Chapter

APPENDIX VIII

Author(s):
International Monetary Fund
Published Date:
September 1948
Share
  • ShareShare
Show Summary Details

(i) Balance Sheet, Statement Of Income And Expense And Supporting Schedules

Letter of Transmittal

July 28, 1948

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 a balance sheet and statement of income and expense of the Fund for the 10 months ending April 30, 1948, together with the Auditors’ Certificate.

In conformity with the By-Law as amended by the Board of Governors at their last Annual Meeting, the external audit of Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, Mexico, the Union of South Africa and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Roberto Casas-Alatriste, Public Auditor, Mr. H. J. A. Bartie, Chief Inspector, Controller and Auditor-General’s Department, and Mr. Gilbert L. Cake, Associate Commissioner of Accounts of the United States Treasury. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that during the period under review the excess of income over expenditure amounted to $1,558,380.34, as compared with an accumulated excess of expenditure over income of $1,703,410.12 as at June 30, 1947, and that the total excess of expenditure over income from inception to April 30, 1948, is thus reduced to $145,029.78.

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

Yours sincerely,

/s/ GUTT

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

(ii) AUDITORS’ CERTIFICATE

“We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1948, of the Statement of Income and Expenditure for the period July 1, 1947 to April 30, 1948, and of the schedules related to such financial statements. Our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. In that connection 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 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 control concerning which certain views and suggestions have been made available to the appropriate authority.

“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, 1948, and the results of its operations from July 1, 1947 to April 30, 1948, in conformity with generally accepted accounting principles applied on a basis consistent with that of the previous fiscal year ended June 30, 1947.”

/s/ R. CASAS-ALATRISTE

(Mexico)

/s/ H. J. A. BARTIE

(Union of South Africa)

/s/ GILBERT L. CAKE

(United States)

(iii) Balance Sheet April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note1.

ASSETS
Gold with Depositories2$1,362,628,187.31
(38,932533.923 fine ounces at V. S. $35.00per ounce)
Currency and Securities with Depositories
Currency$ 927,656,739.46
(in Members’ Currencies)
Securities4,514,711,092.635,442,367,832.09 *
(non-negotiable, non-interest bearing, demand obligations payable at face value by members in their currencies)
Subscriptions to Capital—Receivable
Balances Due12,948,700.00
(Members whose par values have been established)
Balances not Due1,157,888,000.001,170,836,700.00
(Members whose par values have not yet been established)
Other Assets280,048.14
(Other Cash, Receivables, etc.)
TOTAL ASSETS$7,976,112,767.54
CAPITAL AND LIABILITIES
Capital
Authorized Subscriptions of Members$7,976,000,000.00
(per established quotas)3
Deduction:
Excess of Expenditure over Income, from inception to June 30, 1947$1,703,410.12
Addition:
Increment to Net Capital, July 1, 1947 to April 30, 1948 41,558,380.34145,029.78
NET CAPITAL$7,975,854,970.22
Reserves
Reserves for Potential Cost of Turning Certain Gold into New Bars62,469.11
Reserves for Potential Cost of Converting Purchased Gold into Currency64.7662,533.87
Liabilities 5195,263.45
(Accounts Payable, Accruals, and Staff contributions to contemplated Retirement System)
TOTAL CAPITAL AND LIABILITIES$7,976,112,767.54
NOTES: (sgd.) C. M. POWELL, Comptroller

As from January 26, 1948, the French franc has, for bookkeeping purposes been computed at a provisional rate of 214.392 francs per U. S. dollar as compared with the previously established par value of 119.107 francs per dollar. Appropriate adjustment of the Fund’s holdings of this currency has been made to sustain the value thereof at the provisional rate.

Includes 6,971 gold bars,.995 fine or higher, with the U. S. depository of the Fund, which are not U. S. assay office unmutilated bars, for which a reserve is provided to meet the potential cost of turning the gold into U. S. assay office bars. The amount of gold shown in the balance sheet does not include 584.245 fine ounces with depositories which are earmarked by the Fund for certain members in respect of excess payments of charges on exchange transactions.

Includes $238,000,000.00 subscriptions from two new members and $16,500,000.00 representing increases in quota.

The Fund has approved in principle a Staff Retirement Plan, which would have retroactive effect. The Fund’s share of the contributions to this plan up to April 30, 1948, would on an estimated basis amount to $227,000.00. This amount is not reflected in the above statement.

