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Author: International Monetary Fund
Language:
English
Keywords:
AR; AREA; dollar; OEEC country; price; country
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Abstract

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1957. The report highlights that boom conditions continued throughout 1956, sustained by an undercurrent of private business investment sufficiently strong to compensate for such weaknesses as appeared in some individual sectors. Any apprehensions, which might have been entertained in the early months of the year that the upward trend of business was soon to be reversed, were thus shown to be without foundation.

APPENDICES

Appendix I MEMBERSHIP, QUOTAS, GOVERNORS, AND VOTING POWER as of April 30, 1957

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Voting power varies on certain matters with use by members of the Fund’s resources.

This total is not equal to the sum of the items because of rounding.

Appendix II CHANGES IN MEMBERSHIP OF THE BOARD OF GOVERNORS

Changes in the membership of the Board of Governors between May 1, 1956 and April 30, 1957 have been as follows:

Adone Zoli was appointed Governor for Italy, May 9, 1956.

Manuel Melendez-Valle was reappointed Alternate Governor for El Salvador, May 17, 1956.

Ahmad Majidian succeeded Ebrahim Kachani as Alternate Governor for Iran, June 2, 1956.

John S. Pesmazoglu succeeded Charalambos Theodoropoulos as Alternate Governor for Greece, June 7, 1956.

Memduh Aytur succeeded Burhan Ulutan as Alternate Governor for Turkey, June 9, 1956.

Abdulilah Hafidh succeeded Khalil Kenna as Governor for Iraq, June 17, 1956.

Carlos Sapelli succeeded Miguel B. Rognoni as Governor for Uruguay, June 26, 1956.

Gustavo F. A. Storm succeeded Epifanio Mendez as Governor for Paraguay, June 27, 1956.

Pedro R. Chamorro succeeded Pedro Juan Mayor as Alternate Governor for Paraguay, June 27, 1956.

The term of Arturo Maschke as Governor for Chile expired, July 17, 1956.

Tai Shik In succeeded Hyun Chul Kim as Governor for Korea, July 18, 1956.

Yong Chan Kim succeeded Suk Hi Park as Alternate Governor for Korea, July 18, 1956.

Emilio G. Barreto was reappointed Alternate Governor for Peru, July 18, 1956.

H. M. Patel succeeded B. Rama Rau as Alternate Governor for India, July 26, 1956.

Jose Maria Alkmim succeeded Eugenio Gudin as Governor for Brazil, August 1, 1956.

Chintaman D. Deshmukh resigned as Governor for India, August 2, 1956.

Maurice Frere was reappointed Governor for Belgium, August 9, 1956.

B. Rama Rau succeeded Chintaman D. Deshmukh as Governor for India, August 9, 1956.

Jozua Francois Naude succeeded Eric Hendrik Louw as Governor for the Union of South Africa, August 9, 1956.

Miguel Cuaderno, Sr., was reappointed Governor for the Philippines, August 14, 1956.

Eduardo Z. Romualdez succeeded Emilio Abello as Alternate Governor for the Philippines, August 31, 1956.

Tu Maung succeeded San Lin as Alternate Governor for Burma, September 3, 1956.

Sir Percy Claude Spender succeeded L. H. E. Bury as Alternate Governor for Australia, September 4, 1956.

Bosko Tonev succeeded Janko Smolej as Alternate Governor for Yugoslavia, September 5, 1956.

Roberto M. Heurtematte was reappointed Governor for Panama, September 12, 1956.

Sir Percy Claude Spender succeeded Sir Arthur Fadden as Governor for Australia, September 16, 1956.

L. H. E. Bury succeeded Sir Percy Claude Spender as Alternate Governor for Australia, September 16, 1956.

Eugenio Blanco was appointed Governor for Argentina, effective September 20, 1956.

Adolfo Vicchi was appointed Alternate Governor for Argentina, effective September 20, 1956.

