Chapter

Appendix IX:

Author(s):
International Monetary Fund
Published Date:
September 1956
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(i) BALANCE SHEET, STATEMENT OF INCOME AND EXPENDITURE, AND SUPPORTING SCHEDULES

Letter of Transmittal

June 29, 1956

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, 1956, 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, Australia, Colombia, and France nominated auditors to serve on this Committee. They respectively nominated Mr. Lindsay G. D. Farmer, Chief Auditor in New York for the Commonwealth of Australia; Mr. Alfonso Llano, Sub-Secretary and Assistant to the General Manager of the Banco de la Repithlica, Bogota, Colombia; and Mr. Hubert Davost, Inspector of Finance in the Ministry of Economic and Financial Affairs, Paris, France. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, expenditure exceeded income by $3,699,128.26, and that the total excess of expenditure over income from inception to April 30, 1956 is thus increased to $14,211,843.57.

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

Yours sincerely,

/s/

Ivar Rooth

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, 1956, 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, our examination was made in accordance with generally accepted auditing standards and included all procedures which we considered necessary in the circumstances. 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. 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, 1956, 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/ L. G. D. FARMER (Australia)

/s/ ALFONSO LLANO (Colombia)

/s/ HUBERT DAVOST (France)

(iii) BALANCE SHEET April 30, 1956

Values expressed in United States dollars on the basis of established parities (See Note 1)
ASSETS
GOLD ACCOUNT
Gold with depositories (See Note 2)$1,761,362,728.16
(50,324,649.376 fine ounces at US$35.00 per ounce)
Investments (See Note 3)
$50,276,000 U. S. Treasury bills at cost$ 49,993,715.14
Funds awaiting investment1,937.1749,995,652.31$1,811,358,380.47
CURRENCY AND SECURITIES
With depositories
Currency$ 799,294,450.81
Securities5,305,230,069.84$6,104,524,520.65
(non-negotiable, non-interest bearing demand obligations payable at face value by members in their currencies)
Add:
Currency adjustment receivable1,413,245.486,105,937,766.13
(in accordance with Article IV, Section 8)
SUBSCRIPTIONS TO CAPITAL—RECEIVABLE
Balances not due814,546,391.82
(members whose par values have not yet been established)
WITHDRAWING MEMBER’S CURRENCY3,633,187.44
(redeemable by Czechoslovakia in gold or U. S. dollars in installments not later than July 2, 1961)
OTHER ASSETS (See Note 6)1,092,975.30
(other cash, receivables, etc.)
TOTAL ASSETS$8,736,568,701.16
CAPITAL, RESERVES, AND LIABILITIES
CAPITAL
Authorized subscriptions of members$8,750,500,000.00
Less: Excess of expenditure over income
From inception to April 30, 1955$10,512,715.31
For year ended April 30, 1956 (See Note 4)3,699,128.2614,211,843.57
Net capital$8,736,288,156.43
RESERVES
Stand-by charge reserve (See Note 5)$ 59,372.65
Reserve for potential rebate of interest charges (in relation to withdrawing member’s settlement)51,664.17111,036.82
LIABILITIES (See Note 6)169,507.91
(accruals, accounts payable, deferred income, etc.)
TOTAL CAPITAL, RESERVES, AND LIABILITIES$8,736,568,701.16
/s/ Y. C. Koo/s/ Ivar Rooth
TreasurerManaging Director
/s/ C. M. Powell
Comptroller and Assistant Treasurer
NOTES:

With the exception of Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles which, for bookkeeping purposes, are computed at provisional rates of 0.995000 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar.

Excludes 2,059.819 fine ounces earmarked for members.

Made with the proceeds of the sale of 1,428,447.208 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Includes an adjustment of $24,447.71 relating to net capital of the previous year.

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, 1956 is $59,372.65. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1956 is $41,256.08.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

NOTES:

With the exception of Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles which, for bookkeeping purposes, are computed at provisional rates of 0.995000 dollar, 349.600 francs, 11.4000 rupiah, and 19.0000 soles per U. S. dollar.

Excludes 2,059.819 fine ounces earmarked for members.

Made with the proceeds of the sale of 1,428,447.208 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Includes an adjustment of $24,447.71 relating to net capital of the previous year.

