This PDF is a selection from an out-of-print volume from the National Bureauof Economic Research

Volume Title: Measuring International Capital Movements

Volume Author/Editor: Walther P. Michael

Volume Publisher: NBER

Volume ISBN: 0-87014-229-1

Volume URL: http://www.nber.org/books/mich71-2

Publication Date: 1971

Chapter Title: Appendix B: Capital Flow Tables

Chapter Author: Walther P. Michael

Chapter URL: http://www.nber.org/chapters/c3945

Chapter pages in book: (p. 91 - 142)

Appendix B

CAPITAL FLOW TABLES

Appendix Tables B-I to B-VII cover the individual types of capitalflows by countries of origin and destination (with the exception ofAppendix Table B-VI, as explained below). For the sake of simplicity,the countries for which the transactions constitute changes in assetsare called "lenders" (although some of the types consist partly ofequity capital); and the countries for which the transactions constitutechanges in liabilities are called "borrowers." In Appendix Tables B-Ito B-V the lenders (and donors of grants) appear in the box heads, orin the columns where groups of countries are combined under onecolumn heading, the borrowers (and recipients of grants) in the stubs.In Appendix Table B-Vu, Reserves and Correspondent Accounts,the holders of foreign currencies — the lenders — appear in the stub.Appendix Table B-VI shows only the net short-term credit inflowsand outflows by country for reasons explained in the text.

The figures represent the total flows during the five years, 1950—54.

Some reported transactions were excluded from the tables. A fewsmall transactions covering life insurance funds and real estate trans-actions were excluded from the table since they could not be classifiedunder any of the major types. Also excluded were certain "book-keeping" transactions which are not relevant for the purpose of thisstudy. The latter consist of cancellations of contingent liabilities ofBelgium and Indonesia; Australian and New Zealand transactionswith U.K.-Dominion Wool Disposal Ltd., which are in the nature ofmerchandise consignments; Indian receipts of annuities from theU.K. and offsetting payments of pensions and amortization to theU.K.; U.S. vestings and divestings of alien property; and the assump-tion by Germany of $1 billion of American grant-aid as a liability.

Conversions of one type of capital into another, such as the fund-• ings of short-term credits, are included, however, in the respective

types of capital (that is, as if there were a repayment of the short-termitem and a new flow of long-term capital).

Appendix Tables B-I to B-VII follow. Notes for each table are atthe end of the individual table. Statistical notes and a list of abbrevia-tions for all the tables follow Appendix Table B-Vu.

APP

END

IX T

AB

LE B

-IG

over

nmen

t Gra

nts a

nd N

et L

oans

, Fiv

e-Y

ear T

otal

s, 19

50—

54(m

illio

ns o

f dol

lars

) Lend

ers (

dono

rs)

Gro

upI

Oth

erG

roup

sEu

r.in

st.

IEPA

,EP

U

mt.

inst

.U

N,

IBR

DB

orro

wer

s (re

cipi

ents

)To

tal

Tota

lU

SU

KFr

ance

Oth

CO

EEC

&Jp

n2,

3,4

Can

-ad

aO

ther

Tota

l aid

17,9

9516

,043

12,6

4973

22,

024

638

—93

—22

313

073

51,

310

Grants

15,7

2914

,249

11,9

6389

670

733

471

700

446

Loan

s,net

2,266

1,794

686 —164

1,317

—45

—427

—294

—133

35

864

Group I

Total aid

6,578

6,585

6,950

—270.

—11

.—84

—358

—242

—116

342

9

Grants

8,04

07,

677

7,64

71

2921

174

342

Loan

s—

1,46

2 —

1,09

2—

697

—27

1—

11—

113

—37

9—259

—120

9

UK

Grants

1,717

1,71

11,

711

66

Loan

s—528

—250

—239

—6

Bet

—3

—278

—197

Por

—4

Ita—

2C

ey—

7m

d —

19Jo

r—

3U

KO

T —

48A

usG

rant

s52

339

539

512

8Lo

ans

—16

—16

—12

—3

—1

Bel

Gra

nts

264

264

261

Uni

Loan

s—

10—

32—

53N

th26

—15

—17

Con

237

Uni

—5

FrG

rant

s2,

006

1,96

01,

936

Ita24

f246

Loan

s—

496

—43

7—

209

—16

2B

el—

3—

58—

45D

en—

1—

1

Swi —

58Sw

e—

9

Nth

—5

Sp—

3

Ger

Gra

nts

1,12

61,

058

1,05

71

3Sw

e2

65U

na1

Loan

s—

100

—98

—24

—42

—1

Be!

—1

—2

Den

—2

Swi —

30Ita

Gra

nts

961

961

961

Loan

s—

58—

68—

58—

1Sw

i—

9—

10A

rg —

1020

Nth

Gra

nts

604

500

498

Uni

1U

na1

103

Loan

s—

259

—18

5—

121

—64

—16

Swe

—12

—58

Ant

—4

Swi

Loan

s—

2—

2—

2

ECC

SLo

ans

5959

59U

ni O

EEC

Gra

nts

293

282

282

1111

Loan

s—

23—

23G

er—

6Sw

i —17

Jpn

Gra

nts

546

546

546

Loan

s—

29—

40—

4011

Gro

up 2

Tota

l aid

1,79

91,

309

1,03

615

0—

112

4—

46—

8—

3811

941

7G

rant

s88

376

858

944

135

66

109

Loan

s916

541

447

106

—1

—11

—52

—8

—44

10

417

Can

Loans

74

74

866

Chi

Gra

nts

55

5Lo

ans

1724

24—

18A

rg —

1811

Isr

Gra

nts

366

366

217

18C

Ger

131

a

Loan

s11

211

611

6—

4Jo

r—

4

Ice

Gra

nts

2622

224

Loan

s11

43

11

Den

16

(con

tinue

d)

APP

END

IX T

AB

LE B

-I (c

ontin

ued)

Lend

ers (

dono

rs)

Gro

up1

Oth

er G

roup

s—

Eur.

Inst

.IE

PA,

EPU

mt.

Inst

.U

N,

IBR

DB

orro

wer

s (re

cipi

ents

)To

tal

Tota

lU

SU

KFr

ance

Oth

CO

EEC

& Jp

n2,

3,4

Can

-ad

aO

ther

(C A

Gra

nts

Loan

sG

rant

sLo

ans

NZ

Loan

sG

rant

sLo

ans

Loan

sG

rant

sLo

ans

Nor

Gra

nts

Loan

s

14 65 218

810

46

&Jp

n—

1—

1—

1

1313

1373

3531

419

391

9113

812

712

727

3414

29

257

157

155

42—

7—

5

4848

4818

1818

—24

—13

—13

Gro

up 2

(con

t.)Ir

e

Asi

1414

65 265

RFd SA

lD

en

Ger

178

Swe

Gra

nts

Loan

sFi

nLo

ans

3Sw

i—

5—

7U

ni—

4

38 102

Swe

3Sw

e—

78

Uni

3Sw

e3.

.97

Bel

—4

14—

8Sw

e22

10U

ni2

—38

Swe

1

Arg

—35

Bra

—2

Col

—1

USS

R—

1

25 27

Arg

Loans

91

91

92

—1

Urn

Gra

nts

14

14

113d

Loan

s30

30G

roup

3To

tal a

id2,

658

1,92

51,

721

3622

146

162

—18

180

274

297

Gra

nts

1,79

41,

407

1,15

867

2715

512

712

724

911

Loan

s864

518

563

—31

—5

—9

35

—18

53

25

286

Bra

Grants

33

33

10

Loan

s423

314

314

109

Cot

Grants

33

3

Loans

5315

15—

2—

240

Cub

Gra

nts

11

1

Loan

s13

1313

Mex

Grants

30

30

30

Loans

119

5959

60Pa

nG

rant

s5

55

Ven

Gra

nts

11

1

Loan

s2

22

Gr

Gra

nts

837

655

554

Uni

101(

117

9Loans

—34

—34

—22

—12

Tur

Gra

nts

252

192

192

3Ir

q3

57Lo

ans

492

43—

29—

2G

er —

10—

6Y

ug—

125

28SB

I—

5

Por

Gra

nts

2916

1313

Loan

s36

3636

SpGrants

13

13

13

Loans

64

64

65

—1

Yug

Grants

459

452

330

41

27

Uni

54"

7 e

Loans

150

101

53

47

Nth

149

Leb

Grants

10

99

1'

Loans

—3

—3

—1

—2

(C

(con

tinue

d)

Gro

up 3

(con

t.)

APP

END

IX T

AB

LE B

-I (c

ontin

ued)

Lend

ers (

dono

rs)

Gro

upI

Oth

er G

roup

sEu

r.In

st.

IEPA

,EP

U

mt.

Inst

.U

N,

IBR

DB

orro

wer

s (re

cipi

ents

)To

tal

Tota

lU

SU

KFr

ance

Oth

CO

EEC

& Jp

n2,

3, 4

Can

-ad

aO

ther

(C

USS

R

OSB

I

Gro

up 4

CR

Gra

nts

Loan

sG

rant

sLo

ans

Tota

l aid

Gra

nts

Loan

sG

rant

sLo

ans

102

—22

—22

60—

17—

1719

1919

—68

—34

—14

—20

5,23

14,

884

2,33

443

71,

987

3,34

33,

117

1,96

140

565

31,

888

1,76

737

332

1,33

45

55

—1

—1

—1

2

124

Fin

77—

3Sw

e80

—34

—13

Den

—4

Nor

—3

Swe

—12

Bra

—2

Dom

Gra

nts

IEI

SG

rant

sLo

ans

2

Gua

Gra

nts

Hai

Gra

nts

Loan

sH

onG

rant

sN

icG

rant

sLo

ans

9877

4136

149

121 5

1 51 5

8 38 3

8 3

rI

33

33

—2

—2

Bol

Grants

19

19

19

Loans

15

15

15

Ecu

Grants

54

41

Gua

1

Loan

s8

88

Per

Grants

88

8

Loans

913

13

—8

Arg

—8

4

Phi

Gra

nts

245

245

245

Loans

1010

10

Ryl

Gra

nts

5757

57SK

Gra

nts

750

672

672

3Th

a3

75u

Loan

s—

4—

4—

4Ta

iG

rant

s35

635

634

8Jp

nLo

ans

—14

—14

—14

Lib

Gra

nts

44

4Lo

ans

55

5SA

rG

rant

s2

22

Bur

Gra

nts

1919

19Lo

ans

—31

—13

—2

—11

—18

md —18

Cey

Grants

11

11

6As!