Zeyyat Mandalinci succeeded Nedim Okmen as Governor for Turkey, September 21, 1956.

Hasan Isik succeeded Memduh Aytur as Alternate Governor for Turkey, September 21, 1956.

Tran Huu Phuong was appointed Governor for Viet-Nam, effective September 21, 1956.

Vu Quoc Thuc was appointed Alternate Governor for Viet-Nam, effective September 21, 1956.

Ahmed Zaki Saad succeeded Abdel Moneim El Kaissouni as Governor for Egypt, September 22, 1956.

Carlos J. Canessa succeeded Catalino Herrera as Governor for El Salvador, September 22, 1956.

Abdul Qadir succeeded Syed Amjad Ali as Governor for Pakistan, September 24, 1956.

M. A. Mozaffar succeeded Abdul Qadir as Alternate Governor for Pakistan, September 24, 1956.

Abdel Moneim El Kaissouni succeeded Ahmed Zaki Saad as Governor for Egypt, September 29, 1956.

Catalino Herrera succeeded Carlos J. Canessa as Governor for El Salvador, September 29, 1956.

Sir Arthur Fadden succeeded Sir Percy Claude Spender as Governor for Australia, November 1, 1956.

Gabriel A. Mejia succeeded Pedro Pineda Madrid as Governor for Honduras, November 13, 1956.

Memduh Aytur succeeded Hasan Isik as Alternate Governor for Turkey, November 28, 1956.

Adnan Menderes succeeded Zeyyat Mandalinci as Governor for Turkey, November 28, 1956.

Masamichi Yamagiwa succeeded Eikichi Araki as Alternate Governor for Japan, December 14, 1956.

Hayato Ikeda succeeded Hisato Ichimada as Governor for Japan, December 28, 1956.

B. Rama Rau resigned as Governor for India, January 14, 1957.

Peter Thorneycroft succeeded Harold Macmillan as Governor for the United Kingdom, January 25, 1957.

Roberto Verrier succeeded Eugenio Blanco as Governor for Argentina, January 26, 1957.

Hasan Polatkan succeeded Adnan Menderes as Governor for Turkey, January 30, 1957.

Gabriel Orellana succeeded Gustavo Miron Porras as Governor for Guatemala, February 14, 1957.

Gustavo Miron Porras succeeded Gabriel Orellana as Alternate Governor for Guatemala, February 14, 1957.

Eugen Margaretha was reappointed Governor for Austria, February 28, 1957.

M. W. Holtrop was reappointed Governor for the Netherlands, March 1, 1957.

E. van Lennep was reappointed Alternate Governor for the Netherlands, March 1, 1957.

Oscar Guaroa Ginebra Henriquez succeeded Eudaldo Troncoso Pou as Alternate Governor for the Dominican Republic, March 5, 1957.

Arturo Despradel succeeded Milton Messina as Governor for the Dominican Republic, March 15, 1957.

Adalberto Krieger Vasena succeeded Roberto Verrier as Governor for Argentina, March 26, 1957.

Mohamed Loutfy El-Banna succeeded Ahmed Nabih Younis as Alternate Governor for Egypt, March 26, 1957.

Sir Percy Claude Spender succeeded L. H. E. Bury as Alternate Governor for Australia, March 29, 1957.

Silvere Pilie succeeded Christian Aime as Governor for Haiti, March 29, 1957.

Maurice Telemaque succeeded Edmond Policard as Alternate Governor for Haiti, March 29, 1957.

Pao-hsu Ho was reappointed Alternate Governor for China, April 3, 1957.

Joaquin Martinez Saenz was reappointed Governor for Cuba, effective April 14, 1957.

Bernardo Figueredo Antunez was reappointed Alternate Governor for Cuba, effective April 14, 1957.

The term of Ugo La Malfa as Alternate Governor for Italy expired, April 19, 1957.

