1957 52697 \, International Finance Corporation ,. , . l,..":~' '.' --' LJ', FIRST ANNUAL REPORT 1956 -1957 - INTERN ATION AL FIN ANCE CORPORATION 1818 H Street N. W. Washington 25, D. C. September 27, 1957 My dear Mr. Chairman: In accordance with Section 8 of the By-Laws of the International Finance Corporation, I have been authorized by the Board of Directors to submit to the Board of Governors this First Annual Report of the Corporation. It covers developments during the period from July 24, 1956, the date on which the Corporation began operations, to September 10, 1957. Sincerely yours, R. L. GARNER PRESIDENT Chairman, Board of Governors International Finance Corporation WHAT IS IFe? IFC is an international institution, closely government guarantee-in productive pri affiliated with the World Bank, with capital vate enterprises in association with private of $92 million subscribed by 51 member investors who can prOVide competent man governments. IFC's purpose is to further agement. IFC does not intend to compete economic development in its less developed with private capital; nor will it exercise member countries by investing-without management functions. ELIGIBILITY OF INVESTMENT PROPOSALS IFC judges projects on the basis of their IFC will concentrate mainly on projects merits as investments for private capital. located in the less developed areas-Africa and Asia (including the Middle East), PRIVATE CHARACTER Australia and Latin America. IFC, unlike the World Bank, deals directly with private business people without gov TYPE AND SIZE OF ENTERPRISE ernment intervention and will finance only IFC will consider either the expansion or private enterprises. It will not invest in improvement of an existing enterprise, or undertakings which are government owned the creation of a new one. During the and operated, or in the management of first years, it normally will make its in which the government participates to any vestments in enterprises which are pre significant extent. However, an enterprise dominantly industrial ( manufacturing, in which some public funds have been in processing, mining), and will deal with vested is not necessarily precluded from companies whose assets, after financing, being financed by IFC if the enterprise is will equal at least $500,000. essentially private in character. SIZE OF !FC INVESTMENTS IFC does not seek and will not accept IFC will not cover more than half of the any government guarantee. total cost of an enterprise. Its investments LOCATION OF THE PROJECT are generally expected to range in size from The project must be located in a member about $100,000 to $2,000,000, at least in its country, including dependent territories. early stages. FORMS OF INVESTMENT Essentially IFC is an investing rather than to suit the circumstances of each individual a lending institution. case. Furthermore, IFC does not have a IFC will make investments which will en standard rate of interest. The rate is only courage participation by private investors, one part of the investment terms. initially, or subsequently through the pur In its investments IFC considers earning chase of IFC's investment. It will be the ob power more important than a lien on assets. jective of IFC in each case to shape its in Where IFC's investment terms are satis vestment so as to contribute to the soundness factory, it does not object to other loans, of the financial structure of the enterprise. up to an appropriate amount, ranking in IFC's investments will not be conven priority to its own investment. tional, fixed-interest loans. They will be Since its capital is in U.S. dollars, IFC intermediate between loan capital on the will, in its early years, generally make in one hand and share capital on the other vestments expressed in U.S. dollars. But it loans carrying some interest and some will invest, at least in part, in other cur right to participate in the growth of the rencies if justified by the stability of such business. currencies and by the participation rights Such participation may take the form of of the investment. (a) a right to convert the loan or some part IFC intends to revolve its portfolio by of it into share capital, or an option to sub selling its investments as soon as they scribe to share capital, or (b) a right to prove sufficiently successful to attract pri some additional income related to earnings, vate investors. However, it is prepared to or (c) both. The amount and form of the give the principals a right of first refusal participation are matters for negotiation to purchase IFC's interest in the enterprise. The preceding section is available in English, French, German and Spanish in the form of a leaflet entitled, "What Is The International Finance Corporation?" 