Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1957
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    APPENDICES
    Appendix I MEMBERSHIP, QUOTAS, GOVERNORS, AND VOTING POWER as of April 30, 1957
    QUOTAVOTES
    MemberAmount

    (000,000’s)
    Per Cent

    of Total
    Governor

    Alternate
    Number1Per Cent

    of Total
    Afghanistan$ 10.00.11Abdul Malik3500.34
    Mohammad Sarwar
    Argentina150.01.68Adalberto Krieger Vasena1,7501.68
    Adolfo Vicchi
    Australia200.02.24Sir Arthur Fadden2,2502.16
    Sir Percy Claude Spender
    Austria50.00.56Eugen Margaretha7500.72
    Franz Stoeger-Marenpach
    Belgium225.02.52Maurice Frere2,5002.40
    Joseph Vanheurck
    Bolivia10.00.11Franklin Antezana Paz3500.34
    Guillermo Mac Lean
    Brazil150.01.68Jose Maria Alkmim1,7501.68
    Octavio Paranagua
    Burma15.00.17Kyaw Nyein4000.38
    Tu Maung
    Canada300.03.36Walter Edward Harris3,2503.12
    James Elliott Coyne
    Ceylon15.00.17Stanley de Zoysa4000.38
    SirArthur Ranasinha
    Chile50.00.56Vacant7500.72
    Felipe Herrera
    China550.06.16Peh-Yuan Hsu5,7505.51
    Pao-hsu Ho
    Colombia50.00.56Carlos Villaveces7500.72
    Gabriel Betancur
    Costa Rica5.00.06Angel Coronas3000.29
    Mario Fernandez
    Cuba50.00.56Joaquin Martinez Saenz7500.72
    Bernardo Figueredo Antunez
    Denmark68.00.76Svend Nielsen9300.89
    Einar Dige
    Dominican Republic10.00.11Arturo Despradel3500.34
    Oscar Guaroa Ginebra Henriquez
    Ecuador10.00.11Guillermo Perez-Chiriboga3500.34
    Clemente Vallejo
    Egypt60.00.67Abdel Moneim El Kaissouni8500.81
    Mohamed Loutfy El-Banna
    El Salvador2.50.03Catalino Herrera2750.26
    Manuel Melendez-Valle
    Ethiopia$ 6.00.07Makonnen Habte Wolde3100.30
    Stanislaw Kirkor
    Finland38.00.43R. v. Fieandt6300.60
    Reino Rossi
    France525.05.88Pierre Mendes-France5,5005.27
    Wilfrid Baumgartner
    Germany, Federal Republic of330.03.69Wilhelm Vocke3,5503.40
    Hans Karl von Mangoldt-Reiboldt
    Greece40.00.45Xenophon Zolotas6500.62
    John S. Pesmazoglu
    Guatemala5.00.06Gabriel Orellana3000.29
    Gustavo Miron Porras
    Haiti2.00.02Silvere Pilie2700.26
    Maurice Telemaque
    Honduras2.50.03Gabriel A. Mejia2750.26
    Roberto Ramirez
    Iceland1.00.01Bjorn Olafsson2600.25
    Thor Thors
    India400.04.48T. T. Krishnamachari4,2504.07
    H.V.R.lengar
    Indonesia110.01.23Sjafruddin Prawiranegara1,3501.29
    R. Soegiarto
    Iran35.00.39Ali Asghar Nasser6000.57
    Ahmad Majidian
    Iraq8.00.09Abdulilah Hafidh3300.32
    Saleh Kubba
    Israel7.50.08David Horowitz3250.31
    Martin Rosenbluth
    Italy180.02.02Adone Zoli2,0501.97
    Vacant
    Japan250.02.80Hayato Ikeda2,7502.64
    Masamichi Yamagiwa
    Jordan3.00.03Izzeddin Mufti2800.27
    Abdul Karim Humud
    Korea12.50.14Tai Shik In3750.38
    Yong Chan Kim
    Lebanon4.50.05Nasr Harfouche2950.28
    Farid Solh
    Luxembourg10.00.11Pierre Werner3500.34
    Hugues Le Gallais
    Mexico$ 90.01.01Antonio Carrillo Flores1,1501.10
    Rodrigo Gomez
    Netherlands275.03.08M. W. Holtrop3,0002.88
    E. van Lennep
    Nicaragua7.50.08Guillermo Sevilla Sacasa3250.31
    Leon DeBayle
    Norway50.00.56Erik Brofoss7500.72
    Christian Brinch
    Pakistan100.01.12Abdul Qadir1,2501.20
    M. A. Mozaffar
    Panama0.50.01Roberto M. Heurtematte2550.24
    Jose D. Crespo
    Paraguay3.50.04Gustavo F. A. Storm2850.27
    Pedro R. Chamorro
    Peru25.00.28Andres F. Dasso5000.48
    Emilio G. Barreto
    Philippines15.00.17Miguel Cuaderno, Sr.4000.38
    Eduardo Z. Romualdez
    Sweden100.01.12Per V. Asbrink1,2501.20
    T. L. Hammarskiold
    Syria6.50.07Rafic Sioufl3150.30
    Awad Barakat
    Thailand12.50.14Prince Viwat3750.36
    Puey Ungphakorn
    Turkey43.00.48Hasan Polatkan6800.65
    Memduh Aytur
    Union of South Africa100.01.12Jozua Francois Naude1,2501.20
    Daniel Hendrik Steyn
    United Kingdom1,300.014.56Peter Thorneycroft13,25012.70
    Sir George Bolton
    United States2,750.030.79George M. Humphrey27,75026.60
    Herbert V. Prochnow
    Uruguay15.00.17Carlos Sapelli4000.38
    Carlos Sanguinetti
    Venezuela15.00.17J. J. Gonzalez Gorrondona4000.38
    Francisco Alfonso Ravard
    Viet-Nam12.50.14Tran Huu Phuong3750.36
    Vu Quoc Thuc
    Yugoslavia60.00.67Nenad Popovic8500.81
    Bosko Tonev
    $8,931.5100.002104,315100.002

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

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

    Appendix II CHANGES IN MEMBERSHIP OF THE BOARD OF GOVERNORS

    Changes in the membership of the Board of Governors between May 1, 1956 and April 30, 1957 have been as follows:

    Adone Zoli was appointed Governor for Italy, May 9, 1956.

    Manuel Melendez-Valle was reappointed Alternate Governor for El Salvador, May 17, 1956.

    Ahmad Majidian succeeded Ebrahim Kachani as Alternate Governor for Iran, June 2, 1956.

    John S. Pesmazoglu succeeded Charalambos Theodoropoulos as Alternate Governor for Greece, June 7, 1956.

    Memduh Aytur succeeded Burhan Ulutan as Alternate Governor for Turkey, June 9, 1956.

    Abdulilah Hafidh succeeded Khalil Kenna as Governor for Iraq, June 17, 1956.

    Carlos Sapelli succeeded Miguel B. Rognoni as Governor for Uruguay, June 26, 1956.

    Gustavo F. A. Storm succeeded Epifanio Mendez as Governor for Paraguay, June 27, 1956.

    Pedro R. Chamorro succeeded Pedro Juan Mayor as Alternate Governor for Paraguay, June 27, 1956.

    The term of Arturo Maschke as Governor for Chile expired, July 17, 1956.

    Tai Shik In succeeded Hyun Chul Kim as Governor for Korea, July 18, 1956.

    Yong Chan Kim succeeded Suk Hi Park as Alternate Governor for Korea, July 18, 1956.

    Emilio G. Barreto was reappointed Alternate Governor for Peru, July 18, 1956.

    H. M. Patel succeeded B. Rama Rau as Alternate Governor for India, July 26, 1956.

    Jose Maria Alkmim succeeded Eugenio Gudin as Governor for Brazil, August 1, 1956.

    Chintaman D. Deshmukh resigned as Governor for India, August 2, 1956.

    Maurice Frere was reappointed Governor for Belgium, August 9, 1956.

    B. Rama Rau succeeded Chintaman D. Deshmukh as Governor for India, August 9, 1956.

    Jozua Francois Naude succeeded Eric Hendrik Louw as Governor for the Union of South Africa, August 9, 1956.

    Miguel Cuaderno, Sr., was reappointed Governor for the Philippines, August 14, 1956.

    Eduardo Z. Romualdez succeeded Emilio Abello as Alternate Governor for the Philippines, August 31, 1956.

    Tu Maung succeeded San Lin as Alternate Governor for Burma, September 3, 1956.

    Sir Percy Claude Spender succeeded L. H. E. Bury as Alternate Governor for Australia, September 4, 1956.

    Bosko Tonev succeeded Janko Smolej as Alternate Governor for Yugoslavia, September 5, 1956.

    Roberto M. Heurtematte was reappointed Governor for Panama, September 12, 1956.

    Sir Percy Claude Spender succeeded Sir Arthur Fadden as Governor for Australia, September 16, 1956.

    L. H. E. Bury succeeded Sir Percy Claude Spender as Alternate Governor for Australia, September 16, 1956.

    Eugenio Blanco was appointed Governor for Argentina, effective September 20, 1956.

    Adolfo Vicchi was appointed Alternate Governor for Argentina, effective September 20, 1956.

    Zeyyat Mandalinci succeeded Nedim Okmen as Governor for Turkey, September 21, 1956.

    Hasan Isik succeeded Memduh Aytur as Alternate Governor for Turkey, September 21, 1956.

    Tran Huu Phuong was appointed Governor for Viet-Nam, effective September 21, 1956.

    Vu Quoc Thuc was appointed Alternate Governor for Viet-Nam, effective September 21, 1956.

    Ahmed Zaki Saad succeeded Abdel Moneim El Kaissouni as Governor for Egypt, September 22, 1956.

    Carlos J. Canessa succeeded Catalino Herrera as Governor for El Salvador, September 22, 1956.

    Abdul Qadir succeeded Syed Amjad Ali as Governor for Pakistan, September 24, 1956.

    M. A. Mozaffar succeeded Abdul Qadir as Alternate Governor for Pakistan, September 24, 1956.

    Abdel Moneim El Kaissouni succeeded Ahmed Zaki Saad as Governor for Egypt, September 29, 1956.

    Catalino Herrera succeeded Carlos J. Canessa as Governor for El Salvador, September 29, 1956.

    Sir Arthur Fadden succeeded Sir Percy Claude Spender as Governor for Australia, November 1, 1956.

    Gabriel A. Mejia succeeded Pedro Pineda Madrid as Governor for Honduras, November 13, 1956.

    Memduh Aytur succeeded Hasan Isik as Alternate Governor for Turkey, November 28, 1956.

    Adnan Menderes succeeded Zeyyat Mandalinci as Governor for Turkey, November 28, 1956.

    Masamichi Yamagiwa succeeded Eikichi Araki as Alternate Governor for Japan, December 14, 1956.

    Hayato Ikeda succeeded Hisato Ichimada as Governor for Japan, December 28, 1956.

    B. Rama Rau resigned as Governor for India, January 14, 1957.

    Peter Thorneycroft succeeded Harold Macmillan as Governor for the United Kingdom, January 25, 1957.

    Roberto Verrier succeeded Eugenio Blanco as Governor for Argentina, January 26, 1957.

    Hasan Polatkan succeeded Adnan Menderes as Governor for Turkey, January 30, 1957.

    Gabriel Orellana succeeded Gustavo Miron Porras as Governor for Guatemala, February 14, 1957.

    Gustavo Miron Porras succeeded Gabriel Orellana as Alternate Governor for Guatemala, February 14, 1957.

    Eugen Margaretha was reappointed Governor for Austria, February 28, 1957.

    M. W. Holtrop was reappointed Governor for the Netherlands, March 1, 1957.

    E. van Lennep was reappointed Alternate Governor for the Netherlands, March 1, 1957.

    Oscar Guaroa Ginebra Henriquez succeeded Eudaldo Troncoso Pou as Alternate Governor for the Dominican Republic, March 5, 1957.

    Arturo Despradel succeeded Milton Messina as Governor for the Dominican Republic, March 15, 1957.

    Adalberto Krieger Vasena succeeded Roberto Verrier as Governor for Argentina, March 26, 1957.

    Mohamed Loutfy El-Banna succeeded Ahmed Nabih Younis as Alternate Governor for Egypt, March 26, 1957.

    Sir Percy Claude Spender succeeded L. H. E. Bury as Alternate Governor for Australia, March 29, 1957.

    Silvere Pilie succeeded Christian Aime as Governor for Haiti, March 29, 1957.

    Maurice Telemaque succeeded Edmond Policard as Alternate Governor for Haiti, March 29, 1957.

    Pao-hsu Ho was reappointed Alternate Governor for China, April 3, 1957.

    Joaquin Martinez Saenz was reappointed Governor for Cuba, effective April 14, 1957.

    Bernardo Figueredo Antunez was reappointed Alternate Governor for Cuba, effective April 14, 1957.

    The term of Ugo La Malfa as Alternate Governor for Italy expired, April 19, 1957.

