It is a great pleasure to welcome you to these 1963 Annual Meetings of our international financial organizations: the International Monetary Fund, the International Bank for Reconstruction and Development, and its associated agencies—the International Finance Corporation and the International Development Association. I know I can express our unanimous appreciation for the friendly hospitality of the United States, our host on this occasion, as on so many others since the historic conference at Bretton Woods. I would also like to greet the Governors representing the twenty countries admitted to membership since the last Annual Meetings. There were only twenty-nine members when the Bank and Fund were legally established in December 1945. Today we are more than one hundred countries strong—strong in the economic progress we have achieved through cooperative efforts, and in our confidence that still more can be achieved in the future.