3

NZ

2

Loan

s1

md

Gra

nts

111

8282

2917

As!

11N

Z1

Loan

s215

188

188

27

Pak

Grants

123

93

93

30

18

As!

10

NZ

2

Loans

46

21

15

625

Nep

Grants

11

Irq

Gra

nts

44

4Lo

ans

5—

1—

16

Jor

Gra

nts

136

7713

64Lo

ans

1212

12 (con

tinue

d)

APP

END

IX T

AB

LE B

-I (c

oncl

uded

)

Gro

up

Bor

row

ers (

reci

pien

ts)

Tota

lTo

tal

US

UK

Lend

ers (

dono

rs)

1

.

Oth

er G

roup

sEu

r.In

st.

LEPA

,EP

U

mt.

Inst

.U

N,

IBR

DFr

ance

Oth

CO

EEC

&Jp

n2,

3,4

Can

-ad

aO

ther

Gro

up 4

(con

t.)Lb

yG

rant

s43

427

269

UK

OT

Tota

l aid

363

363

2034

3EA

f & A

deG

rant

s70

7070

Loan

sII

113

8W

Af

Gra

nts

5050

50M

al &

FE

Gra

nts

105

105

105

Loan

s23

2323

BW

IG

rant

s53

5353

Loan

s16

1616

0th

& U

naG

rant

s35

134

Afg

Gra

nts

11

Loan

s23

23

23

Ins

Grants

5957

53N

th4

2A

sIN

ZLoans

3247

55N

th—

8—

15—

9A

sI—

6Ir

nG

rant

s13

313

313

0Lo

ans

44

4Th

aG

rant

s22

2222

Loan

s17

—5

—4

—l

22Et

hG

rant

s8

85

ItsLo

ans

4—

1—

l—

2Sw

e—

27

Sud

Loan

s—

8—

4—

4—

4Eg

y—

4

Par

Gra

nts

44

4Lo

ans

5—

3—

36

Bra

62

Egy

Gra

nts

121.

18

Ita3°

jeLo

ans

——

—

Syr

Gra

nts

141

1

Loan

s—

6—

6Le

b —

10SA

r4

CO

TTo

tal a

id2,

334

2,27

618

21,

978

116

1717

41

BeI

CLo

ans

7939

17B

el22

40N

thO

TG

rant

s29

29N

th29

Loan

s14

14

Mb

14

FrOT

Grants

782

782

138

644

Loans

1,35

11,350

16

1,334

ItS

Gra

nts

5151

Ita51

PorO

TG

rant

s1

1Po

r1

Loan

s27

1111

16Po

r16

EurI EP

UG

rant

s42

841

823

815

1B

e!29

10Sw

e10

IEPA

Gra

nts

438

380

27A

us3

58D

en5

Bel

135

Nor

6G

er54

Swe

29ha

29Po

r8

Nth

17Tu

r10

EPU

Loan

s30

30B

e!30

B1S

Loan

s30

30Sw

i30

UN

Gra

nts

446

426

348

7820

13A

sI5

Pak

1

Tha

1

Una

&ro

undi

ngG

rant

s35

756

2235

's15

Nor

14Th

a1

100 Appendix BNOTES TO APPENDIX TABLE B-I.

a Reparations: Total grants in this column (683) include reparation payments of 330by Germany (163), Italy (159), and Japan (8), which are approximately equal to totalreceipts; the division between receipts from Germany and Italy cannot be made in allcases.

°Finnish reparations to USSR (124) included in total grants in this column (263).C Palestine settlement (see also footnote h).

Revaluations of sterling balances, held at the time of the 1949 devaluation, reportedby UK (total 42); allocation between Brazil and Uruguay estimated, may include smallamounts of Chile and Paraguay; Portugual may include Belgium (country allocationbased on The Banker, "Who holds the Sterling Balances?", May 1950, pp. 93 if,).

UNICEF.'UNRWA.UNKRA.Unallocated Sterling Area; the Palestine settlement (18) to Israel was assumed to be

included by UK in the Sterling Area figure. If this is not the case the unallocated amountis 53.

Miscellaneous, possibly not completely disbursed.NOTE: See the List of Abbreviations at the end of Appendix B. A minus sign indicates

net repayments.Discrepancies (after adjustments, if any) of partners' figures from those entered in

the table:Grants. Although a number of entries were reported by only one side or were iden-

tified by partner country only on one side, irreconcilable discrepancies occur mainlybetween US grants and the corresponding partners' receipts (in 25 cases Out of a totalof 63 countries, 16 underreporting, 9 overreporting, their receipts from the US); USfigures for US grants were entered in the table. In the majority of the discrepancies ofthe partners' figures with those of the US the discrepancy is 5 per cent or less, oramounts to less than $5 million. In the following cases the discrepancies are over 10per cent and over $5 million (figures in millions of dollars): Belgium, —63; Netherlands,—69; Israel, —30; Norway, —17; Yugoslavia, +86; India, —11; Indonesia, —7. The Con-tinental OEEC area as a whole underreports its receipts from the US. The amount of$282 million to unallocated OEEC (US column in Group 1) can, therefore, not explainthe discrepancies and seems to represent general expenditures of the program.

Loans. Most discrepancies are less than $5 million. In the following cases the dis-crepancies are over 10 per cent and over $5 million of the net figure (figures in millionsof dollars)-: discrepancies of liability figures from US asset figures which were enteredin the table—Japan, —20, Mexico, —14; discrepancies of the asset figures from the liabil-ity figures where the latter figures were taken—repayments by Germany (—30) andFrance (—58) to Switzerland: the Swiss record falls short by 14 for Germany, and 24 forFrance, i.e., total discrepancy, +38; Netherlands loan to Belgium (26): Netherlandsreports 8, discrepancy, —18; repayment by Indonesia to Netherlands (—8): Nether-lands reports +2, discrepancy, +10.

APP

END

IX T

AB

LE B

-Ia

Type

s and

Pur

pose

s of G

over

nmen

t Gra

nts a

nd G

ross

Loa

ns, F

ive-

Yea

r Tot

als,

1950

—54

(mill

ions

of d

olla

rs)

CD

Gro

up 1

Gro

up 2

Gro

up 3

Gro

up 4

Una

Tota

l

Tota

l9,

041

2,13

33,

086

5,53

679

620

,592

Gra

nts

7,74

588

31,

794

3,36

579

6Lo

ans

1,29

61,

250

1,29

22,

171

1. R

elie

f and

reha

bilit

atio

n (W

W II

)G

rant

s77

46

1137

220

11,

364

a.C

ivili

an su

pplie

s: U

S(72

9), U

K(l)

to G

er(1

85),

Jpn(

545)

; RyI

(57)

730

5778

7b.

Fam

ine

relie

f in

WEu

r and

Jpn:

US

toG

er(1

7), I

ta(1

9), A

us(5

),Jpn

(1)

42.

42c.

War

dam

age

and

reco

nstru

ctio

n: U

S to

Phil(

181)

; UK

to M

a! a

nd B

or(6

1)24

224

2d.

Sw

e gr

ants

to D

en(3

), N

or(3

), G

er(2

),un

der W

ashi

ngto

n A

gree

men

t2

68

e. U

N, I

RO

and

Can

to C

OEE

C fo

r IR

O,

etc.

(11)

119

119

f.U

N, U

NIC

EF10

136

47g.

UN

,UN

RW

A1

7246

119

Loan

sh.

UK

to M

al23

23

APP

END

IX T

AB

LE B

-Ia

(con

tinue

d)

Gro

up 1

Gro

up 2

Gro

up 3

Gro

up 4

Una

Tota

l

a. U

S ec

on. &

tech

n. a

ssis

.: U

K(1

,673

), A

us(3

90),

Bel

(261

), Fr

(1,9

16),

Ger

(843

), Ita

(934

), N

th(4

96),

Ice(

22),

Ire(

14),

Den

(127

), N

or(1

51),

Swe(

48),

Por(

13)

b. T

hrou

gh IE

PA-E

PU to

OEE

C c

ount

ries

(exc

ept G

r & T

ur) a

nd IE

PA-E

PU n

etre

ceip

ts (u

na)

c.G

ener

alai

d:EC

A/M

SA(3

81);

EXIM

(303

, inc

ludi

ng 1

7 fo

r Den

con

verte

dfr

om p

rivat

e lo

an)

d. E

XIM

: cot

ton(

81),

toba

cco(

10) c

redi

tse.

Can

loan

to U

Kf.

Intra

-EPU

are

a lo

ans (

incl

udin

g EP

U

Intra

-Eur

con

solid

atio

ns o

f sho

rt-te

rm

342

109

131,

181

269

36

537

111

3691 45 18

513

217

145

106 13

166

286

2913

527

9

2. E

ur a

nd Jp

n re

cove

ryG

rant

s6,

855

471

26

6,51

336

213

Loan

s and

BIS

)

debt

sg. h.

Aid

to Jp

n: E

XIM

cot

ton

cred

it3.

Gra

nts d

ue to

obl

igat

ions

, in

the

natu

re o

f con

-tra

ctua

l pay

men

ts

448

7,80

0

282

7,17

0

166

630

1,48

6

684 91 45 198

362

106

173

479

143

454

a.R

epar

atio

ns

b.. R

eval

uatio

n of

Ste

rling

bal

ance

s: U

K to

Uru

(13)

, Bra

(23)

, Por

(3),

Irn(

3)13

263

42c.

