Chapter

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

Author(s):
International Monetary Fund
Published Date:
September 1959
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Letter of Transmittal

July 9, 1959

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 financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1959, 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, the Federal Republic of Germany, and Guatemala nominated auditors to serve on this Committee. They respectively nominated Mr. Ian Stevenson, Assistant Auditor General of Canada, Ottawa; Mr. Horst Peckolt, Member of the Board of Directors of the Deutsche Revisions- und Treuhand Aktiengesellschaft; and Mr. Gabriel Orellana, Dean of the Faculty of Economic Sciences of the University of San Carlos de Guatemala. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $27,173,212.23 and expenditure amounted to $6,678,904.15, and that the resultant net income of $20,494,308.08 has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $4,108,526.63 from the Fund’s gold investment program has been transferred to Special Reserve.

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 19, 1959

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 19, 1959, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1959, includes the following paragraphs relating to the scope of the audit conducted, the financial statements examined and the audit certificate given:

Scope of The Audit

The Audit Committee has taken note of the directives 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 Executive Board meetings. The system of accounting and internal financial control was reviewed and the work performed by the Internal Auditor, as reported upon by him to the Committee, was taken into account in the audit.

Financial Statements

Appended to this report are the following audited financial statements:

Balance Sheet as at April 30, 1959

Statement of Income and Expenditure
Exhibit A
for the year ended April 30, 1959

Statement of Reserves for the year
Exhibit B
ended April 30, 1959Exhibit C

The following supporting Balance Sheet schedules as at April 30, 1959 are also appended:

Gold AccountSchedule 1
Currencies and SecuritiesSchedule 2
Status of Subscriptions to CapitalSchedule 3
Other AssetsSchedule 4
Other LiabilitiesSchedule 5

Audit Certificate

We have examined the Balance Sheet of the International Monetary Fund as at April 30, 1959 and the related Statements of Income and Expenditure and of Reserves for the fiscal year then ended. As a result of our examination we report 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, 1959, 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 to the operations of the Fund on a basis consistent with that of the preceding fiscal year.

Audit Committee:

/s/ Ian Stevenson, Chairman (Canada)

/s/ Horst Peckolt (Federal Republic of Germany)

/s/ Gabriel Orellana (Guatemala)

Balance Sheet

as at 30, 1959

Value 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)$1,352,188,163.24
(38.633,947.521 fine ounces, at US$35.00 per ounce)
Investments (See Note 3)
$201,440,000.00 U.S. Treasury
bills, at cost$199,990,008.50
Funds awaiting investment1,540.32199,991,548.82$1,552,179
Currencies and Securities (Schedule I)
With depositories
Currencies$1,446,584,031.57
Securities5,313,568,178.78$6,760,152,210.35
(nonnegotiable, noninterest bear
ing demand obligations, payable
at face value by members in their
currencies)
Deduct: Currency adjustments payable1,719,078.646,758,433
(in accordance with Article IV, Section 8)
Gold and Currency Held in Separate Accounts (Contra)
(paid by member pending increase in quota becoming
effective) (See Note 4)
Gold$1,250,000.00
Currency3,750,000.005,000
Subscriptions to Capital—Receivable (Schedule 3)
Balances not due943,613
(members whose par values have not yet been established)
Withdrawing Member’s Currency1,651
(iredeemable by Czechoslovakia in gold or U.S. dollars in installments not later
than July 2, 1961)
Other Assets (See Note 5) (Schedule 47,165
(receivables, accruals, prepayments, and sundry cash)
Total Assets$9,268,043
Notes:

With the exception of Bolivian bolivianos, Canadian dollars, Indonesian rupiah, paraguaraníes, and Peruvian soles, which, for bookkeeping purposes, are computed at pro rates of 11,500.0 bolivianos, 0.962344 dollar, 11.4000 rupiah, 110.000 guaraníes, and soles, per U.S. dollar.

Excludes 3,353.751 fine ounces earmarked for members.

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

Held in accordance with Paragraph 8 of the First Resolution on the Enlargement Resources Through Increases in Quotas.

The assets and liabilities of the Staff Retirement Fund are not included, but are reflec separate Balance Sheet for that fund (Exhibit I).

A stand-by charge has, under certain circumstances, to be credited against the service for a drawing under the stand-by arrangement; the maximum amount on April 30,$2,124,487.48. A portion of the stand-by charge is refundable to a member if the arrar is canceled; the maximum amount on April 30, 1959 is $372,577.73

Notes:

With the exception of Bolivian bolivianos, Canadian dollars, Indonesian rupiah, paraguaraníes, and Peruvian soles, which, for bookkeeping purposes, are computed at pro rates of 11,500.0 bolivianos, 0.962344 dollar, 11.4000 rupiah, 110.000 guaraníes, and soles, per U.S. dollar.

Excludes 3,353.751 fine ounces earmarked for members.

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

Held in accordance with Paragraph 8 of the First Resolution on the Enlargement Resources Through Increases in Quotas.

