Jean O. M. van der Mensbrugghe^*

ISSUES OF SECURITIES on the capital markets of the various countries of Western Europe were extremely low in the years immediately following the end of World War II, but since then they have increased markedly, especially after 1958. However, the total amount of savings collected through new issues on the European capital markets remains rather small. According to a study made by the Bank of England,¹ the ratio of the net proceeds of new issues to gross fixed capital formation varied from some 10 per cent in the Netherlands (in 1961) to between 12 per cent and 15 per cent in France (in 1961), the Federal Republic of Germany (in 1962), and Switzerland (in 1962), and to about 25 per cent in Belgium (in 1961), Italy (in 1961), and the United Kingdom (in 1962).

According to the Economic Commission for Europe,² the financing of investment through retained earnings has been quantitatively more important in Europe since the war than it was before. The demand for long-term capital has also been met, to a much greater extent than before the war, by public funds, long-term credits from banks or special financial agencies, and nonmarketable loans. Since about 1958 the part of corporate investment financed out of plowed-back profits has in general declined and, to sustain a high rate of investment, enterprises have increased their recourse to sources of external finance, and more especially to capital market issues.³

The resulting increase in activity on European capital markets has mostly been reflected in higher issues of domestic securities, but there has also been an increase in foreign issues. Nevertheless, between 1959 and 1962 such issues remained a marginal part of total new issues, except in Switzerland and, in 1961, in the Netherlands. In 1961 the proportion of foreign gross issues to total gross issues amounted to 44 per cent in Switzerland and to 33 per cent in the Netherlands; in the same year it was 6 per cent in the United Kingdom and less than 1 per cent in Belgium.

The relatively slow increase in foreign issues in Europe resulted mostly from restrictions by the authorities and from the fact that the costs of public issues, including long-term interest rates, were generally higher than in New York.

In all European countries, except the Federal Republic of Germany, foreign issues are subject to licensing by the Ministry of Finance or by the central bank. In a number of countries, notably France,⁴ Denmark, and Norway, no foreign issue has been authorized by the authorities, who feared that such issues might disrupt the domestic capital market and deprive domestic borrowers of needed capital. In some other countries, Austria and Italy, the only foreign issues authorized were effected by international public institutions. In Belgium, most foreign issues until 1960 were issues of Congolese companies or of the Congolese colonial government. In the United Kingdom, until 1962, new issues were largely reserved to Commonwealth borrowers; in 1963 the British Government agreed to allow access to the London capital market by all member countries of the European Free Trade Association, and also authorized issues by Belgium and Japan. In Switzerland and the Netherlands, the monetary authorities have authorized foreign issues when in their judgment subscription to those issues would not unduly tighten the domestic capital market and the transfer abroad of the proceeds from the issue would not exert pressure on the country’s gold and exchange reserves. In Switzerland, few foreign issues were allowed by the authorities between July 1956 and June 1958. In the Netherlands, a number of foreign issues were authorized during 1954 and 1955, but practically no issue was allowed to take place between September 1955 and March 1961; in 1961 and 1962 licenses for foreign issues were granted up to a global ceiling set by the Netherlands Bank. In 1963 no foreign issue was authorized by the authorities in the Netherlands.

No precise data are available on the costs of foreign issues in European countries. However, it is certain that, in general, costs are high compared with New York, and that in most countries issues on foreign account are more expensive than domestic issues, owing mostly to higher interest rates but also to higher underwriting charges and in some cases to taxes.⁵ In Germany, although access to the capital market by foreign borrowers has been free since 1958, foreign issues have been scarce, totaling only $143 million between 1958 and 1962.

In the five years 1958-62, gross foreign public issues amounted to $2,077 million in European countries and to $3,029 million in the United States (Table 1). The largest part of the foreign issues in European countries was placed in the United Kingdom and Switzerland. Foreign issues in countries belonging to the European Economic Community in 1958-62 amounted to 31 per cent of the total issued in the whole of Europe. Changes in the total amount of foreign issues from year to year in part reflect the decisions of the monetary authorities in the various countries to adjust the restrictions over foreign issues to the domestic position; in part they also result from fluctuations in the offer of foreign issues.

Table 1.

Foreign: Issues in European Countries and the United States, 1955-62¹

(In millions of U.S. dollars)

Sources: Based on data in Tables 2-7.