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, 1956 is $59,372.65. A portion of the stand-by charge is refundable to a member if the arrangement is cancelled. The maximum amount on April 30, 1956 is $41,256.08.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

(iv) STATEMENT OF INCOME AND EXPENDITURE for the year ended April 30, 1956

INCOME
Operational charges$ 426,642.351
Charges on balances in excess of quota1,125,134.94
Income from investments123,279.51
Other income278.74
TOTAL INCOME$1,675,335.54
EXPENDITURE
Board of Governors$ 347,160.42
Office of Executive Directors
Salaries$ 573,529.63
Other compensations and benefits82,753.47
Travel91,016.09747,299.19
Staff
Salaries$2,615,438.06
Other compensations and benefits633,917.97
Travel293,231.383,542,587.41
Other administrative expenses
Communications$ 119,219.48
Office occupancy expenses408,125.00
Books and printing (net)87,487.232
Supplies and equipment50,965.99
Miscellaneous38,756.67704,554.37
Total Administrative Expenditure$5,341,601.39
Gold handling and conversion costs$ 8,772.43
Exchange adjustmentsCr. 357.738,414.70
TOTAL EXPENDITURE5,350,016.09
EXCESS OF EXPENDITURE OVER INCOME FOR THE YEAR$3,674,680.55
Add:
Adjustment of charges for the previous fiscal year pursuant to agreement with withdrawing member24,447.71
EXCESS OF EXPENDITURE OVER INCOME
(carried to Balance Sheet)$3,699,128.26

Includes $24,810.90 (net) transferred from Stand-by Charge Reserve.

After deduction of proceeds from sales of Fund’s publications formerly shown under “Other Income.”

Includes $24,810.90 (net) transferred from Stand-by Charge Reserve.

After deduction of proceeds from sales of Fund’s publications formerly shown under “Other Income.”

(v) GOLD ACCOUNT April 30, 1956

GOLD WITH DEPOSITORIES: Valued at US$35.00 per fine ounce
Fine OuncesU. S. Dollar

Equivalent
Gold with depositories50,324,649.3761$1,761,362,728.16
INVESTMENTS United States Treasury Bills
Maturity DatesFace ValueCost
May 24, 1956$ 5,136,000.00$ 5,112,990.72
May 31, 19565,000,000.004,974,293.06
June 7, 19565,000,000.004,971,056.94
June 14, 195610,000,000.009,940,000.00
June 21, 19566,000,000.005,969,299.72
June 28, 19564,000,000.003,977,831.11
July 5, 195615,140,000.0015,048,243.59
Totals$50,276,000.00$49,993,715.14

Excludes 2,059.819 fine ounces held under earmark by the Fund as follows:

Excludes 2,059.819 fine ounces held under earmark by the Fund as follows:

MemberFine Ounces
Australia38.342
Austria.848
Bolivia38.776
Brazil11.356
Burma277.452
Chile37.885
Colombia224.521
Egypt20.282
Ethiopia32.436
Finland13.805
Germany2.345
India357.046
Indonesia40.977
Iran43.543
Japan.381
Lebanon.784
Mexico12.878
Netherlands154.540
Norway369.864
Paraguay.552
Philippine Republic1.413
Syria.019
Turkey227.894
Yugoslavia151.880
Total2,059.819

