LETTER OF SUBMITTAL FEBRUARY 24, 1954. The PRESIDENT, The White House. MY DEAR MR. PRESIDENT: There is submitted herewith, on behalf of the National Advisory Council on International Monetary and Financial Problems, the regular semiannual report on its activities covering the period April 1-September 30, 1953. The report includes, in accordance with section 4 (b) (5) of the Bretton Woods Agreements Act, an account of the participation of the United States in the International Monetary Fund and the International Bank for Reconstruction and Development for this period. Faithfully yours, G. M. HUMPHREY, Chairman, National Advisory Council on International Monetary and Financial Problems. CONTENTS I. Organization of the Council: Statutory basis... Membership- II. United States Foreign Transactions and Balance of Payments: United States merchandise trade-April through September 1953. Current utilization___ Post-Korean developments. German debt settlement. Local currency counterpart funds. Gold and short-term dollar resources of foreign countries__ III. International Monetary Fund: Eighth Annual Meeting.. -------- 17 VI. Other Financial Problems: Interest rates on United States Government foreign loans.. Termination of the Joint Brazil-United States Economic De- 28 CHART Chart 1. Estimated foreign gold and short-term dollar balances-June 30, 1945, to September 30, 1953, by area_ 11 TABLES Table No. 2. United States merchandise exports and imports, 1936-38 annual average; 1948-53.. 1. The balance of international payments of the United States, January 1, 1946 to September 30, 1953.. 4 5 3. United States Government gross foreign aid utilized, July 1, 1950, to September 30, 1953, by quarters.. 6 7 4. United States Government foreign grants and credits utilized, July 1, 1950, to September 30, 1953, by area.. 5. Status of European local currency counterpart fund accounts under Public Law 472, as amended, and Public Laws 84 and 389, as of September 30, 1953.. 6. Status of Far East local currency counterpart fund accounts under the Economic Cooperation Act of 1948, as amended, as of September 30, 1953. 7. Estimated foreign gold and short-term dollar balances at various dates, June 30, 1945, to September 30, 1953, by area.. 9 10 10 8. Net gold sales by the United States to foreign countries, April 1 to September 30, 1953. 12 9. Estimated world gold reserves (excluding U. S. S. R.), June 30, 1945, to September 30, 1953. 13 23 10. International Monetary Fund currency sales and repurchases, March 1, 1947, to September 30, 1953. 17 11. International Bank loan commitments, by purpose and area, March 1, 1947, to September 30, 1953.......... 19 12. International Bank loan commitments and disbursements, March 1, 1947, to September 30, 1953_ 13. Net credits authorized by the Export-Import Bank, July 1, 1945, to June 30, 1950, and July 1, 1950 to September 30, 1953, by area and country Appendix APPENDIXES A. Estimated gold and short-term dollar resources of foreign countries, as of June 30, 1952 and 1953; and net United States gold transactions with foreign countries, January 1, 1945, to September 30, 1953----B. Statistical tables on United States Government foreign grants, and loans and other credits.. C. 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- A-1. Estimated gold and short-term dollar resources of foreign countries, as of June 30, 1952 and 1953.. A-2. Net United States gold transactions with foreign countries, January 1, 1945, to September 30, 1953. |