T. T. Krishnamachari was appointed Governor for India, April 23, 1957.

H. V. R. Iengar succeeded H. M. Patel as Alternate Governor for India, April 23, 1957.

Appendix III EXECUTIVE DIRECTORS AND VOTING POWER as of April 30, 1957

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Voting power varies on certain matters with use by members of the Fund’s resources.

This total is not equal to the sum of the items because of rounding.

Appendix IV CHANGES IN MEMBERSHIP OF THE EXECUTIVE BOARD

Changes in the membership of the Executive Board between May 1, 1956 and April 30, 1957 have been as follows:

H. W. Lueck (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), May 7 and July 2 to August 17, 1956.

V. G. Pendharkar (India) resigned as Alternate Executive Director to P. S. Narayan Prasad (India), effective June 5, 1956.

James Samuel Raj (India) was appointed Alternate Executive Director to P. S. Narayan Prasad (India), effective June 6, 1956, and resigned, effective July 31, 1956.

J. C. Lloyd (Australia) served as Temporary Alternate Executive Director to L. H. E. Bury (Australia), July 31, 1956, and to B. B. Callaghan (Australia), March 20 and April 3, 1957.

P. J. J. Pinto (India) was appointed Alternate Executive Director to P. S. Narayan Prasad (India), effective August 1, 1956.

Louis Couillard (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), September 7, 1956.

Otto Donner (Federal Republic of Germany) resigned as Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), effective September 14, 1956.

Wilhelm Hanemann (Federal Republic of Germany) was appointed Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), effective September 15, 1956, and was reappointed, effective November 1, 1956.

Joaquim Candido Gouvea Filho (Brazil) resigned as Alternate Executive Director to Octavio Paranagua (Brazil), effective October 14, 1956.

Helvecio Xavier Lopes (Brazil) was appointed Alternate Executive Director to Octavio Paranagua (Brazil), effective October 15, 1956.

S. T. G. Akermalm (Sweden) completed his term of service as Executive Director for Denmark, Finland, Iceland, Norway, and Sweden, October 31, 1956.

Jose Luna-Guerra (Mexico) completed his term of service as Executive Director for Colombia, Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, October 31, 1956.

Takeo Yumoto (Japan) completed his term of service as Executive Director for Burma, Ceylon, Japan, and Thailand, October 31,1956.

San Lin (Burma) completed his term of service as Alternate Executive Director to Takeo Yumoto (Japan), October 31, 1956.

L. H. E. Bury (Australia) completed his term of service as Executive Director for Australia and the Union of South Africa on October 31, 1956, and was elected Executive Director by Australia, the Union of South Africa, and Viet-Nam, effective November 1, 1956.

Torben Friis (Denmark) completed his term of service as Alternate Executive Director to S. T. G. Akermalm (Sweden), October 31, 1956, and was elected Executive Director by Denmark, Finland, Iceland, Norway, and Sweden, effective November 1, 1956.

Octavio Paranagua (Brazil) completed his term of service as Executive Director for Bolivia, Brazil, Chile, the Dominican Republic, Ecuador, Haiti, Panama, Paraguay, Peru, and Uruguay, October 31, 1956, and was elected Executive Director by Brazil, Colombia, the Dominican Republic, Haiti, Panama, and Peru, effective November 1, 1956.

Ahmed Zaki Saad (Egypt) completed his term of service as Executive Director for Egypt, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, and Syria, October 31, 1956, and was elected Executive Director by Afghanistan, Egypt, Ethiopia, Iran, Iraq, Jordan, Lebanon, Pakistan, the Philippines, and Syria, effective November 1, 1956.

Jorge Sol (El Salvador) completed his term of service as Alternate Executive Director to Jose Luna-Guerra (Mexico), October 31, 1956, and was elected Executive Director by Costa Rica, Cuba, El Salvador, Guatemala, Honduras, Mexico, Nicaragua, and Venezuela, effective November 1, 1956.