The assets and liabilities of the Staff Retirement Fund are not included, but are reflec separate Balance Sheet for that fund (Exhibit I).

A stand-by charge has, under certain circumstances, to be credited against the service for a drawing under the stand-by arrangement; the maximum amount on April 30,$2,124,487.48. A portion of the stand-by charge is refundable to a member if the arrar is canceled; the maximum amount on April 30, 1959 is $372,577.73

Capital, Reserves, and Liabilities
Capital
Authorized subscriptions of members (Schedule 3) $9,228,000,000.00
Reserves (Exhibit C)
Special reserve$ 6,939,086.87
General reserve25,584,387.1732,523,474.04
Subscription Payment by Member in Anticipation of
Autherized Increase in Quota (Contra)5,000,000.00
Provision for Potential Refunds of Stand-By Charges (See Note 6)2,124,487.48
Other Liabilities (See Note 5) (Schedule 5)395,141,39
(accruals, potential rebate of interest, etc.)
Total Capital, Reserves, and Liabilities$9,268,043,102.91

/s/ Per Jacobsson

Managing Director

/s/ Y. C. Koo

Treasurer

/s/ C. M. Powell

Comptroller and Assistant Treasurer

Exhibit B

Statement of Income and Expenditure for the year ended April 30, 1959
Income
Operational charges$ 3,371,643.98
Charges on balances in excess of quota23,801,068.94
Other income499.31
Total Income (See Note 1)$27,173,212.23
Expenditure
Board of Governors$ 443,118.21
Office of Executive Directors
Salaries$679,032.42
Office of Executive Directors
benefits108,306.26
Travel137,353.12924,691.80
Staff
Salaries$3,006,236.60
Other compensations and
benefits951,947.60
Travel516,957.074,475,141.27
Other administrative expenses
Communications$170,139.81
Office occupancy expenses180,951.42
Books and printing (See Note 2).129,718.42
Supplies and equipment141,834.44
Miscellaneous94,052.48716,696.57
Total Administrative Expenditure$ 6,559,647.85
Other expenditure
Building costs$117,122.45
Gold handling and conversion
costs1,630.02
Exchange adjustments503.83119,256.30
Total Expenditure6,678,904.15
Excess of Income Over Expenditure$20,494,308.08
(Transferred provisionally to General Reserve

pending Board of Governors’ action) (Exhibit C)
Notes:

Excludes income from investments amounting to $4,108,526.63, transferredto Special Reserve (Exhibit C).

After deduction of $22,262.05 for sales of Fund’s publications.

Notes:

Excludes income from investments amounting to $4,108,526.63, transferredto Special Reserve (Exhibit C).

After deduction of $22,262.05 for sales of Fund’s publications.

Exhibit C

Statement of Reserves for the year ended April 30, 1959
Special Reserve (See Note)
Balance, April 30, 1958$ 2,830,560.24
Add
Income from investment in U. S. Treasury
bills for year4,108,526.63
Balance, April 30, 1959$ 6,939,086.87
General Reserve
Balance, April 30, 1958$ 5,991,691.89
Add
Excess of income over ex-
penditure for year (Ex-
hibit B), transferred pro-
visionally pending Board
of Governors’ action$20,494,308.08
Adjustment of income for
previous fiscal years,
pursuant to settlement
agreement with with-
drawing member22,010.7920,516,318.87
$26,508,010.76
Deduct
Transfer to Staff Retire-
ment Plan for past ser-
vice cost relating to pre-
vious fiscal years, result
ing from April 17, 1959
amendments to the Plan$828,000.00
Refund of stand-by
charges relating to pre-
vious fiscal year95,623.59923,623.59
Balance, April 30, 195925,584,387.17
Total Reserves (carried to Balance Sheet)$32,523,474.04
Note:Represents income from investment in U.S. Treasury bills from November 1, 1957.
Note:Represents income from investment in U.S. Treasury bills from November 1, 1957.
Schedule 1Gold Account as at April 30, 1959
Gold with depositories$1,352,188,163.24
(38,633,947.5211 fine ounces at US$35.00 per fine ounce)
Investments in U.S. Treasury bills:
Maturity DateFace ValueCost
May 7, 1959$ 15,070,000.00$ 14,966,017.00
May 14, 195915,100,000.0014,993,847.00
May 21, 195915,210,000.0015,105,051.00
May 28, 195914,980,000.0014,882,030.80
June 4,195915,220,000.0015,111,785.80
June 11, 195915,020,000.0014,903,595.00
June 18, 195915,000,000.0014,895,150.00
June 25, 195915,030,000.0014,924,940.30
July 2, 195920,300,000.0020,154,855.00
July 9, 1959.15,070,000.0014,957,577.80
July 16, 195915,110,000.0014,992,595.30
July 23, 1959.15,110,000.0014,991,386.50
July 30, 1959.15,220,000.0015,111,177.00
$201,440,000.00$199,990,008.50
Funds awaiting investment1,540.32199,991,548.82
Total Gold Account (carried to Balance Sheet)$1,552,179,712.06

