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19Th Annual Report of the Bank for International Settlements

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19Th Annual Report of the Bank for International Settlements BANK FOR INTERNATIONAL SETTLEMENTS NINETEENTH ANNUAL REPORT 1st APRIL 1948 — 31st MARCH 1949 BASLE 13th June 1949 BANK FOR INTERNATIONAL SETTLEMENTS, BASLE NINETEENTH ANNUAL REPORT ERRATA: Page 17: in the table, a footnote reference (2) should be added to the heading "Direct aid"; in the column "Countries", instead of: Germany (2), read: Germany (3). Page 60: in the table, instead of: Raw materials and imported products, read: Raw materials and semi-finished goods. Page 66: table - "United Kingdom: Gross national product", under "Resources", instead of: Provision for depreciation and maintenance of buildings, read: Provision for depreciation and maintenance paragraph 2, line 2, instead of: . personal consumption rose only by about £320 million and government consumption is found to have declined by £165 million ... read: . personal consumption rose only by about £540 million and government consumption is found to have declined by £155 million ... paragraph 2, line 5, instead of: Economic Survey for 1948 . read: Economic Survey for 1949 • . Page 107: table - "Wage increases", add to "France", as footnote (1), i1) Figures for 1947. table - "Amount of wheat covered by the Wheat Agreement", United States, in millions of bushels, instead of: 68, read: 168. Page 108: line 4, instead of: ... delivered as follows by the exporting countries, read: . delivered by the exporting countries as shown in the table on the preceding page. Page no: in the table - "Terms of trade", the heading should be corrected as follows : Average Values of Terms of Year Imports U.K.Exports Page 124: paragraph 5, line 1, instead of: DM 3.33 = $ 1, read: RM 3.33 = $ 1. Page 127: paragraph 1, line 5, and! instead of: Economic Survey for 1948, Page 149: line 4, jread: Economic Survey for 1949. Page 135: paragraph 3, line 1, instead of: While with E.R.P. countries . read: As regards E.R.P. countries, ... Page 156: last paragraph, line 5, instead of: ... in unrefined gold which was not covered . read: ... in unrefined gold which was covered by the regulation ... Page 162: table - "Discount rates of central banks", footnote (4), instead of: In effect since 18th March 1949, read: In effect since 22nd March 1949. Page 166: table - "United States: Annual rate of turnover of total deposits", delete the sub-heading "in percentages". Page 169: table - "France: Notes in circulation", for 1948, instead of: 933, read: 988. table - "Bank of France: Balance sheet", footnote, instead of: Including over Fr. fcs 400 million ... read: ... Fr. fcs 400 milliard . Page 177: paragraph i, line 9, instead of: 15 to 10 per cent . read: 15 to 12 per cent ... Page 183: table - "Danish National Bank": item "Gold", instead of: 82,729, read: 82.7; 70,568, 70.6; 70,438, 70.4; Page 184: paragraph 2, line 2, instead of: ... Sw.fcs 407 million ... read: . Sw.fcs 507 million . Page 214: paragraph 3, line 3, instead of:... 43.6 million ... read: 210.3 million ... Page 252: heading, instead of: ... International Payments . .. read: ... Intra-European Payments ... TABLE OF CONTENTS Page Introductory Remarks 5 I. International Capital Movements and Grants in Aid 6 U.S. foreign investments and foreign aid (pp. 7 and 29), U.S. long-term capital movements (p. 9), Canada's investments' (p. 10), United Kingdom (p. 12), France (p. 13), Switzerland (p. 14), U. S. Interim aid and European Recovery Program (pp. 15 and 21), E.R.P. aid (p. 16), O.E.E.C. (p. 19), Export-Import Bank (p. 23), International Monetary Fund (p. 24), International Bank for Reconstruction and Development (p. 25), President Truman's "Point Four" (p. 2j), U. S. international investment position (p. 29) II. The End of the Post-war Inflation 33 Business trend after the first world war (p. 33), volume of bank deposits and circulation in the United States, the United Kingdom and Switzerland (pp. 34 and 37), business "trend after the second world war (p. 35), main reasons for the difference in the price movements after the two wars (p. 36), wages and salaries (p. 4°), the situation in Austria (p. 41), wages in Germany (p. 42), German currency reform (pp. 43 and 47), the situation in Italy (p. 49), the situation in France (p. 5°), change in the atmosphere of economic thinking (p. 52), trend of American business conditions (p- 53), movement of money wages and other personal income (P- 54), volume of industrial production (p. 57), agricultural production (p. 5%), invisible earnings (p. 59), Europe's assistance from abroad (p. 59), the limitation of effective demand (p. 60), velocity of circulation (p. 63), gross national product of the United States (p. (>4), of the United Kingdom (p. 66), France (p. 67), the inflationary gap (p. 69), reconstruction schemes of the Financial Committee of the League