Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1955
    Share
    • ShareShare
    Show Summary Details
    APPENDICES
    Appendix I LETTER OF MANAGING DIRECTOR TO ALL MEMBERS AND EXECUTIVE BOARD DECISION ON BILATERALISM

    June 27, 1955

    Sir:

    I transmit to you herewith the policy decision on bilateralism adopted by the Executive Board on June 22, 1955. In so doing, I invite your attention particularly to the request it contains for the full collaboration of all Fund members to reduce and to eliminate as rapidly as practicable reliance on bilateralism.

    The Fund believes that efficient collaboration to this end would be increased if members would now review their bilateral practices and arrangements which contain an element of exchange discrimination. This review would usefully serve as a preparation for consultations with the Fund during the year under Article XIV, and also for the close cooperation referred to in paragraph 3 of the attached policy decision.

    Very truly yours,

    /S/

    Ivar Rooth

    Managing Director

    Policy Decision on Bilateralism

    1. This decision records the Fund’s views on the use of bilateral arrangements.

    2. Fund policies and attitude on bilateral arrangements which involve the use of exchange restrictions and represent limitations on a multilateral system of payments are an integral part of its policy on restrictions. This policy aims at the elimination of foreign exchange restrictions and the earliest possible establishment of a multilateral system of payments in respect of current transactions between members. The Fund’s policies and procedures on such restrictions rest on Articles I, VIII and XIV of the Fund Agreement.

    3. Certain members have already taken steps to reduce their dependence on bilateral arrangements, but many members still use them. The Fund welcomes the reduced reliance on these arrangements and believes that the improvement in the international payments situation makes it less necessary for members to rely on such arrangements. The Fund urges the full collaboration of all its members to reduce and to eliminate as rapidly as practicable reliance on bilateralism. In this respect the Fund recommends close cooperation of those who plan to make their currencies convertible in the near future. Unless this policy is energetically pursued by all countries, both convertible and inconvertible, there is serious risk that widespread restrictions, particularly of a discriminatory character, will persist. Moreover, the persistence of bilateralism may impede the attainment and maintenance of convertibility. This whole problem is one not only for countries which maintain bilateral arrangements but also for other countries whose domestic and foreign economic policies may adversely affect the balance of payments of other members.

    4. The Fund will have discussions with its members on their need to retain existing bilateral arrangements or their ability to facilitate the reduction of bilateral arrangements by other countries. During the coming year, the Fund will explore with all countries which are parties to bilateral arrangements which involve the use of exchange restrictions the need for the continuation of these arrangements, the possibilities of their early removal, and ways and means, including the use of the Fund’s resources, by which the Fund can assist in this process. In its examination of the justification for reliance on such bilateral arrangements the Fund will, without excluding other considerations, have particular regard to the payments position and prospects of the members concerned.

    Appendix II DECISION ON TRANSACTIONS AND COMPUTATIONS INVOLVING FLUCTUATING CURRENCIES

    The Fund has examined certain problems relating to the adjustment of its holdings of fluctuating currencies and to transactions and computations involving such currencies and has come to the following conclusions:

    I. The Fund does not intend to apply the rules set forth in II below to its holdings of members’ currencies having fluctuating rates when there is no practical interest for the Fund or members to do so. To avoid misunderstanding, it may be useful to point out that these rules do not constitute a formula for dealing with the currencies of countries in which current transactions are conducted at multiple rates.

    II. Subject to I above, the following rules are adopted:

    Where the foreign exchange value of a currency fluctuates so that exchange transactions in that currency are not based on parity in accordance with Article IV, Section 3, and the Fund decides to apply Article IV, Section 8, computations by the Fund relating to that currency (hereinafter referred to as “fluctuating currency”) for the purpose of applying the provisions of the Articles of Agreement of the Fund will be made as follows:

    • (i) Computations will be based on the mid-point between the highest rate and the lowest rate for the United States dollar quoted, for cable transfers for spot delivery, in the main financial center of the country of the fluctuating currency on the day specified in sub-paragraph (ii) below; provided, however, that when prescribed by sub-paragraph (iii) below computations will be based on the mid-point between the highest rate and the lowest rate for the fluctuating currency quoted in New York for cable transfers for spot delivery. Arrangements will be made with the Fund’s depository in the country of the appropriate exchange market as determined hereunder to communicate to the Fund the rates referred to in this sub-paragraph (i).

      • (ii) For the purpose of sub-paragraph (i) the specified day will be:

        • (a) For the sale or purchase by the Fund of a fluctuating currency in exchange for another currency, or the purchase of gold by the Fund under Article V, Section 6(a), or voluntary repurchase, the last business day, in the main financial center of the country of the fluctuating currency, before the Fund instructs its depository to transfer or receive the fluctuating currency.

        • (b) For computations for the purpose of Article V, Section 7(b) or Article V, Section 8(f), the day as of which the computation is made.

      • (iii) If a mid-point cannot be determined in the main financial center of the country of the fluctuating currency in accordance with sub-paragraph (i) for the day specified in sub-paragraph (ii), there will be substituted therefor the mid-point for the fluctuating currency in New York determined in accordance with sub-paragraph (i) for the same calendar day. If no such mid-point can be deter-mined for that day, there will then be substituted, to the extent necessary, first the previous business day in the main financial center of the country of the fluctuating currency, and secondly the same calendar day in New York. This procedure will be followed, to the extent necessary, until a mid-point is determined in accordance with sub-paragraph (i), except where the Fund decides to make a special determination under paragraph 6 below.

    • Where as the result of the application of paragraph 1 the amount of currency which the Fund has agreed to sell would exceed the amount that the purchasing member is entitled to purchase under Article V, Section 3(a)(iii), the amount of currency to be sold will be reduced to the amount the purchasing member is entitled to purchase under that provision unless the Fund makes a waiver under Article V, Section 4.

    • The Fund will revalue all of its holdings of a fluctuating currency on the basis of the mid-point employed for a computation under paragraph 1, and such revaluation will take effect as of the day specified for the computation in sub-paragraph (ii) of paragraph 1. As a minimum, revaluation will be made as of each July 31, October 31, January 31, and April 30.

    • Whenever the Fund revalues its holdings of a fluctuating currency under paragraph 3, it will establish an account receivable or an account payable, as the case may be, in respect of the amount of the currency payable by or to the member under Article IV, Section 8. For the purpose of applying the provisions of the Articles as of any date, the Fund’s holdings of the fluctuating currency will be deemed to be its actual holdings plus the balance in any such account receivable or minus the balance in any such account payable as of that date.

    • Any account receivable or payable established under paragraph 4 above will be settled promptly after each July 31, October 31, January 31, and April 30, provided, however, that settlement will not be necessary for any July 31, October 31, or January 31 on which the mid-point as determined under paragraph 1 above does not differ by more than five per cent from the rate for the last settlement. Settlement of any account receivable or payable established under paragraph 4 above will always be made when requested by either the Fund or the member.

    • In any case in which it appears to the Fund that any of the provisions of paragraphs 1 to 5 above are not adequate or satisfactory, the Fund will make a special determination for the treatment of such case.

    III. Sections I and II above of this decision shall be communicated to members together with SM/54/25 as amended by SM/54/25, Supplement 1 as an explanatory memorandum.

    June 15, 1954

    Appendix III SUMMARY OF FUND TRANSACTIONS
    from the beginning of operations to April 30, 19551(In millions of U.S. dollars)
    Member

    (1)




    Currency

    Purchased

    by Member

    Against Own

    Currency

    (2)


    Member’s

    Currency

    Sold by

    Fund to

    Other Members

    for Their

    Currency

    or Gold

    (3)
    Member’s

    Currency

    Repurchased

    by Member

    with

    Convertible

    Currency

    or Gold

    (4)




    Member’s

    Currrency

    Used for

    Repurchase

    by Other

    Members

    (5)
    Effect of

    Operations

    on Fund’s

    Currency Holdings

    (columns

    2 & 5

    minus

    3 & 4)

    (6)


    Fund’s

    Currency

    Holdings on

    April 30, 1955

    Expressed as

    Percentage

    of Quota

    (7)
    Australia50.042.08.0100
    Austria7.5–7.575
    Belgium33.011.421.60.075
    Bolivia2.52.5100
    Brazil168.5103.065.5119
    Burma97
    Canada75
    Ceylon95
    Chile21.312.58.8100
    China
    Colombia25.025.0125
    Costa Rica1.22.1–0.975
    Cuba75
    Czechoslovakia6.06.0103
    Denmark10.211.0–0.890
    Dominican Republic75
    Ecuador75
    Egypt3.08.5–5.575
    El Salvador75
    Ethiopia0.62.0–1.475
    Finland9.59.50.098
    France125.020.0105.099
    Germany, Federal Republic of4.445.1–49.575
    Greece
    Guatemala75
    Haiti75
    Honduras75
    Iceland75
    India100.072.427.6100
    Indonesia15.015.0100
    Iran17.58.78.8100
    Iraq100
    Israel
    Italy
    Japan124.061.662.4100
    Jordan97
    Lebanon0.9–0.975
    Luxembourg95
    Mexico45.022.522.5100
    Netherlands75.475.40.075
    Nicaragua0.50.50.075
    Norway9.69.60.075
    Pakistan96
    Panama75
    Paraguay0.90.40.589
    Peru3.1–3.175
    Philippine Republic75
    Sweden8.0–8.075
    Syria1.4–1.475
    Thailand
    Turkey35.015.020.0121
    Union of South Africa10.010.00.075
    United Kingdom300.0191.7112.0–3.782
    United States996.4577.9–418.559
    Uruguay
    Venezuela75
    Yugoslavia9.09.0102
    1,197.71,203.92686.23577.9–114.5

    Totals may not equal sum of items because of rounding.

    $1,197.7 million sold for currency and $6.2 million for gold.

    $577.9 million repurchased with convertible currency and $108.3 million with gold.

    Appendix IV DECISION ON GOLD MARGINS—AMENDMENT OF RULE F-4

    The following amendment of Rule F-4 adopted at Meeting 54/52 [October 15, 1954] shall continue to be effective after November 15, 1954:

    For transactions in gold by a member the margin above and below par value shall be, at the option of the member, either:

    • 1. One quarter of one per cent plus the following charges:

      • (a) The actual or computed cost of converting the gold transferred into good delivery bars at the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

      • (b) The actual or computed cost of transporting the gold transferred to the normal center for dealing in gold of either the buying member or the member whose currency is exchanged for the gold;

      • (c) Any charges made by the custodian of the gold transferred for effecting the transfer; or

    • 2. One per cent, which one per cent shall be taken to include all of the charges set forth in 1 above.

    November 5, 1954

    Appendix V MEMBERSHIP, QUOTAS, GOVERNORS, AND VOTING POWER

    as of April 30, 1955

    QUOTAVOTES
    MemberAmount

    (000,000’s)
    Per Cent

    of Total
    Governor

    Alternate
    Number 1Per Cent

    of Total
    Australia$200.02.29Sir Arthur William Fadden

    Sir Percy Claude Spender
    2,2502.22
    Austria50.00.57Eugen Margaretha

    Franz Stoeger-Marenpach
    7500.74
    Belgium225.02.58Maurice Frere

    Joseph Vanheurck
    2,5002.47
    Bolivia10.00.11Franklin Antezana Paz

    Guillermo Mac Lean
    3500.35
    Brazil150.01.72Eugenio Gudin

    Octavio Bulhoes
    1,7501.73
    Burma15.00.17U Kyaw Nyein

    U San Lin
    4000.39
    Canada300.03.44Walter Edward Harris

    James Elliott Coyne
    3,2503.21
    Ceylon15.00.17M. D. H. Jayawardene

    Sir Arthur Ranasinha
    4000.39
    Chile50.00.57Arturo Maschke

    Felipe Herrera
    7500.74
    China550.06.30Peh-Yuan Hsu

    Pao-hsu Ho
    5,7505.68
    Colombia50.00.57Hernan Jaramillo Ocampo

    Eduardo Arias Robledo
    7500.74
    Costa Rica5.00.06Angel Coronas

    Mario Fernandez
    3000.30
    Cuba50.00.57Joaquin Martinez Saenz

    Bernardo Figueredo Antunez
    7500.74
    Denmark68.00.78Svend Nielsen

    Einar Dige
    9300.92
    Dominican Republic5.00.06J. J. Gomez

    Hector Garcia Godoy
    3000.30
    Ecuador5.00.06Guillermo Perez-Chiriboga

    Hernan Escudero-Moscoso
    3000.30
    Egypt60.00.69Abdel Moneim El Kaissouni

    Ahmed Nabih Younis
    8500.84
    El Salvador2.50.03Catalino Herrera

    Manuel Melendez-Valle
    2750.27
    Ethiopia6.00.07Ato Makonnen Habte Wolde

    Stanislaw Kirkor
    3100.31
    Finland38.00.44R. v. Fieandt

    Reino Rossi
    6300.62
    France525.06.02Pierre Mendes-France

    Wilfrid Baumgartner
    5,5005.43
    Germany, Federal Republic of330.03.78Wilhelm Vocke