Andre van Campenhout (Belgium) completed his term of service as Executive Director for Austria, Belgium, Luxembourg, and Turkey, October 31, 1956, and was elected Executive Director by Austria, Belgium, Korea, Luxembourg, and Turkey, effective November 1, 1956.

B. B. Callaghan (Australia) was reappointed Alternate Executive Director to L. H. E. Bury (Australia), effective November 1, 1956.

Rodolfo Corominas-Segura (Argentina) was elected Executive Director by Argentina, Bolivia, Chile, Ecuador, Paraguay, and Uruguay, effective November 1, 1956.

Julio Gonzalez del Solar (Guatemala) was appointed Alternate Executive Director to Rodolfo Corominas-Segura (Argentina), effective November 1, 1956.

Otmar Emminger (Federal Republic of Germany) was re-elected Executive Director by the Federal Republic of Germany, effective November 1, 1956.

Carlo Gragnani (Italy) was re-elected Executive Director by Greece, Indonesia, and Italy, effective November 1, 1956.

Pieter Lieftinck (Netherlands) was re-elected Executive Director by Israel, the Netherlands, and Yugoslavia, effective November 1, 1956.

Louis Rasminsky (Canada) was re-elected Executive Director by Canada, effective November 1, 1956.

Jouko J. Voutilainen (Finland) was appointed Alternate Executive Director to Torben Friis (Denmark), effective November 1, 1956.

Takeshi Watanabe (Japan) was elected Executive Director by Burma, Ceylon, Japan, and Thailand, effective November 1, 1956.

Prayad Buranasiri (Thailand) was appointed Alternate Executive Director to Takeshi Watanabe (Japan), effective November 1, 1956.

Daniel Dommel (France) resigned as Alternate Executive Director to Jean de Largentaye (France), effective November 5, 1956.

Jean-Maxime Leveque (France) was appointed Alternate Executive Director to Jean de Largentaye (France), effective November 6, 1956.

Karl-Heinz Drechsler (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), November 16, 1956.

G. M. Lambert (United Kingdom) served as Temporary Alternate Executive Director to Viscount Harcourt (United Kingdom), December 3 to 6, 1956.

Viscount Harcourt (United Kingdom) resigned as Executive Director for the United Kingdom, effective January 31, 1957.

G. F. Thorold (United Kingdom) was appointed Executive Director for the United Kingdom, effective February 1, 1957.

R. E. Heasman (United Kingdom), formerly Alternate Executive Director to Viscount Harcourt (United Kingdom), was appointed Alternate Executive Director to G. F. Thorold (United Kingdom), February 1, 1957.

Jorge Hazera (Costa Rica) was appointed Alternate Executive Director to Jorge Sol (El Salvador), effective February 12, 1957.

L. H. E. Bury (Australia) resigned as Executive Director for Australia, the Union of South Africa, and Viet-Nam, effective February 19, 1957.

B. B. Callaghan (Australia), formerly Alternate Executive Director to L. H. E. Bury (Australia), was elected Executive Director by Australia, the Union of South Africa, and Viet-Nam, effective March 9, 1957.

J. H. Warren (Canada) resigned as Alternate Executive Director to Louis Rasminsky (Canada), effective March 15, 1957.

Alan B. Hockin (Canada) was appointed Alternate Executive Director to Louis Rasminsky (Canada), effective March 16, 1957.

A. E. Ritchie (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), March 20, 1957.

G. V. Sainsbury (Canada) served as Temporary Alternate Executive Director to Louis Rasminsky (Canada), March 27, 1957.

Otto Donner (Federal Republic of Germany) served as Temporary Alternate Executive Director to Otmar Emminger (Federal Republic of Germany), March 27 to April 15, 1957.

Appendix V SUMMARY OF FUND TRANSACTIONS from the beginning of operations to April 30, 1957 1

(In millions of U.S. dollars)

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Totals may not equal sum of items because of rounding.

