Abstract

INTERNATIONAL MONETARY FUND

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

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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