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William McChesney Martin, Jr., Papers
Series IV, Subseries D
Box 18/Folder 9
Annual Meeting Boards of Govs., 1964
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
Is
a
H
a
UNITED STATES DELEGATION
1964 ANNUAL MEETINGS
IMF - IBRD - IFC - IDA
TOKYO, JAPAN
GOVERNOR
* Douglas Dillon, Secretary of the Treasury
TEMPORARY ALTERNATE GOVERNORS
* Robert V. Roosa, Under Secretary of the Treasury for
Monetary Affairs
John C. Bullitt, Assistant Secretary of the Treasury
and U.S. Executive Director, IBRD
William B. Dale, U.S. Executive Director, IMF
* Senator Russell B. Long, Committee on Foreign Relations,
U.S. Senate
* Representative Henry S. Reuss, Committee on Banking and
Currency, House of Representatives
* Representative Clarence E. Kilburn, Committee on Banking
and Currency, House of Representatives
CONGRESSIONAL OBSERVERS
Senator A. Willis Robertson, Committee on Banking and
Currency, U.S. Senate
* Senator Wallace F. Bennett, Committee on Banking and
Currency, U.S. Senate
* Representative Abraham J. Multer, Committee on Banking
and Currency, House of Representatives
* Representative James Harvey, Committee on Banking and
Currency, House of Representatives
ADVISERS
(alphabetically)
Gardner Ackley, Council of Economic Advisers
Joseph W. Barr, Chairman, Federal Deposit Insurance
Corporation
* Henry J. Bittermann, Director, Office of International
Financial Policy Coordination, U.S. Treasury
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Federal Reserve Bank of St. Louis
- 2ADVISERS - Continued
Benjamin CapIan, Director, Office of International
Finance and Economic Analysis, Department of State
Robert Carswell, Special Assistant to the Secretary
of the Treasury
Charles A. Coombs, Vice President, Federal Reserve
Bank of New York
J. Dewey Daane, Member, Board of Governors, Federal
Reserve System
Dixon Donnelley, Assistant to the Secretary of the
Treasury for Public Affairs
E. Jay Finkel, Deputy Director, Office of International
Financial Policy Coordination, U.S. Treasury
Alfred Hayes, President, Federal Reserve Bank of New York
Ralph Hirschtritt, Special Assistant to the Assistant
Secretary of the Treasury for International Affairs
and Temporary Alternate Executive Director, IBRD
John S. Hooker, Alternate Executive Director, IMF
Douglass Hunt, Special Assistant to the Under Secretary
of the Treasury
6. Griffith Johnson, Assistant Secretary of State for
Economic Affairs
Tom Killefer, U.S. Executive Director, Inter-American
Development Bank
Harold F. Linder, President and Chairman, Export-Import
Bank of Washington
William McChesney Martin, Jr., Chairman, Board of
Governors, Federal Reserve System
Lawrence C. McQuade, Deputy Assistant Secretary of
Commerce for Financial Policy
Robert G. Pelikan, Financial Attache, American Embassy,
Tokyo
Edwin 0. Reischauer, U.S. Ambassador to Japan
James J. Saxon, Comptroller of the Currency, U.S. Treasury
Fred B. Smith, Deputy General Counsel, U.S. Treasury
George H. Willis, Director, Office of International
Affairs, U.S. Treasury
* Wife accompanying
•
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Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS - 1964 ANNUAL MEETINGS
DELEGATION
GOVERNOR
ALTERNATE
ARRIVE
TOKYO
Abdullah YAFTALY (B)
Minister of Planning
Habibullah Mali ACHEKZAI (F)
Governor, Da Afghanistan Bank
9/4
Zi i NOORZOY (F)
9/4
MEMBER
AFGHANISTAN
ATTENDANCE
President, Treasury Department,
Ministry of Finance
Foruk ACHEKZAI (B)
ADVISERS AND OTHERS
9/4
9/4
Director, Da Afghanistan Bank
ALGERIA
#
Bachir BOUMAZA (F-B)
Minister of National Economy
9/4
Seghir MOSTEFAI (F-B)
Governor, Banque Centrale
d'Algerie
9/4
ARGENTINA
<
*Wi fe accompanying
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Federal Reserve Bank of St. Louis
Kamel ABDALLAH-KHODJA, Adviser
Director of the Cabinet of the
Minister of National Economy
Georges SIMON, Adviser
Technical Adviser to the
Cabinet of the Minister of
National Economy
Yahia KHELIF, Adviser
Director of the Treasury and
Credit
Nourredine DELLECI, Adviser
Director of Foreign Commerce
Page 2
MVERNOR
ALTERNATE
MEMBER
AUSTRALIA
ARRIVE
TOKYO
ADVISERS AND OTHERS
•The Rt. Hon. Harold HOLT, N.P.
(F-B)
Treasurer of the Commonwealth
of Australia
9/5
J. M. GARLAND, Adviser
ED (F-B)
»Sir Roland WILSON, C.B.E. (B)
Secretary to the Treasury
M. W. O'DONNELL, O.B.E. (F)
First Assistant Secretary,
Department of the Treasury
9/4
L. "B. BRAND, Adviser
First Assistant Secretary,
Department of the Treasury
R. J. WHITELAW, Adviser
Financial Counsellor,
Australia House, London
Roy DANIEL, Adviser
Alt. ED (F)
K. W. PEARSON, Adviser
Private Secretary to Mr. Holt
9/4
Miss Doreen BLAKE, Secretary to
the Delegation
AUSTRIA
BELGIUM
Wolfgang SCHMITZ (B)
Federal Minister of Finance
9/5
Reinhard KAMITZ (F)
President, Austrian National
9/6
Hugo ROTTKY (B)
9/6
Director, Federal Ministry of
Finance
Ludwig SEIBERL (F)
General Manager, Austrian
National Bank
9/6
Andre DEQUAE (B)
Minister of Finance
Hubert ANSIAUX (F)
Governor, Banque Nationale de
Belgique
Hubert ANSIAUX (B)
Governor, Banque Nationale de
Belgique
M. d'HAEZE (F)
General Manager, Administration
of the Treasury and Public
Debt
Wlfa
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Federal Reserve Bank of St. Louis
9/4
9/4
Kurt HARRER, Adviser
Counselor, Federal Ministry of
Finance
Rudolf HQRAK, Adviser
Secretary, Federal Ministry of
Finance
Andreas KQRP, Adviser
First Vice Chairman, Austrian
National Bank
Ludwig STROBL, Adviser
Second Vice Chairman, Austrian
National Bank
Carl GIESSRIGL, Adviser
Director, Austrian National Ban
Franz FTJCHS, Adviser
Chief Secretary, Austrian
National Bank
Edgar PLAN, Adviser
Financial Counselor, Austrian
Bnbassy, Washington
Franz GELLERER, Adviser
Alt. ED (B)
Andre van CAMPENHOUT, Adviser
ED (F-B)
Maurice TOUSSAINT, Adviser
Alt. ED (F)
•Kfccil de STRYCKER, Adviser
Director, Banque Nationale de
Belgique
Jacques MERTENS de WILMARS, Adv
Deputy Director, Banque
Nationale de Belgique
Miss Anna ALLAERT, Secretary
to Governor Ansiaui
Miss J. HYNDERICK de GHELCKE,
Secretary
8/16
Pag* 3
1
ARRIVE
TOKYO
GOVERNOR
ALTERNATE
MEMBER
*Jai*e ESCOBAR (F)
Minister of Pinanoe
IVIA
t»Adolfo LINARES (B)
President, Corporacion Bolivian^
de Fomento
[*Qaston OUILLBH (P)
BRAZIL
BURMA
BURUNDI
<
#
9/7
Octavio Qourea de BTJLHOSS (P-B)
Minister of Pinanoe
9/4
Denio Chagas NOQUEIRA (P-B)
Executive Director, Superintendenoy of Money and Credit
9/4
U KTA¥ NTBIir (P-B)
Chairman, Board of Directors,
Union Bank of Burma
9/5
U KTA¥ NTUN (B)
Seoretary9 Ministry of Pinanoe
and Revenue
Col. MAUNO SHtfl (Temp,)(P)
9/5
Remy NSENQIYUMVA (P)
Minister of Pinanoe
Erio MAKIRAKIZA (B)
Vice President, Banque du
Royaume du Burundi
9/4
Gerard CORNU (P)
President, Banque du Royaume du
Burundi
Pranoois DUPONT (B)
QoTernmental Adviser, Banque du
Royaume du Burundi
*Wife accompanying
9/4
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Federal Reserve Bank of St. Louis
9/5
9/4
9/4
ADVISERS AND OTHERS
Page 4
GOVERNOR
ALTERNATE
MEMBER
CAMEROON #
CANADA
Victor KANGA (F)
Minister of Finance, the Plan,
and National Equipment
Laurent NTAMAG (B)
Director General, Banque
Camerounaise de Developpement
ARRIVE
TOKYO
ADVISERS AND OTHERS
9/5
9/5
*Walter L. GORDON (F-B)
Minister of Finance
9/3
*Louis RASMINSKY (F)
Governor, Bank of Canada
A.F.W. PLUMPTRE (B)
Assistant Deputy Minister of
Finance; ED (F-B)
9/5
9/3
*R. W. LAWSON, Adviser
Deputy Governor, Bank of
Canada
S. J. HANDFIELD-JONES, Adviser
Alt. ED (F-B)
A. J. BARRY, Adviser
Department of Finance
CENTRAL
AFRICAN
REPUBLIC
Charles BORNOU (F-B)
Minister of Finance
*Louis KPADO (B)
Director of National Economy
Francois GISCARD d'ESTAING (F)
Director, Banque Centrale des
Etats de 1'Afrique Equatoriale
et du Cameroun, Paris
*Wife accompanying
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Federal Reserve Bank of St. Louis
ARRIVE
TOKYO
9/5
»
D. C. TAYLOR, Adviser
Manager, Export Finance Div.,
Export Credits Insurance
Corppration
9/5
Miss Nancy BURPEE, Private
Secretary to the Minister
of Finance
9/2
Miss E. B. HANNESON, Secretary
to the Delegation
9/3
Mrs. Louis KPADO, Secretary to
the Delegation
8/31
8/31
8/31
9/3
.
GOVERNOR
ALTERNATE
MEMBER
N. M . PERERA (F-B)
Minister of Finance
CL JCK
D. W. RAJAPATIRANA (F)
Governor, Central Bank of
Ceylon
H. Jinadasa SAMARAKKODY (B)
Secretary to the Treasury
Michel DJIDINGAR (F)
Minister of Finance
Georges DIGUIMBAYE (B)
Director of Planning
CHAD
Boukar ABDOUL (B)
Ambassador of the Republic of
Chad to the United States
Louis Robert BEOBIDE (F)
Director, Banque Centrale des
Etats de 1'Afrique Equatoriale
Q-t- PJ-Q Ca,nioroun. Fort L&nry
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
9/5
9/5
J. B. KELAGAMA, Adviser
Economic Adviser, Ministry of
Finance
Gamini COREA, Adviser
Director of Economic Research,
Central Bank of Ceylon
Samarasena GUNASEKARA, Private
Secretary to Minister of
Finance
9/5
*Luls ESCOBAR. Adviser
9/5
9/5
9/5
9/3
9/3
9/3
CHILE
Alt. ED (F)
Alvaro ORREGO (F-B)
Vice President, Banco del
Estado de Chile
CHINA
iC
Ching-Yu CHEN (B)
Minister of Finance
Kan LEE (F)
Deputy Governor, The Central
Bank of China
*Beue TANN ( T e m p . ) ( F )
ED (F)
Kuo-Hwa YU (B)
Chairman, Board of Directors,
Bank of China
9/4
R. C. CHEN, Adviser
ED (B)
I. S. SUN, Adviser
Alt. ED (F)
Martin WONG, Adviser
Minister-Counselor, Chinese
Embassy, Washington
K. H. KING, Adviser
Director of Currency Department, Ministry of Finance
Philipp C. C. CHANG, Adviser
Secretary General, Council
for International Economic
Cooperation and Development
Felix CHANG, Adviser
President, China Development
Corporation
W. Y. HUI
Technical Assistant (F)
Mrs. Helen MANDARICH, Secretary 9/4
*Vlft accompanying
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Federal Reserve Bank of St. Louis
GOVERNOR
ALTERNATE
MEMBER
COLOMBIA
*Diego CALLE-RESTREPO (B)
Minister of Finance
*Eduardo ARIAS ROBLEDO (P)
Manager, Banco de la Republica
*Jorge OSPINA (Temp.)(P)
Member, Board of Directors,
Banco de la Republica and
President, Banco Cafetero
*Hernando AGUDELO VILLA (Temp.)(B
Former Minister of Finance
CONGO
(BRAZZAVILLE)
Paul KAYA (B)
#
Minister of Planning
Bernard BANZA BOUITI (B)
Director General, Banque
Nationale de Developpement
Nicaise SAMBA (p)
Director of Cabinet, Ministry
of Finance
Dominique NDINGA (B)
CONGO
(LEOPOLDVILLE'
Minister of Finance
*Albert NDELE (p)
#
Governor, Banque Nationale
du Congo
Alfred Jean ROUX (B)
President-Gerant, Conseil
Monetaire
Jean Martin MONDJOBE (p)
Chief of Cabinet, Ministry of
Finance
COSTA RICA
*Alvaro CASTRO (F-B)
Manager, Banco Central de
Costa Rica
ARRIVE
TOKYO
9/6
9/6
9/6
9/6
Alvaro LOPEZ, Adviser
Adviser to the Monetary Board
Augusto RAMIREZ MORENO, Adviser 9/6
Member, Board of Directors,
Banco de la Republica
*Jorge MEJIA SALAZAR, Adviser
9/7
President, Banco de Bogota anl
Member, Board of Directors,
Banco de la Republica
*Eduardo SOTO P., Adviser
9/6
President, Banco de Colombia
and Member, Board of Director^,
Banco de la Republica
*Guillermo HERRERA CARRIZOSA,Adv. 9/5
President, Corporacion Financiera de Desarrollo Industria
*Vicente URIBE, Adviser
9/3
President, Banco Comercial
Antioqueno
Camilo HERRERA, Adviser
Manager, Banco del Comercio
Miss Beverly LEIGNER, Secretary
to the Delegation
9/4
9/4
9/4
Louis LAMONZIE, Adviser
9/6
8/31
9/5
*Jose Antonio CASTRO (Temp.) ( B) 9/5
Member, Board of Directors,
Banco Central de Costa Rica
Guillermo GONZALEZ (Tegip.) (P)
*Wife accompanying Director, Researcfh
Dept., Banco
Central de Costa Rica
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Federal Reserve Bank of St. Louis
ADVISERS AND OTHERS
Patrice MBALA
Private Secretary to the
Minister of Finance
*Rufino GIL, Adviser
Economic Minister Counselor,
Embassy of Costa Rica,
Washington; Alt. ED (B)
9/4
(
Page 7
60VERNOR
ALTERNATE
MEMBER
a :us
DAHOMEY
#
Renos SOLOMIDES (B)
Minister of Finance
C. C. STEPHANI (P)
Accountant-General
9/5
Francois DJIBODE APLOGAN (F-B)
Minister of Finance, Economic
Affairs, and the Plan
9/4
Jean CHARPENTIER (F)
Director, Banque Centrale des
Etats de 1'Afrique de 1*Quest,
Cotonou
Marcel TOKPANOU (B)
Charge de Mission, Ministry of
Finance, Economic Affairs, and
the Plan
Svend NIELSEN (F)
Governor, Danmarks Nationalbank
Kjeld PHILIP (B)
Minister for Economic Affairs
*0tto MULLER (B)
Permanent Under-Secretary of
State, Ministry of Commerce
Steen M. SECHER (Temp.)(F)
Head of the Secretariat for
the National Debt, Ministry
of Finance
DOMINICAN
REPUBLIC
ARRIVE
TOKYO
Diogenes H. FERNANDEZ (F)
Governor, Banco Central de
la Republica Dominicana
Jose Andres AYBAR CASTELLANOS
Luis Maria GUERRERO GOMEZ
(Temp.)(F-B)
<
*Wife accompanying
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Federal Reserve Bank of St. Louis
ADVISERS AND OTHERS
ARRIVE
TOKYO
9/5
Robert JULIENNE, Adviser
Director General, Banque
Centrale des Etata de
1'Afrique de 1'Quest, Paris
Pierre SANNER, Adviser
8/31
Director of Research, Banque
Centrale des Etats de 1'Afriq
de 1'Quest, Paris
9/4
9/3
Miss Alice BRUN, Adviser
ED (B)
9/4
9/6
Torben FRIIS, Adviser
Manager, Danmarks Nationalbank
9/3
9/6
9/6
Page 8
GOVERNOR
ALTERNATE
MEMBER
ECUADOR
ARRIVE
TOKYO
Victor J. MASPONS y BIGAS (B)
9/6
Minister of Commerce and
Banking
Guillermo PEREZ CHIRIBOGA (p)
General Manager, Banco Central
del Ecuador
9/6
ADVISERS AND OTHERS
ARRIVE
TOKYO
Jose C. CARDENAS (B)
9/6
Minister of Development
Francisco BAQUERIZO (Temp.)(F)
9/6
General Secretary, Banco Centra]
del Ecuador
EL SALVADOR
ETHIOPIA
<fFrancisco AQUINO (F-B)
President, Banco Central de
Reserva de El Salvador
9/4
Walter BENEKE, Adviser
Ambassador of El Salvador
to Japan
*Roberto DAGLIO, Adviser
^Abelardo TORRES (B)
Minister of Economy
^Roberto HILL (P)
Director, Banco Central de
Reserva de El Salvador
9/4
Miss Martha M. GUERRERO, Private 9/4
Secretary to the Chairman
Yilma DERESSA (B)
Minister of Finance
Menasse LEMMA (F)
Governor, National Bank of
9/5
9/4
9/4
Ethiopia
Yawand-Wossen MANGASHA (F)
Vice-Governor, National Bank
of Ethiopia
Bulcha DEMEKSA (B)
Director General, Budget Dept.,
Ministry of Finance
FINLAND
9/4
9/5
R. v. FIEANDT (B)
Envoy Extraordinary and Ministei
Plenipotentiary
Reino ROSSI (F)
Member of the Board of Management, Bank of Finland
9/5
Esko REKOLA (B)
Minister of Finance
Jouko J. VOUTILAINEN (F)
9/6
Secretary, Bank of Finland
*Stanislaw KIRKOR, Adviser
Financial Adviser, Ministry
of Finance
Eino SUOMELA. Adviser
Alt. ED (B)
9/5
9/5
9/5
<
* W i f e accompanying
**Residence
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Federal Reserve Bank of St. Louis
Tokyo
Page 9
60VERHOR
ALTERNATE
MEMBER
*Valery GISCARD d»ESTAING (B)
Minister of Finance and
Economic Affairs
*Jacques BRUNET (F)
Governor, Banque de France
Fl
ARRIVE
TOKYO
9/6
9/4
Maurice PEROUSE (B)
9/4
Director of Treasury, Ministry
of Finance and Economic Affairs
*Andre de LATTRE (F)
9/3
Director of External Finance,
Ministry of Finance and Economic
Affairs
ADVISERS AND OTHERS
*Rene LARRE, Adviser
ED (F-B)
Gerard M. TEYSSIER, Adviser
Alt. ED (F)
Bernard CLAPPIER, Adviser
Deputy Governor, Banque de
France
ARRIVE
TOKYO
9/4
9/3
9/4
Jean de LARGENTAYE, Adviser
9/4
Inspecteur General des Finances
*Julien-Pierre KOSZUL, Adviser
9/4
Director General, Foreign Dept,
Banque de France
*Pierre ESTEVA, Adviser
9/4
Secretary General, National
Council of Credit
*Claude PIERRE-BROSSOLETTE, Adv.
9/4
Deputy Director of External
Finance, Ministry of Finance
and Economic Affairs
(
Rene LAPAUTRE, Adviser
Technical Adviser to the
Minister of Finance and
Economic Affairs
Daniel DEGUEN, Adviser
Assistant Director of External
Finance, Ministry of Finance
and Economic Affairs
Mrs. Camille COX, Secretary
Miss Estelle TARTRE, Secretary
GABON
•
Andre Gustavo ANGUHE (B)
Minister of National Economy,
the Plan, and Mines
Jean ENGCNE (F)
Minister of Finance
9/4
9/4
Etiennc M»BOUMBA-MOUNDOUNGA (B)
9/4
Director of Economic Affairs
*Claude PANOUILLOT (F)
9/4
Director General, Banque Central^
des Etats de 1'Afrique Equatoriale et du Cameroun, Paris
*Wif«
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Federal Reserve Bank of St. Louis
8/29
9/1
Page 10
GOVERNOR
ALTERNATE
MEMBER
GERMANY
Kurt SCHMUECKER (B)
Minister of Economic Affairs
Karl BLESSING (p)
President, Deutsche Bundesbank
Wolfram LANGER (p)
Under Secretary, Ministry of
Economic Affairs
Hans KENCKEL (Temp.)(P-B)
Assistant Secretary, Ministry
of Economic Affairs
Fritz G. FECHNER (Temp.)(B)
Assistant Secretary, Ministry
of Finance
ARRIVE
TOKYO
9/5
9/4
9/6
9/4
9/5
ADVISERS AND OTHERS
Ulrich BEELITZ, Adviser
ED (P)
Otto DONNER, Adviser
ED (B)
Walter 0. HABERMEIER, Adviser
Alt. ED (p)
Helmut ABRAMOWSKI, Adviser
Alt. ED (B)
Rolf GOCHT, Adviser
Assistant Secretary, Ministry
of Economic Affairs
Otmar EMMINGER, Adviser
Member, Board of Directors,
Deutsche Bundesbank
Otto PFLEIDERER, Adviser
President, Land Central Bank,
Baden-Wuerttemberg
Hans Carl Count von HARDENBERG,
Adviser
Deputy Assistant Secretary,
Foreign Office
Franz KLAMSER, Adviser
Deputy Assistant Secretary,
Ministry for Economic Cooperation
Viktor Baron von der LIPPE,
Adviser
Adviser to President Blessing,
Deutsche Bundesbank
Guenther SCHLEIMINGER, Adviser
Director, Deutsche Bundesbank
Guenter DUERRE, Adviser
Division Chief, Ministry of
Economic Affairs
Helmut KOINZER, Adviser
Division Chief, Ministry of
Economic Affairs
Ulrich ENGELMANN, Adviser
Personal Adviser to Minister
Schmuecker, Ministry of
Economic Affairs
Klaus OERTEL, Adviser
Personal Adviser to Minister
Schmuecker, Ministry of
Economic Affairs
Peter SCHOLZ, Adviser
Egon MONTZKA, Adviser
Miss Gerda BURRE, Interpreter,
Ministry of Economic Affairs
Mrs. Rosemarie DJABADARY,
Secretary
Miss Annelore SCHMIDT, Secretary
*Wife accompanying
Tokyo
**Residence
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Federal Reserve Bank of St. Louis
Page 11
GOVERNOR
ALTERNATE
MEMBER
G
JA
ARRIVE
TOKYO
K. AMOAKO-ATTA (F-B)
Minister of Finance
9/5
W. M. Q. HALM (B)
9/5
Governor, Bank of Ghana
A. B. K. ASHIABOR (Temp.)(F)
9/5
Principal Assistant Secretary,
Ministry of Finance
*Xenophon ZOLOTAS (F)
Governor, Bank of Greece
*George I. MAVROS (B)
Governor, National Bank of
Greece
GREECE
9/5
8/31
John S. PESMAZOOLU (F)
9/5
Deputy Governor, Bank of Greeoi
John P. PARASKEVOPOULOS (B)
9/5
Deputy Governor, National Bank
of Greece
GUATEMALA
*Carlos E. PERALTA MENDEZ (B)
Minister of Economy
Arturo PEREZ-GALLIANO (F)
President, Banco de Guatemala
9/5
9/5
"Jorge Lucas CABALLEROS MAZARIEQOS 9/4
Minister of Finance
(B)
*J. Francisco FERNANDEZ RIVAS (F) 9/5
Manager, Banco de Guatemala
ADVISERS AND OTHERS
J. H. MENSAH, Adviser
Chief Economist, Offioe of
the Planning Commission
J. H, FRIMPONG-ANSAH, Adviser
and Secretary to the
Delegation
Chief Statistician, Bank of
Ghana
*¥* BAIDOB-ANSAH, Adviser
Ambassador of Ghana to Japan
E. ABDTJLLA, Adviser
First Secretary, Ghana
Bobassy, Tokyo
*Costa P. CARANICAS, Adviser
Economic Minister, Greek
Embassy Washington}
Alt. ED (F)
George OONDICAS, Adviser
General Manager, National
Investment Bank of Greece
Nicola* KYRIAZIDIS, Adviser
Mrs. lole B. LOPEZ, Secretary
##
#
Ousmane BALDET (P-B)
Governor, Banque Centrale de
la Republique de Guinee
Marcel CROS (Temp.)(F-B)
Director General, Credit
National
*Wife accompanying
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Federal Reserve Bank of St. Louis
**Residence Tokyo
9/5
9/5
9/5
8/31
8/31
9/2
K&nuel RUBIO-SANCEEZ, Adviser 9/5
Chief of Public Relations,
Banco de Guatemala
Jorge GONZALEZ del VALLE,Advise; 9/5
Director of Economic Research
Banco de Guatemala
Jorge PAPADOPOLO, Adviser
9/4
Emilio PERALTA, Adviser
GUINEA
ARRIVE
TOKYO
Mamady CAMARA, Adviser
Ambassador of the Republic
of Guinea to Peking
9/4
Page 12
eOVERNOR
ALTERNATE
MEMBER
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
~~
HAITI
HONDURAS
Edgardo DUMAS RODRIGUEZ (B)
9/4
Minister of Economy and
Finance
Roberto RAMIREZ (F)
President, Banco Central de
Honduras
9/4
Guillermo 3UESO (F)
Chief, Department of Economic
Studies, Banco Central de
Honduras
ICELAND
9/4
*Gylfi GISLASON (F)
Minister of Commerce
Thor THORS (B)
Ambassador of Iceland to the
United States
9/5
*VilhjaOjnur THOR (F)
Governor, The Central Bank of
Iceland
"Johannes NORDAL (Temp.)(B)
Governor and Chairman of the
Board of Governors, The
Central Bank of Iceland
9/5
Wife
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9/6
9/5
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Page 13
GOVERNOR
ALTERNATE
MEMBER
n ,
T. T. KRISHNAMACHARI (P-B)
Minister of Finance
P. C. BHATTACHARYYA (F)
Governor, Reserve Bank of India
S. BHOOTHALINGAM (B)
Secretary, Ministry of Finance
IRAN
I
ARRIVE
TOKYO
9/5
9/4
9/5
SOERJADI (F)
Deputy Governor, Bank Indonesia
*HARSONO REKSOATMODJO (B)
Ambassador of the Republic of
Indonesia to Japan
9/2
*Bambang SENTANU (F)
Secretary, Minister of Finance
SOERJONO SASTROHADIKOESOEMO (B)
Assistant Minister of Finance,
Ministry of Finance
9/2
Amir Abbas HOVEYDA (B)
Minister of Finance
Mehdi SAMII (F)
Governor, Bank Markazi Iran
*Jahangir AMUZEGAR (B)
Ambassador-at-Large, Chief of
the Iranian Economic Mission,
Washington, D. C*
Cyrus TOWFIQ (Temp.)(P)
Assistant Director, Research
Department, Bank Markazi Iran
*Wif«
w w
Residence
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Tokyo
9/2
9/5
ADVISERS AND OTHERS
B. K. MADAN, Adviser
Deputy Governor, Reserve
Bank of India
J. J. ANJARIA, Adviser
ED (F)
K. S. SUNDARA RAJAN, Adviser
ED (B)
I. G. PATEL, Adviser
Chief Economic Adviser,
Ministry of Finance
C. S. KRISHNA MOORTHI, Adviser
Joint Secretary, Ministry of
Finance
A. K. GHOSH, Adviser
Alt. ED (F)
R. V. KRISHNAN, Adviser
Private Secretary to the
Finance Minister
*R. K. JERATH, Adviser
First Secretary (Commercial),
Embassy of India, Tokyo
ARRIVE
TOKYO
9/4
9/4
9/5
9/5
9/4
9/5
**
Mrs. Nell BELAIR, Secretary
0. P. MALHOTRA, Secretary
9/4
SUMANANG, Adviser
ED (F)
Bermawie ALWIE, Adviser
President, Indonesian Develop
ment Bank
8/29
9/2
^Abdullah HABIR, Secretary to
the Delegation
Economic Counsellor, Indonesian Embassy, Tokyo
All A. KHOSROPUR, Adviser
Alt. ED (B)
9/5
Nader AKRAMI, Adviser
Head, Int'1 Organizations
Section, Research Dept.,
Bank Markazi Iran
9/5
9/5
9/4
9/5
Page 14
GOVERN OR
ERNATE
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MEMBER
IRAQ
Khair El-Din HASEEB (F-B)
Governor, Central Bank of
Iraq
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ADVISERS AND OTHERS
ARRIVE
TOKYO
9/5
Subhi FRANKOOL (?)
Chief of Banking, Central
Bank of Iraq
Khalil AL-SHAMMA* (B)
Acting Chief of Statistics
and Research Department,
Central Bank of Iraq
IRELAND
ISRAEL
T. K. WHITAKER (B)
Secretary, Department of Finance
9/4
D. B. 0«MALLEY (Temp.)(F)
Parliamentary Secretary to the
Minister for Finance
S. F. MURRAY (Temp.)(B)
Assistant Secretary, Department
of Finance
9/5
9/5
Plnhas SAPIR (F)
Minister of Finance, Minister
of Commerce and Industry
David HOROWITZ (B)
Governor, Bank of Israel
9/5
»Jacob ARNON (B)
Director General, Ministry of
Finance
Y. J. TAUB (F)
Secretary General (Acting),
Bank of Israel
9/1
*Wlft tccoaptnylnf
Tokyo
**Re8idence
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'
9/5
9/3
Mordekhai SHNESRSCN, Adviser
Ambassador of Israel to Japan
Mr. Avraham NEEMAN, Adviser
First Secretary (Economic),
Bnbassy of Israel, Tokyo
Dr. Avraham NEEMAN, Adviser
Director, Industrial Development Bank of Israel, Ltd.
9/4
Page 15
aOVERHOR
ALTERNATE
MEMBER
ITALY
Emilio COLOMBO (p)
Minister of the Treasury
Guido CARLI (B)
Governor, Banca d 1 Italia
Guido CARLI (F)
Governor, Banca d1Italia
ARRIVE
TOKYO
9/6
9/6
9/6
ADVISERS AND OTHERS
Gaetano STAMMATI, Adviser (F)
Director General, Treasury
Administration, Ministry of
the Treasury
Egidio ORTONA, Adviser (F)
Director General of Economic
Affairs, Ministry of Foreign
Affaire
Giovanni De PAOLIS, Adviser (F)
Director General of Foreign
Exchange, Ministry of Foreign
Trade
Domenico BRANCATISANO, Adviser(
Inspector General, Ministry
of the Treasury
Guido FORTE, Adviser (P)
Director of Division, Ministr;
of Foreign Trade
Giorgio ROTA, Adviser (F)
Chief Inspector, Ministry of
the Treasury
ARRIVE
TOKYO
9/6
9/6
9/6
)9/6
9/6
9/5
Emilio RANALLI, Adviser (B)
9/6
Central Manager, Banca d 1 Italia
Alfredo VERMJCCI, Adviser (B)
9/6
Managing Director, Ufficio
Italiano dei Carabi
Antonino ZECCHI, Adviser (B)
9/6
Director and Representative
of Banca d 1 Italia in the
United Kingdom
Rinaldo OSSOLA, Adviser (B)
9/3
Director of International
Economics Research Dept.,
Banca d1Italia
Federico GAFFE, Adviser (B)
9/6
Adviser of the International
Economics Research Dept.,
Banca d 1 Italia
Mario ERCOLANI, Adviser (B)
9/6
Director in the Italian
Economics Research Dept.,
Banca d 1 Italia
Florio GRADI, Adviser (B)
9/6
Representative of the Ufficio
Italiano dei Cambi in the
United States
i
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Sergio SIGLIENTI, Adviser
ED (P)| Alt. ED (B)
9/4
Mrs. Lillian KELLY, Secretary
to Delegation
9/3
Page 16
eOVEMOR
ALTERNATE
MEMBER
IVORY COAST
JAMAICA
M
JAPAN
ARRIVE
TOKYO
Raphael SALLER (F-B)
Minister of Finance
9/5
Jean-Baptiste AMETHIER (F)
Director of Foreign Finance
and of Credit
Mohamed DIAWARA (B)
Ganeral Administrator of the
Plan
9/5
ADVISERS AND OTHERS
ARRIVE
TOKYD
Francois ELIARD, Adviser
Director, Banque Centrale des
Etats de 1'Afrique de 1!Quest,
Abidjan
9/5
D. B. SANGSTER (F-B)
Deputy Prime Minister and
Minister of Finance
9/5
9/5
S, J. STEPHENS, Adviser
Adviser, Bank of Jamaica
9/5
C. Arthur BROWN (B)
Financial Secretary, Ministry
of Finance
S. W. PAYTON (F)
Governor, Bank of Jamaica
9/5
9/5
R. I. MASON, Adviser
Assistant Financial Secretary
Ministry of Finance
^
Kafaaai TANAKA
Xiniatar of Finanoa
Maa«»iohi TANAOIWA (F-B)
Qovarnor, Tha Bank of Japan
Shiniohi ISHHO (T»*p.)(*-B)
AdainiatratiT* Vioa Xiniatar
of Finanoa
Toehio KATAQIHI (Toap*)(*-*)
Financial Coaaiaaioner,
Miaiatzj of Tiaaaoo
Nakoto YATAHABS (T«ap.)(P-B)
Dlrootor of tho International
Tiaaaoo Buroau, Miaiatxy of
Fiaanoo
Tadaahl SASAKI (T*»p.)(P-B)
Vioo-Oorarnory Tha Bank of
Japan
Haxuo MAHCAVA (T«ap.)(7-B)
Director, Tha Bank of Japan
Naaao KATA (Taap.)(P~B)
Tho Bank of Japan
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Takatoahi YAMASHITA, Adriaor
Brtrogr Bztraordinazgr and
Niniatar Plantpotentiaxy to
tha Dhitad Stataa
Hiroahi TATOTOHA, AdTiaor
Daput/ Yioa Xiniatar of
Fiaanoa
Naaaru PUKUBA, Adriaar
Xiniatar to tha Unitad
Kingdoa
Hidao SUZUKI, AdTiaar
Daputy Direotor of tha
latarnatioaal Finanoa Buraau9
Xiaiatrj of Finanoa
Tumika KASHIWAQI, Adriaar
Boputy Biraotor of tha
Ihtarnational Finanoo Buraauy
Xiniatry of Finanoa
Shiohiro XDHAI, Adriaar
Doputy Diraotor of tha
International Finanoo Buraau,
Xiniatry of Finanoa
lohiro KATAKAMI, Adriaar
Daputy Dirootor of tha
Soonoaio Cooparation Buraau,
Kinlatry of Foroifn Affairs
Koiohi IHAMURA, Adriaar
Daputy Dirootor of tha
International Finanoa Buraau,
Xiniatry of Finanoa
(continued)
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GOVERNOR
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ADVISERS AND OTHERS
Hirosdohi MITAZAKI, Adviser
Chief of the First Section of
International Organizations,
Economic Affairs Bureau,
Ministry of Foreign Affairs
Keijiro KAKAHASHI, Adviser
Secretary to the Minister of
Finance
Miohiya MATSUKAWA, Adviser
Chief of the International
Organisations Section,
International Finance Bureau,
Ministry of Finance
JAPAlf
Keijiro TANAKA, Adviser
Deputy Financial Commissioner
Ministry of Finance
Takeshi TOSHIZAWA, Adviser
Chief of the Foreign
Department, The Bank of Japan
Shire IHOUE, Adviser
Adviser for International
Finance, The Bank of Japan
lohiro OERQO, Adviser
Chief Secretary, The Bank
of Japan
Masaya HATTORI, Adviser
Chief of the Foreign
Relations Section, Foreign
Department, The Bank of
Japan
Hyosaku KAJI, Adviser
Parliamentary Vioe Minister
of Finance
Naotugu NABBSHBCA, Adviser
Parliamentary Yioe Ministsr
of Finance
Tukio HASUMI, Adviser
Envoy Extraordinary and
Ambassador Plenipotentiary
Oengo SUZUKI, Adviser
Executive Director of the
International Monetary fund
and International Bank for
Reconstruction and Developmen'
Eiji OZAKI, Adviser
Alternate Executive Director
of the International Bank
for Reconstruction and
Development
KeiyaNAQAMATSU, Adviser
Assistant to the Deputy
Financial Commissioner,
Ministry of Finance
«
(continued)
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GOVERNOR
ALTERNATE
MEMBER
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
Moriyuki SAITO, Adviser
AsBlatant to the Deputy
Financial Conissioner,
Ministry of Finance
Horio TSUKAQOSHI, Adviser
Assistant to the Deputy
Financial Cosunisaioner,
Ministry of Finance
Xaaateru TOSHIBA, Adviser
Assistant to the Chief of
the International Organisations Section, International!
Finance Bureau, Ministry of
Finance
Hirotake FUJIHO, Adviser
Assistant to the Chief of
the Coordination Section,
International Finance Bureau,
Ministry of Finance
Tetsue KOHDO, Adviser
Technical Assistant to
Executive Director Susuki,
International Monetary Fund
JAPAN
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MEMBER
GOVERNOR
ALTERNATE
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
JurtDAN
Khali1 SALIM (p)
9/5
Governor, Central Bank of
Jordan
Adeeb SUGHAYER (B)
9/4
Under Secretary (Finance),
Ministry of Finance
KENYA
9/6
J. N. MICHUKI, Adviser
Deputy Eermanent Secretary
to the Treasury
9/6
Jung Han RHI (P-B)
Minister of Finance
9/3
9/3
Jae Sul LEE (Temp.)(P)
Director, Foreign Exchange
Bureau, Ministry of Finance
Wan Mo HONG (Temp.)(B)
Manager, Research Department,
The Bank of Korea
9/3
So Yong CHUNG, Adviser
Economic Secretary to the
President
Byoung Kyu SUH, Adviser
Manager, Tokyo Branch,
The Bank of Korea
Seung Doo YOON, Adviser
Manager, Osaka Branch,
The Bank of Korea
Sangjin CHYUN, Adviser
Director, Economic Affairs
Bureau, Ministry of
Foreign Affairs
•*Moon Yong RHIE, Adviser
First Secretary, Korean
Mission in Japan
J. S. GICHURU (P-B)
Minister for Finance and
Economic Planning
KOREA
<
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9/3
9/5
9/5
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ARRIVE
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ADVISERS AND OTHERS
ARRIVE
TOKYO
KUWAIT
Adnan MAHHOUK, Adviser
Economic Adviser, Kuwait Fund
for Arab Economic Development
Abdlatif Y. AL-HAMAD (B)
Director General, Kuwait Fund
for Arab Economic Development
Hamzeh Abbas HUSSEIN (F)
Secretary, Kuwait Currency
Board
LAOS
#
9/3
9/4
9/4
Sisouk NA CHAMPASSAK (F-B)
Secretary of State for Finance
8/31
Phouangpheth PHANARETH (B)
9/4
Sitha SISOMBAT, Adviser
9/4
Director, Foreign Department,
Banque Nationale du Laos
Oudong SOUVANNAVONG (p)
Governor, Banque Nationals
du Laos
LEBANON
LIBERIA
*Andre TUENI (p)
Director General of Finance,
Ministry of Finance
Elias SARKIS (B)
Director General of the Civil
Cabinet, Presidency of the
Republic
9/5
9/6
Farid SOLH (p)
Director of Finance Affairs,
Ministry of Finance
Raja HIMADEH (B)
Government Commissioner to
BCAIF, Ministry of Finance
9/5
Charles Dunbar SHERMAN (P-B)
Secretary of the Treasury
9/6
J. Milton WEEKS (P-B)
Director General of National
Planning
9/5
'Wife accompanying
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9/5
S. Edward PEAL, Adviser
Ambassador of Liberia to the
United States
George A. BLOWERS, Adviser
President, Financial
Consultants, Inc.
9/6
9/6
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GOVERNOR
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MEMBER
Li
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A
Khalil BENNANI (F)
Governor, Bank of Libya
|*Ali A. ATTIGA (B)
Undersecretary, Ministry of
Planning and Development
LUXEMBOURG
MAmGASY
REPUBLIC
9/5
9/5
Pierre WERNER (F-B)
Prime Minister and Minister of
Finance
9/2
Gustave STOLTZ (F)
Director, Caisse d!Epargne
de 1'Etat
9/2
9/6
Victor MIADANA (F)
Minister of Finance; President
of the Board, Institut d'Bnissioi
Malgache
Ralison RAKOTOVAO (B)
9/6
Legal Representative of Caisse
Centrale de Cooperation
Econcmique; Director, Institut
d (Qnis s ion Malgache
Louis RAKOTCMALALA (B)
Ambassador of the Malagasy
Republic to the United States
Raymond RABENQRO (F)
Director General of Finance;
Director, Institut d 1 Emission
Malgache
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9/2
9/6
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|*TAN SIEW SIN (F-B)
MALAYSIA
ARRIVE
TOKYO
9/4
Minister of Finance
*Dato ABDUL JAMIL (B)
Secretary to the Treasury
ISMAIL bin MOHAMED ALI (F)
Governor, Central Bank of
Malaysia
KALI
MAURITANIA
#
9/4
9/4
Jean-Marie KONE (F)
Minister of State for Planning
and Coordination of Economic
and Financial Affairs
Louis-Pascal NEGRE (B)
Governor, Banque de la
Republique du Mali
9/5
Hamacire N«DOURE (F)
Minister Delegate* to the
Presidency
Eli LOBEL (Temp.)(B)
Technical Adviser, Banque de
la Republique du Mali
9/5
Bocar Alpha BA (F)
Minister of Finance, Labor,
and Economic Affairs
Mohamed Lamine Quid HAMONI (B)
Ccoaissioner General for the
Plan
9/4
Mamadou KANE (B)
Director General, Banque
Mauritanienne de Developpement
Robert PEBAYLB (F)
Director, Banque Centrale des
Etats de lUfrique de I1 Quest,
Nouakchott
9/4
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9/5
ADVISERS AND OTHERS
ARRIVE
TOKYO
(
^Abdullah AYUB, Adviser
Deputy Controller of Supply,
The Treasury
G. K, RAMA IYER, Adviser
Acting Under Secretary (Finance
The Treasury
TAN CHYE MIAN, Personal Assistant 9/4
to the Minister of Finance
LIM MENG JIT, Security Officer
9/4
to the Minister of Finance
Oumar LY, Adviser
Director General, Societe
Malienne Import-Export
Madame SY, Secretary to the
Delegation
9/5
9/5
9/4
9/4
9/8
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ADVISERS AND OTHER!