(vi) STATEMENT OF CURRENCIES AND SECURITIES April 30, 1956

Amounts in Currencies
DepositoriesNational CurrenciesWith DepositoriesExchange Rates 2U. S. Dollar Equivalents
SecuritiesNo. 1 AccountNo.2 AccountTotalsCurrency Adjustments2 Receivable (+) or Payable (-)Totals After Currency Adjustments
Commonwealth Bank of AustraliaPounds76,575,000.0.08,942,252.8.4422.14.985,517,675.3.185,517,675.3.1224.000†$ 191,559.592.34
Austrian National BankSchillings961,980,617.0013,000,000.008,878.10974,989,495.10974,989,495.1026.000037,499,595.97
Banque Nationale de Belgique S. A.Francs8,323,889,561.24112,640,000.0020,914.268,436,550,475.508,436,550,475.5050.0000168,731,009.51
Banco Central de BoliviaBolivianos1,405,612,388.60494,000,000.00179,320.001,899,791,708.601,899,791,708.60190.0009,998,903.73
Superintendencia da Moeda e do Credito (Brazil)Cruzeiros3,292,754,442.5015,623.303,292,770,065.803,292,770,065.8018.5000177,987,571.12
The Union Bank of BurmaKyats52,830,512.7772,133,857.142,836.45124,967,206.36124,967,206.3621.0000†26,243,113.33
Bank of CanadaDollars218,000,000.004,455,164 75418.08222,455,602.83+1,406,179.25223,861,782.080.995000*224,986,715.65
Central Bank of CeylonRupees62,316,333.34714,332.904,734.6363,035,400.8763,035,400.8721.0000†13,237,434.18
Banco Central de ChilePesos5,499,478,426.619,834.5,500,098,260.5,500,098,260.110,00050,000,893.28
Banco de la Reptiblica (Colombia)Pesos121,849,541.171,686.61121,1351,227.78121,851,227.781.9499862,488,450.03
Banco Central de Costa RicaColones21,035,457.466,963.5621,042,421.0221,042,421.025.615003,747,537.14
Banco Nacional de CubaPesos37,487,613.64597.4337,488,211.0737,488,211.071.0000037,488,211.07
Danmarks NationalbankKroner418,000,000.005,632,000.276,923.27423,638,923.54423,638,923.546.9071461,333,478.63
Banco Central de la República DominicanaPesos3,248,000.00500,987.33868.853,749,856.183,749,856.181.000003,749,856.18
Banco Central del EcuadorSucres56,232,752.3710,087.4856,242,839.8556,242,839.8515.00003,749,522.65
National Bank of EgyptPounds15,458,670.375208,945.660584.81715,668,200.85215,668,200.852287.156†44,992,178.84
Banco Central de Reserva de El SalvadorColones4,676,405.501,039.934,677,445.434,677,445.432.500001,870,978.17
State Bank of EthiopiaDollars10,979,375.30194,299.171,634.9411,175,309.4111,175,309.4140.2500†4,498,062.04
Bank of FinlandMarkkas7,234,623,839.0089,270,000.00187,599.007,124,081,438.007,324,081,438.00230.00031,843,832.34
Banque de FranceFrancs135,819,000,000.1,843,806,755.22.162.137,653,828,917.137,653,828,917.349.600*393,746,650.22
Bank deutscher UnderD. Marks1,025,600,000.0013,880,455.382,776.331,039,483,231.711,039,483,231.714.20000247,496,007.56
Banco de GuatemalaQuetzales3,744,940.19504.343,745,444.533,745,444.531.000003,745,444.53
Banque Nationale de a République d’HaitiGourdes7,394,945.10100,000.004,970.007,499,1.915.107,499,915.105.000001,499,981.02
Banco Central de HondurasLempiras3,647,881.1298,000.001,538.663,747,419.783,747,419,782.000001,871,709.89
National flank of IcelandKrónur12,168,211 6511,583.2112.179 794.8612,179.794.8616.2857747,882.80
Reserve Bank of IndiaRupees1,754,600.000.0.019,188,716.12.37,151.13.91,773,795,868.10.01,773,795,868.10.21.0000†372,497,132.41
Bank IndonesiaRupiah1,064,700,000.00183,588,250.0217,517.571,248,305,767.591,248,305,767.5911.4000*109,500,505.93
Bank Melli IranRials1,116,787,569.3011,759,941.3025,031.501,128,572,542.101,128,572,542.1032.250034,994,497.43
National Bank of IraqDinars2,569,125.000286,672,319150.4422,855,947.62,855,947.761280 000†7,996,653.73
The Bank of JapanYen66,596,400,000.900,757,019.2,391,363.67,499,548.382.67,490,548.382.360.000187,498,745.50
Ottoman Bank (Jordan)Dinars1,025,350.89610,714.286323.9501,036,389.1321,036,389.132280.000†2,901,889.57
Banque de Syric et du Liban (Lebanon)Pounds7,372,572.001,467.117,374,039.117,374,039.112.191483,364,867.17
Caisse d’Epargnc de l’Etat (Luxembourg)Francs470,836,334.805,000,000.0020,666.84475,857,001.64475,857,001.6450.00009,517,140.03
Banco de Mexico, S. A.Pesos843,731,006.8912,610.38843,743,617.27841,743,617.2712.500067,499,489.38
De Nederlandsche Bank N. V.Guilders773,000,000.0010,724,504.181,160.46783,725,664.64783,725,664.643.80000206,243,595.96
Banco Nacional de NicaraguaCórdobas10,474,717.857,000.1510,481,718.0010,481,718.007.000001,497,388.28
Norges BankKroner263,848,315.103,939,941.418,164.29267,796,420.80267,796,420.8014.0000†37,491,498.91
State Bank of PakistanRupees454,661,398.0.04,810,858.14.101,973.11.2459,474,230.10.0459,474,230.10.021.0000†96,489,588.43
Banco Nacicnal de PanamaBalboas369,000.004,999.75863.30374,863.05374,863.051.00000374,863.05
Banco Central del ParaguayGuaranies187,322,287.6063,504.00187,385,793.60187,385,793.6060.00003,123,096.56
Banco Central de Reserva del PeruSoles351,464,946.444,750,000.0015,303.42356,230,249.86356,230,249.8619.0000*18,748,960.52
Central Bank of the PhilippinesPesos22,000,000.0030,494,902.421,106.8252,496,009.2452.496,009.242.0000026,248,004.62
Sveriges RiksbankKronor387,951,594.612,358.86387,953,953.47387,953,953.475,173.2174,992,887.10
Banque de Syrie et du Liban Damascus, SyriaPounds10,447,000.00233,734.011,526.1210,682,260.1310,682,260.132.191484,874,450.21
Banque Centrale de la République de TurquieLiras78,250,000.0053,768,264.332,068.73132,020,333.06132,020,333.062.8000047,150,118.95
South African Reserve BankPounds26,405,574.8.7375,889.11.7354.4.326,781,818.4.526,781,818.4.5280.000†74,989,091.01
Bank of EnglandPounds375,175,000.0.04,654,213.3.11,922.1.9379,831,135.4.10379,831,135.4.10280.000†1,063,527,178.67
Federal Reserve Bank of New YorkDollars1,666,000,000.00110,577,179.25210,798.781,776,787,978.031,776,787,978.03100.000†1,776,787,978.03
Riggs National Bank of Washington, D. C.3Dollars67,683.7467,683.7467,683.74100.000†67,683.74
Banco Central de VenezuelaBolivares32,659,359.425,006,000.002,586.7037,667,946.1237,667,946.123.3500011,244,163.02
Banque Nationale de la République Fédérative Populaire de YougoslavieDinars18,359,836,356.0068,753.0018,359,905.109.0018,359,905,109.00300.00061,199,683.70
TOTALS (In U.S.dollar equivalents)$5,305,230,069.84$798,963,002.76$331,448.05$6,104,524,520.65+ $1,413,245.48$6,105,937,766.13$6,105,937,766,134