Inde

mni

ficat

ion

for l

oss o

f oil

reve

nue:

Irq

to T

ur (W

W I)

33

d. P

al se

ttlem

ent w

ith su

cces

sor s

tate

s (U

Kpr

esum

ably

all

to Is

r)18

18e.

Ret

urn

lend

-leas

e sh

ips:

UK

(—6)

, Fr

(—10

), U

SSR

(—22

)—

16—

22—

384.

Mili

tary

bui

ldup

and

mili

tary

em

erge

ncie

sG

rant

s90

46

977

1,07

7a.

Mili

tary

pro

duct

ion

and

cons

truct

ion:

US

to U

K(4

4), F

r(30

), Ita

(8),

Nth

(2),

Nor

(4),

Tur(

6), a

nd C

an to

UK

(6)

904

610

0b.

Kor

: US

civi

lian

relie

f(44

0), e

cono

mic

(232

), Th

a ric

e(3)

, UN

KR

A(9

8, e

sti-

mat

ed)

773

773

c.Ic

h: U

S on

ly (e

cono

mic

); Fr

, n.a

.13

813

8d.

Mal

: UK

, int

erna

l sec

urity

mea

sure

s(C

omm

unis

t gue

rilla

war

)43

43e.

Ken

: UK

gra

nts f

or "

emer

genc

y" a

nd"a

gric

ultu

ral r

eset

tlem

ent"

(Mau

-Mau

rebe

llion

)23

23Lo

ans

29242

12

72

355

f.

US

loan

s for

stra

tegi

c m

ater

ial p

rodu

c-tio

n (in

clud

ing

EXIM

loan

s for

this

pur

-po

se)

2917

612

6728

4g.

UK

loan

to C

an c

orpo

ratio

n66

66h.

UK

loan

to K

en fo

r "em

erge

ncy"

55

(con

tinue

d)

APP

END

IX T

AB

LE B

-Ia

(con

tinue

d)

Gro

up 1

Gro

up 2

Gro

up 3

Gro

up 4

Una

Tota

l

5. A

id to

stra

tegi

c co

untri

esG

rant

s13

1,34

941

21,

774

a. G

r and

Tur

: US

to G

r(55

0), T

ur(1

86),

IEPA

-EPU

to G

r(17

9), T

ur(5

7)97

297

2b.

Yug

: US

(eco

nom

ic 3

02, m

u, c

onst

ruc-

tion

7), U

K(4

1), F

r(27

)37

737

7c.

Tai:

US

(eco

nom

ic 3

43, s

tude

nt a

id 5

)34

834

8d.

Jor:

UK

gra

nts o

nly

6464

e.B

er: U

S13

13Lo

ans

200

1221

2f.

Tur:

US(

70),

UK

(l), E

PU(2

5)96

96g.

Yug

: US(

55),

UK

(47)

, Nth

(2)

104

104

h. Jo

T (U

K)

1212

6. D

evel

opm

ent a

idG

rant

s23

639

1,48

013

11,

886

a.U

S ec

onom

ic a

nd te

chni

cal a

ssis

tanc

en.

e.c.

223

3947

322

757

b. U

K d

evel

opm

ent a

id to

RFd

(13)

, Lby

(26)

, dep

ende

ncie

s(17

1)19

735

245

c.C

ontin

ent t

o in

depe

nden

t cou

ntrie

s( 1

3);

and

to d

epen

denc

ies (

Fr 6

44, I

ta 5

1, N

th29

, Por

1)

738

738

d. C

olom

bo P

lan

aid

by G

roup

2 (C

an 4

1,A

sI 2

5, N

Z 6)

7272

e. E

cono

mic

and

tech

nica

las

sist

ance

thro

ugh

UN

(69)

and

by

US

thro

ugh

IIA

A(5

)74

74Lo

ans

8673

996

12,

064

3,85

0f.

US

EXIM

and

pro

gram

loan

s not

in-

clud

ed e

lsew

here

291

337

202

830

g. U

S co

mm

odity

loan

s: m

d w

heat

loan

(190

); Sp

cot

ton

loan

(23)

2319

021

3h.

Eur

loan

s to

inde

pend

ent c

ount

ries b

yU

K(2

5) a

nd N

th(5

3), S

we(

1)13

6679

i.Eu

r loa

ns to

dep

ende

nt te

rrito

ries b

y U

K(3

); B

el(2

2); F

r(1,

334)

; Nth

(14)

; Por

(16)

1,38

91,

389

j.0t

hlo

ans:

Con

to S

aben

a(2)

; SA

r to

Syr

(4)

24

6k.

US

fund

ing

of im

port

arre

ars (

Bra

300

),Ph

i sho

rt-te

rm d

ebt (

35),

and

conv

ersi

onfr

om p

rivat

e lo

ans(

10)

310

3534

5I.

Oth

er c

onso

lidat

ions

of s

hort-

term

deb

tsby

Arg

(5),

Bra

(9),

and

refin

anci

ng b

yU

K(4

)9

918

m. I

BR

D lo

ans

8442

629

116

997

07.

Nat

ural

Dis

aste

r Aid

Gra

nts

7710

718

4a.

US

fam

ine

relie

f and

agr

. com

mod

. pro

-gr

ams

3192

123

b. U

S: a

id to

Mex

(foo

t & m

outh

dis

ease

)27

27c.

Mis

dis

aste

rs (U

S to

EEu

r 19;

UK

to d

e-pe

nden

cies

14;

Gua

and

oth

ers t

o Ec

u 1)

1915

34

(con

tinue

d)

APP

END

IX T

AB

LE B

-Ia

(con

clud

ed)

Gro

up 1

Gro

up 2

Gro

up 3

Gro

up 4

Una

Tota

l

8. O

ther

Gra

nts

4R

esid

ual

Una

1919

Loan

sEx

port

loan

s to

SBI b

y Sw

e(80

); N

Z(3)

8383

9. R

ecap

itula

tion:

US

gran

ts a

nd lo

ans

All

cate

gorie

s exc

ludi

ng d

evel

opm

ent a

id(li

nes 1

thro

ugh

5 an

d 7)

Gra

nts

7,36

536

61,

119

1,48

828

210

,620

Loan

s763

287

173

67

1,290

Total

8,128

653

1,292

1,555

282

11,910

Development aid (line 6)

Grants

223

3947

327

762

Loans

291

670

427

1,388

Total

514

709

900

27

2,150

All

othe

r cou

ntrie

sA

llca

tego

ries e

xclu

ding

dev

elop

men

t aid

(line

s 1 th

roug

h 5,

7, a

nd 8

)G

rant

s38

028

162

522

619

31,

705

Loan

s44

722

415

840

869

Tota

l827

505

783

266

193

2,574

0

Dev

elop

men

t aid

(lin

e 6)

S

Gra

nts

131,

007

351,

055

Loan

s2

221,

468

1,49

2To

tal

235

2,47

535

2,54

7In

tl UN

relie

f gra

nts (

line

1)11

171

190

372

UN

dev

elop

men

t gra

nts (

line

6)69

69To

tal

1117

125

944

1

IBR

D d

evel

opm

ent l

oans

(lin

e 6)

8442

629

116

997

0

w

108 Appendix BNOTES TO APPENDIX TABLE s-Ia

a The grand total differs from that in Appendix Table B-I by redonated receipts ofUN and IEPA-EPU ($1,146 million).

b Gross loans have been entered here, while in Appendix Table B-I loans are shownnet. Repayments amounted to: government loans $3,637 million; IBRD Loans $106million.

See Appendix Table B-I.n.a. = not available.n.e.c. = not elsewhere classified.NOTE: See the List of Abbreviations at the end of Appendix B.

APP

END

IX T

AB

LE B

-I!

Portf

olio

Inve

stm

ent,

New

Issu

es, R

edem

ptio

ns a

nd T

radi

ng, F

ive-

Yea

r Tot

als,

1950

—54

(mill

ions

of d

olla

rs)

Lend

ers

Gro

up 1

Oth

erC

OEE

CB

orro

wer

sTo

tal

Tota

lU

SU

K&

Jpn

Gro

ups

Tota

lTo

tal p

ortfo

lio2,

401

2,47

584

879

783

074

Issu

es3,

125

2,99

11,

610

713

668

134

R &

T—

724

—51

6—

762

8416

2—

208

Group 1

Tota

l por

tfolio

232

423

1922

318

1—

191

Issues

70

70

70

R&T

162

353

19

223

111

—191

US

Issues

17

17

Swi

17

R&

T36

4377

246

Nth—124

Swia

225

Jpn

1

Uni

29

Can —94

Othb

81

UK

R&

T—

183

—8

—8

Ire—

131

Oth

44A

usR

&T

—15

—15

--9

—6

Bel

Issu

es32

32Sw

i32

R&

T—

16—

16—

14—

2

(con

tinue

d)

APP

END

IX T

AB

LE B

-lI (c

ontin

ued)

Lend

ers

Gro

up1

Oth

erC

OEE

CB

orro

wer

sTo

tal

Tota

lU

SU

K&

Jpn

Gro

ups

Gro

up 1

(con

t.)Fr

Issu

es9

9Sw

i9

R&

T—

15—

19—

7N

th _

12d

Leb

Egy

1

Ger

R&

T—

16—

16Fr

3dU

ni—

13Ita

R&

T—

21—

21—

9—

12N

thIs

sues

1212

Swi

12R

&T

172

152

102

9(1

Fr_8

dIn

s—

9U

ni49

Una

29Sw

iR

&T

—56

—56

—31

FrU

niO

EEC

R &

T—

35—

8N

th—

8M

is e

—27

Jpn

R&

T—

17—

17—

12—

5G

roup

2To

tal p

ortfo

lio1,

175

1,15

664

435

116

119

Issu

es1,

673

1,65

31,

179

385

8920

R &

T—

498

—49

7—

535

—34

72—

1C

anIs

sues

993

993

993

R&

T—

336

—33

2—

384

—35

Fr_5

dSA

f2

Uni

92U

na—

6C

hiR

&T

—23

—23

—12

—9

Uni

—2

Isr

Issu

es17

217

217

2R

&T

—17

—11

—ii

Una

—6

Ire

Issu

es4

44

R&

T40

4040

Asi

Issu

es27

2714

Swi

13R

&T

—96

—11

2—

68—

48U

ni4

NZ

16N

ZIs

sues

4444

44R

&T

—22

—8

—8

AsI

—4

SAf

1

Uni

RSA

—11

'R

FdIs

sues

203

203

203

R&

T—

6—

10—

10SA

f4

SMIs

sues

171

171

120

Swi

51R

&T

135

113

16

75

Bel

13

Can

2

Fr

8RFd

9

Nth

1UKOT

4

UniRSA

7

Den

R & T

—67

—64

—51

—5

Uni

—8

Can

—1

Una

—2

Nor

Issu

es34

1414

Swe

20R

& T

—71

—55

—19

—7

Uni

—29

Swe

—16

Swe

Issu

es25

25Sw

i25

R &

T—

14—

12'

