Chapter

APPENDIX VI: CONDENSED BALANCE SHEET AND SUPPORTING SCHEDULES

Author(s):
International Monetary Fund
Published Date:
September 1947
Share
  • ShareShare
Show Summary Details

LETTER OF TRANSMITTAL

August 6, 1947.

My dear Mr. Chairman:

In accordance with Section 20 of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors a balance sheet and statement of operations of the Fund for the year ending June 30, 1947, together with the Auditors’ Certificate.

In conformity with Resolution No. 10 adopted by the Board of Governors at their last Annual Meeting, the external audit of the Fund has been performed by an Auditing Committee consisting of auditors from the Treasuries of four member countries. At the Fund’s request, the Governors for Canada, France, the Union of South Africa and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Joseph Hopkinson, Assistant Auditor General; Mr. Gilles Warnier de Wailly, Inspector of Finance; Mr. Henry John Alfred Bartie, Chief Inspector; and Mr. Gilbert L. Cake, Associate Commissioner of Accounts.

It will be noted that the Auditors’ Certificate is qualified to the extent that they were unable to confirm a depository balance as at June 30, 1947, representing national currency of a value equivalent to U. S. dollars 37,500, for the reason that no reply was received from the depository to requests for such confirmation as at June 30, 1947. However, the Fund has received confirmation of the balance as at July 31, 1947, which agrees with the previously confirmed balance as at May 31, 1947, no movement of funds having taken place in that particular account during the intervening two months.

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

Yours sincerely,

Gutt,

Chairman of the Executive Board

The Right Honorable Hugh Dalton

Chairman, Board of Governors

International Monetary Fund

(i) AUDITORS’ CERTIFICATE

“We have made an independent examination of the Balance Sheet of the International Monetary Fund as at June 30, 1947, and of the related Income and Expenditure Account for the year ended that date. In connection with our audit 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, to the extent practicable, that financial transactions have been conducted by the Fund in compliance with the Articles of Agreement, By-Laws, and Rules and Regulations of the Fund; and we have obtained from the officers and staff of the Fund such information and representations as we have required in connection with the foregoing. We have also made a general review of the accounting methods and system of internal financial control, concerning which certain suggestions have been made to the appropriate authority.

“In our opinion, based on our examination and subject to the qualification stated below, such Balance Sheet and related Income and Expenditure Account, together with the notes appearing thereon, fairly present the financial position of the International Monetary Fund and the results of its operations for the year ended June 30, 1947.

“We were unable to confirm a depository balance as at June 30, 1947, representing national currency of a value equivalent to United States dollars $37,500, for the reason that no reply was received from the depository to requests for such confirmation.”

/s/ Joseph Hopkinson

(Canada)

/s/ H. J. A. Bartie

(Union of South Africa)

/s/ G. DE Wailly

(France)

/s/ GILBERT L. CAKE

(United_States)

(ii) INTERNATIONAL MONETARY FUND—CONDENSED BALANCE SHEET June 30, 1947(Values expressed in U. S. Dollars on basis of established parities)
ASSETS
GOLD WITH DEPOSITORIES 1
38,408,787.584 fine ounces at U.S. $35.00 per fine ounce$1,344,307,565.44
CURRENCY WITH DEPOSITORIES816,784,021.35
SECURITIES OF MEMBERSN
Non-negotiable, non-interest bearing, payable at face value on demand, in Members’ currencies4,372,253,422.68
SUBSCRIPTIONS RECEIVABLE
Balances due and payable—
Members whose par values have been established$50,657,628.58
Balances not due until Members’ par values have been established1,135,886,400.001,186,544,028.58
OTHER ASSETS137,448.81
TOTAL ASSETS$7,720,026,486.86

Gold with depositories includes 6,960 bars 995 fine or higher with the New York depository of the Fund which are not U.S. Assay Office unmutilated bars but are bars of refineries otherwise acceptable to the Fund. The gold does not include 153.143 fine ounces held earmarked by the Fund for members in respect of excess payments for service charges on exchange transactions.

The Fund’s By-Laws provide that Governors, Directors, Alternates, and staff members shall, in addition to allowances and salaries, be compensated for national income taxation thereon. So far, the nationals of only two countries have been thus compensated. While certain liabilities are considered to exist with respect to unascertained claims, it has been impracticable to estimate any amount as at June 30, 1947, for such tax claims.

LIABILITIES
CAPITAL
Authorized subscriptions of Members$7,721,500,000.00
Less:Excess of Expenditure over Income:
From inception to June 30, 1946$97,381.88
For the year ended June 30,1947, as per
Income and Expenditure Account1,606,028.241,703,410.12
Net Capital$7,719,796,589.88
RESERVE FOR TURNING GOLD INTO GOOD DELIVERY BARS62,469.11
OTHER LIABILITIES 2167,427.87
TOTAL LIABILITIES$7,720,026,486.86

Gold with depositories includes 6,960 bars 995 fine or higher with the New York depository of the Fund which are not U.S. Assay Office unmutilated bars but are bars of refineries otherwise acceptable to the Fund. The gold does not include 153.143 fine ounces held earmarked by the Fund for members in respect of excess payments for service charges on exchange transactions.

