Chapter

Appendix VII. Balance Sheet, Statement of Income and Expenditure, and Supporting Schedules

Author(s):
International Monetary Fund
Published Date:
September 1958
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Letter of Transmittal

July 25, 1958

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, and the audited financial statements of the Staff Retirement Fund, for the year ended April 30, 1958, together with two memoranda from the Audit Committee, which include the audit certificates.

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, Canada, China, and Iran nominated auditors to serve on this Committee. They respectively nominated Mr. Ian Stevenson, Assistant Auditor General of Canada, Ottawa; Mr. Felix S.Y. Chang, Manager, Foreign Department, Bank of Taiwan, Taipei; and Mr. Ziaoullah Shahidi, Assistant Manager, Foreign Department, Bank Melli Iran, Teheran. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, income exceeded expenditure by $12,287,430.50, and that the total excess of income over expenditure from inception to April 30, 1958 amounts to $5,991,691.89.

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

Yours sincerely,

/S/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 20, 1958

To the Managing Director,

International Monetary Fund

In accordance with Section 20(b) of the By-Laws of the International Monetary Fund, we have submitted to the Board of Governors a report, dated June 20, 1958, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1958.

Appended to the report are the following audited financial statements:

  • Balance Sheet as at April 30, 1958

  • Statement of Income and Expenditure for the year ended April 30, 1958

The following supporting Balance Sheet schedules as at April 30, 1958 are also appended:

  • Gold Account

  • Currencies and Securities

  • Status of Subscriptions to Capital

  • Other Assets

  • Liabilities

The following are extracts from the report, regarding the scope of the audit conducted and the audit certificate given:

“The Audit Committee has taken notice of the directive contained in Section 20(b) of the By-Laws: that the audit be conducted according to generally accepted auditing standards; that it be comprehensive with respect to the examination of the financial records; that it extend, so far as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In considering the authority for financial transactions, reference was made to the Articles of Agreement, By-Laws and Rules and Regulations, and to the Minutes of meetings of the Executive Board. The system of accounting and internal financial control was reviewed by the Committee, and the work performed by the Internal Auditor was taken into account in carrying out the audit.

“We have made an examination of the Balance Sheet of the International Monetary Fund as at April 30, 1958, and of the Statement of Income and Expenditure for the fiscal year then ended, and have also examined the supporting Balance Sheet schedules. As a result of our examination, we certify that, in our opinion, the Balance Sheet and the 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, 1958, and the results of its operations for the fiscal year then ended, and that they were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.”

Audit Committee:

/s/ Felix S. Y. Chang, Chairman (China)

/s/ Ian Stevenson (Canada)

/s/ Ziaoullah Shahidi (Iran)

Exhibit A BALANCE SHEET April 30, 1958

Values expressed in U.S. dollars on the basis of established parities (See Note 1)

Assets
Gold Account (Schedule 1)
Gold with depositories (See Note 2)$1,237,909,163.61
(35,368,833.246 fine ounces at
US$35.00 per ounce)
Less: 5,179.524 fine ounces held
in suspense181,283.34$1,237,727,880.27
Investments (See Note 3)
$200,700,000.00 U.S. Treasury
bills at cost$199,986,718.20
Funds awaiting investment4,830.62199,991,548.82$1,437,719,429.09
Currencies and Securities (Schedule 2)
With depositories
Currencies$1,421,403,367.61
Securities5,322,636,069.57$6,744,039,437.18
(nonnegotiable, noninterest bear-
ing demand obligations payable
at face value by members in
their currencies)
Add: Currency adjustments receivable11,612,379.036,755,651,816.21
(in accordance with Article IV, Section 8)
Subscriptions to Capital—Receivable (Schedule 3)
Balances not due.,898,411,460.36
(members whose par values have not yet been established)
Withdrawing Member’s Currency2,312,028.36
(redeemable by Czechoslovakia in gold or U.S. dollars in installments not later
than July 2, 1961)
Other Assets (See Note 7) (Schedule 4)5,520,917.59
(receivables, accruals, prepayments, and sundry cash)
Total Assets$9,099,615,651.61
Capital, Reserves and Liabilities
Capital
Authorized subscriptions of members (Schedule 3)$9,088,000,000.00
Add
Excess of income over expenditure from May 1, 1957
to April 30, 1958 (Exhibit B)$12,287,430.50
Less
Excess of expenditure over income
from inception to April 30,1957$6,295,738.61
Transfer to General Reserve5,991,691.8912,287,430.50
$9,088,000,000.00
Reserves
Special reserve (See Note 4)$2,830,560.24
General reserve (See Note 5)5,991,691.89
Stand-by charge reserve (See Note 6)2,056,898.44
Reserve for potential rebate of interest charges66,032.3810,945,182.95
(in relation to withdrawing member’s settlement)
Liabilites (See Note 7) (Schedule 5)670,468.66
(accruals, accounts payable, and deferred credits)
Total Capital, Reserves, and Liabilities$9,099,615,651.61
Notes:

With the exception of Bolivian bolivianos, Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles, which, for bookkeeping purposes, are computed at provisional rates of 8,550.00 bolivianos, 0.969375 dollar, 420.000 francs, 11.4000 rupiah, and 22.6000 soles per U.S. dollar.