1—

11U

ni—

2Fi

n—

1

Uni

RSA

—1

Fin

R&

T—

14—

5—

1—

4Sw

e—

2U

na7d

Arg

R&

T—

1—

12—

12U

na11

Uru

R&

T-6

—6

—6

(con

tinue

d)

APP

END

IX T

AB

LE B

-Il (

conc

lude

d)

Lend

ers

Gro

up 1

Oth

erG

roup

sB

orro

wer

sTo

tal

Tota

lU

SU

KC

OEE

C&

Jpn

Gro

up 3

Tota

l por

tfolio

—19

2—

203

—82

—12

0—

111

Issu

es10

1010

R&

T—202

—213

—92

—120

—1

11

Bra

R & T

—138

—140

—34

—110

Uni

4UniLA

2

Col

R &

T—10

—10

—10

Cub

R&

T—

8—

8—

8M

exR&T

—8

—17

—17

Can

9

Pan

Issues

10

10

10

R&T

—9

9—9

Ven

R&T

--

—2

Swi

2

Gr

R&T

—1

—1

—1

Por

R&T

44

4

Tur

R&T

—15

—15

—10

Fr

—5

Sp

R&T

—17

—17

—15

Fr

Group 4

Total portfolio

608

611

—47

313

345

—3

Issues

647

647

295

352

R &

T—

39—

36—

4718

—7

—3

CR

R&

T—

1—

1—

1

Dom

R&T

11

1

E1S

R&

T—

3—

3—

1—

2

Hon

R&

T—

1—

1—

1

Nic

R&

T—

1—

1—

1

Per

Issu

es2

2Sw

i2

Phi

—14

—14

—14

Cey

Issu

es14

1414

md

R &

T33

381

32G

er4

Can

—1

Swi

1Pa

k—

9U

na5

UK

OT

Issu

es'

281

281

281

—25

—27

—21

—6

SAf

2In

sR

&T

—5

—5

Tha

R&

T—

3—

3—

3Eg

yR

& T

—7

—7

1—

5Fr

—3

Par

R&

T—

2—

2—

2C

OT

Issu

es35

035

035

0R

&T

—11

—11

—2

—9

BeI

CIs

sues

123

123

Be!

82Sw

i41

R&

T—

11—

11—

2B

e!—

9

FrO

TIs

sues

227

Fr22

7IB

RD

Issu

es-'

725

611

421

33N

th11

Can

43Sw

i13

6M

is"

71Jp

n"10

R &

T—

100

—10

3—

92—

3Sw

i—

8C

an3

Una

& ta

x ha

vens

R &

T—

47—

20—

15N

th—

5SA

f1

IBR

D —

28

114 Appendix BNOTES TO APPENDIX TABLE B-LI

Includes (1) transactions in US Government securities which, judging by US data,appear to be small; (2) liabilities of an unknown nature.

bChile 4, Israel —4, Ireland 1, Australia —1, New Zealand—I, South Africa 2, Swe-den —6, Argentina —3; Brazil 4, Colombia --2, Cuba 13, Mexico 6, Venezuela 11, Spain—1; Guatemala —2, Bolivia 1, Peru 1, Philippines —2, Taiwan —2, Hong Kong 13,Indonesia —1, Continental OT 2; Unalloc.: RSA 2, Latin America 14; tax havens: Pan-ama 11, Western Europe and Africa 23.

Canada —10, Australia —7, New Zealand —42 (may include transactions other thanportfolio, but not direct investment), South Africa 14, Rhodesian Federation 4, Norway1, Sweden —2; Sudan —2.

d These entries were assumed to consist of portfolio transactions, although they mayinclude other types of capital.

e Canada 2, Australia —1, South Africa 2, Norway 9; repurchases of IBRD obliga-tions —39.

'May include transactions other than portfolio, but not direct investment.9 Philippine redemption was connected with a funding operation and is not a

net repayment."Not true portfolio, as explained in the text.

Cyprus 11; Br. E. Africa 180; Br. W. Africa 28; Aden 3; Mauritius 7; Ma-laya 11; Br. Guiana 6; Br. W. Indies 35. Redemptions & Trading: by US from HongKong —21; by UK from other OT —6.

The distribution of IBRD issues corresponds to the amounts taken by the lendersand differs from the amounts floated in the respective markets. Flotations by marketwere as follows: US 585, UK 28, Netherlands 11, Switzerland 66, Canada 35.

k Purchases of IBRD bonds by central banks: S. Africa 7, Cuba 18, Mexico 4, ElSalvador 4, Honduras 5, Nicaragua 3, Ethiopia 22, Thailand 8; the Japanese purchasewas also a central bank purchase; the amounts of Japan, Thailand, and Mexico areestimates.

R & T is redemptions and trading.NOTE: See the List of Abbreviations at the end of Appendix B.Portfolio issues — Flotations in US represent the amounts taken in US (for IBRD issues

by market, see notej); exclude small issues, mainly of Canadian origin but the amountsinvolved are said to be small. Flotations in London exclude refunding issues; theseamounted to $120 million, but are not identifiable by country or area. There are nodiscrepancies.

Portfolio redemptions and trading — Discrepancies (after adjustments, if any) over 10per cent and over $5 million: (1) Discrepancies of the liability figures from the assetfigures in cases where the latter figures were entered in the table, US (for which trans-actions in US securities were based on .partner data) with Canada —29, with LatinAmerica +14, France with Switzerland +25 (not reported by France); Canada with US+296 (offset by a discrepancy in Appendix Table B-Ill, see notes to that table); Den-mark with US +9; Mexico with Canada —9 (not reported by Mexico). (2) Discrepanciesof the asset figures from the liability figures in cases where the latter figures were en-tered in the table: UK with Canada —55; France with Turkey +7; New Zealand withAustralia —17 (possibly due to time lag); Pakistan with India —9 (not reported by Pakis-tan).

APP

END

IX T

AB

LE B

-Ill

Dire

ct In

vest

men

t, Fi

ve-Y

ear T

otal

s, 19

50—

54(m

illio

ns o

f dol

lars

)

cJ'

Lend

ers

Gro

up 1

Gro

ups

2, 3

, 4 a

nd U

nallo

cate

d

CO

EEC

Tota

lB

orro

wer

sTo

tal

Tota

lU

SU

K&

Jpn

Oth

erC

anO

ther

Tota

l11

,492

10,6

016,

865

2,45

91,

277

891

623

268

Gro

up 1

2,79

22,

189

a1,

128

428

548

US

1,40

286

439

1Fr

Nth

257

Swi 1

19U

rii64

Jpn

3

538

512

Tsr

3N

Z4

SAf

1

Den

1

Bra

—7

.

Oth

Eur

1

UK

OT

1

Una

22

UK

621

573

527

Nth

46b

4830

Asi

8N

Z1

SAf

7D

en2

Aus

1515

15B

e!69

6969

(con

tinue

d)

APP

END

IX T

AB

LE B

-Ill

(con

tinue

d)

Lend

ers

Gro

up1

Gro

ups 2

,3,

4 a

ndU

nallo

cate

d

Bor

row

ers

Tota

lTo

tal

US

UK

CO

EEC

&Jp

nTo

tal

Oth

erC

anO

ther

Gro

up 1

(con

t.)Fr

197

190

144

27b

Bel

1b7

4Sw

e2b

Sw

iPor

1b

Ger

135

135

94Uni 41

Ita

128

124

84

3Fr

74

UniLA

4

Uni 30

Nth

101

101

81

Uni 20

Swi

14

14

14

Jpn

110

108

100

7Nth

12

2

Group 2

5,126

4,973

3,616

1,088

269

153

14

139

Can

3,172

3,170

2,897

186

Urii

87

2Una

2

Chi

124

124

124

Isr

92

92

49

Uni 43

Asi

737

721

228

459

Uni 34

16

5NZ

10

SA

f1

NZ

117

104

18

81

Uni

513

As!