The settlement with Czechoslovakia involved an offset of $2.04 million in respect of Czechoslovakia’s drawing of $6 million. The installments paid by Czechoslovakia under the settlement increased the offset to $3.0 million.

$2,350.5 million sold for currency and $6.2 million for gold.

$790.3 million repurchased with convertible currency and $242.6 million with gold.

Appendix VI DECISION ON MULTIPLE CURRENCY PRACTICES

I. The Executive Board has considered the staff paper, “Review of Fund Policies on Multiple Currency Practices,” and is in agreement with the general approach of the paper.

II. Unification of the exchange rates in multiple rate systems is a basic objective of the Fund, and it is satisfying to record that several of the members which had followed such practices have been successful in achieving this objective, and that others have made considerable progress in this direction.

III. In reviewing the experience of the past ten years as summarized in the staff report, the Fund draws special attention to the fact that complex multiple rate systems damage the economies of countries maintaining them and harm other countries. These complex systems are difficult to administer, and involve frequent changes, discrimination, export subsidization, a considerable spread between rates, and undue differentiation between classes of imports.

IV. The Executive Board concludes that it is necessary and feasible to make more rapid progress in simplifying complex multiple rate systems, to remove those aspects of existing systems which adversely affect the interests of other members, and to avoid existing systems becoming more complex. Accordingly the following decision is taken:

  • 1. Early and substantial steps should be taken to simplify complex multiple rate systems. The Fund will not approve such systems unless the countries maintaining them are making reasonable progress toward simplification and ultimate elimination of such systems, or are taking measures or adopting programs which seem likely to result in such progress.

  • 2. As opportunity arises the Fund will continue to press for simplification in all cases where there is clear evidence that the multiple currency system in question is damaging to other members. It will in addition be reluctant to approve changes in multiple rate systems which make them more complex.

  • 3. To assist members to simplify and eliminate complex rate systems the Fund wishes to intensify its collaboration with them. The Fund stands ready to meet members’ requests for technical assistance in the preparation of economic programs and measures directed toward exchange simplification. These may in some cases include arrangements in other directions, especially in the fiscal and trade fields. If the Fund considers the proposed exchange simplification and related economic programs or measures to be adequate and appropriate, it will give sympathetic consideration, if requested, to the use of its resources.

June 26, 1957

Appendix VII CONTROLS ON CAPITAL TRANSFERS

Subject to the provisions of Article VI, Section 3, concerning payments for current transactions and undue delay in transfers of funds in settlement of commitments:

(a) Members are free to adopt a policy of regulating capital movements for any reason, due regard being paid to the general purposes of the Fund and without prejudice to the provisions of Article VI, Section 1.

(b) They may, for that purpose, exercise such controls as are necessary, including making such arrangements as may be reasonably needed with other countries, without approval of the Fund.

July 25, 1956

Appendix VIII (i) ADMINISTRATIVE BUDGET

Letter of Transmittal

June 28, 1957

My dear Mr. Chairman:

The administrative budget of the Fund approved by the Executive Board for the Fiscal Year ending April 30, 1958 is presented herewith, in accordance with Section 20 of the By-Laws. The presentation also shows actual expenditures for the past two fiscal years.

I should like to reiterate that it is of course impossible to predict whether the amounts budgeted will, in fact, meet the requirements of the Fund’s program. The amounts shown are estimates of requirements on the basis of the expected level of activities. Should contingencies arise or present plans change materially, the management would recommend appropriate amendments to the Executive Board.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Appendix VIII (ii) ADMINISTRATIVE BUDGET

As Approved by the Executive Board for the Fiscal Year Ending April 30, 1958, Compared with Actual Expenditures for the Fiscal Years 1955-56 and 1956-57

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Includes $70,000 supplementary appropriations approved by the Executive Board on January 23, 1957.

Appendix VIII (iii) COMPARATIVE STATEMENT OF INCOME

(Values expressed in U. S. dollars on the basis of established parities)

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Proceeds from sales of Fund’s publications deducted from administrative expenditure item “Books and Printing.”