In accordance with Article IV, Section 8.

Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked t 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$3,633,187.44 shown under separate caption in the Balance Sheet.

In accordance with Article IV, Section 8.

Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked t 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$3,633,187.44 shown under separate caption in the Balance Sheet.

(vii) STATUS OF SUBSCRIPTIONS TO CAPITAL April 30, 1956

(expressed in U. S. dollars)
Payments on Subscription to CapitalSubscription to Capital Receivable
MembersQuotas1/100 of 1% Paid in U.S. Dollars1

Paid in Gold


Paid in Member’s Currency
Balances Due (Par Values Established)Balances Not Due (Par Values Not Established)
Afghanistan$ 10,000,000.00$ 2,500,027.46$ 7,499,972.54
Australia200 000000.008,404,843.20$ 191,595,156.80
Austria50 000 000.005,000,003.7244,999,996.28
Belgium225,000,000.00$ 22,500.0056,227,500.00168,750,000.00
Bolivia10,000,000.001,000.002,500,040.067,498,959.94
Brazil150,000,000.0015,000.0037,485,030.14112,499,969.86
Burma15,000,000.00500,369.1414.499,630.86
Canada300,000,000.0030,000.0074,970,000.00225,000,000.00
Ceylon15,000,000.00751,010.0914,248,989.91
Chile50,000,000.005,000.008,813,013.9341,181,986.07
China550 000 000.0055,000.00549,945,000.00
Colombia50,000,000.005,000.0012,495,150.6137.499,849.39
Costa Rica5,000,000.00500.00373,700.094,625,799.91
Cuba50,000,000.005,000.0012,495,386.3637,499,613.64
Denmark68,000,000.006,800.005,934,983.3262,058,216.68
Dominican Republic5,000,000.00500.001,249,512.673,749,987.33
Ecuador5,000,000.00500.001,249,612.813,749,887.19
Egypt60 000,000.004,500.009,484,075.6950,511,424.31
El Salvador2,500,000.00250.00624,787.801,874,962.20
Ethiopia6,000,000.00600.0061,752.225,937,647.78
Finland38,000,000.00760,222.4437,239,777.56
France525,000,000.0052,500.00108,056,306.15416,891,193.85
Germany330,000,000.0033,009,651.50296,990,348.50
Greece40,000,000.004,000.0039,996,000.00
Guatemala5,000,000.00500.001,249,559.813,749,940.19
Haiti2,000,000.00500,010.981,499,989.02
Honduras2,500,000.00250.00624,809.441,874,940.56
Iceland1,000,000.00100.00249,900.28749,999.72
India400,000,000.0040,000.0027,486,453.61372,473,546.39
Indonesia110,000,000.0015,500,030.7094,499,969.302
Iran35,000,000.002,500.008,764,707.1426,232,792.86
Iraq8,000,000.00800.007,999,200.00
Israel4,500,000.001,125,047.563,374,952.44
Italy180,000,000.0018,000.00179,982,000.00
Japan250,000,000.0062,500,000.15187,499,999.85
Jordan3,000,000.0097,617.492,902,382.51
Korea12,500,000.003,125,025.029,374,974.98
Lebanon4,500,000.00450.00267,415.124,232,134.88
Luxembourg10,000,000.001,000.00479,995.969,519,004.04
Mexico90,000,000.009,000.0022,491,205.1467,499,794.86
Netherlands275,000,000.0027,500.0068,722,500.00206,250,000.00
Nicaragua2,000,000.00200.00499,975.661,499,824.34
Norway50,000,000.005,000.0012,495,054.9037,499,945.10
Pakistan100,000,000.003,500,607.2296,499,392.78
Panama500,000.0050.00124,950.25374,999.75
Paraguay3,500,000.00200.00875,496.472,624,303.53
Peru25,000,000.002,500.003,149,921.0021,847,579.00
Philippine Republic15,000,000.001,500.003,748,548.7911,249,951.21
Sweden100,000,000.0017,000,086.7882,999,913.22
Syria6,500,000.00650.00169,187.176,330,162.83
Thailand12,500,000.003,125,008.149,374,991.86
Turkey43,000,000.004,300.0010,745,912.2332,249,787.77
Union of South Africa100,000,000.0010,000.0024,994,519.2074,995,480.80
United Kingdom1,300,000,000.00130,000.00236,135,323.701,063,734,676.30
United States2,750,000,000.00275,000.00687,500,000.112,062,224,999.89
Uruguay15,000,000.001,500.0014,998,500.00
Venezuela15,000,000.001,500.003,748,541.9611,249,958.04
Yugoslavia60,000,000.006,000.007,896,966.1152,097,033.89
TOTALS$8,750,500,000.00$747,150.00$1,611,841,357.49$6,323,365,100.69-0-$814,546,391.82

As per Article XX, Section 2(d), of the Articles of Agreement.

