B-1. B-2. B-3. B-4. B-5. B-6. B-7. B-8. B-9. B-10. B-11. APPENDIX B United States Government Foreign Aid: Total utilized: July 1, 1950, to June 30, 1953: By area and country (showing returns and repayments)--- By area and country: Grants: Utilized to June 30, 1953, from January 1, 1953, and Credits: July 1, 1950: Repayments.. B-12. Principal and interest due and unpaid, as of June 30, 1953... APPENDIX C C-1. Membership and quotas in the International Monetary Fund, and membership and subscriptions in the International Bank for Reconstruction and Development, as of September 30, 1953--- 43826-54-2 58 REPORT OF ACTIVITIES OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS, APRIL 1 TO SEPTEMBER 30, 1953 I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS The National Advisory Council on International Monetary and Financial Problems was established by the Congress in the Bretton Woods Agreements Act (59 Stat. 512, 22 U. S. C. secs. 286, 286b), approved July 31, 1945.1 MEMBERSHIP The members of the Council, according to law, during the period under review, were the following: The Secretary of the Treasury, G. M. Humphrey, Chairman. The Secretary of Commerce, Sinclair Weeks. The Chairman of the Board of Governors of the Federal Reserve The Director of the Foreign Operations Administration, Harold The Chairman of the Board of Directors of the Export-Import By agreement the following served as Alternates: Andrew N. Overby, Assistant Secretary of the Treasury. Samuel C. Waugh, Assistant Secretary of State for Economic Samuel W. Anderson, Assistant Secretary of Commerce. M. S. Szymczak, member of the Board of Governors of the William M. Rand, Deputy Director of the Foreign Operations 1 The Bretton Woods Agreements Act was amended, and the Council given certain additional duties, by the Foreign Assistance Act of 1948 and amendments thereto (62 Stat. 137, 141, 145, 151; 22 U. S. C. secs. 386b (a), 1509 (c), 1513 (b) (6)), and by 63 Stat. 298; 12 U. S. C. sec. 24, 22 U. S. C. secs. 286k-1, 286k-2, which also amended the National Bank Act. The relevant portions of these Acts are presented in appendix A of the Report for the period October 1, 1951-March 31, 1952 (H. Doc. No. 523, 82d Cong., 2d sess.). Some relatively minor changes relating to counterpart funds were made in this legislation by the Mutual Security Act of 1952 (see Semiannual Report of the Council, April 1-September 30, 1952 (H. Doc. No. 60, 83d Cong., 1st sess.), p. 17). Since August 1, 1953, when Reorganization Plan No. 7 of 1953, establishing the Foreign Operations Administration, became effective. Prior to that date, Mr. Stassen was a member of the Council as Director for Mutual Security. The position of Chairman of the Board of Directors of the Export-Import Bank was abolished by Reorganization Plan No. 5 of 1953, which became effective on August 5, 1953; the new head of the Bank, the Managing Director, is not a member of the National Advisory Council. Prior to August 1, 1953, Mr. Rand served as Mr. Stassen's Alternate in the capacity of Deputy Director for Mutual Security. Hawthorne Arey, Vice Chairman of the Board of Directors of the Export-Import Bank." C. Dillon Glendinning is the Secretary of the Council. The United States Executive Director of the International Monetary Fund, Frank A. Southard, Jr., and the United States Executive Director of the International Bank for Reconstruction and Development, Andrew N. Overby, and their Alternate, John S. Hooker, regularly participated in the work of the Council. II. UNITED STATES FOREIGN TRANSACTIONS AND BALANCE OF PAYMENTS UNITED STATES BALANCE OF PAYMENTS During the period April-September 1953, the annual rate of United States imports of goods and services, which had been rising almost constantly since the end of World War II, advanced $1 billion over the rate in the previous 6 months to a record $17.2 billion. Imports during recent periods have reflected the high level of economic activity in the United States and large United States military expenditures abroad. A considerable part of the increase over the previous 6-month period was due to the seasonal rise in tourist expenditures. Exports of goods and services, at an annual rate, amounted to $21.3 billion during the period under review, only $260 million below the near record level of the previous 6 months, and $1.4 billion above the rate in the 6 months from April through September 1952. Exclusive of grant-aid military goods and services, United States exports during April-September 1953, were at an annual rate of $16.9 billion. This figure represented slightly more than a $200 million decline from the annual export rate in the previous 6 months but was in sharper contrast to the annual export rate of $20.2 billion reached during the period October 1, 1951-March 31, 1952. Thus, during the period under review, the United States imported more goods and services of all types ($17.2 billion at an annual rate, including $2.6 billion in military purchases) than it exported in commercial goods and services ($16.9 billion at an annual rate). During the period under review, the United States Government provided, at an annual rate, $6.7 billion net in foreign military aid and other assistance and transfers. At $4.4 billion, net military aid was roughly the same as in the previous 6 months. Other transfers and loans by the United States Government, principally economic aid, amounted to $2.2 billion net at an annual rate. This was about $625 million above the level in the previous 6 months, reflecting large disbursements under the Export-Import Bank loans to Brazil and France. Until August 5, 1953, when Reorganization Plan No. 5 of 1953 became effective. TABLE 1.-The balance of international payments of the United States, Jan. 1, 1946, to Sept. 30, 1958 1 Excludes grant-aid military goods and services. Includes expenditures for military installations abroad, including United States contributions for NATO installations. Includes financing of military end items transferred to foreign countries. (The difference between the first 2 columns represents the amount of military goods and services made available through U. S. Government grants.) Includes U. S. Government grants and other unilateral transfers (pensions, etc.), and movements in U. S. Government loans and short-term assets. Includes movements of United States capital, including purchases or sales of IBRD securities, and private remittances. Negative figures indicate net accumulation by foreign countries and international institutions of gold, and long- and short-term dollar asseta Preliminary. Reflects United States subscriptions to the Internationa' Monetary Fund and to the International Bank for Reconstruction and Development, amounting to $0.3 billion in 1946 and $3.1 billion in 1947. NOTE.-Detail will not necessarily add to totals because of rounding. Source: Department of Commerce. |