    Hans Karl von Mangoldt-Reiboldt
    3,5503.51
    Greece40.00.46Xenophon Zolotas

    Charalambos Theodoropoulos
    6500.64
    Guatemala5.00.06Gustavo Miron Porras

    Gabriel Orellana
    3000.30
    Haiti2.00.02Christian Aime

    Edmond Policard
    2700.27
    Honduras2.50.03Marco Antonio Batres

    Roberto Ramirez
    2750.27
    Iceland1.00.01Bjorn Olafsson

    Thor Thors
    2600.26
    India400.04.58Shri Chintaman D. Deshmukh

    Shri B. Rama Rau
    4,2504.20
    Indonesia110.01.26Sjafruddin Prawiranegara

    Soetikno Slamet
    1,3501.33
    Iran$ 35.00.40Ali Asghar Nasser

    Ebrahim Kachani
    6000.59
    Iraq8.00.09Dhya Jafar

    Saleh Kubba
    3300.33
    Israel4.50.05David Horowitz

    Martin Rosenbluth
    2950.29
    Italy180.02.06Ezio Vanoni

    Ugo La Malfa
    2,0502.02
    Japan250.02.86Hisato Ichimada

    Eikichi Araki
    2,7502.72
    Jordan3.00.03Abdul Monem Rifa’i

    El Sayed Abdel Karim El Hamoud
    2800.28
    Lebanon4.50.05Nasr Harfouche

    Farid Solh
    2950.29
    Luxembourg10.00.11Pierre Werner

    Hugues Le Gallais
    3500.35
    Mexico90.01.03Antonio Carrillo Flores

    Rodrigo Gomez
    1,1501.14
    Netherlands275.03.15M. W. Holtrop

    E. van Lennep
    3,0002.96
    Nicaragua2.00.02Guillermo Sevilla Sacasa

    Leon De Bayle
    2700.27
    Norway50.00.57Erik Brofoss

    Christian Brinch
    7500.74
    Pakistan100.01.15Mohamad Ali

    Abdul Qadir
    1,2501.23
    Panama0.50.01Roberto Heurtematte

    Jose D. Crespo
    2550.25
    Paraguay3.50.04Epifanio Mendez

    Pedro Juan Mayor
    2850.28
    Peru25.00.29Andres F. Dasso

    Emilio G. Barreto
    5000.49
    Philippines15.00.17Miguel Cuaderno, Sr.

    Emilio Abello
    4000.39
    Sweden100.01.15M. H. Lemne

    T. L. Hammarskiold
    1,2501.23
    Syria6.50.07Izzat Traboulsi

    Awad Barakat
    3150.31
    Thailand12.50.14Prince Viwat

    Puey Ungphakorn
    3750.37
    Turkey43.00.49Hasan Polatkan

    Burhan Ulutan
    6800.67
    Union of South Africa100.01.15Eric Hendrik Louw

    Daniel Hendrik Steyn
    1,2501.23
    United Kingdom1,300.014.89Richard Austen Butler

    Sir George Bolton
    13,25013.08
    United States2,750.031.51George M. Humphrey

    Samuel C. Waugh
    27,75027.40
    Uruguay15.00.17Miguel B. Rognoni

    Carlos Sanguinetti
    4000.39
    Venezuela15.00.17J. J. Gonzalez Gorrondona

    Francisco Alfonso Ravard
    4000.39
    Yugoslavia60.00.69Nenad Popovic

    Mirko Mermolja
    8500.84
    $8,728.0100.002101,280100.002

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

    This total is not equal to the sum of the items because of rounding.

    Appendix VI CHANGES IN MEMBERSHIP OF THE BOARD OF GOVERNORS

    Changes in the membership of the Board of Governors between May 1, 1954 and April 30, 1955 have been as follows:

    David Horowitz was appointed Governor for Israel, June 14, 1954. Martin Rosenbluth was appointed Alternate Governor for Israel, June 14, 1954.

    Sjafruddin Prawiranegara was appointed Governor for Indonesia, June 28, 1954.

    Soetikno Slamet was appointed Alternate Governor for Indonesia, June 28, 1954.

    M. D. H. Jayawardene succeeded Sir Oliver Goonetilleke as Governor for Ceylon, July 6, 1954.

    Abdel Hamid El Cherif succeeded Abdel Galeel El Emary as Governor for Egypt, July 11, 1954.

    Guillermo Mac Lean succeeded Alfredo Oporto Crespo as Alternate Governor for Bolivia, July 14, 1954.

    Walter Edward Harris succeeded Douglas Charles Abbott as Governor for Canada, July 22, 1954.

    Clemente de Althaus, Governor for Peru, died July 22, 1954.

    Prince Viwat was reappointed Governor for Thailand, July 28, 1954.

    Puey Ungphakorn succeeded Kajit Kasemsri as Alternate Governor for Thailand, July 28, 1954.

    Peh-Yuan Hsu succeeded Chia Kan Yen as Governor for China, July 29, 1954.

    Ezio Vanoni succeeded Giuseppe Pella as Governor for Italy, July 30, 1954.

    Andres F. Dasso was appointed Governor for Peru, August 3, 1954.

    Nicolaas Christiaan Havenga was reappointed Governor for the Union of South Africa, August 5, 1954.

    Erik Brofoss succeeded Gunnar Jahn as Governor for Norway, August 6, 1954.

    Gustavo Miron Porras succeeded Manuel Noriega Morales as Governor for Guatemala, August 17, 1954.

    Carlos Leonidas Acevedo resigned as Alternate Governor for Guatemala, August 17, 1954.

    Abdul Qadir succeeded Anwar Ali as Alternate Governor for Pakistan, August 20, 1954.

    Manuel Bendfeldt Jauregui was appointed Alternate Governor for Guatemala, August 26, 1954.

    Dhya Jafar succeeded Abdul Kerim Al-Uzri as Governor for Iraq, September 2, 1954.

    Saleh Kubba succeeded Abdul Ghani Al-Dalli as Alternate Governor for Iraq, September 2, 1954.

    Abdel Moneim El Kaissouni succeeded Abdel Hamid El Cherif as Governor for Egypt, September 7, 1954.

    U Kyaw Nyein succeeded U Tin as Governor for Burma, September 11, 1954.

    U San Lin succeeded U Kyaw Nyun as Alternate Governor for Burma, September 11, 1954.

    Feridun Cemal Erkin succeeded Hasan Polatkan as Governor for Turkey, September 21, 1954.

    Munir Mostar succeeded Burhan Ulutan as Alternate Governor for Turkey, September 21, 1954.

    Jorge Rossi succeeded Angel Coronas as Governor for Costa Rica, September 23, 1954.

    Mario Saborio succeeded Mario Fernandez as Alternate Governor for Costa Rica, September 23, 1954.

    Jens Otto Krag succeeded Svend Nielsen as Governor for Denmark, September 23, 1954.

    Carlos J. Canessa succeeded Catalino Herrera as Governor for El Salvador, September 23, 1954.

    Awni Khalidy succeeded Dhya Jafar as Governor for Iraq, September 23, 1954.

    Pedro A. Caballero succeeded Hermogenes Gonzalez Maya as Governor for Paraguay, September 23, 1954.

    Angel Coronas succeeded Jorge Rossi as Governor for Costa Rica, September 30, 1954.

    Mario Fernandez succeeded Mario Saborio as Alternate Governor for Costa Rica, September 30, 1954.

    Svend Nielsen succeeded Jens Otto Krag as Governor for Denmark, September 30, 1954.

    Catalino Herrera succeeded Carlos J. Canessa as Governor for El Salvador, September 30, 1954.

    Dhya Jafar succeeded Awni Khalidy as Governor for Iraq, September 30, 1954.

    Sir Arthur Ranasinha succeeded N. U. Jayawardena as Alternate Governor for Ceylon, November 10, 1954.

    J. J. Gomez succeeded S. Salvador Ortiz as Governor for the Dominican Republic, December 1, 1954.

    Hisato Ichimada succeeded Sankuro Ogasawara as Governor for Japan, December 17, 1954.

    Eikichi Araki succeeded Hisato Ichimada as Alternate Governor for Japan, December 17, 1954.

    James Elliott Coyne succeeded Graham Ford Towers as Alternate Governor for Canada, January 13, 1955.

    Epifanio Mendez succeeded Pedro A. Caballero as Governor for Paraguay, February 4, 1955.

    Pedro Juan Mayor succeeded Augusto Urbieta Fleitas as Alternate Governor for Paraguay, February 4, 1955.

    Ahmed Nabih Younis succeeded Mustapha El Kouni as Alternate Governor for Egypt, February 10, 1955.

    Gabriel Orellana succeeded Manuel Bendfeldt Jauregui as Alternate Governor for Guatemala, February 18, 1955.

    Hasan Polatkan succeeded Feridun Cemal Erkin as Governor for Turkey, February 23, 1955.

    Burhan Ulutan succeeded Munir Mostar as Alternate Governor for Turkey, February 23, 1955.

    R. v. Fieandt succeeded Sakari Tuomioja as Governor for Finland, March 17, 1955.

    Eric Hendrik Louw succeeded Nicolaas Christiaan Havenga as Governor for the Union of South Africa, April 13, 1955.

    Hector Garcia Godoy succeeded Pedro Pablo Cabral B. as Alternate Governor for the Dominican Republic, April 14, 1955.

    Appendix VII EXECUTIVE DIRECTORS AND VOTING POWER

    as of April 30, 1955

    Director

    Alternate
    Casting

    Votes of
    Votes by

    Country
    Total

    Votes 1
    Per Cent

    of Total
    APPOINTED
    Frank A. Southard, Jr.

    John S. Hooker
    United States27,75027,75027.40
    Viscount Harcourt

    P. J. Keogh
    United Kingdom13,25013,25013.08
    Beue Tann

    Kuo-Hwa Yu
    China5,7505,7505.68
    Jean de Largentaye

    André de Lattre
    France5,5005,5005.43
    P. S. Narayan Prasad

    V. G. Pendharkar
    India4,2504,2504.20
    ELECTED
    Octavio ParanaguáBolivia350
    (Brazil)Brazil1,750
    Joaquim CândidoChile750
    Gouvêa Filho

    (Brazil)
    Dominican Republic300
    Ecuador300
    Haiti270
    Panama255
    Paraguay285
    Peru500
    Uruguay4005,1605.09
    Ahmed Zaki SaadEgypt850
    (Egypt)Ethiopia310
    Albert MansourIran600
    (Egypt)Iraq330
    Jordan280
    Lebanon295
    Pakistan1,250
    Philippines400
    Syria3154,6304.57
    José Luna-Guerra (Mexico)Colombia750
    Jorge Sol (El Salvador)Costa Rica300
    Cuba750
    El Salvador275
    Guatemala300
    Honduras275
    Mexico1,150
    Nicaragua270
    Venezuela4004,4704.41
    André van CampenhoutAustria750
    (Belgium)Belgium2,500
    Maurice ToussaintLuxembourg350
    (Belgium)Turkey6804,2804.23
    D. Crena de IonghIsrael295
    (Netherlands)Netherlands3,000
    H. M. H. A. van der ValkYugoslavia8504,1454.09
    (Netherlands)
    Carlo Gragnani (Italy)Greece650
    Costa P. CaranicasIndonesia1,350
    (Greece)Italy2,0504,0504.00
    Takeo Yumoto (Japan)Burma400
    Boonma WongswanCeylon400
    (Thailand)Japan2,750
    Thailand3753,9253.88
    S. T. G. Åkermalm (Sweden)Denmark930
    Torben Friis (Denmark)Finland630
    Iceland260
    Norway750
    Sweden1,2503,8203.77
    Otmar Emminger (Federal Republic of Germany)Federal Republic of
    Otto Donner (Federal Republic of Germany)Germany3,5503,5503.51
    L. H. E. Bury (Australia)Australia2,250
    B. B. Callaghan (Australia)Union of South Africa1,2503,5003.46
    Louis Rasminsky (Canada)Canada3,2503,2503.21
    J. H. Warren (Canada)
    101,280100.002

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

    This total is not equal to the sum of the items because of rounding.

    Appendix VIII CHANGES IN MEMBERSHIP OF THE EXECUTIVE BOARD

    Changes in the membership of the Executive Board between May 1, 1954 and April 30, 1955 have been as follows:

    J. H. Warren was appointed Alternate Executive Director to Louis Rasminsky, effective May 1, 1954.

    Erling Sveinbjornsson served as Temporary Alternate Executive Director to Alf K. Eriksen, May 5, 1954.

    C. A. Annis served as Temporary Alternate Executive Director to Louis Rasminsky, May 14 to 19, 1954.

    Thomas Basyn served as Temporary Alternate Executive Director to Hubert Ansiaux, May 19 to June 9, 1954.

    Alejandro Baca-Muñoz resigned as Alternate Executive Director to Enrique Delgado, May 28, 1954.

    Sir Edmund Hall-Patch resigned as Executive Director for the United Kingdom, June 30, 1954.