Excludes 6,896.764 fine ounces earmarked for members.

Made with the proceeds of the sale of 5,714,044.252 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Consists of income from investment in U.S. Treasury bills from November 1, 1957.

Represents excess of ordinary earnings over expenditure since inception of the Fund, transferred provisionally to General Reserve pending Board of Governors action.

A stand-by charge has, under certain circumstances, to be credited against the services charge for a drawing under the stand-by arrangement. The maximum amount on April 30, 1958 is $2,056,898.44. A portion of the stand-by charge is refundable to a member if the arrangement is canceled. The maximum amount April 30, 1958 is, 1$364,027.04.

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

Notes:

With the exception of Bolivian bolivianos, Canadian dollars, French francs, Indonesian rupiah, and Peruvian soles, which, for bookkeeping purposes, are computed at provisional rates of 8,550.00 bolivianos, 0.969375 dollar, 420.000 francs, 11.4000 rupiah, and 22.6000 soles per U.S. dollar.

Excludes 6,896.764 fine ounces earmarked for members.

Made with the proceeds of the sale of 5,714,044.252 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

Consists of income from investment in U.S. Treasury bills from November 1, 1957.

Represents excess of ordinary earnings over expenditure since inception of the Fund, transferred provisionally to General Reserve pending Board of Governors action.

A stand-by charge has, under certain circumstances, to be credited against the services charge for a drawing under the stand-by arrangement. The maximum amount on April 30, 1958 is $2,056,898.44. A portion of the stand-by charge is refundable to a member if the arrangement is canceled. The maximum amount April 30, 1958 is, 1$364,027.04.

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

/s/ Y. C. Koo/s/ Per Jacobsson
TreasurerManaging Director
/s/ Charles M. Powell
Comptroller and Assistant Treasurer

Exhibit B Statement of Income and Expenditure for the year ended April 30, 1958

Income
Operational charges1$ 4,609,453.62
Charges on balances in excess of quota15,640,701.18
Income from investments23,334,657.78
Other income496.96
Total Income$23,585,309.54
Expenditure
Board of Governors$ 196,011.28
Office of Executive Directors
Salaries$628,258.18
Other compensations and benefits91,815.26
Travel120,553.45840,626.89
Staff
Salaries$2,718,676.94
Other compensations and benefits694,607.93
Travel445,797.753,859,082.62
Other administrative expenses Communications$138,340.18
Office occupancy expenses399,939.67
Books and printing (net)3117,755.41
Supplies and equipment100,236.27
Miscellaneous59,433.79815,705.32
Total Administrative Expenditure$5,711,426.11
Gold handling and conversion costs$13,858.68
Exchange adjustments78.0913,936.77
Total Expenditure5,725,362.88
Excess of Income over Expenditure for the Year$17,859,946.66
Add
Adjustment of income for previous fiscal years, pursuant to settlement agreement with withdrawing member$16,833.83
Proceeds from sale of certain office furnishings and fittings28,892.0045,725.83
Deduct$17,905,672.49
Land and building—expenditure to date5,618,241.99
Excess of Income over Expenditure (carried to Balance Sheet)$12,287,430.50

Excludes $1,241,617.20 (net) transferred to Stand-By Charge Reserve.

Excludes income from November 1, 1957 amounting to $2,830,560.24 transferred to Special Reserve.

After deduction of proceeds from sales of Fund’s publications.

Excludes $1,241,617.20 (net) transferred to Stand-By Charge Reserve.

Excludes income from November 1, 1957 amounting to $2,830,560.24 transferred to Special Reserve.

After deduction of proceeds from sales of Fund’s publications.