9/4
*Praxedes REINA HERMOSILLO,
Adviser (F)
ED (F)
*Daniel J. BELLO, Adviser (F)
Subdirector, Banco de
Mexico, S.A.
*Javier MARQUEZ, Adviser (F)
Director, Centre de Estudios
Monetarios Latinoamericanos
MEiICO
*Rodrigo GOMEZ (P)
Director General, Banco de
Mexico, S.A.
*Jose HERNANDEZ DELGADO (B)
Director General, Nacional
Financiera, S.A.
9/4
ARRIVE
TOKYO
9/4
9/4
9/4
*Alfredo NAVARRETE, Adviser (B) 9/4
Subdirector, Nacional
Financiera, S.A.
*Francisco RUIZ de la PENA,
9/4
Adviser (B)
Department Head, Nacional
Financiera, S.A.
*Juan GALLARDO MORENO,
9/4
Adviser (B)
Coordinator of Alianza para
el Progreso
MOROCCO
Mohamed Amine BENGELOUN (B)
Director General, Banque
Nationale pour le Developpement Economique
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Page 24
MEMBER
NEPAL
NETHERLANDS
NIK ZEALAND
flOVERNOR
ALTERNATE
ARRIVE
TOKYO
Surya Bahadur THAPA (B)
Vice Chairman of the Council of
Ministers and Finance Minister
Lakshmi Nath GAUTAM (?)
Governor, Nepal Rastra Bank
9/6
Yadav Prasad PANT (B)
Secretary, Ministry of Finance
Naresh Man SINGH (F)
Director, Nepal Rastra Bank
9/6
H. J. WITTEVEEN (B)
Minister of Finance
M. W. HOLTROP (F)
President, De Nederlandsche
Bank N.V.
9/3
E. van LENNEP (F)
Treasurer General, Ministry
of Finance
*S. POSTHUMA (B)
Managing Director, De Nederlandsche Bank N.V.
9/3
*The Hon. H. R. LAKE (F)
Minister of Finance
E. L. GREEN3OTH, C.M.G. (B)
Secretary to the Treasury
A. R. LCW (F)
Deputy Governor, Reserve Bank
of New Zealand
J. D. LANG (B)
Finance Officer, Department
of the Treasury
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ARRIVE
TOKYO
9/5
9/5
9/3
P. LIEFTINCK, Adviser
ED (F-B)
*H.M.H.A. van der VALK, Adviser
Alt. ED (F)
V. M. de MIRANDA, Adviser
President, Centrale Bank van
Suriname
Miss G. A. KOEN, Adviser
De Nederlandsche Bank N.V.
9/3
9/5
8/31
9/5
C. van der TAK, Adviser
Head, Multilateral Affairs
Dept., Ministry of Finance
T. de VRIES, Personal Assistant
to Dr. Holtrop
Miss K. van den AKKER,Secretar;
Mrs. J. S. ACKERMANN, Secretary
Miss A. VERVELDB, Secretary
9/3
E. G. BUCKTON, Adviser
Private Secretary to the
Minister of nuance
9/6
9/3
9/2
9/3
9/6
9/5
9/5
9/5
Page 25
GOVERNOR
ALTERNATE
MEMBER
NICARAGUA
NIGER
#
Quillermo SEVILLA SACASA (B)
Ambassador of Nicaragua to
the United States
*Francisco J. LAINEZ (?)
President, Banco Central de
Nicaragua
9/5
9/4
Courmo BARCOTJRGNE (P-B)
Minister of Finance and
Economic Affairs
9/4
9/4
E. 0. OGBTJ (B)
Permanent Secretary, Federal
Ministry of Finance
A MAI-BORNU (F)
Governor, Central Bank of
Nigeria
9/3
*Wife accompanying
Alfonso ORTEGA URBINA, AdTlser
Minister of Foreign Affaire
9/4
Amadou ALKALI, Adviser
Chief of the Money Credit
Division, Ministry of
Finance
9/4
B. A. EHIZUENLEN, Adviser
Assistant Principal Secretary
Federal Ministry of Finance
J. S. RAJ, Adviser
General Manager, The
Nigerian Industrial Development Bank, Ltd.
A. B. BASSET. Adviser
Deputy Director of Research,
Central Bank of Nigeria
F» M. ETUOKWU, Secretary to
the Governor of the Central
Bank of Nigeria
9/3
Miss EYETSEMITAN, Secretary
Miss LEVER, Secretary
9/5
9/5
9/4
9/5
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9/4
Chief Festus Sam OKOTIE-EBOH
(P-B)
Federal Minister of Finance
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ADVISERS AND OTHERS
9/4
Andres GARCIA (B)
Minister of Economy
Federioo B. LANO (P)
Preeidenty Banco Nacional de
Nicaragua
*Luoien BAYLB (B)
Commissioner General of the
Plan
Charles OODEPROT (P)
Director, Banque Centrals des
Etats de 1'Afrique de I1Quest,
Niamey
NIGERIA
ARRIVE
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9/3
9/3
9/3
9/3
Page 26
GOVERNOR
ALTERNATE
MEMBER
NORWAY
*0. C. OUNDERSBH (B)
Minister of Juitio*
*Erik BROFOSS (p)
Qovernor, Norgee Bank
ARRIVE
TOKYO
9/2
9/2
Thomas LOVOLD (?)
9/5
Director, Ministry of Commerce
and Shipping
Christian BRINCH (B)
9/4
Permanent Secretary, Ministry
of Commeroe and Shipping
ADVISERS AND OTHERS
Karl SKJAEVELAND, Adviser
ED (P)
Sriing BORRESEN, Adviser
Director, Norges Bank
*%il R. NYQAARD, Adviser
Anbassador of Norway to
Japan
Miss Solveig ANDRESEN,
Secretary
ARRIVE
TOKYO
9/o
9/2
**
9/5
PAKISTAN
S. A. HASNIE (P)
Governor, State Bank of
Pakistan
9/5
M. MAJID ALT. (P)
9/5
Joint Secretary, Ministry of
Finance
3. A. SOBHAN (B)
Secretary, Planning Division,
Government of Pakistan
PANAMA
PARAGUAY
Julio B. LINARES (B)
9/4
Minister of Finance and
Treasury
"Rene ORILLAC (P)
General Manager, Banco Naoionajl
de Panama
"Carlos P. ALPARO (P)
Director, Banco Naoional de
Panama
Carlos A. VELARDE (B)
General Manager, Desarrollo
Industrial, S.A.
9/4
"General Cesar BARRIENTOS (P)
Minister of Finance
"Cesar Romeo ACOSTA (B)
President, Banco Central del
Paraguay
9/5
*Edgar P. TABOADA (P)
9/5
Undersecretary of Finance,
Ministry of Finance
Oscar STAHK RIVAROLA (B)
Manager, Banco Central del
Paraguay
*Wife accompanying
""Residence Tokyo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/6
9/5
9/4
<
"Federioo HUMBERT, Adviser
Julio Ernesto HEURTEMATTE,
Adviser
9/6
9/4
Page 2?
GOVERNOR
ALTERNATE
MEMBER
PERU
Celso PASTOR (B)
Ambassador of Peru to the
United States
*Enrique BELLIDO (F)
President, Banco Central de
Reserva del Peru
ARRIVE
TOKYO
9/5
9/6
Emilio G. BARRETO (F)
9/5
Director of Economic Studies,
Banco Central de Reserva del Peru
Tulio De ANDREA (B)
9/5
General Manager, Banco Industrial del Peru
PHILIPPINES
*Andres V. CASTILLO (F-B)
Governor, Central Bank of the
Philippines
9/4
Rafael S. RECTO (F-B)
President, Philippine
National Bank
PORTUGAL #
<
*Antonio M. PINTO BARBOSA (B)
Minister of Finance
L. M. TEIXEIRA PINTO (B)
Minister of Economy
•Manuel JACINTO NUNES (F)
Vice Governor, Banco de
Portugal
*Wlft
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ADVISERS AND OTHERS
Jariar ONERO, Adriaar
Maaa&ar, Banco Cantralda
Raaarra d*l Ftra
*Carloa FSRRETROS, Adviser
President, Banco Industrial
del Peru
*Alfon»o MOSTSRO, Adviser
President, Corporaoion de
ARRIVE
TOKYO
9/1
9/1
Enargia Kleotrioa dal
Mantaro
Enrique ATULO PAHDO, Adviser
Preaidant, Banco da Credito
dal Pant
Juan PARDO ALTHAUS, Adviser
*Pablo LORENZO, Adviser
9/4
Chairman, Board of Governors,
Development Bank of the
Philippines
Banito LSQARDA, JrMAdriaar
Diraotor, Dapartusnt of
Eoonoaio Raaaaroh, Cantral
Bank of tha Philippiaaa .
*Andra HAYATO, Adriaar
Bank 8zaoutiT» Aaaiatant II,
Central Bank of tha
Philippinea
9/5
Jaaua A. VILLARIAL, Saoratary
to tha Dalagation
Cantral Bank of tha
Phllipplnaa
9/4
9/4
9/4
9/6
9/4
»Armenio FONSECA LCFES, Adviser (F]| 9/4
Head of the International
Relations Dept., Banco de
Portugal
Joao ARANTES RODRIGUES, Adviser(B|) 9/4
Principal Private Secretary to
the Minister of Finance
Albino CABRAL PESSOA, Adviser (B) 9/5
Financial Counselor, Portuguese
Embassy, Washington
Fernando CRUZ, Adviser (B)
9/5
Director General of the Portu
guese Industrial Association
Page 28
eOVERNOR
ALTERNATE
ARRIVE
TOKYO
G. CYJ31ANA (B)
Minister of Finance and Foreign
Commerce
*J. A. BRANDON (F)
Governor, Banque Nationale du
Rwanda
9/4
MEMBER
RWANDA
J. B. HABYARIMANA (F-B)
Vice Governor, Banque
Nationale du Rwanda
SAUDI ARABIA
SIERRA LEONE
9/4
9/4
*Ahmed Zaki SAAD (F-B)
Counselor to His Majesty the
King of Saudi Arabia; ED (F)
9/3
*Abid M. S. SHEIKH (P)
Minister of Commerce and
Industry
9/6
Jean COLLIN (F)
Minister of Finance
Amadou Karira GATE (B)
Minister of Rural Economy
9/6
Ibrahima TAL (B)
Director General, Banque
Nationale de Developpement du
Senegal
Jehan DUHAMEL (F)
Director, Banque Centrale
des
Etats de 1'Afrique de I 1 Quest,
Dakar
9/2
9/2
9/5
R. G. 0. KING (F-B)
Minister of Finance and
Development
Sheikh Batu DARAMY (B)
Financial Secretary, Ministry
of Finance and Development
G. B. HALL (F)
Governor, Bank of Sierra Leone
*Wlft accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/6
ADVISERS AND OTHERS
M. UZAMUGURA, Adviser
Director General of Foreign
Affairs, Ministry of Foreign
Affairs
Page 29
GOVERNOR
ALTERNATE
MEMBER
SOMALIA
Abdulcadir Mohamed ADEN (B)
Minister of Finance
Seek Abdi Hagi ABICAR (F)
President, Banca Nazionale
Somala
9/5
Ali Said ARRALE (F)
9/5
Director General, Ministry of
Finance
Francesco PALAMENOil-CRISPI (B)
Managing Director, Banca
Nazionale Somala
SOUTH AFRICA
SPAIN
ARRIVE
TOKYO
9/5
9/3
«G.W.G. BROWNE (F)
Secretary for Finance
*G. RISSIK (B)
Governor, South African
Reserve Bank
9/3
9/2
9/6
«Manuel VARELA (F)
9/5
Technical General Secretary,
Ministry of Commerce
*Juan Antonio ORTIZ GRACIA (Temp)(q)9/6
Director General, Institute of
Medium and Long Term Credit,
Ministry of Finance
<
Residence
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Tokyo
ARRIVE
TOKYO
9/5
*T. E. DONGES (F-B)
Minister of Finance
^Mariano NAVARRO RUBIO (B)
Minister of Finance
Alberto ULLASTRES (F)
Minister of Commerce
ADVISERS AND OTHERS
Leone FICI, Adviser
Acting Deputy Head Department
at the Secretariat, Banca
Nazionale Somala
*A.J.J. van VUUREN, Adviser
Alt. ED (B)
S.J.P. du PLES5IS, Adviser
Private Secretary to the
Minister of Finance
K. E. PAKENDORF, Adviser
Consul-General of the
Republic of South Africa,
Tokyo
9/5
9/3
*Joaquin GUTIERREZ CANO, Adviser 9/6
ED (B)
*Jose Miguel RUIZ MORALES, Advise]
Director General of Foreign
Financing, Ministry of Finance
*Francisco GIMENEZ TORRES, Advise]
Vice Governor, Banco de Espana
Juan Francisco MARTI de
BASTERRECHEA, Adviser
Joint Commissioner, Development Plan
*Huberto VILLAR SARRATT.TflT,Advise:
Managing Director, Institute
Espanol de Moneda Extranjera
Enrique MANZANARES, Adviser
Chief, Technical Department,
Ministry of Commerce
Juan SARDA, Adviser
Chief, Research Department,
Banco de Espana
J. M. BENJUMEA, Adviser
Department Head, Banco de
Espana
9/6
9/6
9/6
9/5
9/6
Page 30
MEMBER
GOVERNOR
ALTERNATE
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
SUDAN
«
SWEDEN
SYRIAN ARAB
REPUBLIC
Per ASBRINK (F)
Governor, Sveriges Riksbank
9/2
S. P. JOGE (P)
Deputy Governor, Sveriges
Riksbank
H. K. WICKMAN (Temp.)(B)
Under-Secretary of State,
Ministry of Finance
G , von SYDOW (Temp.)(B)
Under-Secretary of State,
Ministry of Commerce
9/4
9/4
9/3
9/4
9/5
Kamal HOSNI (F)
Minister of Economy
Moustafa CHAMMAA (B)
Minister of Finance
9/5
Adnan FARRA (P)
Governor, Banque Centrale
de Syrie
Abdulhadi NEHLAWY (B)
Secretary General, Ministry
of Finance
9/5
*Wife acconpanying
**Residence Tokyo
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Lennart OLOPSSON, Adviser
Alt.£D (F)
Lennart KLACKENBERQ, Adviser
Head of Division, Ministry
of Finance
*Sigge LILLIEHOOK, Adviser
Charge d1Affaires a.i.,
Royal Swedish Embassy, Tokyo
9/5
9/5
<
Page 31
GOVERNOR
ALTERNATE
MEMBER
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
TAi.-ANYIKA
THAILAND
TOGO
SUFTHORN HONGLADAROM (P-B)
Minister of Finance
9/2
BISUDHI NIMMANAHAEMINDA (P)
Director, Office of the
Governor, Bank of Thailand
CHANCHAI LEETAVORN ( T e m p . ) ( B )
Senior Economist, Fiscal
Policy Office, Ministry of
Finance
9/4
Antoine MEATCHI (F)
Vice-President of the Republic;
Minister of Finance, Economic
Affairs, and Planning
Boukari DJOBO (B)
Civil Administrator, Direction
of Planning
9/5
9/2
CHALALIT THANACHANAN, Adviser
Department of Economic
Research, Bank of Thailand
KIATIKORN PHROMYOTHI, Adviser
Chief Economist, Fiscal
Policy Office, Ministry of
Finance
ARAN THAMMANO, Adviser
Economist, Fiscal Policy
Office, Ministry of Finance
9/4
9/2
9/2
9/5
Paulin EKLOU (F)
9/5
Director of Development Plan
Jean TEVI (B)
9/5
Director of Financing of Programs
Service
TRINIDAD AND
TOBAGO
|C
A. N. R. ROBINSON (F)
Minister of Finance
!»John F. PIERCE (B)
Governor-Designate, Central Bank
Winston FUNG (F)
9/5
9/5
9/5
Permanent Secretary, Ministry
of Finance
F. A. FRANCIS (B)
Senior Economist, Ministry of
Finance
(
*Wlf« accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/5
Mrs. Patricia R. ROBINSON, Advise 9/5
Senior Economist, Central Bank
Mrs. Kathleen SUN CHEONG,
9/5
Secretary to the Delegation
Page 32
aovERpoR
MEMBER
TUNISIA
ALTERNATE
Ahmed BEN SALAH (B)
Secretary of State for Planning
and Finance
Hedi NOUIRA (F)
Governor, Banque Centrale de
Tunisie
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
9/5
9/4
Abderrazak RASSAA (F)
9/5
Director, Secretariat of State
for Planning and Finance
Moncef BELKHQDJA (Temp.)(3)
9/4
Deputy Director, Banque Centrale
de Tunisie
TURKEY
Kemal SATIR (?)
Minister of State and Deputy
Prlii* Minister
flerit MELHF (B)
Minister of Finance
9/4
9/4
Memduh ATTUR (F)
9/4
Undersecretary of the Ministry
of Finance
Ziya KATLA (B)
9/4
Oorernor, Central Bank of
Turkey
UGANDA
UNITED ARAB
REPUBLIC
A. Kalule SEMPA (F-B)
Minister of Finance
9/5
A.J.P.M. SSENTQNGO (F-B)
Secretary to the Treasury
9/5
|»A. M. EL KAISSOUNI (B)
Deputy Prime Minister for
Financial and Economic Affairs
and Minister of Economy
Nazeeh DIEF (F)
Minister of Treasury
Hamed EL SAYEH (B)
Under Secretary, Ministry of
Economy
Nazmy ABDEL HAMID (F)
Deputy Governor, Central Bank
of Egypt
*Wlft aecoepanylitf
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Kasuran GUHUV, Idriser
9/4
Assistant Secretary General,
Ministry of Foreign Affairs
M&hir ABLUM, AdTiser
9/4
Senior Assistant Director
General of the Treasury
<
9/4
9/4
9/4
9/4
'
Page 33
aOVEJJfOR
ALTERNATE
MEMBER
Ul^fED KINGDOM
ARRIVE
TOKYO
ADVISERS AND OTHERS
*The Rt.Hon. Reginald MAUDLING, H.P
(F)
Chancellor of the Exchequer
The Rt.Hon. The Earl of CRQMER,
M.B.E.
(B)
Governor, Bank of England
9/5
9/4
N.M.P. REILLY, C.M.G., Adviser
Alt. ED (B)
J. A. KIRBYSH3BE, Adviser
Alt. ED (F)
Sir Denis RICKETT, K.C.M.G.,C.B.
(B)
9/5
From H.M. Treasury:
*M. H. PARSONS (F)
Executive Director, Bank of
England
Maurice MACMILLAN, M.P. (Temp.)
(F-B)
Economic Secretary
Sir Eric ROLL, K.C.M.G.. C.B.
(Temp.)(F-B)
ED (F-B)
9/5
9/5
9/5
I. P. BANCROFT, Adviser
Private Secretary to the
Chancellor
A.K. CAIRNCROSS, C.M.G., Adviser
C. RAPHAEL, O.B.E., Adviser
D. F. HUBBACK, Adviser
H. L. JENKYNS, Adviser
T. FITZGERALD, Adviser
J. J. COWPERTHWAITE,O.B.E., Adv
From Bank of England:
A. L. COLEBY, Adviser
Private Secretary to Lord
Cramer
L. P. THOMPSON-McCAUSLAND,Adviser
F. J. PORTSMORE, Adviser
Personal Assistants:
Miss L. M. WILKINSON, P.A. to
the Chancellor
Miss M. WALLER, P.A. to Sir
Denis Rickett
Miss J. A. KANIS, P.A. to Mr.
Hubback
Miss B. M. IMRIE, P.A. to Mr.
Parsons
Miss J. M. HUGHES, P.A. to
Sir Eric Roll, Mr. Reilly and
Mr. Kirbyshire
Miss E. B. CHAPLIN, Conference
Officer
Foreign Office
i
" W i f e accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Page 34
GOVERNOR
ALTERNATE
MEMBER
UNITED STATES
•Douglas DILLON (F-B)
Secretary of the Treasury
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
Congressional Advisera
<
*Rue«ell B. LONQ
•Qeorge W, BALL
Under Secretary of State
•Robert V. ROOSA (Temp.)(F-B)
Under Secretary of the
Treasury for Monetary Affair!
•John C. BULLITT (Temp,)(F-B)
Aesietant Secretary of the
Treasury, and ED (B)
William B, DALB (Temp.
ED (F)
Committee on Foreign Relations,
U. S. Senate
Frank CARLSON
Committee on Foreign Relation1*
U. S. Senate
A, Willie ROBERTSON
Committee on Banking and
Currency, U« S. Senate
•Wallace F* BENNETT
Committee on Banking and
Currency, U* S. Senate
•Henry S. REUSS
Committee on Banking and
Currency, House of Representatives
•Clarence B, KILBURN
Committee on Banking and
Currency, House of Representatives
•James HARVET
Committee on Banking and
Currency, House of Representatives
•Abraham J. MULTBR
(
Committee on Banking and
Currency, House of Representatives
Advisers (alphabetically)
Joseph W. BARR
Chairman, Ptderal Deposit
Insurance Corporation
•Henry J. BITTERMANN
Director, Office of International Financial Policy Coordination, U.S. Treasury
Joseph M. BOWMAN, Jr.
Assistant to the Secretary oi
the Treasury for Congression^l
Relations
•Benjamin CAPLAN
Director, Office of International Finance and Economic
Analysis, Department of Statl
•Robert CARSWSLL
* W i f e accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Special Assistant to the
Secretary of the Treasury
Charles A, COOMBS
Vice President, Federal
Reserve Bank of New Tork
J* Devey DAANS
Member, Board of Governors,
Federal Reserve System,
(continued)
'
Page 35
GOVERNOR
ALTERNATE
MEMBER
U
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
Dixon DOMTELLET
ED STATUS
Assistant to the Secretary of
the Treasury for Public Affairs
S. Jay FIHKEL
Deputy Director, Office of
International Financial
Policy Coordination, U. S.
Treasury
Alfred HATES
President, federal Reserre
Bank of Hew York
Ralph HIRSCHTRITT
Special Assistant to the
Assistant Secretary of the
Treasury for International
Affairs and Temp.Alt. XD (B)
John S. HOOKER
Alt. ED (F)
Douglass HUNT
Special Assistant to ths
Undsr Secretary of the
Treasury
0. Griffith JOHNSOH
Assistant Secretary of State
for Economic Affairs
Tom KILLEFER
U. S. Executive Director,
Inter-American Development
Bank
*Harold F. LIHDER
President and Chairman,
Export-Import Bank of
Washington
William MoChtsney MARTI*, Jr.
Chairman, Board of Governors,
Federal Reserve System
Lawrence C. MoQUADE
Deputy Assistant Secretary
of Commerce for Financial
(
* W i f e accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
** Residence Tokyo
Policy
"Robert 0. PELIKAK
Financial Attache, American
Embassy, Tokyo
*ldicia 0. REISCHATJKR
**
U. S. Ambassador to Japan
"James J. SAXOH
Comptroller of ths Currency,
U. 8. Treasury
Fred B. SMITH
Deputy General Counsel, U. 3.
Treasury
*0eorge S. SPRIIKJSTEEtf
Special Assistant to the
Under Secretary of State
George H. WILLIS
Director, Office of International Affairs, U. S. Treasurer
(continued)
36
GOVERNOR
ALTERNATE
MEMBER
ARRIVE
TOKYO
ADVISERS AND OTHERS
ARRIVE
TOKYO
Ssorstayial Staff
UNITED STATES
Mrs* Dorothy dsBORCHORAVE
Mrs. Edna W. PONTON
Mrs Navy A. MONOMACK
Mrs Ray K. HIRST
Mrs Mildred S. DODD
Estslla T. MICHORA
Miss Mae B. ALEXANDER
Mrs. Jeanns H. LBTTS (IMF)
Mrs. Rita ADLER (IBRD)
UPPER VOLTA
Bdouard YAMEOGO (B)
Ministsr of National Boonoay
Charlss KABORE (?)
9/6
Ministsr of Finance
Osorgss 3ANOOOH, Advissr
Dirsotor of Statistios
Pisrrs Clavsr DAMIBA (B)
9/5
Director of the Plan
*Pierre BRAEMSR (F)
9/6
Director, Banqus Centrale dos
Stats ds 1'Afrique ds 1'Ousst,
Ouagadougou
UHUOTJAT
Raul IBARRA SAN MARTIN (B)
9/6
Accountant Qsnsral
Roaso MAESO (F)
9/7
9/5
<
Robsrto A. FERBSR (B)
*Danisl RODRIOUEZ LARRETA (F)
VENEZUELA
9/6
*Ernesto PELTZSR, Advissr (F)
SoonoBio Adrissr, Banoo
Central ds Venesusla
^Alfonso ESFINOZA, Advissr
*Alfrsdo MACHADO QOMXZ (F)
Prssidsnt, Banoo Central ds
Vsnssusla
*a«n«ral Rafael ALFONZO RAVARD (B
President, Corporaoion Venesolana ds Quayana
*Benito Raul LOSADA (F)
Adviser, Ministry of Finanos
9/4
*Luis VALLENILLA (B)
9/5
Presidentf Corporaoion Venssolana de Fomento
*Wife accompanying
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/4
9/4
Maroos 5ANDOVAL, Adviser (F)
9/4
Dirsotor's Assistant, BoonoaifoI
Research Dept., Banoo Central
de Venesuela
Samuel RIEBSR, Secretary to the 9/4
Delegation
(
Banoo Central ds Venezuela
Pags 37
GOVERNOR
ALTERNATE
MEMBER
VIET-NAM
ADVISERS AND OTHERS
ARRIVE
TOKYO
9/4
#
TUQOSLAVIA
ARRIVE
TOKYO
Milivoje SPASIC, Adriaer
Couneellor in Tugoilay
Inreetment Bank
Alek«andap BOOOEV, Adri»er
Alt. ED (B)
KiTO OLIQOROV (B)
Federal Secretary for Finance
Nikola MILJAKIC (P)
Governor, National Bank of
Yugoslavia
Antonijc TASIC (7)
Assistant Secretary in Federal
Secretariat for Pinanoe
Zoran ZA0AR (B)
General Manager, Yugoslav
Investment Bank
*Wife
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
accompanying
9/4
9/4
9/4
BOARD OF GOVERNORS - 1964 ANNUAL MEETINGS
OBSERVERS
OBSERVER
ORGANIZATION
J. Z. U, TEMBO
Xinieter of Finanoe
H, S. NORMAN-WALKBR, C.M.O., O.B.E.
Secretary to the Treasury
K. B. BALDVIN
MALAWI
Economic Adviser to the Prim*
A. 0. PBRRIV
Qor«rnor of th« Hovorro Bank of Malawi
HORTHERN RHODESIA
i
Page 38
A R R I V E TOKYO
9/8
9/4
9/5
R. C. H. HALLSTT
Qorarnor, Bank of Northern Rkodo*is
«Qabriol FBRBAS
Qonoral
*P. 0, COKOLLT
Naaagor
*Miltoa QILBKRT
Economic Adrlaor
*H. H. MAJTDBL
Hoad of tho Banking Dopartaont
"Fernando RIVERA
Assistant Director
CENTER FOR LATUT
AMERICAN MONETARY
STUDIES
CENTRAL AMERICAN
BANK FOR ECONOMIC
INTEGRATION
9/4
9/4
9/4
9/5
9/6
Not attending
CENTRAL AMERICAH
MONETARY COUNCIL
Herbert S. TENNEKOOI
Special Adviser to too Executive Secretary
on Trade and Development
CONTRACTING PARTIES
TO THE GENERAL
AGREEMENT ON
TARIFFS AND TRADE
DEVELOPMENT ASSISTANCE
COMMITTEE
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*Wi fe accompanying
9/3
9/4
(
BOARD OF GOVERNORS - 1964 ANNUAL MEETINGS
OBSERVERS
OBSERVER
ORGANIZATION
EUROPEAN ECONOMIC
COJOIOHITT
EUROPEAN FREE TRADE
ASSOCIATION
39
Franco BOBBA
Director General for Economic and Financial Affair*
Robert TRIFFH
Advieer
Frederic BOTER do la OIRODAT
Adrieer
INTER-AMERICAN
DE7ELOPMERT BANK
INTERNATIONAL ATOMIC
ENEROn AOENCT
*T. Gray don UPTON
Executive Vice Pre»ident
*Ignaoio COPETE-LIZARRALDE
Financial Manager
*Robert B. MENAPAC1
Financial Advisor
Not attending
Not attending
ORGANIZATIONFOR
AFRICAN UNITY
ORGANIZATION OF
^ICAN STATES
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
9/4
9/2
9/2
9/2
Not attending
INTERNATIONAL LABOR
ORGANIZATION
LATIN AMERICAN FREE
TRADE ASSOCIATION
9/4
9/6
Not attending
Paride FORMENTINI
President
*Qiando»enioo SBRTOLI
Manager of the Finance and Troamixgr Dtparfcatat
Ouy TRANCAB7
of tho Loans in Assooiatod Countries Department
FOOD AND AGRICULTURE
ORGANIZATION OF THE
r
"TED NATIONS
A R R I V E TOKYO
* W i f e accompanying
** Reeidenoe Tokyo
8/29
BOARD OF GOVERNORS - 1964 ANNUAL MEETINGS
OBSERVERS
OBSERVER
ORGANIZATION
Thorkil KRISTENSEN
Secretary-General
Jtan COTTIER
Deputy Storetary Oonoral
Gunter KEISER
Aasiatant Secretary General
J. C. R, DOW
Assistant Secretary General
ORGANIZATION FOR
ECONOMIC CO-OPERATK
AND DEVELOPMENT
i
Pact 40
A R R I V E TOKYO
9/6
9/4
9/«
9/6
European Monetary Agreeaent
9/6
PERMANENT S2CR3HARIA34
OF THE GENERAL TRSAm
FOR CENTRAL AMERICAS
ECONOMIC INTSJRATIOH
UNION AFRICAINE BT
MALGACHE DE
COOPERATION
BCONOMIQDE
M. FOALfil
UNITED NATIONS
Philippe d« SETBXS
Und«r~Ssop«tary for Eoonomio and Social Affair*
Paul a. HOPHCAI
Managing Director
Clinton A« RBHLJJfO
Assistant to tlui Managing Mrtotor
Claudi i* KBM00LARIA
gpooial RoprtaontatiTt of tbt Managing Dirtotoy
UNITED NATIONS EDUCATIONAL, SCIENTIFIC
AND CULTURAL
ORGANIZATION
WORLD HEALTH
ORGANIZATION
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Federal Reserve Bank of St. Louis
*Wife accompanying
(
9/6
9/7
9/7
9/7
Page 41
BOARD OF GOVERNORS - 1964 ANNUAL MEETING
EXECUTIVE DIRECTORS AND ALTERNATES
FOND
Executive Dirtoton
Alternate Bbctoutire Director*
J. J. Anjaria
Arun K. Oho»h
Ulrica Beelits
Walter Habermeier
Maurioio C. Bioalho
Antonio de Abreu Coutinho
Williaa B. Dalt
John S. Hooker
J. M. Garland
Roy Daniel
Louis Kande
Semyaao Kiingi
Ouillerao Walter Klein
Luie Sioopar
Rent Larre
Gerard M. Teyesier
Piettr Lieftinok
H.M.H.A. ran der Valk
A. F. W. Plumptrt
S. J. Handfield-Jones
Prax«d«« Raina H«rmo«illo
Carlo* S. Saneon
Sir Brio Roll
J. A. Kirbyehire
Ahmad Zaki Saad
Albert Maneour
Sergio Siglienti
Costa P. Caranioas
Karl Skjaevoland
Lennart 01ofeeon
Sumanang
Aaon Nikoi
Gtngo Sxiaxiki
Williaa Tennekoon
Beut Tana
I-Shuan Sun
Andre ran Caapenhout
Naurioe Touseaint
<
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Federal Reserve Bank of St. Louis
Page 42
BOARD OF GOVERNORS - 1964 ANNUAL MEETING
'
EXECUTIVE DIRECTORS AND ALTERNATES
BANK. IFC. AND IDA
Ebceoutive Directors
Alternate Bgeoutire Pireotorn
Allot Brun
Eino Suomela
John C. Bullitt
Ralph Hirsohtritt (Temporary)
Relgnson C. Chen
Otto Conner
Halaut Aoraaowskl
John Mamraan Garba
Mohamed Naaaim Koohman
J. M. Garland
A. J. J. van Vuuren
Joaquin Gutierraz Cano
Sergio Siglienti
Fernando Illanee
Carlo* S. Brignone
Rene Larre
Jean Malaplate
Pieter Lieftinok
Alekeandar Bogoev
Luie Maohado
Ruflno Gil
Jorge Mejia-Palaoio
Joae Camaoho
Mumtas Mirsa
Ali Akbar Khoeropur
A. P. W. Plumptre
S. J. Handfield-Jone*
K. S. Sundara Rajan
Sir Erio Roll
N. M. P. Reilly
Gengo SuKuki
Siji 0»aki
Abderrahman Tail
I«mail Khelil
Andre van Campenhout
Frani Oellerer
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Federal Reserve Bank of St. Louis
<
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Federal Reserve Bank of St. Louis
I
H
C/5
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Tuesday, September 1, 1964
Time
3:00 P.M.
•
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Federal Reserve Bank of St. Louis
Event
Meeting of full
delegation
Place
U.S. Participants
Washington
Main
Treasury
Room 4426
Delegation
(
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
ORDER OF THE DAY
as of 8/21/64
Thursday, September 3, 1964
Event
Place
10:00 A.M.
Secretary Dillon's
Aircraft departs
Andrews. Departure
arrangements as
specified Administrative Memorandum
No. 2
Andrews
AFB,
Washington
Passenger List
12:15-
Special Aircraft
makes refueling stop
Travis AFB,
California
Passenger List
3:50 P.M.
Special Aircraft
arrives in Hawaii.
Cars transport
group to Halekulani
Hotel, Waikiki
Hickam AFB
Passenger List
7:00 P.M.
Governor Burns
of Hawaii gives
reception & dinner
for group
Passenger List
Washington
Place
(Reception);
Royal Hawaiian
Hotel (Dinner)
Time
1:45 P.M.
•
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Federal Reserve Bank of St. Louis
U.S. Participants
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
ORDER OF THE DAY
as of 8/21/64
Friday, September 4, 1964
Time
8:30 A.M.
11:00 A.M.
Event
Place
U.S. Participants
Passengers depart
Halekulani for
Cincpac Briefing
or Pearl Harbor Tour
see Administrative
Memorandum No. 2
Halekulani
Hotel
Passenger List
Special Aircraft
departs Hawaii
Hickam AFB
Passenger List
[Note change of date en route;
Friday, September 4, becomes
Saturday, September 5. Aircraft
arrives Tokyo Saturday, 2:00 P.M.]
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Federal Reserve Bank of St. Louis
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Saturday» September 5, 1964
Time
2:00 P.M.
<
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Federal Reserve Bank of St. Louis
Event
Secretary Dillon's
aircraft arrives limousine transportation
to Hotel Okura and
Hotel Hilton per arrival
plan
Place
U.S. Participants
Tokyo
Int'l.
Airport
Passenger List
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Sunday. September 6. 1964
Event
10:30 A.M.
4:006:30 P.M.
5:00
P.M.
6:00<
8:00 P.M.
8:00
Place
U.S. Participants
Secretary Dillon meets
with Japanese Minister
of Finance Tanaka
Okura
Secretary Dillon
Cocktails
Secretary Dillon
Mr. & Mrs. Andrew Overby
Imperial
Hotel
Ran Room
Joint Procedures
Committee meets
Okura
Mr. Bullitt
Mr. Dale
Chairman (Governor
Aquino of El Salvador)
gives informal
receiption
Hilton
Delegation
(by invitation)
Embassy
Residence
Delegation
P.M. Ambassador Reischauer
gives informal buffet
supper
<
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Federal Reserve Bank of St. Louis
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Monday, September 7, 1964
Time
9:30 A.M.
Event
Opening Joint Meeting,
IMF-IBRD Boards
Place
U.S. Participants
Okura
Delegation
Conference
Hall
( 9:30 A.M.) Opening ceremonies
( 9:45 A.M.*) Chairman's address
(10:30 A.M.*) Approval of Joint
Procedures Committee Report I
(10:35 A.M.*) Mr. Schweitzer's address
A.M.*), H£. Woods', addi
2:30 P.M.
Embassy Briefing on
Japanese-American
relations and
situation in Japan
4:00 P.M.
Emperor of Japan receives Imperial
Governors and their wives Palace
Secretary and
Mrs. Dillon
6:308:30 P.M.
Prime Minister and
Mrs. Ikeda give
reception for all
delegations
Delegation
(by invitation)
*
(I
o
Approximate times
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Federal Reserve Bank of St. Louis
Embassy
Chancery
Hotel
New Otani
Delegation
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF- IBRD
TOKYO, JAPAN
ORDER OF THE DAY
as of 8/21/64
Tuesday, September 8, 1964
Time
Event
Place
U.S. Participants
10:00 A.M.
IMF Board meetings addresses by various
Governors
Okura
Delegation
- (
A.M.*) Address by
Secretary Dillon (see
note below)
1:00 P.M.*
Secretary Dillon
Minister of Finance
To be
Tanaka gives luncheon for determined
all Governors and Alternate
Governors
2:004:00 P.M.
Special events for the
ladies
3:00 P.M.
IMF Board meets Okura
addresses by various
Governors (continuation)
8:00 P.M.
Messrs. Schweitzer and
Woods give dinner for
certain Governors black tie
*
To be
By invitation
determined
Delegation
Shirogana By invitation
Geikin-Kan
Approximate times
Note:
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Federal Reserve Bank of St. Louis
Order of speakers preceding Secretary Dillon
expected to be as follows:
etc.
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
ORDER OF THE DAY
as of 8/21/64
Wednesday, September 9. 1964
Time
10:00 A.M.
Event
IBRD-IFOIDA Boards
meet - addresses by
various Governors
Place
U.S. Participants
Okura
Delegation
A.M.*) Address by Secretary Dillon
(see note below)
2:004:00 P.M.
Special events for the
ladies
3:00 P.M.
IBRD-IFC-IDA Boards
meet - addresses by
various Governors
(continua tion)
7:30 P.M.
Japanese Minister of
Finance gives informal
dinner party
By invitation
To be
determined
Okura
/ /
A^u^l
elegation
Shinkiraku Secretary and
Restaurant Mrs. Dillon
Mr. Martin
* Approximate time
Note: Order of speakers preceding Secretary Dillon
expected to be as follows:
_______^__»_
etc.
(
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Federal Reserve Bank of St. Louis
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
ORDER OF THE DAY
as of 8/21/64
Thursday, September 10, 1964
Event
Time
10:00 A.M,
IMF Board meets
Place
U.S. Participants
Okura
Delegation
- (10:00 A.M.) Election of Executive
Directors; no U.S. participation
- (10:30 A.M.*) Addresses by various
Governors (conclusion)
- (11:30 A.M.*) Approval of Joint
Procedures Committee Report II
2:004:00 P.M.
Special events for the
ladies
To be
By invitation
determined
3:00 P.M.
IBRD- IFC- IDA Boards meet
Okura
- (3:00 P.M.) Election of Executive
Directors; no U.S. participation
- (3:30 P.M.*) Addresses by various
Governors (conclusion)
- (4:30 P.M.*) Approval of Joint
Procedures Committee Report III
5:00 P.M,
Joint Procedures Committee Okura
meets
8:00 P.M.
Messrs. Schweitzer and
Woods give dinner for
certain Governors black tie
* Approximate time
i
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Federal Reserve Bank of St. Louis
Delegation
j
Mr. Bullitt
Mr. Dale
Shirogana
By invitation
Geikin-Kan
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Friday, September 11. 1964
Time
Event
Place
U.S. Participants
11:00 A.M.
Closing joint meeting
IMF-IBRD Boards
Okura
Delegation
- (11:00 A.M.) Approval of Joint
Procedures Report IV
- (11:10 A.M.*) Comments by heads of
organizations
- (11:30 A.M.*) Concluding remarks
- (11:45 A.M.*) Adjournment
5:007:00 P.M.
Japanese Minister of
Finance gives Kabuki
Theatre party
To be
announced
Delegation
(by invitation)
8:00 P.M,
Messrs. Schweitzer and
Woods give buffetreception - informal
To be
announced
Delegation
(by invitation)
* Approximate times
<
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Federal Reserve Bank of St. Louis
FOR U.S. DELEGATION
USE ONLY
U.S. DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
as of 8/21/64
ORDER OF THE DAY
Saturday, September 12, 1964
Time
9:00 A.M.
12:25 P.M.
(EDT)
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Federal Reserve Bank of St. Louis
Event
Place
Assembly at hotels and
Hotels
limousine transportation and Tokyo
to airport in accordance Int'l.
with departure plan to
Airport
be distributed. Secretary
Dillon's aircraft departs
at 11:00 A.M.
Arrive Washington
Andrews
AFB
U.S. Participants
Delegation
Delegation
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Federal Reserve Bank of St. Louis
s
H
M
o
5
iS
w
ADDENDUM
IMF AGENDA ITEMS
Increase in Quota.
Malaysia
- $37.5 million to $100.0 million
(The U.S. Governor has been authorized by action of the
National Advisory Council to vote in favor of this action.)
Amendment to By-Laws.
Recommendation; To support a resolution adopting a change
in the By-Laws of the Fund to permit an Executive Director
or Alternate who is married to a national of a country
other than his own to travel on home leave to his wife's
country instead of his own, provided the cost does not
exceed that of travel to his own country.
(The U.S. Governor has been authorized by action of the
National Advisory Council to vote in favor of this amendment.)
IBRD AGENDA ITEMS
Increase in Subscription.
Malaysia - $50.0 million to $133.3 million
(The U.S. Governor has been authorized by action of the
National Advisory Council to vote in favor of this action.)
Amendment to By-Laws.
