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POWERS OF THE FEDERAL RESERVE SYSTEM WITH RESPECT TO FOREIGN ACTIVITIES BOARD OF GOVERNORS GENERAL SUPERVISION OF F.R. BKS. SEC. II (J). F.R. ACT. SPECIAL SUPERVISION OF FOREIGN RELATIONSHIPS AND TRANSACTIONS. SEC. 14 (g), F. R. ACT. DIRECT F. R. BKS. TO ESTABLISH CORRESPONDENT RELATIONS ABROAD. SEC. 14 (t), F. R. ACT. CHARTER AND SUPERVISE FOREIGN BANKING (EDGE) CORPORATIONS SEC. 25 (a), F. R. ACT. AUTHORIZE FOREIGN BRANCHES OF MEMBER BANKS. SECS. 9, 25, F. R. ACT. SUPERVISE AND DIRECT F. R. BKS. AS DEPOSITORIES OR FISCAL AGENTS FOR INTERNATIONAL FUND AND BANK. SEC. 6, BRETTON WOODS ACT. BOARD CHAIRMAN MEMBER OF NATIONAL ADVISORY COUNCIL. SEC. 4 (a), BRETTON WOODS ACT. BOARD CHAIRMAN MEMBER OF ADVISORY BOARD TO E X - I M BANK. SEC. 3 ( d ) , EXPORT-IMPORT BANK ACT. FEDERAL RESERVE BANKS PURCHASE AND SELL CABLE TRANSFERS, BANKERS' ACCEPTANCES, AND BILLS OF EXCHANGE. SEC. 14, F. R. ACT. ACT AS DEPOSITORY OR FISCAL AGENT FOR INTERNATIONAL FUND AND BANK. SEC. 6, BRETTON WOODS ACT. DEAL IN GOLD, MAKE LOANS ON, AND CONTRACT FOR LOANS OF GOLD. SEC. 14 (a), F. R. ACT. CERTIFICATION TO TREASURY BY F. R. BK. OF N. Y. OF DAILY EXCHANGE RATES. SEC. 522, TITLE IV, TARIFF ACT OF 1930. BUY AND SELL ABROAD BONDS AND NOTES OF U. S. OR ANY STATE, COUNTY, DISTRICT, ETC. SEC. 14 (b), F. R. ACT. MAINTAIN CORRESPONDENT RELATIONS AND ACCOUNTS HERE AND ABROAD. SEC. I 4 U ) , F. R. ACT. DISCOUNT FOREIGN PAPER FOR MEMBER BANKS. SEC. 13, F. R. ACT. ACT AS FISCAL AGENT OF TREASURY IN MATTERS SUCH AS: STABILIZATION FUND AND GOLD OPERATIONS; FOREIGN FUNDS CONTROL; HANDLING ACCOUNTS; ETC. SEC. 15, F. R. ACT. FOREIGN OPERATIONS OF THE FEDERAL RESERVE BANK OF NEW YORK 9 For own account 1. Gold transactions: a. Purchases b. Sales c. Transfers d. Earmarking operations e. Foreign loans on gold 1/ 2. Exchange transactions: a. Purchases b. Sales c. Resales 3» Dollar payments and receipts U. Items received for collection 5. Receipts and deliveries of securities and acceptances: a. U. S. Governments b. Other securities and acceptances 6. Balances held with central banks abroad On behalf of foreign correspondents 19U8 lc\) Q 19h9 19h9 Number Amount Number Amount Number Amount Number Amoxint Niiaber r Amount Number Amount of of of (millions (millions (millions of (millions of of (irdllions (millions transof transof transof of of of transtranstransactions dollars) actions dollars) actions dollars) actions dollars) actions dollars) actions dollars) IS>U9 19W Type of transaction For account of U, S. Treasury — — — — - — — — — — — — — — — — — — — — — a3 — 209 — — — — 2,318 — V — 1/ — - — — — — — 3/ 561* 1 182 1,69a — — — — 2,855 5. a 320 80 — — — — — 56.2 51ll 766 _ — 19 23 31.5 — — — 73 83 — 32.3 19.3 — - — 379 76 637 155 3,ia9 833 — ao 57 181 218 199 1,688 57 — — — 12,1;92 52,012 10,020 170,171 805 75,ao2 1,358 981 a, 051 — 2,226 589 h/ 1*01 8ai 1,U22 a/ 1,002 *^ 1/ Includes renewals. ]?/ Purchased 5>000 Canadian dollars and 123 pounds sterling and sold 15,000 Canadian dollars. ]}/ Bills payable in foreign currencies have not been held by Federal Reserve Banks since 1939* The high point of Reserve Bank investment in these bills was in 1931 when more than $128,000,000 was held. k/ Includes holdings of acceptances guaranteed by the Federal Reserve Banks amounting to i|>3*329>000 at the end of 19U8 and $10,507*000 at the end of ~ Over $500,000,000 of these bills were held for foreign correspondents in 1929 and 1930. 