    D. H. F. Rickett was appointed Executive Director for the United Kingdom, effective July 1, 1954.

    F. J. Portsmore, formerly Alternate Executive Director to Sir Edmund Hall-Patch, was appointed Alternate Executive Director to D. H. F. Rickett, effective July 1, 1954, and to Viscount Harcourt, effective November 1, 1954.

    Günther Grosse served as Temporary Alternate Executive Di-rector to Otmar Emminger, July 7 to 9 and July 23 to August 18, 1954.

    C. W. Conron served as Temporary Alternate Executive Director to L. H. E. Bury, August 11, 1954.

    D. H. F. Rickett resigned as Executive Director for the United Kingdom, September 30, 1954.

    Viscount Harcourt was appointed Executive Director for the United Kingdom, effective October 1, 1954.

    José Luna-Guerra was appointed Alternate Executive Director to Enrique Delgado, effective October 15, 1954.

    Veikko Makkonen served as Temporary Alternate Executive Director to Alf K. Eriksen, October 20, 1954.

    Hubert Ansiaux completed his term of service as Executive Director for Belgium and Luxembourg, October 31, 1954.

    Enrique Delgado completed his term of service as Executive Director for Colombia, Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, October 31, 1954.

    Alf K. Eriksen completed his term of service as Executive Director for Denmark, Finland, Iceland, Norway, and Sweden, October 31, 1954.

    William Tennekoon completed his term of service as Alternate Executive Director to Takeo Yumoto, October 31, 1954.

    S. T. G. Åkermalm completed his term of service as Alternate Executive Director to Alf K. Eriksen, October 31, 1954, and was elected Executive Director by Denmark, Finland, Iceland, Norway, and Sweden, effective November 1, 1954.

    L. H. E. Bury was re-elected Executive Director by Australia and the Union of South Africa, effective November 1, 1954.

    B. B. Callaghan was reappointed Alternate Executive Director to L. H. E. Bury, effective November 1, 1954.

    D. Crena de Iongh completed his term of service as Executive Director for the Netherlands, October 31, 1954, and was elected Executive Director by Israel, the Netherlands, and Yugoslavia, effective November 1, 1954.

    H. M. H. A. van der Valk was reappointed Alternate Executive Director to D. Crena de Iongh, effective November 1, 1954.

    Otmar Emminger completed his term of service as Executive Director for the Federal Republic of Germany and Yugoslavia, October 31, 1954, and was elected Executive Director by the Federal Republic of Germany, effective November 1, 1954.

    Otto Donner was reappointed Alternate Executive Director to Otmar Emminger, effective November 1, 1954.

    Jean C. Godeaux completed his term of service as Alternate Executive Director to Hubert Ansiaux, October 31, 1954, and was elected Executive Director by Austria, Belgium, Luxembourg, and Turkey, effective November 1, 1954.

    Maurice Toussaint was appointed Alternate Executive Director to Jean C. Godeaux, effective November 1, 1954, and to André van Campenhout, effective December 1, 1954.

    Carlo Gragnani completed his term of service as Executive Director for Austria, Greece, Italy, and Turkey, October 31, 1954, and was elected Executive Director by Greece, Indonesia, and Italy, effective November 1, 1954.

    Costa P. Caranicas was reappointed Alternate Executive Director to Carlo Gragnani, effective November 1, 1954.

    José Luna-Guerra completed his term of service as Alternate Executive Director to Enrique Delgado, October 31, 1954, and was elected Executive Director by Colombia, Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, effective November 1, 1954.

    Jorge Sol was appointed Alternate Executive Director to Jose Luna-Guerra, effective November 1, 1954.

    Octavio Paranaguá completed his term of service as Executive Director for Bolivia, Brazil, Chile, Dominican Republic, Ecuador, Panama, Paraguay, Peru, and Uruguay, October 31, 1954, and was elected Executive Director by Bolivia, Brazil, Chile, Dominican Republic, Ecuador, Haiti, Panama, Paraguay, Peru, and Uruguay, effective November 1, 1954.

    Joaquim Cândido Gouvêa Filho was reappointed Alternate Executive Director to Octavio Paranaguá, effective November 1, 1954.

    Louis Rasminsky was re-elected Executive Director by Canada, effective November 1, 1954.

    J. H. Warren was reappointed Alternate Executive Director to Louis Rasminsky, effective November 1, 1954.

    Ahmed Zaki Saad was re-elected Executive Director by Egypt, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, Philippines, and Syria, effective November 1, 1954.

    Takeo Yumoto was re-elected Executive Director by Burma, Ceylon, Japan, and Thailand, effective November 1, 1954.

    Boonma Wongswan was appointed Alternate Executive Director to Takeo Yumoto, effective November 1, 1954.

    Torben Friis was appointed Alternate Executive Director to S. T. G. Akermalm, effective November 10, 1954.

    Jean C. Godeaux resigned as Executive Director for Austria, Belgium, Luxembourg, and Turkey, November 30, 1954.

    André van Campenhout was elected Executive Director by Austria, Belgium, Luxembourg, and Turkey, effective December 1, 1954.

    R. G. C. Smith served as Temporary Alternate Executive Director to Louis Rasminsky, December 22, 1954.

    F. J. Portsmore resigned as Alternate Executive Director to Viscount Harcourt, December 31, 1954.

    P. J. Keogh was appointed Alternate Executive Director to Viscount Harcourt, effective January 1, 1955.

    Appendix IX (i) ADMINISTRATIVE BUDGET Letter of Transmittal

    July 1, 1955

    My dear Mr. Chairman:

    The administrative budget of the Fund for the Fiscal Year ending April 30, 1956, 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.

    The presentation includes the actual experience for the Fiscal Year 1953-54, and the budget and actual expenditures for the Fiscal Year 1954-55 as compared with the administrative budget for the Fiscal Year 1955-56.

    I should like to reiterate that it is of course impossible to predict whether the amounts budgeted will, in fact, meet the requirements of the Fund’s program. The amounts shown are an estimate of requirements on the basis of the expected level of activities. Should contingencies arise or present plans change materially, the management may have to recommend an appropriate amendment to the Executive Board.

    Yours sincerely,

    /s/

    Ivar Rooth

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    Appendix IX (ii) ADMINISTRATIVE BUDGET

    As Approved by the Executive Board for the Fiscal Year Ending April 30, 1956, Compared with Actual Expenditures for the Fiscal Years 1953-54 and 1954-55
    F. Y. 1954-55
    Category of ExpenditureBudget

    F. Y. 1955-56
    BudgetActual

    Expenditures
    Actual

    Expenditures

    F. Y. 1953-54
    I. BOARD OF GOVERNORS$ 390,000$ 174,000$ 171,004.44$ 139,066.10
    II. OFFICE OF EXECUTIVE DIRECTORS
    Salaries$ 568,700$ 566,000$ 544,630.34$ 551,077.73
    Other compensations and benefits80,30080,00076,523.3382,435.05
    Travel90,000101,00084,219.0796,563.64
    Total$ 739,000$ 747,000$ 705,372.74$ 730,076.42
    III. STAFF
    Salaries$2,581,700$2,479,700$2,460,989.38$2,463,594.86
    Other compensations and benefits605,800598,800592,132.95619,844.20
    Travel295,000284,000283,362.25281,803.56
    Total$3,482,500$3,362,500$3,336,484.58$3,365,242.62
    IV. OTHER ADMINISTRATIVE EXPENSES
    Communications$ 121,500$ 119,000$ 116,172.14$ 119,521.25
    Office occupancy expenses430,000460,000451,723.85450,063.68
    Books and printing95,500123,300103,124.21105,537.09
    Supplies and equipment64,00070,80065,663.5763,732.71
    Miscellaneous47,50042,50039,825.8835,919.08
    Total$ 758,500$ 815,600$ 776,509.65$ 774,773.81
    TOTAL$5,370,000$5,099,1001$4,989,371.41$5,009,158.95

    Includes $16,600 for liquidation of prior year commitments.

    Appendix IX (iii) COMPARATIVE STATEMENT OF INCOME

    (Values expressed in U. S. dollars on basis of established parities)
    Year

    ended

    Apr. 30, 1953
    Year

    ended

    Apr. 30, 1954
    Year

    ended

    Apr. 30, 1955
    INCOME
    Service charges received in gold$ 330,625.00$1,156,450.00$ 243,750.00
    Charges on Fund’s holdings of members’ currencies and securities in excess of quotas
    Received in gold$2,627,280.47$3,258,252.18$1,914,631.83
    Received in members’ currencies905,934.38414,924.4815,293.12
    Outstanding22,456.00191,208.101111,679.021
    Total$3,555,670.85$3,764,384.76$2,041,603.97
    Sales of Fund’s publications$ 14,052.40$ 14,297.18$ 16,088.52
    Other operational income262,059.1249,654.92244,404.29
    Miscellaneous income328.43412.91579.07
    TOTAL INCOME$4,162,735.80$4,985,199.77$2,346,425.85
    TOTAL ADMINISTRATIVE EXPENDITURE$4,883,652.58$5,009,158.95$4,989,371.41

    See Appendix X (vi), footnote 4.

    Excludes transfers to Stand-By Charge Reserve for the years 1954 and 1955 of $42,091.77 and $42,091.78, respectively.

    Appendix X (i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENDITURE, AND SUPPORTING SCHEDULES Letter of Transmittal

    July 1, 1955

    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 the audited Balance Sheet and the audited Statement of Income and Expenditure of the Fund for the year ended April 30, 1955, together with the Auditors’ Certificate, as well as audited financial statements of the Staff Retirement Fund.

    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, Australia, the Federal Republic of Germany, and Turkey nominated auditors to serve on this Committee. They respectively nominated Mr. Lindsay G. D. Farmer, Chief Auditor in New York for the Commonwealth of Australia; Mr. Josef Heiliger, Director of the Procedures and Auditing Department of the Bank deutscher Länder; and Mr. Münir Mostar, Financial Counselor of the Turkish Embassy in Washington, D. C. The auditors thus nominated were confirmed by the Executive Directors.

    It will be noted that, in the period under review, expenditure exceeded income by $2,522,941.94, and that the total excess of expenditure over income from inception to April 30, 1955 is thus increased to $10,512,715.31.

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

    Yours sincerely,

    /s/

    Ivar Rooth

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    Appendix X (ii) AUDITORS’ CERTIFICATE

    We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1955, of the Statement of Income and Expenditure for the fiscal year then ended, and of the schedules related to such financial statements. As required by Section 20 of the Fund’s By-Laws, our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. 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 all such information and representations as we have required in the conduct of our audit. We have also reviewed 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, 1955, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

    /s/ L. G. D. Farmer (Australia)

    /s/ Josef Heiliger (Germany)

    /s/ Münir Mostar (Turkey)

    Appendix X (iii) BALANCE SHEET April 30, 1955

    Values expressed in United States dollars n the basis of established parities (See Note 1)
    ASSETS
    GOLD WITH DEPOSITORIES (See Note 2)$1,744,362,549.42
    (49,838,929.983 fine ounces at US$35.00 per ounce)
    CURRENCY AND SECURITIES WITH DEPOSITORIES
    Members
    Currency$ 807,451,784.38
    Securities5,360,278,608.57$6,167,730,392.95
    (non-negotiable, non-interest bearing demand obligations payable at face value by members in their currencies)
    Add: Currency adjustments
    (in accordance with Article IV, Section 8)
    Receivable$ 3,626,435.70
    Payable394,717.053,231,718.65
    $6,170,962,111.60
    Withdrawing member
    Currency and securities128,786,824.646,299,748,936.24
    SUBSCRIPTIONS TO CAPITAL—RECEIVABLE
    Balances not due797,671,444.30
    (members whose par values have not yet been established)
    OTHER ASSETS (See Note 5)948,952.85
    (other cash, receivables, etc.)
    TOTAL ASSETS$8,842,731,882.81
    CAPITAL, RESERVES, AND LIABILITIES
    CAPITAL
    Authorized subscriptions of members$8,728,000,000.00
    Less: Excess of expenditure over income
    From inception to April 30, 1954$7,989,773.37
    For year ended April 30, 1955 (See Note 3)2,522,941.9410,512,715.31
    Net capital$8,717,487,284.69
    WITHDRAWING MEMBER’S SUBSCRIPTION125,000,000.00
    RESERVES
    Stand-by charge reserve (See Note 4)84,183.55
    LIABILITIES (See Note 5)160,414.57
    (accruals, accounts payable, deferred income, etc.)
    TOTAL CAPITAL, RESERVES, AND LIABILITIES$8,842,731,882.81
    /s/ Y. C. Koo/s/ Ivar Rooth
    TreasurerManaging Director
    /s/ Charles M. Powell
    Comptroller and Assistant Treasurer
    NOTES: 1. With the exception of Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles which, for bookkeeping purposes, are computed at provisional rates of 0.988750 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar.2. Excludes 2,022.522 fine ounces earmarked for members.3. After deduction of $91,085.33, representing transfers of provisions for meeting potential costs in respect of gold, shown in previous balance sheets as separate reserves.4. A stand-by charge has, under certain circumstances, to be credited against the service charge for a drawing under the stand-by arrangement. The maximum amount on April 30, 1955 is $84,183.55. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1955 is $36,174.64.5. The assets and liabilities of the Staff Retirement Fund are not included in this balance sheet.