Schedule 1 Gold Account as at April 30, 1958

Gold with depositories$1,237,909,163.61
(35,368,833.2461 fine ounces at US$35.00
per fine ounce)
Less: 5,179.524 fine ounces held in suspense181,283.34$1,237,727,880.27
(received from Libya in anticipation of
completion of formalities of membership)
Investments in U.S. Treasury bills:
MaturityDateFace ValueCost
May 1,1958$ 15,190,000.00$ 15,105,391.70
May 8,195815,030,000.0014,969,880.00
May 15,195815,050,000.0014,984,231.50
May 22,195815,160,000.0015,093,599.20
May 29,195814,950,000.0014,904,701.50
June 5,195815,160,000.0015,108,304.40
June 12,195814,960,000.0014,901,955.20
June 19,195814,940,000.0014,889,054.60
June 26,195814,970,000.0014,925,090.00
July 3,195820,210,000.0020,151,795.20
July 10,195815,000,000.0014,959,500.00
July 17,195815,050,000.0015,003,345.00
July 24,195815,030,000.0014,989,869.90
$200,700,000.00$199,986,718.20
Funds awaiting investment4,830.62199,991,548.82
Total Gold Account (carried to Balance Sheet)$1,437,719,429.09

Excludes 6,896.764 fine ounces held under earmark by the Fund for the following members:

Excludes 6,896.764 fine ounces held under earmark by the Fund for the following members:

MemberFine Ounces
Argentina188.998
Austria848
Bolivia263
Brazil1.858
Burma175.048
Colombia210.009
Cuba1.875
Denmark275.323
Ecuador325.305
Egypt3.439
El Salvador5.003
Ethiopia32.436
Finland36.574
France.003
Germany, Federal Republic of2.345
Haiti253.630
Honduras1.189
India2,649.610
Indonesia471.020
Iran.061
Israel111.341
Japan26.937
Lebanon.784
Mexico12.878
Netherlands1.631
Nicaragua11.827
Norway369.864
Paraguay101.573
Philippines3.692
Turkey358.836
Union of South Africa44.031
Yugoslavia1,218.533
Total6,896.764