Excludes 3,353.751 fine ounces held under earmark by the Fund for the following members:

Excludes 3,353.751 fine ounces held under earmark by the Fund for the following members:

MemberFine Ounces
Argentina14.047
Austria.848
Bolivia.835
Brazil4.031
Burma203.473
Chile328.646
Colombia89.571
Cuba99.713
Ecuador.936
El Salvador5.003
Ethiopia32.436
Finland36.574
France001
Germany, Federal
Republic of2.345
Haiti225.822
Honduras63.876
India,131.777
Indonesia321.175
Iran415
Israel.054
Japan27.382
Lebanon.784
Mexico13.071
Netherlands8.135
Nicaragua15.487
Norway369.864
Paraguay155.448
Peru147.663
Philippines6.546
Sudan1.422
Turkey267.896
Union of South Africa298.963
United Arab Republic
Egypt.979
United Kingdom3.745
Yugoslavia474.788
Total3,353.751
Schedule 2Currencies and Securities as at April 30, 1959
Amounts in Members’ CurrenciesPer
DepositoriesNational CurrenciesWith DepositoriesCurrency AdjustmentsTotals After

Currency
Exchange Rates1U.S. Dollar EquivalentsCent

of

Quota
SecuritiesNo. 1 AccountNo. 2 AccounTotalsPayable2Adjustments
Banco Central de la
República ArgentinaPesos1,997,964,000.001,710,013,553.648,969.503,707,986,523.143,707,986,523.1418.0000$ 205,999,251.28137.3
Commonwealth Bank of
AustraliaPounds76,575,000.0.08,935,252.8.41,739.19.2 85,511,992.7.685,511,992.7.6224.000†191,546,862.9295.8
Austrian National BankSchillings961,810,000.0012,995,000.004,960.52974,809,960.52974,809,960.5226.000037,492,690.7975.0
Banque Nationale de
BelgiqueFrancs8,323,455,270.113,838,391.23,480.8,437,317,141.8,437,317,141.50.0000168,746,342.8275.0
Banco Central de BoliviaBolivianos85,076,539,310.0098,900,000,000.0010,816,420.00183,987,355,730.00183,987,355,730.0011,500.0*15,998,900.50160.0
Superintendencia da
Moeda e do Crédito
(Brazil)Cruzeiros4,162,482,826.7029,266.804,162,512,093.504,162,512,093.5018.5000225,000,653.70150.0
The Union Bank of BurmaKyats109,955,512.77844,376.113,682.49110,803,571.37110,803,571.3721.0000†23,268,749.98155.1
Bank of CanadaDollars200,000,000.003,555,293.261,311.76203,556,605.02-1,476,420.93202,080,184.090.962344*209,987,472.3470.0
Central Bank of CeylonRupees52,825,861.05714,332.90828.9353,541,022.8853,541,022.8821.0000†11,243,614.8075.0
Banco Central de ChilePesos8,715,151,446.379,341.8,715,530,787.8,715,530,787.110.00079,232,098.06158.5
Banco de la República
(Colombia)Pesos131,587,441.176,020.48131,593,461.65131,593,461.651.9499867,484,518.63135.0
Banco Central de Costa
RicaColones21,035,457.466,105.1321,041,562.5921,041,562.595.615003,747,384.2574.9
Banco Nacional de CubaPesos62,499,461.77494.1362,499,955.9062,499,955.901.0000062,499,955.90125.0
Danmarks NationalbankKroner346,655,927.965,588,000.273,129.23352,247,057.46352,247,057.466.9071450,997,526.8375.0
Banco Central de la
República DominicanaPesos6,997,968.11500,987.33793.467,499,748 907,499,748.901.000007,499,748.9075.0
Banco Central del EcuadorSucres112,489,475.5210,599.48112,500,075.00112,500,075.0015.00007,500,005.0075.0
Banco Central de Reserva
de El SalvadorColones14,059,885.631,596.1814,061,481.8114,061,481.812.500005,624,592.7375.0
State Bank of EthiopiaDollars10,979,375.30186,299.17778.7111,166,453.1811,166,453.1840.2500†4,494,497.4174.9
Bank of FinlandMarkkas8,990,012,753.125,270,000.181,914.9,115,464,667.9,115,464,667.320.00028,485,827.0875.0
Banque de FranceFrancs321,350,000,000.67,394,985,293.3,899,819.388,748,885,112.388,748,885,112.493.706787,409,683.32150.0
Deutsche BundesbankMarks754,600,000.0013,930,455.388,497.96768,538,953.34768,538,953.344.20000182,985,465.0855.5
Bank of GhanaPounds5,113,528.0.053,400.0.0211.19.65,167,139.19.65,167,139.19.6280.000†14,467,991.9396.5
Banco de GuatemalaQuetzales3,739,390.19189.213,739,579.403,739,579.401.000003,739,579.4074.8
Banque Nationale de la
République d’HaitiGourdes27,743,304.5019,327,500.001,588.6047,072,393.1047,072,393.105.000009,414,478.62125.5
Banco Central de
HondurasLempiras11,090,759.742,650,000.00362.5813,741,122.3213,741,122.322,000006,870,561.1691.6
