Front Matter

Front Matter

International Monetary Fund
Published Date:
September 1963
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    Pierre-Paul Schweitzer

    Managing Director and Chairman of the Executive Board 1

    Frank A. Southard, Jr.

    Acting Managing Director and Acting Chairman of the Executive Board

    Executive DirectorsAlternate Executive Directors
    William B. DaleJohn S. Hooker
    D.B. PitbladoRaymond H. Bonham Carter
    Jean de LargentayeJacques Waïtzenegger
    Wilhelm HanemannWalter Habermeier
    J.J. AnjariaS.L.N. Simha
    Ahmed Zaki SaadAlbert Mansour
    J.M. GarlandF.C. Pryor
    Gengo SuzukiWilliam Tennekoon
    Pieter LieftinckH.M.H.A. van der Valk
    André van CampenhoutMaurice Toussaint
    A.F.W. PlumptreL. Denis Hudon
    Práxedes Reina HermosilloCarlos Sansón
    Sergio SiglientiCosta P. Caranicas
    Guillermo Walter KleinJavier Urrutia
    Maurício C. BicalhoAntonio de Abreu Coutinho
    Beue TannI-Shuan Sun
    Karl SkjaevelandLennart Olofsson
    SumanangAmon Nikoi
    Directors of Departments and Offices
    J.V. MládekActing Director, African Department
    D.S. SavkarDirector, Asian Department
    Ernest SturcActing Director, European Department
    Irving S. FriedmanDirector, Exchange Restrictions Department
    Joseph GoldGeneral Counsel
    Anwar AliDirector, Middle Eastern Department
    J.J. PolakDirector, Research and Statistics Department
    Jorge Del CantoDirector, Western Hemisphere Department
    Phillip ThorsonDirector, Office of Administration
    Roman L. HomeSecretary
    Y.C. KooTreasurer
    Jean-Paul SalléDirector, European Office (Paris)
    J. K. HorsefieldChief Editor

    Appointment effective September 1, 1963.


    July 11, 1963

    My dear Mr. Chairman:

    In accordance with Section 10 of the By-Laws of the International Monetary Fund, I have the honor to present to the Board of Governors the Annual Report of the Executive Directors for the fiscal year ended April 30, 1963.

    Yours sincerely,


    Frank A. Southard, Jr.

    Acting Chairman of the Executive Board

    Chairman of the Board of Governors

    International Monetary Fund




    Per Jacobsson, Managing Director of the Fund and Chairman of the Executive Board, died on May 5, 1963.

    Born on February 5, 1894, in Tanum, Sweden, Mr. Jacobsson received most of his early education in the high school at Vasteras, Sweden. In 1912 he entered the University of Uppsala, where he studied law and economics and took an active part in students’ organizations. In 1917-18 he was secretary to the Legal Society of Uppsala. Mr. Jacobsson lectured in economics at the Stockholm School of Forestry from 1918 to 1920 and, from 1919, at the School of Engineering. Joining the staff of the Economic and Financial Section of the League of Nations Secretariat in Geneva in 1920, he was in charge of public finance and participated in League reconstruction work in Austria, Bulgaria, Hungary, Danzig, and Greece. In 1928 he returned to Sweden to take up the position of Secretary General of the Swedish Economic Defense Council.

    In 1931, Mr. Jacobsson became the economic adviser and head of the monetary and economics department of the newly established Bank for International Settlements, and served in that capacity until 1956. From 1934 to 1938, he was a member of the Irish Banking Commission which led to the establishment of the Central Bank of Ireland. After World War II he conducted special inquiries into the economic and financial conditions of Austria, the Netherlands, and the sterling area, and played an important part in French and Italian financial reforms and in the examination of payments imbalance in the Federal Republic of Germany. From 1952 to 1956, he served also as codirector of the Basle Center for Economic and Financial Research.

    Mr. Jacobsson assumed leadership in the Fund in 1956 and guided it through the years of its greatest growth in activity and financial resources. He brought to the Fund rare qualities—his sense of history, his unfailing capacity to see the long trends and the financial and political realities confronting governments, his wise and genial view of the course of events. With these qualities and with his unshakable conviction that a good currency was the basis of a good economy, he enhanced the Fund’s influence with its members. To him, international collaboration was a natural way of life, and his constructive thought, expressed in speeches and in writings, has left an indelible impact not only on the Fund, but on the whole international financial system.

    The Executive Board, meeting in special session on the afternoon of May 5, unanimously adopted the following resolution:

    The Executive Directors of the International Monetary Fund, having heard with profound sorrow of the death of Mr. Per Jacobsson, Managing Director and Chairman of the Executive Directors, hereby RESOLVE to place on record their sense of loss at the passing of this good friend and outstanding Chairman, and their gratitude for the enormous contribution that he has made to the work of the Fund, to the welfare and advancement of its member countries, and to the cause of international collaboration.

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