Accepted provisionally at the rate of 11.4000 rupiah per U. S. dollar, subject to such adjustment as may be necessary when a par value for the rupiah is agreed upon.

As per Article XX, Section 2(d), of the Articles of Agreement.

Accepted provisionally at the rate of 11.4000 rupiah per U. S. dollar, subject to such adjustment as may be necessary when a par value for the rupiah is agreed upon.

(viii) OTHER ASSETS April 30, 1956

Cash
On hand$ 1,100.00
With European Office4,103.83$ 5,203.83
Sundry Debtors
Deposits$ 3,310.65
Commercial accounts57,941.26
Advances against salaries13,663.00
Travel advances7,839.39
Other receivables8,370.9091,125.20
Prepayments
Postage$ 3,979.30
Insurance5,386.09
Travel26,426.29
Other4,824.9940,616.67
Accounts Receivable—members308,231.43
(mainly charges on Fund’s holdings

of currencies in excess of quotas)
Accrued Income From Investments121,292.00
Fund Building Suspense526,506.17
Furniture, Equipment, and Automobiles
Furniture and equipment at cost$ 527,285.23
Automotive equipment at cost8,314.65
$ 535,599.88
Less: Reserve535,599.88Nil
Libraries
Cost of books for Law Library$ 28,839.01
Investment in Joint Library36,267.90
Less: Reserve$ 65,106.91

65,106.91
Nil
TOTAL OTHER ASSETS (carried to Balance Sheet)$1,092,975.30
LIABILITIES
April 30, 1956
Accruals$ 157,997.24
(mainly personal services and office occupancy)
Accounts Payable5,304.63
Deferred Credits6,206.04
(mainly subscriptions to Fund’s publications

for periods after April 30, 1956)
TOTAL LIABILITIES (carried to Balance Sheet)$ 169,507.91

(ix) SUMMARY OF TRANSACTIONS for the year ended April 30, 1956

1. EXCHANGE TRANSACTIONS
(a) Currency sold by FundU.S. dollar equivalents
38,750,000.00 U.S. dollars$ 38,750,000.00
Total sold by Fund$ 38,750,000.00
(b) Currency purchased by Fund from
Burma71,428,571.43 kyats$ 15,000,000.00
Iran282,187,500.00 rials8,750,000.00
Philippine Republic30,000,000.00 pesos15,000,000.00
Total purchased by Fund$ 38,750,000.00
2. REPURCHASES
(a) Currency repurchased from Fund byU.S. dollar equivalents
Australia3,571,428.11.5 pounds$ 8,000,000.00
Burma15,461,062.76 kyats3,246,823.18
Ceylon4,766,666.66 rupees1,001,000.00
Finland1,240,275,000.00 markkas5,392,500.00
France44,717,528,709. francs127,910,551.23
India130,952,380.15.3 rupees27,500,000.00
Iran282,187,500.00 rials8,750,000.00
Japan22,477,642,981. yen62,437,897.17
Mexico280,282,027.75 pesos22,422,562.22
Turkey14,000,000.00 liras5,000,000.00
Total repurchased from Fund$271,661,333.80
(b) Currency and gold paid to Fund
U. S. dollars$211,575,676.97
Gold: 1,716,733.052 fine ounces60,085,656.83
Total currency and gold paid to Fund$271,661,333.80

(x) STAFF RETIREMENT FUND AUDITORS’ CERTIFICATE

We have made an independent examination of the accounts of the Staff Retirement Fund of the International Monetary Fund for the year ended April 30, 1956. 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, consideration was given to the authority and other requirements governing transactions of the Staff Retirement Fund.

The examination did not include a verification of the individual participants’ accounts as at April 30, 1956, except for inquiry into certain of such accounts as a consequence of the application of auditing procedures to the other accounts of the Staff Retirement Fund. We ascertained, however, that the Internal Auditor of the International Monetary Fund had made a detailed audit of all participants’ individual accounts as at April 30, 1956, and we satisfied ourselves that application of the auditing procedures adopted by him would be adequate to insure the correctness of such individual accounts with regard for eligibility, contributions, and interest allowed.