National Bank of IndiaKrónur12,163,211.656,475.6112,169,687.2612,169,687.2616.2857747,262.1674.7
Reserve Bank of IndiaRupees1,754,600,000.00997,785,970.624,838.112,752,390,808.732,752,390,808.7321.0000†578,002,069.83144.5
Bank of IndonesiaRupiah927,900,000.00639,557,482.4852,747.481,567,510,229.961,567,510,229.9611.4000*137,500,897.37125.0
Bank Melli IranRials3,238,036,986.0527,317,500.0046,401.553,265,4000,887.603,265,4000,887.6075,750043,107,602.47123.2
Central Bank of IrelandDinars2,100,000.00040,006.70163,1282,140,069.8292,140,069.829280.000†5,992,195,5274.9
Pounds8,988,651.2.9107,142,17.2245.18.19,106,039,18.09,106,039,18.0280.000†25,496,911.7285.0
Bank of IsraelPounds9,988,114.410136,207.528657.31210,124,979.25010,124,979.2501.800005,624,988.4775.0
The Bank of JapanYen66,596,400,000.902,302,794.1,264,576.67,499,967,370.67,499,967,370.360.000187,499,909.3675.0
Ottoman Bank (Jordan)Dinars1,023,850.89610,714.28699.1681,034,664.3501,034,664.350280.000†2,897,060.1896.6
Banque de Syrie et du
Liban (Lebanon)Pounds7,000,000.00361,572.001,895.417,363,467.417,363,467.412.191483,360,043.1874.7
Caisse d’Epargne de l’Etat
(Luxembourg)Francs470,761,334.5,000,000.21,966.475,783,300.475,783,300.50.00009,515,666.0095.2
Banco de México, S.A.Pesos1,124,981,006.893,249.941,124,984,256.831,124,984,256.8312.500089,998,740.5599.99
De Nederlandsche Bank
N. V.Guilders773,000,000.0010,739,405.271,020.35783,740,425.62783,740,425.623.80000206,247,480.4375.0
Banco Nacional de
NicaraguaCórdobas39,372.672.562,327.4439,375,000.0039,375,000.007.000005,625,000.0075.0
Norges BankKroner263,848,315.103,894,941.414,433.90267,747,690.41267,747,690.4114.0000137,484,676.6575.0
State Bank of PakistanRupees454,661,398.0.04,771,858.14.105,436.10.3459,438,693.9.1459,438,693.9.121.0000t96,482,125.6496.5
Banco Nacional de
PanamaBalboas369,000.004,999.75790.37374,790.12374,790.121.00000374,790.1275.0
Banco Central del
ParaguayGuaraníes1,305,990,197.6050,424.001,306,040,621.601,306,040,621.60110.000*11,873,096.56158.3
Banco Central de Reserva
del PeruSoles526,786,025.13[375,075,000.009,795.99901,870,821.12-4,987,304.17896,883,516.9526.9750*33,248,693.86133.0
Central Bank of the
PhilippinesPesos22,000,000.0095,491,702.42478.72117,492,181.14117,492,181.142.0000058,746,090.57117.5
National Bank of Egypt—
Khartoum (Sudan)Pounds5,066,180.08237,635.935165.1485,103,981.1655,103,981.165287.156f14,656,388.16146.6
Sveriges RiksbankKronor387,874,594.615,575.37387,880,169.98387,880,169.985.1732174,978,624.4875.0
Banque Centrale de la
République de TurquieLiras78,250,000.00119,547,264.333,158.30197,800,422.63197,800,422.632.8000070,643,008.09164.3
South African Reserve
BankPounds39,334,145.17.2371,889.11.71,047.15.939,707,083.4.639,707,083.4.6280.000t111,179,833.03111.2
National Bank of Egypt
(United Arab Republic
—Egypt)Pounds15,458,670.37510,655,431.374362.59026,114,464.33926,114,464.339287.156f74,989,251.22125.0
Banque Centrale de Syrie
(United Arab Republic
—Syria)Pounds10,447,000.00228,734.016,539.1210,682,273.1310,682,273.132.191484,874,456.1475.0
Bank of EnglandPounds501,975,000.0.04,653,840.8.51,496.1.8506,630,336.10.1506,630,336.10.1280.000f1,418,564,942.21109.1
Federal Reserve Bank of
New YorkDollars919,000,000.0030,206,156.641,335,394.16950,541,550.80950,541,550.801.00000950,541,550.8034.6
Riggs National Bank of
Washington, D.C.3Dollars87,962.9487,962.9487,962.941.0000087,962.94
Banco Central de
VenezuelaBolívares32,659,359.424,998,000.00798.7037,658,158.1237,658,158.123.3500011,241,241.2374.9
Banque Nationale de la
République Fédérative
Populaire de
YougoslavieDinars22,533,568,396.67,405.22,533,635,801.22,533,635,801.300.00075,112,119.34125.2
Totals (in U.S. dollar equivalents)$5,313,568,178.78$1,445,096,246.18$1,487,785.39$6,760,152,210.35-$1,719,078.64$6,758,433,131.71$6,758,433,131.71

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.