    T. T. Krishnamachari was appointed Governor for India, April 23, 1957.

    H. V. R. Iengar succeeded H. M. Patel as Alternate Governor for India, April 23, 1957.

    Appendix III EXECUTIVE DIRECTORS AND VOTING POWER as of April 30, 1957
    Director

    Alternate
    Casting

    Votes of
    Votes by

    Country
    Total

    Votes1
    Per Cent

    of Total
    APPOINTED
    Frank A. Southard, Jr.United States27,75027,75026.60
    John S. Hooker
    G. F. ThoroldUnited Kingdom13,25013,25012.70
    R. E. Heasman
    Beue TannChina5,7505,7505.51
    Ching- Yao Hsieh
    Jean de LargentayeFrance5,5005,5005.27
    Jean- Maxime Leveque
    P. S. Narayan PrasadIndia4,2504,2504.07
    P. J. J. Pinto
    ELECTED
    Ahmed Zaki Saad (Egypt)Afghanistan350
    Albert Mansour (Egypt)Egypt850
    Ethiopia310
    Iran600
    Iraq330
    Jordan280
    Lebanon295
    Pakistan1,250
    Philippines400
    Syria3154,9804.77
    Andre van CampenhoutAustria750
    (Belgium)Belgium2,500
    Maurice ToussaintKorea375
    (Belgium)Luxembourg350
    Turkey6804,6554.46
    Pieter Lieftinck (Netherlands)Israel325
    H. M. H. A.vander ValkNetherlands3,000
    (Netherlands)Yugoslavia8504,1754.00
    Carlo Gragnani (Italy)Greece650
    Costa P. CaranicasIndonesia1,350
    (Greece)Italy2,0504,0503.88
    Takeshi Watanabe (Japan)Burma400
    Prayad BuranasiriCeylon400
    (Thailand)Japan2,750
    Thailand3753,9253.76
    Rodolfo Corominas-SeguraArgentina1,750
    (Argentina)Bolivia350
    Julio Gonzalez del SolarChile750
    (Guatemala)Ecuador350
    Paraguay285
    Uruguay4003,8853.72
    B. B. Callaghan (Australia)Australia2,250
    VacantUnion of South Africa1,250
    Viet-Nam3753,8753.71
    Octavio Paranagua (Brazil)Brazil1,750
    Helvecio Xavier LopesColombia750
    (Brazil)Dominican Republic350
    Haiti270
    Panama255
    Peru5003,8753.71
    Torben Friis (Denmark)Denmark930
    Jouko J. VoutilainenFinland630
    (Finland)Iceland260
    Norway750
    Sweden1,2503,8203.66
    Jorge Sol (El Salvador)Costa Rica300
    Jorge Hazera (Costa Rica)Cuba750
    El Salvador275
    Guatemala300
    Honduras275
    Mexico1,150
    Nicaragua325
    Venezuela4003,7753.62
    Otmar Emminger (Federal

    Republic of Germany)
    Federal Republic

    of Germany
    3,5503,5503.40
    Wilhelm Hanemann (Federal

    Republic of Germany)
    Louis Rasminsky (Canada)Canada3,2503,2503.12
    Alan B. Hockin (Canada)
    104,315100.002

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

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

    Appendix IV CHANGES IN MEMBERSHIP OF THE EXECUTIVE BOARD

    Changes in the membership of the Executive Board between May 1, 1956 and April 30, 1957 have been as follows:

    H. W. Lueck (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), May 7 and July 2 to August 17, 1956.

    V. G. Pendharkar (India) resigned as Alternate Executive Director to P. S. Narayan Prasad (India), effective June 5, 1956.

    James Samuel Raj (India) was appointed Alternate Executive Director to P. S. Narayan Prasad (India), effective June 6, 1956, and resigned, effective July 31, 1956.

    J. C. Lloyd (Australia) served as Temporary Alternate Executive Director to L. H. E. Bury (Australia), July 31, 1956, and to B. B. Callaghan (Australia), March 20 and April 3, 1957.

    P. J. J. Pinto (India) was appointed Alternate Executive Director to P. S. Narayan Prasad (India), effective August 1, 1956.

    Louis Couillard (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), September 7, 1956.

    Otto Donner (Federal Republic of Germany) resigned as Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), effective September 14, 1956.

    Wilhelm Hanemann (Federal Republic of Germany) was appointed Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), effective September 15, 1956, and was reappointed, effective November 1, 1956.

    Joaquim Candido Gouvea Filho (Brazil) resigned as Alternate Executive Director to Octavio Paranagua (Brazil), effective October 14, 1956.

    Helvecio Xavier Lopes (Brazil) was appointed Alternate Executive Director to Octavio Paranagua (Brazil), effective October 15, 1956.

    S. T. G. Akermalm (Sweden) completed his term of service as Executive Director for Denmark, Finland, Iceland, Norway, and Sweden, October 31, 1956.

    Jose Luna-Guerra (Mexico) completed his term of service as Executive Director for Colombia, Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, October 31, 1956.

    Takeo Yumoto (Japan) completed his term of service as Executive Director for Burma, Ceylon, Japan, and Thailand, October 31,1956.

    San Lin (Burma) completed his term of service as Alternate Executive Director to Takeo Yumoto (Japan), October 31, 1956.

    L. H. E. Bury (Australia) completed his term of service as Executive Director for Australia and the Union of South Africa on October 31, 1956, and was elected Executive Director by Australia, the Union of South Africa, and Viet-Nam, effective November 1, 1956.

    Torben Friis (Denmark) completed his term of service as Alternate Executive Director to S. T. G. Akermalm (Sweden), October 31, 1956, and was elected Executive Director by Denmark, Finland, Iceland, Norway, and Sweden, effective November 1, 1956.

    Octavio Paranagua (Brazil) completed his term of service as Executive Director for Bolivia, Brazil, Chile, the Dominican Republic, Ecuador, Haiti, Panama, Paraguay, Peru, and Uruguay, October 31, 1956, and was elected Executive Director by Brazil, Colombia, the Dominican Republic, Haiti, Panama, and Peru, effective November 1, 1956.

    Ahmed Zaki Saad (Egypt) completed his term of service as Executive Director for Egypt, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, and Syria, October 31, 1956, and was elected Executive Director by Afghanistan, Egypt, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, and Syria, effective November 1, 1956.

    Jorge Sol (El Salvador) completed his term of service as Alternate Executive Director to Jose Luna-Guerra (Mexico), October 31, 1956, and was elected Executive Director by Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, effective November 1, 1956.

    Andre van Campenhout (Belgium) completed his term of service as Executive Director for Austria, Belgium, Luxembourg, and Turkey, October 31, 1956, and was elected Executive Director by Austria, Belgium, Korea, Luxembourg, and Turkey, effective November 1, 1956.

    B. B. Callaghan (Australia) was reappointed Alternate Executive Director to L. H. E. Bury (Australia), effective November 1, 1956.

    Rodolfo Corominas-Segura (Argentina) was elected Executive Director by Argentina, Bolivia, Chile, Ecuador, Paraguay, and Uruguay, effective November 1, 1956.

    Julio Gonzalez del Solar (Guatemala) was appointed Alternate Executive Director to Rodolfo Corominas-Segura (Argentina), effective November 1, 1956.

    Otmar Emminger (Federal Republic of Germany) was re-elected Executive Director by the Federal Republic of Germany, effective November 1, 1956.

    Carlo Gragnani (Italy) was re-elected Executive Director by Greece, Indonesia, and Italy, effective November 1, 1956.

    Pieter Lieftinck (Netherlands) was re-elected Executive Director by Israel, the Netherlands, and Yugoslavia, effective November 1, 1956.

    Louis Rasminsky (Canada) was re-elected Executive Director by Canada, effective November 1, 1956.

    Jouko J. Voutilainen (Finland) was appointed Alternate Executive Director to Torben Friis (Denmark), effective November 1, 1956.

    Takeshi Watanabe (Japan) was elected Executive Director by Burma, Ceylon, Japan, and Thailand, effective November 1, 1956.

    Prayad Buranasiri (Thailand) was appointed Alternate Executive Director to Takeshi Watanabe (Japan), effective November 1, 1956.

    Daniel Dommel (France) resigned as Alternate Executive Director to Jean de Largentaye (France), effective November 5, 1956.

    Jean-Maxime Leveque (France) was appointed Alternate Executive Director to Jean de Largentaye (France), effective November 6, 1956.

    Karl-Heinz Drechsler (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), November 16, 1956.

    G. M. Lambert (United Kingdom) served as Temporary Alternate Executive Director to Viscount Harcourt (United Kingdom), December 3 to 6, 1956.

    Viscount Harcourt (United Kingdom) resigned as Executive Director for the United Kingdom, effective January 31, 1957.

    G. F. Thorold (United Kingdom) was appointed Executive Director for the United Kingdom, effective February 1, 1957.

    R. E. Heasman (United Kingdom), formerly Alternate Executive Director to Viscount Harcourt (United Kingdom), was appointed Alternate Executive Director to G. F. Thorold (United Kingdom), February 1, 1957.

    Jorge Hazera (Costa Rica) was appointed Alternate Executive Director to Jorge Sol (El Salvador), effective February 12, 1957.

    L. H. E. Bury (Australia) resigned as Executive Director for Australia, the Union of South Africa, and Viet-Nam, effective February 19, 1957.

    B. B. Callaghan (Australia), formerly Alternate Executive Director to L. H. E. Bury (Australia), was elected Executive Director by Australia, the Union of South Africa, and Viet-Nam, effective March 9, 1957.

    J. H. Warren (Canada) resigned as Alternate Executive Director to Louis Rasminsky (Canada), effective March 15, 1957.

    Alan B. Hockin (Canada) was appointed Alternate Executive Director to Louis Rasminsky (Canada), effective March 16, 1957.

    A. E. Ritchie (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), March 20, 1957.

    G. V. Sainsbury (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), March 27, 1957.

    Otto Donner (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), March 27 to April 15, 1957.

    Appendix V SUMMARY OF FUND TRANSACTIONS from the beginning of operations to April 30, 1957 1
    (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)
    With-drawing

    Member’s

    Offset

    (5)
    Member’s

    Currency

    Used for

    Repurchases

    by Other

    Members

    (6)
    Effect of

    Operations

    on Fund’s

    Currency

    Holdings

    (columns 2 &

    6 minus

    3, 4, & 5)

    (7)
    Fund’s

    Currency

    Holdings on

    Apr. 30, 1956

    Expressed as

    Percentage

    of Quota

    (8)
    Afghanistan
    Argentine Republic75.075.0125
    Australia50.050.00.096
    Austria7.5–7.575
    Belgium83.01.421.650.097
    Bolivia6.56.5140
    Brazil168.5131.037.5100
    Burma15.03.211.8175
    Canada5.0–15.070
    Ceylon3.0–3.075
    Chile21.312.68.7100
    China
    Colombia25.025.0125
    Costa Rica1.22.1–0.975
    Cuba22.522.5120
    Czechoslovakia6.03.023.022
    Denmark10.212.8–2.687
    Dominican Republic75
    Ecuador75
    Egypt33.08.524.5125
    El Salvador2.52.50.075
    Ethiopia0.62.0–1.475
    Finland9.518.2–8.775
    France285.0147.9137.1105
    Germany, Fed. Rep. of4.445.1–49.575
    Greece
    Guatemala75
    Haiti75
    Honduras2.52.5175
    Iceland75
    India227.599.9127.5125
    Indonesia70.027.043.0125
    Iran46.020.725.3147
    Iraq100
    Israel75
    Italy
    Japan124.0124.00.075
    Jordan97
    Korea, Republic of
    Lebanon0.9–0.975
    Luxembourg95
    Mexico45.044.90.075
    Netherlands75.475.40.075
    Nicaragua2.40.51.9100
    Norway9.69.60.075
    Pakistan96
    Panama75
    Paraguay2.90.42.5146
    Peru3.1–3.175
    Philippine Republic15.015.0175
    Sweden8.0–8.075
    Syria1.4–1.475
    Thailand
    Turkey35.027.08.093
    Union of South Africa10.010.00.075
    United Kingdom861.5191.7112.0557.8125
    United States2,134.2790.3–1,343.936
    Uruguay
    Venezuela75
    Viet-Nam
    Yugoslavia9.09.0102
    2,350.52,356.731,032.943.0790.3–251.8

    Totals may not equal sum of items because of rounding.

    The settlement with Czechoslovakia involved an offset of $2.04 million in respect of Czechoslovakia’s drawing of $6 million. The installments paid by Czechoslovakia under the settlement increased the offset to $3.0 million.

    $2,350.5 million sold for currency and $6.2 million for gold.

    $790.3 million repurchased with convertible currency and $242.6 million with gold.

    Appendix VI DECISION ON MULTIPLE CURRENCY PRACTICES

    I. The Executive Board has considered the staff paper, “Review of Fund Policies on Multiple Currency Practices,” and is in agreement with the general approach of the paper.

    II. Unification of the exchange rates in multiple rate systems is a basic objective of the Fund, and it is satisfying to record that several of the members which had followed such practices have been successful in achieving this objective, and that others have made considerable progress in this direction.