3 THE INTERNATIONAL FINANCE CORPORATION was established on July 24, 1956, when 31 countries, with capital subscriptions totaling $78,000,000 had fulfilled the membership requirements of the Articles of Agreement. The Inaugural Meeting of the Board of Governors of the Corporation was held in conjunction with the Annual Meeting of the International Bank in Washington, D. C., on September 27, 1956. A report covering the period from July 24 to September 15, 1956, was submitted to the Board of Governors at that meeting. On September 10, 1957, the Corporation had 51 member countries, whose subscriptions totaled $92 million, as set forth in Appendix D. All the capital due has been fully paid with the exception of $590,000 which has been owed by Egypt since August 23, 1956. Additional applications for membership in the Corporation had been received from Mghanistan, Ghana, Libya and Malaya. As received, the capital has been invested in United States Govern ment obligations with maturities up to five years. Gross income from these investments to June 30, 1957, was $2,408,000, and after deduction of operating expenses of $733,000, net income for the year was $1,675,000. The balance sheet and the statement of income and expenses are attached as Appendices A and B. 5 OPERATIONS INQUIRIES AND PROPOSALS The Corporation has received a large number and variety of inquiries and proposals with reference to possible investments in many of its mem ber countries. As was inevitable with a new type of international financial organization, many inquiries have been based on a misunderstanding of its purpose, which is to use its funds for investment in private enterprises, and not to finance transactions such as export credits, installment sales, ship mortgages, and the like. Other inquiries involving commercial or agricultural projects have been declined in view of the Corporation's policy to confine its activities, in the earlier years, to the field of industrial enterprise, which includes processing of agricultural products and mining. In addition to the proposals which were outside the scope of the Corporation's activities, numbers of others were vague ideas rather than specific proposals, and had to be declined until they could be put into more tangible form. Where appropriate the Corporation has sought to make suggestions on how this might be accomplished. The Corporation has also had correspondence and discussions with a large number of industrial firms, financial groups and individuals regard ing the Corporation's policies and operations. Many of these are large European and United States companies with long experience in the foreign field, as well as a wide variety of smaller concerns, some of which are considering foreign operations for the first time. There has also been wide-spread interest, and a number of specific proposals, originating from the less industrially developed countries, in which the Corporation expects to concentrate its investments. A number of investment proposals which at first appeared promising showed, after investigation, weaknesses of various types making them unsuitable for IFC financing. On the other hand, several proposals on which considerable work was done were postponed or withdrawn by the sponsors for various reasons. Some decided to do the entire financing themselves; some secured financing from other sources. A few have been withdrawn because of inability to agree on financial terms. 6 All these factors make it difficult to be specific regarding the number of applications for investment received by the Corporation. However, as a rough approximation, there are now before the Corporation between 25 and 30 proposals which appear to be within the scope of its operations and which offer reasonable prospects of being suitable for investment. The largest number of these proposals concerns projects located in Latin America; a somewhat smaller number is for projects in Asia and the Middle East with relatively few in other areas. The proposals include projects for pulp, paper and forest products; textiles; agricultural, industrial and construction machinery; engineering; chemicals; food processing; cement; mining; and printing. The