The By-Laws of the Fund provide that Governors, Directors, Alternates and staff shall, in addition to basic salaries and allowances, be compensated for national income taxation thereon. Provision has been made, as of April 30, 1948, for all known claimants. While certain liability is considered to exist with respect to unascertained claims, it is not practicable to estimate the amount thereof for balance sheet purposes.

NOTES: (sgd.) C. M. POWELL, Comptroller

As from January 26, 1948, the French franc has, for bookkeeping purposes been computed at a provisional rate of 214.392 francs per U. S. dollar as compared with the previously established par value of 119.107 francs per dollar. Appropriate adjustment of the Fund’s holdings of this currency has been made to sustain the value thereof at the provisional rate.

Includes 6,971 gold bars,.995 fine or higher, with the U. S. depository of the Fund, which are not U. S. assay office unmutilated bars, for which a reserve is provided to meet the potential cost of turning the gold into U. S. assay office bars. The amount of gold shown in the balance sheet does not include 584.245 fine ounces with depositories which are earmarked by the Fund for certain members in respect of excess payments of charges on exchange transactions.

Includes $238,000,000.00 subscriptions from two new members and $16,500,000.00 representing increases in quota.

The Fund has approved in principle a Staff Retirement Plan, which would have retroactive effect. The Fund’s share of the contributions to this plan up to April 30, 1948, would on an estimated basis amount to $227,000.00. This amount is not reflected in the above statement.

The By-Laws of the Fund provide that Governors, Directors, Alternates and staff shall, in addition to basic salaries and allowances, be compensated for national income taxation thereon. Provision has been made, as of April 30, 1948, for all known claimants. While certain liability is considered to exist with respect to unascertained claims, it is not practicable to estimate the amount thereof for balance sheet purposes.

(iv) Statement Of Income And Expenditure July 1, 1947 to April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note1.

INCOME
Income from Operations,
Service Charges on Exchange
Transactions$4,080,000.00
(116,571.427 ounces gold collected)
Charges on Fund’s holdings of
members’ currencies and securities in excess of quotas104,360.90$4,184,360.90
Other Income
Sale of Fund’s Publication810.00
Miscellaneous Income528.901,338.90
TOTAL INCOME$4,185,699.80
EXPENDITURES
Current Administration
Personnel Outlays: Salaries and Wages.$1,550,378.78
Compensation for National Income Taxation128.462.18
1,678,840.96
Expense Allowance for Managing Director.8,333.33
Installation Allowances28,535.00
(for establishment of resident by staff personnel)
Fund’s Contributions to Group Health Benefits for employees5,887 54$1,721,596.83
Travel 2
Travel for Fund’s Business105,802 79
(bringing personnel to seat of Fund on appointment)44,473.33
Repatriation Travel2,844.68153,120.80
(returning personnel to homeland on separation)
Carried forward1,874,717.63
TOTAL INCOME (brought forward)$4,185,699.80
EXPENDITURES FOR CURRENT ADMINISTRATION (brought forward)$1,874,717.63
Communications
Telegraph & Cable Services.$23,675.52
Telephone Service27,001 99
Postage11,291 6561,969.16
Office Occupancy Expense
Space Rentals and Maintenance Services243,539.96
Building Alterations49,907.67293,447.63
Books, Newspapers and Per iodicals18,339.61
Printing, by Contract30,938.78
Equipment and Supplies 3(including rentals, repairs and maintenance)
Equipment90,648.42
Consumable supplies49,050.10139,698.52
Miscellaneous Expenses
Insurance8,720.18
External Audit 44,455.01
Other Miscellaneous Expense5,078.0918,253.28
TOTAL EXPENDITURES FOR CURRENT ADMINISTRATION2,437,364.61
Meeting of Board of Governors
Second Annual Meeting 5.(Sept. 11 to 17, 1947)189,265.05
TOTAL ADMINISTRATIVE EXPENSE2,626,629.66
TOTAL INCOME (brought forward)$4,185,699.80
TOTAL ADMINISTRATIVE EXPENSE (brought forward)$2,626,629.66
Other Expenses
Handling Charges of Depository in connection with Gold of Fund4.11
TOTAL EXPENDITURES2,626,633.77
NET INCOME OF PERIOD1,559,066.03
ADJUSTMENTS NOT RELATED TO NET INCOME OF PERIOD
Deductions
Expense of Earlier Meetings of Governors, paid this
Period:
Inaugural Meeting$1,390.70
First Annual Meeting898.532,289.23
Addition
Exchange Adjustments—Net61,603.54
NET ADJUSTMENT—DECREASE..685.69
INCREMENT TO NET CAPITAL, JULY 1,1947 TO APRIL 30,1948$1,558,380.34
(Carried to Balance Sheet)7
NOTES:

See Note 1 of Balance Sheet.