13

RFd

109

59

15

44'

50

SAf

50

SAf

416

389

111

262

Bel

127

6A

sI3

Fr3

NZ

2G

er6

RFd

7N

th4

Den

1

Swi

2U

niR

SA6

CO

T2

Den

2222

102

Uni

10N

or13

213

118

54U

ni59

13

Uni

LA —

2Sw

e33

3333

Fin

2224

10U

ni14

—2

Una

—2

Arg

83

83

83

Uru

67

21

20

Fr

146

Una 46

Group3

1,444

1,357

1,238

40

79

87

59

28

Bra

465

463

450

Uni

13

21

Una

1

Col

66

69

69

—3

Ven —7

Ecu

4

Cub

132

132

132d

Mex

306

223

156

27

Fr

283

56

Swe

27

Ger

20U

ni18

Pan

52

52

52

Ven

352

347

326

13

Fr

75

2Arg

1

Ity

1Pan

2

Gr

55

5

Tur

28

28

18

Uni

10

Por

14

14

9Fr

lb

Uni

Sp

21

21

21

Leb

33

Fr

3

(continued)

APP

END

IX T

AB

LE B

-Ill

Lend

ers

Gro

up 1

Gro

ups 2

, 3, 4

and

Una

lloca

ted

Bor

row

ers

Tota

lTo

tal

US

UK

CO

EEC

& Jp

nTo

tal

Oth

erC

anO

ther

Gro

up 4

2,13

02,

082

883

903

296

482

46C

R2

22

Dom

3030

E1S

22

2G

ua2

22

Hai

1313

4Fr

9H

on41

4141

Nic

44

4Ec

u13

107

33

Una

3Pe

r91

9085

—2

Uni

71

Un1

LA1

Una

CA

1111

11'

Phi

102

8585

17U

na17

Tai

1414

14SA

r26

026

026

0Li

b34

3434

md

295

304

6523

5G

er1

—9

3N

Z —

1Sw

i2

Bur

—3

Jpn

1C

ey —

1U

na—

7

Pak

26

26

3220

Uni

1

Irq

50

44

10

21

Fr

10

6UniME

6

Uni

3

Ins

—5

—5

—7

Nth

2Et

h19

194

Nth

& F

r15

Sud

66

51

UK

OT

766

766

155

611

WHem

190

190

48

Af & Ade

367

367

34

333

ME,FE,&Oth

111

111

73

38

Una

98

98

As1OT

31

31

AsI

31

Par

99

9

Egy

3735

14

13

Fr

22

UniME

2

Uni

6

Syr

11

Fri

COT

276

279

44

—1

236

—3

—1

—2

BeIC

31

28

4Be! 28

3UniSA

3

Uni—4

NthOT

1642

19—

1Nth 24

—26

Una —26

FrOT

222

205

17Fr

185

17—

1SA

f2

Nth

2U

niSA

16Sw

i1

PorO

T7

44

3Una

3

120 Appendix BNOTES TO APPENDIX TABLE B-Ill

(1 The total of the Group 1 receipts from the Continent is smaller by 4, and the totalGroup 1 receipts from other is larger by 4, then the sums of the entries in the columns.This amount represents Danish investment in unidentified OEEC presumably includedin the unidentified receipts of the Continental countries.

b For these entries there is some doubt as to the type of capital. They were includedhere because, all considered, they are most likely to consist, entirely or largely, of di-rect investment but they may include other private capital.

Mainly investment in mining in 1950 and 1951. After that year the mining com-panies moved their head offices from London to Salisbury, and their subsequent in-vestment appears as portfolio.

d Includes 42 United States Government investments.e United Kingdom and Cont. OEEC, liabilities net of assets.'United States Government investment in abaca plantations.

Q Underestimated by changes in intercompany accounts and imports of equipment;may include portfolio.

hA discrepancy of +31 of Canadian investment in Sterling Area may represent in-vestment in Jamaica, in which case the United Kingdom investment in Western Hemi-sphere UKOT would be smaller by 31.

Investment by United Kingdom Overseas Food and Colonial Development Cor-porations.

NOTE: See the List of Abbreviations at the end of Appendix B.Discrepancies (after adjustments, if any) of partners' figures from those entered in

the table, where the partner's figure diverges from the entered figure both by morethan 10 per cent and by more than $5 million, are as follows: (1) Discrepancies of theliability figures from the asset figures in cases where the latter figures were entered inthe table (these discrepancies are all with the United States asset figures which wereused for all entries in the United States column), France +35; Japan —13; Canada—386; Brazil —120; Colombia+22; Mexico +114; Haiti+11; Ecuador+6; Peru-f 44;Philippines +36; India —8; Paraguay —7; Continental OT —6. (2) Discrepancies of theasset figures from the liability figures in cases where the latter figures were entered inthe table (the country or countries whose figures were entered and with which the dis-crepancy occurs appear in parentheses): Belgium +10 (with 'Congo); Canada —189(with US), +6 (with Continent), +31 (with rest of Sterling Area—but see note h), —26(with Latin America).

The large discrepancies of Canada with the United States seem to originate mainlyin different definitions of types of capital. The United States counts purchases of securi-ties of a direct investment enterprise by all residents of the investor's country as direct,while Canada counts only those of the controlling interests, the remainder as portfolio.The discrepancy of —386 is, consequently, largely offset by a positive discrepancy inportfolio- There are other differences in treatment as well, resulting in offsetting dis-crepancies in the various types. The over-all net discrepancy of all United States-Cana-dian movements is far smaller. Since for most entries the United States figures wereused, there is little possibility of duplication or omission of movements between thetwo countries.

The Mexican discrepancy seems largely due to the inclusion in the Mexican recordof investment by resident foreigners (see United States Department of Commerce,investment in Mexico, Washington, D.C., 1955, p. 11). The reasons for the other largediscrepanciescould not be ascertained.

Inclusion of reinvested profits: Reinvested profits are included for—all transactionsof the United States; the transactions of the following Sterling Area countries: Aus-tralia, New Zealand, India, Iraq, United Kingdom OT for 1953 and 1954; and for theBritish investment in Rhodesia; the transactions of the following Latin Americancountries: Mexico, Venezuela, Peru, Haiti, Ecuador, and possibly some others; thetransactions of Japan; the Philippines; and among the OEEC countries apparently onlyDen mark.

Appendix B 121

NOTES TO TABLE B-lIE (concluded)

Possible effect on the distribution of omitted reinvested profits: Reinvested profitsare excluded in a number of cases where they may have been important. In Group 1there was probably more British investment in petroleum marketing facilities, sincethe British companies had shares in all the Continental markets. Intra-Continentalinvestment may also have been somewhat larger. In Group 2 the missing reinvestedprofits of the United Kingdom and Continent in Canada and South Africa may havebeen substantial. For South Africa, the 1956 Census figures put cumulative reinvestedprofits at 38 per cent of total value. British investment in South Africa alone may havebeen larger by $150 million or more. There may have been some reinvestment inLatin America, particularly in Argentina (Group 2) and Brazil (Group 3), where Bri-tish investment was still of some size. In Group 4, the countries where excludedreinvested profits may have been of some size are Pakistan, Indonesia, and the Con-tinental dependencies, particularly the French.

All groups are thus affected by the omission of reinvested profits in certain cases.Considering the possible magnitudes involved, it is unlikely that the distribution amongrecipient groups would be substantially altered. The shares in the total supply of theUnited Kingdom and the Continent would be somewhat increased, perhaps by 2 percent for the United Kingdom, and by somewhat less for the Continent.

APP

END

IX T

AB

LE B

-IV

Loan

s by

the

Priv

ate

Sect

or, a

nd R

epay

men

ts, F

ive-

Yea

r Tot

als,

1950

—54

(mill

ions

of d

olla

rs)

Lend

ers

Tota

l

Gro

up 1

Oth

er &

Una

lloca

ted

Tota

lU

SU

KSw

itzer

land

Oth

CO

EEC

Rep

ay-

Rep

ay-

Rep

ay-

Rep

ay-

Rep

ay-

Rep

ay-

Rep

ay-

Hor

row

ers

Loan

sm

ents

Loan

sm

ents

Loan

sm

ents

Loan

sm

ents

Loan

sm

ents

Loan

sm

ents

Loan

sm

enta

Tota

l1,

649

1,42

71,

531

1,26

71,

042

664

73133

173

80

243

390

118

160

Net

222

264

378

—60

93—

147

—42

Gro

up1

787

784

765

741

542

281

568

149

68

69

324

22

43

Net

324

261

—63

81

—255

—21

US

23

12

13

35

38

Can

11

Den

4

Nor3

1

-S

p33

UniLA 3

UK

191

48

179

27

179

11

Fr

16°

SAf 4

Den

1

Nor 8

20

Aus

98

9S

2S

2Ger

14

Bel

73

168

73

168

43

53

30

Frb

115°

Fr

260

165

260

152

200

133

60

15

Ger

4°

Leb

6Sy

r7

Ger

75148

75

148

136

65

18°

7Fr

22

Nth 56°

Urn

18°

ha

28

37

28

37

55

23

32

Nth

23

85

23

85

22

23

112

Frb

50

Swi

123

123

12

Frb

21

UniCOERC

12

74

12

74

Frb

74NthI2c

Jpn

92

16

92

16

9i

161

Group2

396

337

310

228

180

129

56

60

24

850

31

86.

109

Net

59

82

51

—4

16

19

—23

Can

62

50

39

46

30

15

218

Uni

713

Una23

4

Chi

6646

66

46

58

44

22

Unid 6

Jsr

8327

69

23

41

17

62

9Aus

74

Can 4

Be!

6Sw

elO

4Ic

e2

12

11

1Unil

MI

11

1

RFd

2SAf2

SM

91

24

91

23

30

12

46

315

8Den

1

Den

11

17

11

17

17

Nthllc

Nor

10

68

10

45

10

10

35

Swe

23

Swe

52

76

67

62

Fr

50

Nor

46e

61

2

11

1

Uru

34

34

34

Gro

upS

382

255

372

248

251

206

125

410

933

107

Net

127

124

457

—4

763

Bra

123

5612

354

8238

1U

nid4

O16

Una

2

Col

9752

9051

4345

1B

e!2

Swe

5Fr

30U

n1LA

21

16

Cub

3810

3810

3810

Mex

6550

6550

5550

Uni

d 10

Pan

514

514

514

Ven

1410

1410

45

105

(con

tinue

d)

APP

END

IX T

AB

LE B

-IV

(con

clud

ed)