Schedule 2 Currencies and Securities as at April 30, 1958

DepositoriesNational CurrenciesAmounts in Members’ CurrenciesExchange Rates2U.S. Dollar Equivalents
With DepositoriesCurrency Adjustments Receivable1Totals After Currency Adjustments
SecuritiesNo. 1 AccountNo. 2 AccountTotals
Banco Central de la República ArgentinaPesos1,997,964,000.001,377,013,553.6413,382.803,374,990,936.443,374,990,936.4418.0000$187,499,496.46
Commonwealth Bank of AustraliaPounds76,575,000.0.08,935,252.8.42,217.17.285,512,470.5.685,512,470.5.6224.000†191,547,933.41
Austrian National BankSchillings961,860,000.0013,005,000.003,194.97974,868,194.97974,868,194.9726.000037,494,930.57
Banque Nationale de Belgique, S. A.Francs10,823,455,270.74112,774,290.5061,337.9610,936,290,899.2010,936,290,899.2050.0000218,725,817.99
Banco Central de Bolivia Superintendencia daBolivianos1,405,612,388.6064,980,000,000.008,039,405.0066,393,651,793.6061,846,945,087.00128,240,596,880.608,550.00*14,998,900.22
Moeda e do Credito (Brazil)Cruzeiros3,468,732,826.7023,216.303,468,756,043.003,468,756,043.0018.5000187,500,326.65
The Union Bank of BurmaKyats124,240,512.77845,118.973,179.84125,088,811.58125,088,811.5821.0000†26,268,650.43
Bank of CanadaDollars198,000,000.003,157,344.251,179.29201,158,523.542,395,088.08203,553,611.620.969375*209,984,383.37
Central Bank of CeylonRupees52,825,861.05714,332.902,410.1353,542,604.0853,542,604.0821.0000†11,243,946.85
Banco Central de ChilePesos8,231,151,446.353,506.8,231,504,952.8,231,504,952.110.00074,831,863.20
Banco de la República (Colombia)Pesos141,337,341.175,920.48141,343,261.65141,343,261.651.9499872,484,467.36
Banco Central de Costa RicaColones21,035,457.466,466.2021,041,923.6621,041,923.665.615003,747,448.55
Banco Nacional de CubaPesos62,499,442.17538.2362,499,980.4062,499,980.401.0000062,499,980.40
Danmarks NationalbankKroner571,033,202.155,598,000.2710,118.91576,641,321.33576,641,321.336.9071483,484,817.36
Banco Central de la República DominicanaPesos6,997,968.11500,987.33868.857,499,824.297,499,824.291.000007,499,824.29
Banco Central del EcuadorSucres112,489,475.5210,524.48112,500,000.00112,500,000.0015.00007,500,000.00
National Bank of EgyptPounds15,458,670.37510,655,431.374456.91626,114,558.66526,114,558.665287.156†74,989,522.08
Banco Central de Reserva de El SalvadorColones14,059,885.631,526.2814,061,411.9114,061,411.912.500005,624,564.77
State Bank of EthiopiaDollars10,979,375.30188,799.171,297.2211,169,471.6911,169,471.6940.2500†4,495,712.36
Bank of FinlandMarkkas9,030,012,753.0086,770,000.00280,743.009,117,063,496.009,117,063,496.00320.00028,490,823.42
Banque de FranceFrancs245,570,000,000.57,330,134,483.818,265.302,900,952,748.302,900,952,748.420.000*721,192,744.64
Deutsche BundesbankMarks933 100,000.0013,945,455.386,607.83947,052,063.21947,052,063.214.20000225,488,586.47
Banco de GuatemalaQuetzales3,744,490.19245.013,744,735.203,744,735.201.000003,744,735.20
Banque Nationale de la République d’HaitiGourdes27,743,304.505,375,000.004,221.0033,122,525.5033,122,525.505.000006,624,505.10
Banco Central de HondurasLempiras18,599,056.54150,000.00240.2618,749,296.8018,749,296.802.000009,374,648.40
National Bank of IcelandKrónur12,163,211.655,970.9112,169,182.5612,169,182.5616.2857747,231.17
Reserve Bank of IndiaRupees1,754,600,000.00976,480,925.772,376.592,731,083,302.362,731,083,302.3621.0000†573,527,493.49
Bank IndonesiaRupiah927,900,000,00639,557,482.4848,067.601,567,505,550.081,567,505,550,0811.4000*137,500,486.85
Bank Melli IranRials3,239;036;986.0526,512;500.0043,02.033i265;593;088.083,265,593,088.0875.7500 280.00043,110,139.77
Central Bank of IraqDinars2,100,000.00040,006.701254.6232,140,261.3242,140,261.324280.0005,992,731.70
Bank of IsraelPounds9,988,114.4106,886,080.000678.06216,874,872.47216,874,872.4721.800009,374,929.15
The Bank of JapanYen66,596,400,000.45,900,757,019.1,017,759.112,498,174,778.112,498,174,778.360.000312,494,929.94
Ottoman Bank (Jordan)Dinars1,023,850.89610,714.286531.0111,035,096.1931,035,096.193280.000†2,898,269.34
Banque de Syrie et du Liban (Lebanon)Pounds7,361,572.003,700.967,365,272.967,365,272.962.191483,360,867.07
Caisse d’Epargne de l’Etat (Luxembourg)Francs470,811,334.805,000,000.0020,556.84475,831,891.64475,831,891.6450.00009,516,637.83
Banco de México, S.A.Pesos843,731,006.894,522.07843,735,528.96843,735,528.9612.500067,498,842.32
De Nederlandsche Bank N. V.Guilders1,015,000,000.0010,955,504.182,594.771,025,958,098.951,025,958,098.953.80000269,988,973.40
Banco Nacional de NicaraguaCórdobas39,372,422.982,410.8839,374,833.8639,374,833.867.000005,624,976.27
Norges BankKroner263,848,315.103,909,941.418,450.70267,766,707.21267,766,707.2114.0000†37,487,339.00
State Bank of PakistanRupees454,661,398.0.04,771,858.14.105,594.8.6459,438,851.7.4459,438,851.7.421.0000†96,482,158.81
Banco Nacional de PanamaBalboas369,000.004,999.75863.30374,863.05374,863.051.00000374,863.05
Banco Central del ParaguayGuaranies667,358,289.6027,504.00667,385,793.60667,385,793.6060.000011,123,096.56
Banco Central de Reserva del PeruSoles375,513,380.575,075,000.0012,166.28380,600,546.8543,122,229.45423,722,776.3022.6000*18,748,795.41
Central Bank of the PhilippinesPesos22,000,000.0030,491,702.421,096.8252,492,799.2452,492,799.242.0000026,246,399.62
Sveriges RiksbankKronor387,914,594.611,893.37387,916,487.98387,916,487.985.1732174,985,644.88
Banque Centrale de SyriePounds10,447,000.00228,734.016,539.1210,682,273.1310,682,273.132.191484,874,456.14
Banque Centrale de la République de TurquieLiras78,250,000.0060,747,264.332,863.61139,000,127.94139,000,127.942.8000049,642,902.84
South African Reserve BankPounds35,334,145.17.2373,889.11.7890.18.535,708,926.7.235,708,926.7.2280.000†99,984,993.81
Bank of EnglandPounds579,075,000.0.04,653,470.14.72,676.3.11583,731,146.18.6583,731,146.18.6280.000†1,634,447,211.39
Federal Reserve Bank of New YorkDollars665,000,000.0029,854,131.85926,659.84695,780,791.69695,780,791.691.00000695,780,791.69
Riggs National Bank of Washington, D.C.3Dollars142,107.04142,107.04142,107.041.00000142,107.04
Banco Central de VenezuelaBolívares32,659,359.425,006,000.00901.8037,666,261.2237,666,261.223.3500011,243,660.06
Banque Nationale de la République Fédérative Populaire de YougoslavieDinars22,533,618,396.0059,023.0022,533,677,419.0022,533,677,419.00300.00075,112,258.06
Totals (in U.S. dollar equivalents)$5,322,636,069.57$1,420,269,782.68$1,133,584.93$6,744,039,437.18$11,612,379.03$6,755,651,816.21$6,755,651,816.214