Does not include expense for travel in connection with meetings of the Board of Governors which is included in the expense of such meetings.

It has been and still is the policy of the Fund to write off the cost value of all furniture, office equipment, and automobiles purchased, by estab lishing full depreciation reserves against the asset accounts, and to charge the cost value of consumable supplies to expense of the period in which purchased.

This expense relates exclusively to the audit for the fiscal year ended June 30, 1947.

Expenditures for the Second Annual Meeting of Governors represent $79,530.78 for transportation, $74,159.75 for subsistence, and $35,574.52 for other expense.

The net credit for exchange adjustments is the result of bookkeeping entries arising from the expression in U. S. dollar equivalent values of transactions in gold and members’ currencies, which involves the use of fractional computations. The net credit does not represent a true gain such as may arise in dealing in foreign exchange at fluctuating rates.

The Fund has approved in principle a Staff Retirement Plan, which would have retroactive effect. The Fund’s share of the contributions to this plan up to April 30, 1948, would on an estimated basis amount to $227,000.00. This amount is not reflected in the above statement.

NOTES:

See Note 1 of Balance Sheet.

Does not include expense for travel in connection with meetings of the Board of Governors which is included in the expense of such meetings.

It has been and still is the policy of the Fund to write off the cost value of all furniture, office equipment, and automobiles purchased, by estab lishing full depreciation reserves against the asset accounts, and to charge the cost value of consumable supplies to expense of the period in which purchased.

This expense relates exclusively to the audit for the fiscal year ended June 30, 1947.

Expenditures for the Second Annual Meeting of Governors represent $79,530.78 for transportation, $74,159.75 for subsistence, and $35,574.52 for other expense.

The net credit for exchange adjustments is the result of bookkeeping entries arising from the expression in U. S. dollar equivalent values of transactions in gold and members’ currencies, which involves the use of fractional computations. The net credit does not represent a true gain such as may arise in dealing in foreign exchange at fluctuating rates.

The Fund has approved in principle a Staff Retirement Plan, which would have retroactive effect. The Fund’s share of the contributions to this plan up to April 30, 1948, would on an estimated basis amount to $227,000.00. This amount is not reflected in the above statement.

(v) Gold With Depositories April 30, 1948

Valued at U. S. $35 per fine ounce

DepositoriesOunces (.995 Fine or higher)Equivalent Value in U. S. DollarsDistribution (Per cent)
Banque de France12,298,997.73380,464,920.655.90
Reserve Bank of India785,327.24627,486,453.612.02
Bank of England13,982,974.999489,404,124.9635.92
Federal Reserve Bank of New York221,864,933.945765,272,688.0956.16
38,932,233.9231,362,628,187.31100.00
NOTES:

Excludes. 897 fine ounce of gold with the depository which is earmarked by the Fund for France in respect of excess payment of charges on ex change transactions.

Excludes 583.348 fine ounces of gold with the depository which are ear marked by the Fund for the following members in respect of excess payment of charges on exchange transactions:

Chile, 29.385 ounces

Denmark,. 006 ounces

Mexico, 234.435 ounces

Netherlands, 83,060 ounces

Norway, 127.074 ounces

Turkey, 109.388 ounces

Also see note 2 of Balance Sheet.

NOTES:

Excludes. 897 fine ounce of gold with the depository which is earmarked by the Fund for France in respect of excess payment of charges on ex change transactions.

Excludes 583.348 fine ounces of gold with the depository which are ear marked by the Fund for the following members in respect of excess payment of charges on exchange transactions:

Chile, 29.385 ounces

Denmark,. 006 ounces

Mexico, 234.435 ounces

Netherlands, 83,060 ounces

Norway, 127.074 ounces

Turkey, 109.388 ounces

Also see note 2 of Balance Sheet.

(vi) Currencies And Securities With Depositories—April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note 1.