The Fund’s By-Laws provide that Governors, Directors, Alternates, and staff members shall, in addition to allowances and salaries, be compensated for national income taxation thereon. So far, the nationals of only two countries have been thus compensated. While certain liabilities are considered to exist with respect to unascertained claims, it has been impracticable to estimate any amount as at June 30, 1947, for such tax claims.

Gold with depositories includes 6,960 bars 995 fine or higher with the New York depository of the Fund which are not U.S. Assay Office unmutilated bars but are bars of refineries otherwise acceptable to the Fund. The gold does not include 153.143 fine ounces held earmarked by the Fund for members in respect of excess payments for service charges on exchange transactions.

The Fund’s By-Laws provide that Governors, Directors, Alternates, and staff members shall, in addition to allowances and salaries, be compensated for national income taxation thereon. So far, the nationals of only two countries have been thus compensated. While certain liabilities are considered to exist with respect to unascertained claims, it has been impracticable to estimate any amount as at June 30, 1947, for such tax claims.

/s/ C. M. Powell

Comptroller
/S/ Gutt

Managing Director
(iii) INTERNATIONAL MONETARY FUND CONDENSED INCOME AND EXPENDITURE ACCOUNT For the Year Ended June 30, 1947
INCOME
Service charges on transactions
13,295.358 ounces of fine gold at U.S. $35 per ounce$465,337.50
Other income222.25
Total Income$465,559.75
EXPENDITURES
Personnel services
Salaries and wages$1,164,115.83
Compensation for National Income Tax107,322.88
Other personnel expenditure50,470.00
$1,321,908.71
Travel169,600.57
Communication38,519.17
Rents (real property), maintenance and utilities184,180.63
Books and printing.19,254.02
Supplies and equipment275,902.03
Miscellaneous6,010.84
Meetings of the Board of Governors54,387.55
Handling charges on transfers of gold1,824.47
Total Expenditures$2,071,587.09
SUMMARY
Expenditures$2,071,587.99
Income465,559.75
Excess of Expenditures over Income, carried to Balance Sheet$1,606,028.24
(iv) INTERNATIONAL MONETARY FUND GOLD WITH DEPOSITORIES June 30, 1947(Valued at U.S. $35.00 per Fine Ounce)
Fine ouncesPercent distribution
Banque de France 12,282,926.3045.94
Reserve Bank of India785,327.2462.04
Bank of England13,558,336.62135.30
Federal Reserve Bank of New York 221,782,197.41356.72
38,408,787.584100%

Excluding 1.000 fine ounce of gold held earmarked by the Fund for France.

Excluding 152.143 fine ounces of gold held earmarked by the Fund for Netherlands.

Excluding 1.000 fine ounce of gold held earmarked by the Fund for France.

Excluding 152.143 fine ounces of gold held earmarked by the Fund for Netherlands.

(v) CURRENCY WITH DEPOSITORIES June 30, 1947
DepositoryCurrencyCurrency UnitsExchange Rate*U.S. Dollar Equivalent
No. 1 AccountNo. 2 AccountTotal
Banque Nationale de BelgiqueBelgian Francs986,290,625.0080,333.10986,370,958.1043.8275$ 22,505,754.56
Bank of CanadaCanadian Dollars30,998,000.001,405.6730,999,405.671.000 030,999,405.67
Banco Centrale de ChileChilean Pesos1,274,459,287.1529,894.001,274,489,181.1531.000 041,112,554.23
Banco de La Republica de ColombiaColombian Pesos65,622,200.732,000.0065,624,200.731.7499937,499,757.55
Issue Dept., Banco Nacionale de Costa RicaCosta Rican Colones26,220,578.115,000.0026,225,578.115.615004,670,628.33
National Treasury of CubaCuban Pesos4,994,680.245,000.004,999,680.241.000 004,999,680.24
National Bank of CzechoslovakiaCzechoslovak Koruny625,000,000.0097,482.50625,097,482.5050.000 0012,501,949.65
Danmarks National BankDanish Kroner32,633,250.629,891.2532,643,141.874.799 016,802,057.48
Banco Central du EcuadorEcuadorean Sucres50,609,477.1314,000.0050,623,477.1313.50003,749,887.20
Treasury of EgyptEgyptian Pounds1,087,208.633460.5501,087,669.183*413.3004,495,336.73
Banco Central de Reserva de El SalvadorEl Salvadoran Colones4,684,905.502,330.754,687,236.252.500001,874,894.50
State Bank of EthiopiaEthiopian Dollars1,490,683.232,302.301,492,985.53*40.2500600,926.68
Banque de FranceFrench Francs6,257,261,310.80513,218.006,257,774,528.80119.10752,539,099.54
Banco de GuatemalaGuatemalan Quetzales3,748,940.191,000.003,749,940.191.000 003,749,940.19
National Bank of IcelandIcelandic Kronur4,860,635.685,973.604,866,609.286.48885749,995.65
Reserve Bank of IndiaIndian Rupees1 132,324,177.506,518.28132,330,695.78*30.225039,996,952.80
Bank Melli IranIranian Rials80,595,000.0030,000.0080,625,000.0032.250 002,500,000.00
Rafidain BankIraqi Dinars199,663.150244.045199,907.195*403.000805,625.99
Banque Nationale de BelgiqueLuxembourg Francs43,777,500.0046,450.0043,823,950.0043.8275999,919.00
Banco de Mexico, S.A.Mexican Pesos327,706,504.051,721.51327,708,225.564.8550067,499,119.57
de Nederlandsche Bank N. V.Netherlands Guilders73,095,914.447,734.0473,103,648.482.6528527,556,646.05
Issue Dept., Banco Nacionale de NicaraguaNicaraguan Cordobas7,494,121.675,000.007,499,121.675.000 001,499,824.33
Norges BankNorwegian Kroner24,848,623.254,954.0424,853,577.29*20.15005,007,995.82
Banco Nacionale de PanamaPanamanian Balboas36,500.001,000.0037,500.001.0000037,500.00
Banco del ParaguayParaguayan Guaranies4,627,390.573,639.784,631,030.353.090001,498,715.32
Banco Central de Reserva Del PeruPeruvian Soles16,259,577.536,000.0016,265,577.536.500002,502,396.55
Philippine National BankPhilippine Pesos22,497,902.421,969.7622,499,872.182.000 0011,249,936.09
Reserve Bank of South AfricaSouth African Founds2,481,389-11/71,092-15/32,482,482-6/10*403.00010,004,403.83
Banque Centrale de la Republique de TurquieTurkish Lira12,046,405.733,000.0012,049,405.732.800004,303,359.19
Bank of EnglandUnited Kingdom Pounds32,267,755-7/81,240-18/132,268,996-5/9*403.000130,044,055.03
Federal Reserve Bank of New YorkU. S. Dollars280,804,541.7697,418.56280,901,960.321.000 00280,901,960.32
Riggs National BankU. S. Dollars…………..23,785.2323,785.231.000 0023,785.23
Banco Central de VenezuelaVenezuelan Bolivares5,021,859.423,000.005,024,859.423.35001,499,958.03
$816,784,021.35

