CONTENTS
Letter of Transmittal
I. The World Economy in 1958-59
II. Activities and Policies of the Fund, 1958-59
Fund Membership and Quotas
Increasing the Fund’s Resources
Use of the Fund’s Resources
Fund Transactions
Fund Charges
Computation of Monetary Reserves
The Fund and Exchange Restrictions
Cooperation with Other International Organizations
III. Developments in International Payments and Domestic Finance: General Survey
Industrial Production, Employment, and Prices
Main Trends in World Trade
Prices and Export Receipts in the Primary Producing Countries
Balance of Payments Developments
Reserve Developments
Measures to Deal with Payments Disequilibrium
Domestic Financial Developments and Policies in Industrial Countries
Monetary Policies
Fiscal Policies
Domestic Financial Developments and Policies in the Primary Producing Countries
IV. Domestic Financial Developments and External Payments in Selected Groups of Countries
Manufacturing Countries
United States
United Kingdom
France
Federal Republic of Germany
Italy
Other European Countries
Japan
Countries Exporting Tropical Foods, Oilseeds, and Vegetable Oils
Countries Exporting Livestock Products, Textile Fibers, Grain, and Tobacco
Countries Exporting Metals, Rubber, and Petroleum
Other Countries, Including Countries with Diversified Exports
V. Exchange Practices and Payments Arrangements
External Convertibility
The European Payments Union and the European Monetary Agreement
Other General Developments in 1958-59
Regional Economic Communities
Par Values and Exchange Rates
Other Changes in Exchange Practices
VI. Gold Production and Prices
Gold Production
Gold Reserves
Gold Markets and Gold Prices
Gold Transactions Service
VII. Fund Administration in 1958-59
Training Program
Investment of Fund Assets
Information
Administration
Appendices
I. Membership, Quotas, Governors, and Voting Power
II. Changes in Membership of Board of Governors
III. Executive Directors and Voting Power
IV. Changes in Membership of Executive Board
V. Enlargement of Fund Resources Through Increases in Quotas
VI. Special Increases in Quotas
VII. Summary of Fund Transactions
VIII. Decision on Charges for Transactions and Stand-By Arrangements
IX. Administrative Budget and Comparative Statement of Income
X. Balance Sheet, Statement of Income and Expenditure, Statement of Reserves, and Supporting Schedules, and Financial Statements of Staff Retirement Fund
XI. Schedule of Par Values
Index
Frontmatter Page
INTERNATIONAL MONETARY FUND
Per Jacobsson
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 |
| The Earl of Cromer | G. J. MacGillivray |
| Beue Tann | Ching-Yao Hsieh |
| Jean de Largentaye | André Feuché |
| B. N. Adafkar | I. G. Patel |
| Louis Rasminsky | C. L. Read |
| Ahmed Zaki Saad | Albert Mansour |
| André van Campenhout | Maurice Toussaint |
| Pieter Lieftinck | H. M. H. A. van der Valk |
| Carlo Gragnani | Costa P. Caranicas |
| Octavio Paranaguá | Gabriel Costa Carvalho |
| Felipe Herrera | Jorge Marshall |
| Takeshi Watanabe | Tun Thin |
| B. B. Callaghan | Brian Emmott Fleming |
| Rodrigo Gómez | Jorge Hazera |
| Eero Asp | Thorhallur Asgeirsson |
| Wilfried Guth | Wilhelm Hanemann |
| Soemarno | Vacant |
| Directors of Departments and Offices | |
| D. S. Savkar | Director, Asian Department |
| Gabriel Ferras | Director, European Department |
| Irving S. Friedman | Director, Exchange Restrictions |
| Department | |
| James Fawcett | General Counsel |
| Anwar Ali | Director, Middle Eastern Department |
| J. J. Polak | Director, Research and Statistics |
| Department | |
| Jorge Del Canto | Director, Western Hemisphere |
| Department | |
| Phillip Thorson | Director, Office of Administration |
| Roman L. Home | Secretary |
| Y. C. Koo | Treasurer |
| J. V. Mládek | Director, European Office (Paris) |
| Executive Directors | Alternate Executive Directors |
|---|---|
| Frank A. Southard, Jr. | John S. Hooker |
| The Earl of Cromer | G. J. MacGillivray |
| Beue Tann | Ching-Yao Hsieh |
| Jean de Largentaye | André Feuché |
| B. N. Adafkar | I. G. Patel |
| Louis Rasminsky | C. L. Read |
| Ahmed Zaki Saad | Albert Mansour |
| André van Campenhout | Maurice Toussaint |
| Pieter Lieftinck | H. M. H. A. van der Valk |
| Carlo Gragnani | Costa P. Caranicas |
| Octavio Paranaguá | Gabriel Costa Carvalho |
| Felipe Herrera | Jorge Marshall |
| Takeshi Watanabe | Tun Thin |
| B. B. Callaghan | Brian Emmott Fleming |
| Rodrigo Gómez | Jorge Hazera |
| Eero Asp | Thorhallur Asgeirsson |
| Wilfried Guth | Wilhelm Hanemann |
| Soemarno | Vacant |
| Directors of Departments and Offices | |
| D. S. Savkar | Director, Asian Department |
| Gabriel Ferras | Director, European Department |
| Irving S. Friedman | Director, Exchange Restrictions |
| Department | |
| James Fawcett | General Counsel |
| Anwar Ali | Director, Middle Eastern Department |
| J. J. Polak | Director, Research and Statistics |
| Department | |
| Jorge Del Canto | Director, Western Hemisphere |
| Department | |
| Phillip Thorson | Director, Office of Administration |
| Roman L. Home | Secretary |
| Y. C. Koo | Treasurer |
| J. V. Mládek | Director, European Office (Paris) |
LETTER OF TRANSMITTAL
TO THE BOARD OF GOVERNORS
July 9, 1959
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 ended April 30, 1959.
Yours sincerely,
/s/
Per Jacobsson
Chairman of the Executive Board
Chairman of the Board of Governors
International Monetary Fund