Mr. Chairman, I should like first of all to convey to you as well as to Mr. Black and Mr. Jacobsson the apologies of the Finance Minister, Mr. Gaillard,3 who is detained in Paris by his official duties. He was looking forward with much pleasure to his Washington visit and would have been extremely interested to attend your Meetings. He would certainly have been most anxious to add his own wishes to those that have been paid our two organizations, as well as the International Finance Corporation, for their efforts during the past year and for the reports they made of their activities.