[Action identical to Fund action above.]
i
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Federal Reserve Bank of St. Louis
(
FOR U.S. DELEGATION USE ONLY
1964 ANNUAL MEETINGS
BOARDS OF GOVERNORS
INTERNATIONAL MONETARY FUND
INTERNATIONAL iiANK I OR RECONSTRUCTION AND DEV
AND AFFILIATES
U.S. POSITION PAPER
Introduction: Tha Joint Procedures Committee will make an
initial report (Report I) at the opening session on September 7
concerning the schedule of the meetings, the agenda for each
institution's business, and the rules for the conduct of the
meeting. At the same session, separate reports oi the Joint
Procedures Committee will be made concerning individual items
on. the agenda of the IMF (Report II) and the IBRD and its
affiliates (Report III). A final report of the Committee at
tLie closing session on September 11 v/ill cover the place
and date of the 1965 and I9bb Annual Meetings, and the officers
and Joint Procedures Committee for the next meeting.
JOINT PROCEDURES COMMITTEE REPORT I
Recommendation: To vote for the approval of Joint Procedures
Committee Report I covering the schedule of the meetings, the
rules for conduct of the meetings, and the various agenda.
JOINT PROCEDURES COMMITTEE
REPORT II (FUND AGENDA ITEMS)
1.
Annual Report for tne fear Ending April 30, 1964.
Recommendation: To vote for approval of Joint Procedures
Committee Report II which will note that provision has
been made for discussion of the Annual Report of the Fund.
(The U.S. Governor's principal statement will be made
in the course of the discussion of the Annual Report.)
2.
Financial Statements and Audit Report.
Recommendation: To support a resolution stating that the
Report of Audit and the Financial 'Statements contained
<
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Federal Reserve Bank of St. Louis
- 2 -
therein fulfill the requirements of the x\rticles of
Agreement and by-Laws.
(As in previous years, the Audit Report has been prepared
by an audit committee consisting of representatives from
three member countries, in this case India, El Salvador,
and Sweden.)
3.
Administrative Budget.
Recommendation: To support a resolution (which may be
combined with the resolution covering the preceding
agenda items) stating that the Administrative Budget
fulfilis the requirements of the Articles of Agreement
and By-Laws.
(The Administrative Budget for the Fund's fiscal year
ending April 30, 1965, amounts to $13,320,000, an increase of $2,443,877 over the actual results for the
1964 fiscal year. The bulk of this increase resulted
from additional costs for staff salaries, benefits and
travel. Increases were also projected for the expenses
of the r>Qard of Governors and the Executive Directors,
primarily in connection with the Tokyo meeting. A new
item, Special Services to Member Countries, also
accounted for a significant portion of the increased
budget.)
4.
General Reserve.
Recommendation: To support a resolution approving the
allocation of net income for the fiscal year ended
April 30, 1964 to the General Reserve. (For the Fund's
fiscal year 1964, the Fund had ordinary income of
$36,352,072 and expenses of $13,120,523, resulting in
a net income of $23,231,549, which has been provisionally
transferred to General Reserve. Action by the Governors
will approve the provisional transfer, and will bring the
General Reserve to $116,518,698. In addition, the Fund's
Special Reserve, to which are credited the proceeds of
the Fund's gold investment program, increased during the
year by $27,485,414 to a total of $117,524,012.)
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Federal Reserve Bank of St. Louis
- 35.
Changes in Rules and Regulations.
Recommendation: To support a resolution stating that the
Board of Governors informs the Executive Directors that
they have reviewed the amendments to Rules and Regulations
and have no changes to suggest.
6.
Regular Election of Executive Directors.
Recommendation: To vote for approval of Joint Procedures
Committee Report III which will note that provision has
been made for election of a fifteenth Executive Director.
The countries with the five largest quotas in the Fund
each appoint a director. These five, together with the
fifteenth to be elected, will comprise the full Board of
twenty Executive Directors. The U.S. Governor has been
authorized by action of the National Advisory Council
to vote in favor of the addition of a fifteenth Director,
who will represent a group of the Fund's African members.
Since it appoints its own Executive Director, the United
States will not participate in the election.
7.
Applications for Membership.
Recommendation; To support a resolution approving membership in the Fund for Malawi with a quota of $11,250,000.
(The U.S. Governor has been authorized by an action of
the National Advisory Council to vote in favor of this
application. Membership will be subject to the standard
terms and conditions, arid will be completed upon subsequent deposit of appropriate documents with the Fund and
payment of the gold subscription.)
8.
Increases in Quota.
Recommendation; To support a resolution approving the
following increases in IMF quotas: Ghana - $35 million
to $55 million. Iraq - $15 million to $55 million.
Sudan - $15 million to $45 million.
<
(The U.S. Governor has been authorized by actions of the
National Advisory Council to vote in favor of these increases.)
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Federal Reserve Bank of St. Louis
- 49.
General Increase in Quotas.
Recommendation: To support a resolution calling upon the
Executive Directors to consider the question of adjustments in quotas and to submit an appropriate proposal to
the Governors.
Background; As agreed among the Ministers and Governors
of the Group of Ten at the time of the 1963 IMF meeting,
l?
a thorough examination of the outlook for the functioning
of the international monetary system and of its probable
future needs for liquidity" was carried out during the
course of the year by Deputies of the Ministers and Governors. The Ministers and Governors considered the Deputies'
report at a meeting in Paris on June 15-16, 1964, and
issued a Ministerial statement dated August 1, 1964. In
their statement, the Ministers and Governors reaffirmed
their conviction that the present international monetary
structure based on fixed exchange rates and the established price of gold has proved its value as a foundation
on which to build for the future. They further agreed
that increasingly close cooperation among monetary
authorities was essential and that, in regard to liquidity,
supplies of gold and reserve currencies are fully adequate
for the present and immediate future needs of the world
monetary system, although continuing growth of world trade
and payments is likely to entail a need for larger international liquidity which may be met by an expansion of
credit facilities and in the longer run may possibly
require some new form of reserve asset.
The Ministers arid Governors noted the central position
of the International Monetary Fund in the international
credit structure. In order to further the Fund's capabilities, the Ministers and Governors agreed to support
a moderate and general increase in member quotas in the
Fund and to support relative adjustments in those individual quotas which are clearly out of line. In reaching
this agreement among themselves, the Ministers and Governors recognized that the responsibility for decisions
concerning an increase in quotas rests with the Fund itself
and cannot be determined by the Group of Ten alone.
<
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Federal Reserve Bank of St. Louis
- 5In its Annual Report released at the same time as
the statement of the Ministers and Governors of the Group
of Ten, the Fund management discussed the matter of international liquidity from the Fund's standpoint. Regarding
quota increases, the Report concluded that "there is a
case for an increase in Fund quotas," and suggested that
the question should -be examined in detail at an early date,
preferably immediately after the Annual Meeting of the
Governors. (The normal quinquennial review of quotas
would occur in 1965 in accordance with the Articles.)
Thus both the fund management and the governments of the
Fund's major members have suggested early action on the
matter of Fund quota increases.
The question of action by the Governors in connection
with quota increases is not at present an agenda item for
the Tokyo meeting. The Managing Director of the Fund, however, is expected to take advantage of a provision of the
By-Laws to place the matter on the agenda during the course
of the meeting. The resolution which would be proposed
would note the discussion of quota increases in the Annual
Report and the fact that many Governors discussed the
subject in their statements during the Annual Meeting and
would therefore resolve that the Executive Directors
should promptly consider quota adjustments and submit an
appropriate proposal to the Governors. (See Appendix.)
The timing of such a resolution would be at the discretion
of the Managing Director of the Fund, and would take place
after an appropriate number of Governors had had an opportunity to refer to the subject. Neither the percentage
of increase nor the details of payment would be dealt with
in the resolution, and members of the delegation should
take care not to express views on these aspects inasmuch
as the Executive Directors are being charged to study
these questions in the first instance.
<
In voting for the proposed resolution, the U.S.
Governor would only be supporting a study by the Executive
Directors to be submitted to the Governors. The Governors
would in turn refer the matter to the respective member
governments for action in accordance with their respective
legislative procedures. The Bretton Woods Agreements Act
prohibits any representative of the United States from
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Federal Reserve Bank of St. Louis
- 6requesting or consenting to any change in the U.S. quota
unless Congress by law authorizes such action. When the
Governors' recommendation is submitted to members,
appropriate legislation will be forwarded to the Congress
by the Executive Branch.
10. Place and Date of 1965 and 1966 Annual Meetings.
(See below - "Joint Procedures Committee Report IV.")
11. Election of Officers and Procedures Committee for 1964-65.
(See below - "Joint Procedures Committee Report IV.")
JOINT PROCEDURES COMMITTEE
REPORT 111 (IBRD - IFC - IDA AGENDA ITEMS)
IBRD - IFC - IDA AGENDA ITEMS
1. Annual Reports for the Year Ending June 30, 1964.
Recommendation: To vote for approval of Joint Procedures
Committee Report III which will note that provision has
been made for discussion of the Annual Reports of the
IBRD, IFC, and IDA.
(The U.S. Governor's statement will be made in the course
of the discussion of the Annual Reports and will cover
the activities of the IBRD, IDA and IFC.)
2. Financial Statements and Annual Audits.
Recommendation; To support a resolution stating that the
Financial Statements and Audit Reports fulfills the
requirements of the respective Articles of Agreement and
by-Laws.
(As in previous years, the Audit Report for the IBRD, IDA
and. IFC has been prepared by Price ivaterhouse and Company.)
<
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Federal Reserve Bank of St. Louis
- 7 3.
Administrative Budgets.
lie commendation: To support a resolution (which may be
combined with the resolution covering the preceding agenda
item) stating that the Administrative Budgets fulfill the
requirements of the respective Articles of Agreement and
By-Laws .
(The IBRD's Administrative Budget for the year ending
June 30, 1965, amounts to $21,291,000 exclusive of a
$200,000 provision for contingencies. Actual expenditures
in the year ending June 30, 1964, amounted to
s
' 1 <"• ob_)
° O c:
9-Lo,
The IDA's Administrative Budget for the year ending
June 30, 1965, amounts to $3,247,000 exclusive of a
$50,000 provision for contingencies. Actual expenditures in the year ending June 30, 1964, amounted to
$2, 535, 565.
The IFC's Administrative Budget for the year ending
June 30, 1965, amounts to $2,811,000 exclusive of a
$50,000 provision for contingencies. Actual expenditures in the year ending June 30, 1964, amounted to
$2,458,181.)
IBRD AGENDA ITEMS
1.
Allocation of Net Income.
Re c ommenda t ion ; To vote for a resolution recommending
that the Governors approve the allocation of $50 million
of net income as a grant to IDA (and the proposed statement of policy concerning such transfers), and of $47.5
million to the reserve against losses 011 loans and
guarantees. (See Appendix.) (The U.S. Governor has been
authorized by action of the National Advisory Council to
vote in favor of this action.)
'
Background; At the Annual Meeting of the Bank in 1963,
the Governors approved a proposal by the Executive
Directors to terminate the automatic allocation of the
Bank's net income to a supplementary reserve and instead
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Federal Reserve Bank of St. Louis
- 8to consider each year the appropriate disposition of such
net income. The Bank's net income for FY 1964 amounted
to $97.5 million, exclusive of proceeds attributable to
the one percent commission charge on all loans of $33.2
million which was appropriated to the Bank's Special
Reserve. In a report to the Board of Governors the
Executive Directors have recommended that $47.5 million
of the FY 1964 net income be allocated to the Supplementary Reserve. The Executive Directors have also
recommended that, in the light of the need for additional
development assistance on flexible terms, the balance
of $50 million be transferred to the International
Development Association as a grant. Such a move has had
the full support of U.S. representatives in the Bank and
IDA.
Although the allocation of a portion of net income
as a transfer to IDA is concerned only with the present
fiscal year, the Governors are being asked to approve a
statement of policy by the Executive Directors to cover
similar transfers in future years. In brief, the statement would limit any transfers to the Association, to net
income accrued during the fiscal year in question and
which need not be retained for the Bank's business but
could otherwise be prudently distributed as dividends.
2.
Applications for Membership.
Recommendation: To support a resolution approving membership in the Bank for Malawi with an initial subscription of $15 million.
(The U.S. Governor has been authorized by an action of
the National Advisory Council to vote in favor of this
application. Membership will be subject to the standard
terms and conditions, and will be completed upon subsequent deposit of appropriate documents with the Bank.)
3.
Increase in Subscriptions.
Recommendation; To support resolutions approving the
following increases in subscriptions to the IBRD's capital:
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Federal Reserve Bank of St. Louis
- 9Ghana - $46.7 million to $73.4 million. Iraq - $15 million
to $55 million. Sudan - $20 million to $60 million.
(The U.S. Governor has been authorized by actions of the
National Advisory Council to vote in favor of these increases.)
4.
Settlement of Investment Disputes.
Recommendation: To vote for a resolution requesting the
Executive Directors to formulate a convention establishing
facilities and procedures for settlement of investment
disputes between contracting states and nationals of other
contracting states through conciliation and arbitration,
such convention to be submitted to governments.
(See
Appendix.)
.Background: At the 1962 Annual Meeting, the Bank Governors
requested the Executive Directors to consider the desirability and practicability of establishing Bank-sponsored
institutional facilities for the settlement through arbitration and conciliation of investment disputes between
governments and private parties. Pursuant to that request,
the Executive Directors studied the matter and convened a
series of regional meetings to consult with legal experts
of member governments on a preliminary draft of a convention,
which might be adopted by governments. On the basis of
their studies and the results of the regional consultative
meetings, the Executive Directors have concluded that the
establishment by means of an inter-governmental agreement
of the proposed facilities would be desirable. The resolution to be approved by the Governors would request the
Executive Directors to formulate a convention for submission to governments with appropriate recommendations.
The Executive Directors, in submitting the convention,
would be acting on their own behalf, and would not thereby
commit the governments they represent. Congressional
approval would be necessary before the United States could
sign the proposed convention.
5.
<
Bank Loans to IFC.
Recommendation;
To support a resolution approving the
report of the Executive Directors entitled SiBank Loans to
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Federal Reserve Bank of St. Louis
- 10 -
IFC" and the submission to governments of the proposal
contained in the joint report of the Executive Directors
of the IBRD and of the Board of Directors of the IFC
entitled "Bank Loans to IFC" that the Articles of the
Bank and the IFC respectively be amended to permit the
Bank to lend to IFC. (See Appendix.)
(The U.S. Governor has been authorized by action of the
National Advisory Council to vote in favor of this action.)
Background; Although the World Bank has always lent for
private sector projects, its activities outside the public
sector have been hampered by the requirement of the Bank's
Articles that the private borrower obtain the guarantee of
the member government. Private enterprises have often
been.reluctant to seek, and governments have often been
reluctant to give such guaranties. The IFC Articles of
Agreement carry no such guarantee requirement. The IFC,
however, has total resources of moderate size (presently
about $120 million) and cannot at the moment supplement
these through borrowing in the manner of the Bank itself.
The Bank management has concluded that augmenting the
resources available to IFC through Bank loans to the
Corporation would be preferable to eliminating the requirement of government guaranties on the Bank's loans in the
private sector.
Although the Bank management is not prepared to
forecast the likely demand for the additional resources
which would be available through IFC, it is convinced
that a substantial demand exists. Meeting the demand
for larger amounts of loan capital from resources made
available by the Bank would permit IFC to utilize its
own subscribed resources and earnings for equity investments to a much greater degree. In order to provide the
additional flexibility contemplated by the proposal,
amendments to the Articles of Agreement of the Bank and
of the Corporation would be necessary. The Articles of
the Bank presently authorize loans only to member governments, political subdivisions thereof, and enterprises
in the territory of a member. The Bank Articles, therefore, would be amended to add a specific authorization
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Federal Reserve Bank of St. Louis
- 11 for the Bank to "make, participate in, or guaranty loans"
to IFC, within a proposed limit of four times the unimpaired subscribed capital and surplus of the Corporation.
On the IFC side, the present proposal would require
an amendment of the Corporation's Articles to eliminate
language specifically barring loans to or borrowings
from the Bank. The proposed limitation on borrowings or
guaranties by the Corporation to four times its unimpaired
subscribed capital and surplus would also be incorporated
in the IFC's Articles.
The vote by the U.S. Governor on both the IBRD and
IFC resources will require prior approval by the Congress
which will be sought in the spring of 1965. United States
representatives in both the IBRD and IFC have previously
indicated U.S. support for the proposal, subject, of
course, to favorable Congressional action.
6.
Regular Election of Executive Directors.
Recommendation: To vote for approval of Joint Procedures
Committee Report II which will note that provision has
been made for election of a fifteenth Executive Director.
The countries with the five largest quotas in the Bank
each appoint a Director. These five, together with the
fifteenth to be elected, will comprise the full Board
of twenty Executive Directors. The U.S. Governor has
been authorized by action of the National Advisory
Council to vote in favor of the addition of a fifteenth
Director, who will represent a group of the Fund's
African members. Since it appoints its own Executive
Director, the United States will not participate in the
election.
7.
Place and Date of 1965 and 1966 Annual Meetings.
(See below - "Joint Procedures Committee Report IV.")
8.
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Officers and Procedures Committee for 1964-65.
(See below - "Joint Procedures Committee Report IV.")
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Federal Reserve Bank of St. Louis
- 12 -
IFC AGENDA ITEMS
1.
Application for Membership.
Recommendation: To support a resolution approving membership in the Corporation for Trinidad and Tobago with a
subscription of $148,000, and Malawi with a subscription
of $83,000.
(The U.S. Governor has been authorized by actions of the
National Advisory Council to vote in favor of these
applications. Membership will be subject to the standard
terms and conditions, and will be completed upon subsequent deposit of appropriate documents with the Corporation.
It is possible, although not likely, that an application
from Congo (Leopoldville) may be put before the Governors
for action. Applications of Cameroon, Chad and Nepal have
been approved by the Governors and these countries may
become members upon completion of the necessary formalities.)
2.
Borrowing from the IBRD.
Re c omme nda t ion: To support a resolution approving the
report of the Directors entitled "Borrowing from IBRD"
and the submission to governments of the proposal contained in the joint report of the Executive Directors
of the IBRD and of the Board of Directors of the IFC
entitled "Bank Loans to IFC" that the Articles of the
Bank and the IFC respectively be amended to permit the
Bank to lend to IFC.
(The U.S. Governor has been authorized by action of the
National Advisory Council to vote in favor of this action.)
IDA AGENDA ITEMS
1.
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Application for Membership.
Re c ommendation: To support a resolution approving membership in the Association for Trinidad and Tobago with an
initial subscription of $1,350,000, and Malawi with an
initial subscription of $760,000.
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Federal Reserve Bank of St. Louis
- 13 (The U.S. Governor has been authorized by actions of the
National Advisory Council to vote in favor of these
applications. Membership will be subject to the standard
terms and conditions, and will be completed upon subsequent deposit of appropriate documents with the Association,
Indonesia, Uruguay and Venezuela are the only Schedule A
countries which have not taken up membership. Guinea and
Jamaica have been approved by the Governors and these
countries may become members upon completion of the
necessary formalities.)
JOINT PROCEDURES COMMITTEE
Recommendations; (a) to vote for approval of Joint
Procedures Committee Report IV, covering the place and
date of the 1965 and 1966 meetings, (Washington), the
officers and members of the Joint Procedures Committee
for the 1965 meeting, and (b) to leave to the discretion
of the U.S. Governor, in consultation with other members
of the National Advisory Council, decisions on any
questions as to particular members of the Procedures
Committee or the nationality of the various officers.
(No opposition is likely to the recommendation as to
place of meeting in 1965 and 1966 which is in accord
with past practice of holding annual meetings in
Washington in two successive years, and outside of
Washington in each third year. It appears likely that
the Chairman of the 1965 meetings will be from the
African group of members and that the Governor for
Ethiopia will be chosen to serve in this capacity.)
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Federal Reserve Bank of St. Louis
- 14 -
APPENDIX
PRINCIPAL RESOLUTIONS
FOR APPROVAL
BY GOVERNORS
*
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Federal Reserve Bank of St. Louis
INTERNATIONAL MONETARY FUND
(DRAFT RESOLUTION)
Adjustment of Quotas
Pursuant to By-Law 6(b), the Managing Director is
directed to place the following draft Resolution on the
agenda for the 1964 Annual Meeting of the Board of
Governors if in his judgment such action is warranted:
WHEREAS the Executive Directors in their
Annual Report have examined certain considerations
relating to the desirability of an increase in the
quotas of members of the Fund; and
WHEREAS the next quinquennial review of quotas
would in any event begin before the end of 1964; and
WHEREAS many Governors, in discussing the
Annual Report, have expressed their views on many
aspects relating to the adjustment of quotas;
NOW, THEREFORE, the Board of Governors hereby
RESOLVES:
That the Executive Directors proceed to
consider the question of adjusting the quotas of
members of the Fund and at an early date submit
an appropriate proposal to the Board of Governors.
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Federal Reserve Bank of St. Louis
INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT
ATTACHMENT B
(DRAFT RESOLUTION)
Allocation of Net Income and Statement of Policy
RESOLVED:
1.
TliAT the Report of the Executive Directors dated July 30, 1961; on
"Allocation of Net Income and Statement of Policy" is hereby approved;
2.
THAT the allocation of $1*7,1^,851 of the net income of the Bank
for the fiscal year ended June 30, 196U to the Supplemental Reserve against
Losses on Loans and Guarantees is hereby noted with approval;
3.
THAT the Bank transfer to the International Development Association
by way of grant $^0.000,000 being the remainder of the net income of
the Bank for the fiscal year ended June 30, 196U, such transfer to be
made at the time and in the manner to be decided by the Executive Directors;
and
U.
THAT the following Statement of Policy is hereby approved:
"Any transfers to the Association will be made only out
of net income which (i) accrued during the fiscal year
in respect of which the transfer is made and (ii) is not
needed for allocation to reserves or otherwise required
to be retained in the Bank's business and, accordingly,
could prudently be distributed as dividends."
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Federal Reserve Bank of St. Louis
INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT
(DRAFT RESOLUTION)
Settlement of Investment Disputes
RESOLVED:
(a) The report of the Executive Directors on "Settlement
of Investment Disputes", dated August 6, 19&U, is
hereby approved.
(b) The Executive Directors are requested to formulate a
convention establishing facilities and procedures which
would be available on a voluntary basis for the settle- •
ment of investment disputes between contracting States
and nationals of other contracting States through
conciliation and arbitration.
(c) In formulating such a convention, the Executive
Directors shall take into account the views of
member governments and shall keep in mind the
desirability of arriving at a text which could be
accepted by the largest possible number of governments.
(d) The Executive Directors shall submit.the text of such a
convention to member governments with such recommendations
as they shall deem appropriate.
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Federal Reserve Bank of St. Louis
INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT
(DRAFT RESOLUTION)
Loans to International Finance Corporation
WHEREAS the Executive Directors have communicated to the Chairman of
the Board of Governors a proposal to introduce modifications in the Articles
of Agreement, as set forth in their Report dated August 6, 1961; entitled
"Bank Loans to IFC"; and
»
WHEREAS the Chairman of the Board of Governors has brought the proposal
before the Board;
NCW THEREFORE it is hereby resolved as follows:
(a) The Board of Governors hereby approves the Report of the Executive
Directors dated August 6, 1961; entitled "Bank Loans to IFC".
(b) The Board of Governors shall vote by mail or telegram on the
proposed Resolution set forth in Annex A to the said Report of
the Executive Directors dated August 6, 1961;.
(c) The proposed Resolution shall be adopted and the proposed amendment
approved by the Board of Governors when it shall have received the
replies from a majority of the Governors exercising two-thirds
of the total voting power, and the favorable vote of Governors
exercising a majority of the votes cast.
(d) Upon the approval of the proposed amendment by the Board of
Governors the Bank shall ask all members by circular letter or
telegram whether they accept the proposed amendment.
(e) Notwithstanding paragraph (d) of this Resolution, any member may
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Federal Reserve Bank of St. Louis
notify the Bank that it accepts the proposed amendment at any
time after the Governor appointed by such member has voted
in favor of the proposed Resolution and prior to the receipt
INTERNATIONAL
BANK FOR RECONSTRUCTION AND DEVELOPMENT
- 2-
of the circular letter or telegram referred to in
paragraph (d) of this Resolution.
(f) The proposed amendment shall enter into force for all
members on the date when the Bank shall have certified
by formal communication addressed to all members that
the proposed amendment has been accepted by three-fifths
of the members, having four-fifths of the total voting
power, and the formal communication shall so specify.
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Federal Reserve Bank of St. Louis
UNITED STATES DELEGATION
1964 ANNUAL MEETING IMF-IBRD
TOKYO, JAPAN
ADMINISTRATIVE MEMORANDUM NO. 1
This memorandum covers general aspects of the Tokyo
trip. Administrative memorandum No. 2 contains special
information for members of the delegation travelling on
Secretary Dillon's MATS aircraft, including information
relating to the stopover in Hawaii. Additional memoranda
will be issued as required.
1. Membership of delegation. A copy of the delegation
list is attached. A revision will be circulated in the
event of additions or deletions.
2. Place and dates of meeting. Official sessions
commence Monday, September 7, and conclude Friday, September 11
All plenary sessions will be in the Okura Hotel. An opening
reception will be held Sunday evening, September 6, and the
closing social function will be on Friday evening, September 11
3. Special aircraft. The MATS aircraft carrying
Secretary Dillon and the bulk of the delegation will leave
Andrews AFB on Thursday, September 3, at 10:00 A.M. and will
arrive in Tokyo at 2:00 P.M., Saturday, September 5, after a
stopover in Hawaii. The aircraft will depart Tokyo at 11:00
A.M., Saturday, September 12, and will arrive at Andrews
at 12:25 P.M. on the same date, stopping only in Alajska for
refuelling (all times local; International Dateline affects
date in each direction).
<
4. Passports, visas, inoculations. These items are
the responsibility of the individual delegation member. A
visa by the Japanese Embassy is required. Congressional
members of the delegation should contact Miss Carolyn Comstock,
Congressional Travel Aide, Department of State, code 182,
extension 8195, for assistance regarding passports (and for
local currency matters, if applicable). Treasury members of
the delegation should contact Miss Sada Onoye, extension 5671,
for passport and visa assistance. Other delegation members
should follow normal agency procedures for overseas travel.
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Federal Reserve Bank of St. Louis
- 2 5. Accommodations in Tokyo. Secretary Dillon and his
personal staff will be in the Hotel Okura. All other members
of the delegation will be in the Tokyo Hilton. Rooms are
being reserved by the delegation staff through the Fund-Bank
Secretariat; delegation members should not seek to make
individual hotel arrangements.
6. Office space. The delegation office will be in the
Tokyo Hilton. Normal secretarial service will be available,
and all mail, invitations and documents will be distributed
at this point. Because of the tight hotel situation, it will
not be possible to assign individual offices to delegation
members. However, a limited amount of office space is
available in the American Embassy, located across the street
from the Hilton. A large conference room is available in the
Embassy if required. Delegation members will be notified
if a sitting room becomes available in the Okura for small
conversations.
7. Formal attire. None of the officially-scheduled
social events require formal dress. This does not preclude
the possibility of private invitations from Japanese or other
acquaintances requiring black tie, but each delegation member
will have to assess this possibility for himself.
8. Financial arrangements. With the exception of
Congressional members, each delegation member's expenses are
to be borne by his own agency. Congressional members will
be given Treasury travel letters authorizing reimbursement
in accordance with Standard Government Travel Regulations.
No charge will be made for passage on the special aircraft.
All expenses of dependents who may accompany members must
be borne by such members. Delegates should note in particular
that hotel bills en route and in Tokyo are to be settled by
each individual, who will then seek reimbursement.
9. Local transportation. The delegation will have a
pool of about a dozen cars at its disposal. Embassy dispatchers
will operate the pool at the Okura and Hilton Hotels. It will
not be possible to assign cars individually, nor will the size
of the pool permit trips outside of Tokyo by delegation
members. Delegates anticipating special needs for local
transportation should notify the Secretary of the Delegation,
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Federal Reserve Bank of St. Louis
- 3who will arrange for local hire of cars at the expense of the
agency or individual involved.
10. Delegate's handbooks. A delegate's handbook will
be issued during the last week of August, containing lists of
country delegations, schedules of events, agenda, the U.S.
position paper on the formal agenda items, and various background materials of a substantive nature. Accompanying the
handbook will be copies of the annual reports of the Fund and
the Bank and its affiliates.
11. General information on Tokyo. A State Department
compilation of general information on the Tokyo area is
attached.
HeAy J. Bittermann
Secretary of Delegation
Attachments:
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Federal Reserve Bank of St. Louis
(1) delegation list
(2) general information on Tokyo
UNITED STATES DELEGATION
1964 ANNUAL MEETINGS
IMF - IBRD - IFC - IDA
TOKYO, JAPAN
GOVERNOR
* Douglas Dillon, Secretary of the Treasury
ALTERNATE GOVERNOR
* George W. Ball, Under Secretary of State
TEMPORARY ALTERNATE GOVERNORS
* Robert V. Roosa, Under Secretary of the Treasury for
Monetary Affairs
* John C. Bullitt, Assistant Secretary of the Treasury
and U.S. Executive Director, IBRD
William B. Dale, U.S. Executive Director, IMF
CONGRESSIONAL
ADVISERS
* Senator Russell B. Long, Committee on Foreign Relations,
U.S. Senate
Senator Frank Carlson, Committee on Foreign Relations,
U.S. Senate
* Representative Henry S. Reuss, Committee on Banking and
Currency, House of Representatives
* Representative Clarence E. Kilburn, Committee on Banking
and Currency, House of Representatives
CONGRESSIONAL OBSERVERS
Senator A. Willis Robertson, Committee on Banking and
Currency, U.S. Senate
* Senator Wallace F. Bennett, Committee on Banking and
Currency, U.S. Senate
* Representative Abraham J. Multer, Committee on Banking
and Currency, House of Representatives
* Representative James Harvey, Committee on Banking and
Currency, House of Representatives
ADVISERS
(alphabetically)
»seph W. Barr, Chairman, Federal Deposit Insurance Corporation
Henry J. Bittermann, Director, Office of International
Financial Policy Coordination, U.S. Treasury
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Federal Reserve Bank of St. Louis
- 2 ADVISERS - Continued
*
*
*
*
*
*
*
•
*
Joseph M. Bowman, Jr., Assistant to the Secretary of the
Treasury for Congressional Relations
Benjamin Caplan, Director, Office of International Finance
and Economic Analysis, Department of State
Robert Carswell, Special Assistant to the Secretary of the
Treasury
Charles A. Coombs, Vice President, Federal Reserve Bank of
New York
J. Dewey Daane, Member, Board of Governors, Federal Reserve
System
Dixon Donnelley, Assistant to the Secretary of the Treasury
for Public Affairs
E. Jay Finkel, Deputy Director, Office of International
Financial Policy Coordination, U.S. Treasury
Alfred Hayes, President, Federal Reserve Bank of New York
Walter H. Heller, Chairman, Council of Economic Advisers
Ralph Hirschtritt, Special Assistant to the Assistant
Secretary of the Treasury for International Affairs and
Temporary Alternate Executive Director, IBRD
John S. Hooker, Alternate Executive Director, IMF
Douglass Hunt, Special Assistant to the Under Secretary
of the Treasury
G. Griffith Johnson, Assistant Secretary of State for
Economic Affairs
Tom Killefer, U.S. Executive Director, Inter-American
Development Bank
Harold F. Linder, President and Chairman, Export-Import
Bank of Washington
William McChesney Martin, Jr., Chairman, Board of Governors,
Federal Reserve System
Lawrence C. McQuade, Deputy Assistant Secretary of Commerce
for Financial Policy
Robert G. Pelikan, Financial Attache, American Embassy, Tokyo
Edwin 0. Reischauer, U.S. Ambassador to Japan
James J. Saxon, Comptroller of the Currency, U.S. Treasury
Fred B. Smith, Deputy General Counsel, U.S. Treasury
George S. Springsteen, Special Assistant to the Under
Secretary of State
George H. Willis, Director, Office of International Affairs,
U.S. Treasury
Wife accompanying
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Federal Reserve Bank of St. Louis
- 3 SECRETARIAL STAFF
Mrs.
Mrs.
Mrs.
Mrs.
Mrs.
Miss
Miss
(one
Mrs.
Mrs.
Dorothy deBorchgrave
Edna W. Ponton
Mary A. Monomack
Ray K. Furst
Mildred S. Dodd
Estella T. Michura.
Mae B, Alexander
secretary from Department of State)
Jeanne H. Letts (IMF)
Rita Adler (IBRD)
(
'
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Federal Reserve Bank of St. Louis
August 13, 1964
INFORMATION
ON
TOKYO,
JAPAN
FOR
PROSPECT!!
MEMBER!
j|fi OF ;:ilj
UPO STATES
BEtEBATIONSS
EPARTM ENT 'OF
^
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Federal Reserve Bank of St. Louis
MAY 1964
CONTENTS
Page
Geography
1
Climate and Clothing
1
Language
1
Laundry and Dry Cleaning
1
Health Conditions and Medical Facilities. ...
2
Immunizations
2
Entry Requirements
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f
....
2
Customs Regulations ....
2
Currency and Exchange
3
Electric Current
3
Local Transportation
3
Hotels
3
Restaurants
3
Tipping
k
Churches
k
National Holidays
k
Time Differential
k
Location of American Embassy
k
-1.
,
Geography
Japan is a chain of rugged, mountainous islands lying in a 2,000 mile
long arc off the east coast of Asia. Japan comprises four main islandsHokkaido, Honshu, Shikoku and Kyushu—and over 3*300 smaller islands. They
lie between the 46th and 31st parallels of north latitude—approximately
the same latitude as the United States. The total area of Japan, 1^7,000
square miles, is somewhat less than that of California. About four-fifths
of Japan is covered by hills and mountains, a number of which are inactive
or active volcanoes. Except for its surrounding waters, which are rich in
aquatic life, Japan is poor in the land and natural resources needed by its
population of over 96 million.
Tokyo, the capital of Japan, is situated on the east coast of Japan on
the Kanto plain, one of Japan's most heavily populated and industrialized
areas. Tokyo is the center of national administration, education and finance.
The metropolitan area of Tokyo has a population of approximately ten and a
half million.
Climate and Clothing
Temperature variations in Japan range from the sub-tropical climate of
Kyushu, which is similar to that of northern Florida, to the cool climate
)f Hokkaido, which is similar to that of southern Maine. The climate of
most of Japan is dominated by the Asiatic monsoon, which brings a pronounced
summer rainy season, most intense in early July, and mild, sunny winters.
During the late summer and early fall Japan is often buffeted by torrential
rains accompanying Pacific typhoons.
The climate of Tokyo may be compared to that of cities on the American
eastern seaboard at approximately the latitude of Washington, B.C. Winters
are fairly mild, with little or no snow. The summer, particularly in July
and August, is about as hot and humid as Washington. Hence, the clothing
requirements in Tokyo are the same as in Washington for men, women and
children, for all seasons.
Language
The Japanese spoken language is considered by most scholars to belong
to the Ural-Altaic family. The written language is based on characters
introduced from China over a thousand years ago, supplemented by two phonetic
systems: Katakana and Hiragana. English is the second language of Japan.
Although many Japanese have a written knowledge of English, the number of
English-speaking persons is relatively limited, particularly outside the major
cities. English—varying from a smattering to full fluency—is spoken by many
Japanese in foreign trade and diplomatic circles and in places frequented by
tourists.
1
Sundry and Dry Cleaning
Laundry and dry cleaning facilities are available at the hotels; however,
rates are usually less expensive outside the hotels. Laundry service is fast;
dry cleaning takes about two days.
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Federal Reserve Bank of St. Louis
- 2Health Conditions and Medical Facilities
The general level of community sanitation in the Tokyo area, although
high by Asiatic standards, is far below what is found in the United States.
Most water in private homes is potable, but in some areas water should be
boiled before drinking. Food sanitation is below American standards.
The common illnesses among Americans are respiratory diseases and mild
intestinal infections. Tuberculosis, intestinal parasites, typhoid and
scarlet fever are relatively common among the local populace. The climate
in Tokyo is unfavorable for persons susceptible to asthma, sinus trouble and
other respiratory ailments.
Medical services in Tokyo are excellent. There are three recommended
local hospitals: St. Luke's International Hospital, International Catholic
Hospital (Seibo-Byoin), and the Tokyo Sanitarium Hospital. There are many
American-educated Japanese physicians and several foreign physicians and
dentists in the Tokyo area. Their fees are standard. There are three local
pharmacies which sell standard American drugs and supplies, but they are
expensive. Any special remedies should be provided from the U.S. as they may
not be available in Tokyo.
Immunizations
Smallpox - a certificate of Immunization against smallpox (international
Certificates of Vaccination, PHS-731)> valid for three years, is required for
re-entry into the United States.
Cholera - a vaccination certificate is required for persons arriving
from cholera-infected ports or endemic areas.
Typhoid and paratyphoid fever, tetanus, diphtheria and poliomyelitis
inoculations are recommended as a personal and public health precaution,
since U.S. standards of environmental sanitation are not maintained in Japan.
Entry Requirements
A Japanese visa is required for entry into Japan.
Customs Regulations
Japanese - As a general rule, articles for personal use may be taken
into Japan duty-free. A maximum of 200 cigarettes, 50 cigars or one pound
of pipe tobacco, and half a dozen bottles of wines or spirits may be imported
for personal use free of duty.
United States - The present free import allowance of $100 is granted to
travelers who have been outside the United States for not less than 48 hours
and who have not claimed an exemption within 30 days immediately preceding
their arrival.
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Federal Reserve Bank of St. Louis
- 3-
Currency and Exchange
The monetary unit of Japan is the Japanese Yen (or ¥). Yen may be
purchased at foreign exchange banks and other legally designated agencies.
All purchases and services from Japanese sources are paid for in Yen. The
current rate of exchange is 360 Yen to one dollar. There is no limit to the
amount of currency which can be taken into Japan, if personally carried.
Opon departure from Japan, a maximum amount of Yen equivalent to U.S. $100
may be converted into U.S. currency.
Electric Current
The electric current in Tokyo is AC, three-phase, 100 volts, 50 cycles.
A U.S. electric razor will work satisfactorily on this current.
Local Transportation
There are modern tramways, streetcars, motor buses, and subways in Tokyo
and other cities, and high-speed electric trains to major places within the
country. Taxis, and cars for hire are readily obtainable. Rates are less
than those in the United States. The Japanese National Railways, Japan Air
Lines and All Nippon Airways operate throughout the country.
Hotels
There are excellent western-style hotels in Japan. Some of the hotels
in Tokyo most frequently used by American visitors are as follows:
Imperial Hotel
Dai-Ichi
Ginza Tokyo
Hotel New Japan
Tokyo Hilton
Marunouchi
Nikkatsu
Gajoen Kanko
Palace
Okura
Nikko
Kokusai Kanko
Restaurants
i
All major hotels have dining rooms that serve familiar western food.
There are many western-style restaurants in Tokyo, including Tokyo Kaikan
Prunier for seafood; the Suehiro Steak House, Crescent and Frank's for
•teaks and chops. Some of the popular oriental restaurants are: Okahan
and Yugiri for sukiyaki dinners; Chinzanso and Fujino for Japanese barbecue
Inners; Inagiku and Ten-ichi for tempura dishes; China house, Sun-ya, or
^iu Yuan for Chinese food. Prices vary widely, but range from about $3 to
$10.
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- kTipping
A ten percent gratuity will probably be included in the hotel bill.
A service charge of ten or twenty percent will be adequate in restaurants.
The ¥100 (yen) note, worth about $.30 is convenient for tipping purposes.
No gratuity is given to taxi drivers.
Churches
Tokyo has many churches. English language religious services are available
for members of most denominations. There are several Roman Catholic churches,
a Seventh Day Adventist church, an Episcopal church, a Christian Science church
and a Jewish Synagogue. Lutheran services are held regularly at Tachlkawa
Air Base. Tokyo Union Church, an interdenominational church established primarily for English-speaking Protestants in Tokyo, welcomes members from all
denominations, and is largely attended by members of the Methodist, Baptist,
Presbyterian, and other evangelical groups.
National Holidays
The following national holidays are observed in Japan:
January 1
- New Year'.s Day
January 15
- Adults' Day
March 20, 21 or 22 - Vernal Equinox Day
April 29
- Bnperor's Birthday
May 3
- Constitution Memorial Day
May 5
- Children's Day
September 23 or 2k - Autumnal Equinox Day
November 3
- Culture Day
November 23
- Labor Thanksgiving Day
Time Differential
Tokyo time is Ik hours ahead of Washington, D.C. (Eastern Standard Time).
When it is 12 noon in Washington, it is 2:00 a.m. the following day in Tokyo.
Location of American Embassy
The Embassy chancery is located at 1, Akasaka Enokizaka, Minatoku.
The telephone number is
'
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Federal Reserve Bank of St. Louis
DEPARTMENT OF STATE
pp.
April 30f 1963
Replaces Part _JL Dated
Complete Revision
FROM:
Country
No Change
PART I
General Description
Introduction^ Tokyo is both the
capital and the heart of Japan, and, as
such, better than any other Japanese city,
reflects the diverse influences of East and
Vest to which Japan is subject. Streets
crowded with a constantly growing swarm of
vehicles, modern department stores, and
humming factories bear witness to a high
level of modernization and "westernisation."
Views of temples, gardens, and women clad In
lovely kimonos provide visible evidence of
the continuing of a rich oriental tradition.
It is precisely this mingling of old and new,
East and Vest, which gives Tokyo its charm
nd marks it as part of a cultural
ransformation that is taking place, at
varying rates, throughout Asia.
During a tour in Tokyo, the foreigner
benefits In many ways from this cultural
diversity. Should one be in search of new
and interesting experiences, Kabukl and
plays, flower arranging, tea ceremony,
painting, judo and sumo wrestling await both
participants and spectators. For those who
prefer more accustomed pastimes, there are
concerts, movie houses, baseball,
restaurants, and night clubs. When one
tires of the city hubbub, a quiet village
farming community, beach, or mountain resort
is only a short train ride away. However, the
number of things to do (of which the above is
but a sampling; is only part of the story.
Perhaps equally or more important for
those who live abroad is the opportunity to
meet with, and exchange ideas and experiences
with, citizens of the country of residence.
These opportunities are particularly rich and
rewarding in Tokyo for those who are willing
to take the initiative in entering into
social relationships with the Japanese.