In accordance with Article IV, Section 8.

Parity rates, except for those marked * which are provisional rates for bookkeeping purposes. Rates marked † 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$2,312,028.36 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 † 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$2,312,028.36 shown under separate caption in the Balance Sheet.

Schedule 3 Status of Subscriptions to Capital as at April 30, 1958

(expressed in U. S. dollars)

MembersQuotasPayments on Subscriptions to CapitalSubscriptions to Capital Receivable
1/100 of 1%

Paid in U.S.

Dollars1
Paid in GoldPaid 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
Argentina150,000,000.0037,500,247.02$ 112,499,752.98
Australia200,000,000.008,404,843.20191,595,156.80
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 Republic10,000,000.00500.002,499,544.567,499,955.44
Ecuador10,000,000.00500.002,499,983.797,499,516.21
Egypt60,000,000.004,500.009,484,075.6950,511,424.31
El Salvador7,500,000.00250.001,874,787.805,624,962.20
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
Germany, Federal Republic of330,000,000.0033,009,651.50296,990,348.50
Ghana15,000,000.00529,920.6514,470,079.35
Greece40,000,000.004,000.0039,996,000.00
Guatemala5,000,000.00500.001,249,559.813,749,940.19
Haiti7,500,000.001,875,339.105,624,660.90
Honduras7,500,000.00250.001,874,809.445,624,940.56
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
Ireland30,000,000.004,502,776.8125,497,223.19
Israel7,500,000.001,875,047.565,624,952.44
Italy180,000,000.0018,000.0044,982,000.18134,999,999.82
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
Malaya25,000,000.00875,010.5024,124,989.50
Mexico90,000,000.009,000.0022,491,205.1467,499,794.86
Morocco35,000,000.001,225,000.0033,775,000.00
Netherlands275,000,000.0027,500.0068,722,500.00206,250,000.00
Nicaragua7,500,000.00200.001,874,975.625,624,824.38
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
Paraguay7,500,000.00200.001,875,496.475,624,303.53
Peru25,000,000.002,500.003,149,921.0021,847,579.00
Philippines15,000,000.001,500.003,748,548.7911,249,951.21
Saudi Arabia10,000,000.002,501,248.407,498,751.60
Sudan10,000,000.00350,374.019,649,625.99
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
Tunisia12,000,000.00420,001.0211,579,998.98
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
Uruguay15,000,000.001,500.003,748,643.1511,249,856.85
Venezuela15,000,000.001,500.003,748,541.9611,249,958.04
Viet-Nam12,500,000.003,125,004.309,374,995.70
Yugoslavia60,000,000.006,000.007,896,966.1152,097,033.89
Totals$9,088,000,000.00$747,150.00$1,721,102,314.48$6,467,739,075.16–0–$898,411,460.36

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

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

Schedule 4 Other Assets as at April 30, 1958

Accounts Receivable—Members

(charges on Fund’s holdings of

currencies in excess of quotas)
$4,693,801.83
Accrued Income from Investments.411,727.59
Sundry Debtors
Advance to contractor (Fund building)$200,000.00
Deposits16,989.54
Commercial accounts85,247.09
Advances against salary25,521.00
Travel advances11,430.84
Other receivables7,585.54346,774.01
Prepayments
Postage$ 3,368.42
Insurance17,517.65
Travel24,827.40
Other464.8246,178.29
Cash
On hand$ 1,196.00
With European Office5,939.87
Food Service Account15,300.0022,435.87
Land and Building
Land at cost$ 999,028.72
Building under construction Expenditure to date4,619,213.27
$5,618,241.99
Less: Reserve5,618,241.99
Furniture, Equipment, and Automobiles
Furniture and equipment at cost$563,055.39
Automotive equipment at cost10,827.56
$573,882.95
Less: Reserve573,882.95
Libraries
Cost of books for Law Library$31,408.01
Fund’s share of cost of books for Joint Library40,658.29
$72,066.30
Less: Reserve72,066.30
Total Other Assets (carried to Balance Sheet)$5,520,917.59

