Abstract

This paper outlines that many countries have only begun to recover from the devastation of war; and the reconstruction of their economic and monetary systems will take several years. The wartime economic controls of many members of the IMF are still in force. Concrete measures for international economic cooperation, in spheres other than the financial, are not as far advanced as had earlier been hoped. International political cooperation leaves much to be desired. A number of countries, particularly in Europe and the Far East, find their international economic position seriously deteriorated as a result of the war. Their first task is to restore agricultural and industrial production on a modern and efficient basis and to bring it into line with the new requirements of the market. Although foreign aid has been of great assistance, it is important to recognize that recovery in the occupied countries has depended and will continue to depend primarily on their own efforts.

INTERNATIONAL MONETARY FUND

FIRST ANNUAL MEETING

of the

BOARD OF GOVERNORS

Report of the Executive Directors

and

Summary Proceedings

September 27 to October 3, 1946

INTERNATIONAL MONETARY FUND

Washington, D. C. November 1946

Table of Contents

  • I. ANNUAL REPORT OF EXECUTIVE DIRECTORS

  • Letter of Transmittal

  • Establishment of Fund

    • Entry into Force

    • Inaugural Meeting

    • First Executive Directors

    • Interim Period

    • Selection of Managing Director

    • Organization of Operating Staff

    • Financial Statement

    • Administrative Budget

  • Status of Fund

    • Application for Membership

    • Revision of Quotas

    • Relations with Other International Organizations

  • Policies

    • Rules and Regulations

    • Interpretations

  • Operations—Initial Par Values

  • Problems Facing the Fund

    • Initial Parities

    • Exchange Controls

    • Exchange Rates

    • Use of Fund Resources

    • Limited Scope of the Fund

  • II. PROCEEDINGS OF FIRST ANNUAL MEETING

  • Explanatory Note

  • Selected Statements made to Board of Governors

    • Message from President Truman

    • Address by the Honorable John W. Snyder

    • Address by Mr. Camille Gutt

  • Resolutions

    • 1. Amendment of By-Laws

    • 2. Rules and Regulations

    • 3. Request of Mexico for Information on Monetary Uses of Silver

    • 4. Voting by Denmark

    • 5. Membership for Lebanon

    • 6. Membership for Italy

    • 7. Membership for Syria

    • 8. Membership for Turkey

    • 9. Financial Statement

    • 10. Establishment and Functions of an Auditing Committee

    • 11. Request of Quota for Iran

    • 12. Adjustment of Quota for Paraguay

    • 13. Adjustment of Quota for France

    • 14. Site for Second Annual Meeting of Board of Governors

    • 15. Election of Officers of the Board of Governors

    • 16. Establishment of Procedures Committee

  • Committee Reports

    • First Report of the Procedures Committee

    • Second Report of the Procedures Committee

    • Third Report of the Procedures Committee

    • Rules and Regulations

    • Membership

    • Quota Revisions

    • Financial Committee

  • III. APPENDICES

  • A. By-Laws

  • B. Rules and Regulations

  • C. Interpretations of Fund Agreement

  • D. Relations with United Nations

  • E. Financial Statement

  • F. Changes of Governors and Executive Directors

  • G. Quotas and Voting Power of Member Countries

  • H. Officers of the Board of Governors

  • I. Voting Power of Executive Directors

  • J. Attendance at First Annual Meeting

  • INDEX