    Appendix X (iv) STATEMENT OF INCOME AND EXPENDITURE for the year ended April 30, 1955

    INCOME
    Income from operations
    Operational charges$ 288,154.291
    Charges on balances in excess of quota2,041,603.97$2,329,758.26
    Other income
    Sales of Fund’s publications$ 16,088.52
    Miscellaneous income579.0716,667.59
    TOTAL INCOME$2,346,425.85
    EXPENDITURE
    Board of Governors$ 171,004.44
    Office of Executive Directors
    Salaries$ 544,630.34
    Other compensations and benefits76,523.33
    Travel84,219.07705,372.74
    Staff
    Salaries$2,460,989.38
    Other compensations and benefits592,132.95
    Travel283,362.253,336,484.58
    Other administrative expenses
    Communications$ 116,172.14
    Office occupancy expenses451,723.85
    Books and printing103,124.21
    Supplies and equipment65,663.57
    Miscellaneous39,825.88776,509.65
    Total Administrative Expenditure$4,989,371.41
    Gold handling charges$ 1,362.55
    Exchange adjustments9.161,371.71
    TOTAL EXPENDITURE4,990,743.12
    EXCESS OF EXPENDITURE OVER INCOME FOR THE YEAR$2,644,317.27
    Less:
    Transfer from reserves of provision for meeting potential costs in respect of gold$ 91,085.33
    Proceeds from sale of certain office furnishings and fittings30,290.00121,375.33
    EXCESS OF EXPENDITURE OVER INCOME (carried to Balance Sheet)$2,522,941.94

    Excludes $42,091.78 (net) transferred to Stand-By Charge Reserve.

    Appendix X (v) GOLD WITH DEPOSITORIES April 30, 1955 Valued at US$35 per fine ounce

    Fine OuncesU. S. Dollar

    Equivalent
    Gold with depositories49,838,929.983$1,744,362,549.42

    The gold shown above does not include 2,022.522 fine ounces held under earmark by the Fund as follows:

    MembersFine Ounces
    Australia.142
    Austria.848
    Bolivia38.776
    Brazil1.897
    Chile37.885
    Colombia214.522
    Denmark275.945
    Egypt20.282
    Ethiopia32.436
    Finland11.965
    France1.041
    Germany2.345
    India313.413
    Indonesia40.977
    Iran132.809
    Japan.381
    Lebanon.784
    Mexico57.524
    Netherlands154.540
    Norway369.864
    Paraguay.552
    Syria.019
    Turkey36.930
    Yugoslavia250.631
    1,996.508
    Withdrawing

    Member
    Czechoslovakia26.014
    Total2,022.522

    Appendix X (vi) STATEMENT OF CURRENCIES AND SECURITIES April 30, 1955

    DepositoriesNational

    Currencies
    Amounts in CurrenciesExchange

    Rates2
    U.S. Dollar

    Equivalents
    With DepositoriesCurrency

    Adjustments1

    Receivable (+)

    or Payable (–)
    Total After Currency Adjustments
    SecuritiesNo. 1 AccountNo. 2 AccountTotals
    MEMBERS
    Commonwealth Bank of AustraliaPounds76,575,000.0.012,516,180.19.9515.13.1089,091,696.13.789,091,696.13.7224.000 †$ 199,565,400.56
    Austrian National BankSchillings961,980,617.0013,000,000.0012,455.79974,993,072.79974,993,072.7926.000037,499,733.57
    Banque Nationale de Belgique S.A.Francs8,323,889,561.24112,740,000.0060,987.868,436,690,549.108,436,690,549.1050.0000168,733,810.98
    Banco Central de BoliviaBolivianos1,405,612,388.60494,000,000.00187,850.001,899,800,238.601,899,800,238.60190.0009,998,948.62
    Superintendencia da Moeda e do Credito (Brazil)Cruzeiros3,292,814,442.5038,401.303,292,852,843.803,292,852,843.8018.5000177,992,045.62
    The Union Bank of BurmaKyats68,291,575.53714,285.713,156.8869,009,018.1269,009,018.1221.0000†14,491,893.81
    Bank of CanadaDollars215,000,000.003,870,526.461,005.48218,871,531.94+3,585,638.29222,457,170.230.988750*224,988,288.48
    Central Bank of CeylonRupees67,093,000.00714,332.903,322.8267,810,655.7267,810,655.7221.0000†14,240,237.70
    Banco Central de ChilePesos5,499,478,426.20595,874.105,500,074,300.305,500,074,300.30110.00050,000,675.46
    Banco de la República (Colombia)Pesos121,857,041.171,755.20121,858,796.37121,858,796.371.9499862,492,331.40
    Banco Central de Costa RicaColones21,035,457.467,495.8121,042,953.2721,042,953.275.615003,747,631.93
    Banco Nacional de CubaPesos37,487,613.64624.6337,488,238.2737,488,238.271.0000037,488,238.27
    Danmarks NationalbankKroner418,000,000.005,639,000.275,845.77423,644,846.04423,644,846.046.9071461,334,336.07
    Banco Central de la República DominicanaPesos3,248,000.00500,987.33876.003,749,863.333,749,863.331.000003,749,863.33
    Banco Central del EcuadorSucres56,232,752.3710,087.4856,242,839.8556,242,839.8515.00003,749,522.65
    National Bank of EgyptPounds15,458,670.375208,945.660878.79015,668,494.82515,668,494.825287.156†44,993,023.00
    Banco Central de Reserva de El SalvadorColones4,678,905.502,484.504,681,390.004,681,390.002.500001,872,556.00
    State Bank of EthiopiaDollars10,979,375.30194,299.172,858.1411,176,532.6111,176,532.6140.2500t4,498,554.38
    Bank of FinlandMarkkas8,474,898,839.0089,270,000.00204,469.008,564,373,308.008,564,373,308.00230.00037,236,405.69
    Banque de FranceFrancs180,540,000,000.1,837,335,464.2,987,194.182,380,322,658.182,380,322,658.349.600*521,682,845.13
    Bank deutscher LanderD. Marks1,025,600,000.0013,891,155.382,626.481,039,493,781.861,039,493,781.864.20000247,498,519.49
    Banco de GuatemalaQuetzales3,744,940.191,812.543,746,752.733,746,752.731.000003,746,752.73
    Banque Nationale de la Républiqued’HaitiGourdes7,394,945.10100,000.005,000.007,499,945.107,499,945.105.000001,499,989.02
    Banco Central de HondurasLempiras3,647,881.1298,000.001,577.683,747,458.803,747,458.802.000001,873,729.40
    National Bank of IcelandKrónur12,183,211.656,206.7612,189,418.4112,189,418.4116.2857748,473.72
    Reserve Bank of IndiaRupees1,786,600,000.0.0118,149,097.11.64,451.8.111,904,753,549.4.51,904,753,549.4.521.0000†399,998,245.35
    Bank IndonesiaRupiah1,064,700,000.00183,588,250.0213,634.761,248,301,884.781,248,301,884.7811.4000*109,500,165.33
    Bank Melli IranRials1,116,787,569.3011,804,941.3021,194.501,128,613,705.101,128,613,705.1032.250034,995,773.80
    National Bank of IraqDinars2,569,125.000286,672.319155.1222,855,952.4412,855,952.441280.000†7,996,666.83
    The Bank of JapanYen66,596,400,000.0023,378,400,000.002,842,980.0089,977,642,980.0089,977,642,980.00360.000249,937,897.17
    Ottoman Bank (Jordan)Dinars1,025,350.89610,714.286494.7501,036,559.9321,036,559.932280.000†2,902,367.81
    Banque de Syrie et du Liban (Lebanon)Pounds7,372,572.00980.887,373,552.887,373,552.882.191483,364,645.30
    Caisse d’Epargne de l’Etat (Luxembourg)Francs470,836,334.805,000,000.0027,613.34475,863,948.14475,863,948.1450.00009,517,278.96
    Banco de México, S.A.Pesos1,124,028,034.643,993.111,124,032,027.751,124,032,027.7512.500089,922,562.22
    De Nederlandsche Bank N.V.Guilders773,000,000.0010,731,504.183,732.32783,735,236.50783,735,236.503.80000206,246,114.87
    Banco Nacional de NicaraguaCórdobas7,481,941.325,392.617,487,333.937,487,333.935.000001,497,466.78
    Norges BankKroner263,848,315.103,947,941.417,732.94267,803,989.45267,803,989.4514.0000†37,492,558.52
    State Bank of PakistanRupees315,892,652.0.03,342,520.0.04,298.5.4319,239,470.5.4319,239,470.5.43.3085296,490,113.51
    Banco Nacional de PanamaBalboas369,000.004,999.75863.30374,863.05374,863.051.00000374,863.05
    Banco Central del ParaguayGuaranies65,562,801.3622,226.4065,585,027.7665,585,027.7621.00003,123,096.56
    Banco Central de Reserva del PeruSoles358,864,570.434,850,000.0016,649.27363,731,219.70–7,499,623.99356,231,595.7119.0000*18,749,031.36
    Central Bank of the PhilippinesPesos22,000,000.00494,902.421,331.3822,496,233.8022,496,233.802.0000011,248,116.90
    Sveriges RiksbankKronor387,956,594.612,807.05387,959,401.66387,959,401.665.1732174,993,940.26
    Banque de Syrie et du Liban (Syria)Pounds10,447,000.00233,734.011,731.1210,682,465.1310,682,465.132.191484,874,543.75
    Banque Centrale de la République de TurquieLiras78,250,000.0068,034,264.33319.59146,284,583.92146,284,583.922.8000052,244,494.26
    South African Reserve BankPounds26,405,574.8.7376,889.11.7460.9.526,782,924.9.726,782,924.9.7280.000†74,992,188.54
    Bank of EnglandPounds375,175,000.0.04,659,213.3.13,282.7.10379,837,495.10.11379,837,495.10.11280.000†1,063,544,987.53
    Federal Reserve Bank of New YorkDollars1,578,000,000.0030,674,737.5534,533.601,608,709,271.151,608,709,271.15100.000†1,608,709,271.15
    Riggs National Bank of Washington, D. C.3Dollars88,616.7088,616.7088,616.70100.000†88,616.70
    Banco Central de VenezuelaBolívares32,659,359.425,011,000.00999.0537,671,358.4737,671,358.473.3500011,245,181.63
    Banque Nationale de la République Fédérative Populaire de YougoslavieDinars18,356,342,974.5091,961.0018,356,434,935.5018,356,434,935.50300.00061,188,116.45
    TOTALS (in U. S. dollar equivalents)$5,360,278,608.57$807,256,695.42$195,088.96$6,167,730,392.95+$3,231,718.65$6,170,962,111.60$6,170,962,111.60
    WITHDRAWING MEMBER Czechoslovak State Bank4Korunas5,552,378,996.00886,961,311.80924.206,439,341,232.006,439,341,232.0050.0000128,786,824.64
    TOTAL (carried to Balance Sheet)$6,299,748,936.24

    In accordance with Article IV, Section 8.

    Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked † represent U. S. cents per currency unit; all other rates represent currency units per U. S. dollar.

    Checking accounts are maintained with the Riggs National Bank in Washington, D. C. for the purpose of making local payments for administrative expenditure.

    With reference to Czechoslovakia’s unilateral action of June 1, 1953, in regard to a change in the par value of the koruna, the Fund was advised by Czechoslovakia that a provisional account has been opened in “new currency” and that various entries have been made therein to reflect currency payments due to or from the Fund in connection with charges on balances in excess of quota. Since this method of settlement has not been approved by the Fund, no entries have been made in our koruna accounts here in respect of these items, which are carried on the Fund’s books as Accounts Receivable and Payable at the rate of 50 korunas per U. S. dollar, the par value agreed with the Fund on December 18, 1946.