¹The figures are foreign gross issues, based generally on prices of issue. Private placements are excluded.

Table 1.

Foreign: Issues in European Countries and the United States, 1955-62¹

(In millions of U.S. dollars)

					1955	1956	1957	1958	1959	1960	1961	1962	Total
1. EEC countries
		Belgium			89	80	36	113	39	11	11	14	393
		Germany, Federal
			Republic of		13	1	5	23	82	11	3	25	163
		Italy			—	—	—	—	—	—	24	48	72
		Luxembourg			—	—	2	—	—	—	9	11	22
		Netherlands			73	—	—	—	10	3	148	64	298
				Total	175	81	43	135	131	24	195	162	946
2. EFTA countries
		Austria			—	—	—	—	—	—	—	5	5
		Sweden			—	—	—	6	—	12	7	2	27
		Switzerland			100	66	1	36	126	154	235	164	882
		United Kingdom			118	88	175	172	127	118	155	111	1,064
				Total	217	154	176	214	252	284	397	282	1,976
3. European countries (1+2)					392	235	219	349	384	308	592	444	2,923
4. United States					200	403	539	1,144	568	440	290	587	4,171

Sources: Based on data in Tables 2-7.

¹The figures are foreign gross issues, based generally on prices of issue. Private placements are excluded.

View Table

Table 1.

Foreign: Issues in European Countries and the United States, 1955-62¹

(In millions of U.S. dollars)

					1955	1956	1957	1958	1959	1960	1961	1962	Total
1. EEC countries
		Belgium			89	80	36	113	39	11	11	14	393
		Germany, Federal
			Republic of		13	1	5	23	82	11	3	25	163
		Italy			—	—	—	—	—	—	24	48	72
		Luxembourg			—	—	2	—	—	—	9	11	22
		Netherlands			73	—	—	—	10	3	148	64	298
				Total	175	81	43	135	131	24	195	162	946
2. EFTA countries
		Austria			—	—	—	—	—	—	—	5	5
		Sweden			—	—	—	6	—	12	7	2	27
		Switzerland			100	66	1	36	126	154	235	164	882
		United Kingdom			118	88	175	172	127	118	155	111	1,064
				Total	217	154	176	214	252	284	397	282	1,976
3. European countries (1+2)					392	235	219	349	384	308	592	444	2,923
4. United States					200	403	539	1,144	568	440	290	587	4,171

Sources: Based on data in Tables 2-7.

¹The figures are foreign gross issues, based generally on prices of issue. Private placements are excluded.

Foreign security issues in any given country are not necessarily taken up entirely by residents of that country, and in fact part of some issues was subscribed by nonresidents. Furthermore, foreign security issues have been only a part of the capital transfers from country to country. In recent years, these transfers have largely been effected through direct investment or through transactions between residents and nonresidents in securities already issued, or through private placements. The latter have been particularly important in the United States (Table 7) and in the Netherlands.

In France, no foreign issues have been authorized since the end of World War II, but on November 14, 1963 the Minister of Finance announced his intention to authorize a reopening of the French capital market to foreign borrowers. Initially, issues by international public institutions would be licensed. According to press reports, the French Ministry of Finance authorized the European Investment Bank to place, on December 20, 1963, a $12 million bond issue with French insurance companies and other institutional investors.

In the period April 1955-September 1956, and again since April 1962, French residents have been free to buy on the official Paris exchange market the foreign exchange needed to subscribe to increases in the capital of foreign companies; the annual reports of the National Credit Council indicate that such subscriptions amounted to 4 billion old francs ($11.4 million) in 1955 and to 7 billion old francs ($20 million) in 1956.

Since the end of World War II, there have been on the Paris capital market no bond issues by governments of countries in the outer franc area. Issues by companies operating in the outer franc area—mainly petroleum companies—are generally not distinguished in French statistics from issues by French companies. The annual reports of the National Credit Council have mentioned only one issue by a company in the outer franc area: the bond issue by the Electricité et Gaz d’Algérie (a nationalized enterprise) in 1960 for F 130 million ($26.3 million).

Details of the figures for most countries included in Table 1 are given in Table 2–7

Table 2.