Lend

ers

Tota

l

Gro

up I

Oth

er &

Una

lloca

ted

Tota

lU

SU

KSw

itzer

land

Oth

CO

EEC

Bor

row

ers

Rep

ay-

Loan

sm

ents

Rep

ay-

Loan

sm

ents

Loan

sR

epay

-m

ents

Loan

sR

epay

-m

ents

Rep

ay-

Loan

sm

ents

Rep

ay-

Loan

sm

ents

Rep

ay-

Loan

sni

ents

Gro

up 3

(con

t.)G

r6

62

-U

ni4

Tur

25

15

Aus

11

Isr

1

Fr4

Sp22

4022

4022

40Y

ug8

98

94

4A

us8

1

SBI

29

5Fr

5N

or2

4G

roup

484

5184

5069

4815

2N

et33

34

21

13

—l

CR

22

2

Hai

31

31

3I

Hon

11

1

Nic

105

105

23

Ger

82

Bol

3125

3125

3125

Ecu

71

71

Fr6

Cot

& V

enI

•Per

106

106

106

Tai

85

85

85

Jib

107

107

107

Ins

11

FrI

UK

OT

11

1

BeI

C1

1

Appendix B 125

NOTES TO APPENDIX TABLE B-IV

a These transactions are not unambiguously identified by type of capital. They wereincluded here because, considering all the available evidence, they are most likely toconsist, entirely or largely, of private loan transactions.

b France (whose regional distribution distinguishes only currencies) reported re-ceipts of repayments of 210 million in dollars. There are no corresponding entriesin the accounts of Dollar Area countries. On the other hand, several Continentalcountries report repayments which, by timing, coincide with the French entries, viz.,the Netherlands (50), Switzerland (21), both made to "Continental OEEC," which weassumed to correspond to the French figure; in addition, we attributed half (65) ofBelgium's unallocated residual of its net private capital outflow to Appendix TableB-IV and counted it against the French entry (included in the amount of 115, 50 ofwhich is identified as a repayment to France in the French record). This procedureleaves 74 of the French receipts unaccounted for, which we entered as a repaymentby "Unidentified Continental OEEC" on the assumptions that it came mainly fromthese countries. (See also footnote a.)

c Loans to Unidentified Continental OEEC countries are reported by the Nether-lands (79) and Switzerland (5); loans received from unidentified Continental OEECcountries are reported by Germany (61) and Denmark (11). The Swiss loans (5 includedin 18) and part of the Netherlands loans (56) were assumed to correspond to theGerman entry, and 11 of the Netherlands loans were assumed to be the loans to Den-mark, leaving a residual of 12 of the Netherlands loans to "Unidentified ContinentalOEEC."

" The loans received by Latin American countries from "Unidentified ContinentalOEEC" (total 70, repayments —22) are partly accounted (18 and —6) by loansreported by the Netherlands to have been made to (unidentified) Latin America.

° The loans (46) and repayments (—69) reported by Norway for prepayments ofships (and repayment through delivery of ships) were assumed to have been to Sweden(which did not record private loan transactions) because much of the reconstructionof the Norwegian fleet took place in Swedish yards.

NOTE: See the List of Abbreviations at the end of Appendix B.Discrepancies (after adjustments, if any) of partners' figures from those entered

in the table: (1) Discrepancies of the liability figures from the asset figures in caseswhere the latter were entered in the table—Canada reports loans of 26 from, and re-payments of —39 to, the United States, net discrepancy —28, but the Canadian figuremay include other transactions. Other discrepancies were negligible. (2) Discrepanciesof the asset figures -from the liability figures in cases where the latter figures wereentered in the table—United States loans were broken down largely from partnerdata. United States discrepancy with partner data for repayments, +74, attributableto German repayment (36) under the London debt agreement, which is not in theUnited States record; and to Latin America (27) and Other. These may be due to timelags since some large repayments were made in 1954. Switzerland reported total re-payments of only 69, discrepancy, + 11. Other discrepancies were negligible.

APP

END

IX T

AB

LE B

-VEx

traor

dina

ry R

epat

riatio

ns, F

ive-

Yea

r Tot

als,

1950

—54

(mill

ions

of d

olla

rs)

.

Bor

row

ers

Tota

l

Lend

ers

Gro

up1

Gro

ups 2

, 3, 4

Tota

lU

SU

KC

OEE

C

Tota

l—

627

—56

3—

56—

399

—10

8—

64G

roup

1—

84—

51—

11—

40—

33U

S (n

.s.)

—2

Egy

—2

UK

(n.s.

)—

28m

d —

19Eg

y—9

Fr (n

.s.)

—24

Ita_2

4aG

er (r

eal e

stat

e)—

27—

11U

ni —

16U

niO

EEC

(n.s.

)3

Yug

—1

Egy—

2G

roup

2—

13—

13U

ru (w

ater

supp

ly)

—13

Gro

up-3

—16

5—

163

—55

—77

—31

—2

Bra

(rai

lroad

)—

32—

32—

32C

ub (r

ailro

ad)

—12

—12

—12

Mex

(pet

role

um, a

gric

ultu

re)

—68

—68

—55

—13

Ven

(tel

epho

ne)

—10

—10

—10

Gr (

agric

ultu

re)

—2

—2

—2

Leb

(urb

an tr

ansi

t)—

5—

5Fr

—5

Yug

(n.s.

)—

36—

34—

8B

el —

1Sw

e —

2Fr

—5

Ita—

16°

Swi—

4G

roup

4—

365

—33

6—

1—

298

—37

—29

Bol

(min

ing)

—3

—3

—3

Dom

(n.s.

)—

1—

1—

1Ph

i (ra

ilroa

d)—

13—

13—

13B

ur (p

etro

leum

; n.s.

)—

18—

8—

8In

d—lO

Cey

(agr

icul

ture

; n.s.

)—

31—

27m

d —

4In

db—

209

—20

9—

209

Ins (

n-s.)

—20

—20

Nth

—20

Eth

(n.s.

)—

3—

3ha

a

Sud

(agr

icul

ture

)—

15—

15—

15Eg

y (n

.s.)

—39

—35

—21

Fr —

4U

niM

E —

4U

ni —

10Pa

r (po

wer

, ban

king

)—

6—

2—

2B

ra —

4U

mM

E (n

.s.)

—7

Egy

—7

-J

128 Appendix BNOTES TO APPENDIX TABLE B-V

a Liquidation of Italian investment in settlement of reparations (therefore offset inAppendix Table B-I).

b Miscellaneous: commercial enterprises including tea estates ($55 million); trans-fers of savings of departing British personnel ($154 million); both amounts may includeother remittances.

n.s. = not specified.NOTE: See the List of Abbreviations at the end of Appendix B.Discrepancies (after adjustments, if any) of partners' figures from those entered in

the table: (1) Discrepancies of the asset figures from the liability figures in cases wherethe latter figures were entered in the table—United States repatriations from Mexico,United States acknowledges only —42, discrepancy, +13. Repatriations from Yugo-slavia, acknowledged by Italy, —20, discrepancy, —4; Switzerland, —15, discrepancy,—11; Sweden, 0, discrepancy, +2. Repatriations to India, the Indian record shows aninflow of $89 million from Asian countries, according to exchange control data. Thisamount is assumed in the balance of payments to be repatriation of Indian capital.It is said to originate in Malaya and "other nearby countries" (Reserve Bank of India,Survey of India's Foreign Liabilities and Assets as on 31st December 1953, Bombay, 1955,p. 83). Burma and Ceylon acknowledge 14 of this amount. The residual of 75, pre-sumably mainly from Malaya, we excluded on the grounds that it probably consistedmainly of private remittance by Indian laborers, rather than capital repatriation."Rough estimates" for such remittance are also included in the balance of payments,but not based on the exchange control record, and these may, therefore, be incompleteor duplicated (see IMF, Balance of Payments Yearbook, Vol. 8, Indian account, notes toitems 9 and 13). (2) Discrepancies of the liability figures from the asset figures in caseswhere the latter figures were entered in the tables—The liquidation of Italian invest-ment in settlement of reparations in Continental OEEC was assumed to be France(24), since the other possible partner, Greece, acknowledges only reparations in kindand in cash. The French record (based on exchange control data) does not includethis amount.

APP

END

IX T

AB

LE B

-VI

Net

Sho

rt-Te

rm C

redi

t, C

ount

ry D

ata

(mill

ions

of d

olla

rs)

Tota

l Net

Fund

ing

ofEP

U C

redi

tIM

F Pu

r-Sp

ecia

lO

utflo

wD

ebt (

off-

or D

ebit

chas

es o

rM

ove-

Res

idua

lor

Inflo

wse

t ent

ries)

Bal

ance

sR

epur

chas

esm

ents

Cre

dit

(1)

(2)

(3)

(4)

(5)

(6)

Group 1

—31

914

0—

334

—35

047

3—

248

United States

.77

35

1453

—412

United Kingdom

192

69

336

—298

—25

110

Continent

—600

36

—670

—116

45

105

Austria

54

—53

—1

Bel

gium

(95)

138

—14

2—

2112

0Fr

ance

(—90

)24

3—

20—

313

Ger

man

y(—

602)

—10

2—

489

.—

11Ita

ly48

010

937

1N

ethe

rland

s—

454

—16

8—

7545

—25

6Sw

itzer

land

(25)

—17

019

5Ja

pan

1263

—51

(con

tinue

d)

-I..

cc

APP

END

IX T

AB

LE B

-VI (

conc

lude

d)

Tota

l Net

Fund

ing

ofEP

U C

redi

tIM

F Pu

r-Sp

ecia

lO

utflo

wD

ebt (

off-

or D

ebit

chas

es o

rM

ove-

Res

idua

lor

Inflo

wse

t ent

ries)

Bal

ance

sR

epur

chas

esm

ents

Cre

dit

(1)

(2)

(3)

(4)

(5)

(6)

—11

415

4

2

Gro

up 2

—41

—19

—33

026

8U

S-or

ient

ed—

361

4—

355

—10

UK

-orie

nted

456

—16

2530

Den

mar

k95

—75

101

69N

orw

ay84

—63

94—

1063

.Sw

eden

—25

24—

47—

2Fi

nlan

d19

316

Arg

entin

a47

47U

rugu

ay55

55G

roup

399

090

805

Bra

zil

273

245

Col

ombi

a13

811

3O

ther

US-

or. L

A3

3G

reec

ePo

rtuga

lTu

rkey

138 64 305

.90

48 72 255

rD

Yug

osla

via

8686

Oth

er C

ont.-

or.