projects now under consideration are in various stages of study relating to the character, ability and experience of the sponsor, provisions for management, market prospects, engineering and other technical fea tures, proposed financing, and prospects of profitable operations. It is, of course, necessary also to take into account the general situation in the country in which the investment is to be located, together with the laws and regulations which would apply to the proposal. INVESTMENTS As of September 10, 1957, the Corporation had entered into four commit ments totaling the equivalent of $5,320,000 as follows: $2 million invest ment in Siemens do Brasil Companhia de Electricidade, in Brazil; the equivalent of $600,000 in Engranes y Productos Industriales, S.A., in Mexico; $2.2 million in Empresa !vEnera de Mantos Blancos, S.A., in Chile; and the equivalent of $520,000 in Bristol de Mexico, S.A., in Mexico. Siemens do Brasil Companhia de Electricidade, in Brazil On June 20, 1957, the Corporation reached an agreement, subject to com pletion of the necessary legal formalities, for a $2 million investment in Siemens do Brasil Companhia de Electricidade. Siemens do Brasil is owned by Siemens of Germany, the largest manufacturing enterprise in that country. The Corporation's investment, together with the equivalent of $8.5 million being invested by Siemens of Germany, will be used to expand 7 the plant facilities and business of Siemens do Brasil for the manufacture of electric generating equipment, sWitchgear, transformers, large motors and accessories for utility and industrial application as well as telephone equipment. This will be the first integrated plant for manufacture of such a broad range of heavy electrical apparatus in Brazil. Construction is now under way, with initial production due to start at the beginning of 1958, and completion scheduled in three years. The Corporation's investment of $2 million will be in notes bearing in terest at 6%, maturing in 15 years, with amortization beginning at the end of the 11th year, to retire the issue in equal annual amounts by maturity. The Corporation will receive a 15-year option on shares equivalent to the complete conversion of its notes. Engranes y Productos Industriales, S.A., in Mexico On August 13, 1957, the Corporation reached an agreement, subject to completion of the necessary legal formalities, for an investment equiva lent to U.S. $600,000 in Engranes y Productos Industriales, S.A., a Mexican company, owned by Mexican and American stockholders. The Corporation's investment, together with an investment by the shareholders of Engranes, will be used to expand the plant facilities and business for the manufacture and sale of a variety of industrial products and components. This will include the addition of machine tooling for the manufacture of automotive and other mechanical parts, a forge shop, and an electric steel furnace. The expanded project will represent the first manufacture in Mexico of automotive differential gears and universal joints, hydraulic jacks, and rock-drill parts. Production of some of these items will start this autumn and should be under way for all items in 1958. Engranes is the outgrowth of three separate manufacturing enterprises started in 1953 by a young American engineer who settled in Mexico a few years before. The present company was formed early this year by the consolidation of the three enterprises: a machine shop; an iron and non-ferrous metal foundry; and a plate shop for production of tanks and steel fabrication. The Corporation's investment, equivalent to U.S. $600,000, will be in notes, half denominated in dollars and half in Mexican pesos. Both the dollar and peso portions will bear interest at 7 % per annum, plus con tingent interest related to the company's future earnings. Final maturity 8 of the notes will be in 10 years, with amortization beginning during the fourth year, to retire the issue in equal semi-annual amounts. The Cor poration will receive a 1O-year option on shares equivalent to the conver sion of 40% of its total investment. Empresa Minera de Mantos Blancos, S.A., in Chile On August 20, 1957, the Corporation reached an agreement, subject to completion of the necessary legal formalities, for a $2.2 million invest ment in Empresa Minera de Mantos Blancos, S.A., a Chilean Corporation. Mantos Blancos is controlled by Empresas Sudamericanas Consolidades, S.A., a Panamanian corporation which