Amounts of Currency and Securities(In Units of National Currencies)
DepositoriesNational CurrenciesCurrencySecuritiesTotalExchange Rates 2Equivalent Values in U. S. Dollars
Commonwealth Bank of AustraliaPounds6,227,748.0.353,200,000.0.059,427,748.0.3322.400*191,595,059.59
Banque Nationale de Belgique, S. A.Francs992,530,520.767,849,500,000.008,842,030,520.7643.8275201,746,175.81
Bank of CanadaDollars30,996,107.17194,000,000.00224,996,107.171.00000224,996,107.17
Banco Central de ChilePesos1,547,286,110.661,547,286,110.6631.000049,912,455.19
Banco de la Republica—ColombiaPesos65,623,596.1365,623,596.131.7499937,499,412.06
Banco Nacional de Costa RicaColones26,217,116.7126,217,116.715.615004,669,121.41
Tesoreria General De La Republica—CubaPesos4,990,637.3032,500,000.0037,490,637.301.0000037,490,637.30
National Bank of CzechoslovakiaKoruny625,116,469.265,552,378,996.006,177,495,465.2650.0000123,549,909.29
Danmarks NationalbankKroner81,591,377.45267,172,231.34348,763,608.794.79901:72,674,074.19
Banco Central de la Republica DominicanaPesos3,750,000.003,750,000.001.000003,750,000.00
Banco Central del EcuadorSucres50,619,477.1350,619,477.1313.50001 3,749,590.90
The Treasury, Ministry of Finance—EgyptPounds1,451,612.71910,821,067.25012,272,679.969413.300*50,722,985.16
Banco Central de Reserva de E1 SalvadorColones4,685,523.194,686,523.192.50001,874,609.28
State Bank of EthiopiaDollars1,491,504.7813,377,375.3014,868,880.0840.250*5,984,724.23
Banque de FranceFrancs11,262,743,739.09111,030,000,000.00122,292,743,739.091570,416,544.17
Banco de GuatemalaQuetzales3,749,866.463,749,866.461.000003,749,866.46
The National Bank of IcelandKronur4,864,322.594,864,322.59 |6.48885J749,643.25
Reserve Bank of IndiaRupees[ 224,987,954.2.101,099,970,000.0.01,324,957,954.2.101 30.2250*I 400,468,541.65
Bank Melli IranRials81,620,344.50522,931,120.30604,551,464.8032.250018,745,781.85
Rafidain Bank, Baghdad, IraqDinars199,897 6701,785,000.0001,984,897.670403.000*7,999,137.61
Banque de Syrie et du Liban, BeyrouthPounds9,274,475.909,274,475.902.191484,232,060.48
Banque National de Belgique, S. A. (Luxembourg A/C)Francs43,841,370.05380,150,000.00423,991,370.0543.82759,674,094.35
Banco de Mexico, S. A.Pesos436,944,778.28436,944,778.284.8550089,998,924.45
De Nederlandsche Bank N. V.Guilders73,988,618.47655,000,000.00728,988,618.472.65285274,794,510.97
Banco Nacional de NicaraguaCordobas7,499,121.677,499,121.675.000001,499,824.33
Norges BankKroner49,666,658.29161,250,322.58210,916,980.8720.1500*42,499,770.80
Banco Nacional de PanamaBalboas49,976.0049,976.001.0000049,976.00
Banco del ParaguayGuaranies8,105,650.908,105,650.903.090002,623,188.00
Banco Central de Reserva del PeruSoles16,260,012.74125,743,686.00142,003,698.74[ 6.5000021,846,722.88
Philippine National BankPesos22,498,737.8022,498,737.802.0000011,249,368.90
South African Reserve BankPounds2,482,022.17.316,126,410.17.418,608,433.14.7403.000*74,991,987.91
Banque de Syrie et du Liban, DamascusPounds1,425,145.4012,447,000.0013,872,145.402.191486,330,035.14
Banque Centrale de la Repub- lique de TurquieLiras26,047,966.3578,250.000.00104,297,966.352.8000037,249,273.70
Bank of EnglandPounds32,290,915.1.5310,975,000.0.0343,265,915.1.5403.000*1 1,383,361,637.69
Federal Reserve Bank of New YorkDollars280,285,218.851,178,000,000.001,458,285,218.851,458,285,218.85
Riggs National Bank 3Dollars87,288.0187,288.01; 87,288.01
Banco Central de VenezuelaBolivares5,026,710.35 132,659,359.4237,685,059.773.3500011,249,573.06
TOTAL5,442,367,832.09
NOTES:

See Note 1 of Balance Sheet.