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.

Schedule 3Status of Subscriptions to Capital as at April 30, 1959(Expressed in U.S. dollars)
Subscriptions to Capital
Payments on SubscriptionsReceivable
MembersQuotas1/100 of 1%

Paid in U.S.

Dollars1
Balances DueBalances Not Due
Paid in GoldPaid in Member’s(Par Values(Par Values
CurrencyEstablished)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
Ecuador210,000,000.00500.002,499,983.797,499,516.21
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
India4,000,000.0040,000.0027,486,453.61372,473,546.39
Indonesia110,000,000.0015,500,030.7094,499,969.303
Iraq
Ireland30,000,000.004,502,776.8125,497,223.19
Israel7,500,000.001,825,047.565,624,952.44
Italy180,000,000.0018,000.0044,982,000.18134,999,999.82
Japan250,000,000.0062,500,000.00187,499,999.85
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
Libya5,000,000.00181,283.344,818,716.66
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
Philippines50,000,000.001,500.0012,498,548.7937,499,951.21
Saudi Arabia10,000,000.002,501,248.407,498,751.60
Spain100,000,000.0010,000,001.3489,999,998.66
Sudan10,000,000.00350,374.019,649,625.99
Sweden100,000,000.0017,000,086.7882,999,913.22
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 Arab Republic
Egypt60,000,000.004,500.009,484,075.6950,511,424.31
Syria6,500,000.00650.00169,187.176,330,162.83
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$9,228,000,000.00$747,150.00$1,740,033,599.16$6,543,606,003.69-0-$943,613,247.15

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

In addition, Ecuador has paid gold and currency equivalent to US$5 million representing its subscription payment in anticipation of an authorized increase in quota. This payment is shown under a separate caption on the Balance Sheet.

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.

In addition, Ecuador has paid gold and currency equivalent to US$5 million representing its subscription payment in anticipation of an authorized increase in quota. This payment is shown under a separate caption on the Balance Sheet.

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.

Schedule 4Other Assetsas at April 30, 1959
Accounts Receivable—Members$6,118,542.65
(charges on Fund’s holdings

of currencies in excess of quotas)
Accrued Income from Investments650,042.27
Sundry Debtors
Advances to building contractor$238,932.09
Deposits17,054.71
Commercial accounts23,845.07
Advances against salary28,839.00
Travel advances17,505.81
Other receivables9,801.69335,978.37
Prepayments
Postage$ 5,864.27
Insurance18,711.00
Travel6,827.16
Other6,416.7137,819.14
Sundry Cash
On hand$ 1,200.00
With European Office6,480.74
Food Service Account15,500.0023,180.74
Land and Building
Land, at cost$ 999,028.72
Building, in process of completion4,539,451.74
$5,538,480.46
Less: Reserve5,538,480.46
Furniture, Equipment, and Automobiles
Furniture and equipment, at cost$760,408.83
Automobiles, at cost14,134.92
$774,543.75
Less: Reserve774,543.75
Libraries
Books for Law Library, at cost$33,098.04
Fund’s share of cost of books for Joint Library43,054.85
$76,152.89
Less: Reserve76,152.89
Total Other Assets (carried to Balance Sheet)$7,165,563.17
Schedule 5Other Liabilitiesas at April 30, 1959
Accruals
Building construction$ 72,060.83
Salaries and other compensations and benefits.148,091.17
Travel54,513.00
Office occupancy30,974.33
Other29,011.80$334,651.13
Potential Rebate of Interest Received
from Withdrawing Member51,733.20
Accounts Payable1,515.99
Deferred Credits7,241.07
(subscriptions to Fund’s publications
for periods after April 30, 1959)
Total Other Liabilities (carried to BalanceSheet)$395,141.39

Staff Retirement Fund

Memorandum by the Audit Committee

June 19, 1959

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 19, 1959, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1959, includes the following paragraphs relating to the scope of the audit conducted, the financial statements examined, the investments held and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

The Audit Committee made an examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1959. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan. The Audit Committee made a test check of the various classes of transactions, and took into account the work done by the Internal Auditor, as reported upon by him to the Committee. This report showed that a detailed examination had been made of the participants’ accounts.

