 82374.441 72.126 9147.016 7

    INDEX

    • Administrative Budget 53, 84, 85

    • Agreement for Intra-European Payments and Compensations 31

    • Agricultural production 3

    • Articles of Agreement:

      • IV, Section 7 38, 45

      • V, Section 7 81

      • VIII, Section 2 (b) 82

      • XIV, Section 226

    • Assets and liabilities 88, 100

    • Audit Committee 53

    • Auditors’ Certificates 53, 87, 103

    • Austria:

      • Admission to membership 47

      • Par value 25

      • Trade 7

    • Balance of Payments Yearbook 51

    • Balance Sheet 53, 86, 88

    • Belgian Congo, sale of gold at premium prices in Belgian francs 35

    • Belgium:

      • Gold policy 35

      • Relaxation of exchange restrictions 26

    • Brazil:

      • Par value 25

      • Payment of subscription 43

    • Canada:

      • Exports 6, 7

      • Gold subsidy 36

      • Industrial employment and production 4

      • U.S. dollar position 9

    • China, par value 25

    • Colombia:

      • Consultations with the Fund 24, 57, 59

      • Exchange system 24, 59

      • Par value 25, 57

    • Consultations:

      • Change in exchange rates 22

      • Colombia 24, 57, 59

      • Contracting Parties, General Agreement on Tariffs and Trade 28, 50, 75

      • France 23, 61

      • Members 22, 23, 24, 34, 48, 79

      • Mexico 25

      • Peru 24, 62

      • Union of South Africa 35, 63

      • United Kingdom and Southern Rhodesia 36

    • Costa Rica, repurchase transaction 46fn.

    • Cross rates, orderly, maintenance 22

    • Cuba, retention of transitional period rights 26

    • Currencies (see also Sterling;

      • United States dollar payments):

      • Convertibility 28

      • Fund holdings 43, 96

      • Inconvertible 2, 19

      • Par value 110

    • Depositories:

      • Currencies and securities holdings 96

      • Gold holdings 95

    • Deputy Managing Director, appointment 48

    • Dollar payments;

      • see United States dollar payments

    • El Salvador, acceptance of obligation to avoid exchange restrictions 26

    • Europe:

      • Exports 7, 11

      • Exports to Western Hemisphere 16

      • Foreign exchange receipts 10

      • Gold holdings 40

      • Imports 7

      • Inflated prices in non-dollar markets 16

      • Inflation 4, 5, 6

      • Payments deficit 9

      • Production 3

      • Trade 7, 31

    • European Recovery Program 31, 43

    • Exchange contracts, unenforceability 28, 82

    • Exchange policy 21

    • Exchange rates (see also Cross rates;

      • Multiple currency practices;

      • Par values):

      • Adjustment 15, 21, 22

      • France 23, 60

      • Stability 21

    • Exchange restrictions: 26

      • French Somaliland 27, 58

      • Transitional period 26, 31

      • Union of South Africa 27

    • Exchange transactions 42, 44, 102

    • Executive Directors:

      • Changes 48, 72

      • List ix, 47, 70

      • Second regular election 47

    • Executive Directors, Alternate:

      • Changes 48, 72

      • List ix, 47, 70

    • Exports:

      • Expansion for restoration of international payments 12

      • Expansion to the dollar region 11, 13

      • Increase 19

      • Increase to Western Hemisphere 11, 12, 13

      • Limitation 4

      • Prices 19, 20

      • Value 6

    • Far East:

      • Civil conflict 3

      • Costs of producing export goods 14

      • Exports 7, 11

      • Exports to Western Hemisphere 16

      • Imports 7

      • Inflated prices in non-dollar markets 16

      • Inflation 4

      • Payments deficit 9

    • Financial Reports 86

    • Finland, par value 25

    • Foreign aid 5, 6, 18, 32

    • France:

      • Exchange system 23, 60

      • Par value of Djibouti franc 25, 58

      • Relaxation of exchange restrictions 26

    • French Somaliland:

      • Elimination of exchange restrictions 27, 53

      • Par value 25, 58

    • Fund, holdings of gold and currencies 13, 95

    • Fund’s resources, use (see also Exchange transactions) 41, 43

    • General Agreement on Tariffs and Trade, Contracting Parties:

      • Consultation with Fund 28, 50, 75

      • Consultations concerning South African import restrictions 28

      • Relations with Fund 49, 50

    • Germany:

      • Production 3

      • Trade 7, 8

    • Gold:

      • Fund holdings 43, 95

      • Importation for re-export 34

      • Policy concerning external transactions at premium prices 33

      • Price 38

      • Production 37

      • Reserves 40

      • Semi-processed, sales by Union of South Africa 35, 63

      • Subsidies 36

      • Transactions with the Fund 43, 44, 102

      • Unauthorized diversion to private hoards 34

    • Governors and Alternates:

      • Changes 47, 68

      • List 47, 64

    • Greece, par value 25

    • Guatemala, acceptance of obligation to avoid exchange restrictions 26

    • Honduras, reduction in quota 47

    • Hong Kong, gold market 35

    • Imports:

      • Demand 4

      • Effect of restrictions 16, 22

      • Increases 2, 16

      • Market in Western Hemisphere 11

      • Means of payment 4

      • Reduction from United States 17

      • Relation to dollar payments problem 10

      • Restrictions 20, 41

      • Restrictions due to inconvertible currencies 29

      • Restrictions, Union of South Africa 27

      • Value 7

    • Income and expenditure, Statement of 53, 91

    • Inflation: 4, 15

      • Countries with multiple currency practices 24

      • Relation to balance of payments 13

    • International Bank for Reconstruction and Development, relations with Fund 49

    • International Financial News Survey 51

    • International Financial Statistics 51

    • International payments;