Exchange rates represent number of units of national currencies to the U. S. dollar except for items carrying asterisk (*) which represent number of U. S. cents to the related unit of national currency.

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

SUMMARY
Currency and Securities with Depositories, per Balance Sheet, at Equivalent Value in U. S. Dollars
Currency927,656,739.46
Securities4.514,711,092.63
Total, as above5,442,367,832.09
NOTES:

See Note 1 of Balance Sheet.

Exchange rates represent number of units of national currencies to the U. S. dollar except for items carrying asterisk (*) which represent number of U. S. cents to the related unit of national currency.

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

NOTES:

See Note 1 of Balance Sheet.

Exchange rates represent number of units of national currencies to the U. S. dollar except for items carrying asterisk (*) which represent number of U. S. cents to the related unit of national currency.

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

(vii) Status Of Subscriptions To Capital—April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note 1.

QUOTASPAYMENTS ON SUBSCRIPTIONS TO CAPITALSUBSCRIPTIONS TO CAPITAL RECEIVABLE
MEMBERS(In Millions of U. S. Dollars)1/100 of 1% Paid in U. S. Dollars 2Paid in GoldPaid in National Currencies or Securities of Members 5Balances Due (Par Values of Currencies Established)Balances not Due (Par Values of Currencies Established)
Australia200368,404,843.20191,595,156.80
Belgium22522,500.0056,227,500.00168,750,000.00
Bolivia101,000.009,999,000.00
Brazil15015,000.00149,985,000.00
Canada30030,000.0074,970,000.00225,000,000.00
Chile505,000.006 8,882,442.3541,112,557.65
China55055,000.00549,945,000.00
Colombia505,000.0012,495,150.6137,499,849.39
Costa Rica5500.006328,871.674,670,628.33
Cuba505,000.0012,495,386.3637,499,613.64
Czechoslovakia12512,500.0061,435,920.08123,551,579.92
Denmark686,800.0065,518,722.6562,474,477.35
Dominican Republic5500.001,249,512.673,749,987.33
Ecuador5500.001,249,612.813,749,887.19
Egypt6044,500.0069,276,529.4450,718,970.56
El Salvador2.5250.00624,787.801,874,962.20
Ethiopia6600.00614,000.185,985,399.82
Finland38 338,000,000.00
France525 452,500.00679,527,420.66445,420,079.34
Greece404,000.0039,996,000.00
Guatemala5500.001,249,559.813,749,940.19
Honduras2.5250.002,499,750.00
Iceland1100.00249,900.28749,999.72
India40040,000.006 27,486,453.61372,473,546.39
Iran252,500.006,251,573.7918,745,926.21
Iraq8800.0077,999,200.00
Italy18018,000.00179,982,000.00
Lebanon4.5450.006267,415.124,232,134.88
Luxembourg101,000.006324,821.259,674,178.75
Mexico909,000.0022,491,205.1467,499,794.86
Netherlands27527,500.0068,722,500.00206,250,000.00
Nicaragua2200.00499,975.661,499,824.34
Norway505,000.0012,495,054.9037,499,945.10
Panama.550.0050,000.00449,950.00
Paraguay3.54200.00875,496.472,624,303.53
Peru252,500.0083,149,921.0021,847,579.00
Philippine Republic151,500.003,748,548.7911,249,951.21
Poland12512,500.00124,987,500.00
Syria6.5650.006169,187.176,330,162.83
Turkey434,300.0010,745,912.2332,249,787.77
Union of South Africa10010,000.0024,994,519.2074,995,480.80
United Kingdom1,300130,000.006210,378,620.801,089,491,379.20
United States2,750275,000.00687,500,000.112,062,224,999.89
Uruguay151,500.0014,998,500.00
Venezuela151,500.003,748,541.9611,249,958.04
Yugoslavia606,000.0059,994,000.00
TOTALS7,976.0772,150.001,358,049,907.775,446,341,242.23112,948,700.001,157,888,000.00
NOTES:

See Note 1 of Balance Sheet.

Pursuant to Article XX, Section 2(d), of Fund Agreement.

New Members.

Quota as increased.

Securities substituted for currencies represent non-negotiable, non-interest bearing, demand obligations payable at face value by members in their currencies.