Financial Statements

Section 9.1 of the Articles of the Staff Retirement Plan provides that “all the contributions made by the Employer and by participants … and all other assets, funds and income of the Plan, shall … become the property of the Employer, and shall be held and administered by the Employer, separately from its other property and assets.” Appended to this report, as a separate series of exhibits and a supporting schedule, are the following audited financial statements summarizing the Staff Retirement Fund transactions:

Balance Sheet as at April 30, 1959Exhibit I
Statement of Participants’ Account
for the year ended April 30, 1959Exhibit II
Statement of Accumulation Account for
the year ended April 30, 1959Exhibit III
Statement of Retirement Reserve Account
for the year ended April 30, 1959Exhibit IV
Statement of Reserve Against Investments
for the year ended April 30, 1959Exhibit V
Schedule of Investments as at
April 30, 1959Schedule to Exhibit I

Investments

The Audit Committee received confirmation directly from the depository regarding the investments held as at April 30, 1959, and ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

Authorized

Percentage
Actual

Percentage
Book

Value
Bonds:
U.S. GovernmentMinimum 3041.23$2,981,511
International Bank for
Reconstruction and
DevelopmentMaximum 2013.49975,279
Corporate (other than
convertible)Maximum 2516.311,179,664
Corporate convertibleMaximum 5
Corporate stocksMaximum 3528.972,094,972
Toatls100.00$7,231,426

It was observed that decisions regarding the buying and selling of investments had been made by the Investment Committee after giving due consideration to advice by the Investment Consultant.

Audit Certificate

As a result of our examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1959, we report that, in our opinion, the Balance Sheet and the related Statements of Participants’ Account, Accumulation Account and Retirement Reserve Account, present fairly the financial position of the Staff Retirement Fund as at April 30, 1959, and the results of its operations for the fiscal year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding fiscal year.

Audit Committee:

/s/ Ian Stevenson, Chairman (Canada)

/s/ Horst Peckolt (Federal Republic of Germany)

/s/ Gabriel Orellana (Guatemala)

Exhibit IStaff Retirement Fund Balance Sheetas at April 30, 1959
Assets
Cash at Banks.$ 4,319.19
Investments (Schedule)
Bonds, at amortized value
United States Government

(market value, $2,828,998)
$2,981,510.71
International Bank for Recon-

struction and Development

(market value, $940,055)
975,278.82
Commercial (market value,$987,407)1,179,664.45$5,136,453.98
Corporate stocks (common), at cost (market

value, $3,142,250)
2,094,972.107,231,426.08
Accrued Interest on Bonds48,029.96
Accrued Contributions from Participants and Employer16,057.08
Total Assets$7,299,832.31
Liabilities and Reserves
Participants’ Account (Exhibit II).$1,524,413.53
Accumulation Account (Exhibit III)5,013,496.48
Retirement Reserve Account (Exhibit IV)520,157.24
Reserve Against Investments (Exhibit V).241,765.06
Total Liabilities and Reserves$7,299,832.31

/s / Per Jacobsson

Managing Director

/s / Y. C. Koo

Treasurer

/s / Charles M. Powell

Comptroller and Assistant Treasurer

Exhibit IIStaff Retirement Fund Statement of Participants’ Account for the year ended April 30, 1959
Prior ServiceParticipating ServiceAdditional Contributions
Balance, April 30,1958$1,348,619.97$4,998.79
Add
Participants–contributions$663.73$ 208,926.19$2,820.00
Interest credited to participants42,099.30179.87
Transfers from IBRD Retirement

Plan (net)
1,893.47
Transfers from prior service contributions663.73
$663.73$ 253,582.69$2,999.87
Deduct
Refunds on withdrawal of participants$ 47,134.70$ 388.60
Transfers to Retirement Reserve