    III. In reviewing the experience of the past ten years as summarized in the staff report, the Fund draws special attention to the fact that complex multiple rate systems damage the economies of countries maintaining them and harm other countries. These complex systems are difficult to administer, and involve frequent changes, discrimination, export subsidization, a considerable spread between rates, and undue differentiation between classes of imports.

    IV. The Executive Board concludes that it is necessary and feasible to make more rapid progress in simplifying complex multiple rate systems, to remove those aspects of existing systems which adversely affect the interests of other members, and to avoid existing systems becoming more complex. Accordingly the following decision is taken:

    • 1. Early and substantial steps should be taken to simplify complex multiple rate systems. The Fund will not approve such systems unless the countries maintaining them are making reasonable progress toward simplification and ultimate elimination of such systems, or are taking measures or adopting programs which seem likely to result in such progress.

    • 2. As opportunity arises the Fund will continue to press for simplification in all cases where there is clear evidence that the multiple currency system in question is damaging to other members. It will in addition be reluctant to approve changes in multiple rate systems which make them more complex.

    • 3. To assist members to simplify and eliminate complex rate systems the Fund wishes to intensify its collaboration with them. The Fund stands ready to meet members’ requests for technical assistance in the preparation of economic programs and measures directed toward exchange simplification. These may in some cases include arrangements in other directions, especially in the fiscal and trade fields. If the Fund considers the proposed exchange simplification and related economic programs or measures to be adequate and appropriate, it will give sympathetic consideration, if requested, to the use of its resources.

    June 26, 1957

    Appendix VII CONTROLS ON CAPITAL TRANSFERS

    Subject to the provisions of Article VI, Section 3, concerning payments for current transactions and undue delay in transfers of funds in settlement of commitments:

    (a) Members are free to adopt a policy of regulating capital movements for any reason, due regard being paid to the general purposes of the Fund and without prejudice to the provisions of Article VI, Section 1.

    (b) They may, for that purpose, exercise such controls as are necessary, including making such arrangements as may be reasonably needed with other countries, without approval of the Fund.

    July 25, 1956

    Appendix VIII (i) ADMINISTRATIVE BUDGET

    Letter of Transmittal

    June 28, 1957

    My dear Mr. Chairman:

    The administrative budget of the Fund approved by the Executive Board for the Fiscal Year ending April 30, 1958 is presented herewith, in accordance with Section 20 of the By-Laws. The presentation also shows actual expenditures for the past two fiscal years.

    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 estimates of requirements on the basis of the expected level of activities. Should contingencies arise or present plans change materially, the management would recommend appropriate amendments to the Executive Board.

    Yours sincerely,

    /s/

    Per Jacobsson

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    Appendix VIII (ii) ADMINISTRATIVE BUDGET

    As Approved by the Executive Board for the Fiscal Year Ending April 30, 1958, Compared with Actual Expenditures for the Fiscal Years 1955-56 and 1956-57
    Category of ExpenditureBudget

    F. Y. 1957-58
    F. Y. 1956-57Actual

    Expenditures

    F. Y. 1955-56
    BudgetActual

    Expenditures
    I. BOARD OF GOVERNORS$ 206,000$ 181,800$ 178,897.72$ 347,160.42
    II. OFFICE OF EXECUTIVE DIRECTORS
    Salaries$ 613,000$ 590,000$ 588,215.78$ 573,529.63
    Other compensations and benefits91,00085,70084,616.3982,753.47
    Travels126,000128,000120,674.5891,016.09
    Total$ 830,000$ 803,700$ 793,506.75$ 747,299.19
    III. STAFF
    Salaries$2,768,000$2,636,400$2,632,944.52$2,615,438.06
    Other compensations and benefits715,500673,700668,413.08633,917.97
    Travel395,000351,500348,818.06293,231.38
    Total$3,878,500$3,661,600$3,650,175.66$3,542,587.41
    IV. OTHER ADMINISTRATIVE EXPENSES
    Communications$ 132,000$ 132,500$ 129,269.21$ 119,219.48
    Office occupancy expenses406,500398,000396,509.57408,125.00
    Books and printing118,000107,900104,135.9087,487.23
    Supplies and equipment97,00066,00063,367.1750,965.99
    Miscellaneous57,00048,50047,833.7238,756.67
    Total$ 810,500$ 752,900$ 741,115.57$ 704,554.37
    TOTAL$5,725,000$5,400,0001$5,363,695.70$5,341,601.39

    Includes $70,000 supplementary appropriations approved by the Executive Board on January 23, 1957.

    Appendix VIII (iii) COMPARATIVE STATEMENT OF INCOME

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

    ended

    Apr. 30, 1955
    Year

    ended

    Apr. 30, 1956
    Year

    ended

    Apr. 30, 1957
    INCOME
    Service charges
    Received in gold$ 243,750.00$ 193,750.00$ 2,762,888.24
    Received in a member’s currency—0——0—2,807,350.00
    Total$ 243,750.00$ 193,750.00$ 5,570,238.24
    Charges on Fund’s holdings of members’ currencies and securities in excess of quotas
    Received in gold$1,914,631.83$1,110,091.19$ 1,863,639.37
    Received in members’ currencies15,293.1215,043.75764,256.28
    Outstanding111,679.02—0——0—
    Total$2,041,603.97$1,125,134.94$ 2,627,895.65
    Income from investments—0—$ 123,279.51$ 4,904,173.67
    Sales of Fund’s publications$ 16,088.52–0–1–0–1
    Other operational income44,404.292–232,892.352‘ 186,730.452
    Miscellaneous income579.07278.74335.47
    TOTAL INCOME$2,346,425.85$1,675,335.54$13,289,373.48
    TOTAL ADMINISTRATIVE EXPENDITURE$4,989,371.41$5,341,601.39$ 5,363,695.70

    Proceeds from sales of Fund’s publications deducted from administrative expenditure item “Books and Printing.”

    Includes transfer of $24,810.90 (net) from Stand-By Charge Reserve for year 1956 and excludes net transfers to Stand-By Charge Reserve for the years 1955 and 1957 of $42,091.78 and $1,434,628.44, respectively.

    Appendix IX (i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENDITURE, AND SUPPORTING SCHEDULES

    Letter of Transmittal

    June 28, 1957

    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, 1957, 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, China, Colombia, and Denmark nominated auditors to serve on this Committee. They respectively nominated Mr. Felix S. Y. Chang, Manager, Foreign Department, Bank of Taiwan, Taipei, Taiwan; Mr. Alfonso Llano, Sub-Secretary and Assistant to the General Manager of the Banco de la República, Bogota, Colombia; and Mr. Bent Harhorn, Assistant Auditor, Danmarks Nationalbank, Copenhagen, Denmark. The auditors thus nominated were confirmed by the Executive Directors.

    It will be noted that, in the period under review, income exceeded expenditure by $7,916,104.96, and that the total excess of expenditure over income from inception to April 30, 1957 is thus reduced to $6,295,738.61.

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

    Yours sincerely,

    /s/

    Per Jacobsson

    Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund

    Appendix IX (ii) AUDITORS’ CERTIFICATE

    We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1957, 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, 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. Our examination was made in accordance with generally accepted auditing standards applicable in the circumstances and included all procedures which we considered necessary. 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, 1957, 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/ Felix S. Y. Chang (China)

    /s/ Alfonso Llano (Colombia)

    /s/ Bent Harhorn (Denmark)

    Appendix X(iii) BALANCE SHEET April 30 1957

    Values expressed in United States dollas in the basis of established parities (See Note 1)
    ASSETS
    GOLD ACCOUNT
    Gold with depositories (See Note 2).$1,439,329,856.90
    (41,123,710.197 fine ounces at US$ 35.00 per ounce)
    Investments (See Note 3)
    $201,590,000 U. S. Treasury bills at cost$ 199,982,511.25
    Funds awaiting investment9,037.57199,991,548.82$1,639,321,405.7
    CURRENCY AND SECURITIES
    With depositories
    Currency$1,110,801,622.66
    Securities5,361,148,958.02$6,471,950,580.68
    (non-negotiable, non-interest

    bearing demand obligations

    payable at face value by members

    in their currencies)
    Less: Currency adjustment payable8,408,319.846,463,542,260.84
    (in accordance with Article IV, Section 8)
    SUBSCRIPTIONS TO CAPITAL—RECEIVABLE
    Balances not due816,797,791.93
    (members whose par values have not yet been established)
    WITHDRAWING MEMBER’S CURRENCY2,972,607.90
    (redeemable by Czechoslovakia in gold or U. S. dollars in installments not

    later than July 2,1961)
    OTHER ASSETS (See Note 6)4,595,556.87
    (Fund building, other cash, receivables, etc)
    TOTAL ASSETS$8,927,229,623.26
    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 0.957969 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar

    2.

    Excludes 3,056.406 fine ounces earmarked for members.

    3.

    Made with the proceeds of the sale of 5,714,044.252 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

    4.

    Includes an adjustment of $10,332.83 relating to net capital of previous years.

    5.

    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, 1957 is $1,382,804.61. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1957 is $490,269.40.

    6.

    The assets and liabilities of the Staff Retirement Fund are not included in this balance sheet.

    CAPITAL, RESERVES, AND LIABILITIES
    CAPITAL
    Authorized subscriptions of members$8,931,500,000.00
    Less
    Excess of expenditure over income from inception to April 30, 1956$14,211,843.57
    Less
    Excess of income over expenditure for year ended April 30, 1957 (See Note 4)7,916,104.966,295,738.61
    Net capital$8,925,204,261.39
    RESERVES
    Stand-by charge reserve (See Note 5)$ 1,382,804.61
    Reserve for potential rebate of interest charges (in

    relation to withdrawing member’s settlement)
    67,335.301,450,139.91
    LIABILITIES (See Note 6)575,221.96
    (accruals, accounts payable, deferred income, etc.)
    TOTAL CAPITAL, RESERVES, AND LIABILITIES$8,927,229,623.26
    /s/ Y. C. Koos/ Per Jacobsson
    TreasurerManaging Director
    /s/ C. M. Powell
    Comptroller and

    Assistant Treasurer

    Appendix IX (iv) STATEMENT OF INCOME AND EXPENDITURE for the year ended April 30, 1957

    INCOME
    Operational charges$5,756,968.691
    Charges on balances in excess of quota2,627,895.65
    Income from investments.4,904,173.67
    Other income335.47
    TOTAL INCOME$13,289,373.48
    EXPENDITURE
    Board of Governors$ 178,897.72
    Office of Executive Directors
    Salaries$ 588,215.78
    Other compensations and

    benefits
    84,616.39
    Travel120,674.58793,506.75
    Staff
    Salaries.$2,632,944.52
    Other compensations and

    benefits
    668,413.08
    Travel348,818.063,650,175.66
    Other administrative expenses
    Communications$ 129,269.21
    Office occupancy expenses396,509.57
    Books and printing (net)2104,135.90
    Supplies and equipment63,367.17
    Miscellaneous47,833.72741,115.57
    Total Administrative Expenditure$5,363,695.70
    Gold handling and conversion costs$ 19,910.88
    Exchange adjustmentsCr. 5.2319,905.65
    TOTAL EXPENDITURE5,383,601.35
    EXCESS OF INCOME OVER EXPENDITURE

    FOR THE YEAR
    $ 7,905,772.13
    Add:
    Adjustment of income for previous fiscal years

    pursuant to settlement agreement with withdrawing member
    10,332.83
    EXCESS OF INCOME OVER EXPENDITURE

    (carried to Balance Sheet)
    $ 7,916,104.96

    Excludes $1,434,628.44 (net) transferred to Stand-By Charge Reserve.

    After deduction of proceeds from sales of Fund’s publications.