Schedule 5 Liabilities as at April 30, 1958

Accruals
Fund building$423,504.96
Personal services114,013.76
Office occupancy62,412.00
Other59,313.46$659,244.18
Accounts Payable4,336.29
Deferred Credits6,888.19
(subscriptions to Fund’s publications for periods after April 30, 1958)
Total Liabilities (carried to Balance Sheet)$670,468.66

Staff Retirement Fund

Memorandum by the Audit Committee

June 20, 1958

To the Managing Director,

International Monetary Fund

Appended to the report, dated June 20, 1958, of the Audit Committee to the Board of Governors, on the audit of the accounts of the International Monetary Fund for the fiscal year ended April 30, 1958, is the Balance Sheet of the Staff Retirement Fund as at April 30, 1958, together with the following statements summarizing the transactions for the year then ended:

  • Statement of Participants’ Account

  • Statement of Accumulation Account

  • Statement of Retirement Reserve

  • Statement of Reserve Against Investments

The Schedule of Investments as at April 30, 1958 is also appended to the report.

The following are extracts from the report, regarding the scope of the audit conducted and the audit certificate given:

“The Audit Committee has made an examination of the accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1958. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the Minutes of the Pension, Administration and Investment Committees created under the Plan. It was ascertained that the Internal Auditor had made a detailed examination of the participants’ accounts.

“As a result of the examination of the accounts and financial statements we certify that, in our opinion, the Balance Sheet and the related Statements of Participants’ Account, Accumulation Account, Retirement Reserve and Reserve Against Investments present fairly the financial position of the Staff Retirement Fund as at April 30, 1958, and the results of 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.”

Audit Committee:

/s/ Felix S. Y. Chang, Chairman (China)

/s/ Ian Stevenson (Canada)

/s/ Ziaoullah Shahidi (Iran)

Exhibit I Balance Sheet as at April 30, 1958

Assets
Cash at Banks$ 13,736.27
Investments (Schedule I)
Bonds (at amortized value):
United States Government (market value, $1,843,400.63)$1,786,155.18
International Bank for Reconstruction and Development (market value, $975,245.00).934,408.42
Commercial (market value, $1,006,441.25).1,083,170.69$3,803,734.29
Corporate stocks (at cost):
Common (market value, $2,084,786.89)1,545,697.185,349,431.47
Accrued Interest on Bonds39,614.08
Accrued Contributions Receivable from
International Monetary Fund.10,548.89
Total Assets$5,413,330.71
Liabilities and Reserves
Participants’ Account (Exhibit II)$1,353,618.76
Accumulation Account (Exhibit III)3,720,921.26
Retirement Reserve (Exhibit IV)278,049.72
Reserve Against Investments (Exhibit V)60,740.97
Total Liabilities and Reserves$5,413,330.71
/s/ Y. C. Koo/s/ Per Jacobsson
TreasurerManaging Director
/s/ Charles M. Powell
Comptroller and Assistant Treasurer

Exhibit II Statement of Participants’ Account for the year ended April 30, 1958

Participating ServiceAdditional Contributions
Balance, April 30, 1957$1,203,420.78$5,651.64
Add
Participants’ contributions$ 189,015.89$2,160.00
Interest credited to participants37,170.98167.09
$ 226,186.87$2,327.09
Deduct
Refunds upon participants’ withdrawals$ 35,243.52$2,979.94
Refunds on death (prior to retirement)8,758.29
Transfers to Retirement Reserve24,607.23
Transfers to IBRD Retirement Plan12,378.64
$ 80,987.68$2,979.94
Balance, April 30, 1958$1,348,619.97$4,998.79
Total (carried to Balance Sheet) $1,353,618.76