In our opinion, the Balance Sheet and related Statements of the Participants’ Account, Accumulation Account, Retirement Reserve Account, Reserve against Corporate Stock Investments Account, and of the Source and Application of Funds, together with the notes appearing thereon, present fairly the financial position of the Staff Retirement Fund of the International Monetary Fund as at April 30, 1956, and the results of operations for the year ended that date, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

/S/ L. G. D. Farmer (Australia)

/S/ Alfonso Llano (Colombia)

/S/ Hubert Davost (France)

(xi) STAFF RETIREMENT FUND BALANCE SHEET April 30, 1956

ASSETS
Cash in Bank
The Riggs National Bank, Washington, D. C$ 5,379.75
The Chase Manhattan Bank, New York, N. Y21,500.83$ 26,880.58
Investments (Book Value)
(See Appendix IX (xviii) and Note 1, Appendix IX (xix).)
Bonds
United States Government$1,668,441.33
International Bank for Reconstruction and Development (market value, $543,617.50)560,888.78
Commercial (market value, $732,202.50)785,873.86$3,015,203.97
Corporate stocks
Common (market value, $1,792,604.63)1,067,216.77
$4,082,420.74
Less: Reserve Against Corporate Stock Investments (See Note 2, Appendix IX (xix).)86,209.473,996,211.27
Accrued Interest on Bonds16,625.51
Accrued Contributions Receivable From International Monetary Fund5,835.27
TOTAL ASSETS$4,045,552.63
LIABILITIES AND RESERVES
Participants’ Account (See Appendix IX (xii).)$1,077,593.10
Accumulation Account (See Appendix IX (xiii).)2,835,056.15
Retirement Reserve (See Appendix IX (xiv).)132,903.38
TOTAL LIABILITIES AND RESERVES$4,045,552.63
/s/ Y. C. Koo/s/ Ivar Rooth
TreasurerManaging Director
/s/ Charles M. Powell
Comptroller and Assistant Treasurer
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xii) STAFF RETIREMENT FUND STATEMENT OF PARTICIPANTS’ ACCOUNT for the year ended April 30, 1956

Participating

Service
Additional

Contributions
BALANCE, April 30, 1955$ 927,699.66$ 8,553.42
Add
Participants’ contributions$ 179,419.02$ 2,660.00
Interest credited to participants24,508.34240.81
Transfer from Retirement Plan of International Bank for Reconstruction and Development3,450.07
$ 207,377.43$ 2,900.81
Less
Refunds upon participants’ withdrawals$ 44,331.01$ 238.75
Refunds on deaths (prior to retirement)10,051.49
Transfer to Retirement Reserve12,046.25
Transfer to Retirement Plan of International Bank for Reconstruction and Development2,270.72
$ 68,699.47$ 238.75
$1,066,377.62$11,215.48
TOTAL (carried to Balance Sheet)$1,077,593.10
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xiii) STAFF RETIREMENT FUND STATEMENT OF ACCUMULATION ACCOUNT for the year ended April 30, 1956

BALANCE, April 30, 1955$2,457,227.88
Add
Employer’s contributions Participating service354,034.92
Transfer from Retirement Plan of International Bank for Reconstruction and Development5,152.46
Income from investments
Interest on bonds$81,920.66
Dividends on stocks51,532.92133,453.58
Profit on sale or redemption of investments (net)11,713.96
Profits
Bonds$5,386.50
Corporate stocks7,605.54$12,992.04
Less losses on bonds1,278.08
$11,713.96
$2,961,582.80
Less
Transfer to Retirement Reserve$19,978.06
Withdrawal benefits8,308.85
Death benefits (prior to retirement)37,228.51
Interest credited to Participants’ Account24,749.15
Interest on Retirement Reserve2,922.04
Amortization of premiums, less accumulation of discounts on investments375.86
Transfer to Retirement Plan of International Bank for Reconstruction and Development2,909.24
Transfer to Reserve against Corporate Stock Investments30,054.94126,526.65
TOTAL (carried to Balance Sheet)$2,835,056.15
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xiv) STAFF RETIREMENT FUND STATEMENT OF RETIREMENT RESERVE ACCOUNT for the year ended April 30, 1956

BALANCE, April 30, 1955$103,664.30
Add
Transfers from Participants’ and Accumulation Accounts32,024.31
Interest on Retirement Reserve2,922.04
$138,610.65
Less
Pension payments to retired participants5,707.27
TOTAL (carried to Balance Sheet)$132,90338
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xv) STAFF RETIREMENT FUND STATEMENT OF RESERVE AGAINST CORPORATE STOCK INVESTMENTS ACCOUNT for the year ended April 30, 1956

BALANCE, April 30, 1955$56,154.53
Add: Transfer from Accumulation Account30,054.94
TOTAL (carried to Balance Sheet)$86,209.47
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xvi) STAFF RETIREMENT FUND STATEMENT OF SOURCE AND APPLICATION OF FUNDS for the year ended April 30, 1956