    Appendix IX (v) GOLD ACCOUNT April 30, 1957

    GOLD WITH DEPOSITORIES

    Valued at US$35.00 per fine ounce
    Fine OuncesU. S. Dollar

    Equivalent
    Gold with depositories41,123,710.1971$1,439,329,856.90
    INVESTMENTS

    United States Treasury Bills
    Maturity DatesFace ValueCost
    May 2, 1957$ 15,230,000.00$ 15,103,591.00
    May 9, 195715,090,000.0014,970,487.20
    May 16, 195715,110,000.0014,993,350.80
    May 23, 195715,210,000.0015,087,559.50
    May 31,195715,030,000.0014,903,748.00
    June 6.1957.15,230,000.0015,105,114.00
    June 13, 195715,020,000.0014,896,986.20
    June 20, 195715,020,000.0014,904,626.35
    June 27, 195715,020,000.0014,904,496.20
    July 5, 195720,330,000.0020,171,629.30
    July 11, 195715,070,000.0014,949,741.40
    July 18, 195715,120,000.0014,997,981.60
    July 25, 1957.15,110,000.0014,993,199.70
    Totals$201,590,000.00$199,982,511.25
    1

    Excludes 3,056.406 fine ounces held under earmark by the Fund for the following members:

    MemberFine OuncesMemberFine Ounces
    Argentine Republic3.592India273.308
    Austria..848Indonesia117.823
    Bolivia.015Iran.049
    Brazil.524Japan.381
    Burma136.864Lebanon.784
    Colombia13.652Mexico.12.878
    Cuba284.733Netherlands154.540
    Egypt208.323Nicaragua.050
    El Salvador.106Norway369.864
    Ethiopia32.436Paraguay90.001
    Finland36.574Philippine Republic1.006
    France1,026.452Turkey.195.717
    Germany, Federal Republic2.345Yugoslavia93.254
    Hondurus2.87
    Total3,056.406

    Appendix IX (vi) STATEMENT OF CURRENCIES AND SECURITIES as at April 30, 1957

    DepositoriesNational

    currencies
    Amounts in Members’ CurrenciesExchange

    Rates2
    U.S. Dollar

    Equivalents
    With DepositoriesCurrency

    Adjustment

    Payable (-)1
    Totals After

    Currency

    Adjustment
    SecuritiesNo. 1 AccountNo. 2 AccountTotals
    Banco Central de la República ArgentinaPesos1,997,964,000.001,377,013,553.6417,882.003,374,995,435.643,374,995,435.6418.0000$ 187,499,746.42
    Commonwealth Bank of AustraliaPounds76,575,000.0.08,941,252.8.41,028.3.1085,517,280.12.285,517,280.12.2224.000f191,558,708.56
    Austrian National BankSchillings961,920,000.0013,000,000.008,421.16974,928,421.16974,928,421.1626.000037,497,246.96
    Banque Nationale de Belgique S. A.Francs10,823,889,561.24112,440,000.00103,112.3610,936,432,673.6010,936,432,673.6050.0000218,728,653.48
    Banco Central de BoliviaBolivianos1,405,612,388.601,254,000,000.00173,320.002,659,785,708.602,659,785,708.60190.00013,998,872.15
    Superintendencia da Moeda e do Credito (Brazil)Cruzeiros2,774,982,826.7019,466.802,775,002,293.502,775,002,293.5018.5000150,000,123.98
    The Union Bank of BurmaKyats124,240,512.77867,618.971,564.51125,109,696.25125,109,696.2521.0000t26,273,036.21
    Bank of CanadaDollars206,000,000.003,213,254.001,112.41209,214,366.41–8,054,909.75201,159,456.660.957969*209,985,350.95
    Central Bank of CeylonRupees52,843,361.05714,332.904,109.8353,561,803.7853,561,803.7821.0000T11,247,978.79
    Banco Central de ChilePesos5,480,821,446.653,476.5,481,474,922.5,481,474,922.110.00049,831,590.20
    Banco de la República (Colombia)Pesos121,843.541.172,076.15121,845,617,32121,845,617.321.9499862,485,572.84
    Banco Central de Costa RicaColones21,035,457.466,765.9521,042,223.4121,042,223.415.615003,747,501.94
    Banco Nacional de CubaPesos59,987,613.64562.8359,988,176.4759,988,176.471.0000059,988,176.47
    Danmarks NationalbankKroner405,261,773.585,620,000.272,704.23410,884,478.08410,884,478.086.9071459,486,919.06
    Banco Central de la República DominicanaPesos6,997,968.11500,987.33868.857,499,824.297,499,824.291.000007,499,824.29
    Banco Central del EcuadorSucres112,477,187.6710,449.48112,487,637.15112,487,637.1515.00007,499,175.81
    National Bank of EgyptPounds15,458,670.37510,656,231.374534.83626,115,436.58526,115,436.585287.156†74,992,043.08
    Banco Central de Reserva de El SalvadorColones4,687,285.63226.874,687,512.504,687,512.502.500001,875,005.00
    State Bank of EthiopiaDollars10,979,375.30191.799.172,092.5211,173,266.9911,173,266.9940.2500†4,497,239.97
    Bank of FinlandMarkkas6,465,542,401.0088,070,000.0035,960.006,553,648,361.006,553,648,361.00230.00028,494,123.30
    Banque de FranceFrancs145,850,000,000.47,727,806,755.2,426,813.193,580,233,568.193,580,233,568.349.6O0*553,719,203.57
    Bank deutscher LänderMarks1,025,500,000.0013,955,455.384,538.941,039,459,994.321,039,459,994.324.20000247,490,474.84
    Banco de GuatemalaQuetzales3,744,940.19343.733,745,283.923,745,283.921.000003,745,283.92
    Banque Nationale de la Republique d’HaitiGourdes7,394,945.10100,000.004,970.007,499,915.107,499,915.105.000001,499,983.02
    Banco Central de HondurasLempiras8,647,881.1298,000.00943.468,746,824.588,746,824.582.000004,373,412.29
    National Bank of IcelandKrónur12,163,211.656,020.1112,169,231.7612,169,231.7616.2857747,234.19
    Reserve Bank of IndiaRupees1,754,600,000.00626,270,573.911,805.962,380,872,379.872,380,872,379.8721.0000t499,983,199.77
    Bank IndonesiaRupiah927,900,000.00639,557,482.4815,536.511,567,473,018.991,567,473,018.9911.4000*137,497,633.25
    Bank Melli IranRials1,648,588,286.8511,624,941.3016,551.751,660,229,779.901,660,229,779.9032.250051,479,993.18
    Central Bank of IraqDinars2,569,125.000285,272.319361.1912,854,758.5102,854,758.510280.000T7,993,323.83
    Bank of IsraelPounds9,988,114.410135,000.0001,800.00010,124,914.41010,124,914.4101.800005,624,952.45
    The Bank of JapanYen66,596,400,000.900,757,019.1,676,887.67,498,833,906.67,498,833,906.360.000187,496,760.85
    Ottoman Bank (Jordan)Dinars1,024,850.89610,714.286336.3611,035,901.5431,035,901.543280.000T2,900,524.33
    Banque de Syrie et du Liban (Lebanon)Pounds7,366,572.001,722.617,368,294.617,368,294.612.191483,362,245.89
    Caisse d’Epargne de l’Etat (Luxembourg)Francs470,811,334.805,000,000.0020,556.84475,831,891.64475,831,891.6450.00009,516,637.83
    Banco de Mexico, S. A.Pesos843,731,006.895,073.45843,736,080.34843,736,080.3412.500067,498,886.43
    De Nederlandsche Bank N. V.Guilders773,000,000.0010,715,504.18858.23783,716,362.41783,716,362.413.80000206,241,148.00
    Banco Nacional de NicaraguaCordobas52,493,259.456,402.1752,499,661.6252,499,661.627.000007,499,951.66
    Norges BankKróner263,848,315.103,924,941.418,231.89267,781,488.40267,781,488.4014.0000t37,489,408.37
    State Bank of PakistanRupees454,661,398.0.04,791,858.14.103,048.11.2459,456,305.10.0459,456,305.10.021.0000f96,485,824.18
    Banco Nacional de PanamaBalboas369,000.004,999.75863.30374,863.05374,863.051.00000374,863.05
    Banco Central del ParaguayGuaranies307,322,289.6063,504.00307,385,793.60307,385,793.6060.00005,123,096.56
    Banco Central de Reserva del PeruSoles351,464,946.444,750,000.0013,614.76356,228,561.20356,228,561.2019.0000*18,748,871.64
    Central Bank of the PhilippinesPesos22,000,000.0030,494,902.421,050.3252,495,952.7452,495,952.742.0000026,247,976.37
    Sveriges RiksbankKronor387,939,594.611,566.95387,941,161.56387,941,161.565.1732174,990,414.38
    Banque Centrale de SyriePounds10,447,000.00233,734.011,539.1210,682,273.1310,682,273.132.191484,874,456.14
    Banque Centrale de la Republique de TurquieLiras78,250,000.0034,158,264.332,358.41112,410,622.74112,410,622.742.8000040,146,650.98
    South African Reserve BankPounds26,405,574.8.7374,889.11.7591.2.826,781,055.2.1026,781,055.2.10280.000T74,986,954.39
    Bank of EnglandPounds577,025,000.0.04,656,539.0.112,688.16.10581,684,227.17.9581,684,227.17.9280.000f1,628,715,838.08
    Federal Reserve Bank of New YorkDollars947,000,000.0029,013,075.85608,650.57976,621,726.42976,621,726.42976,621,726.42
    Riggs National Bank of Washington, D. C3Dollars419,100.88419,100.88419,100.88419,100.88
    Banco Central de VenezuelaBolivares32,659,359.425,006,000.001,699.8037,667,059.2237,667,059.223.3500011,243,898.27
    Banque Nationale de la République Fédérative Populaire de YougoslavieDinars18,364,595,252.0037,459.0018,364,632,711.0018,364,632,711.00300.00061,215,442.37
    TOTALS (in U.S. dollar equivalents)$5,361,148,958.02$1,109,711,084.41$1,090,538.25$6,471,950,580.68–$8,408,319.84$6,463,542,260.84$6,463,542,60.844

    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.

    Excludes withdrawing member’s currency equivalent to US$2,972,607.90 shown under separate caption in the Balance Sheet.

    Appendix IX (vii) STATUS OF SUBSCRIPTIONS TO CAPITAL as at April 30, 1957

    (expressed in U. S. dollars)
    MembersQuotasPayments on Subscriptions to CapitalSubscriptions to Capital Receivable
    1/100 of 1%

    Paid in U.S.

    Dollars1
    Paid in GoldPaid in Member’s

    Currency
    Balances Due

    (Par Values

    Established)
    Balances Not Due

    (Par Values

    Not Established)
    Afghanistan$ 10,000,000.00$ 2,500,027.46$ 7,499,972.54
    Argentine Republic150,000,000.0037,500,247.02$ 112,499,752.98
    Australia200,000,000.008,404,843.20191,595,156.80
    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
    China550,000,000.0055,000.00549,945,000.00
    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 Republic10,000,000.00500.002,499,544.567,499,955.44
    Ecuador10,000,000.00500.002,499,983.797,499,516.21
    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
    Germany, Federal Republic330,000,000.0033,009,651.50296,990,348.50
    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
    Israel7,500,000.001,875,047.565,624,952.44
    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
    Korea12,500,000.003,125,025.029,374,974.98
    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
    Nicaragua7,500,000.00200.001,874,975.625,624,824.38
    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
    Uruguay15,000,000.001,500.003,748,643.1511,249,856.85
    Venezuela15,000,000.001,500.003,748,541.9611,249,958.04
    Viet-Nam12,500,000.003,125,004.309,374,995.70
    Yugoslavia60,000,000.006,000.007,896,966.1152,097,033.89
    TOTALS$8,931,500,000.00$747,150.00$1,660,840,654.79$6,453,114,403.28–0–$816,797,791.93

    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 IX (viii) OTHER ASSETS April 30, 1957

    Cash
    On hand$ 1,200.00
    With European Office3,674.60$ 4,874.60
    Sundry Debtors
    Deposits$ 13,738.60
    Commercial accounts35,436.05
    Advances against salary37,960.00
    Travel advances12,860.90
    Other receivables13,641.73113,637.28
    Prepayments
    Postage$ 1,589.72
    Insurance6,792.82
    Travel37,639.71
    Other483.3046,505.55
    Accounts Receivable—Members1,197,209.55
    (mainly charges on Fund’s holdings

    of currencies in excess of quotas)
    Accrued Income from Investments825,283.92
    Land and Building
    Land at cost.$ 975,801.15
    Building under construction
    Expenditure to date$1,232,244.82
    Advance to contractor200,000.001,432,244.822,408,045.97
    Furniture, Equipment, and Automobiles
    Furniture and equipment at cost$ 538,773.08
    Automotive equipment at cost8,314.65
    Less: Reserve$ 547,087.73

    547,087.73
    Nil
    Libraries
    Cost of books for Law Library$ 30,033.15
    Investment in Joint Library38,665.29
    Less: Reserve$ 68,698.44

    68,698.44
    Nil
    TOTAL OTHER ASSETS (carried to Balance Sheet)$4,595,556.87
    LIABILITIES
    April 30, 1957
    Accruals$ 565,703.50
    (mainly Fund building, personal services, and office occupancy)
    Accounts Payable2,879.67
    Deferred Credits6,638.79
    (subscriptions to Fund’s publications

    for periods after April 30,1957)
    TOTAL LIABILITIES (carried to Balance Sheet)$ 575,221.96