Belgium: Foreign Issues, 1952-62¹

(In millions of U.S. dollars)

Sources: For issues by companies, Commission Bancaire, Rapport Annuel. For issues by foreign governments, Banque Nationale de Belgique, Statistiques Economiques Belges, 1950-60, and Bulletin d’Information et de Documentation.

¹Gross issues based on nominal value.

²Excluding private placements.

³Belgian Congo and Ruanda Urundi.

Table 2.

Belgium: Foreign Issues, 1952-62¹

(In millions of U.S. dollars)

					1952		1953	1954	1955	1956	1957	1958	1959	1960	1961	1962
A. Companies
	Shares issued			23.2			18.3	30.2	42.7	38.2	35.3	32.9	24.9	10.8	8.6	6.0
		Congolese companies		22.1			5.1	10.7	14.7	16.6	10.2	4.1	8.0	—	—	—
		Other foreign companies						—	1.0	5.0	10.4	7.5	0.7	0.4	1.8	0.7
		Investment trusts			1.1		13.2	19.5	27.0	16.6	14.8	21.3	16.2	10.4	6.7	5.3
	Bonds2						—	—	—	—	1.1	—	3.9	—	2.0	2.0
			Total	23.2			18.3	30.2	42.7	38.2	36.4	32.9	28.8	10.8	10.6	8.0
B. Foreign governments3				—			—	44.4	42.0	42.0	—	80.0	—	—	—	—
C. International institutions				—			—	—	4.4	—	—	—	10.0	—	—	6.0
D. Total				23.2			18.3	74.6	89.1	80.2	36.4	112.9	38.8	10.8	10.6	14.0

Sources: For issues by companies, Commission Bancaire, Rapport Annuel. For issues by foreign governments, Banque Nationale de Belgique, Statistiques Economiques Belges, 1950-60, and Bulletin d’Information et de Documentation.

¹Gross issues based on nominal value.

²Excluding private placements.

³Belgian Congo and Ruanda Urundi.

View Table

Table 2.

Belgium: Foreign Issues, 1952-62¹

(In millions of U.S. dollars)

					1952		1953	1954	1955	1956	1957	1958	1959	1960	1961	1962
A. Companies
	Shares issued			23.2			18.3	30.2	42.7	38.2	35.3	32.9	24.9	10.8	8.6	6.0
		Congolese companies		22.1			5.1	10.7	14.7	16.6	10.2	4.1	8.0	—	—	—
		Other foreign companies						—	1.0	5.0	10.4	7.5	0.7	0.4	1.8	0.7
		Investment trusts		View Expanded	1.1	View Expanded	13.2	19.5	27.0	16.6	14.8	21.3	16.2	10.4	6.7	5.3
	Bonds2						—	—	—	—	1.1	—	3.9	—	2.0	2.0
			Total	23.2			18.3	30.2	42.7	38.2	36.4	32.9	28.8	10.8	10.6	8.0
B. Foreign governments3				—			—	44.4	42.0	42.0	—	80.0	—	—	—	—
C. International institutions				—			—	—	4.4	—	—	—	10.0	—	—	6.0
D. Total				23.2			18.3	74.6	89.1	80.2	36.4	112.9	38.8	10.8	10.6	14.0

Sources: For issues by companies, Commission Bancaire, Rapport Annuel. For issues by foreign governments, Banque Nationale de Belgique, Statistiques Economiques Belges, 1950-60, and Bulletin d’Information et de Documentation.

¹Gross issues based on nominal value.

²Excluding private placements.

³Belgian Congo and Ruanda Urundi.

Table 3.

Federal Republic of Germany: Foreign Issues, 1957-62¹

(In millions of U.S. dollars)

Sources: Deutsche Bundesbank, Annual Reports.

¹Gross issues of bonds. Figures are based on nominal amounts.

Table 3.

Federal Republic of Germany: Foreign Issues, 1957-62¹

(In millions of U.S. dollars)

		1957	1958	1959	1960	1961	1962
Companies and governments		5.0	22.5	34.4	10.7	3.0	25.0
International institutions		—	—	47.6	—	—	—
	Total	5.0	22.5	82.0	10.7	3.0	25.0

Sources: Deutsche Bundesbank, Annual Reports.

¹Gross issues of bonds. Figures are based on nominal amounts.

View Table

Table 3.

