Title Page
INTERNATIONAL MONETARY FUND
ANNUAL REPORT OF THE
EXECUTIVE DIRECTORS FOR THE FISCAL YEAR ENDED APRIL 30, 1956
Contents
Letter of Transmittal
I. The Current Perspective in International Finance
II. World Payments Developments in 1955
Main Trends in World Trade
Trade of Various Classes of Primary Producing Countries
East-West Trade
Exports of Industrial Countries
Balance of Payments Developments
The Equilibrating Role of Capital Movements
Policies Applied to Correct Disequilibria
Balance of Payments Prospects
III. Payments Developments in the Principal Regions
United States
Industrial Continental Western Europe
United Kingdom and the Sterling Area
Japan
Countries Exporting Tropical Foods, Oilseeds, and Vegetable Oils
Countries Exporting Textile Fibers, Livestock Products, Grain, and Tobacco
Countries Exporting Rubber, Metals, and Petroleum
Other Countries, Including Countries with Diversified Exports
IV. Internal Monetary and Fiscal Developments
The More Developed Countries
Production, Wages, and Prices
Financial Measures
Interest Rates
Other Restraints on Credit
North America
Sterling Area
Continental Europe
Japan
The Less Developed Countries
V. Exchange Practices and Payments Arrangements
Exchange Stability and the System of Par Values
Changes in Par Values
Other Developments in Exchange Rates
Current Position with Respect to Restrictions and Discrimination (including bilateralism)
Article VIII and Article XIV
European Payments Union
Organization for European Economic Cooperation
The Hague Club
Other Developments in Exchange Policy and Practice
VI. Gold Production and Prices
Gold Production
Gold Reserves
Gold Markets and Gold Prices
Gold Transaction Service
VII. Use of the Fund’s Resources
Fund Transactions
Fund Charges
Computation of Monetary Reserves
VIII. Membership, Organization, and Administration
Membership
Review of Quotas
Investment of Fund Assets
Operations Relating to Restrictions and Discrimination
Technical Assistance and Training Program
Information
Relations with Other International Organizations
Administration
APPENDICES
I. Decision on Extent of Drawing Rights—Meaning of Article V, Section 3 (a) (iii)
II. Summary of Fund Transactions
III. Membership, Quotas, Governors, and Voting Power
IV. Changes in Membership of the Board of Governors
V. Executive Directors and Voting Power
VI. Changes in Membership of the Executive Board
VII. Decisions on Investment of the Fund’s Assets
VIII. Administrative Budget and Comparative Statement of Income
IX. Balance Sheet, Statement of Income and Expenditure, and Supporting Schedules, and Financial Statements of Staff Retirement Fund
X. Schedule of Par Values
Index
Frontmatter Page
INTERNATIONAL MONETARY FUND
Ivar Rooth
Managing Director and Chairman of the Executive Board
H. Merle Cochran
Deputy Managing Director
| Ivar Rooth | |
| Managing Director and Chairman of the Executive Board | |
| H. Merle Cochran | |
| Deputy Managing Director | |
| Executive Directors | Alternate Executive Directors |
| Frank A. Southard, Jr. | John S. Hooker |
| Viscount Harcourt | R. E. Heasman |
| Beue Tann | Ching-Yao Hsieh |
| Jean de Largentaye | Daniel Dommel |
| P. S. Narayan Prasad | V. G. Pendharkar |
| Octavio Paranaguá | J. C. Gouvêa Fo. |
| Ahmed Zaki Saad | Albert Mansour |
| José Luna-Guerra | Jorge Sol |
| André van Campenhout | Maurice Toussaint |
| Pieter Lieftinck | H. M. H. A. van der Valk |
| Carlo Gragnani | Costa P. Caranicas |
| Takeo Yumoto | San Lin |
| S. T. G. Åkermalm | Torben Friis |
| Otmar Emminger | Otto Donner |
| L. H. E. Bury | B. B. Callaghan |
| Louis Rasminsky | J. H. Warren |
| Directors of Departments and Offices | |
| Hirendra Lai Dey | Director, Asian Department |
| John M. Stevens | Director, European Department |
| Irving S. Friedman | Director, Exchange Restrictions Department |
| J. E. S. Fawcett | General Counsel |
| Anwar Ali | Director, Middle Eastern Department |
| E. M. Bernstein | Director, Research and Statistics Department |
| Y. C. Koo | Treasurer |
| Jorge Del Canto | Acting Director, Western Hemisphere Department |
| Phillip Thorson | Director, Office of Administration |
| Roman L. Home | Acting Secretary |
| J. V. Mladek | Director, European Office (Paris) |
| Ivar Rooth | |
| Managing Director and Chairman of the Executive Board | |
| H. Merle Cochran | |
| Deputy Managing Director | |
| Executive Directors | Alternate Executive Directors |
| Frank A. Southard, Jr. | John S. Hooker |
| Viscount Harcourt | R. E. Heasman |
| Beue Tann | Ching-Yao Hsieh |
| Jean de Largentaye | Daniel Dommel |
| P. S. Narayan Prasad | V. G. Pendharkar |
| Octavio Paranaguá | J. C. Gouvêa Fo. |
| Ahmed Zaki Saad | Albert Mansour |
| José Luna-Guerra | Jorge Sol |
| André van Campenhout | Maurice Toussaint |
| Pieter Lieftinck | H. M. H. A. van der Valk |
| Carlo Gragnani | Costa P. Caranicas |
| Takeo Yumoto | San Lin |
| S. T. G. Åkermalm | Torben Friis |
| Otmar Emminger | Otto Donner |
| L. H. E. Bury | B. B. Callaghan |
| Louis Rasminsky | J. H. Warren |
| Directors of Departments and Offices | |
| Hirendra Lai Dey | Director, Asian Department |
| John M. Stevens | Director, European Department |
| Irving S. Friedman | Director, Exchange Restrictions Department |
| J. E. S. Fawcett | General Counsel |
| Anwar Ali | Director, Middle Eastern Department |
| E. M. Bernstein | Director, Research and Statistics Department |
| Y. C. Koo | Treasurer |
| Jorge Del Canto | Acting Director, Western Hemisphere Department |
| Phillip Thorson | Director, Office of Administration |
| Roman L. Home | Acting Secretary |
| J. V. Mladek | Director, European Office (Paris) |
LETTER OF TRANSMITTAL TO THE BOARD OF GOVERNORS
June 29, 1956
My dear Mr. Chairman:
In accordance with Section 10 of the By-Laws of the Inter-national Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ended April 30, 1956. As in previous years, the Report also includes references to developments that occurred and information that has become available between the end of the fiscal year and the date of this letter of transmittal.
Yours sincerely,
/s/
Ivar Rooth
Chairman of the Executive Board
Chairman of the Board of Governors
International Monetary Fund