    Appendix IX (ix) SUMMARY OF TRANSACTIONS for the year ended April 30, 1957

    1. EXCHANGE TRANSACTIONS
    (a) Currency sold by FundU. S. dollar equivalents
    1,099,047,648.76 U. S. dollars$1,099,047,648.76
    14,646,090.00 Canadian dollars15,000,000.00
    Total sold by Fund$1,114,047,648.76
    (b) Currency purchased by Fund from
    Argentine Republic1,350,000,000.00pesos$ 75,000,000.00
    Belgium2,500,000,000.00francs50,000,000.00
    Bolivia760,000,000.00bolivianos4,000,000.00
    Cuba.22,500,000.00pesos22,500,000.00
    Egypt10,447,285.714pounds30,000,000.00
    El Salvador6,250,000.00colones2,500,000.00
    France55,936,000,000.00francs160,000,000.00
    Honduras5,000,000.00lempiras2,500,000.00
    India.607,142,857.14rupees127,500,000.00
    Indonesia627,000,000.00rupiah55,000,000.00
    Iran635,325,000.00rials19,700,000.00
    Nicaragua13,143,541.32córdobas1,877,648.76
    Paraguay120,000,000.00guaranies2,000,000.00
    United Kingdom200,525,000.0.0pounds561,470,000.00
    Total purchased by Fund$1,114,047,648.76
    2. REPURCHASES
    (a) Currency repurchased from Fund byU. S. dollar equivalents
    Brazil517,771,615.80cruzeiros$ 27,987,654.91
    Ceylon9,463,972.29rupees1,987,434.18
    Chile.18,656,980.00pesos169,608.91
    Denmark12,738,226.42kroner1,844,210.65
    El Salvador6,238,769.87colones2,495,507.95
    Finland.769,081,438.00markkas3,343,832.34
    Indonesia307,805,767.54rupiah27,000,505.93
    Iran103,524,282.46rials3,210,055.27
    Turkey19,600,000.00liras7,000,000.00
    Total repurchased from Fund$ 75,038,810.14
    (b) Currency and gold paid to Fund
    U. S. dollars$ 5,073,036.64
    Gold: 1,999,022.100 fine ounces69,965,773.50
    Total currency and gold paid to Fund$ 75,038,810.14

    Appendix IX (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, 1957. Our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered applicable 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, 1957, 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, 1957, 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, Reserve Against Investments, and of the Source 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, 1957, and the results of operations for the fiscal 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/ Felix S. Y. Chang (China)

    /s/ Alfonso Llano (Colombia)

    /s/ Bent Harhorn (Denmark)

    Appendix IX (xi) STAFF RETIREMENT FUND BALANCE SHEET April 30, 1957

    ASSETS
    Cash in Bank
    The Riggs National Bank, Washington, D. C$ 3,110.69
    The Chase Manhattan Bank, New York, N. Y247.79$ 3,358.48
    Investments (Book Value)
    (See Appendix IX (xviii) and
    Note 1, Appendix IX (xix).)
    Bonds
    United States Government..$1,944,550.63
    International Bank for Re- construction and Develop- ment (market value $588,545.00)633,877.52
    Commercial (market value $753,288.75)867,761.36$3,446,189.51
    Corporate stocks
    Common (market value $1,970,981.00)1,319,398.654,765,588.16
    Accrued interest on bonds22,400.02
    Accrued Contributions Receivable From International Monetary Fund8,198.42
    TOTAL ASSETS$4,799,545.08
    LIABILITIES AND RESERVES
    Participants’ Account (See Appendix IX (xii).)$1,209,072.42
    Accumulation Account (See Appendix IX (xiii).)3,291,594.00
    Retirement Reserve (See Appendix IX (xiv).)210,926.81
    Reserve Against Investments (See Appendix IX (xv) and Note 2,
    Appendix IX (xix).)87,951.85
    TOTAL LIABILITIES AND RESERVES$4,799,545.08
    /s/ Y. C. Koo/s/ Per Jacobsson
    TreasurerManaging Director
    /s/ Charles M. Powell
    Comptroller and

    Assistant Treasurer
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xii) STAFF RETIREMENT FUND STATEMENT OF PARTICIPANTS’ ACCOUNT for the year ended April 30, 1957

    Participating

    Service
    Additional

    Contributions
    BALANCE, April 30, 1956$1,066,377.62$11,215.48
    Add
    Participants’ contributions$ 182,765.31$ 2,430.00
    Interest credited to participants33,321.84271.58
    $ 216,087.15$ 2,701.58
    Deduct
    Refunds upon participants’ withdrawals$ 54,710.35$ 5,784.93
    Refund on death (prior to retirement)3,109.41
    Transfers to Retirement Reserve21,224.232,480.49
    $ 79,043.99$ 8,265.42
    $1,203,420.78$ 5,651.64
    TOTAL (carried to Balance Sheet)$1,209,072.42
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xiii) STAFF RETIREMENT FUND STATEMENT OF ACCUMULATION ACCOUNT for the year ended April 30, 1957

    Balance, April 30, 1956$2,835,056.15
    Add
    Employer’s contributions
    Participating service364,589.08
    Income from investments
    Interest on bonds$96,175.11
    Dividends on stocks62,925.25
    Other549.82159,650.18
    Profit or loss on sale or redemption of investments
    Profits on corporate stocks$82,310.83
    Less losses on bonds27,220.5355,090.30
    Transfer from Reserve Against Corporate

    Stock Investments
    61,632.26
    $3,476,017.97
    Deduct
    Transfers to Retirement Reserve$59,622.76
    Withdrawal benefits14,835.91
    Death benefit (prior to retirement)7,790.59
    Interest credited to Participants’ Account33,593.42
    Interest on Retirement Reserve5,158.25
    Amortization of premiums, less accumulation

    of discounts on bonds
    48.40
    Transfers to Reserve Against Investments63,374.64184,423.97
    TOTAL (carried to Balance Sheet)$3,291,594.00
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xiv) STAFF RETIREMENT FUND STATEMENT OF RETIREMENT RESERVE for the year ended April 30, 1957

    BALANCE, April 30, 1956$132,903.38
    Add
    Transfers from
    Participants’ Account$23,704.72
    Accumulation Account59,622.7683,327.48
    Interest on Retirement Reserve5,158.25
    $221,389.11
    Deduct: Pension payments to retired participants10,462.30
    TOTAL (carried to Balance Sheet)$210,926.81
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xv) STAFF RETIREMENT FUND STATEMENT OF RESERVE AGAINST INVESTMENTS1 for the year ended April 30, 1957

    Transfer from Reserve Against Corporate Stock Investments of

    accumulated net profits on the sale of corporate stocks from

    inception of the Staff Retirement Fund to April 30, 1956
    $24,577.21
    Transfer from Accumulation Account of accumulated net profits

    on the sale or redemption of bonds from inception of the Staff

    Retirement Fund to April 30, 1956
    8,284.34
    Transfer from Accumulation Account of net profits on the sale

    or redemption of investments for the fiscal year ended April 30, 1957
    55,090.30
    TOTAL (carried to Balance Sheet)$87,951.85

    Supersedes Reserve Against Corporate Stock Investments.

    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xvi) STAFF RETIREMENT FUND STATEMENT OF SOURCE AND APPLICATION OF FUNDS for the year ended April 30, 1957

    FUNDS PROVIDED
    Participants’ contributions
    Participating service$182,765.31
    Additional voluntary contributions2,430.00$185,195.31
    Employer’s contributions364,589.08
    Sales and redemptions of investments (book value)
    U. S. Treasury bills$ 24,966.94
    U. S. Savings bonds281,000.00
    International Bank for Reconstruction and

    Development bonds
    246,575.53
    Corporate stocks59,058.40
    $611,600.87
    Add: Profits from sales and redemptions of

    investments (net)
    55,090.30666,691.17
    Income from investments$165,910.27
    Less: Interest on bonds purchased6,260.09159,650.18
    Decrease in working capital between 1956 and 1957 (See

    Appendix IX (xvii).)
    15,384.44
    TOTAL FUNDS PROVIDED$1,391,510.18
    FUNDS APPLIED
    Purchase of investments$1,294,816.69
    Payments to participants on withdrawal69,546.26
    Refund of additional voluntary contributions to participants5,784.93
    Payments on death prior to retirement10,900.00
    Pension payments to retired participants10,462.30
    TOTAL FUNDS APPLIED$1,391,510.18
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

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

    CURRENT ASSETSApril 30,

    1957
    April 30,

    1956
    +Increase

    –Decrease
    Cash$ 3,358.48$26,880.58–$23,522.10
    Accrued interest on bonds22,400.0216,625.51+ 5,774.51
    Accrued contributions receivable
    from International Monetary Fund8,198.425,835.27+ 2,363.15
    $33,956.92$49,341.36–$15,384.44
    CURRENT LIABILITIES
    WORKING CAPITAL$33,956.92$49,341.36–$15,384.44
    See Notes, Appendix IX (xix), which are an integral part of this Statement.

    Appendix IX (xviii) STAFF RETIREMENT FUND SCHEDULE OF INVESTMENTS April 30, 1957

    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 Treasury1980203,000.00200,938.71
    United States Treasury1983211,500.00218,766.63
    United States Treasury31995990,000.00964,905.08
    United States Treasury Bills195745,000.0044,940.21$1,944,550.63
    International Bank for Reconstruction and Development196950,000.00$ 50,000.00
    International Bank for Reconstruction and Development3197226,000.0025,665.78
    International Bank for Reconstruction and Development3197650,000.0050,000.00
    International Bank for Reconstruction and Development1977294,000.00306,115.70
    International Bank for Reconstruction and Development1981201,000.00202,096.04633,877.52
    Commercial American Telephone and Telegraph Company — Debentures¾198038,000.00$ 38,085.48
    American Telephone and Telegraph Company — Debentures198430,000.0031,025.25
    American Telephone and Telegraph Company — Debentures2 5/8198644,000.0038,953.91
    American Telephone and Telegraph Company — Debentures2 7/8198724,000.0022,787.04
    Atchison, Topeka and Santa Fe Railway Company—General Mortgage4199532,000.0035,881.52
    Central New York Power Company—General Mortgage3197431,000.0029,577.66
    Common wealth Edison Company—Sinking Fund Debentures3 ⅛2004100,000.0097,052.97
    Connecticut Light and Power Co.—1st & Refunding Mortgage, Series “L”198412,000.0012,219.46
    Consolidated Edison Company of New York—1st & Refunding Mortgage, Series “E”3197938,000.0039,411.46
    Consolidated Edison Company of New York—1st & Refunding Mortgage, Series “A”198216,000.0014,926.82
    Consolidated Natural Gas Company—Sinking Fund Debentures3⅛197930,000.0030,693.41
    Duke Power Company—1st & Refunding Mortgage2⅞197913,000.0013,507.52
    Illinois Bell Telephone Company—1st Mortgage, Series SA’’198125,000.0025,311.37
    Kansas City Power & Light Company—1st Mortgage198315,000.0015,173.36
    Carried forward$444,607.23$2,578,428.15
    Brought forward$444,607.23$2,578,428.15
    New York Telephone Company—1st & Refunding Mortgage, Series “D”1982$50,000.00$48,417.26
    New York Telephone Company—Refunding Mortgage, Series “H”3198932,000.0032,180.34
    Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “Q”2⅞198014,000.0013,434.95
    Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “S”3198345,000.0046,688.48
    Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “X”3⅛198421,000.0021,283.24
    Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “Z”3⅜198820,000.0019,944.35
    Pacific Telephone and Telegraph Company — Debentures2⅞198651,000.0046,226.40
    Philadelphia Electric Company—1st & Refunding Mortgage197424,000.0024,241.06
    Potomac Electric Power Company—1st Mortgage198544,000.0044,273.92
    Potomac Electric Power Company—1st Mortgage3⅜199014,000.0014,447.69
    Public Service Electric and Gas Company—1st & Refunding Mortgage2⅞197940,000.0041,280.25
    Public Service Electric and Gas Company—1st & Refunding Mortgage198420,000.0020,823.77
    Southern Bell Telephone and Telegraph Company—Debentures199510,000.0010,108.09
    Virginia Electric & Power Company—1st & Refunding Mortgage, Series “K”3⅛198439,000.0039,804.33867,761.36
    TOTAL BONDS$3,446,189.51
    No. of