FUNDS PROVIDED
Participants’ contributions
Participating service$179,419.02
Additional voluntary contributions2,660.00$182,079.02
Employer’s contributions354,034.92
Sales of investments (book value)
U. S. Treasury bonds$196,625.96
Commercial bonds61,886.21
Corporate stocks24,772.39
$283,284.56
Add: Profits from sale of securities (net)11,713.96294,998.52
Income from investments$138,865.35
Less: Interest on bonds purchased5,411.77133,453.58
Transfers from Retirement Plan of International Bank for Reconstruction and Development8,602.53
TOTAL FUNDS PROVIDED$973,168.57
FUNDS APPLIED
Purchase of investments$855,026.20
Payments to participants on withdrawal52,639.86
Refund of additional voluntary contributions to a participant238.75
Payments on death prior to retirement47,280.00
Pension payments to retired participants5,707.27
Transfers to Retirement Plan of International Bank for Reconstruction and Development5,179.96
Increase in working capital between 1955 and 1956 (See Appendix IX (xvii).)7,096.53
TOTAL FUNDS APPLIED$973,168.57
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xvii) STAFF RETIREMENT FUND STATEMENT OF CHANGES IN WORKING CAPITAL

April 30,April 30,+Increase
19561955-Decrease
CURRENT ASSETS
Cash$26,880.58$53,867.34-$26,986.76
Accrued interest on bonds16,625.5115,254.45+ 1,371.06
Accrued contributions receivable from International Monetary Fund5,835.273,763.33+ 2,071.94
$49,341.36$72,885.12-$23,543.76
CURRENT LIABILITIES30,640.29+ 30,640.29
WORKING CAPITAL$49,341.36$42,244.83+$ 7,096.53
See Notes, Appendix IX (xix), which are an integral part of this Statement.