Federal Republic of Germany: Foreign Issues, 1957-62¹

(In millions of U.S. dollars)

		1957	1958	1959	1960	1961	1962
Companies and governments		5.0	22.5	34.4	10.7	3.0	25.0
International institutions		—	—	47.6	—	—	—
	Total	5.0	22.5	82.0	10.7	3.0	25.0

Sources: Deutsche Bundesbank, Annual Reports.

¹Gross issues of bonds. Figures are based on nominal amounts.

Table 4.

Netherlands: Foreign Issues, 1954-62¹

(In millions of U.S. dollars)

Sources: De Nederlandsche Bank, N.V., Annual Reports.

¹Gross issues of bonds, excluding private placements. Figures are based on nominal amounts.

Table 4.

Netherlands: Foreign Issues, 1954-62¹

(In millions of U.S. dollars)

				1954	1955	1956	1957	1958	1959	1960	1961	1962
Companies				2.6	13.7	—	—	—	—	0.3	50.0	23.5
Governments				17.6	48.7	—	—	—	10.0	2.6	48.3	13.8
	Netherlands
		Antilles		—	—	—	—	—	10.0	2.6	—	13.8
	Other foreign governments			17.6	48.7	—	—	—	—	—	48.3	—
International
	institutions			10.5	10.5	—	—	—	—	—	49.7	26.2
			Total	30.8	72.9	—	—	—	10.0	2.9	148.0	63.5

Sources: De Nederlandsche Bank, N.V., Annual Reports.

¹Gross issues of bonds, excluding private placements. Figures are based on nominal amounts.

View Table

Table 4.

Netherlands: Foreign Issues, 1954-62¹

(In millions of U.S. dollars)

				1954	1955	1956	1957	1958	1959	1960	1961	1962
Companies				2.6	13.7	—	—	—	—	0.3	50.0	23.5
Governments				17.6	48.7	—	—	—	10.0	2.6	48.3	13.8
	Netherlands
		Antilles		—	—	—	—	—	10.0	2.6	—	13.8
	Other foreign governments			17.6	48.7	—	—	—	—	—	48.3	—
International
	institutions			10.5	10.5	—	—	—	—	—	49.7	26.2
			Total	30.8	72.9	—	—	—	10.0	2.9	148.0	63.5

Sources: De Nederlandsche Bank, N.V., Annual Reports.

¹Gross issues of bonds, excluding private placements. Figures are based on nominal amounts.

Table 5.

Switzerland: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

Sources: Banque Nationale Suisse, Annual Reports; Département Fédeéral de l’Economie Publique, La Vie Economique; and Société de Banque Suisse, Bulletin, January 1962, pp. 20-21.

¹Gross issues of bonds, excluding private placements. Figures are based on prices of issue.

Table 5.

Switzerland: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

		1951		1952		1953		1954		1955	1956
Companies		—		46.0		28.8		80.7		87.9	40.7
Foreign governments		—									14.0
International institutions		11.6		11.6		23.3		11.6		11.6	11.6
	Total	11.6		57.6		52.1		92.3		99.5	66.3
		1957		1958		1959		1960		1961	1962
Companies		1.2		35.6		90.7		76.7	1	98.1	41.9
Foreign governments		—		—		11.6		48.9		14.0	84.9
International institutions		—		—		23.3		27.9		23.3	37.2
	Total	1.2		35.6		125.6		153.5		235.3	164.0

Sources: Banque Nationale Suisse, Annual Reports; Département Fédeéral de l’Economie Publique, La Vie Economique; and Société de Banque Suisse, Bulletin, January 1962, pp. 20-21.

¹Gross issues of bonds, excluding private placements. Figures are based on prices of issue.

View Table

Table 5.

Switzerland: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

		1951		1952		1953		1954		1955	1956
Companies		—	View Expanded	46.0	View Expanded	28.8	View Expanded	80.7	View Expanded	87.9	40.7
Foreign governments		—									14.0
International institutions		11.6		11.6		23.3		11.6		11.6	11.6
	Total	11.6		57.6		52.1		92.3		99.5	66.3
		1957		1958		1959		1960		1961	1962
Companies		1.2		35.6		90.7		76.7	1	98.1	41.9
Foreign governments		—		—		11.6		48.9		14.0	84.9
International institutions		—		—		23.3		27.9		23.3	37.2
	Total	1.2		35.6		125.6		153.5		235.3	164.0

Sources: Banque Nationale Suisse, Annual Reports; Département Fédeéral de l’Economie Publique, La Vie Economique; and Société de Banque Suisse, Bulletin, January 1962, pp. 20-21.