    Shares
    Book Value
    CORPORATE STOCKS, Common
    Abbott Laboratories200$ 11,063.00
    Addressograph-Multigraph Corporation10310,895.85
    Allied Chemical and Dye Corporation32029,077.69
    Aluminum Company of America4008,509.48
    American Airlines, Incorporated50011,770.70
    American Can Company44011,086.00
    American Cyanamid Company30013,939.12
    American Natural Gas Company80031,951.98
    American Telephone and Telegraph Company20135,279.94
    Atlas Powder Company2008,321.25
    Bankers Trust Company of New York30018,112.50
    Caterpillar Tractor Co.84019,523.58
    C. I. T. Financial Corporation1004,236.00
    Consolidated Natural Gas Company90029,257.50
    Consumers Power Company60022,043.97
    Carried forward$265,068.56$3,446,189.51
    Brought forward$265,068.56$3,446,189.51
    CORPORATE STOCKS,
    Continental Can Company30013,512.00
    Continental Insurance Company60025,011.90
    Crown Zellerbach Corporation60025,084.63
    Deere & Co.70019,865.83
    Dow Chemical Company72923,882.09
    DuPont (E. I.) de Nemours and Company10011,058.51
    Eastern Airlines, Incorporated40618,790.25
    Eastman Kodak Company32618,828.79
    Fidelity-Phenix Fire Insurance Company50021,913.94
    Firestone Tire & Rubber Co.30014,534.46
    First National Stores, Incorporated1005,140.10
    Ford Motor Company30018,643.11
    General Electric Company70015,990.39
    General Motors Corporation63016,836.00
    Goodrich (B. F.) Company40014,066.00
    Goodyear Tire and Rubber Company20415,810.73
    Guaranty Trust Company of New York24013,287.50
    Hartford Fire Insurance Company15713,247.25
    Hercules Powder Company60012,389.33
    Idaho Power Company80017,321.21
    Illinois Power Company1005,452.91
    International Business Machines Corporation12430,223.04
    International Harvester Company40014,152.70
    International Nickel Company of Canada, Limited30011,738.25
    International Paper Company50119,295.28
    Jewel Tea Company20010,117.04
    Koppers Company, Incorporated1005,202.66
    Marathon Corporation40011,919.00
    May Department Stores Company60020,458.95
    McGraw-Edison Company100026,928.01
    Merck & Co., Inc.90022,476.25
    Minnesota Mining and Manufacturing Company40011,619.04
    Monsanto Chemical Company3138,954.77
    Montgomery Ward & Co., Incorporated40014,153.59
    Murphy (G. C.) Company60025,478.81
    National Cash Register Company52527,076.88
    National Distillers Products Corporation51015,062.19
    National Lead Company61218,464.08
    Northern Natural Gas Company30014,718.01
    Ohio Edison Company32611,866.03
    Ohio Oil Company2008,635.31
    Peoples Gas Light and Coke Company20025,345.66
    Pfizer (Chas.) & Co., Inc.30010,456.89
    Phillips Petroleum Company80034,585.36
    Pittsburgh Plate Glass Company52524,600.94
    Pure Oil Company60028,506.39
    Radio Corporation of America30010,635.20
    Sears, Roebuck and Company91922,027.95
    Sherwin-Williams Company20014,389.82
    Socony Mobil Oil Company, Incorporated96227,866.76
    Southern Company4009,109.12
    Standard Oil Company of Indiana50031,018.33
    Standard Oil Company (New Jersey)70720,895.29
    Texas Utilities Company100024,842.67
    Union Carbide and Carbon Corporation30023,744.63
    United Gas Corporation71018,701.64
    United States Fidelity and Guaranty Company1455,615.80
    United States Gypsum Company30019,774.66
    United States Steel Corporation1003,502.23
    Westinghouse Electric Corporation50022,430.65
    Youngstown Sheet and Tube Company1007,073.281,319,398.65
    TOTAL INVESTMENTS (carried to Balance Sheet).$4,765,588.16

    Appendix IX (xix) NOTES TO FINANCIAL STATEMENTS OF STAFF RETIREMENT FUND OF THE INTERNATIONAL MONETARY FUND for the year ended April 30, 1957

    1. 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, 1957:

    Authonzed

    Percentage
    Actual

    Percentage
    Book

    Value
    Bonds
    U. S. GovernmentMinimum 4040.80$1,944,550.63
    International Bank for Re-
    construction and DevelopmentMaximum 2013.30633,877.52
    CorporateMaximum 2518.21867,761.36
    Corporate stocksMaximum 3027.691,319,398.65
    100.00$4,765,588.16

    All corporate stocks have been selected from a list prepared by the Investment Committee on the recommendation of the Investment Consultant (The Chase Manhattan Bank).

    2. The method of handling the reserve against investments was reviewed and modified during the year to provide that the reserve be reconstituted to reflect simply the excess of realized capital gains over capital losses on the entire portfolio since the beginning of the Plan. As a consequence, retroactive adjustment of the accounts involved the closing of the former “Reserve Against Corporate Stock Investments” by the return to “Accumulation Account” of $61,632.26, representing accumulated appropriations to April 30, 1956 of dividend income received in excess of 3 per cent of the weighted average corporate stock investment held, and the opening of a new account styled “Reserve Against Investments” with the remainder of $24,577.21, representing the accumulated excess of realized capital gains over capital losses on sales of corporate stocks from inception to April 30, 1956. The new “Reserve Against Investments” was also credited, by transfer from the “Accumulation Account,” with $8,284.34, representing accumulated net capital gains on sales or redemptions of bonds from inception to April 30, 1956, and with $55,090.30, representing net capital gains on sales or redemptions of all categories of investments during the fiscal year under review, resulting in an available balance as at April 30,1957 of $87,951.85.

    General

    On April 27, 1956, the Executive Board approved amendments to the Staff Retirement Plan effective May 1, 1956, which provide for the following principal changes:

    • (a) The fraction used for all purposes in computing normal retirement benefits was changed from 1/60 to 1/50.

    • (b) The rate of regular interest was increased from 2½ per cent to 3 per cent per annum.

    • (c) The percentage used in computing withdrawal benefits was increased from ½ of 1 per cent per month to ¾ of 1 per cent per month.

    • (d) The factors used in determining early retirement pensions were simplified.

    At the same time, revised actuarial tables more closely related to the experience of the Plan were adopted, and the employer’s contribution was increased from 11.84 per cent to 11.97 per cent of remuneration.

    Appendix X(i) SCHEDULE OF PAR VALUES—as of June 30, 1957
    currencies of metropolitan areas
    Par Values

    In Terms of Gold
    Par Values

    In Terms of U. S. Dollars
    MemberCurrencyGrams of fine

    gold per

    currency unit
    Currency

    units per

    troy ounce

    of fine gold
    Currency

    units per

    U. S.

    dollar
    U. S. cents

    per currency

    unit
    AfghanistanAfghaniPar Value not yet established
    ArgentinaPeso0.049 370 6630.00018.000 05.555 56
    AustraliaPound1.990 6215.625 00.446 429224.000
    AustriaSchilling0.034 179 6910.00026.000 03.846 15
    BelgiumFranc0.017 773 41,750.0050.000 02.000 00
    BoliviaBoliviano0.004 677 226,650.00190.0000.526 316
    BrazilCruzeiro0.048 036 3647.50018.500 05.405 41
    BurmaKyat0.186 621166.6674.761 9021.000 0
    Canada1Dollar
    CeylonRupee0.186 621166.6674.761 9021.000 0
    ChilePeso0.008 078 833,850.00110.0000.909 091
    ChinaYuanPar Value not yet established
    ColombiaPeso0.455 73368.249 31.949 9851.282 5
    Costa RicaColón0.158 267196.5255.615 0017.809 4
    CubaPeso0.888 67135.000 01.000 00100.000
    DenmarkKrone0.128 660241.7506.907 1414.477 8
    Dominican RepublicPeso0.888 67135.000 01.000 00100.000
    EcuadorSucre0.059 244 7525/00015.000 06.666 67
    EgyptPound2.551 8712.188 50.348 242287.156
    El SalvadorColón0.355 46887.500 02.500 0040.000 0
    EthiopiaDollar0.357 69086.956 52.484 4740.250 0
    FinlandMarkka0.003 863 798,050.00230.0000.434 783
    FranceFrancNo Par Value agreed with the Fund
    Germany, Federal Republic ofDeutsche Mark0.211 588147.0004.200 0023.809 5
    GreeceDrachmaPar Value not yet established
    GuatemalaQuetzal0.888 67135.000 01.000 00100.000
    HaitiGourde0.177 734175.0005.000 0020.000 0
    HondurasLempira0.444 33570.000 02.000 0050.000 0
    IcelandKrona0.054 567 6570.00016.285 76.140 36
    IndiaRupee0.186 621166.6674.761 9021.000 0
    IndonesiaRupiahPar Value not yet established
    IranRial0.011 731 62,651.2575.750 01.320 13
    IraqDinar2.488 2812.500 00.357 143280.000
    IsraelPound0.493 70663.000 01.800 0055.555 6
    ItalyLiraPar Value not yet established
    JapanYen0.002 468 5312,600.0360.0000.277 778
    JordanDinar2.488 2812.500 00.357 143280.000
    KoreaHwanPar Value not yet established
    LebanonPound0.405 51276.701 82.191 4845.631 3
    LuxembourgFranc0.017 773 41,750.0050.000 02.000 00
    MexicoPeso0.071 093 7437.50012.500 08.000 00
    NetherlandsGuilder0.233 861133.0003.800 0026.315 8
    NicaraguaCórdoba0.126 953245.0007.000 0014.285 7
    NorwayKrone0.124 414250.0007.142 8614.000 0
    PakistanRupee0.186 621166.6674.761 9021.000 0
    PanamaBalboa0.888 67135.000 01.000 00100.000
    ParaguayGuarani0.014 811 22,100.0060.000 01.666 67
    Peru2Sol
    PhilippinesPeso0.444 33570.000 02.000 0050.000 0
    SwedenKrona0.171 783181.0625.173 2119.330 4
    SyriaPound0.405 51276.701 82.191 4845.631 3
    ThailandBahtPar Value not yet established
    TurkeyLira0.317 38298.000 02.800 0035.714 3
    Union of South AfricaPound2.488 2812.500 00.357 143280.000
    (or 250 shillings)
    United KingdomPound Sterling2.488 2812.500 00.357 143280.000
    (or 250 shillings)
    United StatesDollar0.888 67135.000 01.000 00100.000
    UruguayPesoPar Value not yet established
    VenezuelaBolivar0.265 275117.2503.350 0029.850 7
    Viet-NamPiastrePar Value not yet established
    YugoslaviaDinar0.002 962 2410,500.0300.0000.333 333

    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 X (ii)

    SCHEDULE OF PAR VALUES—as of June 30, 1957SEPARATE CURRENCIES IN NONMETROPOLITAN AREAS OF MEMBERS
    Par Values In Terms of GoldPar Values In Terms of U. S. Dollars
    Member and

    Nonmetropolitan Areas
    Currency and Relation to

    Metropolitan Unit
    Grams of fine

    gold per

    currency unit
    Currency

    units per

    troy ounce

    of fine gold
    Currency units per

    U.S.

    dollar
    U. S. cents

    per currency

    unit
    BELGIUM
    Belgian CongoFranc (parity with Belgian franc)0.017 773 41,750.0050.000 02.000 00
    FRANCE

    Algeria

    French Antilles

    French Guiana
    Franc (parity with French franc) Since January 26,1948, no Par Value agreed with the Fund
    Cameroons

    French Equatorial Africa

    French West Africa

    Madagascar and dependencies

    Réunion

    St. Pierre and Miquelon

    Togoland
    CFA Franc (=2.00 French francs) Since January 26, 1948, no Par Value agreed with the Fund
    French Possessions of Oceania

    New Caledonia

    New Hebrides
    CFP Franc (=5.50 French francs) Since September 20, 1949, no Par Value agreed with the Fund
    French SomalilandDjibouti Franc0.004 145 077,503.73214.3920.466 435
    ITALY SomalilandSomaloPar Value not yet established
    NETHERLANDS
    Netherlands Antilles

    Surinam
    }Guilder (=2.015

    Netherlands guilders)
    0.471 23066.004 91.885 8553.026 4
    Netherlands New GuineaGuilderPar Value not yet established
    UNITED KINGDOM

    Gambia

    Nigeria

    Sierra Leone
    British West African Pound (parity with sterling)
    Federation of Rhodesia and

    Nyasaland

    Bahamas

    Bermuda

    Cyprus

    Falkland Islands

    Gibraltar

    Jamaica

    Malta
    Southern Rhodesian Pound

    (parity with sterling)

    Bahamas Pound

    (parity with sterling)

    Bermuda Pound

    (parity with sterling)

    Cyprus Pound

    (parity with sterling)

    Falkland Islands Pound

    (parity with sterling)

    Gibraltar Pound

    (parity with sterling)

    Jamaican Pound

    (parity with sterling)

    Maltese Pound

    (parity with sterling)
    2.488 2812.500 00.357 143280.000
    Aden

    British Somaliland

    Kenya

    Tanganyika

    Uganda

    Zanzibar
    British East African Shilling (20 per pound sterling)0.124 414250.0007.142 8614.000 0
    Barbados

    British Guiana

    Leeward Islands

    Trinidad

    Windward Islands
    British West Indian Dollar

    (4.80 per pound sterling)
    0.518 39160.000 01.714 2958.333 3
    British North Borneo

    Brunei

    Malaya

    (Singapore and Federation

    of Malaya)

    Sarawak
    Malayan Dollar

    (8.571 43 per pound

    sterling, or 2 shillings 4

    pence per Malayan dollar)
    0.290 299107.1433.061 2232.666 7
    British HondurasBritish Honduras Dollar (4.00 per pound sterling)0.622 07050.000 01.428 5770.000 0
    FijiFiji Pound (1.11 per pound

    sterling)
    2.241 6913.875 00.396 429252.252
    Hong KongHong Kong Dollar (16 per

    pound sterling)
    0.155 517200.0005.714 2917.500 0
    MauritiusMauritius Rupee (131/3 per
    Seychellespound sterling)

    Seychelles Rupee (13 1/3 per

    pound sterling)
    0.186 621166.6674.761 9021.000 0
    TongaTongan Pound (1.250 001

    per pound sterling)
    1.990 6215.625 00.446 429224.000

    The relation of 1.252 50 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 144, 163, 164