The Embassy, Its affiliated agencies,
he consulates, and the military headquarters
Japan conduct continuing programs designed
j strengthen their administrative practices
and to improve Japanese attitudes toward the
United States presence here. There is a wide
variety of activities designed to develop a
FORM FS-454 10-61
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Federal Reserve Bank of St. Louis
City
Japan
April 18, 1?62
Revises Paragraphs Marked by Asterisk
The entire post report was reviewed
at the time this part was revised.
1
Tokyo
community of coanon interests and a more
sympathetic attitude between the U.S. military
and civilian personnel and the Japanese
public. Personnel and their dependents are
actively encouraged to participate in these
wholesome activities. In Japan, U.S.
citizens are most fortunate to find a host
country warmly receptive to those who admire
its beauties and appreciate its culture.
Geography and Climate. Tokyo is situated
at the head of Tokyo Bay, on the Kanto Plain,
the largest level area in Japan. The city
proper covers 221 square miles. The metropolitan area of 796 square miles occupies
both sea-level stretches along the bay and
rivers and rolling areas further inland.
Towering Mount Fuji and its surrounding
mountains of the scenic Hakone Range, which
lie about eighty miles to the west, are
sometimes visible on clear days from the
higher elevations of the city.
|
The climate of Tokyo may be compared to
that of cities on the American eastern seaboard at approximately the latitude of
Washington, D.C. Winters are fairly mild,
with little or no snow. The coldest month
is February with a mean dally mina: -.:j» of 30
degrees F., and an extreme lov of 17 degrees
F. The summer, particularly in July and
August, is about as hot and humid as Washington. The hottest month, August, has a
mean dally marlmnm of 85 degrees F. with an
extreme high of 98 degrees F. The fall and
the spring—noted for its cherry blossomsare the best seasons. The average yearly
precipitation is 60 inches. The rainiest
months are September. October, and June, with
precipitations of 8.0, 7.5, and 6.5 inches,
respectively. Except for the side effects
of typhoons in the south, the full force of
which rarely strikes Tokyo, wind is neither
a hazard nor an Inconvenience. Earth tremors
occur many times each year. Although they
may cause anxiety to personnel, they are
usually of low intensity and seldom result In
property damage in the city. Dust, soot and
smoke are more prevalent than in large
American Industrial cities. Mildew and mold
Tokyo
City
POST REPORT
Date
are dangerous to woolens, leathers, and
other materials during tha humid summer
months. The usual insect pests, such as
flies and mosquitoes, exist in about the
same proportions as in the Midwestern States
of the United States. Screening during
summer months is customary, and the use of
insecticides before retiring is commonly
practiced to insure comfort. Moths are a
nuisance requiring careful precautions.
Description of Post^ Tokyo has grown
up around the feudal castle which was built
here during the sixteenth century. A great
feudal lord, Tokugawa leyasu, became the
ruler of this castle and the surrounding
Kanto Plain in the latter part of the
sixteenth century and, after a series of
civil wars, set himself up as military
dictator or Shogun of all Japan in the year
1603, with his seat of administration in
Tokyo, then called Edo. Under succeeding
Tokugawa Shoguns the city grew in commercial
and political importance and became the
leading commercial center of the Kanto Plain.
Its geographic position as a river port and
eaport for coastal shipping encouraged its
Development as a distribution center for the
surrounding country.
Since 1603 Tokyo has been for all
practical purposes the capital of Japan,
although a cloistered, impotent court
maintained a shadowy authority at the
ancient imperial capital of Kyoto until
1868 when, following Japan*s opening to the
west and the overthrow of the Shogunate, the
imperial court moved to Tokyo and a westernized type of government was established there*
Modern downtown Tokyo has many similarities with other world capitals. There are
some vide, tree-lined boulevards, Imposing
government buildings and commercial
establishments, several modern and well-stocked
department stores, and in general the usual
aspects of a great city. It has many
beautiful shrines and gardens while the center
of tha metropolis is dominated by the immense
grounds of the Imperial Palace, •surrounded by
huge moats*
'
It is in the outlying districts that one
realises that he is in the Orient. The residential areas are characterized by small,
narrow streets with walled-in or fenced-in
ipanese homes. In general, there is no
lear-cut distinction between residential
areas such as one commonly finds in American
cities—large, expensive houses being
scattered among clusters of small and rather
modest dwellings.
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Federal Reserve Bank of St. Louis
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While Tokyo is the most modern city in
the Orient, to the western eye the general
appearance of most parts of the city is
rather cluttered and a study in contrasts
between gaily colored neon signs and the
grey and weather-beaten color of unpainted
wooden Japanese houses. It is also
characterized by close crowding of homes
and business establishments, predominantly
narrow streets, and an almost complete
absence of sidewalks and lawns in residential
areas.
Japanese is, of course, the principal
language of the country. English is the
only other widely used language and the
study of this language by students is compulsory at junior high, high school, and
undergraduate college levels of education.
Few Japanese have more than a modest command
of spoken English, although many more are
able to read English to some extent.
However, persons who work in diplomatic or
commercial Circles usually have an adequate
to fluent command of English.
As well as being the political capital,
Tokyo is also the commercial and banking
center of Japan. Many large and small
industrial establishments are located in or
near Tokyo, with the largest concentration
stretching between Tokyo and neighboring
Yokohama. In population, Tokyo ranks first
among all the cities of the world, with
10,000,000 Inhabitants. The largest foreign
element is comprised of American military
and civilian personnel of the U.S. Forces
and their dependents, several thousand of .
whom are assigned in the Tokyo-Yokohama area.
A substantial group of American end European
business representatives also lv>i in Tokyo,
in addition to the large diplo-3tic colony.
Exclusive- of U.S. Government military and
civilian complements, approximately 5,000
American citizens reside in the Tokyo
consular district.
Nearby Places- The only other large
city within the immediate neighborhood is
Yokohama, an Important port and commercial
center, with a population of over a million.
It is approximately twent/ miles from
downtown Tokyo, and may be reached by
frequent interurban train service in about
one-half hour, or one may drive over
crowded highways in about one hour.
Many resorts are located within easy
week-end distance of Tokyo. For those who
enjoy the seashore there are bathing beaches
near Kamakura, Numazu, and Atami, and on
the Chiba peninsula. For those who prefer
_mountain resorts there are many excellent
Tokyo
City
POST REPORT
Japanese and western-style hotels in the
Rakone Range near Mount Fuji or in the
mountains near Xaruizawa in Nagano
Prefecture. Nagano Prefecture is especially
popular for winter sports. For those who are
interested in visiting historical spots, the
nearby town of Kamakura is of great interest,
as it contains cany old shrines and temples
dating back to the twelfth and thirteenth
centuries, together with the famous Great
Buddha. Another popular vacation and his- toric spot near Tokyo is the town to Nikko
where are found the famous shrines and tombs
of the first and third Tokugawa Shoguns. All
of these places are accessible for week-end
trips.
•Location of Office, The chancery of
the Embassy, located on the western fringe
of the downtown business district, was
constructed in 1930. It contains, among
others, the offices of the Ambassador, the
Deputy Chief of Mission, the Chief of the
Political Section and the Chief of the
Economic
Section. The Commercial Attache
&r~ vis staff; the Commercial Library; and
<
S. Trade Center are located on the
f.
, second and third floors of the
Tameike Tokyu Building, located in Tameike
Area. The AID Regional Branch and two other
government agencies affiliated with the
Embassy are located on the fifth floor of the
Kikai Boekl Kaikan Building (Embassy Annex
No. 2).
The remainder of the officers and
employees of the Embassy, including the
Consular Section, the U.S. Information
Service, the Service Attaches, and most of
the Administrative Section, work in the
Hantetsu Building (Embassy Annex No. l), a
six story and basement structure situated
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Date. V50/63
Part _ * Page_l
one block from the Chancery on 10th Street
near "B" Avenue in the Toranonon District.
Several other agencies affiliated with the
Embassy have quarters in this building.
However, until a proposed Chancery addition
is completed, every available space in the
present buildings is being utili—d. Thus
the Embassy finds it difficult to provide
the necessary administrative support, spacevise, to the many special commissions, conferences, and visiting high officials
constantly coming to Tokyo.
The Embassy makes arrangements to meet
all newly-arrived staff members and official
visitors. However, if for some reason a
person arrives in Tokyo and is not met, he
should call the Administrative Section during
working hours (telephone 4.81-7141, extension
300 or 301) or the duty officer at night or
on week ends (telephone 481-7141, extension
234 on weekdays, and extension 216 on
Saturdays, Sundays and holidays).
Although Tokyo is a seaport, large
ships from the United States do not call
here but at Yokohama, about 20 miles from
the Embassy. Persons arriving by ship are
met and escorted to Tokyo. Those who arrive
by air enter at Tokyo International Airport
(Haneda), situated between Yokohama and
Tokyo, twelve miles from downtown Tokyo.
DEPARTMENT OF STATE
September 15r
POST
1963
FROM:
Replaces Part IE Dflt»d April 30P 1963
Tokyo
City
Japan
Country
- Complete Revision ._ _ No Change
Revises Paragraphs Marked by Asterisk
Revised to show change in APO nunber.
PART H
Recreation anfl
gports and Outdoor Llf e^ The main sports
in which Americans participate are swimming,
tennis, bowling, golf and badminton. The
Embassy has two tennis courts for American
employees, one adjacent to the Nonomiya Apartments, and the other near the Perry and Harris
House Apartments. Embassy personnel may also
join the Japan Lawn Tennis Association which
has several courts. There are several bowling
centers in Tokyo equipped with automatic pinsetting machines and conveniently located.
Golf is available, with an eighteen-hole
course at Camp Drake, about an hour from the
- *>acery building. There are two public
•ses, but they are crowded, particularly
week ends. Membership fees in the nearby
Japanese clubs with excellent golf courses are
prohibitively high for most Qnbassy personnel
and the waiting lists are long. Horseback
riding for adults and children is available*
Two riding clubs are available to foreigners.
The Palace Riding dub offers excellent
instruction in dressage and jumping. There
are several commercial ice skating rinks, which
are sometimes overcrowded. Tokyo residents
can hunt, fish, go sailing and surf bathing,
or enjoy winter sports at reasonable
distances from the city. Ski excursions are
popular in the winter months, and a number of
comfortable Western-style lodges, most of them
equipped with chair lifts or other types of
a few hours distant from Tokyo by train.
Spectator sports include football, baseball,
boxing, Japanese wrestling, bicycle races,
horse races, horse shows and dog shows. There
is a small children's playground adjacent to
the Perry and Harris apartments and another
adjacent to the Nonomiya Apartment building.
There are many sightseeing tours to numerous
places of historical and scenic interest
within and near the city.
Sports enthusiasts may either bring
Ing equipment or procure it locally,
sports attire which is acceptable in
Washington, D.C. is acceptable in Tokyo.
If particular about fit, ski clothing should
be brought. Ski boots of very good quality
Digitized forare
FRASER
available in Tokyo at cheaper prices
C
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FORM FS-454 10-61
Federal Reserve Bank of St. Louis
Lie
than in the United States. Larger people may
have some difficulty in getting fitted.
Social Recreation.. As a leading cosmopolitan center, Tokyo offers infinite opportunities for social life involving both
Japanese and foreigners. Apart from the more
formal representation functions, Embassy
personnel find that their stay in Tokyo is
made more rewarding through the development
of informal friendships with Japanese. There
are numerous clubs and classes which serve to
bring Americans and Japanese together and
many Embassy personnel help to fill the demand
from students, businessmen, newspaper men,
etc., for teachers of English.
The Chief of Mission and senior officers
entertain and are entertained by high-ranking
Japanese officials, senior officers of the
diplomatic missions, leading members of the
business community and American and Allied
military officers. Cocktail parties, dinners,
and other home entertainments are popular.
Large receptions, both diplomatic and military,
are held on national holidays and other
appropriate occasions.
The junior officers usually follow the
same pattern of social life as the senior
officers, although on a lesser scale. .Their
associates are correspondingly lover-ranking
Japanese officials, junior officers of the
diplomatic missions and the U. S. Armed
Forces, and members of the business community.
This group entertains both in private homes,
with dinners, buffet suppers, or cocktail
parties, and also at service clubs for civilians and Army officers where dinners, dances,
bridge and bingo are popular.
There are two clubs sponsored by the
0. S. military forces for the military and
civilians. The Sanno Hotel Officer's Open
Mess and the Sands Club are open to any civilian employed by an U. S. government agency.
Both clubs contain nranll military exchange
facilities and book stores, and provide
regularly scheduled dancing and floor shows*
In addition the Sanno Hotel shows movies
Tokyo
City
POST REPORT
I^te_?A5^3__PartJlPage_2.
than .those in the United States* Devotee*
and performances of almost any form of
Western or Japanese entertainment out be
found within the city*
three tines a week* The Sanno Hotel ia
within walking distance of the Bnbaasy and
the Sands Club vithin twenty minutes driving
'tine.
•-
r
..
.'•..'"•
••'«
There are several other clubs open to
. Bnbassy employees; among these are the
American dub and the Yokohama Yacht CLub,
both with excellent swimming pools and other
facilities. The initial deposit, and the .
•monthly dues, are comparatively nigh,
however.
• ; -.':
It is suggested that all staff members
'and their wives bring a limited number of
,
,' celling cards to tiie post for use immediately
on arrival. All new arrivals of any agency
are invited to call at the residences of the
Ambassador and the Deputy Chief of Mission.
Because of the size of the Mission and
the desire on the part of the Japanese
. sGovernment to restrict the Diplomatic List to
Damageable proportions, only those officers
'whose official and representational relation*
-ships so require are listed. A Circular Note
"is used to notify other diplomatic missions
of the arrival or departure of officers
included on the List.
, •".:
Social life for single girls may be
comparable
to the social lives they would
1
lead in large cities in America. Potential
;-'" escorts may be found among bachelors of the
Mission and other embassies, members of the
Armed Forces, and American or foreign
••: businessmen. However, with the exception
of Babassy personnel, initial introductions
• are somewhat more difficult to secure than
would be the case in the United States due
to the more or less mutually exclusive working,
t , living, and social circles of each group.
There are various activities for participation
by escorted or unescorted girls. Staff
• parties are scheduled occasionally throughout
the year, with a large number being held
.during the Christmas season.
Girls entertain individually or in
groups in their apartments,
although the
•aall •efficiency11 apartments in which a
'. Majority of the female clerks live offer very
limited space for entertaining.
<
Social life for the men clerks is also
oomparable to what it would be in large
American cities. Like the female clerks,
the majority of men clerks
are quartered in
fairly small "efficiency*1 apartments.
fio&ertalnmentt. Tokyo is one of the
entertainment capitals of the world, with
oricaa general!v equivalent to or hiffhar
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Federal Reserve Bank of St. Louis
Tokyo offers many excellent Japanese
"theaters where reasonably recent American,
European, and Japanese notion pictures are
shown. Motion picture soundtracks are
usually in the original language, with
Japanese subtitles. In addition some
American films are offered at the Sanno
"
The city has several symphony orchestras,
and symphony concerts are scheduled frequently,
with the exception of the midsummer months* '
Japanese opera companies give performances of
Western operas while other Japanese companies
present traditional Japanese musical dramas ,
and colorful stage shows based on oriental
and occidental themes. Superior artists from
all over the world regularly visit Japan for;
performances in the major cities*
Baseball and football games, swimming ',' '.
meets, Judo and sumo tournaments, wrestling '
and boxing matches, and other sports contests
ere regularly held. There are also horse and .
bicycle races. Desirable Western restaurants
(generally expensive) and night clubs {expensive) are plentiful. There are innumerable
Japanese restaurants, some of them catering
especially to foreigners, which serve high
quality food. In addition there ere a number
of restaurants which serve excellent Chinese food, and other restaurants specializing in
the foods of other European, Asian, and South
American countries.
: ;
American film for motion picture and
still cameras is available at the military
exchanges, although the exchanges may at
times run out of film or limit sales* .
Exchange concessionaires do excellent developing and printing for black and white film and
printing from color negatives, while frequent
airmail service allows a speedy receipt of
color slides from the processing centers in
the United States and Hawaii. Ansoo color
film has processing facilities in Tokyo*
Japanese earner as and accessories are excellent
in all price ranges. Japanese film is also
satisfactory, but generally more expensive
than that available at the military exchanges.
American film may be ordered from the United
States through APO facilities.
Military exchanges located less than two
hours drive from the Babassy offer an excellent selection of radios and radio-phonograph
consoles of both American and Japanese manufacture. In addition Jananese-aanufaotured ^
Tokyo
City
POST REPORT
Date MJPjLA? Part^t Page_J_
favorably with prices in the United States.
If a pho&ograph or tape recorder is brought
from the United States it should be borne in
•ind that Japanese electric current is 50 cycle,
and conversion kits should be purchased in the
United States and either installed there or
brought to Japan to be installed here. The
Exchanges operate satisfactory radio repair
service. American and Japanese records are
available on the Japanese market but the
selection of classical records is limited and
usually only stereo is available. The Exchanges
are a fairly good source of American-made
popular and classical records and tape recordings at prices which compare favorably with
retail price levels in the United States. The.
limed Forces operate a radio station in Tokyo
which broadcasts locally and relays on the
standard band various recorded network programs
from America. This station is on the air 24
hours a day with no commercials. Japanese
broadcasting stations frequently present
excellent classical musical programs on both
AN and FM. Japanese FM equipment, however, is
designed for a range of 76 He. to 90 Ho., and
t>"* only two FM stations now operating, at
Mo. and 84.5 Mo., cannot be picked up on
usual FM receiver designed for American
channels. Short wave reception from America,,
the Philippines and Australia is usually good
only on first-rate short wave sets. Persons
interested in Asiatic languages and music find
excellent short wave reception from stations*
in China, Southeast Asia, and India. Siberian
stations relay Russian programs from Moscow
over both medium and short wave. Six Japanese
television stations broadcast daily afternoon
and evening programs and American television
sets, after a relatively inexpensive adjustment,
will receive these programs satisfactorily.
Japanese electronic equipment is excellent and
moderately priced..
* There are several museums in Tokyo which
present exhibits pertaining to Japanese culture.
In addition all major Japanese department
stores hold regular exhibits of Japanese arts,
textiles, pottery, etc.
* Colorful Japanese festivals and ceremonies
are held throughout the year, many within the
precincts of Shinto shrines or Buddhist temples.
» libraries and Reading Matter. The American
military library in the Sanno Hotel maintains
f ir selection of current books. The American
ral Center in Tokyo, operated by the U. S.
.-nation Service, also possesses a large
library which Embassy personnel may use* The
ACC library includes a wide selection of
specialized magazines. A small Embassy library
contains
standard reference works and a
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Federal Reserve Bank of St. Louis
collection of books on Japanese and Chinese
civilisation. There are also some works of
fiction in the Embassy library.
* Five English-language dailies are
published in Tokyos "The Stars and Stripes"
by the U.S. Army, the "Yomiuri," the "Japan
Times," the "Kainichi Daily News," and the
•Asahi Evening News."
* The military exchanges, and the Sanno
Hotel, sell such American magazines as "The
Saturday Evening Post," "Newsweek," "Time,"
"Life," "Esquire," "Readers Digest," comics,
fashion magazines, and mystery thrillers, as
well as paperbacks.
* In order to obtain domestic rates on
magazine subscriptions placed in the United
States a subscriber should use his APO address
as follows:
Mr. John Doe
American Embassy
APO 5 3-03
San Franoisoo, California
DEPARTMENT OF STATE
,ATE.
POST REPORT
April 30, 1963
Replaces Part W n»ti>H
FROM:
Tokyo
Japan
April IB. 1962
Country
_ Complete Revision
No Change
_JL_ Revises Paragraphs Marked by Asterisk
The entire post report was reviewed at
the time this part MM revised.
PART If
Food, c:
Food* there is ao Heed to bring any food
to Tokyo. Practically any food item in popular
ile»t iill in Washington it available haro. Usually
fresh fruit, fresh vegetables, sn* seafood are
available at reasonable prioaa. The Military
commissary atoroi atook oanned and froaon foods»
inoltjdicr baby foodi, meats, eggs, staples,
condiments, and freab fruits, all from America,
and eeoaaionally offer tropical fruit* fro*
Taiwan and the Philippine*. Item are not
rationed. Snaek items, snob aa cookies, cheese
crackers, peanut batter, and ooffee are
available alaot
. The Military operates bakeries and a plant
for reconstituting dried nilk imported fron the
United States. There are also good Western style
bakeries in Tokyo.
* Military Comwiasary stores and Exchangee
are presently located in Washington Heights,
Grant Heights, Green Park, Fuehu, Teohikawa
and Yokohama (Seawrlty Forces Dependent
Boosing area*), about four, fifteen, and twenty
miles, respectively> from downtown Tokyo* All
facilities in the Washington Height* area will
be returned to Ja|>aa by December, 1963, however. Access to OcMaieserles and Exchanges is
granted only to those parsons entitled to use
Military Payment Certificates. Commissary and
Exchange eards are issued to U. S. Government
employees* <Qb*£ holders of sooh cards (not
their Servants or agents) are authorised to
enter Commissaries and Exchanges*
I
However, for the convenience of all
American personnel of the Embassy, a smell
commissary has been established in the basement
of Embassy Anna* H, and a second commissary
outlet is located in the basement of Harris
House, these Embassy commissaries, operated
by the Employees Welfare Association, carry a
fairly good stock of oanned goods, bread, and
milk at prices comparable to those charged by
the military commissary stores. A fov fresh
and froaea fruits and vegetables as well as
a limited variety of meat products are Also
stocked. Fruits and vegetables are also freely
available from Japanese sources and are safe to
eat, provided they are well oooked or are otherIORM FS-454
10-61
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Federal Reserve Bank of St. Louis
wise subjected to some form of germ-killing
treatment.
* In addition to its commissary facilities,
the Embassy also has a snack bar in Annex ft
which Sells sandwiches, salads, ooffee, soft
drinks, ice cream, and hot lunches. The top
floor lounge of the Nonomlya may be used for
parties of up to 125 people*
All types of alcoholic beverages are
available at reasonable prices through Military or Embassy facilities. The supply which
varies from time to time, includes popular
American, frsnmliiiii tj»d Scotch whiskies,
American, German and Danish beer, and wines
and liqueurs from America and Europe*
Clothing and Shoes. The clothing require—
meets in Tokyo are the same as in Washington
for men, women and children, for all seasons.
A man's daytime wardrobe should include winter
weight suits, light weight wool suits for
spring and early fall, and washable suits such
as cord or linen for summer. White sharkskin
is occasionally worn, especially at social
events. Top coats and accessories suitable
for below freesing weather are winter requirements. For formal wear a man needs both
winter and summer tuxedos, and officers on the
diplomatic list have occasional use for morning
coats, which oan be rented. White tie and
tails, which may be rented, are occasionally
required for formal balls by senior offloors.
For sports attire whatever is suitable in
Washington is suitable in Japan.
A man coming to Tokyo may either bring
the above clothes with him, or have them made
locally. There are good tailors* and prices
are reasonable. Excellent quality American
and English woolens and Scotch tweeds are
available at the Exchangee and at foreign
stores at prices equal to or lower than those
in the United States, but material for summer
wash suits is difficult to find. Amerioannade clothing, haberdashery and shoes are
usually available in the Exbhanges, but limited
as to selection and siaes} Japanese products
oan be used as substitutes in the smaller sise
POST REPORT
2
ranges. Good quality silk neckties are plentiful At moderate prices.
As needed through mail order firms in the
united States via the Army Poet Office.
Women's clothing requirement* for Tokyo*
like mem's, are similar to requirements la
Washington. Women coming to Tokyo should
bring a raincoat, galoshes, shoes, suits,
oooktail dresses, dinner or evening gowns
(officer's wives meed these more than staff
girls), one or more light weight topcoats, A
heavy coat, lingerie, cotton dresses, blouses,
and sweaters. In short, it would be advisable
to bring aa adequate wardrobe for all seASOms*
There should be included in the wardrobe some
full skirts appropriate for dining in Japanese
restaurants or homes where guests are seated
on the "tptami" floor covering*
* Mlsoellfaeoug SuppjJ.es. All Exchanges
sell toiletries, cosmetics, some home medicines, and household needs* These include
popular brands of American and French cosmetics, perfumes, and lotion* v&ich are sold
At prices equal to or lower than those prevailing in the United States. Popular
American tobacco products are sold at all
military installations. Cigarettes are rationad at the rate of eight cartons per month per
person, but cigar* and emoking tobacco are
ratioWTee. Purchases of several other items
Are limited to one per pereon per year: air
conditioner*, deep freezer*, refrigerators,
space heaters, washing machines, electric
blanket*, electric razor*, watches over $25,
golf clubs and guns. Mildew repellent* and
moth crystal* are usually available at the
oommissarles and Exchanges.
Wardrobes may be supplemented after
arriving in Tokyo either by purchase of ready*
made clothes at the Exchange*, where the supply
and variety are usually limited] in foreign
stores, which are quite expensive| or by dlreot
purchase from the U. S. by parcel post ship*
ment. There are a few good ladles' tailors
and dressmakers. Excellent British woolens,
sad Japanese and Chinese silks, are available
locally at reasonable prices. large sites of
nylon hose are not always in stock at the
Exchanges* Women who are hard on their hosiery
are advised to bring an ample supply. Sines
walking in Tokyo is hard on shoes, women should
bring am adequate supply of shoes suitable for
all seasons. While the Exchanges
stoek a
limited variety of women1* shoes, desired
sites and stylos are frequently lacking* The
Exchanges, however, have catalogue* of many
America* shoe fit** from which they will
specially order any items desired.
Women may find that the social function*
they attend here Are inclined to be less
dressy than thoie they may have encountered At
other posts* Most of the cocktail parti**,
buffet suppers, ett., call for afternoon
dresses rather than cocktail gownsj a costume
suit is particularly Appropriate for parties
held in privately rented houses and "tha gosi
basic bleak* is Most useful* The wide *amge
of fabrics amd adequate tailoring facilities
make it advisable for worn**, especially single
women, to Consider ascertaining firsthand the
need for dinner And evening gowms before
investing in them* Long white evening gloves
sre met required*
<
Date 4pr $0, 63 Part IV Page
Enough children1* clothing should be
brought to meet foresooAblo meeds for several
months. The Exchanges carry replacement items
of clothing, but may met be relied upon at all
times, particularly with regard to
sheas•
Embassy families secure children1* clothing
FORM FS-454A
'0-61
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Federal Reserve Bank of St. Louis
For a variety of supplies, Ftebesey personnel use the California branches of the two
major American wail order houses and the
Exchange* Special Order Service. Since APO
faoilitle* are alrailable, postage need be
paid only to San Francisco, and no cuetcs**
clearance la required when the parcel is
received. From four to six week* ordinarily
elapse fron the date on which an order is
mailed to the date on which the shipment is
received.
* The Military Exchange system provides a
full range of Connunlty services--tailor
Shops, radio and electrical appliance repair
Shops, and laundry and dry cleaning facilities.
The Embassy Annex. Ho. 1 also contains a small
barber shop, and a beauty shop and a dry
cleaning outlet are located in the lobby of
the Harris House. Charges for these services
are considerably less than in the United
States. All of these facilities will also be
found in adequate number* on the local
economy at reasonable rates.
* B*r*anta« Cook/maid* for general housework are available at price* ranging from
la to |50 per month. In addition board, room,
and uniforms Are generally provided. Servants
who work for persons in the tovornment-ovned
apartment* are usually housed in near-by
doimitories without charge. Servants who live
out usually expect to receive a little higher
salary than those for whom quarter* are
provided* It 1* customary In Japan
to pay a
mid-year bonus of one-half month1* salary
and a year-end bonus of one month. Some
employers give only the one month year-end
bonus. Domestic servant* are not covered by
_Tokyo
City
POST REPORT
Japanese labor laws to provide for health and
accident benefits, unemployment insurance,
etc. Many employers, therefore, assume some
obligations for doctor's bills and for the
placement of servants in other positions
upon the employer's departure from Japan.
•People living in separate houses
frequently find it necessary to maintain two
or acre servants* Apartment occupants employ
one or two servants, depending on the sise of
the family. Single people living in the oneroom, efficiency-type apartments usually
employ only a part-time servant, Japanese
servants as a rule are honest, clean,
unobtrusive, and willing to work long hours.
It should be mentioned however that experienced servants are becoming increasingly
harder to obtain,
•Monthly rates for servants other than
cook/maids are as follows: Maid (no cooking)1
133 to $45i cook (male) $60 to $75) children •
nursemaid $35 to $40| driver $64 to $75.
Where English is not required, prices may be
slightly less. Gleaning women or laundresses
%y be hired on a daily basis at rates rangflg from $2,25 to $2.75 per day plus oar fare,
•Education. The United States Government
maintains a high school at Grant Heights,
about fifteen miles from the Embassy, The
school is accredited for the purpose of
transferring credits to schools in the United
States, The U,S. Air Force operates a school
bus system which Qnbassy children may utilise,
i
•There are several private schools in
Tokyo which conduct classes in English, The
American School in Japan, located seventeen
miles from the Embassy, was established in
1902 and has an enrollment of approximately
TOO pupils in grades 1 through 12, Bus
transportation is provided. There are two
Catholic schools | International Sacred Heart
for girls, and Saint Mary's School for boys,
Ho school bus system is available for these
schools and the children attending them either
use public transportation or ride in oar
pools organized by their parents, Boole
Francaise de Tokyo has an enrollment of
approximately 50 students in grades two
through ten with classes in French only. It
should be borne in mind that school costs may
vary somewhat without a great deal of advance
notice,
Sophia University, a Jesuit College,
has an International Division which offers
courses in English toward a Bachelor of Arts
degree in the fields of philosophy, German
literature, English literature, history and
Journalism, and towards, a Bachelor of
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Federal Reserve Bank of St. Louis
Date AE?JCV_& Part JV page.
Science degree in the fields of commerce and
economics. These courses are designed to
correspond with those offered in American
universities, and credits received here are
accepted in colleges in the United States,
This International Division is designed for
night school work, but there is nothing to
prevent a student from taking a full college
workload in the limited fields offered.
International Christian University,
located about 20 miles from the center of
Tokyo, is an inter-denominational
institution offering courses in English in
all of its Divisions—Humanities, Social
Sciences, Natural Sciences, and Languages,
However, a competency in Japanese is needed
in order to be granted the Bachelor of Arts
degree. Students may acquire this
"
competency at the University by taking an
intensive program.
In addition to full—time training for
Japanese language and area officers at the
FSI Japanese Language School, the Embassy
administers a part-time language program
'• '
which provides elementary, intermediate, and
advanced Japanese language instruction to
all Embassy personnel and their dependents
including employees of other U, S, Government agencies affiliated with the Embassy,
All new personnel are encouraged to apply
for appropriate instruction.
The University of Maryland, in
cooperation with the Armed Forces, offers
night courses at the undergraduate college
level, with appropriate resident credits for
those who complete a course. Although
these courses are offered primarily to
military personnel, members r the Embassy
staff are also eligible to pj-ticipate.
QftV^^li f okyo has many churches and
military chapels, English language religious
services are available for members of most
denominations. The military chapels hold
weekly Protestant and Jewish, services, and
dally Roman Catholic services. There are
several Roman Catholic churches, one Russian
Orthodox church, a Seventh Day Adventist
church, an Episcopal church, and a Christian
Science Church, Lutheran services are held
regularly at Tachlkawa, Tokyo Union Church,
an interdenominational church established
primarily for English-speaking Protestants
In Tokyo, welcomes members from all denominations, and is largely attended by members
of the Methodist, Baptist, Presbyterian, and
other evangelical groups,
ArUMuale. Instruction in music or art
POST REPORT
City
of any kind or fora ia available for both
adults and children. Members of the Embassy
also frequently find pleasure in studying
flower arrangement, tray painting and land•capefijaiftdrawing, calligraphy, and dollmaking aa well as oil, water color, and portrait painting.
(
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Federal Reserve Bank of St. Louis
Datej^r_??»Jfc Part _w Page _4
DEPARTMENT OF STATE
JATE:
April 30. 1963
FBOMv
Tokyo
Cttf
Replaces Part VI n*tpH
Japan
Atari! 18, 1962
Country
Complete Revision
No Change
_J5— Revises Paragraphs Marked by Asterisk
The entire post report was reviewed
at the tlira this part was revised*
PABT VI
Health Corrfcrdl
•Sanitation and Health Controls. The
general level of community sanitation in the
Tokyo area, although high by Asiatic
standards, is far below what is found in the
United States, In many areas open severs
traverse the city, and night soil is commonly used as a fertilizer. The city water
supply is chlorinated, but because of plumbing breakdowns and danger of crosscontamination the water is chlorinated again
before being piped to the Embassy buildings*
Moat water in private homes is potable, but
in some areas water should be boiled before
drinking. Food sanitation is below -American
standards. All meat and fresh water fish
purchased on the local market should be well
cooked, never eaten rare or raw. Vegetables,
if eaten raw, present a risk of intestinal
Infections, unless known to have been grown
with chemical fertilizer only. Vegetables
and fruits purchased from the Embassy and
military coonissaries are safe for consumption.
Public eating places are graded. Public
health measures, under Irmy supervision
during the occupation, have done much to
reduce the danger of insect-borne diseases*
The common Illnesses among Americans
are respiratory diseases and mild intestinal
infections. Tuberculosis, intestinal
parasites, typhoid and scarlet fever are
relatively common among the local populace.
Special Health Risks and Precautions.
The climate in Tokyo is unfavorable for
persons susceptible to asthma, sinus trouble
and other respiratory ailments.
(
Medical Services^ Medical services are
excellent. There is one U.S. Air Force
dispensary in the Tokyo area where American
personnel and their dependents may receive
out-patient care very reasonably. The U.S.
Army Hospital at Camp Zama, DSAF Hospital,
Tachikawa, and USN Hospital, lokosuka, all
approximately 2 hours by car from Tokyo,
accept Embassy personnel and dependents for
out-patient care as well as medical or
surgical care. Patients who must be returned
to the United States are evacuated on MATS
FORM FS-«54 10-61
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Federal Reserve Bank of St. Louis
hospital planes from Tachikawa.
In addition to the Army Hospitals there
are three
recommended local hospitalst St,
Luke1s International Hospital, International
Catholic Hospital (Seibo-Byoin), and the
Tokyo Sanitarium Hospital. There are many
American-educated Japanese physicians and
several foreign physicians and dentists in
the community. Their fees are the same as
one would pay in the United States. There
are three local pharmacies which sell
standard American drugs and supplies, but
they are expensive. Any "pet" remedies
should be provided from the U.S. as they
nay not be available here.
*The Embassy has a Health Unit in the j
Embassy Annex building, staffed by an
American nurse. This Unit treats on-the-job
emergency illnesses; administers immunizations; advises on doctors and medical
facilities; maintains health records of
personnel and dependents; arranges for
physical examinations and hospitalizations;
and performs other related health functions*
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Federal Reserve Bank of St. Louis
FACTS ABOUT THE WORLD BANK AMD
THE DCTERNATIONAL DEVELOPMENT ASSOCIATION
(Expressed in United States Dollars)
August 18, 1964
WORLD BANK LOANS
Number
1956/47
1947/1+8
1948/1+9
19^9/50
1950/51
1951/52
1952/53
1953/54
1954/55
1955/56
1956/57
1957/58
1958/59
1959/60
1960/61
1961/62
1962/63
1963/64
1964/65
1
5
10
12
21
19
10
26
20
26
20
34
30
31
27
29
28
37
6
392 4
Amount
$250,000,000
263,000,000
137,100,000
166,345,000
297,080,000
298,608,000
178,633,464
323,682,000
409,610,000
396,050,000
387,858,000
710,846,429
703,125,000
658,700,000
609,890,000
882,300,000
448,650,000
809,850,000
211,500,000
^8,142,827,893 y
PURPOSES
Reconstruction
Electric Power
Transportation
Communications
Agriculture & Forestry
Industry
General Development
Water Supply
Education Projects
IDA CREDITS
Disbursements
$ 92,000,000
378,055,751
56,235,263
87,871,146
77,564,969
184,777,004
226,756,982
302,296,920
274,169,870
283,926,916
332,379,283
498,683,137
582,630,254
543,879,250
398,488,190
485,366,490
620,417,274
558,884,723
56,209,735
$6,040,593,157
Number
Amount
4
18
17
18
$101,000,000
134,100,000
260,050,000
283,200,000
136.940,000
$915,290,000
11,649,846
$204,141,436
62,900,000
22,600,000
$915,290,000
4,468,496
10,409,191
6,330,820
25,865,768
98,393,636
61,690,626
56,894,751
86,999,875
148,435,519
242,561,031
202,132,415
318,807,7^6
273,321,77^
173,272,432
21,084,739
$1,730,668,819
$69,003,844
12,168,476
56,192,417
124,130,697
$ 96,700,000
357,450,000
75,000,000
194,140,000
106,500,000
OUTSIDE PARTICIPATION IN BANK LOANS
Without Guarantee
With Guarantee
$28,549,000
12,950,001
8,304,145
7,940,698
783,500
10A76,500
\
IDA Credits
Bank Loans & *
$ 496,800,000
2,795,800,000
2,649,400,000
46,200,000
548,600,000
1,199,700,000
205,000,000
24,100,000
$7,965,600,000
Fiscal Year
In all loans prior
to July 1, 1951
1951/52
1952/53
1953/54
1954/55
1955/56
1956/57
1957/58
1958/59
1959/60
1960/61
1961/62
1962/63
1963/64
1964/65
Disbursements
Total
$ 33,017,496
23,359,192
14,634,965
33,806,466
99,177,136
72,167,126
56,894,751
86,999,875
148,435,519
242,561,031
202,132,415
318,807,746
273,321,774
173,272,432
21,084,739
$1,799,672,663
BANK BORROWINGS 2/V
Currency of
Issue
U.S. Dollars
Belgian Francs
Canadian Dollars
Deutsche Mark
Italian Lire
Netherlands Guilders
Pounds Sterling
Swiss Francs
No. of
Issues
1
3
7
1
4
3
Original
Amount
$3,263,500,000
10,000,000
50,805,000
372,737,000
Outstanding
Amount
$1,883,860,000
10,000,000
28,970,000
275,000,000
24,000,000
24,000,000
46,837,000
56,000,000
255,690,000
$4,079,569,000
38,258,000
48,762,000
182,121,000
$2,490,971,000
I/
Of the total, $177,204,806 has been cancelled, refunded or terminated.
2/
3/
4/
Round figures.
Net of cancellations, refundings and terminations.
As of July 31, 1964.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Outstanding
Issues
21
1
2
4
l
4
3
12
US
NO. BANK
LOANS
AFRICA
Algeria & Saiiara
Bechuanaland
Congo (Leopoldville)
East Africa
Ethiopia
French West Africa
Gabon
Ghana
Kenya
Liberia
Mauritania
Mauritius
Morocco
Niger
Nigeria
Northern Rhodesia
Ruanda-Urundi
Sierre Leone
South Africa
Southern Rhodesia
Sudan
Swaziland
Tanganyika
Tunisia
Uganda
ASIA AND MIDDLE EAST
Burma
Ceylon
China
India
Iran
Iraq
Israel
Japan
Jordan
Korea
Lebanon
Malaysia
Pakistan
Philippines
Singapore
Syria
Thailand
United Arab Republic
3
-
4,200,000
4,200,000
—
7,000,000
8,400,000
$1,107,250,000
8,400,000
$1,079,546,294
$
$
4
2
1
1
10
3
3
1
1
1
53
3
3
1
31
5
l
2
i>
6
i
12
1
40,300,000
4?