5/ These balances amounted to ^38,000 at the end of 191*8 and $U9,0G0 at the end of i — — — — a8,733 - January 12, 1950 a86 U,- S. GOVERM-ENT FOREIGN GRANTS AND CREDITS UTILIZED JULY 1 , TO JUNE 3 0 , 1949 AND UNUTILIZED AS OP JUNE 3 0 , 1 9 4 9 , BY MAJOR GEOGRAPHICAL AREAS 1945 (in millions of dollars) Grants Credits Utilized Unutilized 15,393 13,230 2,163 ERP participants Other Europe 9,855 1,115 8,089 1,115 1,766 Asia Latin America 3,777 33 3,406 31 614 589 Total Total, All areas Miscellaneous Uncommitted lending authority- Total Utilized 11,772 10,080 8,593 Unutilized 1,692 475 8,345 462 248 13 371 2 892 466 750 329 142 137 25 273 195 78 x,074 1,074 BUDGET EXPENDITURES FOR INTERNATIONAL AFFAIRS AM) FINANCE (Fiscal years) Expenditures Program or agency Conduct of foreign affairs (operating expenses) • • • • • « • • • « « « * International recovery and relief: European recovery program and other foreign aid • • • • • • * * • • » Aid to occupied areas • • » » • • + Aid t o Kcrca. • • » « • • • • • • • Aid to refugees » , » • « • « • « • Other (including repayments to RFC) Foreign economic development: Export-Import Bank loans© . . • • • Inter-American development* • # • . Technical assistance to underdeveloped areas » • « • • • • « • 1949 Actual —*TSBU Estimated 1951 Estimated A173 5246 $240 4,040 1,349 4,062 3,250 279 82 247 831 93 90 -15 -57 12 71 11 48 8 6 111 49 -35 25 — Foreign military assistance: Mutual defense assistance program # Greek-Turkish aid • • • • « • 9 • « Assistance to China • • « • « • • * — 289 125 160 195 645 Philippine aid* • • • • « • , . • • • Total 197 6,463 221 91 EXPORT-IMPORT BANK OF WASHINGTON (In millions of dollars) I. SUMMARY OF STATEMENT OF LOANS AND AUTHORIZED CREDITS AS OF NOVEMBER 30, 191*9 Total authorizations, cumulative since inception of Bank, February 12, 193lu#..# U,U97.9 Total disbursements, cumulative••••• 3,O12#6 Total repayments, cumulative*• • •. 838.6 Total outstanding loans.•. 2,17iwO Total undisbursed commitments ••...,.. k3$• 3 Total available funds uncommitted 890.7 Total lending authority 1/3,500.0 1/ The bill in Congress to guarantee U. S» investments ~ abroad provides that the Export-Import Bank would finance guarantees out of its present lending authority* No new funds would be authorized for this purpose. II. SUMMARY STATEMENT OF NEW LOANS AUTHORIZED DURING 19U9 Country : : Interest: : Amount: rate (%)t Term Israel Liberia Chile Chile Yugoslavia Chile Chile Brazil Bolivia Saudi Arabia Afghanistan Venezuela Ecuador Amertool Services, Inc. Purpose 21 1/2 7 3 1/2 Agricultural projects Housing, communication, transportation, etc. 10 years Production of iron ore 8 1/2 years Electric power Rayon plant 5 years Mining and other industries 10 years U* S. materials and equipment 7 years Railway and construction 12 years equipment 7 years Vessels Highway construction 17 years Cement plant 8 years Dam construction and canal 9 years Power system $ years Reconstruction 20 years 3 5 18 months 65 3 1/2 3 1/2 U U 3/U 35 1.350 3 1/2 1.2 U 20 3 1/2 3 1/2 25 2.750 h 3.806 16 h 1/2 3 1/2 h 3 5.158 U U , 12 years 12 years Export of machine tools INTERNATIONAL BANK R)R RECONSTRUCTION AND DEVELOPMENT (In millions of U. S. dollars) Statement of Funds Available for Lending (As of November 30, 19U9) I» Funds Originally Available United States Dollars and Dollar Equivalent of Other Currencies Paid-in to the Bank as capital and Originally Available for Lending $ Proceeds of Bond Issues Available Funds Resulting from Operations. Total Funds Originally Available 7U5.1 25U.O 19.6 $ 1,018.6 II. Loans Committed Loan number and country Agree-'Prin- 'InterestJMatumentjcipal srate 1/ jrity date:amount1 (#7 :date 1. France 2» Netherlands 3. Denmark U. Luxembourg 5. Chile 6. Chile 7 - 10a. Netherlands 11. Brazil 12. Mexico 13. Mexico lU. Belgium 15. Netherlands 19U7 250.0 19U7 195.0 19U7 Uo.o 19U7 12.0 19U8 13.5 19U8 2.5 16. Finland 19U9 17. 