Account
38,264.49
Transfers to participating service

contributions
$663.73
$663.73$ 85,399.19$ 388.60
Balance, April 30, 1959—0—$1,516,803.47$7,610.06
Total(carried to Balance Sheet)$1,524,413.53
Exhibit IIIStaff Retirement Fund Statement of Accumulation Account for the year ended April 30, 1959
Balance, April 30, 1958$3,720,921.26
Add
Employer’s contributions
Participating service$416,806.70
Prior service918,000.001,334,806.70
Income from investments
Interest earned on bonds$147,216.29
Dividends received on corporate stocks86,550.83233,767.12
Net profit on sale of investments$181,024.09
Less: Transfer to Reserve Against
Investments181,024.09
Transfers from IBRD Retirement Plan (net)3,595.97
$5,293,091.05
Deduct
Transfers to Retirement Reserve Account$215,081.54
Withdrawal benefits12,662.48
Interest transferred to Participants’ Account.42,279.17
Interest transferred to Retirement Reserve
Account9,571.38279,594.57
Balance, April 30, 1959 (carried to Balance Sheet)$5,013,496.48
Exhibit IVStaff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1959
Balance, April 30, 1959$278,049.72
Add
Transfers from
Accumulation Account$215,081.54
Participants’ Account38,264.49253,346.03
Interest credited9,571.38
Deduct$540,967.13
Pension payments to retired participants$ 18,973.84
Payment upon death of retired participant1,836.0520,809.89
Balance, April 30, 1959 (carried to Balance Sheet)$520,157.24
Exhibit VStaff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1959
Balance, April 30, 1958$ 60,740.97
Add
Transfer from Accumulation Account, representing
Profits on sale of
Bonds$ 1,426.88
Corporate stocks236,603.17$238,030.05
Less: Losses on sale of bonds57,005.961,181,024.09
Balance, April 30, 1959 (carried to Balance Sheet)$241,765.06
Schedule to Exhibit IStaff Retirement Fund Schedule of Investments April 30, 1959
Interest Rate—%MaturityFace Valuebook Value
Bonds
United States Government
Savings, Series G1960$ 100,000.00$ 100,000.00
” ”196132,000.0032,000.00
Treasury41980700,000.00693,074.15
” ”19901,395,000.001,395,298.31
Treasury Bills1959150,000.00149,695.83
” ”1959150,000.00149,267.42
” ”1960475,000.00462,175.00$2,981,510.71
International Bank for Reconstruction and Development197326,000.00$ 26,098.44
1977194,000.00201,337.14
1978443,000.00433,642.50
1979115,000.00114,200.74
1980200,000.00200,000.00975,278.82
Commercial
American Telephone and Telegraph Company—Debentures198038,000.00 $38,078.14
American Telephone and Telegraph Company—Debentures198430,000.0030,950.45
American Telephone and Telegraph Company—Debentures2⅝198644,000.0039,299.93
American Telephone and Telegraph Company—Debentures2⅞198724,000.0022,867.68
Atchison, Topeka and SantaFe Railway Company—

General Mortgage
4199532,000.0035,679.48
Central New York Power

Company—General Mortgage
3197431,000.0029,741.00
Commonwealth Edison Company—1 st Mortgage, Series

“T”
198818,000.0018,021.81
Commonwealth Edison Company—Sinking Fund Debentures3⅛2004100,000.0097,176.99
Connecticut Light and Power

Co.—1st & Refunding

Mortgage, Series “L”
198412,000.0012,203.50
Consolidated Edison Company of New York, Inc.—

1st & Refunding Mortgage,

Series “E”
3197938,000.0039,281.18
Consolidated Edison Company of New York, Inc.—

1st & Refunding Mortgage,

Series “A”
198216,000.0015,013.26
Consolidated Natural Gas

Company—Sinking Fund

Debentures
3⅛197930,000.0030,630.61
Duke Power Company—1st

& Refunding Mortgage
2⅞197913,000.0013,460.86
Illinois Bell Telephone Company—1st Mortgage, Series

“A”
198125,000.0025,285.07
Kansas City Power and Light

Company—1st Mortgage
198315,000.0015,159.86
Carried forward$ 462,849.82$3,956,789.53
Brought forward$462,849.82$3,956,789.53
Bonds
Commercial (continued)
New York Power and Light

Corporation—1st Mortgage
1975$15,000.0013,473.41
New York Telephone Company—Refunding Mortgage, Series “D”198250,000.0048,542.48
New York Telephone Company—Refunding Mortgage, Series “H”3198932,000.0032,169.24
New York Telephone Company—Refunding Mortgage, Series “J”199118,000.0017,832.87
Niagara Mohawk Power Corporation—General Mortgage4⅞198730,000.0030,246.34
Niagara Mohawk Power Corporation—General Mortgage3⅞198832,000.0031,798.28
Owens-Illinois Glass Co.—

Sinking Fund Debentures
198825,000.0025,121.18
Pacific Gas and Electric Company—1st & Refunding

Mortgage, Series “Q”
2⅞198014,000.0013,482.87
Pacific Gas and Electric Company—1st & Refunding

Mortgage, Series “S”
3198345,000.0046,559.00
Pacific Gas and Electric Company—1st & Refunding

Mortgage, Series “X”
3⅛198421,000.0021,262.32
Pacific Gas and Electric Company—1st & Refunding

Mortgage, Series “Z”
3⅜198820,000.0019,947.87
Pacific Telephone and Telegraph Company—Debentures5⅛198049,000.0050,390.94
Pacific Telephone and Telegraph Company—Debentures2⅞198651,000.0046,550.98
Philadelphia Electric Company—1st & Refunding

Mortgage
197424,000.0024,213.50
Potomac Electric Power

Company—1st Mortgage
198544,000.0044,254.36
Potomac Electric Power

Company—1st Mortgage
3199014,000.0014,420.63
Public Service Electric and

Gas Company—1st & Refunding Mortgage
2⅞197940,000.0041,164.33
Public Service Electric and

Gas Company—1st & Refunding Mortgage
198420,000.0020,762.75
Public Service Electric and

Gas Company—1st & Refunding Mortgage
4⅞198715,000.0015,145.76
Sears, Roebuck and Co.—

Sinking Fund Debentures
198350,000.0050,000.00
Carried forward$1,070,188.93$3,956,789.53
Brought forward$1,070,188.93$3,956,789.53
Bonds
Commercial (continued)
Southern Bell Telephone and