40,300,000
$ 106,336,429
J|}
104,860,083
75,820,781
20,451,200
85,000,000
187,580,180
250,000,000
76,000,000
21,000,000
85,000,000
187,779,^64
250,000,000
7,914,000
299,628,000
12,000,000
7,500,000
244,000,000
145,000,000
12,500,000
98,000,000
63,400,000
190,700,000
6
7
77
Bank Total, 74 countries
24 countries
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Federal Reserve Bank of St. Louis
2
-
13
1
11
25
7
7
7
1
1
4
14
12
5
1
17
1
\
$1,806,757,893
Jj>
2,600,000
458,800,000
38,100,000
18,590,000
5,000,000
138,425,000
23,500,000
1
$ 3,600,000
1
13,500,000
1
2,800,000
1
1,500,000
1
1
2
1
13,000,000
2,800,000
18,600,000
5,000,000
9
$60,800,000
4
15
$15,300,000
3
1
8,500,000
14,000,000
15
237,540,000
1
8,500,000
39
$706,840,000
4
4~
$50,700,000
$50,700,000
2
$15,000,000
1
1
1
1
1
1
1
1
19,000,000
19,500,000
5,500,000
2
9,600,000
12
$96,950,000
423,000,000
7,914,000
298,028,000
11,761,983
7,500,000
236,451,985
145,000,000
12,500,000
98,000,000
60,684,967
190,700,000
$1,792,253,179
143,500,000 {5 143,500,000
292,090,000
267,034,667
1,250,000
919,017
136,154,456
136,600,000
388,905,441
388,980,000
47,800,000
47,795,176
54,000,000
55,600,000
50,985,000
50,387,709
18,200,000
18,200,000
19,950,000
AMOUNT IDA
CREDITS
607,041,004
7
20
NO. IDA
CREDITS
33,289,050
38,900,000
7,800,000
847,135,978
212,700,000
6,293,9^6
74,500,000
—
—
27,000,000
27,000,000
95,500,000
88,500,000
361,216,845
361,350,000
102,400,000
99,900,000
15,000,000
15,000,000
181,900,000
164,359,078
56,500,000
56,500,000
J >2, 640, 135, 901
i 52,711,320,000
i> 417,730,000 $> 417,730,000
3
6
Haiti
Honduras
Mexico
Nicaragua
Panama
Paraguay
Peru
Trinidad & Tobago
Venezuela
33,350,000
41,510,000
—
7,0
00,000
7,800,000
876,110,000
212,700,000
12,800,000
74,500,000
612,900,000
3
26
1
WESTERN HEMISPHERE
IDA Total,
14,000,000
3,250,000
66,000,000
7,000,000
15,000,000
153,500,000
63,500,000
4,800,000
3,800,000
221,800,000
83,100,000
74,000,000
2
2
Guatemala
92,704,727
24,000,000
51,900,000
7,091,567
47,000,000
47,000,000
14,000,000
3,250,000
66,000,000
7,000,000
15,000,000
153,500,000
63,500,000
4,800,000
3,800,000
221,800,000
83,100,000
74,000,000
10
Argentina
Bolivia
Brazil
British Guiana
Chile
Colombia
Costa Rica
Ecuador
El Salvador
120,000,000
24,000,000
51,900,000
7,500,000
47,000,000
47,000,000
2
1
1
1
1
9
4
1
3
11
1
6
7
1
1
Austria
Belgium
Cyprus
Denmark
Finland
France
Iceland
Italy
Luxembourg
Malta
Netherlands
Norway
Portugal
Spain
Turkey
Yugoslavia
BANK LOANS
NET AMOUNT 2/
$ 80,500,000
5
1
7
1
2
1
117
AUSTRALIA
NEW ZEALAND
EUROPE
BANK LOANS
ORIGINAL AMOUNT
$ 80,500,000
2,600,000
19,917,613
439,327,888
38,089,482
18,047,426
4,488,990
123,326,732
8,000,000
8,000,000
350,000
9,000,000
3,000,000
23,500,000
89,'000,000
463, 116
130
136
89,500,000
130,000,000
$2,059,470,000
$1,995,657,713
39.2
|
,8,142,827,893
$7,965,623,087
64
x_x
FACTS ABOUT IPC
NUMBER OF COMMITMENTS
(GROSS - INCLUDING SUPPLEMENTAL
_
COMMITMENTS)_
1
8
14
14
10
10
12
GROSS
OPERATIONAL
INVESTMENTS
FISCAL YEAR
$ 2,000,000
8,710,000
10,565,000
23,747,000
6,159,000
18,397,420
12,939,005
1957
1958
1959
I960
1961
1962
1963
1964
$100,398,866
87
Acquisition by others of securities,
covered by standby and underwriting
commiiments
$100,398,866
8,286,192
$ 92.102,674
Cancellations and terminations
GROSS
STANDBY AND
UNDERWRITING
COMMITMENTS
COMMITMENTS
2,942,500
5,111,357
2.919P708
$10,973,565
$ 2,000,000
8,710,000
10,565,000
23,747,000
6,159,000
21,339,920
18,050,362
20. 801 P 149
$111,372,431
TOTAL
GROSS
7,351,546
$ 3,622,019
7.351,546
$104,020,885
8,286,192
$ 95.734.693
$ 3.622.019
PURPOSES FOR WHICH INVESTMENTS AND STANDBY AND UNDERWRITING COMMITMENTS
HAVE BEEN MADE
INDUSTRIAL DEVELOPMENT FINANCE COMPANIES
$ 16,825,037
INDUSTRY
28,945,922
13,075,000
11,983,290
7,672,815
13,438,529
5,885,666
7,931,172
3,100,000
2,515,000
94,547,394
Iron and Steel, including Metal Manufacturing Industries
Pulp and Paper
Chemicals, including Fertilizer
Electrical Goods
Construction Materials
Textiles
Food Processing
Mining
Miscellaneous Industries
111.372.431
Total
ACQUISITION BY OTHERS OF SECURITIES COVERED BY STANDBY AND UNDERWRITING COMMITMENTS
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Federal Reserve Bank of St. Louis
Fiscal Year
1962 - 63
1963 - 64
2,812,975
4,538.571
7351546
LOANS AND EQUITY SOLD OR AGREED TO BE SOLD
Fiscal Year
In all investments prior to
July 1, I960
1960 - 61
1961 - 62
1962 - 63
1963 - 64
6,011,000
2,885,000
1,246,500
6,737,294 *
5.54D.729 *
"Including agreements to sell portions of
non-effective investments in the following amounts!
1962 - 1963
1963 - 1964
$ 1,087,000
$ 1,959,829
Treasurer's Department
Finance Division
July 27, 1964
DISBURSEMENT
3,317,000
6,560,000
12,825,273
10,378,563
11,876,176
15,914,726
15.584.141
76.455.879
SUMMARY CF IFC INVESTMENTS AMD STANDBY AND UNDERWRITING COMMITMENTS
Gross
Gross
Standby and
Gross
No, of Investments and
Standby and Underwriting Operational Underwriting
Investments Commitments
Commitments
AUSTRALIA
Australia
AFRICA
Morocco
Nigeria
Sudan
Tanganyika
Tunisia
ASIA AND THE MIDDLE EAST
India
Iran
Malaysia
Pakistan
Philippines
Thailand
EUROPE
Finland
Greece
Italy
Spain
Turkey
WESTERN HEMISPHERE
Argentina
Brazil
Chile
Colombia
Costa Rica
El Salvador
Guatemala
Honduras
Jamaica
\g
•
Mexico
Peru
Venezuela
3
$
1
2
1
2
1
7
* 1,495,774
700,078 $ 1,470,000
689,588
4,731,172
$ 1,495,774
2,170,078
689,588
4,731,172
3f500fOOO
$11,116,612 $ 1,470,000
$ 12,586,612
8
$10,564,948 $
300,000
817,917
5,829,400
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$
975,000
3r500fOOO
$18,005,373 $ 5,149,063
$ 10,864,948
300,000
1,307,917
5,829,400
4,359
AQ3
$ 23,154,436
3
1
1
2
j^
8
$ 2,189,644 $
600,000
960,000
3,294,535
Ql6f667
$ 7,960,846
158,644
$ 2,348,288
600,000
960,000
3,294,535
Q16f667
$ 8,119,490
$11,210,000
11,300,000
8,800,000
10,639,137 $ 501,002
269,529
140,000
200,000
350,000
224,000
5,328,583
3,694,856
8,913,290
4f966rAQ6
$62,341,035 $ 4,195,858
$ 11,210,000
11,300,000
8,800,000
11,140,139
269,529
140,000
200,000
350,000
224,000
9,023,439
8,913,290
Af966fA96
$ 66,536 '
4
87
ass
300,000
975,000
1
1
4
1
2
17
6
6
12
1
1
1
1
1
8
7
4.
52
Totals
Total
Gross
Commitments
490,000
4,359,063
AQ3r108
:$^00-398^6^
158,644
REFERENCE DOCUMENTS AVAILABLE IN DELEGATION OFFICE
Annual Report - Secretary of the Treasury * 1963
Treasury Bulletin - July 1964
Treasury Daily Statements
Federal Reserve Bulletin - July 1964
Economic Indicators - June 1964
Survey of Current Business - June 1964
NAC Semiannual Reports - 1962 and 1963
NAC Biennial Reports - 1960 and 1962
NAC Special Reports - IMF Special Borrowing; IBRD Increase in
Capital; IDA Increase in Resources; IDB Expanded FSO
Summary Budget Document - FY 1965
Foreign Grants and Credits (Commerce) CY 1963
Eximbank - FY 1963 Report and Semiannual Report (12/31/63)
CEA - Economic Report of President - January 1964
AID - Proposed Program for FY 1965
Statistical Abstract of the United States - 1963
Legislation on Foreign Relations
BIS Annual Report - 1963
IMF Fifteenth Report on Exchange Restrictions * 1964
IMF Articles of Agreement and By-Laws
IMF International Financial Statistics with Supplement
IMF - Compensatory Financing of Export Fluctuations
IMF - International Reserves and Liquidity
Articles of Agreement - IBRD, IFC, IDA
United Nations Statistical Year Book - 1962
OECD - Report of Chairman of DAC - 1963
Annual Reports, 1962 and 1963 - IMF, IBRD, IFC, IDA, IDB
Summary Proceedings, Annual Meetings - 1963 - IMF, IBRD,
IFC, IDB
AID - W224 Report "Status of Loans"
Interest Equalization Tax - Law and Report
Direction of Trade
Report to the President - Promoting Increased Foreign
Investment and Financing in the United States
<
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MINISTERIAL STATEMENT
OF THE GROUP OF TEN
AND
ANNEX PREPARED BY DEPUTIES
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". . . examination of the outlook
for the functioning of the international monetary system and
of its probable future needs for
liquidity."
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<
<
10th August 1964
M. Valery GISCARD D'ESTAING, Ministre des Finances
et des Affaires Economiques of France, acting as Chairman of
the Ministers and Governors of the Group of Ten countries participating in the General Arrangements to Borrow, today issued
the following Statement. There is included with this Statement
an Annex prepared by Deputies of the Group of Ten.
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<
•
.
•
1st August 1964
GROUP OF TEN
MINISTERIAL STATEMENT
1. The Ministers and Governors of the ten
countries participating in the General Arrangements to Borrow have, over the past year, examined, with a long-range perspective, the wider
implications of the obligations which they have
accepted for helping to assure the stability and
adequacy of the international payments system.
They have reviewed the functioning of the international monetary system and its probable future
needs for liquidity. The necessary studies were
entrusted to a Group of Deputies, to be carried
out in cooperation with the International Monetary Fund and with the participation of representatives of the staffs of the International Monetary Fund, the Organization for Economic Cooperation and Development, and the Bank for Inernational Settlements, as well as of an observer
f the Swiss National Bank. The conclusions and
decisions of the Ministers and Governors were
greatly assisted by these studies, the results of
which are described in the accompanying Annex.
2. In reviewing the functioning of the international monetary system, the Ministers and Governors reaffirmed their conviction that a structure
based, as the present is, on fixed exchange rates
and the established price of gold, has proved its
value as a foundation on which to build for the
future. They further agreed that increasingly
close cooperation among monetary authorities was
an essential element supporting the system. As
concerns liquidity, the Ministers and Governors
are agreed that, for the international monetary
system as a whole, supplies of gold and reserve
currencies are fully adequate for the present and
are likely to be for the immediate future. These
reserves are supplemented by a broad range of
credit facilities. The continuing growth of world
trade and payments is likely to entail a need for
larger international liquidity. This need may be
met by an expansion of credit facilities and, in the
longer run, may possibly call for some new form
of reserve asset.
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3. The smooth functioning of the international
monetary system depends on the avoidance of major and persistent international imbalances and
on the effective use of appropriate policies by national governments to correct them when they occur. The Ministers and Governors have therefore decided to initiate a thorough study of the
measures and instruments best suited for achieving this purpose compatibly with the pursuit of
essential internal objectives. In view of the experience it has already acquired in this field, Working Party 3 of the O.E.C.D. is being invited to
take charge of this study.
4. A significant development in the evolution
and strengthening of the system has been the
emergence of a wide range of bilateral and multilateral credit facilities, notably to cope with speculative movements and sudden pressures. There
has at the same time been increasing recognition
of the fact that the way in which balance of payments deficits and surpluses are financed has implications for countries other than those directly
concerned. The Ministers and Governors have
consequently agreed on the usefulness of participating, through the international institutions
which are already concerned with these problems,
in a "multilateral surveillance" of the ways and
means of financing balance of payments disequilibria. To this end, they have approved arrangements which will give the monetary authorities of
countries participating in them a more comprehensive and up-to-date view of major trends and
will afford them a better basis for strengthening
their policy cooperation in the international monetary sphere. This should help them to avoid excesses or shortages in the means of financing surpluses or deficits in the balance of payments, as
well as to discuss measures appropriate for each
country in accordance with the general economic
outlook. The Ministers and Governors of the
Group will meet from time to time to survey current developments in this field.
5. Looking- further into the future, since there
is a possibility that the supply of gold and foreign
exchange reserves may prove to be inadequate
for the over-all reserve needs of the world economy, the Ministers and Governors, without prejudging any aspect of this question, have approved the arrangements made by their Deputies
for a study group to examine various proposals
regarding the creation of reserve assets either
through the I.M.F. or otherwise.
6. Finally, the Ministers and Governors have
exchanged views on the adequacy of international
credit arrangements. The International Monetary Fund, with large resources of credit and a
code of obligations, occupies a central position. In
order to further the Fund's capabilities and while
recognizing that the responsibility for decisions
concerning the provision of additional resources
rests with the competent authorities of the I.M.F.,
itself, the Ministers and Governors, for their part,
are agreed that they will, in the forthcoming
quinquennial review of Fund quotas during 1965,
support a moderate general increase in member
quotas. At the same time, they will support rela-
tive adjustments of those individual quotas which
are clearly out of line. In addition, the Deputi
are instructed to study the questions related to ti
renewal of the General Arrangements to Borrow
and to make recommendations to the Ministers
and Governors before September, 1965.
7. The Ministers and Governors believe that
the review of the international monetary system
conducted during the past year has helped to
clarify the fundamental considerations which underlie the various national points of view and has
brought a fuller recognition of common interests.
They believe that the spirit and practice of cooperation that have now been achieved warrant
confidence that fully adequate, but not excessive,
resources will be made available to meet the liquidity requirements of the world as a whole.
This readiness of their countries to work together
in meeting unexpected developments or longer
range requirements will strengthen the capacity
of the international monetary system to support
and sustain the objectives of growth, employment,
and price stability that are shared among all
people.
•
2
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•
ANNEX PREPARED BY DEPUTIES
This document presents the main results of the studies of the Deputies, which led to the report
presented by them to the Ministers and Governors at their meeting in Paris on June 15-16, 1964.
Table of Contents
Paragraphs
Introduction
I. The Importance of International Balance and the Process of Adjustment
II. Functioning of the Present System
III. Appraisal of the Present System and Lines of Future Development
IV. Conclusions and Recommendations
(A) The Monetary Use of Gold
(B) Multilateral Surveillance
(C) Further Needs for Reserve Assets
(D) International Short-Term Credit Facilities
(E) Long-Term Lending for Monetary Purposes
(F) The International Monetary Fund
opendices I and II
embership of the Group of Deputies
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1-4
5-10
11-22
23-29
30-55
31-34
35-37
38-42
43-^6
47-48
49-55
Page
4
4
6
8
10
10
11
11
12
13
13
15
23
3
Introduction
1. Our Group was established by Ministers and
Governors, as recorded in their communique of 2nd
October 1963, in the following terms:
In reviewing the longer-run prospects, the Ministers
and Governors agreed that the underlying structure
of the present monetary system—based on fixed exchange rates and the established price of gold—has
proven its value as the foundation for present and
future arrangements. It appeared to them, however,
to be useful to undertake a thorough examination of
the outlook for the functioning of the international
monetary system and of its probable future needs for
liquidity. This examination should be made with
particular emphasis on the possible magnitude and
nature of the future needs for reserves and for supplementary credit facilities which may arise within
the framework of national economic policies effectively aiming at the objectives mentioned in paragraph 2. The studies should also appraise and evaluate various possibilities for covering such needs.
The objectives mentioned in paragraph 2 of the
communique were as follows:
The Ministers and Governors reaffirmed the objective of reaching such balance at high levels of economic activity with a sustainable rate of economic
growth and in a climate of price stability.
We have also regarded certain passages in the
same communique as relevant to our studies:
The Ministers and Governors noted that the present
national reserves of member countries, supplemented
as they are by the resources of the IMF, as \well as
by a network of bilateral facilities, seemed fully adequate in present circumstances to cope with possible
threats to the stability of the international payments
system.
The Ministers reviewed the "General Arrangements
to Borrow" in the International Monetary Fund and
reiterated their determination that these resources
would be available for decisive and prompt action.
The Ministers and Governors believe that such an examination of the international monetary system will
further strengthen international financial cooperation, which is the essential basis for the continued
successful functioning of the system.
Our instructions were that:
Any specific suggestions resulting from the studies
by the Deputies will be submitted to the Ministers
and Governors for consideration.
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2. In accordance with these instructions a number
of meetings were held during the past year and
close relations were maintained with the International Monetary Fund (IMF), the Organization
for Economic Cooperation and Development
(OECD) and the Bank for International Settlements (BIS). The staffs of these institutions
have been represented in our discussions and have
made valuable contributions to the work of the
Group. The discussions also benefited from the
presence of representatives of the Swiss National
Bank, as decided by Ministers following completion of the legislation looking to Swiss cooperation
with the General Arrangements to Borrow.
3. A review was made of the major proposals put
forward in recent years for reform of the existing
international payments system, ranging from a
restoration of the former gold standard to the
setting up of an international central bank with
supra-national authority. While no single plan
appeared to meet the requirements in a way fullv
consistent with the general political, economic ani
social environment in which international payments and arrangements must operate, we have
found much in the analysis underlying these various approaches that has been useful and stimulating for our discussions and appraisal.
4. Our report, after examining the broader economic and financial structure within which the
international monetary system must operate, surveys briefly the major aspects of the system as it
has evolved in the postwar world, makes an appraisal of the present system, explores lines of
future development and, finally, sets forth and
explains our major conclusions and recommendations.
I. The Importance of International Balance
and the Process of Adjustment
5. The smooth functioning of the international
monetary system depends on the avoidance of
major and persistent imbalances and on the effective use of appropriate policies by national
governments to correct them when they occur.
The process of adjustment and the need for international liquidity are closely interrelated. If
there is not enough liquidity, countries may no
<
have time to make adjustments in an orderly fashion, and may be forced into measures that are
disruptive both to their domestic economies and
to international economic relationships. If, on
the other hand, there is too much liquidity, the
adjustment mechanism may function too slowly,
and a delay in taking measures necessary to restore balance will in the end be harmful at home
as well as abroad. In view of this close interdependence, we have thought it right, before proceeding to examine the international monetary system
itself, to look into the processes and procedures for
maintaining balance of payments equilibrium, and
for correcting imbalances when they occur.
6. The objectives of economic policy in a free society are broad and complex. They include
healthy and sustainable economic growth, full and
efficient employment, together with goals in the
fields of social development, defense policy, and
foreign aid. But continuing success in the pursuit
of these objectives demands reasonable price stability and equilibrium in the over-all balance of
international payments. Countries will nevertheless from time to time find themselves showing a
tendency toward a sustained deficit or a sustained
surplus on their over-all balance of payments, and
in order to counteract this tendency they will find
it necessary to make use of an appropriate combination of the following instruments of economic
policy:
—Budgetary and fiscal policies;
—Incomes policies;
—Monetary policies;
—Other measures relating to international
capital transactions (e.g., measures designed
to affect capital movements, advance repayments of inter-governmental debts, etc.) ;
—Commercial policies (e.g., temporary unilateral tariff reductions and similar measures) ;
—Selective policies directed to particular sectors of the economy (e.g., housing or hire
purchase, governmental transactions affecting the balance of payments, etc.).
7. Such instruments must be employed with proper
regard for obligations in the field of international
trade and for the IMF obligation to maintain
stable exchange parities which are subject to
change only in cases of fundamental disequilibrium. A "mix'- of policies appropriate to both internal and external objectives has to be found and
applied by national governments. It falls to each
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government to ensure that it is fully equipped with
the various policy instruments necessary to its
task, to be alert to the dangers of delay in making
use of these instruments, and to put appropriate
weight on the maintenance of external equilibrium
without neglecting internal objectives. It is thus
for each government individually to find means
of reconciling its own social priorities, institutional practices and general economic performance
with the ever-present need for external equilibrium. It is for governments collectively to consider how the actions of each may affect others
and whether additional standards for improving
external balance and new forms of consultation
and cooperation to that end may be called for.
8. The growing recognition of common interest in
the smooth flow of international trade and payments has already greatly promoted the practice
of international consultation in the field of finance
and trade, which at first tended to be mainly concerned with the fulfillment of, or occasional derogation from, specific obligations, but has more recently developed into a broader cooperation, to
ensure so far as possible, that adjustment measures adopted by national authorities take adequate
account of the interest of other countries.
9. Much, however, remains to be done in clarifying the measures and instruments which are best
adapted to avoiding imbalance and to correcting
it as early and as smoothly as possible when it
occurs. This is so relevant to the functioning and
liquidity needs of the international monetary system that, subject to the review and approval of the
Ministers and Governors, we have suggested that
Working Party 3 of OECD, which already has
gained experience in this field, might be invited
to study how member countries, individually and
collectively, and compatibly with the pursuit of
their essential internal objectives, could in the
future preserve a better balance of payments equilibrium and achieve a faster and more effective
adjustment of imbalance.
10. Working Party 3 would conduct studies of the
interrelationship between internal liquidity and
the balance of payments as well as how measures
in the field of fiscal, trade, incomes and other policies can be used by both surplus and deficit countries, in combination with monetary policy, to
achieve internal and external objectives, particularly when there is some possibility of conflict between the two. These studies would explore
whether standards could be formulated on the contribution of monetary and related policies to balance of payments equilibrium, against which the
performance of countries could be appraised. The
studies would also cover the relationship of different types of liquidity to the adjustment process,
the role of capital movements and capital markets
in the adjustment process under conditions of
widespread convertibility, and means of improving the process of continuing international consultation and cooperation.
II. Functioning of the Present System
11. The international monetary system is, and
doubtless will always be, in a state of evolution,
with elements both old and new. Rather than attempt a summary of the whole working of the system as it now is, we set out below the elements
which have proved most relevant to the questions
referred to us.
12. Gold remains the basic reserve asset of the system and the common measure of par values. But
other elements have been added. Much use is made
of foreign currencies (particularly the dollar) for
intervention by monetary authorities in the exchange markets, as a reserve holding, and in the
greatly enlarged international credit facilities now
available.
13. The enlargement of the currency element was
not the result of any deliberate plan but a gradual
process growing out of the spontaneous practices,
first of individual traders and bankers, and later of
central bankers and national monetary authorities.
Under the former gold standard, the maintenance
of exchange parities involved passive purchases or
sales of gold by central banks in response to initiatives by traders in the markets. But, even under
the gold standard, central banks had, on occasion,
bought or sold foreign currency to keep the exchange rate away from the gold points. Official
intervention in the foreign exchange markets has
now become the general practice for keeping the
exchange rate within the agreed parity limits. If
only for obvious reasons of convenience, intervention is conducted in a currency widely dealt in
by traders and bankers throughout the world.
Many monetary authorities have seen advantage
in accumulating, as a reserve asset, balances of the
operating currency which accrue to them in time
of surplus.
14. In this way an important supplement to gold
has developed in the form of reserve currency hold-
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ings (see Appendices I and II). In the decade
1954-63, nearly $6 billion of new gold found its
way into official reserves and about $6.5 billion was
transferred from the gold holdings of the United
States to the reserves of other countries. These
additions and transfers were accompanied by an
increase of nearly $8 billion in foreign exchange
holdings, principally in dollars, during the decade.
The practices of individual monetary authorities
vary as to the proportion of gold and foreign exchange held in their reserves, but dollars and other
foreign exchange accounted for nearly 40 percent
of the total reserves of the non-reserve members of
our Group (including Switzerland), while the
rest of the world held nearly 70 percent of their reserves in the form of foreign exchange.
15. A further distinctive and important feature
of the present system lies in the development, since
the war, of international monetary cooperation,
not only in international organizations, such as
the IMF, the OECD, the BIS, and the European
Economic Community, but also in smaller or less
formal groups. A central role in this cooperation
is played by the International Monetary Fund,
not only through its large fund of credit but also
through its code of obligations. To preserve a ,
framework within which mutual trade and invest- (
ment can growT freely, member countries undertake
to maintain convertibility and stable exchange
rates—which does not, however, preclude adjustment to a new stable rate in case of fundamental
disequilibrium. The credit element is designed
to allow these obligations to be observed, while a
country is in deficit, "without resorting to measures destructive of national or international prosperity" (IMF Article I).
16. In view of the importance of the International Monetary Fund in the functioning of the
system, it may be useful at this point to recall, in
broad outline, its purposes, operating principles
and procedures:
(a) As mentioned above, the Fund, under
its Articles of Agreement, combines (i) a code
of international good behaviour in the field
of exchange rates and exchange arrangements
and (ii) a central pool of resources available
to members, in the form of short- or mediumterm loans, in order to help them to observe
this code and to shorten the duration and
lessen the degree of disequilibrium in international payments.
(b) Each of the 102 member countries has
a "quota" determined by reference to such
factors as his trade, national income and international payments. Quotas serve three
purposes: (i) they determine the amount of
the members subscription; (ii) they measure
his borrowing possibilities; (iii) they provide the basis for calculating his voting rights.
(c) Of the quota, 25% is normally subscribed in gold and 75%- in the member's currency. Members "draw" from the Fund by
purchasing other currencies from it against
further payments of their own currency into
the Fund. Up to the equivalent of the 25%
subscribed in gold (the "gold tranche"), the
Fund permits a member to purchase other
currencies virtually at will. When transactions flow in the opposite direction and a
member's currency is drawn by other members,
his position in the Fund improves. If the
drawing reduces the Fund's holding of his
currency below the original 75% of his quota
subscription, his rights to draw virtually at
will are pro tanto enlarged by what is sometimes called a "super gold tranche" or a "net
creditor position in the Fund". Rights to
draw from the Fund virtually at will have
many of the qualities of a reserve asset; and
they are, in fact, so recorded by the Fund
itself in its statistics on1 members' total reserves, as well as by some individual members
in their own reserve statements.
(d) A member's drawing rights in his
"credit tranches" are normally equal to his
quota and can be exercised only in accordance
with the Fund's policies. While drawings in
the "credit tranches" are subject to stricter
requirements as the amount drawn rises, a
member may undertake in advance to meet
certain conditions laid down by the Fund and
so obtain a "standby arrangement" assuring
access to the Fund over a limited period of
time and for a specified amount. It is the
Fund's rule that all drawings be repaid as
soon as the drawer's position allows, and, in
any event, within a 3- to 5-year period at most.
(e) At any given time, only some of the
currencies held by the Fund will be suitable to
be drawn. Other currencies will be relatively
unsuitable, because the level of reserves of
the country concerned is low or because its
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balance of payments is weak, either temporarily or, as is often the case with less developed countries, for prolonged periods.
(f) Under the General Arrangements to
Borrow of 1961-62, our 10 countries have entered into an undertaking to lend the Fund
amounts of their currencies up to a total of
$6 billion, so as to reinforce the Fund's ability to grant drawings to participants in the
Arrangements in order to forestall or cope
with an impairment of the international monetary system.
(g) All members' claims on, or liabilities to,
the Fund are expressed in terms of a constant
gold value as provided by the maintenanceof-value provisions of the Articles of Agreement or of the General Arrangements to Borrow.
17. Since the Fund's creation, its members have
drawn a total of $7.5 billion, of which $5.8 billion
has been repaid. Drawings have been made by
many countries, including among them eight of
the members of the Group, three of which have
standby arrangements outstanding. In the first
10 years, drawings were made almost exclusively in
U.S. dollars with a consequent increase of the
super gold tranche rights of the United States.
In recent years, however, the balance of payments
of the United States being in deficit, drawings
have been mainly directed toward other currencies—those of the European countries, Japan and
Canada. But repurchases have continued to be
made primarily in U.S. dollars, and thus have
served to finance part of the U.S. deficit. As a
result of these two developments, the U.S. net
creditor position ("super gold tranche") of about
$1.3 billion which existed at the end of 1958 has
largely been replaced by net creditor positions of
about $1.1 billion of other members of the Ten.
The increased number of countries whose Fund
positions have moved into credit during recent
years has drawn attention to the fact that, as explained above, countries' gold tranche and creditor
positions in the Fund may be regarded as part of
their international reserve assets. There are indeed recent examples, besides the United States,
in which such a previously accumulated asset in
the Fund has been utilized to assist in financing
newly-incurred deficits.
18. The sources of credit are not limited to the
facilities of the IMF. After the termination of
the European Payments Union (and the transition to the European Monetary Agreement), central bank support operations played a more important part, e.g., the Basle arrangements of 1961
and 1963 and the swap and other arrangements
established between the United States and other
members of the Ten. The Fund's own resources
have been enlarged by the 50 percent general increase in quotas in 1959 and reinforced by the
General Arrangements to Borrow of 1961-62
which were the origin of the Group of Ten.
19. While our report focuses on official liquidity,
private liquidity is also of importance to the international monetary system and to official liquidity. Traders' credits and working balances in
foreign exchange are an indispensable part of the
day-to-day transactions of private traders and
investors; and foreign exchange held by commercial banks as working balances plays a role as a
secondary reserve asset along-side official reserves
in many national banking systems. Temporary
shifts between private and official liquidity can
be either equilibrating or disequilibrating but, over
time, the probable need for growth of private
liquidity should be taken into consideration along
with the needs for official resources.
20. Statistical Appendix II shows that, during the
decade 1954—63, gold reserves of the Group of Ten
and Switzerland rose by about $4% billion and
their foreign exchange holdings by over $5 billion, while other forms of reserve assets, resulting
from transactions with the IMF or from the extension of credits, increased by approximately
$21/2 billion. These countries as a group also
had substantial unused short-term credit facilities
in the form of swaps and IMF standbys (about
$3!/2 billion), as well as other short- or mediumterm facilities in the IMF.
21. In this connection, it should be noted that
credits which monetary authorities extend to one
another to finance balance of payments fluctuations
normally produce an increase in total gross reserve
assets.
22. In sum, a country's liquidity is no longer
measured solely by the level of its reserves in the
form of gold and reserve currency balances (primary reserves). There is now a variety of ways
in which monetary authorities can, at need, replenish their balances of the currencies used for
operations. Primary reserves are thus supplemented by a broad spectrum of other resources
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and facilities (see statistical Appendix II). At
one end of this range come "other reserves" of
only slightly less liquidity but of unquestioned
availability; at the other end of the range are
negotiated credits, including those which will only
be available when an international institution is
satisfied that the borrower will employ effective
adjustment processes to correct his deficit.
III. Appraisal of the Present System and Lines
of Future Development
23. The system, as it has evolved up to this point,
has shown a great capacity for adapting itself to
growth and change, has facilitated the remarkable
economic progress achieved since the war, and has
withstood with success periods of political and
other strain, although many countries are still
faced with inflationary pressures and others still
have unemployed resources. In these circumstances, it appears to us prudent, 20 years after
Bretton Woods, to inquire whether the amount
and the character of future liquidity may call for
any significant further changes.
24. We find no new considerations which would
qualify the view expressed by the Ministers and
Governors in their communique of 2d October 1963
that '"the over-all liquidity of the system seemed
fully adequate in present circumstances to cope
with possible threats to the stability of the international payments system". Although we know of
no satisfactory quantitative formula for the measurement of liquidity needs, we believe that some
comments are possible. On the one hand, the fact
that some individual countries find themselves
short of external liquidity is not prima facie evidence of a general shortage of international liquidity. On the other hand, the existence of a general
shortage, in its extreme form, might be accompanied by widespread deflationary developments
or restrictions on trade and payments resulting
from the efforts of governments to defend or restore their reserves. The aggregate needs for liquidity are presumably in some way related to
such factors as the growth of world trade and capital movements, and the amplitude and duration of
imbalances in international payments, taking into
account the efficacy of adjustment policies in correcting such imbalances; they are also affected by
psychological attitudes toward minimum or desired levels of national reserves, toward reserve
movements, and toward the use of available credit
<
facilities. While there appears to be no con vineng evidence that imbalances will be longer-lasting
or more intractable than hitherto in the postwar
period, a rising turnover of current and capital
payments is likely to entail some increase in the
size of fluctuations. Moreover, we have noted that
a concern for domestic objectives such as growth,
employment and price stability, or for international political, monetary and economic responsibilities, may sometimes lead to wider swings in
the balance of payments.
25. With regard to the provision of liquidity in
the future, the Group has established broad agreement on the following points:
(a) Gold will continue to be the ultimate
international reserve asset and common denominator of par values. But, while recent
developments lead us to anticipate some continuing increase in world gold production and
to expect that the continued success of the
gold pool arrangements and other measures
will channel a substantial proportion of it
into official reserves, we cannot prudently expect new gold production to meet all liquidity
needs in the future.
(b) The rise in dollar holdings has contributed somewhat more than monetary gold
to the growth of international liquidity in the
last decade. The deficit in the U.S. balance of
payments now appears to be shrinking and
the contribution of dollar holdings to the
growth in international liquidity seems unlikely to continue as in the past.
(c) There is no immediate prospect of any
other currency assuming the function of an
international reserve currency. Indeed, at
the present juncture such a development could
raise problems without substantially strengthening the system.
(d) The need may in time be felt for some
additional kind of international reserve asset.
We think it would be timely to investigate the
problems raised by the creation and use of
such an asset, the possible forms it might take
and the institutional aspects associated with it.
(e) Credit facilities—both through the
IMF and of a bilateral character—will continue to play an essential part in financing
imbalances. Particularly for medium-term
credit, the IMF fulfills a valuable and unique
function and should continue in its central
role.
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(f) The recently developed bilateral facilities for swaps and ad hoc support operations have already, in periods of stress, been
effective in maintaining orderly conditions for
international payments in the exchange markets. They should, within a suitable framework for "multilateral surveillance'' (see
pars. 35-37) continue to play an essential role
for short-term purposes.
(g) There is no single, unique manner in
which the growing requirements for liquidity
have to be met. Past experience shows that,
at different times, countries have relied on
gold, reserve currencies and credit facilities
in different amounts and proportions. Their
relative importance may vary from period to
period in the evolution of the monetary system, as in the past, but a combination of
primary reserves, other reserves, and credit
facilities should provide for a needed growth
in world liquidity in the future. Viewed
from the point of view of the holder, these
components of liquidity are, depending on
the circumstances, substitutable for one another over a more or less wide margin. In
any case, when credits provided by monetary
authorities are availed of by the debtor, a
form of reserve asset is created in the process.
(h) In view of our increased economic and
financial interdependence, the present consultative machinery, whether provided under
the IMF, the various bodies of OECD, the
BIS, or under other auspices, should be fully
utilized by their members and, wherever necessary, provision should be made for closer
coordination between the international organizations concerned. The need being to supply sufficient liquidity to finance temporary
payments imbalances without frustrating the
required processes of international adjustment
in individual countries, it is desirable to bring
under multilateral review and appraisal the
various means of financing surpluses or deficits. Such a "multilateral surveillance",
exercised through existing international consultative bodies, would represent a strengthening of the arrangements for international
monetary cooperation that have been developed in recent years. This development of
a common approach to international monetary matters may well be the main distin-
guishing feature of the present phase of evolution of the international monetary system.
26. Given the complexity of the problem referred
to us, it is not surprising that a number of views
were expressed as to the areas which most deserve
further study or action for the longer run improvement and strengthening of the international
monetary system. Some Deputies considered that
it was mainly in the field of the provision of owned
reserves under the gold exchange standard that
changes and improvements were desirable. They
noted that the present system might imply a reliance on a continuing accumulation of reserve currency holdings, and they stressed the disadvantage
of depending for the creation of reserves on the
balance of payments deficits of a reserve currency
country rather than on the needs of the international monetary system as a whole. Other Deputies stressed the primary desirability of building
upon the accomplishments and flexibility of the
present system. They noted that reserve currencies were unlikely to make the same contribution
as in the past to the growth of international liquidity and believed that principal reliance should
be placed on strengthening the international credit component of the present system, and on the
increase in reserve assets created when official credits are extended either through the Fund or in
some other form.
27. In spite of these differences regarding the best
means of meeting adequately the world's future
requirements for liquidity, we agreed on the issues
of immediate practical concern, and also on the
areas in which the development of the international monetary system calls for further study.
28. We have agreed on three main lines of advance: (1) strengthening the international monetary system through the multilateral surveillance
of the means of financing both deficits and surpluses; (2) giving support, during the forthcoming quinquennial review of IMF quotas, to an enlargement, by means of a general quota increase,
of the credit facilities provided through the International Monetary Fund, and to a relative adjustment of those individual quotas which are clearly
out of line; and (3) investigating whether, how,
and under what conditions it might be advantageous in the longer run to supplement the existing system by a new type of reserve asset.
29. The practical recommendations on these and
other agreed matters, as well as the arrangements
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for further elaboration on certain questions, are
set forth in the remainder of our report.
IV. Conclusions and Recommendations
30. Our recommendations concern:
A—The monetary use of gold
B—Multilateral surveillance of bilateral
financing and liquidity creation
C—Further needs for reserve assets
D—International short-term credit facilities
E—Long-term lending
F—The International Monetary Fund
A. The monetary use of gold
31. We have reviewed the world situation with
respect to gold production and the monetary uses
of gold in the light of the statement of the Ministers and Governors quoted at the outset of our
report (" . . . the underlying structure of the
present monetary system—based on fixed exchange
rates—and the established price of gold—has
proven its value as the foundation for present and
future arrangements."). While any projection of
the future supplies of monetary gold would be
hazardous, we do not believe that the flow of new/
gold into official reserves can be relied on in fact'
to meet fully the liquidity needs of the future.
32. In connection with the use of gold for monetary purposes, we have noted with satisfaction the
successful coordination, through London, among
a number of central banks, of their purchases and
sales of gold in the international market. Partly
as a result of this there was, during 1963, a marked
increase in the flow of gold into official reserves.
33. We consider that leading countries should, according to circumstances, make every practicable
effort to discourage speculation in gold and to
ensure that as much as possible of the world's new
gold supply not required for industrial uses be
available to augment official reserves. Full account of this principle should be taken in considering any internal arrangements with respect to
gold uses and gold transactions.
34. Moreover, the gold held by monetary authorities should be readily available for use in international settlements, and it is important in this
respect that statutory or conventional relationships of gold to the domestic money supply should
not prevent gold from playing its proper role in
the international monetary system.
<
B. Multilateral surveillance of bilateral financing and liquidity creation
35. We have noted that the development in recent years of new techniques—discussed more fully
later in our report—for providing countries with
various forms of credit facilities to supplement
reserves has brought with it a considerable increase
in international monetary cooperation and better
knowledge of the workings of the international
payments mechanism. Thus, the central banks
participating in reciprocal support operations for
meeting short-term payments strains have evolved,
through the Bank for International Settlements,
facilities for the regular confidential exchange of
information and views on such operations. Likewise, various groups within OECD, notably Working Party 3, have provided a forum wherein officials directly concerned with formulation of national policies can review from time to time the
balance of payments positions of the various participating countries, the measures taken to adjust
imbalances, and the means of financing them. The
arrangements put into effect by the International
Monetary Fund for consultations with the "Article
VIII countries"—that is, those countries with convertible currencies—have also reinforced the
fabric of international cooperation.
36. In the course of developing these techniques
of consultation and cooperation, the participating
countries have been made aware not only of the
great gains to be drawn from such an exercise but
also of the still remaining shortcomings in their
endeavors. Their exchanges of information and
the mutually reinforcing actions they have taken
have led them to the conclusion that these processes should be continued and intensified. They
feel, in particular, that the initiative already taken
toward strengthening the multilateral character of
the international monetary system should be further developed by bringing within the review and
appraisal processes of multilateral surveillance
the various elements in international liquidity—
whether of a private or official character—available or created for the financing of surpluses and
deficits. The object would be to gi\^e the monetary authorities of countries participating in the
Arrangements a more comprehensive and up-todate view of major trends and afford them a better
basis for strengthening their policy cooperation in
the international monetary sphere.
37. We therefore propose that all countries in our
Group should provide to the Bank for Interna-
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tional Settlements statistical data bearing on the
means utilized to finance surpluses or deficits on
their external account. These statistical data,
combined by the BIS. would be supplied confidentially to all participants and to Working Party 3
of OECD. Any supplementary data would be
reported in such detail and form as the Central
Bank Governors may advise. Information would
also be exchanged among Central Bank Governors
of the Group at the earliest practicable stage on
undertakings between members of the Group for
new or enlarged credit facilities, with due regard
to the recognized need for flexibility in such arrangements. The data and other information
would give an indication of trends, leading to a
full exchange of views in Working Party 3 of the
OECD. This would provide a basis for multilateral surveillance of the various elements of
liquidity creation, with a view to avoiding excesses
or shortages in the means of financing existing or
anticipated surpluses and deficits in the balance of
payments, and to discussing measures appropriate
for each country in accordance with the general
economic outlook.
C. Further needs for reserve assets
38. Taking a longer view, we have discussed various methods of meeting possible future needs for
an expansion of reserve assets, apart from new
accruals to existing gold and currency balances.
A suggestion was made, but not extensively discussed, that the composition of reserves might also
be considered in this context, with a view to a
gradual harmonization of members' practices.
39. Our discussions mainly concerned two types
of proposal: one for the introduction, through an
agreement among the member countries of the
Group, of a new reserve asset, which would be
created according to appraised over-all needs for
reserves; and the other based on the acceptance of
gold tranche or similar claims on the Fund as a
form of international asset, the volume of which
could, if necessary, be enlarged to meet an agreed
need.
40. Proposals of this kind, which imply a common approach to the process of reserve creation,
involve complex questions as to their compatibility
with the evolution of the existing system, their
merits as a contribution to a greater stability of
the international monetary system, their ability to
direct liquidity to the point of greatest legitimate
need at any given time, their ability to adapt the
11
volume of reserves to global needs as opposed to
individual shortages, the acceptability and soundness of the claims they offer as a reserve asset, their
effect 011 relations of the Group with the rest of
the world, the machinery required for controlling
the volume and distribution of reserves created,
and the desirability of a group approach as opposed to a worldwide approach.
41. These questions could not be covered in detail
in the course of our meetings and no judgment
could be reached on the proposals until their details had been more fully spelled out and their
implications had been further clarified. We have,
therefore, established a Study Group on the Creation of Reserve Assets. This Study Group would,
in appropriate consultation with the IMF and
other international bodies, assemble the elements
necessary for evaluation of the various proposals,
and report to us as Deputies. It should be clear
that a long-run view is involved and that the
decision to embark upon the study implies no
commitment on the part of the participating countries as to its findings.
42. In view of the adequacy of the supplies of
gold and reserve currencies in the present and in
the near future, there is no immediate need to
reach a decision as to the introduction of a new
type of reserve asset. The studies can therefore
be pursued without undue haste. But, having
recognized the uncertainties concerning the future
supplies of monetary reserves, we agreed that such
studies are timely and should be put in hand without delay.
D. International short-term credit facilities
43. Official short-term bilateral credit facilities
have proved their value in the working of the international monetary and credit system:
—Swaps and networks of standby swap arrangements are primarily designed to compensate short-term swings, and, being reciprocal by nature, are capable of providing
mutual benefits.
—Ad hoc support operations, such as have
been arranged from time to time in Basle,
have similarly been effective in arresting
heavy movements of funds in special circumstances.
These demonstrations of close central bank cooperation are themselves an effective deterrent to
speculative movements. Their informality, speed
and flexibility make them especially suitable as a
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first line—and short-term—defense against sudden balance of payments pressures. Over the past
several years, they have mobilized massive resources in a short time to combat and limit speculative and crisis situations. Their success has
greatly reduced the threat to official reserves from
disequilibrating movements of private short-term
capital. Such central bank support operations
appear to be particularly appropriate to deal with
speculative and other movements of funds which
are not the outcome of, and do not significantly
influence, demand and prices in the countries concerned, and are therefore inherently reversible.
While we agreed that the facilities must be sufficiently flexible to supply the funds without delay
when needed, we recognize the need for arrangements for exchange of information and review
of such operations, as proposed under B, above.