    Appendix X (vii) STATUS OF SUBSCRIPTIONS TO CAPITAL April 30, 1955

    (expressed in U.S. dollars)
    MembersQuotasPayments on Subscriptions to CapitalSubscriptions to Capital Receivable
    1/100 of 1% Paid in U.S. Dollars1Paid in GoldPaid in Members CurrencyBalances Due (Par Values Established)Balances Not Due (Par Values Not Established)
    Australia$ 200,000,000.00$ 8,404,843.20$ 191,595,156.80
    Austria50,000,000.005,000,003.7244,999,996.28
    Belgium225,000,000.00$ 22,500.0056,227,500.00168,750,000.00
    Bolivia10,000,000.001,000.002,500,040.067,498,959.94
    Brazil150,000,000.0015,000.0037,485,030.14112,499,969.86
    Burma15,000,000.00500,369.1414,499,630.86
    Canada300,000,000.0030,000.0074,970,000.00225,000,000.00
    Ceylon15,000,000.00751,010.0914,248,989.91
    Chile50,000,000.005,000.008,813,013.9341,181,986.07
    China550,000,000.0055,000.00$549,945,000.00
    Colombia50,000,000.005,000.0012,495,150.6137,499,849.39
    Costa Rica5,000,000.00500.00373,700.094,625,799.91
    Cuba50,000,000.005,000.0012,495,386.3637,499,613.64
    Denmark68,000,000.006,800.005,934,983.3262,058,216.68
    Dominican Republic5,000,000.00500.001,249,512.673,749,987.33
    Ecuador5,000,000.00500.001,249,612.813,749,887.19
    Egypt60,000,000.004,500.009,484,075.6950,511,424.31
    El Salvador2,500,000.00250.00624,787.801,874,962.20
    Ethiopia6,000,000.00600.0061,752.225,937,647.78
    Finland38,000,000.00760,222.4437,239,777.56
    France525,000,000.0052,500.00108,056,306.15416,891,193.85
    Germany330,000,000.0033,009,651.50296,990,348.50
    Greece40,000,000.004,000.0039,996,000.00
    Guatemala5,000,000.00500.001,249,559.813,749,940.19
    Haiti2,000,000.00500,010.981,499,989.02
    Honduras2,500,000.00250.00624,809.441,874,940.56
    Iceland1,000,000.00100.00249,900.28749,999.72
    India400,000,000.0040,000.0027,486,453.61372,473,546.39
    Indonesia110,000,000.0015,500,030.7094,499,969.302
    Iran35,000,000.002,500.008,764,707.1426,232,792.86
    Iraq8,000,000.00800.007,999,200.00
    Israel4,500,000.001,125,047.563,374,952.44
    Italy180,000,000.0018,000.00179,982,000.00
    Japan250,000,000.0062,500,000.15187,499,999.85
    Jordan3,000,000.0097,617.492,902,382.51
    Lebanon4,500,000.00450.00267,415.124,232,134.88
    Luxembourg10,000,000.001,000.00479,995.969,519,004.04
    Mexico90,000,000.009,000.0022,491,205.1467,499,794.86
    Netherlands275,000,000.0027,500.0068,722,500,00206,250,000.00
    Nicaragua2,000,000.00200.00499,975.661,499,824.34
    Norway50,000,000.005,000.0012,495,054.9037,499,945.10
    Pakistan100,000,000.003,500,607.2296,499,392.78
    Panama500,000.0050.00124,950.25374,999.75
    Paraguay3,500,000.00200.00875,496.472,624,303.53
    Peru25,000,000.002,500.003,149,921.0021,847,579.00
    Philippine Republic15,000,000.001,500.003,748,548.7911,249,951.21
    Sweden100,000,000.0017,000,086.7882,999,913.22
    Syria6,500,000.00650.00169,187.176,330,162.83
    Thailand12,500,000.003,125,008.149,374,991.86
    Turkey43,000,000.004,300.0010,745,912.2332,249,787.77
    Union of South Africa100,000,000.0010,000.0024,994,519.2074,995,480.80
    United Kingdom1,300,000,000.00130,000.00236,135,323.701,063,734,676.30
    United States2,750,000,000.00275,000.00687,500,000.112,062,224,999.89
    Uruguay15,000,000.001,500.0014,998,500.00
    Venezuela15,000,000.001,500.003,748,541.9611,249,958.04
    Yugoslavia60,000,000.006,000.007,896,966.1152,097,033.89
    TOTALS$8,728,000,000.00$747,150.00$1,606,216,305.01$6,323,365,100.69–0–$797,671,444.30

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

    Accepted provisionally at the rate of 11.4000 rupiah per U. S. dollar, subject to such adjustment as may be necessary when a par value for the rupiah is agreed upon.

    Appendix X (viii) OTHER ASSETS April 30, 1955

    CASH
    On hand$ 1 137.81
    With European Office5,218.68$ 6,356.49
    Sundry debtors
    Deposits$ 1,520.00
    Commercial accounts43,280.40
    Salary advances24,899.50
    Travel advances9,763.29
    Other receivables6,595.1486,058.33
    Prepayments
    Postage$ 5,748.14
    Insurance7,940.75
    Travel22,027.99
    Other4,058.2739,775.15
    Accounts receivable—members and withdrawing member509,500.38
    (mainly charges on Fund’s holdings of currencies in excess of quotas)
    Fund building suspense307,262.50
    Furniture, equipment, and automobiles
    Furniture and equipment at cost$518,823.03
    Automotive equipment at cost9,635.40
    $528,458.43
    Less: Reserve528,458.43Nil
    Libraries
    Cost of books for Law Library$ 27,246.06
    Investment in Joint Library34,246.77
    $ 61,492.83
    Less: Reserve61,492.83Nil
    TOTAL OTHER ASSETS
    (carried to Balance Sheet)$948,952.85
    LIABILITIES

    April 30, 1955
    Accruals$150,446.54
    (mainly personal services and office occupancy)
    Accounts payable4,010.01
    Deferred credits5,958.02
    (mainly subscriptions to Fund’s publications for periods after April 30, 1955)
    TOTAL LIABILITIES (carried to Balance Sheet)$160,414.57

    Appendix X (ix) SUMMARY OF TRANSACTIONS for the year ended April 30, 1955

    1. EXCHANGE TRANSACTIONS
    (a) Currency sold by FundU.S. dollar equivalent
    48,750,000.00 U. S. dollars$ 48,750,000.00
    Total sold by Fund$ 48,750,000.00
    (b) Currency purchased by Fund, from
    Colombia:48,749,500.00 pesos$ 25,000,000.00
    Indonesia:171,000,000.00 rupiah15,000,000.00
    Iran:282,187,500.00 rials8,750,000.00
    Total purchased by Fund$ 48,750,000.00
    2. REPURCHASES
    (a) Currency repurchased from Fund, byU.S. dollar equivalent
    Australia:10,714,285.14.4 pounds$ 24,000,000.00
    Austria:194,993,286.54 schillings7,499,741.79
    Denmark:75,726,460.71 kroner10,963,500.00
    Ethiopia:3,563,086.16 dollars1,434,142.18
    Finland:690,000,000.00 markkas3,000,000.00
    France:6,992,000,000.00 francs20,000,000.00
    Germany:189,371,508.32 deutsche marks45,088,454.36
    India:172,295,238.1.6 rupees36,182,000.00
    Iran:281,625,058.70 rials8,732,559.96
    Paraguay:7,875,000.00 guaranies375,000.00
    Turkey:19,600,000.00 liras7,000,000.00
    United
    Kingdom:40,000,000.0.0 pounds112,000,000.00
    Total repurchased from Fund$276,275,398.29
    (b) Currency and gold paid to Fund
    U. S. dollars$254,736,518.08
    Gold: 615,396.579 fine ounces21,538,880.21
    Total currency and gold paid to Fund$276,275,398.29

    Appendix X (x) STAFF RETIREMENT FUND AUDITORS’ CERTIFICATE

    We have made an independent examination of the accounts of the Staff Retirement Fund of the International Monetary Fund for the year ended April 30, 1955. 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 examination did not include a verification of the individual participants’ accounts as at April 30, 1955, 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, 1955, 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.

    In our opinion, the Balance Sheet and related Statements of the Participants’ Account, Accumulation Account, Retirement Reserve Account, Reserve Against Corporate Stock Investments Account, and of the Sources 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, 1955, and the results of operations for the year ended that date, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

    /s/ L. G. D. Farmer (Australia)

    /s/ Josef Heiliger (Germany)

    /s/ Münir Mostar (Turkey)

    Appendix X (xi) STAFF RETIREMENT FUND BALANCE SHEET April 30, 1955

    ASSETS
    Cash in bank
    The Riggs National Bank, Washington, D. C$ 36,121.35
    The Chase Manhattan Bank, New York, N. Y17,745.99 $]53,867.34
    Investments (Book Value)
    (See Appendix X (xviii), and Note 1, Appendix X (xix).)
    Bonds
    United States Government$1,520,655.83
    International Bank for Reconstruction and Development (market value, $502,307.50)503,658.89
    Commercial (market value, $586,412.50)612,837.15$2,637,151.87
    Corporate stocks
    Common (market value, $1,268,651.63)873,903.09
    $3,511,054.96
    Less: Reserve Against Corporate Stock
    Investments (See Note 2, Appendix X (xix).)56,154.533,454,900.43
    Accrued interest on bonds15,254.45
    Accrued contributions receivable from International Monetary Fund3,763.33
    TOTAL ASSETS$3,527,785.55
    LIABILITIES AND RESERVES
    Accounts Payable$ 30,640.29
    Participants’ Account (See Appendix X (xii).)936,253.08
    Accumulation Account (See Appendix X (xiii).)2,457,227.88
    Retirement Reserve (See Appendix X (xiv).)103,664.30
    TOTAL LIABILITIES AND RESERVES$3,527,785.55
    /s/ Y. C. Koo/s/ Ivar Rooth
    TreasurerManaging Director
    /s/ Charles M. Powell
    Comptroller and Assistant Treasurer
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xii) STAFF RETIREMENT FUND STATEMENT OF PARTICIPANTS’ ACCOUNT for the year ended April 30, 1955

    Participating

    Service
    Additional

    Contributions
    BALANCE, April 30, 1954$778,480.05$9,040.36
    Add
    Participants’ contributions$169,095.10$2,500.00
    Interest credited to participants21,091.61211.43
    $190,186.71$2,711.43
    Less
    Refunds upon participants’ withdrawals$ 31,660.17$3,198.37
    Refunds on death (prior to retirement)7,167.74
    Transfer to Retirement Reserve5.82
    Transfer to Retirement Plan of International Bank for Reconstruction and Development2,133.37
    $ 40,967.10$3,198.37
    $927,699.66$8,553.42
    TOTAL (carried to Balance Sheet)$936,253.08
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xiii) STAFF RETIREMENT FUND STATEMENT OF ACCUMULATION ACCOUNT for the year ended April 30, 1955

    BALANCE, April 30, 1954$2,093,383.56
    Add
    Employer’s contributions
    Participating service333,680.12
    Income from investments
    Interest on bonds$70,095.33
    Dividends on stocks39,338.76
    Other136.11109,570.20
    Profit on sale or redemption of investments (net)18,554.83
    Profits
    Bonds$ 4,299.13
    Corporate stocks16,092.72$20,391.85
    Less losses on bonds1,837.02
    $18,554.83
    $2,555,188.71
    Less
    Transfer to Retirement Reserve$ 4,222.71
    Withdrawal benefits6,167.54
    Death benefits (prior to retirement)28,912.26
    Interest credited to Participants’ Account21,303.04
    Interest on Retirement Reserve2,496.14
    Amortization of premiums, less accumulation of discounts on investments732.59
    Transfer to Retirement Plan of International Bank for Reconstruction and Development1,941.02
    Transfer to Reserve Against Corporate Stock Investments32,185.5397,960.83
    TOTAL (carried to Balance Sheet)$2,457,227.88
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xiv) STAFF RETIREMENT FUND STATEMENT OF RETIREMENT RESERVE ACCOUNT for the year ended April 30, 1955

    BALANCE, April 30, 1954$ 99,702.39
    Add
    Transfers from Participants’ and Accumulation Accounts4,228.53
    Interest on Retirement Reserve2,496.14
    $106,427.06
    Less
    Pension payments to retired participants2,762.76
    TOTAL (carried to Balance Sheet)$103,664.30
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xv) STAFF RETIREMENT FUND STATEMENT OF RESERVE AGAINST CORPORATE STOCK INVESTMENTS ACCOUNT for the year ended April 30, 1955

    BALANCE, April 30, 1954$23,969.00
    Add: Transfer from Accumulation Account32,185.53
    TOTAL (carried to Balance Sheet)$56,154.53
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xvi) STAFF RETIREMENT FUND STATEMENT OF SOURCES AND APPLICATION OF FUNDS for the year ended April 30, 1955

    FUNDS PROVIDED
    Participants’ contributions
    Participating service$169,095.10
    Additional voluntary contributions2,500.00 $171,595.10
    Employer’s contributions333,680.12
    Sales of investments (book value)
    U. S. Treasury bills$150,915.54
    U. S. Treasury bonds103,923.31
    Commercial bonds115,876.58
    Corporate stocks74,566.25
    $445,281.68
    Add: Profits from sale of securities (net)18,554.83463,836.51
    Income from investments$111,620.42
    Less: Interest on bonds purchased2,050.22109,570.20
    TOTAL FUNDS PROVIDED$1,078,681.93
    FUNDS APPLIED
    Purchase of investments$ 980,959.64
    Payments to participants on withdrawal41,026.08
    Payments on death prior to retirement36,080.00
    Pension payments to retired participants2,762.76
    Transfers to Retirement Plan of International Bank for Reconstruction and Development4,074.39
    Increase in working capital between 1954 and 1955 (See Appendix X (xvii).)13,779.06
    TOTAL FUNDS APPLIED$1,078,681.93
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xvii) STAFF RETIREMENT FUND STATEMENT OF CHANGES IN WORKING CAPITAL

    April 30, 1955April 30, 1954Increase
    CURRENT ASSETS
    Cash$53,867.34$10,252.52$43,614.82
    Accrued interest on bonds15,254.4514,513.36741.09
    Accrued contributions receivable from International Monetary Fund.3,763.333,699.8963.44
    $72,885.12$28,465.77$44,419.35
    CURRENT LIABILITIES30,640.2930,640.29
    WORKING CAPITAL$42,244.83$28,465.77$13,779.06
    See Notes, Appendix X (xix), which are an integral part of this Statement.