holds the extensive mining, in dustrial and commercial interests of Dr. Mauricio Hochshild and his as sociates in the major countries of North and South America and Europe. Corporacion de Fomento de la Produccion of Chile and other Chilean and foreign nationals have small investment interests in Mantos Blancos. The Corporation's invesbnent is part of a financial program totaling $12.8 million for development of the Mantos Blancos copper mine and a smelter located 45 kilometers northeast of Antofagasta, largest city and port of northern Chile. The ore deposit has been known for many years but the development of the property required new metallurgical methods for treating the ore and also an adequate and reliable source of water which became available only this year. About $3 million has been invested by the Hochschild interests dur ing the past several years in defining the Mantos Blancos ore bodies, and in engineering, through extensive pilot plant operations, a satisfactory metallurgical process. The proven ore body will now be developed and a metallurgical plant constructed to process 2,000 tons of ore per day, producing about 25 million pounds of refined copper per year. Full-scale operations are expected by mid-1959. Including the $3 million already invested in common shares by the stockholders' group, total capital of Mantos Blancos will amount to $12.8 million, of which half will be in the form of debt and half equity. The Hochschild group is committed to provide the total equity of $6.4 million and $2.2 million in debt. The balance of debt financing will be provided by $2 million from the American Overseas Finance Company of New York and $2.2 million from IFC. 9 The Corporation's investment of $2.2 million will be in debentures bearing interest at 7 %, with amortization beginning in the seventh year to be retired in equal semi-annual amounts. The Corporation will receive option rights to purchase $1.1 million of Mantos Blancos common stock. In addition, the Corporation will receive conditional payments dependent upon the amount of dividends. Bristol de Mexico, S.A., in Mexico On September 10, 1957, the Corporation reached an agreement, subject to completion of the necessary legal formalities, for an investment of the equivalent of U.S. $520,000 (half in U.S. dollars and half in Mexican pesos) in Bristol de Mexico, S.A. Bristol de Mexico is owned by The Bristol Aeroplane Company of Canada, the majority stockholder; Aero naves de Mexico, S. A., a leading Mexican airline; and other private Mexican investors. Bristol of Canada is a subsidiary of The Bristol Aero plane Company Limited of England. The Corporation's investment, together with an investment equivalent to $912,000 by the shareholders of Bristol de Mexico, will finance the establishment of an overhaul and repair shop adjoining the Mexico City airport. The plant will be equipped to process engines of the types used in DC-3, DC-4, DC-6 and Convair aircraft, which are most widely used in Mexico. This is the first shop in Mexico fully equipped to handle the complete overhaul and testing of such engines. The plant has a capacity to overhaul about 480 engines of the four principal types per year. Plant construction is completed, and preliminary operations are starting. The Aeronaves Airline will pay for its subscription to shares in Bristol de Mexico in the form of inventory of spare engine parts and equipment from its repair shop at Torreon which it has now closed. Aeronaves has contracted with Bristol for all its engine overhaul and repair business. Bristol de Mexico has entered into a management contract with Bristol of Canada to furnish a general manager and supervisory personnel as needed. The nucleus of the work force consists of the trained mechanics and foremen transferred from the Aeronaves shop, which will be augmented by selected students trained by the International Civil Aviation Organization. The Corporation's investment equivalent to U.S. $520,000 will be in notes, denominated half in dollars and half in pesos. Both portions will bear 10 interest at 7 % per annum plus contingent interest payments dependent upon the amount of earnings, with amortization in thirteen semi-annual amounts starting in the third year. The Corporation will receive an option on shares equivalent to 50% of its total investment. MANAGEMENT AND STAFF In anticipation of the formation of the Corporation, a beginning was made on recruiting management and staff early