(xviii) STAFF RETIREMENT FUND SCHEDULE OF INVESTMENTS April 30, 1956

Interest Rate—%MaturityFace ValueBook Value
BONDS
United States Savings, Series G1960$250,000.00$250,000.00
United States Savings, Series G1961100,000.00100,000.00
United States Savings, Series G1962100,000.00100,000.00
United States Savings, Series G196365,000.0065,000.00
United States Savings, Series K2.761966200,000.00200,000.00
United States Savings, Series K2.76196781,000.0081,000.00
United States Treasury1980203,000.00200,848.76
United States Treasury1983211,500.00219,109.94
United States Treasury31995451,500.00452,482.63$1,668,441.33
International Bank for Reconstruction and Development196950,000.00$ 50,000.00
International Bank for Reconstruction and Development31972276,000.00272,219.39
International Bank for Reconstruction and Development3197650,000.0050,000.00
International Bank for Reconstruction and Development1981187,000.00188,669.39560,888.78
Commercial
American Telephone and Telegraph Company—Debentures198038,000.00$ 38,089.15
American Telephone and Telegraph Company—Debentures198430,000.0031,062.65
American Telephone and Telegraph Company—Debentures2⅝198644,000.0038,780.90
American Telephone and Telegraph Company—Debentures2⅞198724,000.0022,746.72
Central New York Power Co. General Mortgage3197417,000.0016,237.50
Commonwealth Edison Company—Sinking Fund Debentures3⅛2004100,000.0096,990.96
Connecticut Light and Power Co.-1st & Refunding Mortgage, Series “L”198412,000.0012,227.44
Consolidated Edison Company of New York—lst & Refunding Mortgage, Series “E”3197938,000.0039,476.60
Consolidated Edison Company of New York-1st & Refunding Mortgage, Series “A”198216,000.0014,883.60
Consolidated Natural Gas Company—Sinking Fund Debentures3⅛197930,000.0030,724.81
Carried forward$341,220.33$2,229,330.11
Brought forward$341,220.33$2,229,330.11
Commercial (continued)
Duke Power Company-1st & Refunding Mortgage2⅞1979$13,000.00$13,530.85
Illinois Bell Telephone Company-1st Mortgage, Series “A”198125,000.0025,324.52
Kansas City Power & Light Company-1st Mortgage198315,000.0015,180.11
New York Telephone Company—1st & Refunding Mortgage, Series “D”198237,000.0037,501.77
New York Telephone Company—Refunding Mortgage, Series “H”3198932,000.0032,185.89
Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “Q”2⅞198014,000.0013,410.99
Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “S”3198345,000.0046,753.22
Pacific Gas and Electric Company—1st and Refunding Mortgage, Series “X”3⅛198421,000.0021,293.70
Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “Z”3⅜198820,000.0019,942.59
Pacific Telephone and Telegraph Company—Debentures2⅞198626,000.0024,392.62
Philadelphia Electric Company—1st & Refunding Mortgage197424,000.0024,254.84
Potomac Electric Power Company-1st Mortgage198544,000.0044,283.70
Potomac Electric Power Company-1st Mortgage3⅜199014,000.0014,461.22
Public Service Electric and Gas Company—lst & Refunding Mortgage2⅞197940,000.0041,338.21
Public Service Electric and Gas Company-1st & Refunding Mortgage198420,000.0020,854.28
Southern Bell Telephone and Telegraph Company—Debentures199510,000.0010,110.90
Virginia Electric & Power Company-1st & Refunding Mortgage, Series “K”3⅛198439,000.0039,834.12785,873.86
TOTAL BONDS (carried forward)$3,015,203.97
TOTAL BONDS (brought forward)$3,015,203.97
No. of SharesBook Value
CORPORATE STOCKS, Common:
Abbott Laboratories200$ 11,063.00
Addressograph-Multigraph Corporation10010,895.85
Allied Chemical and Dye Corporation21019,264.18
Aluminum Company of America4008,509.48
American Can Company44011,086.00
American Cyanamid Company30013,939.12
American Natural Gas Company70026,321.98
American Telephone and Telegraph Company10018,325.00
Atlantic Refining Company2507,558.53
Atlas Powder Company2008,321.25
Bankers Trust Company of New York30018,112.50
Caterpillar Tractor Co.84019,523.58
C. I. T. Financial Corporation1004,236.00
Consolidated Natural Gas Company90029,257.50
Consumers Power Company48616,924.47
Continental Can Company2008,798.62
Continental Insurance Company60025,011.90
Crown Zellerbach Corporation60025,084.63
Dow Chemical Company71423,832.70
DuPont (E. I.) de Nemours and Company10011,058.51
Eastern Airlines, Incorporated30015,081.87
Eastman Kodak Company31018,786.17
Fidelity-Phenix Fire Insurance Company40016,961.88
Firestone Tire & Rubber Co.2007,067.03
Ford Motor Company20012,990.00
General Electric Company70015,990.39
General Motors Corporation63016,836.00
Goodrich (B. F.) Company40014,066.00
Guaranty Trust Company of New York20013,287.50
Gulf Oil Corporation2348,616.00
Hartford Fire Insurance Company15713,247.25
Hercules Powder Company20012,389.33
Idaho Power Company80017,321.21
Illinois Power Company1005,452.91
International Business Machines Corporation9930,106.54
International Harvester Company40014,152.70
International Nickel Company of Canada, Limited30011,738.25
International Paper Company48619,251.26
Koppers Company, Incorporated1005,202.66
Lone Star Cement Corporation40010,278.44
Marathon Corporation40011,919.00
May Department Stores Company60020,458.95
McGraw Electric Company50026,928.01
Merck & Co. Inc.90022,476.25
Minnesota Mining and Manufacturing Company20011,619.04
Carried forward$689,349.44$3,015,203.97
Brought forward$689,349.44$3,015,203.97
Monsanto Chemical Company3068,922.39
Montgomery Ward & Co., Incorporated20014,153.59
Murphy (G. C.) Company40017,295.75
National Distillers Products Corporation50015,062.19
National Lead Company60018,464.08
Ohio Edison Company29710,517.53
Peoples Gas Light and Coke Company20025,345.66
Pfizer (Chas.) & Co., Inc.30010,456.89
Phillips Petroleum Company20012,448.38
Pittsburgh Plate Glass Company52524,600.94
Sears, Roebuck and Company90922,001.88
Sherwin-Williams Company20014,389.82
Socony-Mobil Oil Company, Incorporated70023,908.26
Southern Company3006,954.38
Standard Oil Company of California21016,561.48
Standard Oil Company (New Jersey)60014,829.26
Texas Company30016,043.95
Texas Utilities Company100024,842.67
Union Carbide and Carbon Corporation30023,744.63
United Gas Corporation71018,701.64
United States Fidelity and Guaranty Company1455,615.80
United States Steel Corporation1003,502.23
Westinghouse Electric Corporation50022,430.65
Youngstown Sheet and Tube Company1007,073.281,067,216.77
TOTAL INVESTMENTS (carried to Balance Sheet)$4,082,420.74

(xix) NOTES TO FINANCIAL STATEMENTS OF STAFF RETIREMENT FUND OF THE INTERNATIONAL MONETARY FUND for the year ended April 30, 1956

1. The following table shows the approved limiting percentages for various bonds and corporate stocks, and the percentages and amounts (book value) of the actual investments as at April 30, 1956:

Authorized PercentageActual PercentageBook Value
Bonds
U. S. GovernmentMinimum 4040.87$1,668,441.33
International Bank for Reconstruction and DevelopmentMaximum 2013.74560,888.78
CorporateMaximum 2519.25785,873.86
Corporate stocksMaximum 3026.141,067,216.77
100.00$4,082,420.74

All corporate stocks have been selected from a list prepared by the Investment Committee on the recommendation of the Investment Consultant (Chase Manhattan Bank, formerly the Chase National Bank of the City of New York).

2. Corporate stock income received during the fiscal year in excess of 3 per cent of the weighted average corporate stock investment held during that period has been transferred to the account “Reserve Against Corporate Stock Investments.” All profits resulting from sales of corporate stocks during the year were transferred to this account.

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