    Appendix X (xviii) STAFF RETIREMENT FUND SCHEDULE OF INVESTMENTS April 30, 1955

    Interest

    Rate—%
    MaturityFace ValueBook Value
    BONDS
    United States Savings, Series G1960$250,000.00$250,000.00
    United States Savings, Series G1961100,000.00100,000.00
    United States Savings, Series G1962100,000.00100,000.00
    United States Savings, Series G196365,000.0065,000.00
    United States Savings, Series K2.761966200,000.00200,000.00
    United States Savings, Series K2.76196781,000.0081,000.00
    United States Treasury1980203,000.00200,758.81
    United States Treasury1983401,000.00416,079.21
    United States Treasury31995107,500.00107,817.81$1,520,655.83
    International Bank for Reconstruction and Development196950,000.00$ 50,000.00
    International Bank for Reconstruction and Development31972276,000.00271,985.53
    International Bank for Reconstruction and Development3197650,000.0050,000.00
    International Bank for Reconstruction and Development1981130,000.00131,673.36503,658.89
    Commercial
    Allied Chemical and Dye Corporation—Debentures197825,000.00$ 24,770.83
    American Telephone and Telegraph Company—Debentures198038,000.0038,092.82
    American Telephone and Tele-graph Company—Debentures198430,000.0031,100.05
    Commonwealth Edison Company—Sinking Fund Debentures3⅛200445,000.0043,604.50
    Connecticut Light and Power Co.-1st & Refunding Mortgages, Series “L”198412,000.0012,235.42
    Consolidated Edison Company of New York, Inc.—1st & Refunding Mortgage, Series “E”3197938,000.0039,541.74
    Carried forward$189,345.36$2,024,314.72
    Brought forward$189,345.36$2,024,314.72
    Commercial (continued)
    Consolidated Natural Gas
    Company—Sinking Fund
    Debentures3⅛197930,000.0030,756.21
    Duke Power Company—1st & Refunding Mortgage27/8197913,000.0013,554.18
    Illinois Bell Telephone Company—1st Mortgage, Series “A”198125,000.0025,337.67
    Kansas City Power & Light Company-1st Mortgage198315,000.0015,186.86
    New York Telephone Company—1st & Refunding Mortgage, Series “D”198237,000.0037,520.96
    New York Telephone Company—Refunding Mortgage, Series “H”3198932,000.0032,191.44
    Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “S”3198345,000 .0046,817.96
    Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “X”3⅛198421,000.0021,304.16
    Philadelphia Electric Company—1st & Refunding Mortgage197424,000.0024,268.62
    Potomac Electric Power Company—1st Mortgage198544,000.0044,293.48
    Public Service Electric and Gas Company—1st & Refunding Mortgage27/8197940,000.0041,396.17
    Public Service Electric and Gas Company-1st & Refunding Mortgage198420,000.0020,884.79
    Standard Oil Company (New Jersey)—Debentures197430,000.0030,115.38
    Virginia Electric & Power Company—1st & Refunding Mortgage, Series “K”3⅛198439,000.0039,863.91612,837.15
    TOTAL BONDS (carried forward)$2,637,151.87
    TOTAL BONDS (brought forward)$2,637,151.87
    No. of SharesBook Value
    CORPORATE STOCKS, Common
    Abbott Laboratories200$ 11,063.00
    Allied Chemical and Dye Corporation20019,264.18
    Aluminum Company of America2008,509.48
    American Can Company44011,086.00
    American Cyanamid Company30013,939.12
    American Natural Gas Company50015,643.69
    Atlantic Refining Company2507,558.53
    Atlas Powder Company2008,321.25
    Bankers Trust Company of New York1004,987.50
    Caterpillar Tractor Co.42019,523.58
    C. I. T. Financial Corporation1004,236.00
    Consolidated Natural Gas Company3008,950.74
    Consumers Power Company44015,883.20
    Continental Insurance Company30025,011.90
    Crown Zellerbach Corporation20010,362.49
    Dow Chemical Company70023,832.70
    Du Pont (E. I.) de Nemours and Company10011,058.51
    Eastman Kodak Company31018,786.17
    Fidelity-Phenix Fire Insurance Company20016,961.88
    Firestone Tire & Rubber Co.2007,067.03
    General Electric Company60010,637.58
    General Motors Corporation21016,836.00
    Goodrich (B. F.) Company40014,066.00
    Guaranty Trust Company of New York20013,287.50
    Gulf Oil Corporation2258,616.00
    Hanover Bank of New York37514,196.88
    Hartford Fire Insurance Company156¼13,125.00
    Hercules Powder Company20012,389.33
    Idaho Power Company40017,321.21
    International Business Machines Corporation8424,793.54
    International Harvester Company40014,152.70
    International Nickel Company of Canada, Limited30011,738.25
    International Paper Company46219,148.03
    Lone Star Cement Corporation40010,278.44
    Marathon Corporation40011,919.00
    May Department Stores Company40012,062.32
    Mc Graw Electric Company40022,202.07
    Merck & Co. Inc.90022,476.25
    Minnesota Mining and Manufacturing Company20011,619.04
    Carried forward$542,912.09$2,637,151.87
    Brought forward$542,912.09$2,637,151.87
    Monsanto Chemical Company1008,922.39
    Montgomery Ward & Co., Incorporated20014,153.59
    National Distillers Products Corporation50015,062.19
    National Lead Company60018,464.08
    Ohio Edison Company29710,517.53
    Peoples Gas Light and Coke Company12013,537.50
    Pfizer (Chas.) & Co., Inc.30010,456.89
    Phillips Petroleum Company20012,448.38
    Pittsburgh Plate Glass Company50024,600.94
    Sears, Roebuck and Company30022,001.88
    Sherwin-Williams Company20014,389.82
    Socony-Vacuum Oil Company, Incorporated60017,833.26
    Standard Oil Company of California1007,967.93
    Standard Oil Company (New Jersey)20014,829.26
    Texas Company30016,043.95
    Texas Utilities Company50024,842.67
    Union Carbide and Carbon Corporation30023,744.63
    United Gas Corporation71018,701.64
    United States Fidelity and Guaranty Company1455,615.80
    United States Steel Corporation1007,004.46
    Westinghouse Electric Corporation40015,705.65
    Youngstown Sheet and Tube Company20014,146.56873,903.09
    TOTAL INVESTMENTS (carried to Balance Sheet)$3,511,054.96

    Appendix X (xix) NOTES TO FINANCIAL STATEMENTS OF STAFF RETIREMENT FUND OF THE INTERNATIONAL MONETARY FUND for the year ended April 30, 1955

    • 1. During the year the Pension Committee amended the rules relating to the investment of funds of the Staff Retirement Plan by increasing the limiting percentage of the holdings of corporate stocks from 25 per cent to 30 per cent of total investments. The following table shows the approved limiting percentages for various bonds and corporate stocks, and the percentages and amounts (book value) of the actual investments as at April 30, 1955:

    Authorized

    Percentage
    Actual

    Percentage
    Book

    Value
    Bonds
    U. S. GovernmentMinimum 4043.31$1,520,655.83
    International Bank for Reconstruction and DevelopmentMaximum 2014.35503,658.89
    CorporateMaximum 2517.45612,837.15
    Corporate stocksMaximum 3024.89873,903.09
    100.00$3,511,054.96
    • All corporate stocks have been selected from a list prepared by the Investment Committee on the recommendation of the Investment Consultant (Chase Manhattan Bank, formerly the Chase National Bank of the City of New York).

    • 2. Corporate stock income received during the fiscal year, in excess of 3 per cent of the weighted average corporate stock investment held during that period, has been transferred to the account “Reserve Against Corporate Stock Investments.” All profits resulting from sales of corporate stocks during the year were transferred to this account.

    Appendix XI (i) SCHEDULE OF PAR VALUES—as of June 30, 1955
    CURRENCIES OF METROPOLITAN AREAS
    MemberCurrencyPar Values In Terms of GoldPar Values In Terms of U. S. Dollars
    Grams of fine gold per currency unitCurrency units per troy ounce of fine goldCurrency units per U. S. dollarU. S. cents per currency unit
    AustraliaPound1.9906215.62500.446429224.000
    AustriaSchilling0.0341796910.00026.00003.84615
    BelgiumFranc0.01777341,750.0050.00002.00000
    BoliviaBoliviano0.004677226,650.00190.0000.526316
    BrazilCruzeiro0.0480363647.50018.50005.40541
    BurmaKyat0.186621166.6674.7619021.0000
    Canada1Dollar
    CeylonRupee0.186621166.6674.7619021.0000
    ChilePeso0.008078833,850.00110.0000.909091
    ChinaYuanPar Value not yet established
    ColombiaPeso0.45573368.24931.9499851.2825
    Costa RicaColón0.158267196.5255.6150017.8094
    CubaPeso0.88867135.00001.00000100.000
    DenmarkKrone0.128660241.7506.9071414.4778
    Dominican RepublicPeso0.88867135.00001.00000100.000
    EcuadorSucre0.0592447525.00015.00006.66667
    EgyptPound2.5518712.18850.348242287.156
    El SalvadorColón0.35546887.50002.5000040.0000
    EthiopiaDollar0.35769086.95652.4844740.2500
    FinlandMarkka0.003863798,050.00230.0000.434783
    FranceFrancNo Par Value agreed with the Fund
    Germany, Federal Republic ofDeutsche Mark0.211588147.0004.2000023.8095
    GreeceDrachmaPar Value not yet established
    GuatemalaQuetzal0.88867135.00001.00000100.000
    HaitiGourde0.177734175.0005.0000020.0000
    HondurasLempira0.44433570.00002.0000050.0000
    IcelandKróna0.0545676570.00016.28576.14036
    IndiaRupee0.186621166.6674.7619021.0000
    IndonesiaRupiahPar Value not yet established
    IranRial0.02755571,128.7532.25003.10078
    IraqDinar2.4882812.50000.357143280.000
    IsraelPoundPar Value not yet established
    ItalyLiraPar Value not yet established
    JapanYen0.0024685312,600.0360.0000.277778
    JordanDinar2.4882812.50000.357143280.000
    LebanonPound0.40551276.70182.1914845.6313
    LuxembourgFranc0.01777341,750.0050.00002.00000
    MexicoPeso0.0710937437.50012.50008.00000
    NetherlandsGuilder0.233861133.0003.8000026.3158
    NicaraguaCórdoba0.177734175.0005.0000020.0000
    NorwayKrone0.124414250.0007.1428614.0000
    PakistanRupee0.268601115.7983.3085230.2250
    PanamaBalboa0.88867135.00001.00000100.000
    ParaguayGuaraní0.0423177735.00021.00004.76190
    Peru2Sol
    PhilippinesPeso0.44433570.00002.0000050.0000
    SwedenKrona0.171783181.0625.1732119.3304
    SyriaPound0.40551276.70182.1914845.6313
    ThailandBahtPar Value not yet established
    TurkeyLira0.31738298.00002.8000035.7143
    Union of South AfricaPound2.4882812.50000.357143280.000
    (or 250 shillings)
    United KingdomPound Sterling2.4882812.50000.357143280.000
    (or 250 shillings)
    United StatesDollar0.88867135.00001.00000100.000
    UruguayPesoPar Value not yet established
    VenezuelaBolivar0.265275117.2503.3500029.8507
    YugoslaviaDinar0.0029622410,500.0300.0000.333333

    The initial par value of the Canadian dollar, established on December 18, 1946, was 100.000 U. S. cents per Canadian dollar. On September 19, 1949, following consultation with the Fund, the par value of the Canadian dollar was changed to 90.909 1 U. S. cents per Canadian dollar. On September 30, 1950, Canada introduced a new exchange system under which the exchange value of the Canadian dollar will be allowed to fluctuate, so that for the time being Canada will not ensure that exchange transactions within its territories will be based on the par value established on September 19,1949. No new par value has been proposed to the Fund.

    The initial par value of the sol, established on December 18, 1946, was 15.384 6 U. S. cents per sol. In November 1949, Peru introduced a new exchange system, but no agreement on a new par value has been reached.