Telegraph Company—De

bentures
1995$10,000.0010,102.47
Southern California Edison

Telegraph Company—1st & Refunding Mortage, Series “I“
198213,000.0013,094.19
Southern California Edison

Company—1st & Refunding Mortgage, Series “J”
4⅞198230,000.0030,456.52
United States Steel Corporation—Sinking Fund Debentures419836,000.0016,077.59
Virginia Electric and Power

Company—1st & Refunding Mortgage, Series “K”
3⅛198439,000.0039,744.751,179,664.45
Total Bonds$5,136,453.98
No. of
SharesBook Value
Corporate Stocks (Common)
Abbott Laboratories200$ 11,063.00
Addressograph-Multigraph Corporation2478,552.83
Allied Chemical Corporation32029,077.69
Aluminum Company of America2007,433.73
American Airlines, Incorporated150027,766.10
American Can Company106037,307.89
American Cyanamid Company60013,939.12
American Natural Gas Company88036,551.98
American Telephone and Telegraph Company20134,702.06
Atlas Powder Company2008,321.25
Bankers Trust Company of New York30018,112.50
Bethlehem Steel CorporationCaterpillar Tractor Co1005,181.64
cater pillar tractor84019,523.58
C.I.T. Financial Corporation130061,950.85
Consolidated Natural Gas Company100034,689.39
Consolidation Coal Co40015,779.14
Consumers Power Company100041,895.97
Continental Can Company50023,014.12
Continental Insurance Company90040,498.77
Corning Glass Works15012,089.53
Crown Zellerbach Corporation60025,084.63
Deere & Company120034,927.91
Dow Chemical Company2447,839.86
duPont (E. I.) de Nemours and Company10011,058.51
Eastern Air Lines, Incorporated63025,994.89
Eastman Kodak Company35210,165.24
Federated Department Stores, Inc70023,157.19
Fidelity-Phenix Fire Insurance Company50021,913.94
Firestone Tire and Rubber Company2139,960.18
First National City Bank of New York1008,150.00
First National Stores, Incorporated20010,104.73
Ford Motor Company50031,421.30
Carried forward$707,229.52$5,136,453.98
Brought forward$707,229.52$5,136,453.98
Corporate Stocks (Common)—(continued)
General Electric Company50011,421.71
General Motors Corporation153058,124.62
Goodrich (B. F.) Company50021,487.38
Goodyear Tire and Rubber Company21315,907.74
Hanna (M. A.) Company30031,150.00
Hartford Fire Insurance Company15713,247.25
Hercules Powder Company50010,324.44
Idaho Power Company80017,321.21
Illinois Power Company60017,773.92
International Business Machines Corporation302,892.56
International Harvester Company170065,060.83
International Nickel Company of Canada, Limited30011,738.25
International Paper Company52819,463.85
Jewel Tea Co., Inc62817,017.31
Johns-Manville Corporation130067,646.93
Kansas Gas & Electric Co40014,661.06
Koppers Company, Incorporated1005,202.66
May Department Stores Company100040,809.13
McGraw-Edison Company100026,928.01
Merck & Co., Inc3007,492.08
Minnesota Mining and Manufacturing Company1002,904.76
Monsanto Chemical Company52015,902.63
Morgan Guaranty Trust Company of New York24013.287.50
Montgomery Ward & Co40014,153.59
Murphy (G. C.) Company100044,398.57
National Cash Register Company32517,633.29
National Distillers and Chemical Corporation52015,057.70
National Lead Company40621,683.44
National Steel Corp70058,356.04
Northern Natural Gas Company97625,133.38
Ohio Edison Company42617,093.72
Ohio Oil Company2008,635.31
Owens-Corning Fiberglas Corp2009,986.70
Parke, Davis & Company60011,969.39
Penney (J. C.) Company, Inc60067,476.19
Peoples Gas Light and Coke Company87328,340.16
Pfizer (Chas.) & Co., Inc2006,971.26
Phillips Petroleum Company80034,585.36
Pittsburgh Plate Glass Company52524,600.94
Public Service Co. of Indiana120057,676.35
Pure Oil Company150066,264.42
Radio Corporation of America50018,127.32
Sears, Roebuck and Co131932,916.83
Sherwin-Williams Company1007,194.91
Socony-Mobil Oil Company, Incorporated136247,916.58
Southern Company4009,109.12
Standard Oil Company of Indiana70040,603.83
Standard Oil Company (New Jersey)124046,861.39
Texas Utilities Company50012,421.33
Union Carbide Corporation20015,829.75
United Gas Corporation161054,700.92
United States Fidelity and Guaranty Company1455,615.80
United States Gypsum Company30019,774.66
United States Steel Corporation1003,502.23
Westinghouse Electric Corporation60028,312.99
Youngstown Sheet and Tube Company1007,073.282,094,972.10
Total Investments (carried to Balance Sheet)$7,231,426.08

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