      • see Payments

    • International Trade Organization, Interim Commission, relations with Fund 49, 50

    • Intra-European trade:

      • Payments arrangements 31

      • Volume 7

    • Investment:

      • Effect in expanding world trade 18

      • Europe, diminution of income from 10

      • Maintenance 4

      • Productive capacity 5

      • Reduction 6, 13

    • Iran, increase in quota 47

    • Italy:

      • Exchange agreement with the United Kingdom 23

      • Par value 25

      • Relaxation of exchange restrictions 27

    • Japan:

      • Production 3

      • Trade 8

    • Latin America:

      • Payments deficit 9

      • Payments position 12

    • Liberia, application for membership 47

    • Local currency proceeds from foreign aid 5

    • Members:

      • Consultation with Fund 22, 23, 24, 34, 48, 79

      • Cooperation through the Fund 21

      • List 47, 64

      • New 47

    • Mexico:

      • Acceptance of obligation to avoid exchange restrictions 26

      • Par value 25

    • Middle East:

      • Agricultural production 3

      • Costs of producing export goods 14

      • Exports 7, 11

      • Exports to Western Hemisphere 16

      • Imports 7

      • Inflated prices in non-dollar markets 16

      • Inflation 4

      • Payments deficit 9

    • Missions 48, 79

    • Monetary reserves 40, 44, 45

    • Monetary reserves data, reports 46

    • Money supply 5

    • Multiple currency practices 23

    • Netherlands:

      • Purchase of Belgian francs from the Fund 43

      • Relaxation of exchange restrictions 26

    • Norway, purchase of Belgian francs from the Fund 43

    • OEFC countries, Agreement for Intra-European Payments and Compensations 31

    • Officers ix

    • Overby, A. N., appointment as Deputy Managing Director 48

    • Panama, acceptance of obligation to avoid exchange restrictions 26

    • Par values:

      • Brazil 25

      • Changes, effect on gold 38

      • Colombia 25, 57

      • France 23

      • French Somaliland 25, 58

      • Mexico 25

      • Not yet agreed 25

      • Schedule 110

      • Yugoslavia 25

    • Payments:

      • Arrangements between OFEC Countries 31

      • Development of satisfactory balance 6

      • Effect of reduction of tariffs 17

      • Effect of uniform change in par values 38

      • Effects of trade distribution 9

      • Establishment of better pattern 8, 13

      • Problem 1, 9, 18, 19

      • Restoration of balance 16, 42

      • Restoration by expansion of exports 12

    • Peru, exchange system 24, 62

    • Poland, par value 25

    • Prices:

      • Exports to the United States and other Western Hemisphere countries 13, 14

      • Gold 38

      • Inflation in non-dollar markets 16, 19

      • Reduction to competitive level 20

      • Relation to exchange rate adjustment 15

      • Structure 5

    • Production 2, 3

    • Quotas 47, 64

    • Rationing, relaxation 5

    • Repurchase obligations 45, 81

    • Rules and Regulations 52

    • Silver, report 52

    • Southern Rhodesia, gold subsidy 36

    • Staff ix, 52

    • Staff Retirement Fund, accounts 52, 103, 105

    • Staff Retirement Plan 52

    • Sterling area, exports 8

    • Sterling, extension of “administrative transferability” 26

    • Subscriptions 43, 98

    • Tariffs, reduction 17

    • Taxes, exchange 24

    • Technical assistance for economic development 51, 79

    • Technical representatives overseas 48

    • Thailand, admission to membership 47fn.

    • Trade:

      • Expansion 1, 2

      • Intra-European 7, 31

      • Volume and pattern 6, 8, 12

      • Western Europe 7

    • Transactions;

      • see Exchange transactions

    • Transitional period arrangements 26, 30

    • Union of South Africa:

      • Exchange restrictions 27

      • Import restrictions 28

      • Sales of semi-processed gold at premium prices 35, 63

    • United Kingdom:

      • Exchange agreement with Italy 23

      • Exports 8

      • Extension of “administrative transferability” of sterling 26

      • Gold dealings in Hong Kong 35

      • Gold subsidy in Southern Rhodesia 36

      • Imports 8

    • United Nations:

      • Programs of technical assistance for economic development 51, 79

      • Relations with Fund 49

    • United States:

      • Acceptance of obligation to avoid exchange restrictions 26

      • Decline in level of business activity 16

      • Effect of change in gold price 39

      • Exports 6, 7

      • Exports to 13

      • Gold holdings 41

      • Gold price 38

      • Industrial employment and production 4

      • Price index 14

      • Surplus requiring financing 9

    • United States dollar payments:

      • Effect of decline in U.S. business activity 17

      • Problem 9, 10, 18

      • Solution to problem 19

    • Uruguay, par value 25

    • Use of the Fund’s resources (see also Exchange transactions) 41, 43

    • Venezuela, retention of transitional period rights 26

    • Voting power:

      • Executive Directors 47, 70

      • Governors 47, 64

    • Western Hemisphere:

      • Exports 6, 7

      • Exports to 11, 12, 13

      • Imports 8

      • Market for imports 11

    • Yugoslavia, par value 25

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