    Appendix XI (ii) SCHEDULE OF PAR VALUES—as of June 30, 1955

    SEPARATE CURRENCIES IN NONMETROPOLITAN AREAS OF MEMBERS
    Member and Nonmetropolitan AreasCurrency and Relation to Metropolitan UnitPar Values In Terms of GoldPar Values In Terms of U. S. Dollars
    Grams of fine gold per currency unitCurrency units per troy ounce of fine goldCurrency units per U. S. dollarU. S. cents per currency unit
    BELGIUM
    Belgian CongoFranc (parity with Belgian franc)0.01777341,750.0050.00002.00000
    FRANCE
    Algeria
    Franc (parity with French franc)No Par Value agreed with the Fund
    French Antilles
    French Guiana
    Morocco
    Tunisia
    Cameroons
    CFA Franc (=2.00 French francs)No Par Value agreed with the Fund
    French Equatorial Africa
    French West Africa
    Madagascar and dependencies
    Réunion
    St. Pierre and Miquelon
    Togoland
    French Possessions of Oceania
    CFP Franc (=5.50 French francs)No Par Value agreed with the Fund
    New Caledonia
    New Hebrides
    French SomalilandDjibouti Franc0.004145077,503.73214.3920.466435
    ITALY
    SomalilandSomaloPar Value not yet established
    NETHERLANDS
    Netherlands Antilles
    Guilder (=2.015 Netherlands guilders)0.47123066.00491.8858553.0264
    Surinam
    Netherlands New GuineaGuilderPar Value not yet established
    UNITED KINGDOM
    Gambia
    British West African Pound (parity with sterling)
    2.4882812.50000.357143280.000
    Gold Coast
    Nigeria
    Sierra Leone
    Federation of Rhodesia and Nyasaland
    Southern Rhodesian Pound (parity with sterling)
    BahamasBahamas Pound (parity with sterling)
    BermudaBermuda Pound (parity with sterling)
    CyprusCyprus Pound (parity with sterling)
    Falkland IslandsFalkland Islands Pound (parity with sterling)
    GibraltarGibraltar Pound (parity with sterling)
    JamaicaJamaican Pound (parity with sterling)
    MaltaMaltese Pound (parity with sterling)
    Aden
    British East African Shilling (20 per pound sterling)0.124414250.0007.1428614.0000
    British Somaliland
    Kenya
    Tanganyika
    Uganda
    Zanzibar
    Barbados
    British West Indian Dollar (4.80 per pound sterling)0.51839160.00001.7142958.3333
    British Guiana
    Leeward Islands
    Trinidad
    Windward Islands
    British North Borneo
    Malayan Dollar (8.571 428 57 per pound sterling, or 2 shillings 4 pence per Malayan dollar)0.290299107.1433.0612232.6667
    Brunei
    Malaya
    (Singapore and Federation of Malaya)
    Sarawak
    British HondurasBritish Honduras Dollar (4.00 per pound sterling)0.62207050.00001.4285770.0000
    FijiFiji Pound (1.11 per pound sterling)2.2416913.87500.396429252.252
    Hong KongHong Kong Dollar (16 per pound sterling)0.155517200.0005.7142917.5000
    MauritiusMauritius Rupee (13⅓ per pound sterling)
    0.186621166.6674.7619021.0000
    SeychellesSeychelles Rupee (13⅓ per pound sterling)
    TongaTongan Pound (1.250 001 per pound sterling)1.9906215.62500.446429224.000

    The relation of 1.252 5 Tongan pounds per pound sterling, as initially communicated and confirmed on September 18, 1949, was corrected on August 2, 1950 to 1.250 00.

    INDEX

    • Administrative budget, Fund 119, 147, 148

    • Afghanistan, Fund membership 115

    • Africa

      • Foreign trade 30, 45, 51

    • Agricultural incomes, support policies 9

    • Agricultural surpluses 9, 56

    • Argentina

      • Balance of payments 48

      • Exports 46, 47

      • Reserves 48, 50

      • Trade balance 48, 50

      • Wool sales 47

    • Article VIII and Article XIV countries 80

    • Asia

      • Economic developments 70

      • Industrial competitiveness 17, 19

    • Assets, Fund 152, 160

    • Audit Committee, Fund 119

    • Auditors’ certificates 151, 162

    • Australia

      • Exports 30, 51, 53, 54

      • Gold production 93

      • Gold subsidy plan 94

      • Imports 53, 54

      • Liberalization measures 54

      • Reserves 46

      • Trade balance 54

      • Wool exports 51

    • Austria

      • Employment 66

      • Manufacturing output 33

    • Balance of payments

      • Developments in 1954 1, 12, 24

      • See also entries under various countries

    • Balance sheet, Fund 152

    • Balance sheet, Staff Retirement Fund 163

    • Belgium-Luxembourg

      • Balance of payments 39

      • Capital transfers, relaxation on 75, 107, 108

      • Convertibility, progress toward 75, 76

      • Exchange system 75, 107

      • Gold coins, prices of 99

      • Liberalization measures 4, 75

      • Reserves 39

      • Stand-by arrangement with Fund 88

    • Bilateralism 2, 5, 7, 17, 76, 78, 79, 123

    • Bolivia

      • Computation of monetary reserves 92

      • Exports 47

      • Fiscal policy 74

      • Gold coins 96

      • Reserves 50

      • Tin exports 50

    • Brazil

      • Balance of payments 108

      • Computation of monetary reserves 92

      • Credits received 30, 108

      • Debt repayments 109

      • Economic developments 72

      • Exchange system 109

      • Exports 47, 108

      • Fiscal and monetary policy 72

      • Repurchase obligation 89

      • Reserves 50

      • Trade balance 50

      • Trade discrimination 5

    • Budget, Fund 119, 147, 148

    • Burma

      • Economic developments 71

      • Exports 51, 52

      • Fiscal policy 71

    • Canada

      • Adjustment of Fund’s holdings of Canadian dollars 87, 156

      • Balance of payments 32, 33, 101

      • Capital movements 16, 30, 32, 33, 101

      • Discount rate 66, 102

      • Economic developments 32, 65

      • Emergency Gold Mining Assistance Act 95

      • Exchange rate 101

      • Exports 14, 18, 29, 32, 53

      • Fiscal and monetary policy 66, 102

      • Gold production 93

      • Imports 14, 30, 53

      • Interest rates 66, 102

      • Minister of Finance, statement of 102

      • Monetary and fiscal policy 66, 102

      • Reserves 21, 22, 33, 102

      • Taxation 63, 66

      • Trade with United States 14

    • Capital, Fund 153

    • Capital movements, international 13, 16, 27

      • See also entries under various countries

    • Ceylon

      • Fiscal policy 72

      • Foreign trade 51, 53

    • Charges on use of Fund’s resources 84, 87, 92

    • Chile

      • Balance of payments 110

      • Copper companies, regulation of position of 111

      • Exchange system 110

      • Exports 47

      • Fiscal policy 73

    • China (Taiwan), exchange system 106

    • Cocoa

      • Exports 46, 51

      • Prices 25, 43, 45

    • Coffee

      • Exports 46, 51

      • Prices 13, 25, 43, 45, 70, 72

    • Colombia

      • Balance of payments 111

      • Currency purchase from Fund 88, 111

      • Exchange system 111

      • Exports 47

      • Gold production 93

      • Gold subsidy scheme 94

      • Import restrictions 111

      • Reserves 50, 111

      • Trade balance 50

    • “Commodity convertibility” 6, 75

    • Commodity markets, European 31, 75

    • Commodity prices 15, 45, 62

    • Commodity switch operations 7, 60

    • Competitiveness of industrial countries 5, 16, 17, 19

    • Consultations on exchange restrictions 74, 77

    • Continental OEEC dependencies, foreign trade 18, 29, 43, 44, 45

    • Convertibility of currencies

      • De facto convertibility 5, 8

      • Fund’s role 10, 11, 77, 84

      • Progress toward 1, 7, 74, 76

      • Prospects for 1

    • Cotton exports 46

    • Credit policy 62

      • See also entries under various countries

    • Cuba

      • Balance of payments 50

      • Exports 46, 47

      • Sugar sales to U. K 47

      • Reserves 48, 50

      • Trade balance 48, 50

    • Currencies, fluctuating 87, 125, 156

    • Currency holdings of Fund 92, 156

    • Currency purchases and repurchases 84, 85, 86, 88, 89, 90, 91, 128, 161

    • Czechoslovakia, withdrawal from Fund membership 92, 116

    • Denmark

      • EPU position 41

      • Fiscal and monetary policy 68

      • Taxation 64

    • Deposits, ratio of time and saving to money supply 63

    • Deutsche marks, transferability of 3, 6, 75

    • Discount rates 20, 60, 63, 65, 66, 68, 69, 102

    • Discriminatory practices 3, 5, 75, 78, 79, 80

    • Dollar area exports 1, 4, 5

    • Dollar supply outside U. S. 15, 27

    • Egypt

      • Exchange system 113

      • Foreign trade 55, 56

      • Reserves 56

    • Europe, Western (OEEC countries)

      • Agricultural production 36

      • Balance of payments 18, 33, 36, 38

      • Capital movements 31, 39

      • Commodity markets 31, 75

      • Consumer expenditure 66

      • Discount rates 20, 60, 63, 68, 69

      • Discriminatory practices 75

      • Economic developments 33, 66

      • Exchange restrictions 74

      • Exports 14, 17, 18, 29, 30, 34, 35, 36, 37, 53

      • Exports, unit values of 35

      • Gold and commodity markets, reopening of 31

      • Imports 14, 31, 33, 35, 36, 37, 44, 53

      • Imports, unit values of 35

      • Industrial competitiveness 5, 17, 19, 34, 36, 52

      • Industrial production 35, 36, 37, 66

      • Intra-OEEC trade 2, 14, 33, 34, 35

      • Inventories 34, 66

      • Liberalization measures 1, 2, 28, 31, 33, 35

      • Price movements 66

      • Reserves 21, 22, 33, 38, 39

      • Terms of trade 35

      • Trade by areas 35, 36, 37

      • Wages 66

    • European Payments Union 3, 40

    • Exchange convertibility; see Convertibility of currencies

    • Exchange policies 100

    • Exchange rates

      • Changes in official rates 101, 105

      • Free markets 101

      • Par values 100, 176

      • Transferable account sterling 7, 20, 60

    • Exchange reserves 3, 13, 21, 22, 25, 95

    • Exchange restrictions

      • Justification for 78

      • Reduction of 1, 74

    • Exchange restrictions consultations 74, 77

    • Exchange transactions, Fund 84, 86, 88, 90, 91, 128, 161

    • Executive Board, Fund

      • Decision on bilateral arrangements 79, 123

      • Decision on gold margins: 97, 131

      • Decision on transactions and computations involving fluctuating currencies 87, 125