¹Gross issues of bonds, excluding private placements. Figures are based on prices of issue.

Table 6.

United Kingdom: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

Sources: Series I, Midland Bank Review. Series II, Bank of England, Quarterly Bulletin. The main differences between the series are explained in Bank of England, Quarterly Bulletin, December 1961, pp. 36-37.

¹The figures are based on prices of issue.

²Including South Africa.

³Excluding an issue of $114.8 million by British Petroleum.

⁴Excluding an issue of $120.4 million by Shell Transport and Trading.

Table 6.

United Kingdom: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

				1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962
I. Total gross issues
	A. Companies
		Commonwealth2		23.0	35.6	49.8	54.0	62.7	49.3	134.13	32.24	60.8	51.8	81.8	50.7
		Other foreign countries		1.9	3.6	—	4.5	6.2	—	3.9	3.4	0.5	23.8	17.6	24.4
			Total	24.9	39.2	49.8	58.5	68.9	49.3	138.0	35.6	61.3	75.6	99.4	75.3
	B. Governments
		Commonwealth2		83.4	93.5	114.5	98.3	49.0	38.6	36.4	136.4	38.1	42.6	55.2	30.5
		Other foreign countries		14.0	—	—	—	—	—	—	—	—	—	—	5.6
			Total	97.4	93.5	114.5	98.3	49.0	38.6	36.4	136.4	38.1	42.6	55.2	36.1
	C. International institutions			14.0	—	—	14.0	—	—	—	—	26.9	—	—	—
	D. Total (A + B + C)			136.4	132.7	164.3	171.0	117.9	87.6	174.7	171.9	126.6	118.4	154.6	111.4
II. Total issues less redemption				…..	…..	…..	132.4	9.5	28.8	20.4	44.2	15.1	15.7	23.8	−5.6

Sources: Series I, Midland Bank Review. Series II, Bank of England, Quarterly Bulletin. The main differences between the series are explained in Bank of England, Quarterly Bulletin, December 1961, pp. 36-37.

¹The figures are based on prices of issue.

²Including South Africa.

³Excluding an issue of $114.8 million by British Petroleum.

⁴Excluding an issue of $120.4 million by Shell Transport and Trading.

View Table

Table 6.

United Kingdom: Foreign Issues, 1951-62¹

(In millions of U.S. dollars)

				1951	1952	1953	1954	1955	1956	1957	1958	1959	1960	1961	1962
I. Total gross issues
	A. Companies
		Commonwealth2		23.0	35.6	49.8	54.0	62.7	49.3	134.13	32.24	60.8	51.8	81.8	50.7
		Other foreign countries		1.9	3.6	—	4.5	6.2	—	3.9	3.4	0.5	23.8	17.6	24.4
			Total	24.9	39.2	49.8	58.5	68.9	49.3	138.0	35.6	61.3	75.6	99.4	75.3
	B. Governments
		Commonwealth2		83.4	93.5	114.5	98.3	49.0	38.6	36.4	136.4	38.1	42.6	55.2	30.5
		Other foreign countries		14.0	—	—	—	—	—	—	—	—	—	—	5.6
			Total	97.4	93.5	114.5	98.3	49.0	38.6	36.4	136.4	38.1	42.6	55.2	36.1
	C. International institutions			14.0	—	—	14.0	—	—	—	—	26.9	—	—	—
	D. Total (A + B + C)			136.4	132.7	164.3	171.0	117.9	87.6	174.7	171.9	126.6	118.4	154.6	111.4
II. Total issues less redemption				…..	…..	…..	132.4	9.5	28.8	20.4	44.2	15.1	15.7	23.8	−5.6

Sources: Series I, Midland Bank Review. Series II, Bank of England, Quarterly Bulletin. The main differences between the series are explained in Bank of England, Quarterly Bulletin, December 1961, pp. 36-37.

¹The figures are based on prices of issue.

²Including South Africa.

³Excluding an issue of $114.8 million by British Petroleum.

⁴Excluding an issue of $120.4 million by Shell Transport and Trading.

Table 7.

