At the opening of this Annual Meeting, I wish, first of all, to express on your behalf the deep appreciation we all feel for the generous hospitality of the Government of the United States of America and for the heart-warming greeting of President Eisenhower. And I wish, also, to express our thanks for the friendly welcome that has been extended to all of us, the Governors, our Alternates and advisers, and to our distinguished observers and guests. In turn, speaking for you, I welcome with great pleasure Mr. Per Jacobsson, the new Managing Director of the Fund, and the representatives of our new members, Ghana, Ireland, Saudi Arabia, and the Sudan.