44. We also reviewed the special bonds developed
by the United States which are often denominated
in the creditor's currency and are redeemable in
case of need. Within the consultative framework
proposed under B, above, opportunities might be
found for discussion on the relationship of this
method of financing to other types of credit availabilities, the role of medium-term bonds as a supplementary reserve asset in the portfolio of the
lender, and the appropriate maturity for bonds
of this nature, as well as possibilities for adapting
this type of bond to wider uses among holders.
45. Although we were mainly concerned with
credit facilities derived from official sources, we
did not overlook certain recent tendencies in the
field of private credit. Since the restoration of
external convertibility, there has been a general
increase in the volume and volatility of private
and banking funds. We have no doubt that a
growing volume of private credit is indispensable
to a further growth in international trade and
payments and that action to foster national and
international money and capital markets is desirable. Movements of private funds, however,
have often been of a disequilibrating kind, requiring policy instruments to be developed and special
defenses to be built by international monetary
cooperation, to prevent such flows from straining
the international monetary system and, if possible,
to direct them in an equilibrating direction. A
particularly striking development has been the
so-called Euro-Currency market, which has helped
to channel liquid funds internationally from lenders to borrowers and may at times have had a
compensating effect on reserves. On the other
'land, too large borrowing of such funds in a
situation of basic external deficit may, in taking
the strain from the monetary reserves, camouflage
the seriousness of a development, offset the selfcorrecting forces of adjustment and delay deliberate action toward reestablishing external
equilibrium.
46. Recourse to foreign short-term credit by commercial banks that takes place under the influence
of official action may in certain cases be valuable,
but it should not be relied upon generally to reduce the needs for international liquidity available
to monetary authorities. In any event, it would
be desirable that the members of the Group inform
each other, to the extent practicable and within
the consultative framework proposed in B, above,
as to the scope and character of relevant private
movements, especially as they may be influenced by
official actions.
E. Long-term lending for monetary purposes
47. While very effective facilities have been developed for short- and medium-term credit between
the larger countries, both bilaterally and through
the Fund, there has so far been little provision
for long-term lending between them for monetary
purposes. This reflects the fact that a country
that needs credit facilities for overcoming balance
of payments difficulties is ordinarily expected—
in the interest of international equilibrium and
stability—to overcome its difficulties within a reasonably short period of time. It has, however,
been suggested by some Deputies that there may
be exceptional cases where longer-term lending for
monetary purposes between members of the Group
might be in the general interest—for example,
where a temporary transfer of reserves to the lowreserve country can strengthen it in anticipation
of a permanent increase in its reserves to be
achieved over a longer period by moderate balance
of payments surpluses.
48. There was agreement that no general arrangements for such longer-term lending should be laid
down, since this might unjustifiably lessen the
pressure for adjustment of existing imbalances.
Exceptional cases could therefore be treated on
an ad hoc basis, after Group appraisal of the
concrete case. Some Deputies suggested that,
in such cases, it might be useful for a number of
countries of the Group to act together on the lend-
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Federal Reserve Bank of St. Louis
ing side and, if approved by the Group, there
might be some collective understanding that,
should a lender subsequently suffer serious reserve
losses, others whose reserves were then strong
would be prepared to take his holding over, with
or without the IMF being associated with the
transaction. The consultation and common appraisal within the Group might both lessen the
risks and enhance the liquidity of any such lending; at the same time, it might ensure that the
adjustment process between deficit and surplus
countries of the Group would not be weakened
by such lending.
C5
F. International Monetary Fund
49. The quinquennial review of IMF quotas by
the Executive Directors of the Fund is due to
take place in 1965. The Fund's resources could
be enlarged either by a general increase of quotas,
in uniform proportions for all members, or by
selective increases for some members only, or by
some combination of the two, with or without an
increase in the General Arrangements to Borrow
(GAB). While decisions in this field rest with
the competent authorities of the Fund itself, we
thought it appropriate, because of the important
position of the IMF in the monetary system and
because of the special obligations of our countries
under the GAB, to explore thoroughly the possible
attitude of the members of our Group on the questions regarding the size, timing and manner of
providing, if necessary, additional resources to the
Fund.
50. The following points were raised during our
discussions:
—Adequacy of the Fund's quotas in present
and foreseeable circumstances.
—The actual use of Fund facilities by members of the Ten and other Fund members
in recent years.
—Disparities in size of quota among members.
—Payment in gold of 25% of new subscriptions.
—Comparative merits of a general increase
in quotas, of selective increases, or of enlargement of the GAB.
—Effect of the above on the liquidity of the
Fund.
51. We are all agreed that appropriate credit facilities, particularly through the IMF, provide
an element of strength to the international mone-
13
tary system through financing imbalances while
assisting in the process of adjustment. In order,
therefore, to provide resources for the Fund in the
years ahead, which will no doubt bring a further
growth of the world economy, we suggest that
the Ministers and Governors of the Group may
wish to give their support to an appropriate general increase in quotas during the quinquennial
review of the adequacy of Fund resources. We
also suggest that there may be some cases in which
the quotas of individual members may need to be
adjusted on a selective basis.
52. We considered the place of gold in the IMF.
Over its whole history, the Fund has had gold
receipts of $4.2 billion from subscription payments, repurchases, and charges. The Fund has
used $1.1 billion of gold to replenish its holdings
of currencies, of which $500 million was used for
this purpose in 1961, leaving $3.1 billion. Of this,
the Fund has invested $800 million, the remainder
of $2.3 billion being the Fund's present gold
holdings.
53. Various functions have been attributed to
quota subscriptions in gold:
(a) to provide the Fund with a liquid resource available, if needed, to acquire appropriate currencies necessary for its operations;
(b) to measure the initial amount of drawing rights to which it is the Fund's policy
to allow members access virtually at will; and
(c) in some cases, to help moderate any
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Federal Reserve Bank of St. Louis
propensity to ask for larger quotas than might
be justified.
54. While payments of gold subscriptions to the
Fund can reduce a country's gold reserves, its overall reserve position may be said to remain unchanged if it counts the gold tranche drawing
rights which it acquires as part of its reserves.
But contributions of gold to the IMF made by nonreserve countries who acquire gold from a reserve
currency country can reduce the gold holdings of
the reserve center and, in that way, can actually
diminish world reserves in the aggregate. In view7
of these considerations, although we are agreed on
maintaining the established principle of payment
in gold, attention should be given during the quinquennial review to methods of minimizing the impact, particularly on reserve currency countries,
of transfers to the Fund of gold from national
reserves.
55. The General Arrangements to Borrow, to
which reference has already been made, expire in
October, 1966. Any decision on renewal or modification must be taken not later than October, 1965,
and will no doubt be related to any increases in
IMF quotas, general or selective, that may be
agreed. We therefore suggest that a study of this
subject should be made over the coming months, in
the light of possible action concerning quotas in
the Fund, and that a report be made to the Ministers and Governors well in advance of October,
1965.
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APPENDIX I—Page 1
GOLD AND FOREIGN EXCHANGE HOLDINGS
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APPENDIX I—Page 2
^
APPENDIX II—Page 1
TABLE I—OFFICIAL RESERVES AND CREDIT FACILITIES
December 31, 1953-December 31, 1963
[In billions of U.S. dollars equivalent]
CREDIT
R E S E R V ES
GOLD AND FOREIGN
EXCHANGE
The Eight and Switzerland:
1953
1963
Change
Group of Ten and Switzerland:
1953
1963
Change
Rest of World:
1953
1963
Change
All Countries:
1953
1963
Change--
Special Swaps MisSubGold 2 U.S. used by cellatotal
(D+(2) tranche bonds other neous
party
Foreign
exchange
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
5 49
16.44
5.05
10.13
1C. 64
26.57
.26
1.80
0
0
+10 95
+5.08
+16. OS
+1.54
29 85
34 52
5.33
10.51
35.18
45.03
1.75
3.33
+4 67
+5.18
+9.86
4.47
5 68
11.78
14.56
16. SB
SO 24
.14
.61
+1.21
+2.78
+3.99
__„
34.32
40.20
17.11
25.07
51.43
66.27
..
+5 88
+7.96
+18. 84
.
Other
credit
lines
(12)
Other
PotenSubIMF <
tial
total
(10, 11, tranches credit
lines
12)
(13)
(14)
(15)
Total
Total
Sub(8)+ (17)
credit
total facilities
(14) (13) + (16)
+(15)
(16)
(17)
(18)
Grand
total
(9)+
(17)
(19)
.66
.24
n.a.
n.a.
.26
2.70
10.80
29.27
0
1.03
0
0
0
1.03
1.48
3.74
1.48
3.74
1.48
4.77
1.74
7.47
12.28
34.04
+.66
+.24
n.a.
+2.44
+18.47
+1.03
0
+1.03
+2.26
+2.26
+3.29
+5.73
+21. 76
1.75
4.28
36.93
49.31
0
3.11
0
.29
n.a.
n.a.
0
3.62
5. 53
9.30
5.53
9.30
5.63
12.92
7.28
17.20
42.46
62. S3
+.29
n.a.
+2.53
+12. 38
+3.11
+3.62
+3.77
+3.77
+7.39
+9.92
+19. 77
1.75
4.89
18.00
25.13
0
.66
+.66
0
.05
0
0
n.a.
n.a.
.14
.66
16.39
SO. 90
+.47
+.05
0
n.a.
+.52
1.89
3.94
0
.71
0
.29
n.a.
n.a.
1.89
4.94
+2.05
+.71
+.29
n.a.
+3.05
0
1
Data for other reserves and credit facilities are incomplete and partly estimated.
2 Including super gold tranche.
'Beyond the gold tranche.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total
reserves Swaps IMF
(3)+ (8) unacti- standvated
bys 3
Subtotal
(4) to
(7)
Gold
+1.58
SUBJECT TO NEGOTIATION
ASSURED
OTHEE
FACILITIES
4
+.51
.05
1.61
4.18
1.61
4.18
1.61
4.23
0
+.05
+2.57
+2. 57
+2.62
+3.14
+7.13
0
.51
0
3.67
7.14
13.48
7.14
13.48
7.14
17.15
9.03
22.09
60.46
87. 36
+.51
+3.67
+6.34
+6.34
+10. 01
+13.06
+26.90
.05
0
0
+4.51
+.05
63.SH
7(j.21
0
3.16
+16. 89
+3.16
0
.51
0
Including standbys subject to policy performance,
n.a. Not available.
00
APPENDIX II—Page 2
TABLE II—OFFICIAL RESERVES AND CREDIT FACILITIES
[In billions of U.S. dollars equivalent]
R ES E R V E S
GOLD AND FOREIGN
EXCHANGE
Gold
1
Data
1
Other
credit
lines
(6)
(7)
(8)
(9)
(10)
(11)
11.27
... 16.44
6.20
10.13
26.57
17.47
.86
1.80
0
0
.24
n.a.
n.a.
.86
2.70
18.33
29.27
0
1.03
0
0
0
1.03
+5.17
+3.93
+10. 94
+1.03
0
+1.03
33 29
34.52
6.44
10.51
59.75
45.03
4g.66
49. SI
0
3.11
0
+1 23
+4.07
+6. SC
+6.66
+3.11
4. 59
5 68
12.66
14.56
17. i6
SO. 24
17.67
«0. 90
0
.05
+3.33
+.05
60. 25
70. gl
0
3.16
+9.98
+3.16
. . +1.09
-
+1.90
+9.10
+2.99
37.88
40.20
19.10
25.07
66.98
66. g7
+2.32
+5.97
+8.29
+.94
2.93
3.33
+.40
.32
.61
+.29
3.25
3.94
+.69
.66
+.66
'0
+.24
n.a.
0
n.a.
n.a.
.66
.29
+.66
+.29
n.a.
0
.05
0
0
.n.a.
n.a.
+.05
0
.71
+.71
0
n.a.
0
.29
n.a.
n.a.
+.29
n.a.
+1.84
2.93
4.28
+1.35
.32
.66
+.34
3.25
4.94
+1.69
.51
+.51
0
0
0
0
.51
+.51
(12)
Other
PotenSubIMF «
tial
total
(10,11, tranches credit
lines
12)
(5)
for other reserves and credit facilities are incomplete and partly estimated.
Including super gold tranche.
' Beyond the gold tranche.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Subtotal
(4) to
(7)
FACILITIES
SUBJECT TO NEGOTIATION
(4)
Rest of World:
1959
1963
... ...
SubSpecial Swaps Mistotal
Gold 2 U.S. used by cellatranche
bonds other neous
(D+(2)
party
Total
reserves Swaps IMF
(3)+ (8) unacti- standvated
bys •
(3)
Group of Ten and Switzerland:
1959
1963
All Countries:
1959--1963
ASSURED
OTHER
(2)
(1)
The Eight and Switzerland:
1959 . .
1963
Foreign
exchange
CREDIT
(13)
0
3.62
+3.62
0
.05
+.05
0
3.67
+3.67
(14)
3.80
3.74
-.06
9.87
9.30
(15)
total
Total
credit
facilities
(16)
(17)
Sub-
(8)+ (17)
Total
Grand
total
(9)+
(17)
(18)
(19)
(14) (13) + (16)
+ (15)
3.80
3.74
-.06
9.87
9.30
4.66
7.47
gg.13
34.04
+.97
+S.81
+11.91
9.87
12.92
IS. 80
17. gO
52.55
62.25
5.80
4-77
+5.05
+4.40
+9.70
3.03
4.18
3.03
4.18
5.05
4- S3
3.36
4-89
20. 60
25. IS
+1.15
+1.15
+1.20
+1.64
+4.63
12.90
13.48
12.90
13.48
IS. 90
17.16
16.16
22.09
73. IS
87.36
+.58
+.58
+4.26
+6.94
+14. 25
-.57
4
Including standbys subject to policy performance,
n.a. Not available.
-.57
•-— --S.
—-,
APPENDI^ xf — Page 3
TABLE III— OFFICIAL RESERVES AND CREDIT FACILITIES1
December 31, 1953-December 31, 1963 [In billions of U.S. dollars equivalent]
RESE R V ES
GOLD AND FOREIGN
EXCHANGE
The Eight:
1953
1963
Gold
Foreign
exchange
(1)
(2)
CREDIT
ASSURED
OTHER
SubSpecial Swaps MisGold 2 U.S. used by cellatotal
(D+(2) tranche bonds other neous
party
Total
reserves Swaps IMF
(3)+ (8) unacti- standbys s
vated
Subtotal
(4) to
(7)
Other
credit
lines
(12)
FACILITIES
SUBJECT TO NEGOTIATION
SubOther
total
IMF «
(10,11, tranches
12)
(13)
Potential
credit
lines
Total
Total
Subcredit
(8)+ (17)
total facilities
(14) (13) + (16)
+(15)
Grand
total
(9)+
(17)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
0
.95
0
0
0
.95
1.48
3.74
1.48
3.74
1.48
4-69
1.74
7.26
10.51
30.76
(14)
(15)
(16)
(17)
(18)
(19)
4.03
13. 62
4.74
9.88
8.77
S3. 50
.26
1.80
0
.61
0
.16
n.a.
n.a.
.26
2.57
9.05
26.07
Change
Switzerland:
1953
1963
-
+9.59
+5.14
+14.73
+1.54
+.61
+.16
n.a.
+2.31
+17.04
+.95
0
+.95
+2.26
+2.26
+3. SI
+5.62
+20.25
1.46
2.82
.31
.25
1.77
3.07
0
0
0
.05
0
.08
n.a.
n.a.
0
.13
1.77
3. SO
0
.08
0
0
0
.08
0
0
0
0
0
.08
0
.21
1.77
3.28
Change
The Eight and Switzerland:
1953
1963
+1.36
0
0
.-
.
Change
United Kingdom:
1953
1963
Change
United States:
1953
1963
Change
Reserve Countries:
1953
1963
Change
Group of Ten:
1953
1963
.
....
-.06
+1.30
+.05
+.08
n.a.
+.13
+1.43
+.08
0
+.08
0
+.08
+.21
+1.51
5.49
16. 44
5.05
10.13
10.64
26.57
.26
1.80
0
.66
0
.24
n.a.
n.a.
.26
2.70
10.80
29.27
0
1.03
0
0
0
1.03
1.48
3.74
1.48
3.74
1.48
4.77
1.74
7.47
12.28
34.04
+10. 95
+5.08
+16. 03
+1.54
+.66
+.24
n.a.
+2.44
+18. 47
+1.03
0
+1.03
+2.26
+2. 26
+3.29
+6.73
+21. 76
0
1.01
1.30
1.44
1.30
1.44
1.30
2.45
1.42
2.94
3.96
5.59
n.a.
n.a.
.12
.49
2.66
3.14
0
.50
0
.51
0
n.a.
+.37
+.48
+.50
+.51
0
.05
n.a.
n.a.
1.37
1.09
23.47
16.90
0
1.58
+.05
n.a.
-.28
-6.57
.05
n.a.
n.a.
1.49
1.58
26.13
20.04
+.05
n.a.
+.09
-6.09
n.a.
n.a.
1.75
4.15
35.16
46.11
n.a.
+2.40
2.54
2.65
.12
.49
0
0
0
0
-.11
+.11
+.37
0
0
.21
22.10
16.81
1.37
1.04
0
0
+.21
-6.29
-.33
0
2.26
2.48
.28
.17
+.22
22.10
15. 60
-6.50
24.36
18. 08
.28
.38
24.64
18.46
-6.28
+.10
-6.18
+.04
28. 39
31.70
5.02
10.26
33.41
41.96
1.75
3.33
0
.61
0
+8.55 +1.58
+.61
+.21
+5.24
1.49
1.53
0
0
0
0
.21
+1.01
+.14
+.14
+1.15
+1.52
+1.63
0
0
0
1.58
2.75
. 4.12
2.75
4.12
2.75
5.70
4.12
6.79
26.22
22.60
+1.58
0
+1.58
+2.95
+2.67
-3.62
0
2.08
0
.51
0
2.59
4.05
5.56
4.05
5.56
4.05
8.15
5.64
9.73
30.18
28.19
+2.08
+.51
+2.59
+1.51
+1.51
+4-10
+4-19
-1.99
0
3.03
0
.51
0
3.54
5.53
9.30
5.53
9.30
5.53
IS. 84
7.28
16.99
40.69
58.95
+10. 96
+3.03
+.51
+3.54
+3.77
+3.77
+7.31
+9.71
+18. 26
0
3.11
0
.51
0
3.62
5.53
9.30
5.53
9.30
5.53
12.92
7.28
17.20
42.46
62.23
+.51
+3.62
+3.77
+3.77
+7.39
+9.92
+19. 77
.05
1.61
4.18
1.61
4.18
1.61
4- S3
1.75
4.89
18.00
25.13
Change
Group of Ten and Switzerland:
1953
1963
....
+3.31
29.85
34.52
5.33
10.51
35.18
45. 03
1.75
3.33
0
.66
0
.29
n.a.
n.a.
1.75
4.28
36.93
49.31
Change
Rest of World:
1953.
1963
+4.67
+5.18
+9.85
+1.58
+.66
+.29
n.a.
+2.53
+12. 38
+3.11
4.47
5.68
11.78
14.56
16.25
20.24
.14
.61
0
.05
0
0
n.a.
n.a.
.14
.66
16. 39
20.90
0
.05
Change .
All Countries:
1953
1963
+1.21
+2.78
+3.99
+.47
+.05
0
n.a.
+.52
+4.51
+.05
34.32
40. 20
17.11
25.07
51.43
65.27
1.89
3.94
n.a.
n.a.
1.89
4.94
53.32
70.21
Change
BIS:
1953
1963
+5.88
+7.96
+13. 84
+2.05
.08
-.28
0
0
.08
-.28
0
0
0
0
-.20
0
-.20
0
0
Change
Other International Organizations:
1953
1963
Change..
1
2
3
.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
+.05
+2.57
+2.57
+2.62
+3.14
+7.13
0
3.16
0
3.67
7.14
13.48
7.14
13.48
7.14
17.15
9.03
22.09
60.46
87.36
+16. 89
+3.16
+.51
+3.67
+6.34
+6.34
+10. 01
+13. 06
+26. 90
.15
.08
-.13
0
.01
0
0
0
0
0
.01
0
.16
.08
-.12
+.15
-.05
+.01
+.16
-.04
.71
+.71
+.29
n.a.
+3.05
0
.15
n.a.
n.a.
0
+.15
n.a.
1.86
2.36
0
0
1.86
2.36
0
0
0
0
0
0
n.a.
n.a.
0
0
+.50
0
+.60
0
0
0
n.a.
0
Data for other reserves and credit facilities are incomplete and partly estimated.
Including super gold tranche.
Beyond the gold tranche.
0
0
+1.37
0
.51
0
.29
0
0
0
+1.37
4
0
0
0
.01
+.01
0
+.01
0
0
1.86
2.36
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1.86
2.36
+.60
0
0
0
0
0
0
0
+.60
Including standbys subject to policy performance,
n.a. Not available.
APPENDIX II—Page 4
TABLE IV—OFFICIAL KESEKVES AND CKEDIT FACILITIES1
December 31,1959-December 31,1963 [In billions of U.S. dollars equivalent]
CREDIT
RESERVES
GOLD AND FOREIGN
EXCHANGE
'
Gold
Foreign
exchange
(1)
(2)
.
The Eight:
1959
1963
Change
Switzerland:
1959
1963
--
- -
.
.....
- -
Change
The Eight and Switzerland:
1959
1963
,
Change
United Kingdom:
1959
1963
Change
United States:
1959
.
1963
.
Special Swaps MisSubGold 2
U.S. used by cellatotal
(l)+(2) tranche bonds other neous
party
(8)
(9)
(10)
(11)
0
.16
n.a.
n.a.
.86
2.57
16.27
26.07
0
.95
0
0
0
.95
3.80
3.74
-.06
.86
1.80
0
.61
+4.28
+3.81
+8.09
+.94
+.61
+9.80
+.95
0
+.95
1.93
2.82
.13
.25
2.06
3.07
0
0
0
.05
0
.08
n.a.
n.a.
0
.13
2.06
3.20
0
.08
0
0
0
.08
0
0
+.89
+.12
+1.01
0
+.05
+.08
n.a.
+.13
+1.14
+.08
0
+.08
11.27
16.44
6.20
10.13
17.47
26.57
.86
1.80
0
.66
0
.24
n.a.
n.a.
.86
2.70
18.33
29.27
0
1.03
0
0
0
1.03
+5.17
+3.93
+9.10
+.94
+.66
+.24
0
2.51
2.48
.24
.17
2.75
8.65
.07
.49
0
0
-.03
-.07
-.10
+.42
19.51
15.60
0
.21
19.51
15.81
2.00
1.04
+.21
-3.70
-.96
+.14
-3.80
-.54
31 36
31. 70
6.31
10.26
37.67
41.96
2.93
3.33
+.16
(16)
3.80
3.74
(17)
Total
Grand
total
(9)+
(17)
(18)
(19)
S. 80
4.69
4.66
7.26
20.07
30.76
-.06
+.89
+2.60
+10. 69
0
0
0
.08
0
0
0
3.80
3.74
3.80
3.74
+1.03
-.06
0
1.01
1.95
1.44
.21
2.06
3.28
+.08
+.21
+1.22
3.80
4.77
4.66
7.47
22.13
34.04
-.06
+.97
+2.81
+11.91
1.95
1.44
1.96
2.45
2.02
2.94
4.77
5.69
-.51
-.51
+.50
+.92
+.82
4.12
4.12
4.12
4.12
4.12
5.70
6.12
6.79
26.63
22.60
n.a.
+ 1.84
+10. 94
+1.03
.07
.49
2.82
3.14
0
.50
0
.51
0
0
n.a.
+ .42
+.32
+.50
+.51
0
0
0
.05
n.a.
n.a.
2.00
1.09
21.61
16.90
0
1.58
0
0
0
1.58
0
+.05
n.a.
-4.61
+1.58
0
+1. 58
0
0
+1.58
+.67
-3.03
0
0
0
.05
n.a.
n.a.
2.07
1.58
24-33
20.04
0
2.08
0
.51
0
2.59
6.07
5.56
6.07
5.56
6.07
8.15
8.14
9.73
30.40
28.19
0
+.05
n.a.
-.49
-4.29
+2.08
+.51
+2.59
-.51
-.51
+2.08
+1.59
-2.21
0
.21
n.a.
n.a.
2.93
4.15
40.60
46.11
0
3.03
0
.51
0
3.54
9.87
9.30
9.87
9.30
9.87
12.84
12.80
16.99
60.47
58.95
n.a.
+1.22
+5.51
+3.03
+.51
+3.54
-.57
-.57
+2.97
+4-19
+8.48
n.a.
n.a.
2.93
4.28
42.66
49.31
0
3.11
0
.51
0
3.62
9.87
9.30
9.87
9.30
9.87
12 92
12.80
17.20
52.53
62.23
+.51
0
.61
+ 3.95
+4-29
+.40
6.44
10.51
39.73
45.03
2.93
3.33
0
.66
0
.29
Change Rest of World:
1959
1963
_
+1.23
+4.07
+5. SO
+.40
+.66
+.29
4.59
5.68
12.66
14.56
17.25
20.24
.32
.61
0
.05
Change
All Countries:
1959
1963
+1.09
+1.90
+2.99
+ .29
+.05
37.88
40. 20
19.10
25.07
56.98
65.27
3.25
3.94
0
.71
+2.32
+.69
+.71
Beyond the gold tranche.
+1.71
(15)
Total
Subcredit
total facilities
(14) (13) + (16)
+(15)
n.a.
n.a.
+.34
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
n.a.
Potential
credit
lines
0
0
33.29
34 52
.
(14)
15.41
23.50
-3.94
Change
(13)
6.07
9.88
Change
Group of Ten:
1959
1963
1
Data for other reserves and credit
2
Including super gold tranche.
1
(12)
9.34
13. 62
2.07
1.53
Change
Other International Organizations:
1959
1963
-
SubOther
total
IMF*
(10,11, tranches
12)
(7)
22.26
18.46
.
Other
credit
lines
(6)
.24
.38
Change
BIS:
1959
1963
Swaps IMF
unacti- standvated
bys >
(5)
22.02
18.08
.
Subtotal
(4) to
(7)
SUBJECT TO NEGOTIATION
(4)
—3.91
.
Total
reserves
(3)
Change
.. ..
Reserve Countries:
1959
1963
Change
Group of Ten and Switzerland:
1959
1963
ASSURED
OTHER
FACILITIES
+.61
+.21
-.91
n.a.
+1.35
+6.65
+3.11
+3.62
-.57
-.57
+3.06
+4-40
+9.70
0
0
n.a.
n.a.
.32
.66
17.57
20.90
0
.05
0
0
0
.05
3.03
4.18
3.03
4.18
3.03
4- 23
3.35
4.89
20.60
26.13
0
n.a.
+.34
+3.33
+.05
0
+.05
+1.15
+1.15
+1.20
+1.64
+4-53
0
.29
n.a.
n.a.
3.25
4.94
60.23
70.21
0
3.16
0
3.67
12.90
13.48
12.90
13.48
12.90
17.15
16.15
22 09
73.13
87.36
+.29
n.a.
+1.69
+9.98
+3.16
+3.67
+.58
+.58
0
.15
n.a.
n.a.
0
.15
-.13
-.13
0
.01
+5.97
+8.29
-.13
-.28
0
0
-.13
-.28
0
0
0
0
-.15
0
-.15
0
0
+.15
n.a.
+.15
2.44
2.36
0
0
2.44
2.36
0
0
0
0
0
0
n.a.
n.a.
0
0
0
n.a.
0
0
0
0
-.08
-.08
facilities are incomplete and partly estimated.
+1.01
0
9.44
2.36
+.01
0
0
0
.51
+.51
0
0
0
.01
0
+.01
0
0
0
0
+4.25
+5.94
+ 14-23
0
0
0
0
0
.01
0
.16
-.13
-.12
0
0
+.01
+.16
+.01
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-.08
Including standbys subject to policy performance,
n.a. Not available.
4
2.44
2.36
-.08
"^
APPENDIX II—Page 5
Notes to Accompany Tables on Reserves and Credit Facilities
Table Column
No.
1. Gold. Figures are published data from International Financial Statistics.
2. Foreign Exchange. Figures are published in IFS.
3. Subtotal of (1) and (2) represents the sum of gold and foreign exchange
(primary reserves).
4. Gold Tranche, including super gold tranche, is published in IFS.
5. Special U.S. Bonds represent U.S. Government nonmarketable obligations
payable in foreign currencies or in U.S. dollars, with an original maturity of
more than one year, and convertible at the option of the holder into shortterm Treasury obligations.
6. Swaps Used by Other Party represent that part of a reciprocal swap arrangement that corresponds to a swing credit that has been drawn upon by the
other party, and is therefore an asset of the drawee country. Where swaps
have been activated and amounts are held in the form of foreign exchange,
they appear under "foreign exchange". The total amounts for swaps
included in the tables will always add up to twice the original amount
available to one party in the case of a group of countries that includes both
parties to the swap.
7. Miscellaneous includes, but is not limited to, forward or other availabilities,
long-term mobilizable securities and other foreign assets that have been
acquired by monetary authorities, such as IBRD notes, etc.
»
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Federal Reserve Bank of St. Louis
Table Column
No.
9. Total Reserves represent the sum of primary and other reserves. Total may
not be statistically exact since some countries treat special U.S. bonds as
part of foreign exchange reserves and therefore there may be some element
of double counting. This also applies to Columns 8, 18 and 19.
10. Swaps Unactivated. This represents the standby facilities that have been
established under swap agreements but not activated in the sense of reciprocal acquisition of foreign exchange.
11. IMF Siandbys. This column would include standby facilities that can be
drawn upon without further policy review; there was one of these in existence
on December 31, 1963.
12. Other Credit Lines. This column would include bilateral or other assured
credit lines that may exist now or in the future.
14. Other IMF Tranches. The amount shown in this column (together with
the amount in column 11) represents for each country the undrawn portion
of four credit tranches, which if drawn in full would bring the currency
holdings of the IMF in that country's currency to 200 percent of quota.
15. Potential Credit Lines. This column registers the potentiality of other credit
facilities that may be negotiated, or may be available after negotiation under
some kind of policy review.
18. Total of Other Reserves and Credit Facilities. This is the sum of all the items
except gold and foreign exchange reserves.
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Federal Reserve Bank of St. Louis
MEMBERS OF THE GROUP OF DEPUTIES
Chairman
ROBERT V. ROOSA
Vice-Chairman
JHR. E. VAN LENNEP
Belgium
M. d'Haeze
C. de Strycker
Ministry of Finance
National Bank of Belgium
Canada
A. F. W. Plumptre
R. W. Lawson
Ministry of Finance
Bank of Canada
France
A. de Lattre
B. Clappior
Ministry of Finance
Bank of France
Federal Republic of Germany
R. Gocht
O. Emminger
Federal Ministry of Economic Affairs.
German Bundesbank
Italy
G. Rota
R. Ossola
Ministry of the Treasury
Bank of Italy
Japan
Gengo Suzuki
Makoto Watanabe
Haruo Mayekawa
Ministry of Finance
Ministry of Finance
Bank of Japan
Netherlands
Jhr. E. van Lenncp
Prof. S. Posthuma
Ministry of Finance
Netherlands Bank
Sweden
Krister Wickman
S. F. Joge
Ministry of Finance
Bank of Sweden
United Kingdom
Sir Denis Rickett.^
M. H. Parsons
H. M. Treasury
Bank of England
United States
Robert V. Roosa
J. Dewey Daane
Treasury Department
Federal Reserve System
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Federal Reserve Bank of St. Louis
Secretaries
Pierre Esteva
G. Schleiminger
L. P. Thompson-McCausland
T. de Vries
George H. Willis
Bank of France
German Bundesbank
Bank of England
Netherlands Bank
U.S. Treasury
Observers
M. Ikl6
J. J. Polak
J. Cottier
Milton Gilbert__
National Bank of
Switzerland
I.M.F. Staff
O.E.C.D. Staff
. . - B.I.S. Staff
23
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Federal Reserve Bank of St. Louis
U. S. DEPARTMENT OF COMMERCE
OFFICE OF BUSINESS ECONOMICS
BUSINESS NEWS REPORTS
PRELIMINARY RELEASE ON THE BALANCE OF PAYMENTS
DURING THE SECOND QUARTER
FOR IMMEDIATE RELEASE
THURSDAY. AUGUST 13. 1964
Walther Ledcrer:
ORF
UPt
/d
Ae.
WOrth 7-3709
During the second quarter of this year, international reserves of
the monetary authorities of the United States declined by $303 million,
the U.S. Department of Commerce reported today.
While the official gold stock increased by $73 million, holdings of
convertible foreign currencies declined by $258 million, and the gold
tranche position of the United States in the International Monetary Fund—
which represents nearly automatic drawing rights on foreign currency
holdings of that institution—declined by $118 million, according to
preliminary calculations by the Department's Office of Business Economics.
Liquid liabilities, consisting of foreign deposits in U.S. banks
and foreign holdings of marketable U.S. Government securities, increased
by about $245 million. Foreign holdings of nonmarketable medium-term
securities, convertible into cash at short notice, were $122 million
higher than in the previous quarter.
The balance on international transactions during the second quarter,
measured by the changes in U.S. official monetary reserves, and in liquid
liabilities to foreigners, was adverse by $670 million, if the foreign
holdings of nonmarketable medium-term convertible securities are included
among the latter—and by $548 million if they are excluded and considered
long-term foreign investments in the United States.
The major part of the adverse balance of $670 million, $470 million,
occurred early in the quarter, in April. The adverse balance during May
and June together was only $200 million. (If the special Government
securities are not included with liquid liabilities, the April figure
is $418 million and that for May and June $130 million.) The large
adverse balance in April followed a favorable balance of about $360 million
in March. Both the March and April figures were quite exceptional, and
the $830 million shift of the balance between these two months accounted
for a large part of the change in the balance from the first to the
second quarter, OBE noted.
I
Seasonal factors are generally favorable to the U.S. balance of
payments during the first half of the year, but more so in the first than
in the second quarter. Preliminary adjustments for seasonal variations
US-COMM-DC
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(Over)
20087
- 2-
would raise the second quarter balance to about $790 million, which
compares with a revised figure of about $75 Million for the first
quarter of the year. Counting the foreign purchases of the $122 million
of convertible special Government securities in the second quarter as
long-term investments in the United States, the balances for the two
quarters would be about $670 million and $75 million, respectively.
Although the change in the balance from the first to the second
quarter appears to have been large, it was not unexpected, as the
international transactions during the first quarter included many
which were temporarily favorable to the U.S. balance of payments.
Incomplete data now available to QBE indicate that the following
changes accounted for the major part of the shift in the balance from
the first to the second quarter.
(1) Special Government transactions (mainly advances on military
purchases by foreign countries) which in the first quarter were
favorable to the balance of payments by about $140 million, changed
to being unfavorable by about $50 million as cash receipts on military
orders fell short of deliveries. Omitting these special transactions,
the adverse balance on other (regular) transactions, after adjustment
for seasonal factors, rose from slightly over $200 million in the first
quarter to about $740 million in the second. This compares with last
year's nearly $3.3 billion, or a quarterly average of $820 million in
1963, and the quarterly average of $900 million in 1962.
(2) Merchandise imports, which in the first quarter were lower than
usual at the prevailing level of domestic business activity and incomes,
rose by about $200 million. Merchandise exports, which in the first
quarter were expanded by extraordinary grain sales to the Soviet Bloc,
declined by about $70 million. The trade balance declined, therefore,
by about $270 million, but was still $200 million higher than in last
year's second quarter.
(3) Preliminary data on capital transactions indicate a rise of
about $130 million from the previous quarter in purchases of newly issued
foreign securities. In both the first and the second quarters the new
issues included $50 million of securities which were part of a larger
issue arranged for early in 1963 before the Interest Equalization Tax
was proposed. The second quarter issues also included $50 million of
bonds of the Inter-American Development Bank.
<
(4) Transactions in other foreign securities, which had resulted
in net sales of close to $100 million in the first quarter, changed to
net sales of only about $34 million in the second quarter. The adverse
effect of this change was largely offset, however, by a shift from net
sales to net purchases of U.S. securities by foreigners.
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Federal Reserve Bank of St. Louis
(More)
- 3-
(5) Net capital outflows reported by banks, both on long- and
short-tens, which had risen to about $700 million in the first
quarter of this year continued close to that rate after adjustment
for seasonal variations. There was, however, a shift from long- to
short-term outflows.
(6) The balance on other transactions--for which data are not
yet available but can be derived as a residual—changed from net
debits of $1,250 million in the first quarter to net debits of
$1,420 million in the second. It includes all private services
transactions, Government transactions, and capital transactions
reported by U.S. and foreign corporations other than banks and
security dealers.
This balance appears to have been exceptionally low in the
first quarter, and the change returned the balance approximately
to the same level as it was in the last two quarters of 1963. It
continued to be more favorable, however, than in the first two
quarters of 1963 or the average quarterly balance during 1962.
A summary of data now available is provided in the following
table.
Details on the second quarter balance of payments will be
published in the September issue of the Survey of Current Business,
official monthly journal of the Office of Business Economics,
U.S. Department of Commerce.
The Survey of Current Business is available from field offices
of the Department of Commerce, or from the Superintendent of Documents,
United States Government Printing Office, Washington, D.C. 20402, at
an annual subscription price of $4.00, including weekly supplements;
single copy 30 cents.
i
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Federal Reserve Bank of St. Louis
Selected data on foreign transactions and the balance of payments
in the second quarter of 1964 available as of the middle ^f August
(Millions of dollars)
Adjusted for seasonal variations
Credits +, Debits -
1962
II
Year
A.
Regular types of transactions:
Merchandise, excluding military:
Exports
Imports
BaTance
'..
New issues of foreign securities.
Redemptions
U.S. purchases (-) or sales (+)
of other foreign securities
Capital outflows reported by U.S.
banks:
Long-term
Short-term
Foreign purchases (+) or sales
(-) of U.S. securities
Other transactions (derived as
residual)
Balance on regular types of
transactions
Special Government transactions:
llonscheduled receipts on
Government loans
Advances on military exports
Sales of nonmarketable, mediumtTra, nonconvertible securities.
Siles cf nonmarketable, mediumterm, convertible securities....
C.I.
2.
D.
E.
1.
2.
3.
Balance A-fB excluding net receipts
from sales of nonaarketable,
medium-term, convertible
securities
Balance A+B including net receipts
from sales of nonmarketable,
medium-term, convertible
securities
Increase (+) or decrease (-) in
short-term official and banking
liabilities and in foreign
holdings of other liquid assets
in the United States
Decrease (+) or increase (-) in
Monetary reserve assets ........
IMF gold tranche position .....
Convertible currencies ........
Gold ..........................
1964
1963
20,576 21,938
-16,134 -16,931
4,442
5,007
-1,076 -1,269
203
195
III
5,691
4,953
->,«^
-3,909 -4,212
1,044 1,479
-481 -518
43
50
5,192
-4,299
893
-183
52
6,102
-4,511
1,591
-87
50
6,090
-4,333
1,757
-132
196U
1963
II
IV
IV
III
6,275 4,984 5,459 5,597 5,898 6,087 6,020
-4,570 -4,017 -4,197 -4,353 -4,364 -4,347 -4,55O
1,705
967 1,262 1,244 1,534 1,74O 1,470
-446
.265
-446 -483
-4fl3
-253
-87
-97
-230
-265
253
r- f
\. -i
c f~\
Co
C/\
CC
1*3
44
52
50
55
50
55
-96
-6
-59
-68
32
89
99
34
-59
-68
32
89
99
-127
-324
-722
-721
27
77
-177
-402
-114
96
-458
-492
-231
-421
-67
-534
-13
62
-147
-492
-134
-19
-428
-272
-271
-436
134
252
14
114
51
73
-42
9
14
114
51
73
-42
-6,761
-6,022
-1,478
-1,690
-1,672
-1,182
-1,006
-3,605
-3,286
-813
-1,212
681
470
326
359
25
20
251
-43
702
-37
-624
-1,560 -1,738 -1,550 -1,377 -1,357 -1,251 -1,419
-623 -1,170 -1,314
-404
-398
25
20
3U
-5
241
105
26
239
54
i4o
30
-70
-7
63
-10
-95
-1
-55
-7
122
350
152
175
25
-153
-134
-75
-789
22
-109
-75
-667
-845
-4l6
68
34
-5
241
105
26
239
54
l4o
30
-70
63
-10
-95
-1
-55
350
152
175
25
-2,203
-2,644
-705 -1,193
-594
-152
207
-670 -1,062 -1,295
-2,203
-1,942
-355 -1,041
-4l9
-127
2O7
-548
670
1,564
323
917
192
132
-156
245
1,533
626
17
890
378
30
-113
46l
32
-46
-33
ill
124
2
6
116
227
-5
59
-28
196
15
-58
38
-51
131
-228
46
303
118
258
-73
-712 -l,U»3
-214 -742
122
p. Preliminary.
Source\S. Department of Commerce, Office of Business Economics.
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Federal Reserve Bank of St. Louis
^
June 196/4 Survey of Current Business
WALTHER LEDERER
U K I X G the first quarter of this year compares with adverse quarterly balinternational reserves of the mone- ances during the second half of 1963
tary authorities of the United States averaging about $135 million if the
increased by $51 million, and U.S. nonmarketable medium-term convertliquid liabilities to foreigners dropped ible Government securities are counted
by $150 million, resulting in an improve- as liquid liabilities (table 1, line Cl),
ment of 8207 million in our net position or about $35 million if these securities
on these international accounts. Since are considered as foreign long-term
there w< re no transactions in special investments in the United States (table
mmmarkelable medium-term securities 1, line C2). The corresponding figures
convertible into cash at short notice, for 1963 as a whole were $2,644 million
there are no alternative versions of this and $1,942 million, respectively.
balance tor this period (table 3, lines 52
According to data that are still
ami 52a).
preliminary, "special" Government
Seasonal factors have a favorable transactions contributed about $140
influence on the international trans- million to receipts during the quarter,
actions of the United States during the considerably less than in the last
first quarter, mainly because travel quarter of 1963 (table 1, B 1, 2, 3).
expenditures abroad are low, but also Foreign debt repayment in advance of the
because net capital outflows are usually scheduled dates were about $50 million,
less than average. During the first of which $42 million was collected from
quarter of 1904, these and other seasonal Mexico. In addition, some foreign
factors are estimated to have improved obligations were sold in advance of
our balance by about $250 million, so their maturity. These receipts were
that after adjustment for these factors offset, however, by repayments by the
it was adverse by only about $40 mil- United States of $55 million of nonlion. (Table 1, lines Cl and C2.) marketable, medium-term, nonconvertChanges in U.S. international reserves ible Government securities. Precise
and net transfers of liquid dollar assets data on changes in Government liabilto foreign accounts thus indicate that ities on military sales contracts are not
the international transactions of the yet available, but preliminary figures
U.S. were in virtual balance.
indicate a rise of about $140 million.