—17

—17

2172 28 25

2—

10 3119

Gro

up 4

117

—35

—22

—40

214

US-

orie

nted

LA

—44

3—

47Ph

ilipp

ines

—70

—35

35Ta

iwan

& K

orea

715

66In

dia

—65

—47

—18

Indo

nesi

a64

15—

4594

Oth

er U

K-o

r.28

919

Para

guay

81

7Eg

ypt

45—

348

Syria

3636

CO

T44

44EP

U15

915

9B

IS—

46—

46IM

F32

132

1Fl

eets

& ta

x ha

vens

1717

Dis

crep

.1

,1 9

8—

72

193

1 ,0

1 0

SOU

RC

E: C

ount

ry a

ccou

nts.

NO

TE: I

f the

re is

a n

et in

flow

, the

re is

no

sign

bef

ore

the

figur

e; if

a n

et o

utflo

w, a

min

us si

gn.

132 Appendix BNOTES TO APPENDIX TABLE B-V1

Because the purpose of this table is to show the distribution of short-term creditand the cases where the larger cumulative inflows occurred, the countries with largertransactions are shown separately, those with moderate movements have been com-bined. The flows are shown net (changes in assets minus changes in liabilities) for rea-Sons explained in the text.

The explanations of the figures in the columns and of the discrepancies follow.Column 1: Total reported (and, where possible, adjusted) inflows and outflows.

Elimination from these data of reserve movements in Continental currencies totalling—$23 million, reported by the UK and other countries, was spread over four possiblepartner countries (figures in parentheses).

Columns 2 to 5 show various special transactions, which are explained below, in-cluded in column 1; column 6 shows the residual, after the elimination of these trans-actions, representing largely trade credit.

Column 2: Contra-entries to long-term loans included in Table B-I which representfundings of short-term balances. The amounts converted to long-term loans appeartherefore as short-term repayments by the debtors and as receipts by the creditors.These debt consolidations took place between EPU members at the inception of EPU,but also included is the funding of a US short-term credit to the Philippines.

Column 3: Cumulative credit (—) and debit (+) balances of members with EPU,through which the major part of intra-OEEC trade was cleared, partly by payments indollars and gold, partly by the extension of these balances. Credit balances exceededdebit balances, resulting in a net receipt by EPU.

Column 4: Currency transactions, purchases or repurchases (—), with the IMF,which resulted in net repayments (repurchases) to the Fund.

Column 5: Transactions other than credit. The net inflow into the US mainly fromCanada (Cr. 2, US-oriented) seems to have consisted chiefly of liquid funds. The othertransactions covet' the following: repatriations of various funds from Indonesia to theNetherlands, from unidentified countries to Greece, from the UK to Ireland (Gr. 2,UK-oriented); dividends declared but not paid by Rhodesia (Cr. 2, UK-oriented),owed to the UK; and currency payments for smuggled imports by Taiwan.

Discrepancy: Since the algebraic sum of the net flows of all countries should beequal to zero, the positive sum of column 1 is the discrepancy between the data (identi-cal with the discrepancy shown in Table 2), which indicates nonreported outflows ofthat magnitude. As explained in the text, this discrepancy was assumed to consistlargely of the nonreported credits extended by the Continental OEEC countries ofGroup 1 (except for the discrepancies of columns 2—5; the discrepancy of column 5consists of the US-Canadian discrepancy and the missing partner data of Greece andTaiwan). In other words, it was assumed that the Continent had a much larger outflowthan that shown in column 1, and a large outflow instead of the inflow appearing incolumn 6. In Table 1 the figure for the Continent was therefore built up from thereceipts of the other groups and the net figures here were ignored. For this reasonthe Group I figure in this table cannot be reconciled with that in Table 1, but the netfigures for Groups 2, 3, and 4 are consistent with the respective gross figures in Table 1.See also the notes to Table 1,

APP

END

IX T

AB

LE B

-Vu

Cha

nges

in R

eser

ves a

nd C

orre

spon

dent

Acc

ount

s, Fi

ve-Y

ear T

otal

s, 19

50—

54(m

illio

ns o

f dol

lars

)

Bor

row

ers (

curr

enci

es h

eld)

Tota

lU

SU

KTo

tal

Lend

ers

Cur

renc

yD

olla

rSt

erlin

gO

ther

aG

old

and

(hol

ders

of c

urre

ncie

s)H

oldi

ngs

Res

erve

sR

eser

ves

Cur

renc

ies

Gol

dC

urre

ncie

s

Tota

l6,

942

4,96

41,

251

727

1,93

08,

872

Gro

up 1

3,75

43,

397

—8

365

141

3,89

5US

159

135

24

—2,770

—2,

611

UK

—156

—86

—70

1,200

1,044

Cont

2,917

2,843

—331

405

1,710

4,627

Aus

283

287

b—4

7290

Bel

16

—87

b103

78

94

Fr

542

694

—94

58

53

595

Ger

1,218

1,218

626

1,844

ha

35

216

—194

13

91

126

Nth

—57

28

—43

—42

565

508

Swi

166

166

n.a.

n.a.

9(1

75)

Uni

dep

osits

w/BIS

357

357

357

BIS

214

214

128

342

ECCS

36

36

36

EPU

107

107

153

260

Jpn

834

640

188

61

835

(con

tinue

d)

APP

END

IX T

AB

LE B

-Vu

(con

tinue

d)

Lend

ers

Bor

row

ers (

Cur

renc

ies h

eld)

Tota

lC

urre

ncy

US

Dol

lar

UK

Ster

ling

Oth

er a

Tota

lG

old

and

(hol

ders

of c

urre

ncie

s)H

oldi

ngs

Res

erve

sR

eser

ves

Cur

renc

ies

Gol

dC

urre

ncie

s

Group 2

703

516

121

66

1,169

1,872

Can

331

298

32

1584

915

Chi

—1

—1

-3

2

Isr

—59

43—

102

—59

Ice

24

—2

2Ir

e—

29—

3—

26—

29A

sI76

—5

83—

250

126

NZ

90—

499

—5

696

RFd

9797

299

SM36

25—

213

7210

8D

en80

657

880

Nor

4734

—1

14—

740

Swe

—6

59—

63•—

219

518

9Fi

n10

017

4439

2512

5A

rg—76

—41

—35

155

79

Uru

15

25

—10

84

99

Group 3

176

323

—189

42

241

417

Bra

—302

—110

—192

5—297

Col

131

131

34

165

Cub

8264

C18

—11

3—

31M

ex93

410

103

Pan

1F

1

Ven

88

3139

Gr

7675

—1

25

81Po

r29

34—

525

128

0Tu

r22

—1

23—

1111

Sp59

563

—29

30Y

ug9

54

817

Leb

—3

—3

5047

SB1

—29

—29

dn.

a.(—

29)

Gro

up 4

Inde

pend

ent

—61

379

—43

4—

628

—33

CR

88

8D

om25

258

33EI

S—

3—

74

118.

Gua

11

1

Hai

1313

"—

112

Hon

83c

58

Nic

118

311

Bol

99

—17

—8

Ecu

88

210

Per

23

—1

911

Phi

—38

—38

8—

30Ta

i—

15—

15—

43—

58SK

8787

289

SAr

4444

na.

(44)

Bur

1628

—9

—3

16C

ey—

117

—11

—7

—1

md

—79

22—

91—

10—

79Pa

k—

135

—136

111

—124

Irq

191

8183

191

[by

1014

4C

10

Ins

148

39

114

—5

—94

54

(continued)

APP

END

IX T

AB

LE B

-Vu

(con

clud

ed)

Bor

row

ers

(cur

renc

ies h

eld)

Tota

lU

SU

KTo

tal

Lend

ers

Cur

renc

yD

olla

rSt

erlin

gO

ther

Gol

d an

d(h

olde

rs o

f cur

renc

ies)

Hol

ding

sR

eser

ves

Res

erve

sC

urre

ncie

sG

old

Cur

renc

ies

Gro

up 4

Inde

pend

ent (

cont

.)Th

a78

95—

192

—5

73Et

h36

16—

121

339

Irn

—14

112

—2

—14

3Su

d22

722

Par

22

2Eg

y—

354

—25

—33

12

122

—232

Syr

—14

16

—30

14

—

Gro

up 4

Dep

ende

ncie

s2,

236

13

1,878

345

62

2,298

UK

OT

2,12

45

1,88

923

02,

124

WA

f80

980

980

9EA

f,CA

f,&A

de30

331

630

3M

al a

rea

556

255

455

6HK

162

—25

187

162

WHem

171

11

160

171

0th & Una

123

17

106

123

Una

Dom

inio

n an

d C

olon

ial

secu

ritie

s inc

lude

d in

£Reserves

——

243

243

—

BeIC

144

30

3111

63

207

Nth

OT

1814

4—

1.17

FrO

T &

Por

OT

—50

—36

—14

n.a.

n.a.

(—50

)IM

F, IB

RD

, UN

134

336

—11

7—

8528

942

3

Appendix B 137

NOTES TO APPENDIX TABLE B-Vu

Other currencies consist of net changes in Continental OEEC currencies 461(deposits with BIS, otherwise mainly holdings of OEEC countries and dependencies);Canadian dollars —41 (mainly US and UK); RSA 209 (mainly ®T holdings of Do-niinion and Colonial securities); IBRD bonds 81 (for breakdown, see Appendix TableB-Il, note k); miscellaneous 17.

Included in OEEC currencies (other currencies).Including changes in, or repatriation of, foreign coin and paper currency held in

official institutions and banks, or in circulation.reduction in Iranian Sterling balances (—153) is the residual of the UK figure

for the "Other" Area. Iran reports only —58, but for solar years ending March 20.In the year ending March 20, 1950, a large reduction is reported, however, whichpartly or mainly may have taken place in early 1950. The UK residual figure was,therefore, assumed mainly to refer to Iran, although it includes any changes in SovietBloc Sterling holdings.

n.a. = not available.NOTE: If there is an increase, there is no sign before the fIgure; if a decrease, a

minus sign. See the List of Abbreviations at the end of Appendix B.Discrepancies: The total increase in currency holdings of 6,942 in this table falls

short by 274 of the total increase in liabilities reported by the reserve countries; viz.:United States 122, United Kingdom 141, Other 1-1.