Exchange rate quoted in currency units per U.S. dollar except items marked with asterisk (*) which are quoted in U.S. cents per currency-unit.

A checking account is maintained with Riggs National Bank in Washington, D.C. for the purpose of making local payments for administrative expenditures.

Exchange rate quoted in currency units per U.S. dollar except items marked with asterisk (*) which are quoted in U.S. cents per currency-unit.

A checking account is maintained with Riggs National Bank in Washington, D.C. for the purpose of making local payments for administrative expenditures.

(vi) INTERNATIONAL MONETARY FUND—SECURITIES OF MEMBERS June 30, 1947
MemberCurrencyCurrency UnitsExchange Rate*U.S. Dollar Equivalent
BelgiumBelgian Francs6,409,500,000.0043.8275$ 146,243,796.70
CanadaCanadian Dollars194,000,000.001.00000194,000,000.00
CubaCuban Pesos32,500,000.001.0000032,500,000.00
CzechoslovakiaCzechoslovak Koruny5,552,478,996.0050.0000111,049,579.92
DenmarkDanish Kroner267,172,231.344.7990155,672,363.95
EgyptEgyptian Pounds8,462,006.00413.300*34,973,470.80
EthiopiaEthiopian Dollars13,377,375.3040.2500*5,384,393.56
FranceFrench Francs52,750,000,000.00119.107442,879,091.90
IndiaIndian Rupees1,100,000,000.0030.2250*332,475,000.00
IranIranian Rials523,931,120.3032.250016,245,926.21
IraqIraqi Dinars1,785,000.00403.000*7,193,550.00
LuxembourgLuxembourg Francs380,167,570.0543.82758,674,178.77
NetherlandsNetherlands Guilders506,000,000.002.65285190,738,262.62
NorwayNorwegian Kroner161,250,322.5820.1500*32,491,940.00
PeruPeruvian Soles125,743,686.006.5000019,345,182.46
South AfricaSouth African Pounds16,126,410.17/4403.000*64,989,435.79
United KingdomUnited Kingdom Pounds236,575,000.00403.000*953,397,250.00
United StatesUnited States Dollars1,724,000,000.00……1,724,000,000.00
$4,372,253,422.68

Exchange rates quoted in currency units per United States dollar except those marked with an asterisk which are quoted in United States cents per currency unit.

Exchange rates quoted in currency units per United States dollar except those marked with an asterisk which are quoted in United States cents per currency unit.

(vii) INTERNATIONAL MONETARY FUND SUBSCRIPTIONS RECEIVABLE

Balances Not Payable Until Members’ Par Values Have Been Established June 30, 1947
MemberExpressed in U. S. Dollars
Brazil$ 149,985,000.00
China549,945,000.00
Dominican Republic4,999,500.00
Greece39,996,000.00
Poland124,987,500.00
Uruguay14,998,500.00
Yugoslavia59,994,000.00
Italy179,982,000.00
Syria6,499,350.00
Lebanon4,499,550.00
$1,135,886,400.00

    Other Resources Citing This Publication