Title Page
INTERNATIONAL MONETARY FUND
Annual Report
of the
Executive Directors for the fiscal year ending
June 30
1947
INTERNATIONAL MONETARY FUND WASHINGTON, DC
TABLE OF CONTENTS
Letter of Transmittal
General Comments
The Problem of Reconstruction
International Trade and Payments
Grants and Credits
Use of Monetary Reserves
Completing Reconstruction
Organization and Administration of the Fund
Membership
Quotas
Executive Directors
Staff
Relations with Member Countries
Information on Silver
Rules and Regulations
Relations with Other International Organizations
Financial Report
Administrative Budget
Initial Par Values and Maintenance of Exchange Stability
The Fund’s Resources and Transactions
Subscriptions
Foreign Exchange Transactions
Gold Transactions
Exchange Restrictions
Transitional Arrangements
Transferability of Sterling
Direct Trade Controls
Concluding Observations
APPENDICES
I. Membership, Quotas, Governors and Voting Power
II. Changes in Board of Governors
III. Executive Directors and Voting Power
IV. Changes in Executive Directors
V. Distribution of Staff by Salary and Geographical Area
VI. Condensed Balance Sheet and Supporting Schedules
Letter of Transmittal
i. Auditors’ Certificate
ii. Condensed Balance Sheet
iii. Condensed Income and Expenditure Account
iv. Gold with Depositories
v. Currency with Depositories
vi. Securities of Members
vii. Subscriptions Receivable—Balances Not Payable Until Members’ Par Values Have Been Established
VII. Statement of Exchange Transactions
VIII. (i) Holdings of Currencies including Non-Negotiable, Non-Interest Bearing Demand Securities substituted by Members in Lieu of Currency
(ii) Summary of Subscription Payments by Members
IX. Administrative Budget
X. Statement of Par Values
XI. Schedule of Par Values
XII. Statement on Transactions in Gold at Premium Prices
XIII. Statement on Exchange Arrangements in Ecuador
INDEX
Executive Board
Camille Gutt
Chairman of the Executive Board
Executive Directors | Alternate Executive Directors |
A. N. Overby | George F. Luthringer |
G. L. F. Bolton | M. H. Parsons |
Yee-Chun Koo | Yueh-Lien Chang |
Jean de Largentaye | |
J. V. Joshi | B. K. Madan |
Francisco Alves dos Santos-Filho | Octavio Paranagua |
Rodrigo Gomez | Raul Martinez-Ostos |
G. W. J. Bruins | Willem Koster |
Guido Carli | Giorgio Cigliana-Piazza |
Louis Rasminsky | J. F. Parkinson |
J. V. Mladek | Mihailo Kolovic |
Hubert Ansiaux | Ernest de Selliers |
Ahmed Zaki Bey Saad | Mahmoud Saleh El Falaki |
Executive Directors | Alternate Executive Directors |
A. N. Overby | George F. Luthringer |
G. L. F. Bolton | M. H. Parsons |
Yee-Chun Koo | Yueh-Lien Chang |
Jean de Largentaye | |
J. V. Joshi | B. K. Madan |
Francisco Alves dos Santos-Filho | Octavio Paranagua |
Rodrigo Gomez | Raul Martinez-Ostos |
G. W. J. Bruins | Willem Koster |
Guido Carli | Giorgio Cigliana-Piazza |
Louis Rasminsky | J. F. Parkinson |
J. V. Mladek | Mihailo Kolovic |
Hubert Ansiaux | Ernest de Selliers |
Ahmed Zaki Bey Saad | Mahmoud Saleh El Falaki |
Officers | ||
Camille Gutt Managing Director | ||
Robert Rolin Assistant to the Managing Director | Oscar L. Altman Administrative Assistant to the Managing Director | |
John L. Fisher Director, Operations Department E. M. Bernstein Director, Research Department Andre van Campenhout General Counsel Charles M. Powell Comptroller Frank Coe Secretary |
Officers | ||
Camille Gutt Managing Director | ||
Robert Rolin Assistant to the Managing Director | Oscar L. Altman Administrative Assistant to the Managing Director | |
John L. Fisher Director, Operations Department E. M. Bernstein Director, Research Department Andre van Campenhout General Counsel Charles M. Powell Comptroller Frank Coe Secretary |
LETTER OF TRANSMITTAL
to the Board of Governors
August 6, 1947.
My dear Mr. Chairman:
In accordance with Section 10 of the By-Laws of the International Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ending June 30, 1947.
Yours sincerely,
Gutt
Chairman of the Executive Board
The Right Honorable Hugh Dalton
Chairman, Board of Governors
International Monetary Fund