Includes transfer of $24,810.90 (net) from Stand-By Charge Reserve for year 1956 and excludes net transfers to Stand-By Charge Reserve for the years 1955 and 1957 of $42,091.78 and $1,434,628.44, respectively.

Appendix IX (i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENDITURE, AND SUPPORTING SCHEDULES

Letter of Transmittal

June 28, 1957

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited Balance Sheet and the audited Statement of Income and Expenditure of the Fund for the year ended April 30, 1957, together with the Auditors’ Certificate, as well as audited financial statements of the Staff Retirement Fund.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, China, Colombia, and Denmark nominated auditors to serve on this Committee. They respectively nominated Mr. Felix S. Y. Chang, Manager, Foreign Department, Bank of Taiwan, Taipei, Taiwan; Mr. Alfonso Llano, Sub-Secretary and Assistant to the General Manager of the Banco de la República, Bogota, Colombia; and Mr. Bent Harhorn, Assistant Auditor, Danmarks Nationalbank, Copenhagen, Denmark. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, income exceeded expenditure by $7,916,104.96, and that the total excess of expenditure over income from inception to April 30, 1957 is thus reduced to $6,295,738.61.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Appendix IX (ii) AUDITORS’ CERTIFICATE

We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1957, of the Statement of Income and Expenditure for the fiscal year then ended, and of the schedules related to such financial statements. As required by Section 20 of the Fund’s By-Laws, we have examined or tested, to the extent deemed appropriate, the accounting records of the Fund and other supporting evidence of its financial transactions; we have ascertained generally and to the extent practicable that financial transactions have been conducted in compliance with the Fund’s requirements; and we have obtained from the officers and staff of the Fund all such information and representations as we have required in the conduct of our audit. Our examination was made in accordance with generally accepted auditing standards applicable in the circumstances and included all procedures which we considered necessary. We have also reviewed the accounting methods and system of internal control.

In our opinion, based on our examination, such Balance Sheet and related Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1957, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

/s/ Felix S. Y. Chang (China)

/s/ Alfonso Llano (Colombia)

/s/ Bent Harhorn (Denmark)

Appendix X(iii) BALANCE SHEET April 30 1957

Values expressed in United States dollas in the basis of established parities (See Note 1)

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NOTES:

With the exception of Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles, which, for bookkeeping purposes, are computed at provisional rates of 0.957969 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar

Excludes 3,056.406 fine ounces earmarked for members.

Made with the proceeds of the sale of 5,714,044.252 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Includes an adjustment of $10,332.83 relating to net capital of previous years.

A stand-by charge has, under certain circumstances, to be credited against the service charge for a drawing under the stand-by arrangement. The maximum amount on April 30, 1957 is $1,382,804.61. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1957 is $490,269.40.

The assets and liabilities of the Staff Retirement Fund are not included in this balance sheet.

CAPITAL, RESERVES, AND LIABILITIES

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Appendix IX (iv) STATEMENT OF INCOME AND EXPENDITURE for the year ended April 30, 1957

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Excludes $1,434,628.44 (net) transferred to Stand-By Charge Reserve.

After deduction of proceeds from sales of Fund’s publications.

Appendix IX (v) GOLD ACCOUNT April 30, 1957

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Excludes 3,056.406 fine ounces held under earmark by the Fund for the following members:

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Appendix IX (vi) STATEMENT OF CURRENCIES AND SECURITIES as at April 30, 1957

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In accordance with Article IV, Section 8.

Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked † represent U.S. cents per currency unit; all other rates represent currency units per U.S. dollar.

Checking accounts are maintained with The Riggs National Bank in Washington, D. C. for the purpose of making local payments for administrative expenditure.

Excludes withdrawing member’s currency equivalent to US$2,972,607.90 shown under separate caption in the Balance Sheet.