Fund has provisionally accepted member’s payment in gold which is less than 25% of the member’s quota.

Fund has provisionally accepted payment of member’s total subscription in member’s national currency.

Member’s payment in gold, which is less than 25% of quota, is considered by Fund as final.

NOTES:

See Note 1 of Balance Sheet.

Pursuant to Article XX, Section 2(d), of Fund Agreement.

New Members.

Quota as increased.

Securities substituted for currencies represent non-negotiable, non-interest bearing, demand obligations payable at face value by members in their currencies.

Fund has provisionally accepted member’s payment in gold which is less than 25% of the member’s quota.

Fund has provisionally accepted payment of member’s total subscription in member’s national currency.

Member’s payment in gold, which is less than 25% of quota, is considered by Fund as final.

(viii) Other Assets April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note1.

CASH
Imprest Funds$ 1,026.89
(Petty Cash and Postage)
Special Bank Account69,570.59$ 70,597.48
(For voluntary contributions of employees to contemplated retirement system—full liability carried as offset)
ACCOUNTS RECEIVABLE (including accruals)
Members’ Accounts104,360.90
(Accrued charges on Fund’s holdings of members’ currencies and securities in excess of quotas)
Commercial Accounts20,571.36
Travel and Staff Advances81,21482206,147.08
DEFERRED CHARGES3,003.58
(Unexpired insurance, etc.)
EQUIPMENT
(Represents furniture, office equipment, and automobiles at cost value of $292,040.69 against which full reserves for depreciation are carried)
LIBRARY INVESTMENT300.00
(Represents law library at cost value of $7,110.90 and investment at cost value of $12,597.60 in library owned jointly with International Bank for Reconstruction and Development, against which full reserves for depreciation are carried except for share of deposit of $600.00 in connection with Joint Library)
TOTAL OTHER ASSETS, PER BALANCE SHEET280,048.14
NOTE:

See Note 1 of Balance Sheet.

NOTE:

See Note 1 of Balance Sheet.

(ix) Liabilities April 30, 1948

Values expressed in United States dollars on basis of established parities, except as indicated in Note1

ACCOUNTS PAYABLE
Members’ Accounts$ 4,898.27
(Overpayments on capital subscriptions, reimbursable in member’s currency)
Commercial Accounts:
Vouchers Payable$19,079.91
Unvouchered invoices and accruals93,412.10112,492.01
Executive Directors and Staff 26,841.83
(Amounts due or accrued for salaries and wages, compensation for national income taxation, travel and other claims)
Total Accounts Payable and Accruals.124,232.11
UNEARNED INCOME
Subscriptions on Fund’s Publication1,460.75
VOLUNTARY CONTRIBUTIONS OF EM PLOYEES TO CONTEMPLATED RE TIREMENT SYSTEM69,570.59
(Corresponding amount of funds on deposit in special bank account, carried under heading “Other Assets” in balance sheet)
TOTAL LIABILITIES, PER BALANCE SHEET195,263.45
NOTES:

See Note 1 of Balance Sheet.

See Note 2 of Balance Sheet.

NOTES:

See Note 1 of Balance Sheet.

See Note 2 of Balance Sheet.

(x) Summary Of Transactions For the Period July 1, 1947 to April 30, 1948
Exchange TransactionsAmount in CurrencyU. S. Dollar Equivalent1
Currency Sold
U. S. Dollars544,000,000.00544,000,000.00
Currency Bought
Belgian Francs1,446,308,913.0033,000,000.00
Chilean Pesos272,800,000.008,800,000.00
Danish Kroner48,949,799.9710,200,000.00
French Francs8,933,025,000.0075,000,000.00
Indian Rupees92,638,544-4-028,000,000.00
Mexican Pesos109,237,500.0022,500,000.00
Netherland Guilders149,886,025.0056,500,000.00
Norwegian Kroner24,813,900.005,000,000.00
Turkish Liras14,000,000.005,000,000.00
Pounds Sterling74,441,687-7-1300,000,000.00
544,000,000.00
Gold TransactionsFine OuncesU. S. Dollar Equivalent at $35 per Fine Ounce
Currency Sold
Against Gold
U.S. Dollars690.41524,164.52
Currency Bought
Against Gold
Nil
NOTE:

Calculated at the agreed par value in force at the time the transactions were effected.

NOTE:

Calculated at the agreed par value in force at the time the transactions were effected.

    Other Resources Citing This Publication