United States: Foreign Issues, 1955-62¹

(In millions of U.S. dollars)

Sources: 1955-56, data provided by the U.S. Department of Commerce; 1957-62, Survey of Current Business, August 1963, p. 21.

¹Gross amount offered.

²Including international institutions in Europe.

Table 7.

United States: Foreign Issues, 1955-62¹

(In millions of U.S. dollars)

		1955	1956	1957	1958	1959	1960	1961	1962
Publicly offered issues		200	403	539	1,144	568	440	290	587
	By European countries2	45	—	65	221	119	35	48	214
Privately offered issues		68	295	174	106	226	221	333	687
	By European countries2	—	—	—	10	44	15	41	59
Total		268	698	713	1,250	794	661	623	1,274
	By European countries2	45	—	65	231	163	50	84	273

Sources: 1955-56, data provided by the U.S. Department of Commerce; 1957-62, Survey of Current Business, August 1963, p. 21.

¹Gross amount offered.

²Including international institutions in Europe.

View Table

Table 7.

United States: Foreign Issues, 1955-62¹

(In millions of U.S. dollars)

		1955	1956	1957	1958	1959	1960	1961	1962
Publicly offered issues		200	403	539	1,144	568	440	290	587
	By European countries2	45	—	65	221	119	35	48	214
Privately offered issues		68	295	174	106	226	221	333	687
	By European countries2	—	—	—	10	44	15	41	59
Total		268	698	713	1,250	794	661	623	1,274
	By European countries2	45	—	65	231	163	50	84	273

Sources: 1955-56, data provided by the U.S. Department of Commerce; 1957-62, Survey of Current Business, August 1963, p. 21.

¹Gross amount offered.

²Including international institutions in Europe.

Emissions étrangères en Europe

Emisiones extranjeras en Europa

In the tables throughout this issue, and in the English text of the papers

Dots (…) indicate that data are not available;

A dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist;

A single dot (.) indicates decimals;

A comma (,) separates thousands and millions;

“Billion” means a thousand million;

A hyphen (-) is used between years or months (e.g., 1955-58 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months;

A stroke (/) is used between years (e.g., 1962/63) to indicate a fiscal year or a crop year.

Monographs Published by the Fund

International Monetary Problems, 1957-63

Selected Speeches of Per Jacobsson

This is a collection of 24 speeches delivered by Mr. Jacobsson while he was Managing Director of the Fund. The volume includes his six addresses to the Board of Governors of the Fund, presenting the Annual Reports of the Executive Directors, and his yearly speeches to the Economic and Social Council of the United Nations. They therefore enable the reader to re-create the changing economic environment of the years 1957-63 as they appeared to an exceptionally acute observer with unusual facilities for seeing behind the scenes. Pp. xiv + 368. Price: $2.50.

Central Banking Legislation

A collection of central bank, monetary, and banking laws. This publication contains the complete texts, in English, of central banking and monetary laws of 21 countries. It also contains summaries of general banking laws and selected provisions of these laws which are of special significance in the relationship of the central bank to the banking sector. The statutes and related materials were selected by Hans Aufricht of the Fund’s Legal Department. Pp. xxii + 1012. Price: $10.00.

The Fund Agreement in the Courts

Contains a series of papers discussing cases, considered by international and national courts, in which the Articles of Agreement of the International Monetary Fund have had a bearing on issues before the courts. The papers, by Joseph Gold, General Counsel of the Fund, were first published in Staff Papers. Pp. xiv + 159. Price: $3.50.

Other Publications by the Fund

International Financial Statistics, monthly, and annual supplement: $10.00 a volume.

Balance of Payments Yearbook, issued monthly in loose-leaf sections: $7.50 a volume.

Available free of charge: Annual Reports of the Executive Directors; Summary Proceedings of the Annual Meetings; Annual Reports on Exchange Restrictions; Selected Decisions of the Executive Directors; By-Laws and Rules and Regulations; Schedule of Par Values; International Financial News Survey (weekly).

Published Jointly with IBRD

Direction of Trade (11 monthly issues and one annual issue, US$10 a year); Fund and Bank Review: Finance and Development (issued quarterly, free of charge).

Subscriptions are quoted in U.S. dollars; schedules of equivalents in other currencies will be furnished on request.

The Secretary International Monetary Fund 19th and H Streets, N.W., Washington, D.C. 20431