Comparisons to other series: Currency Reserves — IMF, international Reserves and Li-quidity, Washington, 1958, Appendix Table 3 shows 4,400 plus coverage differencesof 1,786 to total 6,186. Difference with Appendix Table B-VII: —586 or 9 per cent,resulting mainly from the inclusion of correspondent accounts, and the exclusion ofpayments agreements balances in Appendix Table B-Vu.

Gold Reserves—Appendix Table B-Vu shows 1,930: the Federal Res, Bulletin (Dec.,1956) shows 1,960; and IMF,InternatjonalFjnancjal Statistics, Dec., 1954 and Feb., 1956(rounded figures) shows 2,000.

138 Appendix B

Statistical Notes to Appendix B

IMF, Balance of Payments Yearbook, Washington, annually, mainlyVolumes 5—8.

SUPPLEMENTARY SOURCES

United States (U.S. Department of Commerce, unless otherwisespecified) — General: Survey of Current Business (Supplement), "Bal-ance of Payments of the U.s. 1919—53" (1954); SCB, June 1956, pp.24—31: SCB Supplement "Balance of Payments of the U.S., 1949—5 1".;SCB Supplement "Balance of Payments" (1958 and 1963). Aid:Foreign Transactions of the U.S. Government, Foreign Aid, April 1952,Tables 9 and' 10; Foreign Grants and Credits &y the U.S. Government,December 1953, 1954, 1955, Tables 6 and 7; Export-Import Bank ofWashington: Semi-Annual Reports to Congress, July—December 1949—54;Statistical Abstract of the U.s. 1956, Table 1112. Portfolio: U.S. TreasuryDepartment, Treasury Bulletin, June 1955, Section II, Tables 3 and 4.Direct Investment: Balance of Payments (SCB Supplement 1963); SCB,January 1954, pp. 5—10; SCB, August 1956, pp. 14—24; The Petro-leum Publishing Company, Oil and Gas Journal, December 1954, 1955.Short-Term: U.S. Treasury Department, Treasury Bulletin, April 1955,July 1956, Section II, 2; andJuly 1956, Section I, 2 (banks); May 1950,June 1951, Section II, 4; March 1955, Section IV, 4 (brokers); July1952—56, Section IV, 1 (nonfinancial concerns). Information andbreakdowns not otherwise available were obtained from Mr. SamuelPizer and Mr. Eugene S. Kerber, whose cooperation is gratefullyacknowledged.

United Kingdom — H.M. Treasury, United Kingdom Balance of Pay-ments 1946—1 957, London, 1959; Cmd. 9119,9291; Bank of England,United Kingdom Overseas Investments, annually; Midland Bank, Ltd.,Press Release on New Capital Issue Statistics, January 1, 1955, and Mid-land Brink Review.

France — Ministère de Finance, Balance de Payements entre Ia ZoneFranc et les Pays Etrangers, annually.

Germany —Monthly Report of the Deutsche Bundesbank, particularlyJune 1961, pp. 42-43.

Canada—Dominion Bureau of Statistics, The Canadian Balance ofInternational Payments in the Post-War Years, 1946—1 952, Ottawa, 1953;The Canadian Balance of International Payments and International In-vestment, Pasition, annually (1953—58).

Appendix B 139

Australia—Commonwealth Bureau of Census and Statistics, An-nual Bulletin of Overseas Investment 1957—58 with Comparative Data for

from 1947—48, New Series No. 3, Canberra.India — Reserve Bank of India, Report on the Survey of India's For-

eign Liabilities and Assets as on 31st December 1953, Bombay, 1955;Report, as on 31st December 1955, Bombay, 1957.

Iraq—Regional distribution of petroleum investment estimated byCornelius Dwyer for NBER.

New Zealand — Department of Statistics, Report on the Official Esti-mates of Balance of Payments for the Year 1950—51; . . . for the Year 1954—

. . for the Year 1 957—58, Wellington.South Africa — South Africa Reserve Bank, The Foreign Liabilities

and Assets of the Union of South Africa, Final Results of the 1956 Census(Suppl. to Quarterly Bulletin of Statistics, December 1958).

Mexico—U.S. Department of Commerce, Investment in Mexico,Washington, 1955, p. 11, Table 16; Comision de la CNIT, EstudioGeneral sobre las Inversiones Extranjeras I, Mexico, 1955, p. 18, Table 3.

Venezuela— Banco Central de Venezuela, Memoria, 1953 and 1957;regional distribution of petroleum investment estimated by Corne-lius Dwyer for NBER.

Israel — Central Bureau of Statistics and Economic Research ofIsrael, Balance of Payments Report (Falk Report), 1957; InternationalFinancial News Service, Vol. III, 27; IV, 20, 26, 42; V, 12, 31, Washing-ton (IMF).

Japan—The Bank of Japan, The Foreign Research Society, Statis-tical Data and List of Principal Cases of Foreign Capital Investment in Japan,annually.

Dependent Overseas Territories—General source: OEEC,EconomicDevelopment of Overseas Countries and Territories Associated with OEECMember Countries, Paris, 1958. UKOT: Cmd. 8243, 8253, 8553, 8856,9169, 9489 (grants and portfolio issues). FrOT: OEEC source, Table44, p. 108; OEEC, 6th Report of the OEEC, Vol. II, Table 53, p. 231and pp. 251—3, Paris, 1955. PorOT: OEEC source, Tables 16, 18,pp. 190—1.

Nonterritorial Organizations — BIS: IMF, International Reservesand Liquidity, Washington, 1958, Appendix Table 3 (Continental de-posits); IMF, International Financial Statistics, February 1954, 1956(reserve tables); Federal Reserve Bulletins (gold). EPU: IMF, Inter-national Financial Statistics, EPU tables 1950—54; Federal Reserve Bulle-tin (gold). IBRD: IMF, International Financial Statistics, February 1956,

140 Appendix B

IBRD table; IBRD, Annual Reports, breakdowns and information nototherwise available were obtained from the staff of the IBRD, whosecooperation is gratefully acknowledged. IMF: IMF, InternationalFinancial Statistics, February 1956, IMF tables; IMF, Annual Reports,Federal Reserve Bulletin (gold).

List of Abbreviations

Ade Aden Cey CeylonAf Africa Chi ChileAfg Afghanistan COEEC Continental OEECAig Algeria Col ColombiaAnt Antilles COT Continental OverseasArg Argentina TerritoriesAsl Australia CR Costa RicaAs1OT Australian Overseas Cub Cuba

Territories Cyp CyprusAus Austria

Den DenmarkBel Belgium including Dom Dominican Republic

LuxembourgBe1C Belgian Congo in- EAf British East Africa

cluding Ruanda- ECA Economic Coopera-Urundi (Belgian tion AdministrationOverseas Territories) ECCS European Communi-

Ber Berlin ty. for Coal and SteelBIS Bank for Interna- Ecu Ecuador

tional Settlements EEur Eastern EuropeanBol Bolivia CountriesBor Borneo Egy EgyptBra Brazil EIS El SalvadorBrG British Guiana EPU European PaymentsBrH British Honduras UnionBur Burma Eth EthiopiaBWI British West Indies Eur Europe

EurI European InstitutionsCAf Central Africa (IEPA or EPU, BIS,CAm Central America and EGGS)Can Canada EXIM Export Import Bank

Appendix B 141

FE Far East Jam JamaicaFin Finland Jor JordanFr France Jpn JapanFrOT French Overseas

Territories Ken KenyaKor Korea

GC Gold CoastGer Germany

LA Latin AmericaGr GreeceLeb LebanonGua GuatemalaLib LiberiaLby LibyaHai Haiti

HK Hong KongHon Honduras Mal Malaya

ME Middle EastMex MexicoIBRD International BankMis Miscellaneousfor ReconstructionMor Moroccoand DevelopmentMSA Mutual SecurityIce Iceland

Ich Indochina Agency

JEPA Intra-European Pay-ments Agreement Nep Nepal

IIAA Institute of Inter- Nic NicaraguaAmerican Affairs Nig Nigeria

Nor NorwayIMF International Mone-NR Northern Rhodesiatary FundNth Netherlandsmd IndiaNthOT Dutch Overseas Ter-Ins Indonesia

Intl International Institu- ritoriesNtO Nonterritorial Organ-tions (UN, IBRD,

IMF) izations (UN, IMF,Ire Ireland IBRD, IEPA, EPU,Irn Iran ECCS, BIS)IRO International Refugee Nya Nyasaland

NZ New ZealandOrganizationlIrq IrajTsr Israel OECD Organization for Eco-Ita Italy nomic CooperationItS Italian Somali and Development

142 Appendix B

OEEC Organization of the Swi SwitzerlandEuropean Economic Syr SyriaCommunity

OOT Other Overseas Ter- Tai Taiwanritories Tha Thailand

OSB1 Other Soviet Bloc Tur Turkeycountries

0th Other Uga UgandaUK United Kingdom

Pak Pakistan UKOT United KingdomPal Palestine Overseas TerritoriesPan Panama UN United NationsPar Paraguay Una UnallocatedPer Peru Uni UnidentifiedPhi Philippines UNICEF United NationsPor Portugal Children's FundPorOT Portuguese Over- UNKRA United Nations

seas Territories Korean ReliefUNRWA United Nations Pales-

RFd Rhodesian Federation tine RefugeesRSA Rest of Sterling Area Uru UruguayRyl Ryukyu Islands US United States

USSR Union of Soviet So-SA Sterling Area cialist RepublicsSAf South AfricaSAr Saudi Arabia Ven VenezuelaSB1 Soviet BlocSin Singapore

WAf British West AfricaSK South KoreaWEur Western EuropeSp SpainWHem Western HemisphereSR Southern Rhodesia

Sud SudanSwe Sweden Yug Yugoslavia