of Nations (p. 70) III. Towards a more balanced position in Foreign Trade 71 Separate problems for each country (p. 72), world trade turnover (p- 73), foreign trade of different European countries (p. 75), UNRRA aid (p. 89), Europe's balance of payments (p. 90), U. S. trade (p. 93), distribution of effective purchasing power (p. 97), visible and invisible trade of European countries (p. 98), control of foreign trade (p. 100), an equal distribution of income (p. loi) IV. Period of Price Adjustments 103 Mechanism of economic adjustment destroyed by inflation (p. 103), prices in the United States (pp. 104 and 106), wheat prices (p. 105), world wheat production (p. 108), agricultural prices (p. 109), terms of trade (p. no), prices in the United Kingdom (p. Ill), price movements in Europe (p. 112), relaxation of controls (p. 115), improvement in real income (p. XI5), movement of wages (p. 116), conclusions (p. 116) Page V. Foreign Exchange Rates 118 Situation after the first and since the second world war (p. Il8), exchange system and rates in France (p. 119), exchange rates in Italy (p. 122), in other European countries (p. 123), currency reform in Germany (p. 124), exchange control in the United Kingdom and the sterling area (p. 125), exchange situation of some non-European countries (p. 127), bank-note markets (p. 129), flight of capital (p. 132), general observations (p. 133) VI. Production and Movements of Gold 141 Value of world gold production (p. 141), gold stocks, private hoards and industrial consumption (p. 141), gold production of main producing countries (p. I42), movements of gold (p. 147), monetary reserves (p. 149), gold outside monetary reserves (p. 154), gold prices (p. 157), general observations (p. 158) VII. Internal Credit conditions, the trend of Interest Rates and the use of Counterpart Funds 161 Methods used to achieve financial equilibrium (p. 161), interest rates (p. 162), United States (p. 163), United Kingdom (p. 167), France (p. 169), Italy (p. 171), German economy (p-174), Belgium (p. 177), Netherlands (p. 179), Norway (p. 180), Sweden (p. 181), Denmark (p. 182), Finland (p. 183), Switzerland (p. 184), Poland (p. 185), CzechoslovakiaYP-Z^J, general business conditions (p. 187), note circulation (p. 188) E.R.P. local currency counterpart funds (p. 191), use and mechanism (P. 195) Vili. Intra-European Payments and Compensations 200 Fundamental principles (p. 200), intra-European payments scheme (pp. 201 and 206), compensations (pp. 202 and 207)t drawing rights (pp. 203 and 209), technical measures (p. 206), operation of the payments scheme (p. 206J, automatic and non-automatic operations (p. 208)t conclusions (p. 213) IX. Current activities of the Bank 214 Operations of the Banking Department (p. 214), Intra-European Payments Scheme (p. 221), Trustee and Agency functions of the Bank (p. 221), Financial Results (p. 222), bank building (p. 223), changes in the Board of Directors and in executive officers (p. 223) X. Conclusion 225 # # * Agreement for Intra-European Payments and Compensations of 16th October 1948 231 Schedule of Par Values as announced by the International Monetary Fund 255 # # * ANNEXES 1. Balance Sheet as at 31st March 1949. 2. Profit and Loss Account for the financial year ended 31st March 1949. NINETEENTH ANNUAL REPORT submitted to the ANNUAL GENERAL MEETING of the BANK FOR INTERNATIONAL SETTLEMENTS held at Basle, 13th June 1949. Gentlemen, I have the honour to submit herewith the Annual Report of the Bank for International Settlements for the nineteenth financial year, which began on ist April 1948 and ended 31st March 1949. The results of the year's business operations are set out in detail in the section from page 214 to page 222 together with a general review of the current activities of the Bank and an analysis of the balance sheet as at 31st March 1949. The financial year closed with a surplus of 5,101,855.91 Swiss gold francs, of which 300,000 Swiss gold francs have been transferred to the account for exceptional costs of administration and the remaining 4,801,855.91 Swiss gold francs to the provision for contingencies. At the end of the previous financial year (on 31st March 1948), the greater part of the surplus for that year was transferred to a Special Suspense Account, which thus reached 13,547,201.77 Swiss gold francs. The amount on this account has now been amalgamated with other amounts set aside in earlier years to meet contingencies and, in the balance sheet as at 31st March 1949, the consolidated account is included in a new item, "Provision for Contingencies", which shows a total of 101,448,567.70 Swiss gold francs. It was expressly stated in the Annual Report for the previous financial year that "wider fluctuations must be expected in the financial results of the Bank than in the years prior to the war, as a much smaller proportion of income is now derived from interest on investments".
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