Exhibit III Statement of Accumulation Account for the year ended April 30, 1958

Balance, April 30, 1957$3,291,594.00
Add
Employer’s contributions
Participating service$377,082.07
Prior service949.67378,031.74
Income from investments
Interest earned on bonds$123,619.08
Accumulation of discounts on bonds less
amortization of premiums130.46
$123,749.54
Dividends received on stocks75,616.16199,365.70
$3,868,991.44
Deduct
Transfers to Retirement Reserve$ 48,772.02
Withdrawal benefits7,921.11
Death benefits (prior to retirement)25,621.71
Interest credited to Participants’ Account37,338.07
Interest on Retirement Reserve7,125.26
Transfers to IBRD Retirement Plan21,292.01
Loss on sale of investments
Losses—Bonds$101,685.17
Less Profits
Bonds$10,536.57
Corporate
stocks63,937.7274,474.29
Net loss$ 27,210.88
Less transfer from Reserve
Against Investments27,210.88148,070.18
Balance, April 30, 1958 (carried to Balance Sheet)$3,720,921.26

Exhibit IV Statement of Retirement Reserve for the year ended April 30, 1958

Balance, April 30, 1957$210,926.81
Add
Transfers from
Participants’ Account$24,607.23
Accumulation Account48,772.0273,379.25
Interest on Retirement Reserve7,125.26
$291,431.32
Deduct
Pension payments to retired participants13,381.60
Balance, April 30, 1958 (carried to Balance Sheet).,$278,049.72

Exhibit V Statement of Reserve Against Investments for the year ended April 30, 1958

Balance, April 30, 1957$87,951.85
Deduct
Transfer to Accumulation Account to offset net loss on sale of investments27,210.88
Balance, April 30, 1958 (carried to Balance Sheet)$60,740.97