    Agricultural surpluses 7, 36

    Arbitrage, exchange 102

    Argentina

    • Balance of payments 11, 59, 60, 61

    • Bilateral payments arrangements 100

    • Cost of living 93

    • Exchange system 33, 60, 127

    • Fund membership 113

    • Import prices 16

    • Money supply 93

    • Paris Club arrangements 60, 100

    • Reserves 61

    Assets, Fund

    • Investment of 141

    • Liquidity of 120

    • Statement 169, 171, 176

    Audit committee 144

    Auditors’ certificates 167, 178

    Australia

    • Balance of payments 11, 59, 60, 61

    • Bond issue in U.S. 38

    • Consumer credit 80

    • Import restrictions 11, 32, 59

    • Interest rates 81, 88

    • Monetary and fiscal measures 11, 32, 88

    • Velocity of circulation 79

    Austria

    • Balance of payments 41, 42

    • Budget 84

    • Credit developments 77, 78, 80, 83

    • Currency transferability 100

    • Exchange arbitrage 102

    • Fiscal and credit policy 11

    • Industrial production 41, 77

    • Productivity 77

    • Reserves 11, 42

    • Velocity of circulation 79

    Balance of payments

    • Developments in 1956 5, 8, 23, 30, 117

    • See also entries under various countries

    Balance sheet, Fund 168

    Balance sheet, Staff Retirement Fund 179

    Bank credit 3, 75, 77, 78, 83

    Belgian Congo, foreign trade 64, 66

    Belgium-Luxembourg

    • Balance of payments 42, 47

    • Bank credit 77

    • Budget 84

    • Currency transferability 99, 100

    • EPU position 101

    • Foreign trade 20, 21, 22, 41, 42, 47

    • Gold coins, prices of 112

    • Gold price 111

    • Industrial production 41, 77

    • Interest rates 31, 81

    • Prices 78

    • Tax measures 85

    • Wages 78

    Bilateral payments arrangements 98

    Bolivia

    • Balance of payments 65, 66, 67

    • Consultations with Fund 139

    • Cost of living 93

    • Exchange system 33, 96, 129

    • Mining Corporation budget 96

    • Money supply 93

    • Stabilization program 65, 96, 129

    Brazil

    • Balance of payments 55, 56, 57

    • Bilateral payments arrangements 100

    • Cost of living 93

    • Exchange system 32, 57, 131

    • Gold production 104

    • Hague Club 100

    • Import prices 16

    • Import restrictions 32, 56

    • Money supply 93

    • Reserves 55, 57

    Brunei and Sarawak, foreign trade 66

    Budget, Fund 144, 163, 164

    Budgetary developments 84

    Building, Fund headquarters 143

    Burma

    • Balance of payments 60, 61, 64

    • Cost of living 93

    • Loans from India and ICA 64

    • Money supply 93

    • Reserves 61, 64

    Canada

    • Balance of payments 11, 67, 68, 69

    • Budget 84, 87

    • Capital movements 11, 37, 39, 68, 69, 86

    • Credit developments 77, 78, 80, 86

    • Employment 87

    • Exchange rate 68, 70, 130

    • Fiscal and monetary policy 68, 86

    • Foreign trade 67, 68, 69

    • Gold production 104

    • Gold subsidy program 105

    • Gross national product 68

    • Industrial production 68, 77

    • Interest rates 69, 81, 82, 86

    • Investment opportunities 11, 67

    • Loan agreement with U.K. 50

    • Monetary and fiscal policy 68, 86

    • Money supply 87

    • Prices 87

    • Productivity 87

    • Reserves 68, 69

    • Velocity of circulation 79

    • Wages 87

    Capital controls 127, 162

    Capital, demand for 1

    Capital exports, encouragement of 7, 90

    Capital, Fund 169

    Capital movements;

    • see entries under various countries

    Cereal prices 18, 20

    Ceylon

    • Balance of payments 56, 57, 58

    • Cost of living 93

    • Money supply 93

    • Termination of discrimination against dollar imports 99

    Charges on use of Fund’s resources 124, 125

    Chile

    • Balance of payments 65, 66, 67

    • Cost of living 93

    • Exchange system 33, 65, 129

    • Money supply 93

    • Reserves 65, 67

    • Stabilization program 65, 95

    China (Taiwan)

    • Exchange system 137

    • Foreign trade 56

    Cocoa prices 17, 18

    Coffee prices 17, 18

    Colombia

    • Balance of payments 56, 57

    • Cost of living 93

    • Exchange system 32, 58, 132

    • Gold production 104

    • Import restrictions 32

    • Money supply 93

    Common Market 101, 102

    Community for Coal and Steel 102

    Competitiveness of industrial countries 20, 36, 54

    Consultations on exchange restrictions 115, 137

    Consumer credit 80

    Convertibility of currencies 5, 13, 119

    Copper prices 20

    Copra prices 18, 19

    Costa Rica

    • Cost of living 93

    • Money supply 93

    Cotton prices 18, 20

    Credit policy 6, 12, 74, 78, 83, 96

    Cuba

    • Balance of payments 56, 57, 58

    • Cost of living 93

    • Currency purchase 58

    • Money supply 93

    • Reserves 57, 58

    Currency convertibility 5, 13, 119

    Currency holdings, Fund 168, 172

    Currency purchases and repurchases;

    • see Fund’s resources

    Currency transferability 99, 100

    Denmark

    • Balance of payments 60, 61, 62

    • Bank credit 77

    • Budget 84

    • Currency transferability 100

    • Exchange system 134

    • Industrial production 77

    • Interest rates 81

    • Monetary policy 62

    • Prices 78

    • Reserves 61

    • Velocity of circulation 79

    • Wages 62, 78

    Discriminatory practices 98

    Disinflationary policies 30

    • See also entries under various countries

    Dominican Republic

    • Balance of payments 56, 57

    • Cost of living 93

    • Fund quota, increase in 113

    • Money supply 93

    Economic Community, European 102

    Economic development and financial stability 92

    Ecuador

    • Balance of payments 56, 57, 58

    • Cost of living 93

    • Exchange system 133

    • Fund quota, increase in 113

    • Import restrictions 133

    • Money supply 93

    • Reserves 57

    Egypt

    • Balance of payments 30, 60, 61, 63

    • Cost of living 93

    • Currency purchase 63, 120

    • Import restrictions 63

    • Money supply 93

    • Reserves 61, 63

    El Salvador

    • Cost of living 93

    • Money supply 93

    Europe, Western

    • Balance of payments 23, 39

    • Bilateral payments arrangements 100

    • Capital movements 37

      • See also entries under various countries

    • Coal and Steel Community 102

    • Common Market 101, 102

    • Competitiveness 20, 36

    • Currency transferability 100

    • Disinflationary measures 31

    • Economic Community 102

    • Exchange arbitrage 102

    • Foreign trade 15, 20, 40

    • Free Trade Area 101, 103

    • Gold sales 109

    • Import prices 29

    • Industrial activity, effects of Suez Canal closure on 28

    • Industrial production 2, 14

    • Inflation, attitude toward 4

    • Investment, business 2

    • Labor force 2

    • Liberalization measures 15, 99, 102

    • Population growth 2

    European Community for Coal and Steel 102

    European Economic Community 102

    European Payments Union

    • Agreement, renewal of 100

    • Members’ creditor and debtor positions 101

    Exchange arbitrage 102

    Exchange convertibility 5, 13, 119

    Exchange practices 125

    • See also entries under various countries

    Exchange rates 127, 190

    Exchange reserves;

    • see Reserves

    Exchange restrictions 4, 98

    Exchange restrictions consultations 115, 137

    Exchange transactions, Fund;

    • see Fund’s resources

    Executive Board

    • Chairman 114

    • Conclusions on problems of capital controls 127, 162

    • Decision on multiple currency practices 125, 161

    • Decisions on use of Fund’s resources 118

    • Membership and voting power 114, 154, 156

    Expenditure statement, Fund 144, 170

    Export exchange rates, adjustment of 31

    Export prices, world 16

    Financial stability and economic development 92

    Financial statements, Fund 163, 166

    Finland

    • Balance of payments 68, 69, 73

    • Budget 84, 90

    • Exchange system 135

    • Fiscal and monetary measures 83, 90

    • Import restrictions 73, 76

    • Prices 78

    • Productivity 77

    • Reserves 10, 69

    • Stabilization program 90

    • Subsidies 85, 90

    • Wages 78, 90

    Fiscal policy 6, 70, 74, 84

    • See also entries under various countries

    France

    • Balance of payments 10, 25, 26, 42, 45

    • Budget 84, 89

    • Credit developments 77, 78, 80, 83, 89

    • Currency purchase 46, 115

    • Currency transferability 100

    • Disinflationary policies 31

    • EPU position 47, 101

    • Exchange system 130

    • Foreign trade 21, 22, 40, 41, 42, 46

    • Gold coins, prices of 112

    • Gold price 111

    • Import restrictions 46

    • Industrial production 41, 46, 77, 89

    • Inflation 46, 89

    • Interest rates 31, 81, 82, 89

    • Liberalization measures 31

    • Money supply 89

    • Oil rationing 28

    • Prices 78

    • Reserves 10, 42, 46

    • Stand-by arrangement 46

    • Velocity of circulation 79

    • Wages 78, 89

    Free Trade Area 101, 103

    Freight rates 17, 28, 41

    French West Africa, foreign trade 56

    Fund budget 144, 163, 164

    Fund collaboration with international organizations 142

    Fund headquarters building 143

    Fund members

    • Consultations on exchange restrictions 115, 137

    • Currency purchases and repurchases;

      • see Fund’s resources

    • List 147

    • New 113

    • Quotas 113, 147

    • Reports on monetary reserves 125

    • Transactions with Fund;

      • see Fund’s resources

    Fund missions 116, 139, 140

    Fund publications 141

    Fund staff 143

    Fund statement on gold subsidies 107

    Fund training program 140

    Fund’s objectives, progress toward 12, 115

    Fund’s policies and procedures 114, 116

    Fund’s resources

    • Charges on use of 124, 125

    • Currency purchases and repurchases 10, 26, 46, 53, 58, 63, 66, 71, 115, 116, 120, 122, 123, 124, 160, 177

    • Gold tranche drawings 118, 122

    • Liquidity of 120

    • Repurchase obligations 124, 125

    • Stand-by arrangements 10, 46, 53, 71, 115, 116, 118, 120, 121

    • Use of 5, 8, 24, 25, 34, 114, 115

    • Waiver transactions 118, 123

    GATT, Fund cooperation with 142

    Germany, Federal Republic of

    • Balance of payments 25, 33, 42, 43, 44

    • Bank credit 77

    • Capital movements 26, 37, 43, 90

    • Currency transferability 100

    • Disinflationary measures 33, 43, 90

    • Domestic demand 43

    • Employment 43

    • EPU position 45, 101

    • Foreign trade 20, 21, 22, 41, 42, 43

    • Gold market 108

    • Gold movements, regulation of 108

    • Gold price 108

    • Industrial production 41, 45, 77

    • Interest rates 33, 45, 81, 82, 90

    • Labor force 43

    • Monetary policy 26, 33, 90

    • Reserves 9, 42, 44, 45

    • Velocity of circulation 79

    Ghana

    • Foreign trade 56

    • Fund membership 113

    • Gold production 105

    Gold

    • Coins, prices of 112

    • Fund’s holdings 125, 168, 171

    • Hoarding 109

    • Markets and prices 108

    • Movements, removal of restrictions on 108

    • Production 9, 104

    • Production costs 105

    • Purchases 109

    • Reserves 107

    • Subsidies 105

    • Subsidies, Fund statement on 107

    • Transaction service 139

    Gold and foreign exchange reserves;

    • see Reserves

    Gold Coast;