      • Membership and voting power 139, 142

    • Expenditure statement, Fund 154

    • Export promotion practices 80

    • Far East

      • Imports 45

      • Sterling balances 60

    • Farm incomes, support policies 9

    • Financial statements, Fund 147, 150

    • Fiscal policy 11, 62

      • See also entries under various countries

    • Fluctuating currencies, Fund decision on 87, 125

    • Fluctuating currencies, revaluation of Fund’s holdings of 87, 125, 156, 157

    • France

      • Balance of payments 39

      • Economic developments 67

      • Eligibility to use Fund’s resources 88

      • EPU payment 41

      • Exchange system 88, 101, 105

      • Exports 34, 39

      • Fiscal and monetary policy 67

      • Gold prices 98

      • Import tax 36

      • Imports 34, 39

      • Inventory movements 34

      • Liberalization measures 34, 36

      • Manufacturing output 33

      • Possessions in India, transfer of administration 116

      • Reserves 39

      • Taxation 67

      • U. S. military expenditures 39

      • Wages 67

    • Free exchange markets 101

    • Fund collaboration with other international organizations 82, 118

    • Fund members; see Members, Fund

    • Fund missions 116

    • Fund publications 117

    • Fund resources

      • Charges on use of 84, 87, 92

      • Currency holdings 92, 156

      • Currency purchases 84, 85, 86, 88, 128, 161

      • Currency repurchases 86, 89, 90, 91, 128, 161

      • Gold holdings 92, 155

      • Gold tranche drawings 84

      • Stand-by arrangements 84, 85, 88, 104

      • Use of 11, 77, 84, 88

      • Waiver provisions 84, 85

    • Fund staff 118

    • Fund training program 117

    • Fund transactions, summary of 84, 86, 88, 90, 91, 128, 161

    • GATT

      • Fund cooperation with 82

      • Review of rules 82

      • Waiver of Articles of General Agreement 9

    • Germany, Federal Republic of

      • Balance of payments 39, 40

      • Deposits, ratio to money supply 63

      • Economic developments 67

      • Employment 66

      • Exchange system 3, 6, 75

      • Exports 34, 40

      • Fiscal and monetary policy 67

      • Gold market 96

      • Imports 34, 36, 40

      • Inventory movements 34

      • Liberalization measures 4, 34, 36

      • Manufacturing output 33

      • Reserves 39, 40

      • Taxation 63

    • Gold

      • Coins, minting of 96

      • Coins, prices of 99

      • Fund holdings of 92, 155

      • Hoarding 95

      • Margins, Fund rule 97, 131

      • Markets 31, 96, 97

      • Prices 95

      • Production 93

      • Reserves 95

      • Sales 95

      • Subsidy proposals 94

      • Transaction service 99

    • Gold and dollar receipts from U. S. 15, 27, 28, 29

    • Gold and foreign exchange reserves 3, 13, 21, 22, 25, 95

    • Gold Coast

      • Foreign trade 53

      • Gold production 93

    • Gold tranche drawings 84

    • Governors, Board of, membership and voting power 132, 136

    • Greece

      • Exchange rate 105

      • Liberalization measures 4, 75

    • Hong Kong, gold prices 98

    • Imports, liberalization of 1, 2, 3, 4, 8, 28, 31, 33, 34, 35, 36, 54, 74

    • lncome statement, Fund 149, 154

    • India

      • Economic developments 71

      • Foreign trade 51, 53, 54

      • French possessions in 116

      • Gold prices 99

    • Indonesia

      • Currency purchase from Fund 88

      • Economic developments 71

      • Fiscal and monetary policy 71

      • Foreign trade 30, 45, 55, 56

      • Liberalization measures 75

      • Reserves 55, 56

    • Industrial countries

      • Balance of payments 17

      • Competitiveness 5, 16, 17, 19, 34, 36, 52

      • Economic developments, importance of 77

      • Foreign trade 14, 44

    • Industrial production, world 12

    • Inflation 10

    • Interest rates 20, 27, 60, 63, 65, 66, 68, 69, 102

    • International organizations, Fund collaboration with 82, 118

    • International payments

      • Effects of North American recession 12

      • Elements of uncertainty 9

      • Prospects for 8

    • Inventory adjustments 12

      • See also entries under various countries

    • Iran

      • Currency purchase from Fund 88

      • Exchange system 107

      • Repurchase obligation 89

    • Iraq, exports 51

    • Israel

      • Exchange restrictions 112

      • Fund quota 115

    • Italy

      • Deposits, ratio to money supply 63

      • EPU position 41

      • Exchange rates 105

      • Gold tax, abolition of 96

      • Manufacturing output 33

      • Reserves 39

      • U. S. military expenditures 39

    • Japan

      • Anglo-Japanese Agreement of 1954 42, 52

      • Balance of payments 19, 41

      • Economic developments 41, 69

      • Exports 14, 17, 18, 41, 53

      • Fiscal policy 41, 69

      • Gold production 93

      • Import financing facilities 52

      • Imports 14, 41, 44, 53

      • Industrial competitiveness 17, 19, 52

      • Industrial production 41

      • Inventories 15, 42

      • “Link system” 42

      • Monetary policy 42, 69

      • Reserves 69

      • Retention quota system 112

      • Trade agreement with Pakistan 55

      • Trade discrimination 5

      • “Usance credits” 42

    • Korea, Republic of

      • Exchange system 113

      • Fund membership 115

      • Gold production 93

    • Latin America

      • Balance of payments 31, 48

      • Capital movements 31, 48, 49

      • Economic developments 70

      • Exports 29, 43, 44, 46, 47, 49

      • Imports 18, 31, 43, 46, 48, 49

      • Indebtedness 16, 31, 48

      • Reserves 22, 23, 31, 41, 49

      • Sterling holdings 5, 60

      • Trade discrimination 5

      • U. S. investment in 30

    • Lebanon

      • Exchange system 107

      • Gold prices 98

    • Liabilities, Fund 153, 61

    • Liberalization measures 1, 2, 3, 4, 8, 28, 31, 33, 34, 35, 36, 54, 74

    • Luxembourg; see Belgium-Luxembourg

    • Malaya, foreign trade 30, 51, 53

    • Manufactured goods, prices of 45

    • Meat exports 51

    • Members, Fund

      • Consultations on exchange restrictions 74, 77

      • Currency purchases and repurchases 84, 85, 86, 88, 89, 90, 91, 128, 161

      • List 132

      • New 115

      • Quotas 87, 116, 132

      • Reports on monetary reserves 92

      • Transactions with Fund 84, 86, 88, 90, 91, 128, 161

    • Metals

      • Nonferrous metal exports 46, 51

      • Prices 45

    • Mexico

      • Economic developments 73

      • Exports 47

      • Gold production 93

      • Fiscal and monetary policy 73

      • Reserves 50, 73

      • Trade balance 50

      • Stand-by arrangement with Fund 88

    • Middle East

      • Imports 45

      • Sterling balances 60

    • Missions Fund 116

    • Monetary policy 11, 62

      • See also entries under various countries

    • Monetary reserves

      • Gold and foreign exchange reserves 3, 13, 21, 22, 25, 95

      • Reports from Fund members 92

      • See also entries under various countries

    • Multiple currency practices 76, 79

    • Netherlands

      • Balance of payments 39

      • Capital transfers, relaxation on 75, 107, 108

      • Convertibility, progress toward 74, 76

      • Debt repayment 59

      • Deposits, ratio to money supply 63

      • Economic developments 66

      • Exchange system 75, 107

      • Exports 34

      • Fiscal and monetary policy 66

      • Imports 34, 66

      • Inventories 34

      • Liberalization measures 4, 34, 36, 75

      • Manufacturing output 33, 34

      • Price movements 66

      • Reserves 39

      • Taxation 67

      • Wages 66, 67

    • New Zealand

      • Discount rate 63

      • Foreign trade 30, 51, 52, 53, 54

      • Reserves 46, 54

    • Nicaragua, gold production 93

    • Non-dollar area

      • Balance of payments 23

      • Exports 2, 4, 17

      • Industrial competitiveness 16

      • Liberalization measures 75

      • Reserves 13, 62

    • Nonferrous metal exports 46, 51

    • Non-sterling countries

      • Balance of payments 60

      • Foreign trade 19, 20, 59

    • North American recession, effects of 12, 24, 36

    • Norway

      • Discount rate 63, 68

      • EPU position 41

      • Fiscal and monetary policy 68

      • Manufacturing output 33

      • Prices and wages 66

    • OEEC countries; see Europe, Western (OEEC countries)

    • OEEC dependencies, foreign trade 18, 29, 43, 44, 45

    • OEEC liberalization program 2, 3, 4, 36

    • Organization for Trade Cooperation 9, 82

    • Overseas sterling area; see Sterling area, overseas

    • Pakistan

      • Foreign trade 51, 53, 55

      • Liberalization measures 75

      • Trade agreement with Japan 55

    • Par values 100, 176

    • Paraguay

      • Exchange system 100

      • Monetary expansion 100

      • Par value 100

    • Payments agreements 5, 7, 17, 76, 78, 79, 123

    • Payments, international; see International payments

    • Peru

      • Adjustment of Fund’s holdings of soles 87, 157

      • Balance of payments 103

      • Credit policy 103

      • Exchange rate 101, 103

      • Fiscal and monetary policy 103

      • Foreign trade 47, 50, 103

      • Liberalization measures 75

      • Reserves 50

      • Stand-by arrangements 88, 104

    • Petroleum exports 46, 51

    • Philippine Republic

      • Foreign exchange sales tax 112

      • Foreign trade 56

      • Gold production 93

      • Gold subsidy scheme 94

      • Reserves 56

    • Prices, commodity 15, 45, 62

    • Primary producing countries

      • Balance of payments 17, 19, 20, 31

      • Exports 14, 30, 43, 44

      • Financing of imports 46

      • Imports 2, 14, 15, 17, 18, 19, 43, 45

      • Reserves 2, 46

      • Terms of trade 15, 45

    • Primary products, prices of 15, 17

    • Publications, Fund 117

    • Purchases of currency from Fund 84, 85, 86, 88, 128, 161

    • Quotas of Fund members 87, 116, 132

    • Raw material prices 13, 45

    • Raw material producing countries; see Primary producing countries

    • Repurchase obligations of Fund members 89

    • Repurchases of currency from Fund 86, 89, 90, 91, 128, 161

    • Reserves, Fund 153

    • Reserves, gold and foreign exchange 3, 13, 21, 22, 25, 95

      • See also entries under various countries

    • Reserves, monetary, reports from Fund members 92

    • Resources, Fund; see Fund’s resources

    • Retention quotas and similar practices 80

    • Rice prices 45

    • Rubber

      • Exports 51

      • Prices 45, 70

    • Scandinavian countries

      • Reserves 39

      • See also Denmark, Norway, Sweden

    • Security holdings, Fund 156

    • South Africa; see Union of South Africa

    • Southern Rhodesia, gold production 93

    • Staff Retirement Fund, financial statements 162

    • Stand-by arrangements 84, 85, 88, 104

    • Sterling area

      • Balance of payments 31, 58

      • Capital movements 16, 31, 59

      • Exchange restrictions 74

      • Foreign trade 19, 29, 42, 53, 59

      • Liberalization measures 5, 28

      • Reserves 21, 58, 59, 60

    • Sterling area, overseas

      • Balance of payments 59, 61

      • Capital imports 21

      • Foreign trade 18, 21, 43, 44, 46, 50, 51, 52, 59

      • Reserves 22, 58

      • Sterling balances 60, 61

    • Sterling convertibility 7

    • Sterling, transferable

      • Accounts 4, 6

      • Markets, official intervention in 7, 20

      • Rates 7, 20, 60

    • Subscriptions to Fund capital 158

    • Sugar prices 45

    • Sweden

      • Deposits, ratio to money supply 63

      • Discount rate 63, 68

      • Fiscal and monetary policy 68

      • Import licensing 108

      • Tax on new investment 64

    • Switzerland

      • Deposits, ratio to money supply 63

      • Gold coins, minting of 96

      • Gold prices 98

      • Gold tax, abolition of 96

      • Liberalization measures 4

    • Syria, exchange rates 107

    • Tax rates 63

    • Tea

      • Exports 51

      • Prices, 43, 45, 70

    • Textile production 15

    • Textile raw materials

      • Exports 51

      • Prices 45

    • Thailand

      • Balance of payments 105

      • Exchange system 105

      • Foreign trade 30, 56

      • Liberalization measures 75

      • Reserves 56

      • Rice exports 105

    • Trade and payments agreements 5, 7, 17, 76, 78, 79, 123

    • Trade, world 13, 14, 24

    • Training program, Fund 117

    • Transactions, Fund, summary of 84, 86, 88, 90, 91, 128, 161

    • Transferable sterling; see Sterling, transferable

    • Transitional arrangements 80

    • Turkey

      • Currency repurchase 90

      • EPU position 41

    • Underdeveloped countries

      • Balance of payments 70

      • Exchange restrictions 70, 76

      • Financing problems 62, 63

      • Fiscal and monetary policy 70

    • Union of South Africa

      • Capital inflow 54

      • Exports 51, 54

      • Gold production and sales 54, 93

      • Liberalization measures 75

      • Reserves 54

    • U.S.S.R., gold sales 95

    • United Kingdom

      • Anglo-Japanese Agreement of 1954 42, 52

      • Balance of payments 19, 58, 61

      • Bank rate 20, 60, 68, 69

      • Budget 69

      • Capital movements 31, 39, 46, 59, 60

      • “Commodity convertibility” 6, 75

      • Debt repayment 59

      • Economic developments 68

      • Exchange control system 3

      • Exports 17, 18, 20, 34, 37, 59

      • Fiscal and monetary policy 60, 68

      • Gold market, London 96

      • Gold prices 97

      • Imports 34, 37, 59

      • Industrial production 37

      • Interest rates 20, 60, 68, 69

      • Inventories 15, 34

      • Liberalization measures 4, 36

      • London gold market 96

      • Manufacturing output 33

      • Monetary and fiscal policy 60, 68

      • Reserves 19, 22, 58, 61

      • Sugar purchases from Cuba 47

      • Taxation 63

      • See also Sterling

    • United States

      • Agricultural surpluses 9, 56

      • Agricultural Trade Development and Assistance Act 57

      • Balance of payments 16, 25, 28, 31

      • Capital outflow 16, 25, 27, 30, 31, 46

      • Coffee purchases 48

      • Commercial policy 9, 77, 78

      • Credit conditions 27, 64

      • Customs procedures 10

      • Discount rates 65

      • Economic developments, importance of 8, 12, 64, 78

      • Economic recession 12, 24

      • Employment 64

      • Exports 14, 18, 27, 28, 30, 31, 49, 53

      • Federal Reserve policy 65

      • Fiscal and monetary developments 65

      • Gold outflow 21

      • Gold production 93

      • Government expenditures abroad 25, 27, 39

      • Imports 13, 14, 25, 26, 29, 31, 44, 49, 53

      • Industrial production 8

      • Interest rates 27, 65

      • Inventories 12, 64

      • Investment abroad 27, 30

      • Loans to international institutions 30

      • Manufacturing production 24, 25, 26

      • Monetary and fiscal developments 65

      • Monetary policy 64

      • Mutual Security Act of 1954 57

      • Prices, commodity 15, 25, 26

      • Private capital movements 27, 30, 31

      • Rediscount rate 65

      • Reserves 22

      • Taxation 63

      • Trade Agreements Act 9

      • Trade with Canada 14

      • Wool purchases 47

    • Uruguay

      • Balance of payments 50

      • Exchange system 104

      • Exports 46, 47

      • Reserves 48, 50

      • Trade balance 48, 50

      • Wool sales 47

    • Use of Fund’s resources 77, 84

    • Venezuela

      • Exports 47

      • Gold production 93

      • Reserves 50

      • Trade balance 50

    • Voting power, Fund

      • Executive Directors 139

      • Governors 132

    • Western Europe; see Europe, Western (OEEC countries)

    • Wheat

      • Exports 51

      • Prices 45

    • Wool prices and sales 45, 47, 51

    • World trade 13, 14, 24

    • Yugoslavia, exchange system 113

      Other Resources Citing This Publication