The first quarter improvement ocConsequently, the first quarter balcurred largely in March, when the ance on sdl other or "regular types" of
i n t e r n a t i o n a l reserve assets of the mone- transactions after seasonal adjustment
tary authorities rose by $123 million, was adverse by about $180 million.
while liquid liabilities to foreigners This compares with an adverse quarterly
dropped by $237 million, for a total average of about $400 million during
gain of $300 million. During the 2 the second half of 1963 and $1,250
preceding months the overall balance million during the first half of last
had been adverse by $153 million. year (table 1, line A13).
The improvement in March was more
than offset, however, in April. This Favorable temporary developments
suggests that the favorable change durAmong the temporary developments
ig the first quarter was in part temhaving a favorable effect on the first
porary.
The seasonally adjusted adverse bal- quarter balance the following seem to
ance
$40 million for the first quarter have been most important:
Digitized forofFRASER
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8
Federal Reserve Bank of St. Louis
(1) Agricultural exports were increased by sales to the Soviet bloc
amounting to a-bout $100 million.
Other agricultural exports, which had
risen sharply in the last quarter of
1963, also partly because of temporary
conditions, continued at the same level.
(2) Merchandise imports were temporarily low relative to the amounts
that could be expected on the basis
of past relationships to economic activity in this country and in other industrialized countries. The shortfall for
the quarter, estimated at about $100
million, was concentrated in the first
2 months. Imports rose sharply in
March, and a further rise occurred in
April.
(3) Receipts from military transactions were boosted by collections of
about $50 million on foreign obligations
arising from logistical support given
by the United States to Allied troops
in Korea in earlier years. This item
is included in the tables with military
sales as the amounts of foreign liabilities
had not been established at the time
the supplies were transferred.
(4) Income on direct investment
after seasonal adjustment increased
from the fourth quarter of last year
by $230 million, and exceeded by about
$210 million last year's quarterly average. At least $75 million of the first
quarter receipts represented dividend
distributions from earnings accumulated earlier. These dividend distributions to U.S. parent companies
appear to have been postponed to
take advantage of the lower tax rates
applicable to corporate incomes this
year.
(5) Net capital outflows to Canada
through direct investments were exceptionally low. The $21 million total in the first quarter of 1964 may
be compared with over $100 million
Juno 19G4
in the first quarter 1963 and a quarterly
average of about $80 million in each
of the years 1001 through 1963.
Including only the speeial agricultural
sales to the Soviet bloc these developments improved the balance in the first
quarter by close to $400 million;
counting also the agricultural sales
which may be attributed to special
conditions in other areas the figures
might be raised by about another $100
million.
In addition, the effects of the proposed Interest Equalization Tax on
capital outflows through security issues
may have been somewhat more restrictive than may be expected after
the tax has been enacted.
I rtfarorable temporary developments
Among the transactions which had
an exceptionally large temporary negative effect the following are most
important:
(H Net o u t f l o w s of short-term corporate funds to unaffiliated foreign
organizations amounted to more t h a n
8200 million, of which 8100 million
moved to Canada (table 5). The
large f i r s t q u a r t e r o u t f l o w followed an
i n f l o w of si 20 m i l l i o n a f t e r seasonal
a d j u s t m e n t in the second half of last
year. The m a j o r p j i r t of the unusually
large shift to Canada probably refleeted differences in relative yields
on time deposits and similar investments offered by Canadian and U.S.
banks, but some of the o u t f l o w may
also consist of t r a d e credits.
Although s h i f t s in the movement of
corporate f u n d s d u r i n g the 12-month
period ended in March were relatively
large, the longer run growth in the net
outflow of such f u n d s appears to have
slowed down considerably. From $.'J~>0
million in 1900 it increased to $4:50
million in 1901, but declined to $2:50
million in 1902 and to about $180 million in 190-') and the first q u a r t e r of
1904 combined. Unless, as now seems
unlikely, the first q u a r t e r movement
indicates a sharp reversal of t h i s trend,
it may be concluded that the first
q u a r t e r net o u t f l o w was exceptionally
large.
(2) Foreign claims, reported by banks
classified as short-term were well over
MOO million after seasonal adjustment.
Thi- was amonir the largest amounts for
7:11 'JM;" <;i
2
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Federal Reserve Bank of St. Louis
SUKVKY OF CURRENT BUSINESS
a single quarter in recent years (table
5). Japan and Canada were among the
major recipients of these funds. The
net flow to Canada was $80 million, an
unusually large amount compared with
earlier periods, but it consisted mostly
of acquisitions of foreign currency
assets probably on behalf of the reporting banks' customers.
Net new credits to Japan totaled
about $230 million. While this amount
was not exceptionally high for a single
quarter, it was added to the already
large outstanding banking claims on
Japan. At the end of the first quarter
short-term claims came to nearly $2.4
billion and comprised about half of all
short-term loans and acceptance credits
of U.S. banks. In addition U.S. banks
had $300 million in longer term loans
outstanding to Japan. In view of the
concentration of loans to that country,
credits are not likely to continue at the
first quarter rate.
While bank loans to Japan appear to
have been exceptionally large, this does
not necessarily imply that a decline in
loans to that country may not be offset
by loans to other countries, as long as
lending facilities of U.S. banks remain
as large as they currently appear to be.
It would be difficult to determine therefore, whether under these conditions net
foreign bank credits in the first quarter
were exceptionally high, and to estimate
the amount by which they exceeded the
amount that might be sustained over a
longer period.
Furthermore, some of the bank
credits may have been extended to
finance exports, or at least may have
enabled foreign countries to purchase
here more than they would have done
without these additional dollar resources. It cannot be concluded, therefore, that the rise in such credits necessarily affected the overall balance by
the same amount.
BALANCE ON ALL TRANSACTIONS
Including Net Receipts From Soles of Nonmorketable.Medium-Term
Convertible Government Securities (Table 1 Line C2)
—— Excluding Net Receipts From Sales of Nonmarketable Medium-Term
Convertible Government Securities (Table 1 Line Cl)
• — • Excluding Net Receipts From Other Special Government
Transactions (Table 1 Line A13)
Billion 3
2
1963
1964
Quarterly
U.S. Department of Commerce, Office of Business Economic:
Seasonally Adjusted
64-6-12
SURVEY OF CURRENT BUSINESS
10
June 1964
Table 1.—Analysis of U.S. Balance of Payments, Seasonally Adjusted, Excluding Military Grant Aid
] Millions of dollars]
Calendar year
1961'
I960'
1963 '
1962'
IV
III
IV
31,155 31,791 33,486 35,710 7,530 7,743
7,922
7,960 7,673 7,497 8,005
8,616
23,193 22, 852 25,021 26, 160 5,964 5,959
14, 723 14,497 16,134 16, 931 8,801 3,836
772
762
3,048 2,954 3,044 2,897
5,422 5.401 5,843 0,332 1,391 1,361
166
826
163
738
072
705
5,801
3,664
789
1,348
168
5,469 5,495 5, £06 5,867
3,422 3,38fi 3,404 3,826
769
725
695
776
1,322 1,333 1,333 1,346
176
174
175
181
5,984 6,118 6, 269 6,298
3,881 3,948 4,058 4,088
714
758
749
745
1,389 1,412 1,462 1,465
174
187
189
177
I960
1962
1901
1963
II
I
II
I
III
I
IV
II
III
I
II
1964
III
I*
IV
Transactions other than changes in
official monetary assets and in liquid
liabilities (including nonmarketable
medium-term, convertible Government securities)
I. U.S. PAYMENTS
RECORDED
(DEBITS)
1. Imports of goods and services
2. Merchandise
3
Military expenditures
4
Other services
5 Remittances and pensions
6. Government grants and capital
7.
8.
(Transactions inrolring no dirtct dollar outflows from the
United Statts)
.
(Dollar payment* to foreign
countries and international
institutions)
9. U.S. private capital
11.
12.
Long-term portfolio...
Short term
11. U.S. RECEIPTS (CREDITS)
RECORDED...
1. Kxports of coods and sorvioos
2. Merchandise
3.
( Financed by Gorernmcnt
or :nts nnd capital)
.
4. Militiirv sales
5. Income on investments, p r i vate
6.
Income on investments, Government
7. Other services
. .
8. Kcpaymei.ts on 1". P. Government loans, scheduled
9. Repayments and sellotTs, nonscheduled
10. Foreign private capital other
than liquid fund*
11 Government liabilities
SELECTED BALANCES (NET
CREDITS +, DEBITS -)
A. Regular types of transactions, seasonally adjusted:
1. Merchandise t r a d e , e x c l u d i n g
military.
2. Military sale? and expenditures..
3. Incomes on investments
4. other services. - .
..
5. Goods and services
.
»;. (Excluding exports of goods and
services financed by Government gr;v:its and capital outflows)
7. Remittances and pensions .
8. Government grants anil capital
outflows, less changes in associated liabilities, less scheduled
loan repayments
Domestic and foreign private
capital:
9. Direct and long-term jxjrtfolio. .
10. Short-term
11. Miscellaneous Government nonliquid liabilities
12. Errors and unrecorded transactions
13. Balance on regular types of
transactions (seasonally adjusted
14. Less: \ct seasonal adjustments
15. Balance on regular typos of
transactions before adjustment
B. Special Government transactions
(not seasonally adjusted)
1. Nonsehcdiiled ir-eeipts on Government loans..
2. Advances on m i l i t a r y exports
Sales of nonmarkctable. mediumterm, nonconvertible securities:
3. Dollar securities '
4. Foreign currencv securities
Sales of nonmarketable, mcdiurn5. Dollar sccilril ics
0. Foreign currency securities.
C. 1. Balance A— B excluding net receipts from sales of n o n m a r k e t able, medium-term, convertible
Government securities (including seasonal adjustment of items
in A)
la. Excluding seasonal adjustment
(equals line 52, table 3)
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3.405
4,054
4,293
4,522
750
891
806
958
966
848 1,034
t,l94
f,91B
s,tto
3,636
497
547
66t
688
674
606
748
1,111
1,139
1,073
887
ess
344
*44
«70
«9«
US
£86
3,885
1,074
803
1,348
4,180
1,599
1,025
1,550
3,434
1,654
1,227
553
4,202
1,862
1,644
696
653
325
201
67
727
292
194
241
1,147
389
196
562
1,358 1,031
668
478
212
99
454
478
967
309
222
436
930
435
259
236
28,046 30,419 32,394 33,352 6,838 7,083
27. 044 28, 438 30. 084 31, 673 6,504 0,750
111, 459 19,913 20, 570 21,938 4,057 4,876
7,132
6,862
4,940
6,993 7,467 7,973 7,262
6,928 7,127 6,882 7,121
4,986 5,050 4,755 4,987
1,206
8,447 8,151 8,312
1,074 1,065 1,066
8,576
8,603
9,679 8,383 9,045 9,113
6,336
4,040
792
1,504
185
6, 293
4,017
747
1,529
213
6,506 6,659 6,702 6,680
4,197 4,353 4,364 4,347
731
711
708
720
1, 578 1,595 1,630 1,613
219
203
202
191
1,088
1,041
1,333
1,009 1,139
897
888
8/5
807
8!4
776
5/8
t61
«58
W
312
1,252 1,068
628
260
377
446
390
303
445
430
418 -121
771
417
208
146
907
531
326
110
7,717 7,706 7,925 8,408
7.308 7,230 7,634 7,627
5,121 5,032 5,237 5,288
8,355
7,593
5,019
7,655
7,416
4,984
8,337 8,528 8,832 9,179
7,880 7,972 8,405 8,858
5,459 5,597 5,898 6,087
790
1,078
8/5
95*
753
X51
255
194
/87
144
1,056
581
521
-46
1,621
451
598
572
512 1,013 1,334
236
594
463
226
302
223
-26
196
645
1,814
n,m
t,SGS
050
2,7«0
034
411
402
457
84
461
84
678
92
6G8
88
480
112
5*8
102
044
100
696
113
6Gt
190
607
141
598
212
579
181
815
200
6SS
»92
617
695
" 155 * 213
2,911
349
3. 404
380
3,850
471
3, 982
498
094
87
730
87
731
87
756
88
855
94
833
120
901
70
875
90
866
109
944
143
961
105
1,079
114
1,026
123
972
124
993
125
991 1.231
126
127
3,990
4,279
4,531
4,021
991
973
1,020
1,110 1,110 1,120 1, )32
5S3
578
599
043
157
133
175
53
096
681
326
17
340
20
022
8f
100
804
299
411
211
-51
335
1,006 1,040 1,062 1,061
118
123
24
1, 169
1,102
1,119
217
93
145
149
179
129
142
141
156
183
163
634
6
51
1
58
.477
145
25
34
241
26
54
258
-18
8
34
157
56
170
156
16
38
2
173
-22
497
-30
103
271
-4
85
47
-27
265
2,r.
80
1, 165 1,235 1,200
102
127
68
47
24
X5< 1,040
4.730 5, 411 4,442 5,01)7
-2, 713 -2,552 -2,388 -2, 203 -097 -078
577
530
2,321 2, 902 3. 320 3,273
-493 -240 -317 -504 -149 -148
791
540
3, 851 5,580 5, 003 5, 513
1, 270
-705
589
-99
1,061
1,504 1,064 1,351 1. 161
-033 -1*8 -057 -593
741
752
733
625
-97 -77 -59 -66
1,459 1,032 1,376 1,254
1,240 1,084 1, 179 1,200
-614 -045 -559 -004
737
736
843
815
-38 -04 -98 -82
1,324 1,112 1, 305 1,329
979
-580
931
-73
1,257
967
-500
878
-156
1,123
1,262
-525
810
-173
1,374
49
250
2,175
-820 -103 -100
524
-108
789
792
001
977
-175 -181 -17( -174
529
300
077
593
-174 -187 -189 -177
519
-185
390
-213
372
855 1.443
552
-219 -203 -191 -202
-2, 7^1 —3, 390 -3,547 -3, 7*5 -593 -749
-010
-829 -831 -OK
-928 -1,021 -912 -842 -872
-921
-880 -1,107 -791 -947 -744
-2, 1117 -2, 177 -2,009 -3, 1X8 -371 -300
-1,43* -1,381 -059 -715 -71 -294
-531
-569
-899 -455 -352 -073
-504 -377 -357 -249
1,012
-072
1
-772
2, 899
-705
w
2,155
-738
;
-998 -1,111
1
-199
199
13
1
1 (')
-280 -280 -429
-1
+43
-097 -457 -683 -035
71 -134
-398 -441
W
(*)
-332
-4
1
-214 -430
-834 -1,103
17
-155
1
-400
-845 -470 -770 — 077
-505
43 -270 -1.32
1
W
-124
1,244 1,534 1.740
-619 -553 -507
77t: 1,000
809
-121 -54 -115
1,313 1,703 2,178
2
+42 -277
-2
4
+73 -108
-3G05 -3286 -761 -915 -1015 -1227 -491 -554
-3918 -3071
-97
-3918 -3071 -3005 -3281
53
-11
1
-1
-280 -103 -190
-45
-15
r;(.r
5
0X1
47(
32*
35!
251
31
- 74
+192
-22
-73 -155
-004 -893 -120" -1154 -330
17
-51
5
IK
2^
5
(')
-728 -1298 -892 -4% -918 -1299 -1180 -1319 -383 -404 -181
— 20 +212
-31 -274 -118 +359
+33 -307 -107 +402 + 12 -249
-528 -94(
034
-33
(
22
-1207 -018 -378 -1277 -1332
51
10
1
143
5X
-2
477
107
145
222
-813 -1212 -845 -416
('•8
25
20
34
241
105
20
239
54
140
58
19
—29
-45
— 50
-1
-5
-50
125
225
152
25
150
25
251
15<
55i
-388
-237(
-22K
-2644
-79£
-388
-237(
-220C
-204'
-09* -82>
-98
-85(
1
-118
-1247 -48«
+47 -700 -1231 -748 -440
-1174
+7C
-331
-912
-12IH
-474
-322
-334
-681 -1072
-093
-714
-1300 -132 -140
-705 -11H3 -594 -152
3
SURVEY OF CURRENT BUSINESS
June 1064
II
Table 1.—Analysis of U.S. Balance of Payments, Seasonally Adjusted, Excluding Military Grant Aid—Continued
[Millions of dollars]
Calendar year
1960
2. Balance A+B including net receipts from sales of nonmarketable, medium-term, convertible
Government securities (including seasonal adjustment of items
in A)
2a. Excluding seasonal adjustment
(equals line 5->a, table 3)
D. Increase in short-term official and
banking liabilities and in foreign
holdings of marketable U.S Government bonds and notes (decrease — )...
...
1. Foreign private holders Including
banks and international and regional organizations (excluding
1M F cold tranche position).. .
2. Foreign otlieial holders
E. Decrease in t'.S. monetary reserve
assets (.increase—)
1. 1M F cold tranche position. . ..
2. Convertible currencies. .
3. Gold.-.
1961
1962
I960'
1963
I
II
1962'
1961'
III
IV
I
II
1963'
III
IV
I
II
III
IV
I
II
-3881
-2370 -2203 -1942
-795
-850
-989
-1247
-486
+47 -700
-1231
-748
-440
-334
-681
-722
-1148
-3881
-2370 -2203 -1942
-698
-828
-1181
-1174
-331
+73 -912
-1200
-474
-322
-693
-714
-355
-1041
1,738
1,764
670
2X9
1.449
1.083
(81
213
457
594
CM
1,533
S57
s(H)
378
30
-113
4lil
2,143
441
1, 702
-135
-llfl
(12fi
17
1,564
970
-40
247 1,125
538
653
442
105
430
102
328
325
-46
488
-429
534
-84
565
44 -318
160
110
175
81
739
102
1,069
148
50
!»4
" 037 "
371 -320
-213
11 -483
25
-25 -161
124
146
371 -170
92i
225
900
432
1964
III
IV
+43 -115
-419
-127
1C
-42
+207
47
486 -188
325
323
917
192
132 -156
377
700
55 -fi53
24 -458
462
270
-53
378
397
-74
144
773
47
145
270
6
126 -426
389
14
351
24
32
-46
-33
111
124
2
6
116
227
59
-28
196
-5 -51
15
131
-58 -228
38
4C
768
427 -164
312
237
44
-54 -114
-324
510
304
116
881
331
104
446
• Kevised.
' Preliminary.
* l.ess than $500,000.
' Includes certificates sold abroad by Export-Import Bank.
NOTE.— A new issue of $'25 million to Japan has been omitted from the figures for I 19G3. A correction will be made in the September SURVEY.
(3) Foreign transactions in U.S. securities resulted in net liquidations by
foreigners by $42 million, in contrast to
net purchases of $250 million in 1963
and of $130 million in 1962. The first
quarter 1964 data were affected by
special transactions which do not reflect
a change in economic conditions which
ordinarily may be expected to influence
>reig'i decisions to invest in U.S.
securities.
It is apparent that the aggregate of
these transactions which had a temporarily unfavorable effect on the first
quarter balance is more difficuk to
ascertain than the aggregate of those
transactions which had a temporarily
favorable influence. Without counting
any part of the capital flows reported by
banks, however, the former may be
estimated to have been about $200
million. It seems likely, therefore, that
among the temporary developments
those favorable to the overall balance
were somewhat larger than those which
had adverse effects.
The rise in nonagricultural shipments
to Western Europe occurred mainly in
machinery and various industrial materials. It may be attributed primarily
to the expansion in European business
activity, although the increased demand for steel seems to have reflected
also production losses in the British
steel industry due to strikes.
The data for the first quarter do not
indicate, however, that exports to
Western Europe have risen more than
by the amount that may have been
anticipated on the basis of past relationships to foreign and U.S. business
activity. The improvement in exports
during 1963 over the amount that
could be anticipated on the basis of
such relationships seems to have been
maintained, however. This improvement may indicate a stronger competitive position of U.S. industry than was
the case in earlier years, in part because
of intensified efforts to develop foreign
markets.
Exports to Canada also increased.
To a large extent the gains occurred in
Longer run developments in trade
machinery'and seem to have reflected
In addition to temporary factors, the rise in industrial and construction
more persistent forces have been influinvestments in Canada which this time
encing recent balance of payments deappears to have been largely independvelopments.
Merchandise exports have continued ent of new direct investments by U.S.
to rise, even after adjustment for agri- enterprises. Shipments of automotive
cultural exports which may be attrib- parts for assembly in Canada moved up
uted to special and transitory condi- also. Sales of other consumer goods
')iis. The rise was most pronounced recovered from the drop attributable
exports to Western Europe and to the devaluation of the Canadian
vJanada.
dollar in the first half of 1962 and the
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
import restrictions imposed in the
middle of that year.
Exports to other areas expanded
relatively little. Increasing stringencies in the foreign exchange situation
of Japan seemed to have dampened the
rise in our exports to that country.
Reduced shipments under Government
assistance programs were one of the
factors keeping down exports to the less
developed countries, particularly in
Asia and Africa.
Merchandise imports, as indicated
earlier, were relatively low during the
first quarter, particularly during the
first 2 months of the year. A substantial rise occurred in March and
April, however. That rise strengthened the impression—gained from comparisons of our imports with various
economic indicators for the United
States as well as other industrially
advanced countries whose demand is
competing writh ours for the goods imported by us—that the shortfall earlier
in the year may, in part at least, have
been temporary. Imports were also
affected by other developments.
Imports of meat, for instance, which
were a major factor in the import
rise during the last years were down
as a result of increasing domesticsupplies and declining prices, and in
consequence of recently imposed import
restrictions. Imports of certain industrial materials were affected by
sales from the stockpile. On the other
hand, the recent rise in the price of
coffee was not yet fully reflected in
SURVEY OF CURRENT BUSINESS
12
the strong rise in incomes on direct
investments, referred to earlier, which
in part was due to extraordinary
dividend distributions. Even aside
Rise in investment income
from these, income receipts rose, howThe principal development in goods ever, thus resuming the upward trend
and services transactions other than which was interrupted in 1963. The
merchandise exports and imports was recent rise was mainly in incomes re-
first quarter import values, and a
further rise can be expected from that
source.
Table 2.—U.S. Balance of Payments by Major Components,1 Seasonally Adjusted
[Millions of dollars]
II
I
1963
1962
1961
1960
1964
1963'
Calendar year '
IV
III
I»
Goods and Services, Government Assistance and Long- Term Capital Accounts:
5,597
5,459
4,984
5,898
19,913
21,938
20,576
19, 459
A. i. Nonmflttary merchandise exports..
2. Less those financed by Govern693
633
815
579
2,720
2,363
2,220
1,914
ment grants and capital
3. Merchandise exports, other than
those financed by Government
5,205
4,964
4,644
19, 218
4,405
18, 213
17, 693
grants find capital
..
17,545
4. Nonmilitury merchandise imports. . -14,723 -14,497 -16,134 -16,931 -4,017 -4, 197 -4,353 -4, 364
5. Balance on trade excluding exports
financed by Government grants
and capital
6. Nonmilitarv service exports
7. Less those financed by Government crants and capital. .
8. Service exports other than those
financed by Government grants
and capital ...
9. Nonmilitarv service imports
2,822
3,136
2,079
2,287
7,250
8,123
8,852
9,101
300
434
532
601
6,950
-5,422
7,689
-5,401
8,320
-5,843
6,087
617
5,470
-4, 347
447
611
841
1,123
2,215
2,283
2,352
2,558
177
123
151
128
2,038
8,500
2,201
2,160
2,101
-6, 332 -1,529 -1,578 -1,595 -1,630
2,430
-1,613
388
2,251
150
10. Balanceonservicesother than those
rendered under Government
grants and capital
1,528
2,288
2,477
2,168
572
460
565
571
817
11.
4,350
5,484
4,556
4,455
960
907
1,176
1,412
1,940
-3,048
320
-2.9M
399
-3,044
1,139
-2,897
982
-747
204
-731
195
-711
193
-708
390
-720
303
B.
1.
2
3.
4.
;>.
G.
7.
8.
Balance
Other major transactions:
M i l i t a r v e\|K'iidit tires
M i l i t a r v cash receipts
Government prams and capital —
dollar payments to foreip.ii countries and international institutions
Repayments on t'.S. Government
loans excluding funding* by new
loans and repayments on military
credits
V.S. direct and long-term portfolio
investments abroad.- ..._...
Foreign direct and long-term i>ortfolio investments in the Tinted
States
Remittance-: and pensions
Changes in Government liabilities 3
-1,111
-1,139
-1,073
-887
596
1,212
1,182
771
-2,537
-2,624
-2,881
-3,r,oc
430
—072
1
447
-705
272
-738
247
318
-82»>
-42
-4,896
w
-194
-255
-251
124
129
-1,102 -1,049
-144
-187
404
114
189
-538
-817
-689
68
-203
-93
47
-191
-3
12
-202
-51
-6,087 -1,923 -1,735 -1,074 -1,355
-1,242
-1
-213
63
204
-219
-9
-6,021
-5,364
C.
Balance on Goods and Services,
Government
Assistance and
Long- Term Capital Accounts
-1,671
120
D.
Recorded t'.S. private short-term
capital outflow less foreign shortterm credits to the I'nited States
(excluding foreign liquid dollar
holdings) .
-1,438
-1,492
E.
Unrecorded transactions
F.
Sales of nonmarketable, mediumterm, convertible Government
152
175
25
G.
Balance C+D+E....
-3,881
-2, 370
-2, ::
-2,644 -1,072 -1,300
-132
-140
-42
II
Balance C+D+E+F
-3,881
-2,370
-2,203
-1,942
-1,148
43
-115
-42
335
402
656
C34
181
206
92
155
213
25
33
13
17
-2
10
5
4
-10
20
25
26
G
1
4
1
9.
Balance
-772
•-UE8
-340
-1,632
-752
-1,111
-828
-514
15
-286
do
-124
102
57
43
-270
-277
73
698
-632
-108
1
702
Memorandum item: Reconciliation of
" M i l i t a r y Cash Receipts" (line H2) with
Table 1.
1. Military sales (table 1, line II-4). ...
2. Less: Military sales financed by
credits (line 15, above)
3. Plus: I'rinci|Kil collections on militarv credits
4.
Change in liability for
advances on militurv e.\IK.rts (table 1, line IJ-2)
5, Equals: M i l i t a r y (-ash receipts
(table 2, line 15-2)
-963
«:o
-722
-1(5
5
470
3:<t
20
-5
105
239
140
320
399
1,139
982
204
195
193
390
363
' Revised.
<• Preliminary.
* Less than S.'jOO.OOO. NOTE.—See note to table 1.
1. Kxdudes military transfers under grants.
2. Short-term capital movements between parent companies and their foreign affiliates are rc|x>rted as part of direct
investment.
3. Kxdudes liabilities associated w i t h military transactions, with Government assistance operations, and with sales of
nonmarketable, medium-term, convertible Government securities.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June
ceived from investments by the petroleum industry in the Middle East
Africa and, to a lesser extent, Latin
America, and reflected the steadily increasing demand for petroleum products as well as the start of production
during 1963 in newly-developed oil
fields in North Africa. Incomes from
direct investments in Western Europe
were lower than in the first quarter of
1963 after adjustment for the earliermentioned extraordinary dividend distributions, possibly because of increasing pressures on profits. This
decline extended the trend which was
already noticeable last year, although
the total amount invested in the area
continued to rise.
Government grants and credits were
considerably below the quarterly average during recent years. The decline
which seems to have been a temporary dip rather than a change in
longer run trends, was partly reflected in exports of goods and services,
but it also affected the direct cash
out flow, and thus improved some-what the overall balance (table
1
Capital outfloics higher
<
The net outflow of U.S. capital
during the first quarter—according to
data that are still preliminary—was
more than $1.3 billion after seasonal
adjustment (table 1, line 19). Except for the second quarter of last
year this outflow was higher than
in any other quarter during the past
3 years. Net new capital outflows
reported by banks for both shortand long-term loans and investments
were about $700 million after seasonal
adjustment consisting of long-term
credits of $265 million and short-term
capital outflows of $436 million. This
was a record rate if the reported
credits for the fourth quarter of 1963
are adjusted downward by about
$150 million for medium-term trade
credits taken over from a commercial
enterprise.
The $700 million figure includes
about $100 million for outstanding
collections, presumably on trade bills,
and associated with the rise in exports.
The net outflow of funds for short
term investments in liquid foreigl
currency assets, including deposits ana"
open market paper held by banks
Jijne 1964
largely for their customers was only
$30 million. The increase in Canadian
currency assets, referred to earlier,
was to a large extent offset by a decline in United Kingdom currency
assets. By far the largest part of the
$700 million was in loans and acceptance
credits, some of
which
(directly or indirectly) may have
financed our export trade and may
have supplied capital to countries,
which—-in the absence of the interest
equalization tax proposal—would have
obtained it through issues of longterm securities.
The other item contributing to the
large capital outflow during the quarter
was in short-term corporate assets
referred to earlier.
Direct investments—except for the
sudden decline in those to Canada—
continued relatively high. The outflow
to Western Europe was $270 million
compared with over $400 million during
the corresponding period of 1963. The
1963 figure included, however, nearly
SI00 million for a single company to
increase its equity in a foreign enter>rise. Even after adjustment for this
special transaction, new capital outflows to Europe were somewhat down
from last year. This decline continued
a development which appears to have
set in during 1963, and may possibly
reflect the decline in incomes on direct
investments referred to earlier. A continuation of this trend would indicate
weakening of Western Europe in attracting U.S. capital investments. Relative changes in the economies of
Europe and the United States must
be expected to affect direct investments
more slowly than other capital flows,
since capital flows to already existing
foreign branches and subsidiaries are
not only determined by considerations
for potential earnings from the new
funds but also by considerations for
the requirements of the already established investment to remain competitive.
Capital flows through direct investments to areas other than P]urope and
Canada were generally up over the
first quarter of 1963, possibly indicating
a change which may continue for some
ime. A shift in direct investments
rom Europe to other countries may
be beneficial to the balance of payments
as a larger share of such investments
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
is likely to be in the form of goods
exported from the United States.
Transactions in foreign securities
continued to reflect the effect of the
proposed interest equalization tax, but
also perhaps an improved attractiveness
of domestic relative to foreign investments.
New issues of foreign securities increased from the previous quarter, but
hardly more than seasonal. The first
quarter issues included $50 million of
bonds sold by the Quebec Hydro-Electric Commission, which was an installment on a $300 million issue arranged
for a year earlier. Most of the other
new issues were also sold by Canada,
but the total was only one-fourth of the
amount sold by Canada in the first
quarter of last year.
Net transactions in outstanding foreign securities continued to result in
net U.S. sales of nearly $100 million.
The shift to net sales started in the
middle of last year and net sales have
increased since then, although the
amount of change in the first quarter
was less than in the previous quarter.
The balance on unrecorded transactions indicates a larger increase from
the previous quarter in missing debits
than in missing credits after adjustment
MERCHANDISE TRADE
Billion $
13
for the usual seasonal changes. The
longer run trend in the balance on unrecorded transactions, however, seems
to be moving toward zero from the
peak negative balances in the second
half of 1962 and the first half of 1961.
Changes in reserves and in liquid
liabilities
From the point of view of our official
reserve balances the first quarter developments were also favorable. The
total of official reserves increased by
$51 million, as gold sales of $46 million,
and a reduction in our gold tranche
position at the IMF by $131 million
was offset by increased holdings of convertible foreign currencies by $228
million. During the preceding quarter, the official reserves increased by
$5 million. These increases, although
small, contrast with almost continuous
declines in reserves since the beginning
of 1958.
Within the total of foreign .dollar
holdings, official holdings declined while
those of foreign banks increased. These
movements largely reflected windowdressing operations which generally result in shifts of dollar assets by private
banks to their central banks before the
end of the year and in a reverse movement during the following weeks.
SURVEY OF OITRRENT BUSINESS
June 1964
Table 3A.—U.S. Balance of Payments—
[Millions
Western Europe
All areas
Eastern Europe
Canada
Line
1
3
4
5
6
8
9
Exports of goods and services
Uoods and services transferred under military grants,
not.
Goods and services excluding transfers under military
grants.
Merchandise, adjusted, excluding military
Transportation
Travel
Miscellaneous services:
Government, excluding military
Income on investments:
10
11
12
13
14
15
16
17
18
19
Merchandise adjusted, excluding military
Travel
Miscellaneous services:
-O
•Jti
Excluding military transfers.
Government:
"JS
•J9
31
1961
1962
1963
I960'
1961
1962
1963
28,809
29, MS
31,623
33,305
9,879
10,079
10,892
11.475
1.765
1,465
1,539
1,632
913
611
626
828
27,044
28.438
30,084
31, 673
8,966
9,468
10,266
10,647
19.459
1,687
875
19.913
1,821
885
20,576
1,925
870
21,938
1,887
934
6.696
727
88
6,798
887
91
7,118
927
103
7,558
875
111
1,275
153
335
1,399
174
402
1,533
203
656
1,569
231
634
474
53
221
526
65
266
597
67
538
625
69
518
2, 355
556
349
2,767
697
380
3,050
800
471
3,072
910
498
388
123
196
478
158
199
520
183
213
504
209
178
9
23,193
14.723
1.988
1.744
22,852
14, 497
1,921
1,747
25,021
16, 134
2,115
1,892
26,160
16, 931
2,187
2,070
8,384
4,174
1,040
666
8,119
4,045
1, 103
600
8,854
4,535
1,171
615
9,211
4,714
1,265
688
93
81
2
7
438
313
3.048
445
406
2,954
445
396
3,044
430
438
2,897
228
80
1,629
243
80
1,510
247
86
1,609
246
114
1,496
2
1
007
332
004
278
656
339
807
400
381
186
381
157
400
191
467
221
Income on investments:
•JO
21
22
•J3
->4
1960
2,038
2,264
1,495
7,145
6,602
1.960
7,051
5,616
1,436
1,412
1,349
582
5,513
5,063
5,586
3,851
-4,101 -4,024 -4,196 -4,354 -1,382 -1,116 -1,106 -1,264
-436
-480
-505
-469
-2,336 -2,559 -2,657 -2, 722
-158
-144
-564
-493
-147
-138
-470
-458
1 765 -1,465 -1,539 -1,632
-1.664 -1,854 -1,919 -1,896
-262
-245
-235
-214
-913
-240
-91
-611
-254
-104
-626
-216
-120
-828
-148
-130
-647 -1,518
-465
-4, 990 -5,106 -4,528 -5,859 -1,387
-3,885 -1,180 -3,434 -4,202 -1,524 -1,146 -1,314 -1,686
-869
-867
-724
-962
-1.074 -1,599 -1.654 -1,862
-272
-195
-24
-57
-523 -1,076 -1,269
23
30
33
195
203
25
148
201
2
-16
—6
-233
-126
-96
-387
Transactions in outstanding foreign securities
-309
-84
-564
-497
-258
-16
— 115
-263
—200
Other long-term, net
-73
-185
-696
-421
-553
-47
Short-term, net -1,348 -1.556
168
667
137
-926 -1,094 -1,657
681
-1,105
-303
-287
-232
-276
-1,213 -1,939 -2,129 -2, 181
232
643
209
599
246
266
578
Repayments on U.S. Government loans, scheduled.
583
666
277
326
31
681
696
669
53
56
-15
42
72
-445
-245
-261
Foreign currency holdings and short-term claims,
-528
net (increase ( — )].
L'.S. capital, net [increase in U.S. assets (— )]
31
32
:«
34
3.T
36
37
38
39
40
41
42
43
44
45
46
47
43
49
50
Foreign capital lines I I 48), net [increase in U.S. liabilities
Oilier long-term investments
liabilities.
C..S. Government liabilities other than interest-bearing
securities.
U.S. Government non marketable, medium-term, nonconvertible securities.
U.S Government nonmarketable, medium-term, convertible securities.
Increase in short-term official and banking liabilities and
in foreign holdings of marketable L'.S. Government
bonds and notes [decrease (— )].
53
Increase •' — ) in monetary reserve assets, including gold,
convertible currencies, and IMF gold tranche position
Reduction in monetary reserve assets and increase in
liquid liabilities including U.S. Government nonmarketable, medium-term, convertible securities (lines 49-51)_
Excluding increase in U.S. Government nonmarketable,
medium-term, convertible securities (lines 50 and 51).
Errors and omissions and transfers of funds between
I
Memorandum items:
Increase in reported total foreign gold reserves anil
51
52a
II
III
Through estimated net receipts from, or payments
( j to the United States *
Through other transactions 2 _ .
366
707
1,030
710
229
445
784
495
141
289
-90
73
374
175
132
140
-106
17
301
-19
113
235
-98
78
245
120
62
102
-109
8
171
26
26
85
613
454
-21
2
251
-43
339
-49
702
1960
1961
229
164
162
213
5,097
5,204
229
164
162
213
5,097
5,195
174
18
3,768
96
469
3,710
107
449
10
11
1
145
6
35
172
2
38
9
9
362
216
9
464
253
93
81
3
4
94
79
3
7
100
82
3
7
3,984
2,899
109
380
4,174
3,073
120
425
26
4
379
33
3
340
156
31
152
28
9
303
8
140
6
(')
(')
(')
9
9
(•)
131
12
(«)
(•)
C)
(')
4
1
W
4
1
(•)
7
1
(*)
136
136
-30
-30
-24
71
71
-27
-27
-21
68
68
-36
-36
-27
113
113
-37
-37
-26
1,113
1,113
-36
-36
—4
1,030
1,021
-36
-27
1
-5
-1
-4
-2
-7
-8
-3
-32
-28
-51
-4
-42
3
-56
-25
-1
-2
-47
-2
10
2
1
-45
-2
13
-16
-9
-31
(*)
14
-55
-56
-45
w
(')
-117
1
-1
3
-2
-118
8
-121
-2
-2
w
(')
«
("«)
(«)
-828 -1,067
-835 -1,065
-302
-451
-221
-237
112
55
-94
-88
10
32
-213
-503
-2
7
7
-2
(•)
-8
-17
(•)
18
-16
-1
-3
27
-15
-9
-26
w
w
w
-9
11
-6
1
4
184
330
11
11
-6
1
4
184
330
952
-6
1
4
184
-286 -1,390 -2,684 -1,476 -1,506
2
13
9
-24
2,043
11
-6
1
4
109
391
23
2.020
13
-2
7
-13
10
-9
-20
24
-241
350
301
665
1,127
287
1,860
407
1,529
1,860
407
1,764
670
1,564
717
2, 143
606
1,533
378
1,718
636
3,881
2,370
2,203
2,644
2,435
3,881
2, 370
2, 203
1,942
2, 435
-772
-998
4,189
2, 971
2,540
3, 489
3,042
2,605
4',!0
3,847
342
2,332
639
2,145
395
2,575
!I14
1,045
1,997
-824 -1,069
1,559
3,429
-1,111
1963
577
-720
1.738
Revised.
» Preliminary.
na Not available.
* Less than $500,000.
1 Transactions with shipping companies operating under the flag of the Bahamas, Honduras,
' xia and Panama are included in "unallocated."
Libe;
2. Change in reported total gold reserves of foreign banks and governments (including
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
478
251
1962
1961
1960
1,224
-425
330
-240
yo
international organizations but excluding the countries of the Soviet bloc), net of convertible
currencies held by U.S. monetary authorities, plus liquid claims on the United States plus
net changes in their IMF position through U.S. dollar transactions.
3. For "All Areas" equals balance (with reverse sign) of line 23 (less net sales of gold by
SURVEY OF CURRENT BUSINESS
June 1964
15
Annual, Total and by Area, 1960-63
of dollars]
Canada— Con.