Schedule I Schedule of Investments as at April 30, 1958

Interest

Rate—%
MaturityFace ValueBook Value
Bonds
United States Savings, Series G1960$ 100,000.00$ 100,000.00
196132,000.0032,000.00
Treasury19901,627,000.001,654,155.18$1,786,155.18
International Bank for Reconstruction and Development1977194,000.00$201,752.45
1978443,000.00433,150.00
1979100,000.0099,505.97
1980200,000.00200,000.00934,408.42
Commercial
American Telephone and Telegraph Company—Debentures198038,000.00$38,081.81
American Telephone and Telegraph Company—Debentures198430,000.0030,987.85
American Telephone and Telegraph Company—Debentures2⅝198644,000.0039,126.92
American Telephone and Telegraph Company—Debentures2⅞198724,000.0022,827.36
Atchison, Topeka and Santa Fe Railway Company-General Mortgage4199532,000.0035,780.50
Central New York Power Company—General Mortgage3197431,000.0029,659.33
Commonwealth Edison Company—Sinking Fund Debentures3⅛2004100,000.0097,114.98
Connecticut Light and Power Co.—1st & Refunding Mortgage, Series “L”198412,000.0012,211.48
Consolidated Edison Company of New York, Inc.—1st & Refunding Mortgage, Series “E”3197938,000.0039,346.32
Consolidated Edison Company of New York, Inc.—1st & Refunding Mortgage, Series “A”198216,000.0014,970.04
Consolidated Natural Gas Company—Sinking Fund Debentures3⅛197930,000.0030,662.01
Duke Power Company—1st & Refunding Mortgage2⅞197913,000.0013,484.19
Illinois Bell Telephone Company—1st Mortgage, Series “A”198125,000.0025,298.22
Kansas City Power & Light Company—1st Mortgage198315,000.0015,166.61
New Jersey Bell Telephone Company—Debentures4⅞199343,000.0044,645.90
New York Power and Light Corporation—1st Mortgage197515,000.0013,377.00
New York Telephone Company—Refunding Mortgage, Series “D”198250,000.0048,479.87
Carried forward$ 551,220.39$2,720,563.60
Brought forward$551,220.39$2,720,563.60
Bonds
New York Telephone Company—Refunding Mortgage, Series “H”31989$32,000.0032,174.79
New York Telephone Company—Refunding Mortgage, Series “J”199118,000.0017,827.66
Niagara Mohawk Power Corporation—General Mortgage4⅞198730,000.0030,255.03
Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “Q”2⅞198014,000.0013.458.91
Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “S”3198345,000.0046,623.74
Pacific Gas and Electric Company—1st & Refunding Mortgage, Series “X”3⅛198421,000.0021,272.78
Pacific Gas and Electric Company—1st & Refunding Mortgage. Series “Z”3⅜198820,000.0019,946.11
Pacific Telephone and Telegraph Company—Debentures5⅛198049,000.0050,456.39
Pacific Telephone and Telegraph Company—Debentures2⅞198651,000.0046,388.69
Philadelphia Electric Company—1st & Refunding Mortgage197424,000.0024,227,28
Potomac Electric Power Company—1st Mortgage198544,000.0044,264.14
Potomac Electric Power Company—1st Mortgage3⅜199014,000.0014,434.16
Public Service Electric and Gas Company—1st & Refunding Mortgage2⅞197940,000.0041,222.29
Public Service Electric and Gas Company—1st & Refunding Mortgage198420,000.0020,793.26
Public Service Electric and Gas Company—1st & Refunding Mortgage4⅞198715,000.0015,150.90
Southern Bell Telephone and Telegraph Company—Debentures199510,000.0010,105.28
Southern California Edison Company—1st & Refunding Mortgage, Series “I”198213,000.0013,098.26
Southern California Edison Company—1st & Refunding Mortgage, Series “J”4⅞198230,000.0030,476.09
Virginia Electric & Power Company—1st & Refunding Mortgage, Series “K”3⅛198439,000.0039,774.541,083,170.69
Total Bonds$3,803,734.29
No. of SharesBook Value
Brought forward$3,803,734.29
Corporate Stocks, Common
Abbott Laboratories200$ 11,063.00
Addressograph-Multigraph Corporation10711,027.35
Allied Chemical and Dye Corporation32029,077.69
Aluminum Company of America4008,509.48
American Airlines, Incorporated150027,766.10
American Can Company76023,005.00
American Cyanamid Company60013,939.12
American Natural Gas Company80031,951.98
American Telephone and Telegraph Company20134,702.06
Atlas Powder Company2008,321.25
Bankers Trust Company of New York30018,112.50
Caterpillar Tractor Co84019,523.58
C.l.T. Financial Corporation60025,566.76
Consolidated Natural Gas Company90029,257.50
Consumers Power Company90036,101.22
Continental Can Company50023,014.12
Continental Insurance Company80035,267.08
Corning Glass Works20015,885.81
Crown Zellerbach Corporation60025,084.63
Deere & Co120034,927.91
Dow Chemical Company74423,905.15
DuPont (E.I.) de Nemours and Company10011,058.51
Eastern Air Lines, Incorporated61725,972.45
Eastman Kodak Company32618,828.79
Federated Department Stores, Inc70023,157.19
Fidelity-Phenix Fire Insurance Company50021,913.94
Firestone Tire and Rubber Company30614,534.46
First National Stores, Incorporated20010,104.73
Ford Motor Company30018,643.11
General Electric Company70015,990.39
General Motors Corporation93029,506.32
Goodrich (B. F.) Company40014,066.00
Goodyear Tire and Rubber Company20815,804.53
Guaranty Trust Company of New York24013,287.50
Hartford Fire Insurance Company15713,247.25
Hercules Powder Company60012,389.33
Idaho Power Company80017,321.21
Illinois Power Company60017,773.92
International Business Machines Corporation12714,090.59
International Harvester Company80027,880.69
International Nickel Company of Canada, Limited30011,738.25
International Paper Company51719,384.06
Jewel Tea Co., Inc71438,695.42
Koppers Company, Incorporated1005,202.66
May Department Stores Company60020,458.95
McG raw-Edison Company100026,928.01
Merck & Co., Inc90022,476.25
Minnesota Mining and Manufacturing Company2005,809.52
Monsanto Chemical Company3208,980.37
Montgomery Ward & Co., Incorporated40014,153.59
Murphy (G. C.) Company60025,478.81
National Cash Register Company52527,076.88
National Distillers and Chemical Corporation52015,057.70
National Lead Company3069,232.04
Northern Natural Gas Company67616,533.88
Ohio Edison Company42617,093.72
Ohio Oil Company2008,635.31
Parke, Davis & Company20011,969.39
Peoples Gas Light and Coke Company80025,345.66
Carried forward$1,151,830.67$3,803,734.29
Brought forward$1,151,830.67$3,803,734.29
Pfizer (Chas.) & Co., Inc.30010,456.89
Phillips Petroleum Company80034,585.36
Pittsburgh Plate Glass Company52524,600.94
Pure Oil Company60028,506.39
Radio Corporation of America50018,127.32
Sears, Roebuck and Company131932,916.83
Sherwin-Williams Company20014,389.82
Socony-Mobil Oil Company, Incorporated96227,866.76
Southern Company4009,109.12
Standard Oil Company of Indiana50031,018.33
Standard Oil Company (New Jersey)103736,603.19
Texas Utilities Company100024,842.67
Union Carbide Corporation30023,744.63
United Gas Corporation71018,701.64
United States Fidelity and Guaranty Company1455,615.80
United States Gypsum Company30019,774.66
United States Steel Corporation1003,502.23
Westinghouse Electric Corporation50022,430.65
Youngstown Sheet and Tube Company1007,073.281,545,697.18
Total Investments (carried to Balance Sheet)$5,349,431.47

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