    • see Ghana

    Gold tranche drawings 118, 122

    Governors, Board of, membership and voting power 147, 150

    Grain prices 20

    Grain producing countries, balance of payments 59, 60, 61

    Greece

    • Balance of payments 60, 61

    • Exchange rate 128

    Guatemala

    • Cost of living 93

    • Money supply 93

    Hague Club 100

    Haiti, increase in Fund quota 113

    Honduras

    • Cost of living 93

    • Money supply 93

    Hong Kong, gold price 111

    Iceland

    • Exchange system 134

    • Prices 78

    • Wages 78

    Import prices, world 17

    Import restrictions 31

    • See also entries under various countries

    Income statement, Fund 144, 165, 170

    Income velocity 79

    India

    • Balance of payments 11, 69, 71

    • Cost of living 93

    • Currency purchase 71, 115

    • Development plans 71, 93

    • Financial stability 93

    • Foreign trade 68, 71

    • Gold prices 111

    • Import restrictions 32, 95

    • Industrial production 14

    • Interest rates 32, 95

    • Investment, private 11

    • Loan to Burma 64

    • Money supply 93

    • Reserves 69, 71, 93

    • Stand-by arrangement 71

    • Terms of trade 71

    Indonesia

    • Agricultural surpluses from U.S. 66

    • Balance of payments 65, 66, 67

    • Cost of living 93

    • Currency purchase 66

    • Exchange system 32, 66, 135

    • Monetary cover 66

    • Money supply 93

    • Reserves 66, 67, 136

    Industrial countries

    • Balance of payments 23, 41, 42

    • Bank credit: 76, 77

    • Capital, demand for 2

    • Competitiveness 20, 36, 54

    • Export prices 16, 17, 21

    • Foreign trade 15, 20, 41, 42

    • Industrial production 15, 41, 76, 77

    • Interest rates 76

    • Prices 78

    • Productivity 76

    • Terms of trade 41

    • Velocity of circulation 79

    • Wages 76

    Industrial production, world 14

    Inflation 4, 12, 75, 85, 88, 89, 92 117

    Interest rates 6, 38, 74, 80

    • See also entries under various countries

    International organizations, Fund collaboration with 142

    International payments, developments in 1956 5, 8, 23, 30, 117

    Investment, private 1, 3, 16, 23, 37, 74

    Iran

    • Balance of payments 66, 67

    • Cost of living 93

    • Exchange rate 131

    • Money supply 93

    • Petroleum production 67

    • Reserves 67

    Iraq

    • Balance of payments 66, 67

    • Oil receipts, effect of Suez Canal closure on 30

    Ireland

    • Application for Fund membership 113

    • Balance of payments 60, 61

    • Interest rates 31, 82

    Israel

    • Balance of payments 68, 69

    • Cost of living 93

    • Exchange system 128

    • Fund quota, increase in 113

    • Money supply 93

    • Secunties, U.S. investment in 38

    Italy

    • Balance of payments 42, 48

    • Bank credit 77, 78

    • Budget 84

    • Currency transferability 99, 100

    • Employment 48

    • EPU credit, renunciation of 101

    • EPU position 101

    • Exchange rate 128

    • Foreign trade 20, 21, 22, 40, 41, 42, 48

    • Gold coins, prices of 112

    • Industrial production 41, 77

    • Interest rates 81

    • Reserves 42

    • Velocity of circulation 79

    • Wages 48, 78

    Jacobsson, Per, assumption of duties with Fund 114

    Japan

    • Balance of payments 11, 23, 25, 42, 51, 54

    • Bank credit 77

    • Bilateral payments arrangements 100

    • Competitiveness 21, 36, 54

    • Domestic demand 54

    • Exchange system 55, 135

    • Foreign trade 20, 21, 22, 40, 41, 42, 54

    • Industrial production 14, 41, 55, 77, 91

    • Interest rates 91

    • Prices 91

    • Reserves 42, 51, 55, 91

    • Velocity of circulation 79

    Jute prices 20

    Korea, Republic of

    • Cost of living 93

    • Gold production incentive 106

    • Money supply 93

    Kuwait, foreign trade 67

    Lebanon

    • Cost of living 93

    • Exchange rate 131

    • Gold coins, prices of 112

    • Gold exports, removal of restrictions on 108

    • Gold price 111

    • Money supply 93

    Liabilities, Fund 169, 176

    Liberalization measures 15, 31, 99, 102, 119

    Libya, application for Fund membership 113

    Livestock producing countries, balance of payments 59, 60, 61

    Luxembourg;

    • see Belgium-Luxembourg

    Malaya, foreign trade 64, 66

    Managing Director, Fund 114

    Members, Fund;

    • see Fund members

    Metals prices 18, 20, 64

    Metals producing countries, balance of payments 64

    Mexico

    • Balance of payments 16, 68, 69, 71

    • Fiscal and monetary policies 97

    • Gold production 105

    • Reserves 12, 69, 97

    Middle East, effects of Suez Canal closure on 10, 30

    Missions, Fund 116, 139, 140

    Monetary policy 6, 70, 74

    • See also entries under various countries

    Monetary reserves

    • Gold and foreign exchange reserves 5, 8, 23, 34, 117

    • Reports from Fund members 125

    • See also entries under various countries

    Monetary stability 6, 12

    Money supply;

    • see entries under various countries

    Morocco, application for Fund membership 113

    Multilateral trading system 5, 8, 13

    Multiple currency practices 99, 125, 129, 161

    Netherlands

    • Balance of payments 42, 47

    • Capital movements 47

    • Credit developments 77, 78, 80

    • Currency transferability 99, 100

    • Disinflationary policies 31

    • Foreign trade 21, 22, 41, 42, 47

    • Industrial production 41, 47, 77

    • Interest rates 31, 81

    • Reserves 11, 42

    • Subsidies 85

    • Tax measures 85

    • Velocity of circulation 79

    • Wages 31

    Netherlands Antilles, foreign trade 66

    New Zealand

    • Balance of payments 59, 60, 61

    • Fiscal and monetary policy 88

    • Interest rates 81, 88

    • Reserves 61

    Nicaragua

    • Cost of living 93

    • Fund quota, increase in 113

    • Money supply 93

    Nigeria, foreign trade 56

    Nonferrous metals prices 18, 20

    Norway

    • Balance of payments 42

    • Budget 84

    • Credit developments 77, 83

    • Currency transferability 100

    • Foreign trade 41, 42

    • Industrial production 41, 77

    • Interest rates 81

    • Reserves 42

    • Shipping receipts 29

    • Velocity of circulation 79

    Oil prices 15, 18, 29

    Oil producing countries, balance of payments 23, 66, 67

    Oil production 28

    Organization for European Economic Cooperation (OEEC)

    • Fund cooperation with 142

    • Liberalization measures 102

    OEEC countries;

    • see Europe, Western

    Overseas sterling area;

    • see Sterling area, overseas

    Pakistan

    • Balance of payments 60, 61, 63

    • Cost of living 93

    • Money supply 93

    • Par values 127, 190

    Paraguay

    • Cost of living 93

    • Money supply 93

    Paris Club 60, 100

    Payments, international;

    • see International payments

    Peru

    • Balance of payments 68, 69, 72

    • Cost of living 93

    • Exchange rates 72, 129

    • Monetary policy 72

    • Money supply 93

    • Reserves 69

    Petroleum prices 15, 18, 29

    Petroleum producing countries, balance of payments 23, 66, 67

    Petroleum production 28

    Philippine Republic

    • Balance of payments 56, 57, 58

    • Cost of living 93

    • Gold subsidy program 106

    • Money supply 93

    • Reserves 57

    Population growth 2

    Portugal

    • Balance of payments 42

    • Reserves 42

    Prices, commodity 4, 17, 18, 74

    Primary producing countries

    • Balance of payments 22, 23, 26

    • Capital, demand for 3

    • Export earnings 15, 17

    • Export prices 16, 17

    • Foreign trade 15, 19, 22

    • Industrial production 14

    • Investment, private 16

    • Terms of trade 17

    Productivity 77

    Publications, Fund 141

    Purchases of currency 10, 26, 46, 53, 58, 63, 66, 71, 115, 120, 160, 177

    Quotas of Fund members 113, 147

    Repurchase obligations 124, 125

    Repurchases of currency 115, 116, 122, 123, 124, 160, 177

    Reserves, Fund 169

    Reserves, gold and foreign exchange 5, 8, 23, 34, 107, 117

    • See also entries under various countries

    Reserves, monetary, reports from Fund members 125

    Resources, Fund’s;

    • see Fund’s resources

    Rhodesia and Nyasaland, Federation of, foreign trade 64, 66

    Rooth, Ivar, completion of term of service 114

    Rubber prices 18, 20

    Rubber producing countries, balance of payments 64, 66, 67

    Sarawak and Brunei, foreign trade 66

    Saudi Arabia

    • Foreign trade, 67

    • Fund membership 113

    Savings 3, 6, 75

    Security holdings, Fund 168, 172

    Spain, balance of payments 68, 69

    Stabilization measures 94, 117, 119

    Staff, Fund 143

    Staff Retirement Fund, financial statements 178

    Stand-by arrangements 10, 46, 53, 71, 115, 116, 118, 120, 121

    Sterling area, overseas

    • Balance of payments 51

    • Reserves 52

    Sterling transferability 99

    Subscriptions to Fund capital 174

    Subsidies, 85

    • See also entries under various countries

    Sudan, Republic of

    • Foreign trade 60

    • Fund membership 113

    Suez Canal closure 5, 10, 17, 23, 26, 27, 110, 117

    Sugar prices 18, 19

    Surpluses, agricultural 7, 36

    Sweden

    • Balance of payments 42, 48

    • Bank credit 77

    • Budget 84

    • Currency transferability 99, 100

    • Foreign trade 20, 21, 22, 41, 42, 48

    • Gross national product 48

    • Industrial production 41, 77

    • Interest rates 31, 49, 81

    • Reserves 42, 48

    • Velocity of circulation 79

    • Wages 78

    Switzerland

    • Balance of payments 42

    • Budget 84

    • Currency transferability 100

    • Foreign trade 21, 22, 41, 42

    • Gold prices 110

    • Industrial production 41

    • Interest rates 31

    • Reserves 42

    • Velocity of circulation 79

    Syria

    • Balance of payments 60, 61

    • Exchange rate 131

    • Gold imports, removal of duties on 108

    Tangier, gold prices 110

    Tariffs 7

    Tax measures 85

    Tea prices 18, 19

    Technical assistance by Fund 116, 139, 140

    Technological changes 2

    Textile fiber producing countries, balance of payments 59, 60, 61

    Thailand

    • Balance of payments 60, 61, 64

    • Cost of living 93

    • Exchange rate 128

    • Money supply 93

    • Reserves 61

    Tin prices 20

    Tobacco producing countries, balance of payments 59, 60, 61

    Trade, world 5, 14

    Training program, Fund 140

    Transactions, Fund;

    • see Fund’s resources

    Transferable currencies 99, 100

    Transportation costs 17, 28, 41

    Trinidad, foreign trade 66

    Tropical food producing countries, balance of payments 23, 55, 56, 57

    Tunisia, application for Fund membership 113

    Turkey

    • Exchange system 135

    • Foreign trade 60

    • Interest rates 31

    Union of South Africa

    • Balance of payments 68, 70

    • Capital movements 70

    • Fiscal and monetary policy 88

    • Gold exports 109

    • Gold production 70, 104

    • Gold production costs 105

    • Interest rates 81, 88

    • Uranium production 105

    • Velocity of circulation 79

    U.S.S.R, gold sales 107, 109

    United Kingdom

    • Balance of payments 10, 23, 26, 30, 39, 42, 49, 52

    • Budget 84, 88

    • Capital formation 2

    • Capital movements 39, 51

    • Credit developments 77, 80, 84, 87

    • Currency purchase 10, 26, 53, 115

    • Currency transferability 100

    • Disinflationary policy 53, 87

    • Domestic demand 50

    • Employment 88

    • EPU position 54, 101

    • Exchange restrictions consultation 138

    • Foreign trade 21, 22, 40, 41, 42, 49

    • Gold imports 109

    • Gold market, London 109, 110

    • Import prices 29

    • Industrial production 14, 41, 49, 77, 87

    • Interest rates 31, 81, 82

    • Investment, business 2, 49

    • Loan agreements with Canada and U.S. 50

    • Loan from Export-Import Bank 53

    • London gold market 109, 110

    • Oil rationing 28

    • Productivity 77

    • Reserves 10, 24, 42, 51, 54

    • Stand-by arrangement 10, 53

    • Velocity of circulation 79

    • Wages 77, 87

    United States

    • Agricultural surpluses 36, 66

    • Balance of payments 8, 34, 35

    • Budget 84

    • Capital formation 2

    • Capital movements 24, 34, 37

    • Credit developments 77, 78, 86

    • Employment 85

    • Export-Import Bank loan to U.K. 53

    • Exports, effects of Suez Canal closure on 27, 29

    • Foreign trade 20, 21, 22, 34, 40

    • Gold holdings 9

    • Gold production 105

    • Gross national product 85

    • Industrial production 14, 77, 86

    • Interest rates 33, 81, 82, 86

    • ICA loan to Burma 64

    • Investment, business 2

    • Investment, private, abroad 8, 16, 23, 37

    • Labor force 2

    • Loan agreement with U.K. 50

    • Monetary policy 33, 86

    • Money supply 78

    • Population growth 2

    • Prices 78, 85

    • Productivity 77

    • Savings 86

    • Velocity of circulation 79

    • Wages 78, 85

    Uranium production 105

    Uruguay

    • Balance of payments 60, 61

    • Cost of living 94

    • Disinflationary policies 32

    • Exchange system 32, 61, 133

    • Money supply 93

    • Reserves 61

    Venezuela

    • Balance of payments 11, 66, 67

    • Cost of living 93

    • Money supply 93

    • Reserves 12, 67

    Viet-Nam

    • Exchange system 137

    • Fund membership 113

    Voting power, Fund

    • Executive Directors 154

    • Governors 147

    Wages 31, 75, 95

    Western Europe;

    • see Europe, Western

    Wool prices 18, 19, 59

    World payments, developments in 1956 5, 8, 23, 30, 117

    World trade 5, 14

    Yugoslavia, foreign trade 68

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