Other countries
Latin American Republics
Total
1962
1960
1963
1962
1961
5,370
5,555
5,256
5,377
72
128
81
5,315
Japan
Australia,
Other
New
Zealand, Caribbean,
and
South
1963
Africa,
1963
1963
1960
1961
1962
1963
1961
5,353
8,070
8,797
9,571
10,400
2,092
62
780
717
832
742
•
j
International institutions and
unallocated '
1963
1962
1,926
2,229
1,143
635
Line
1960
1962
1961
278
282
1963
313
309
1
2
5. 370
5, 555
5. 184
5. 249
5. 234
5,291
7.290
8,080
8,739
9,658
2,092
1,926
2,229
1,143
635
278
282
313
309
3
3. S92
120
392
4, 106
115
372
3,522
266
253
3,488
219
273
3.318
251
302
3,225
292
344
5,257
445
65
5,777
479
72
6,117
473
73
6,875
433
107
1,766
109
13
1,543
125
12
1,811
109
20
836
45
20
367
56
35
13
145
123
142
154
4
5
6
1S1
3
2t5
178
3
18
275
27
19
292
32
17
297
41
16
288
49
17
301
67
54
328
75
57
370
92
63
384
109
70
87
7
24
96
7
24
95
9
23
476
2SO
C)
449
314
641
102
79
730
121
77
762
135
112
799
151
126
960
76
65
1,078
119
95
1,260
154
137
1,304
191
185
15
59
12
26
78
15
4,616
3.445
114
479
4,867
3.645
102
522
4,568
3,619
175
447
4,201
3.299
144
442
4,393
3,457
145
477
4,524
3,514
149
532
5,610
3.916
259
244
5,734
3,958
260
276
6,432
4,535
304
314
6,817
4,901
261
321
1,612
1,054
91
46
53
4
308
60
5
278
163
61
59
155
65
57
125
73
76
104
83
79
21
109
980
14
118
1,046
20
129
1, 050
20
156
1,043
178
35
198
57
30
14
32
31
9
52
11
38
43
37
25
46
34
754
754
-22
-22
688
688
-29
-29
-5
688
616
-254
-182
-63
1,17(5
1,048
-363
-235
-68
922
841
-355
-274
-81
829
767
-434
-372
-101
2,460
1,680
-2,283
-1,503
3,063
2,346
-2,370
-1,653
-233
-23
-24
-106
-13
-128
-151
-16
-81
-176
-17
-62
-251
-20
-780
-1.199
-77
-710
-710
-314
-457
S3
79
-37
-154
•*)
-823
-824
-334
-737
108
81
Ifi
42
1
-700
-539
-95
-107
12
(')
-159
-190
-161
-331
177
-721
-220
32
-102
14
-29
-524
-150
-63
-35
18
-1
29
-98
-374
-552
215
34
-71
-1,749
-858
-154
-lOfi
33
-49
-60
-522
-891
-571
130
1
-1,156
-453
-173
-18
14
-18
-108
-150
-703
-798
138
36
-09
-450
-49
-X54
-782
-801
181
1
-163
")
-39
-103
-501
-621
164
15
-59
19
1
88
(*)
71
(*)
C)
72
78
83
24
13
11
17
46
32
48
(•)
25
106
31
98
27
3
w
1,937
1,358
108
50
2,070
1,497
82
52
827
654
38
12
813
530
22
152
554
34
403
531
41
291
632
83
378
4
7
388
6
7
383
6
12
365
1
8
105
7
3
92
57
136
100
75
40
3
19
10
15
32
24
6
3
7
2
58
2
61
1
70
15
71
20
21
3, 139
2, 307
-2,521
-1,689
-240
3,583
2,841
-2,445
-1,703
-271
480
480
-27
-27
-21
-11
-11
-28
-28
-21
159
159
-32
-32
-25
316
316
-9
-9
-6
-178
-178
-28
-28
-18
-276
-276
-116
-116
-2
-249
-249
-112
-112
-2
-319
-319
-156
-156
-2
-332
-332
-145
-145
-3
22
23
24
25
26
-717
-1.335
-85
-832
-1.36(5
-83
-742
-1.347
-85
-2
-4
-1
-6
-------
-8
-2
-114
-110
-154
-142
27
28
29
-2,307
-1,525
-392
-199
31
-2,047
-953
-431
-238
57
-39
-100
-202
-1,094
-1.098
188
-2,781
-1,435
-557
-225
35
-34
-96
-55S
-1,346
-1.248
200
15
-313
-851
-828
-29
-61
2
-11
-34
-695
-23
-64
37
-583
-527
-54
-101
4
-23
-108
-245
-56
-98
39
-835
-782
-68
-140
9
-29
-114
-440
-53
-93
61
-209
-130
-12
-97
19
-40
-60
13
-157
-82
-39
18
15
-361
-240
-74
-84
16
-98
-73
-62
3
-121
-121
2
W
W
4
3
-21
-7
-14
-2
-2
30
31
32
33
34
35
36
37
38
39
40
41
42
71
70
52
79
43
23
44
45
46
56
47
-184
(*)
115
46
1
75
109
33
75
134
-30
57
41
11
-38
43
59
19
42
12
-8
3
16
-9
-1
34
13
5
-20
20
-25
54
-22
7
41
20
-1
56
57
22
-17
-36
-8
41
-15
32
25
1
-15
-10
5
-28
—6
-1
-9
29
104
26
7
22
1
34
9
1
-5
(-)
-80
-112
-109
-17
15
-10
28
-19
32
(*)
17
15
(*)
153
4
1
5
28
4
39
-161
-155
-147
-1
1
-1
5
-12
-6
-6
W
10
11
12
641
75
407
13
14
15
16
(')
-79
-74
2
5
(•)
13
(«)
(')
73
(*)
5
(•)
16
45
(•)
W
34
(*)
6
58
u
-12
W
W
12
-75
-78
5
16
(*)
(*)
58
11
-54
36
5
-193
-64
C)
17
18
19
48
125
522
7
8
9
26
49
-48
103
124
594
351
100
109
-175
-32
150
-160
568
504
109
90
24
-297
524
259
38
12
523
175
273
175
-248
684
-139
99
50
51
329
61
52
212
-51
562
501
-51
658
528
-297
524
259
38
12
698
25
859
-40
52
329
-64
52
212
-51
562
501
-51
658
528
-297
524
259
38
12
698
25
859
-40
52a
-466
57
213
56
96
-466
996
1,531
801
654
87
487
-299
350
326
-75
595
53
281
170
-322
160
586
3,53
45
9f>,r)
678
-272
524
259
118
265
268
96
1,497
1,480
1, 459
1,586
357
611
746
490
-1,144
-1,435
-504
-908
-87
-487
-137
418
52
-587
-108
-115
45
-160
1,058
domestic sources to (+) or purchases from (—) the monetary gold stock of the United States)
plus lines 25, 30, 43, and 53. Domestic sales to (+) or purchases from (—) the monetary gold
stocks were in millions of dollars: 1960 I, -9; II, -10; III, -5; IV, -10; 1961 I, -5; II, -9;
HI, -8; IV, -16; 1962 I, -13; II, -15; III, -12; IV, -18; 1963 I, -15; II, -16; III, -15; IV.
-23: 19641, -19.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-629
38
-261
299
-168
12
996
-224
928
8
I
362
496
313
726
486
II
-350
500
202
-478
III
-537
4. Line I minus line II for all areas represents gold obtained by foreign central banks and
governments outside the United States.
NOTE—Sec note to table 1.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
16
June 1964
Table 3B.—U.S. Balance of Payments—Quarterly, 1960-63, and 1st Quarter 1964
[Millions of dollars]
m I'-
1»30'
Line
II
I
1
2
3
4
8
6
7
8
g
10
11
12
13
14
IS
16
17
18
19
20
21
23
24
20
28
29
30
31
3J
34
35
3f>
37
38
39
40
41
42
43
44
45
4f.
47
Goods and services transferred under
military grants, net
Goods and services excluding transfers
III
IV
11
I
II
6,877
7,681
7,231
7,594
7 014
8 064
7,441
622
282
418
324
543
247
351
390
6,289
6,897
6,595
7,263
6,907
7 051
6,767
7,713
7,051
5,008
5, 145
416
181
5,012
4,918
4,674
5,309
431
234
4,691
437
288
419
173
468
245
460
283
474
184
5,011
455
186
306
36
122
319
43
70
347
38
85
328
340
339
392
42
71
43
150
44
88
45
93
355
46
96
565
138
57
520
140
87
753
153
145
640
158
64
621
175
91
642
176
61
864
188
164
644
186
72
6,011
3,551
557
668
5,389
3,484
5,263
3,399
408
5,612
3,457
541
6,060
3,683
539
5,917
3,958
433
5,849
551
470
275
454
668
350
3,931
431
295
102
70
762
118
110
789
118
69
725
102
88
776
103
77
769
117
150
695
123
91
714
146
69
146
65
140
68
954
172
76
6,051
3,858
Income on investments:
Private _.
Government
151
152
86
101
990 1,468
846
547
Eicluding transfers under military grants .
Unilateral transfers, net [to foreign c o u n - -983 -1,200
tries (-)].
—540 -578
-111
-103
Private remittances. .
Ooverninent:
-022
Milit iry grants of goods and services.. -443
Other grants
— H81 -418
Pensions and other transfers
—49
—56
434
328
53
5
— 9'J
-230
-'238
1312
8,510 7,379
218
305
215
295
na
2
7,884 7, 161
7,988
7 235
8 139 7 477
8 822
8 675
3
5,461 4,915
484
491
258
260
5,189
495
166
4,953
5,691 5,192
504
476
264
288
6,102
487
197
6,090
4
5
6
376
50
228
377
53
127
425
54
205
375
55
164
370
58
244
371
57
78
453
61
148
464
215
c
377
60
196
701
200
126
646
201
91
1,059
213
182
785
210
88
702
226
108
651
227
109
934
247
193
927
253
93
10
11
12
6,336 6,496
4,073 3,956
6,340
6,567 6,973
4,212 4,299
6,703
6,415
626
574
727
4,174
512
375
5,917
3,909
473
314
111
82
758
105
74
749
115
142
745
114
98
792
101
94
747
161
80
158
84
151
86
50
51
52
52a
53
I
II
III
diiim-terin, nonconverlib'.e securities.
U.S. Government nonmarketable, mediumterm, convertible securities.
Increase in short-term official and banking liabilities and in foreign holdings of marketable U.S. Government bondsand notes [decrease ( — )].
Increase ( — ) in monetary reserve assets including gold, convertible currencies, and
IMF position.
Reduction in monetary reserve assets and increase in liquid liabilities including U.S.
Government nonmarketable, medium- term,
convertible securities (lines 49-51).
Excluding increase in U.S. Government nonmarketable medium-term, convertible securities (lines 50 and 51).
Errors and omissions and transfers of funds
between foreign areas [receipts by foreign
areas ( — )], net.
Memorandum items:
Increase in reported total foreign gold reserves and liquid dollar holdings. 2
Through estimated net receipts f r o m ,
or pavmcnts (— ) to, the United
States".'
Through other transactions *
NOTE.—See note to table 1. See footnotes, table 3A.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4,333
820
478
343
13
14
15
16
106
90
731
112
154
711
111
100
708
100
130
720
17
18
19
188
248
188
183
186
95
91
89
110
104
2,247
719 2,414
1,953 1,765
1,318 1,572
504 2,119
1,648
-991 -1,098 -1,382 -868 -1,006
200
111
20
21
22
23
24
— 662
-130
-721
-116
—647 -603
—686
-121
— 141
-282
-417
— 53
-418
-448
— 56
-324
-480
-543
-480
—60
-247
-413
— 56
-351
-475
—62
-390
-537
—68
-626 -218
-467 -430
— 59 —58
-25
-482
-145
-234
KiO
-102
— 593
-150
-95
—340
-388
183
29
-88
40
-73
51
-30
-00
-370
— 131
— 467
-537
78
-142
-305
—485
—60
-651
-137
—707 —653
-447
-445
— 69
-675 -215
-500 -455
—66 —63
-141
-135
-711
— 151
-295
—496
— 64
2,260
na
—635
25
26
na
27
28
29
— 130
—435
—70
-578 -1,147 -1,987 -1,420 -1,119 -496 -1,493 -1,468 -2,412 -297 -1,682 -1,562
30
-992 -680 -1,497 -1,023 -673 -521 -1,217 -1,006 -1,696 -227 -1,273 -1,284
31
— 334 —305 —442 — 235 —476 -342
— 001 — 551 —501 — 130 —674 —433
32
-312 -133 —461 -481 —518 — 183
-187
—87 — 132 . 33
—91 — 138 -170
—409
-383
-409
98
24
7
8
9
4,511
517
398
—583
— 114
— 78
— 181
—390
-353
108
675
590
-655
-109
-115
8 814 7,692
607
538
-659
-117
41
-69
420
185
598
495
-637
-133
46
-71
1
9,117
447
-581
-111
47
-105
I
IV
7 682
883
2,147 1,592 2,174
665
707 1,796 1,202 1,548
-830 -1,013 -1,111 -1,273 -821
—57
HI
II
8,293
414
-309
192
38
-157
-218
— 580
—490
-684
210
66
-91
-185
—408
-39<
-479
129
034
6
51
1
-103
-14
-67
-48
45
(•)
56
28
43
-59
-59 -35
171 — 56
-446
25
-507 -480
154
109
21
— 200
-276
-057
207
-19
61
-462
-558
121
36
-33
58
-151
477
145
25
-75
29
-50
50
-68
-127
—532
— 716
-620
131
34
-261
52
32
-113
121
—70
-441
103
44
99
34
35
-305
-232
—346
—409
—630
-278
-516
142
36
37
38
39
40
50
89
-562
228
241
26
54
41
-33
-101
42
42
146
181
57
-18
198
226
28
255
312
40
161
517
70
242
129
269
102
43
40
175
-4
59
121
-53
.53
1
-11
—8
-26
21
101
77
31
148
79
-5
20
-13
26
99
32
41
152
-23
77
— 11
-50
6
— 10
12
8
15
-45
-11
10
-29
55
149
67
12
56
17
-39
86
-74
24
— 12
13
44
45
46
-05
64
10
27
-1
-32
20
98
142
24
159
288
37
-19
139
297
132
47
251
63
— 10
—95
—1
— 55
48
350
152
175
25
325
323
917
192
132
-156
50
881
389
32
124
227
-5
-51
51
48
49
I
IV
1,982
1,968
1,644 1,439
-983 -1,198
55
-110
17
-141
III
163
141
77
68
866 2,292
584 1,874
-863 -1,055
U.S. capital, net [increase in U.S. assets (-)].. -888 -1,127 -1,092 -1,883 -1,394
-947 -1,543 -1,011
-658 -737
Private.net..
.
—312 —329 —728 —458
-305
Direct investments, net
-95 -107
New issues of foreign securities..
-53
—296 -111
U.S. private short-term commercial and
brokerage liabilities.
U.S. Government liabilities other than
interest-bearine securities.
I
7,519
772
Foreign capital linos 41 IS 1 , net [increase in
U.S. liabilities 1+)].
Direct investments in the United States..
IV
443
5,742
Imports of goods and services
Merchandise, adjusted, excluding military. 3,830
446
Transportation
278
Travel .
. . . .
Miscellaneous services:
100
Private
64
Government, excluding military .
Transactions in outstanding foreign
securities
Other lung-term, net
Short-term, net
Government, net Lone-term capital _
Repayments on U.S. Government
loans, scheduled.
Repayments and scllofls, nonscheduled.
Foreign currency holdings and shortterm claims, net [increase ( — )].
Line
ll!
6,732
Merchandise,
adjusted,
excluding
military
4, 615
403
Transportation
172
Travel
Miscellaneous services:
303
Private
36
G >vernment, excluding military...
58
Military transactions:..
.
Income on investments:
517
Direct investments
.
125
Other private
..
60
Government ..
1964 1
1963'
196 2'
49
538
653
442
105
-40
247
1,125
432
47
160
175
739
1,069
371
-320
-213
768
427
698
828
1,181
1,174
331
-73
912
1,200
474
322
693
714
705
1,193
594
152
-207
52
698
828
1. 181
1,174
331
-73
912
1,200
474
322
693
714
255
1,041
419
127
-207
52a
-149
-510
-120
-359
83
-602
153
-420
-700
26
42
53
486 -188
-164
37
-150
860
1.030
1,274
1,025
462
238
924
1,347
597
380
664
899
843
1,339
736
571
-80
I
089
SIX
1, 170
1,104
320
-82
904
1,184
461
307
681
696
690
1,177
579
129
-226
II
171
212
98
— 139
130
320
20
103
136
73
— 17
203
153
162
157
442
146
III
-144
112 -277
-147
June 19C4
There were also sales of dollars by certain foreign central banks to their private banks aimed at dampening expansionary tendencies in their economies
by reducing bank reserves and lending
facilities. These changes in foreign dollar holdings do not reflect transactions
with the United States, and do not affect the overall balance as measured
here.
The geographic distribution of foreign
gold and dollar holdings shows declines
by Canada and Europe, offset by increases in Latin America, the Far East
(other than Japan), and the Middle
East.
The balance by areas
The geographic breakdown of the
balance of payments on regular transactions shows that the improvement in
the balance from the first quarter of last
year can be found in the transactions
with each of the separate areas shown
in the table with the exception of
Japan. The unfavorable change in the
balance with that country can be attributed to the exceptionally large bank
credits in the first quarter of this year.
The improvement in the balance with
Western Europe was about $250 million. The favorable change in our
transactions with Canada was even
more, but the balance in the first quarter of last year was relatively adverse
because of the large volume of new
issues sold here, including a 8125 million
issue of the Canadian Government.
Even allowing for these exceptional
transactions the improvement in outbalance was quite substantial.
The balance with Latin America improved by about $200 million, and that
with other developing countries by
nearly $100 million. The fact that the
improvement was so widespread rather
than being concentrated in transactions
with any one area indicates that it is
rather well founded rather than due to
foreign developments with only local
significance.
The data also indicate that before
seasonal adjustment but without
receipts from special Government transactions we had in the first quarter a
$100 million surplus with Western
Europe and a surplus of similar size
with Canada, Australia, New Zealand,
and South Africa taken together,
731-280°- 04
3
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
balanced by deficits with Japan and the
less developed countries.
MAJOR STATISTICAL
REVISIONS
M.ercha?idise trade
The 1962 export figure was increased
by about $100 million. Nearly half
of the revision was in the recorded
trade figure. Slightly more than half
represents the value of partial shipments not included in the recorded
figures until the shipments are completed. The latter type of adjustment
accounts also for the upward revisions
of the 1963 export figure by $36 million.
The $30 million downward change in
1963 imports represents mainly revisions in the recorded trade data.
17
other services charged by American
companies to their foreign subsidiaries,
and about $20 million added to incomes
from royalties received from unrelated
sources. These revisions are based on
questionnaire returns not available at
the time the previous figures were published. The estimates for expenditures
by foreign governments in the United
States and various other types of transactions were also raised. The revisions
for 1963 were mainly for the fourth
quarter, for which only incomplete data
were available at the time of the previous publication. Net receipts from
the carriage of mail were transferred to
Government transactions.
Income on direct investments
Credits: The 1963 figure was reduced
by about $80 million. The change was
Transport** t ion
mainly in the fourth quarter and repThe revisions are che result partly of resents the usual revision of preliminary
the use of 1962 data not previously quarterly estimates.
available under established reporting
systems, and partly of the introduction U.S. direct investments abroad
of new types of information and corDebits: The 1962 figure was raised
responding changes in estimating meth- by about $10.0 million to include quesods. The principal changes are as tionnaire reports not available at the
follows in millions of dollars (rounded): time of the previous revision of that
figure in June 1963. The $60 million
1961 19G2 1<)G3
increase for 1963 represents a $50 million
upward revision of the figure for
Credits, total..
130
40
180
the first quarter, a $20 million downForeign port expenditures in the
100
United States
110
ward revision in the third quarter,
Passenger fares received from foreign
residents
50
30
30
and a $30 million upward revision in
Freight earnings of U.S. transportation companies
30
-10
10
the fourth. The revisions are based
Dibits, total
..
-30
60
30
on recent questionnaire returns.
1" S. port expenditures abroad 20
Tassen-ior fares paid by U.S. residents. -10
Freight on imports paid to foreign
— 40
transportation companies
20
10
30
30
Further revisions for 1963 will be included in the September SURVEY.
Travel
Credits: The estimates were reduced
by $15 million in 1961, $50 million in
1962, and $7 million in 1903. Most of
the 1962 revisions affected receipts from
Canada, the other revisions are due to
lower estimates of average expenditures
of in-transit travelers.
Miscellaneous services, private
Credits: The totals for 1962 and 1963
were revised upwards by about $60
million. For 1962 this includes $40
million added to the figures for income
from management fees, royalties and
Redemptions of foreign securities
Credits: The estimates were raised
by $25 million in 1961, $33 million in
1962, and $45 million in 1963, reflecting recalculations of the redemption
schedules of foreign dollar bonds issued
in U.S. markets. These amounts were
shifted from transactions in outstanding securities, thus resulting in an offsetting change in that figure.
Other long-term U.S. capital
The $20 million increase in debits in
1963 was due to the usual revisions of
the preliminary fourth quarter 1963
figures.
Short-term U.S. capital
The increase in net debits by about
$50 million in both 1962 and 1963 rep-
SURVEY OF CURRENT BUSINESS
18
June 1904
Table 3C.—U.S. Balance of Payment*—
[Millionj
Eastern Europe
Western Europe
1963'
1
2
3
4
5
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
as
27
2S
29
30
«l
32
33
34
35
36
37
38
3«
40
41
42
43
44
45
46
47
48
49
50
51
52
52a
I
11
III
I
1983'
1964'
rv
m
1984 >
II
III
IV
1,449
1.S48
1,540
1,482
1,384
23
1,575
16
1,331
1,659
II
III
IV
2,730
221
3,153
369
2,506
114
3,086
124
na
na
29
74
3»
2,509
2,784
2,392
2,962
2,932
29
74
1,754
1,955
1,727
2,122
2,118
23
67
199
22
230
31
230
33
216
25
217
26
3
3
150
17
136
147
17
207
141
18
57
187
17
118
152
17
148
165
48
18
121
60
26
101
53
32
117
58
102
176
68
21
1
1
6
1
2,024
Import* of goods and service*
1.061
Merchandise, adjusted, excluding military
250
Transportation.. .
..
72
Travel
Miscellaneous services:
59
Private
28
Government excluding military
391
Income on investments:
114
49
2.351
1,171
361
208
2,418
1,166
347
288
2,418
1.316
307
120
2.202
1,226
252
80
21
18
1
(*)
25
22
1
1
29
23
25
19
1
2
62
24
371
62
33
362
63
29
372
60
31
377
102
52
102
58
149
62
116
61
706
486
-328
-107
-31
802
433
-474
-105
-32
88
-26
-227
-113
-46
668
544
-235
-111
-49
na
730
na
-94
-38
8
8
-10
-10
-7
49
49
-8
-8
-6
10
10
-9
-9
-6
46
46
-10
-10
-7
144
144
-9
-9
-7
-221
-43
-369
-40
-114
-36
-124
-29
na
-20
-2
-2
-2
-2
-2
-461
-424
—403
—65
2
-17
-709
-633
— 142
-154
3
-35
116
-135
—88
-19
10
-2
-464
-494
—236
-34
8
56
-422
-374
—270
4
-52
-13
5
2
-13
-14
-13
-9
-467
-467
-118
-368
27
30
-451
-449
-53
-264
30
1
20
16
-64
-79
28
15
75
76
-109
-26
23
35
-134
-171
-76
-67
35
-83
47
251
-54
66
-252
-36
30
-79
89
-152
-21
-48
-87
16
(»)
(•)
2
-10
-4
1
(*)
-7
o
-4
(')
19
-67
(*)
32
-195
-2
-25
131
4
-10
163
j
W
-8
-5
-39
(')
16
-60
233
6
4
16
23
(*)
-40
-2
4
-1
105
145
103
142
15
M
(*)
-18
2
31
69
80
21
16
39
28
-59
50
-54
-9
-36
-8
(•)
C)
Exports of goods and service* _
_.
Goods and services transferred under military
grants, net.
(foods and services excluding transfers under
military grants.
Merchandise, adjusted, excluding military.
Transportation
.
Travel
Miscellaneous services:
Private
Government, excluding military
.
Income on investments:
Direct investments
Government
Excluding transfers under military grants
Unilateral transfers, net [to foreign countries ; — i ]
Excluding military transfers
Government:
U.S. capital, net [increase in U.S. assets (-)]
Private, net
Now Issues of foreign securities
Transactions in outstanding foreign securities.
Other long-term, net
-28
87
Short-term, net
-37
Government, net
Long-term capital.
-103
19
Repayments on U.S. Government loans,
scheduled.
24
Repayments and selloffs, nonsclieduled..
23
Foreign currency holdings and short-term
claims, net [increase ( — )].
Foreign capital (lines 44-48). net [increase in U.S.
liabilities ( + )].
Direct investments in the United States
I'.S. private short-term commercial and
brokerage liabilities.
U.S. Government liabilities other than interest-bearing securities.
U.S. Government nonmarkefable, mediumterm, noneonvertible securities.
U.S. Government nonmarketable, medium-term,
con vert ible securities.
Increase in short-term official and banking
liabilities and in foreign holdings of marketable U.S. Government bonds and notes [decrease ( — )).
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
II
(*)
2
(»)
(')
2
C)
(')
39
71
1,449
1,348
1,640
1,482
67
169
163
1,218
27
921
1,094
981
1,110
1,121
790
978
3
9
3
24
72
29
107
32
126
30
67
25
90
72
79
82
106
2
41
C)
3
41
1
7
44
1
4
52
1
4
41
1
12
71
12
10
73
13
4
89
68
90
80
81
79
189
87
109
83
233
39
25
227
39
37
25
22
1
1.009
789
22
40
1,236
946
27
110
1,385
929
28
286
1,237
981
25
86
1,134
910
23
51
1,318
1,010
44
173
1,310
992
46
165
(•) 2
15
1
83
15
2
73
16
1
64
14
1
58
16
2
71
23
20
34
26
23
40
(')
45
14
49
14
46
15
58
14
45
16
12
2
16
3
209
209
-8
-8
-2
213
213
-6
-6
C)
-37
-37
-7
-7
-1
303
303
-8
-8
-2
348
348
-7
-7
-1
36
13
-115
-92
-33
265
249
-130
-114
-42
-23
-52
-16
—66
-312
-312
-21
-91
20
20
-66
69
13
-13
2
2
-315
-146
-100
(')
8
-5
4
-244
-13
78
-135
-124
35
-4
-45
-169
-197
44
1
-47
7
-23
W
3
( }
*4
(*)
W
C)
C)
2
(')
3
1
C)
(')
3
8
-5
M
(*)
(•)
(*)
C)
W
(•)
(*)
2
1
«
C)
W
W
-8
(')
W
W
(')
M
(*)
-19
28
-2
39
51
-22
49
(*)
1
-3
-17
21
11
-4
-4
(")
3
24
4
10
19
9
-2
-2
3
-29
-4
28
13
(•)
-1
-1
1
25
6
12
-9
115
206
123
63
-16
-95
-1
-55
225
152
175
25
48
501
84
32
-16
129
—68
-195
808
388
-11
-211
-4
6
-4
6
-3
53
fiSfi
213
-3B
-211
-4
6
-4
6
-3
-100
-18
2
5
-2
-29
-119
155
-572
•
-468
886
422
236
050
-80
502
:»47
-111
458
II
1,218
3
66
4
I
161
3
C)
I
71
C)
(')
I
27
Increase ( — ) in monetary reserve assets, including
gold, convertible currencies, and IMF position
71
Reduction in monetary reserve assets and increase
in liquid liabilities including U.S. Government
nonmarketable, medium-term, convertible se344
curities ''lines 49 51 •
Excluding increase in U.S. Government nonmarketable, medium-term, convertible securi119
ties (lines 50 and 51)
...
Errors and omissions and transfers of funds between foreign areas (receipts by foreign areas
-366
(-)], net
Memorandum Items:
Increase in reported total foreign gold reserves
H88
and liquid dollar holdings *
Through estimated net receipts from, or
1
-22
payments ( — ) to, the United
States
...
410
Through other transactions 3
NOTE.—See note to table 1. See footnotes, table 3A.
I
1983'
I
I
•»
23
J4
25
1963'
1964*
Latin
America
and Other
Caribbean
Canada
1
(*)
125
-4
6
-4
6
-3
-72
151
-10
-133
-305
216
167
(')
(')
-17
17
-2
-17
-34
151
-27
-116
-307
199
133
-72
151
-27
-116
-307
199
133
232
65
53
-293
227
-32
-2
-143
-4
6
-4
6
-3
77
174
-7
-74
-253
188
127
-229
86
-2
-2
11
-5
-6
2
-23
29
-122
119
285
-208
216
-42
26
-33
-409
335
-80
-173
167
21
131
-4
19
June 1964
Area by Quart**, 1961 and 1st Quarter 1964
of dollars]
Latin America
arid Other
Caribbean— Con.
Other countries
Australia, New Zealand, and
South Africa
Japan
International institutions and
unallocated
Line
1963 '—Con.
I
1
:
1963'
1964 »
IV
HI
II
I
I
IV
1964 »
1963'
1964*
I
II
(70
9T1
291
1963'
1964 »
I
II
m
IV
318
1,465
203
1,898
980
1.487
M
1,766
157
na
na
M
76
M
73
69
1
2
80
76
80
73
69
3
IV
I
257,
324
III
I
1064 f
1981'
I
I
III
II
IV
I
US
Ml
&M
637
1,518
535
501
556
687
670
971
291
257
324
318
1,262
1,405
1,375
1,609
1,517
939
436
404
449
599
548
194
206
199
237
238
835
987
945
1,094
963
97
90
89
86
26
3
27
6
29
6
27
5
32
4
8
3
14
6
11
7
12
4
13
4
51
6
52
8
63
13
68
6
66
6
37
39
40
38
29
5
6
86
13
2
71
14
2
23
2
4
22
3
5
22
2
4
28
2
10
23
2
8
21
C)
3
21
20
26
21
46
36
7
21
18
51
27
5
20
8
43
34
6
21
4
42
24
7
21
11
46
24
4
21
12
1
4
3
3
1
1
7
8
9
214
37
24
278
40
40
251
44
22
7
24
10
4
26
4
7
26
11
7
30
6
8
35
10
36
5
1
24
8
1
9
6
1
29
8
18
5
1
250
13
33
233
13
39
235
14
35
310
14
44
360
16
37
13
10
12
10
12
1
10
11
12
1,345
994
45
186
1,364
1,048
36
160
1,400
1,071
43
180
478
338
20
9
504
353
20
13
555
413
22
14
533
393
20
16
486
365
19
10
202
157
10
4
179
139
11
2
244
199
8
3
202
159
9
3
196
150
10
721
518
27
16
814
572
33
39
796
559
33
39
776
671
26
11
797
568
33
17
144
18
99
148
17
108
201
16
107
148
24
93
175
22
97
13
14
15
16
31
22
49
31
21
48
21
21
44
2
3
94
2
3
99
1
3
88
1
3
84
1
4
72
1
28
1
3
29
1
3
24
W
3
26
2
32
117
1
34
124
2
34
119
1
33
121
2
34
130
W
W
2
W
W
(*)
24
8
33
17
18
19
15
3
17
3
17
3
7
5
8
6
8
6
9
7
9
6
1
1
2
1
1
2
1
1
1
6
3
8
3
7
3
9
4
9
4
3
17
4
17
4
18
4
19
3
20
20
21
94
85
-102
-93
-20
256
242
-115
-101
-24
na
118
na
-84
-21
57
57
-8
-8
-6
-3
-3
-8
-8
—6
1
1
-9
-9
104
104
-7
-7
-fi
184
184
-6
-6
-5
69
69
-3
-3
-2
112
112
-2
-2
-1
13
13
-1
-1
-1
122
122
-3
-3
-2
122
122
-3
-3
-2
744
541
-613
-410
-56
881
591
-721
-431
-54
671
679
-494
-402
-54
990
833
-548
-391
na
720
na
-411
-56
-64
-64
-13
-13
-72
-72
-33
-33
-121
-121
-19
-19
-75
-75
-80
-80
-106
-106
-21
-21
22
23
24
25
26
—9
-68
-14
-73
na
-56
C) 2
9
2
j
1
1
-203
-335
19
-290
-359
18
-92
-330
18
-315
— 18
na
-336
— 19
-13
-33
-19
-77
-21 '
27
2S
29
-72
-69
-13
— 17
5
-10
-312
-253
-36
—66
1
-15
-91
-95
-14
—52
3
-8
-360
-365
-5
—5
26
18
12
-33
-37
-60
-22
-25
-31
-627
-259
-99
-22
3
-10
-420
-132
-42
-34
1
1
7
7
1
-69
-4
-9
2
1
-267
12
-26
-10
2
19
-39
-29
-34
fi
3
-476
-96
-88
-17
4
-2
-56
-56
3
5
2
-335
-43
-20
-18
1
-1
4
-62
2
2
3
3
2
3
-12
-21
-23
-4
3
3
30
31
32
33
34
35
-3
-134
-59
-65
17
3
-4
8
25
-11
4
-5
8
3
4
23
-279
-290
36
-34
-97
-368
-266
26
-1
-67
-288
-346
48
1
-10
—7
9
""»
-9
16
-380
-284
26
-1
"Y "Y
24
-29
-292
-309
34
36
37
38
39
40
-17
-122
-25
-128
2
8
4
-3
-3
7
41
42
-5
9
63
-5
8
4
-16
7
84
5
43
1
-2
-1
2
4
-1
23
32
3
-13
1
8
4
6
7
6
6
44
45
46
31
-4
4
3
-1
-1
78
-1
47
1,439
9
1,620
14
na
1.430
1.606
864
960
97
104
-74
-102
-113
-52
33
-23
1
3
-191
-176
23
-89
-61
-15
-65
34
28
-54
-15
-149
102
-80
44
-22
-12
-3
-16
26
4
-11
22
10
52
12
-13
-11
24
C)
-32
-S8
8
-2
— 13
2
4
W
(*)
(T}
j
-287
-S09
-31
-15
-16
-13
4
13
4
2
-1
-48
— 17
2
-14
-37
13
4
-9
12
-32
-307
5
-3
6
-58
-239
22
-3
25
1
-5
1
-1
1
19
1
8
1
2
-58
11
4
(*)
4
M
-6
2
56
(*)
-65
-65
.....
(*)
.....
i
-13
24
-12
10
4
18
-10
4
10
15
22
-14
-5
6
C)
-6
-4
12
-31
1
-3
-14
1
-2
-7
-2
4
3
4
10
-1
(')
-1
-5
W
5
(•1
6
W
6
8
-3
W
30
-11
(*;
-10
W
-22
M
48
5
49
59
54
77
69
-8
8
11
-12
117
40
-59
97
237
-44
-13
-5
-77
-70
50
9
-15
25
5
-7
-31
18
74
38
150
51
-17
128
25
-34
102
230
-75
5
69
-39
80
52
-17
126
IB
-34
102
230
-75
5
69
-39
80
52a
-75
69
228
129
94
-127
204
155
57
179
54
53
36
-17
191
74
14
90
229
-59
7
114
-54
77
I
-116
152
-92
75
195
-4
253
-179
95
-81
196
-106
103
126
114
-173
144
-137
111
3
117
-171
115
-38
II
III
36
1(12
•J6
16
3
3
137
105
29
59
54
77
69
-9
3
11
-12
38
137
105
29
59
54
77
6f
-8
3
11
-12
36
-40
-42
-13
-36
301
28
196
113
-47
-66
-32
132
151
38
59
54
77
69
-8
3
11
-12
97
35
63
88
16
22
23
30
355
-301
103
-26
266
-196
106
-113
-44
47
-57
68
-44
32
-17
i
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-152
SURVEY OF CURRENT BUSINESS
20
June 1964
Table 4.—Changes in Short-Term Official and Banking Liabilities and in Foreign Holdings of Marketable
U.S. Government Bonds and Notes
[Millions of dollars]
Calendar year '
Amount
outstanding
end of
December 1963
Total (decrease — ) (line 50, pp. 14 and 16) >
1963'
1962'
I
II
I
II
1964 »
IV
III
I
1960
1961
25,594
1,738
1,764
670
1,564
47
486
-188
325
323
917
192
132
-156
13,650
12, 467
1,183
1,149
1,059
90
681
727
-46
457
1,058
-601
970
504
466
-663
-472
-181
462
737
-278
270
412
-142
378
381
-3
-74
-178
104
773
692
181
145
15
130
126
76
61
-426
-479
53
6,689
2,764
3,491
104
637
-162
696
407
81
-129
211
131
438
-238
394
442
213
46
-243
-2
269
-214
-106
-138
-114
106
-45
386
-68
76
75
-46
115
-31
-18
93
-112
110
8
322
-86
34
1962
1963
III
IV
By foreign holders:
Foreign cent ral bunks and governments, total . ...
As reported by U.S. banks
Other
Foreign commercial hunks * .
International and regional institutions '
Other foreigners and undetermined
..
..........
By type of liabilities:
Deposits in LT S banks
11, 707
1,206
1,267
-63
1,131
145
73
-638
357
429
451
56
196
309
U.S. Government obligations:
Bills and certificates payable in dollars
Bond' and notes (marketable)
N onmarketable certificates payable in foreign currencies. .
Other
8,690
2,742
30
144
127
1,819
-728
2
-462
-641
C71
-18
242
-282
29
-115
059
-214
151
-39
-102
-117
212
240
-23
-153
215
-25
-278
88
30
-582
-3
-115
767
-193
75
-115
-422
128
190
-129
513
46
-60
Bankers acceptances, commercial paper, time deposit certificates, and other liabilities
Other banking liabilities payable in foreign currencies
2,321
35
3li
146
-9
111
-9
412
9
23
5
90
-7
-86
2
84
-0
189
31
6
92
7
100
-4
142
-22
104
' Revised.
» Preliminary.
* Loss than $500,000.
1. Excludes dollar holdings' of the I M F except for those acquired by the I.\! F through gold
sales to the U.S. with the option to reverse the transaction. These transactions amounted to
$200 million in 1956. *300 million in 1959 and $300 million in I960; and the corresponding liabilities of $800 million »t the end of 1963 are included in the total liabilities and in those shown to
International and regional institutions. Other dollar assets of the IMF tit the end of 1963
were $3,090 million.
2. Includes banking liabilities to foreign official institutions held through foreign commercial banks.
Table 5.—L. S. Short-Term Private Capital, 1960-63, and 1st Quarter 1964, by Country and Type
[Millions of dollars]
A mount
otitstandng end ol
December
1963
Total short-term capital outflow (Table 3 line 37, pp. 14 and 16) . . 8072
seasoi'ally adjusted (table 1 line //?)
Total reported bv (".S. banks >
seasonally 'idjusttd
_ _ _ __
United Kingdom
EEC and Switzerland
Canada
.
._ _ _ _
.
By type:
Commercial and financial claims payable in dollars. _
Foreign currency deposits aud claims
Japin
Othe
r
--
--
By type:
Commercial and financial claims payable In dollars..
Major financial centers,
EEC' and Switzerland
Canada
.. .
total
.
-
-.
.
Claims payable in dollars
..
Foreign currency deposits and claims
.
.
Claims payable in dollars
....
Foreign currency dcixjsits and claims .
Claims of brokerage concerns
' Revised.
" Preliminary.
na Not available.
1. Excludes Exchange Stabilization Fund holdings.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
..
...
Changes 2 [decreases (— )]
Calendar year '
1960
1961
1962
r963'
1962'
1963
I
II
I
IV
III
1348
1556
553
696
40S
418
-171
-tu
UB
5827
995
1125
324
721
254
W5
-159
-59
-106
1249
225
417
607
305
124
32
149
U4
-64
116
132
31
41
20
-30
58
4
-27
81
35
-21
-30
86
-204
-8
-28
-168
802
417
80
225
115
69
83
-52
33
25
134
-99
4578
2149
1588
K4I
690
482
180
28
941
670
135
136
293
212
70
11
663
408
98
157
4,489
89
648
42
926
15
289
4
2,245
353
431
2,137
357
394
1,230
225
337
668
305
219
21
66
950
280
907
II
1964 P
III
IV
I
-61
110
-40
532
,571
-121
-25
346
190
630
335
114
-77
-6t
402
(M
-96
19
492
m
421
4Sf!
12
-3
-8
1
199
58
81
60
-46
-24
-43
21
207
-9
109
107
-177
7
-84
-100
74
30
-9
53
69
-35
23
SI
-198
-6
15
-14
132
67
-28
-18
97
110
-82
-95
46
28
25
44
219
251
-1
-31
45
-20
29
36
-107
-47
-50
-10
136
28
92
16
-31
11
-72
30
195
120
39
36
81
-4
89
-4
418
281
42
95
352
228
58
66
648
15
230
-11
38
7
-112
5
133
3
-37
6
195
229
-25
-at
162
-48
154
IBS
154
-12
266
26
14t
162
-75
-4
-76
361
-77
75
363
171
17
59
95
-136
-16
5
-125
127
-5
51
81
2
-27
31
8
143
67
-23
99
168
137
385
-24
103
68
-110
-26
111
16
11
-9
783
124
52
51
1
33
3
30
95
82
13
88
93
-5
27
24
3
24
3
21
108
-4
37
-37
23
Less than $500,000.
—38
56
4
260
f!45
78
3
412
6
350
16
16
16
(')
130
80
118
-25
-45
-25
-146
-76
-157
209
i09
209
-101
-18
10
-93
-9
-46
C)
37
97
5
4
88
-13
18
(•)
-31
-211
7
1
-219
182
4
15
163
62
81
-81
-20
21
-30
116
-19
-44
31
-203
-8
na
na
19
25
-6
25
30
-5
25
24
1
21
3
18
-12
-13
1
54
79
-25
na
na
1
12
27
11
2. Changes adjusted for variations in coverage and therefore do not necessarily correspond
to changes computed from reported amounts outstanding.
SURVEY OF CURRENT BUSINESS
Juno 1M4
on the basis of the quarterly figures for
1963 and incorporate the adjustments
of the figures on merchandise trade as
published by the Bureau of the Census.
The new adjustments result in a larger
downward shift of the overall balance
in the first half of the year, particularly
in the first quarter, and correspondingly
a larger upward shift in the second half
of the year, about evenly distributed
between the third and fourth quarters.
resents mainly an improvement in the
coverage of business firms engaged in
such transactions.
Foreign direct investments in U.S.
The reduction in net credits in 1963
by about $70 million represents the
usual revision of the preliminary fourth
quarter 100;> figures, and reflects recent
questionnaire returns.
Seasonal adjustments
Seasonal adjustments were changed
Table 6.—Analysis of Government Grants (Excluding Military) and Capital Transactions
[Millions of dollars]
1903
19GO
Item
Line
19G1
1902
I
II
1904
III
Total
IV
l»
Not adjusted for seasonal variations
1
4
Government grants and capital outflows:
rmliT farm products disposal programs
I'nder Foreign Assistance Act and related
V u d t r Kxpoi t-lmport Hank Act
•Mit'scriptions to 1 1) \ and I I > B
--
1,277
1,349
1, ,103
1,663
382
575
323
383
373
1, 685
405
lf>4
21
1,71)7
822
172
27
1,950
021
122
111
2,1.50
509
02
97
510
105
588
178
495
83
443
88
27
24
21
557
143
62
25
M
59
50
74
02
115
94
148
31
33
29
41
19
33
15
41
23
37
31
tii >n of—
X
IlltWrSt
I.t»: Kniviirn currencies used for U.S. Government uses other t h a n irrants or loans.
Miscellaneous short-term capital transactions
HU't )
10
Total. Government grants and capita! outflows (not seasonally adjusted) (table 3,
lines 28 + 39 + 42)
212
248
230
231
05
57
59
50
62
-18
11
39
30
30
3
14
-17
-24
",405
4,054
4,293
4,522
1,053
929
1,159
909
1,381
Adjusted for seasonal variations
11
1-'
;:i
14
r
"j
•
;
Total. Government grants and capital outflows ^seasonally adjusted; (table 1, line
3,405
1-6 1
Less: Estimated transactions involving no
direct dollar outflows from the United
States
2,294
Expenditures on merchandise in the t'nited
1,014
Stati^
Expenditures on services in the Tinted States300
M i l i t a r y sales financed by credits (including
short-tenn.net)
25
14
Refunding: of Government loans
Government loans to repav private credits
Increase in Government liabilities associated
w i t h Government (.'rants and capital (in41
cludiriL' rhani.'i - in restrict ed accounts)
Equals: Estimated dollar payments to foreign
countries and international institutions
through Government grants and capital opera1,111
Preliminary.
4,054
4,293
4,522
2,915
3,220
3,635
2,220
434
2, 303
532
2,720
001
33
37
111
13
72
93
80
1,333
1,009
1,139
790
1,078
815
952
753
579
150
815
177
633
123
693
151
617
128
17
192
11
-2
41
2
10
57
9
5
19
4
75
-10
27
147
94
20
10
35
29
-9
i, 139 1,<F3
887
251
255
194
187
144
<i'irce: r.S. Department of f'omnn-ice. Office of liiisiness Economics.
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,041
897
http://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
@FedFRASER