18. 19. 20. 21. 22. 19U9 19U9 19U9 19U9 India Colombia India Finland Yugoslavia El Salvador 19U8 19U9 19U9 19U9 19U9 12f0 75.0 2U.1 10.0 16.0 15.0 U k h h h 3 1/U l/U iA 1/k 1/2 3A 1977 1972 1972 1972 1968 1955 General General General Steel mill and rolling stock Hydroelectric and irrigation Agricultural machinery 3 h U U U 9/16 1/2 1/2 1/2 1/U 1958 197U 1973 19U9 1969 196U Ships Power and telephone Power Power Two steel mills and power plant Chemical, engineering, and other industries Woodworking industries, power and limestone powder Locomotives, boilers and spare par Agricultural machinery Agricultural development Timber resources Timber resources Development of electric power resources on Lempa River. 12.5 3U.0 5.0 10.0 2.3 I9h9 2.7 I9h9 12.5U5 Purpose 196U U 3 1/2 3 1/2 3 3 U 1/U 196U 1956 1956 1951 1951 1975 1/ Includes a 1 per cent Commission and, where applicable, a Service Charge, INTERNATIONAL MONETARY FUND (In millions of U, S. dollars) I. GOLD AND FOREIGN EXCHANGE HOLDINGS As of end of November 19h9 U. S. dollars Gold All other currencies ...... 1,289*3 1,1*50.6 • • • Uj285.7 II. EXCHANGE AND GOLD TRANSACTIONS (Total to November 30, 19h9) Fund sales of U. S. dollars ... 766.0 Australia .... 20.0 Belgium 33.0 Brazil ,... 37.5 Chile 8.8 Costa Rica 1/1.3 Czechoslovakia. .•••.... , •""" 6.0 Denmark 10.2 Egypt 3.0 Ethiopia,, .,...* 0,6 France. •*..,...»•* . ....*„... 125.0 India.fl..< ,,..«.,. • f ,100.0 Mexico.,»»*••••««•••••••••••••••• 22,5 Netherlands,.. • * 62,5 Nicaragua ,. • £/0,5 # Norway • 11.1 Turkey 5.0 Union of South Africa.,.t.•..•..• 10.0 United Kingdom, •f 300.0 Yugoslavia 9.0 Total purchases ...# 2 # 6 Net Fund sales of U* S. dollars 6U Fund sales of other member currencies: Belgian francs, •• • 11. Netherlands•••••••••••• 6.8 Norway.. •••••#• U.6 Pounds sterling.••...•...•....... 6» Netherlands.....•.••••• 6.0 1/ Repurchased colones equivalent to 2 f l million * U. S. dollars. 2/ Repurchased. ESTIMATED FOREIGN GOLD RESERVES AND SHORT-TERM DOLLAR BALANCES (In millions of dollars) Area and country Europe ERP countries Belgium, Luxembourg and Belgian Congo France and dependencies Italy Netherlands and Netherlands West Indies Portugal Sweden Switzerland United Kingdom and dependencies Other ERP countries Total ERP countries Other Europe Total Europe Latin America Argentina Brazil Colombia Cuba Uruguay Mexico Venezuela Other Total Latin America Asia China India Indonesia Philippine Republic Other Total Asia Other Countries Canada Union of South Africa All other Total other countries Grand Total Holdings at Dec. 31, 19^5 996 2,125 98 Holdings at June 30, Holdings at June 30, 1948 1949 803 784 273 736 359 692 304 123 1,641 2,707 1,082 10,553 1,855 2,265 896 766 512 348 238 127 1,935 1,996 740 765 7,506 7,583 752 789 638 11,305 8,295 8,221 1,27^ 389 5^9 470 113 518 391 433 96 457 242 212 197 373 195 252 558 507 511 503 3,776 2,809 2,798 797 24o 347 240 308 214 206 319 20S 410 307 314 630 493 2,541 215 466 389 601 1,&9 830 1,981 1,208 221 941 382 259 2,867 1,582 1,648 20,489 14,555 14,648 1,726 920 158 282 1/ Excludes gold reserves of U*S.S.R. and gold reserves and dollar balances of international institutions.
@FedFRASER