in 1956. By late autumn the initial staff had reported for duty. The number of full-time officers and professional staff is 12, all located in Washington, and includes nationals of five countries. In addition, several members of the ·World Bank staff, including one representative located in Paris, are giving part time to the Corporation. Also, in the interests of economy, the Corporation uses the services of the World Bank's Economic Staff, and Legal, Treasurer's, Secretary's, Information and Administration Departments. The Corporation reimburses the Bank for these services. Supplementing the work of its own full-time staff, the Corporation has retained two engineering consultants on part time. In addition, it has used the services of 15 other consultants on specific assignments in the fields of engineering, production, marketing and accountancy. They have been recruited from professional firms and industrial companies in North America, Europe and Latin America. 11 APPENDICES BALANCE SHEET A STATEMENT OF INCOME AND EXPENSES B OPINION OF INDEPENDENT AUDITOR C SUBSCRIPTIONS TO CAPITAL STOCK AND VOTING POWER. D GOVERNORS AND ALTERNATES E EXECUTIVE DIRECTORS AND ALTERNATES F PRINCIPAL OFFICERS OF IFC G APPENDIX A Balance Sheet JUNE 30, 1957 ASSETS DUE FROM BANKS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 55,444 UNITED STATES GOVERNMENT OBLIGATIONS ($94,205,000 face amount; at cost plus accumulated discount)..................................... . $92,429,111 Accrued Interest .............................. . 472,996 92,902,107 RECEIVABLE ON ACCOUNT OF SUBSCRIDED CAPITAL Past Due (Egypt). .. . ... ... . . . .. . . . .. . ....... . . .. .. . .. . ... . . 590,000 OTHER ASSETS.. . . . .. . . .. . .. . . . . . . .. . . . .. . . .. ... . . . . . .. . ... . .. 56,730 TOTAL ASSETS................................... $93,604,281 LIABILITIES AND CAPITAL (Note) ACCOUNTS PAYABLE AND ACCRUED EXPENSES. . . . . . . . . . . . . . . . . . . . . $ 69,349 CAPITAL Capital Stock Authorized 100,000 shares of $1,000 par value each Subscrihed 91,892 shares.. . . . . . . . . . . . . . . . . . . $91,892,000 Net Income For the period July 24, 1956 to June 30, 1957 (See Appendix B).... . $1,675,382 Less-Organization expenses incurred prior to July 24, 1956 ......... . 32,450 1,642,932 93,534,932 The Corporation has entered into a commitment for a $2,000,000 investment in Siemens do Brasil Companhia de Electricidade for expansion of manufacturing operations subject to the completion of necessary legal formalities and satisfaction of other conditions. The investment is to he represented by 6% notes maturing in 15 years with amortiza tion beginning at the end of the eleventh year. In addition, the Corporation is to receive a 15-year option on shares of the Company. TOTAL LIABILITIES AND CAPITAL............... $93,604,281 Note: At June 30,1957, the Corporation held in trust 3,173.509 fine ounces of gold received from the Government of Afghanistan in connection with an application for membership sub mitted by Afghanistan. 14 APPENDIX B Statement of Income and Expenses FOR THE PERIOD JULY 24, 1956 TO JUNE 30, 1957 INCOME Income from investments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,408,048 EXPENSES Administrative expenses: Personal services .................................... . $ 424,905 Contributions to staff benefits ........................ . 38,294 Fees and compensation .............................. . 42,123 Representation ..................................... . 13,004 Travel. ............................................ . 69,395 Supplies ........................................... . 13,611 Rents and utility services ............................. . 51,729 Communication services ............................. . 15,826 Furniture and equipment ............................ . 33,743 Books and library services ........................... . 8,834 Printing ........................................... . 13,858 Insurance .......................................... . 1,981 Other expenses ..................................... . 5,363 $ 732,666 NET INCOME.. . . ... ... . . ·. . . . . . . ..·.· ·... . . ..... ... ... . .. $1,675,382 15 APPENDIX C Opinion of Independent Auditor 1000 VERMONT AVENUE, N. W., WASfllNGTON 5, D. C. August 6, 1957 To INTERNATIONAL FINANCE CoRPORATION WASfllNGTON, D. C. In our opinion, the accompanying financial statements present fairly the financial position of International Finance Corporation at June 30, 1957, and its income and expenses for the period July 24, 1956 to June 30, 1957, in conformity with generally accepted accounting principles. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary. PRICE WATERHOUSE & Co. FINANCIAL STATEMENTS COVERED BY THE FOREGOING OPINION BALANCE SHEET ······..···.·.··..··.····.·.···.···.·.·..·· APPENDIX A STATEMENT OF INCOME AND EXPENSES .····..·.·..····.·····.· APPENDIX B 16 $ 4 ,.11 APPENDIX D Statement of Subscriptions to Capital Stock and Voting Power SEPTEMBER 10, 1957 Subscriptions Voting Power Amount (in thousands Percent Number Percent Member of dollars) of total of votes of total Australia .............................. $ 2,215 2.40 2,465 2.34 Austria ....... , , . , ..... , , ..... , , ..... , 554 .60 804 .76 Belgium.................. , , , , , . , , , , , , , 2,492 2,70 2,742 2.61 Bolivia.... , ........................... 78 .08 328 .31 BraziL .·.............................. 1,163 1.26 1,413 1.34 Burma ................................ 166 .18 416 .40 Canada ... , , .. , , , , , ............ , .. , ... 3.600 3.89 3,850 3,66 Ceylon.... , . , ................ , 166 .18 416 .40 Chile .·.. , .... , .. , , , , . , .. , , ........... 388 .42 638 .61 Colombia ............................. 388 .42 638 .61 Costa Rica ............................ 22 .02 272 .26 Cuba ........... ,', ................... 388 .42 638 .61 Denmark...·................. , . , , , , ... 753 .81 1,003 .95 Dominican Republic .................... 22 .02 272 ,26 Ecuador............................... 35 .04 285 .27 EI1 Pt *............................... 590 .64 840 .80 E Salvador............................ II .01 261 .25 Ethiopia .............................. 33 .04 283 .27 Finland ............ , ........ , ......... 421 .46 671 .64 France.. , , , , , ......................... 5,815 6.29 6,065 5.77 Germany.............................. 3,655 3.95 3,905 3.71 Guatemala ............................ 22 .02 272 .26 Haiti. ................................ 22 .02 272 .26 Honduras ............................. II .01 261 .25 Iceland ................................ II .01 261 .25 India ................................. 4,431 4.79 4,681 4.45 Indonesia ............................. 1,218 1.32 1,468 1.39 Iran .·................................ 372 .40 622 .59 Iraq ··................................ 67 .07 317 .30 Israel. ................................ 50 .05 300 .28 Italy .................................. 1,994 2.16 2,244 2.13 Japan ................................. 2,769 3.00 3,019 2.87 Jordan ........... ................. , . ~ 33 .04 283 .27 Lebanon .............................. 50 .05 300 .28 Luxembourg........................... III .12 361 .34 Mexico .............................. 720 .78 970 .92 Netherlands ........................... 3,046 3.30 3,296 3.13 Nicaragua·............................ 9 .01 259 .25 Norway............................... 554 .60 804 .76 Pakistan .............................. 1,108 1.20 1,358 1.29 Panama............................... 2 t 252 .24 Paraguay .............................. 16 .02 266 .25 Peru.................................. 194 .21 444 .42 Philippines ............................ 166 .18 416 .40 Sweden ............................... 1,108 1.20 1,358 1.29 Thailand .............................. 139 .15 389 .37 Turkey................................ 476 .51 726 .69 Union of South Africa .................. 1,108 1.20 1,358 1.29 United Kingdom ....................... 14,400 15.58 14,650 13.93 United States .......................... 35,168 38.04 35,418 33.67 Venezuela ............................. 116 .13 366 - .35 ..~ Totals ...................... 100.00 105,196 100.00 · The subscription of Egypt has not been paid, having been due since August 23, 1956. t Less than .005 per cent. 17 APPENDIX E Governors and Alternates SEPTEMBER 10, 1957 Member Government Governor Alternate Australia Sir Arthur Fadden Sir Roland Wilson Austria Rheinard Kamitz Wilhelm Teufenstein Belgium Henri Liebaert Jean Van Nieuwenhuyse Bolivia Miguel Gisbert Fernando Pou Munt Brazil . Jose Maria Alkmim Eurico de Aguiar Salles Burma Boh Khin Maung Gale U Kyaw Nyun Canada Donald M. Fleming A. F. W. Plumptre Ceylon Stanley de Zoysa R. S. S. Gunewardene Chile. Felipe Herrera Colombia Ignacio Copete-Lizarralde Eduardo Arias Robledo Costa Rica Angel Coronas Mario Fernandez Cuba . Joaquin E. Meyer Denmark. Svend Nielsen Hakon Jespersen Dominican Republic Arturo Despradel Oscar G. Ginebra Henriquez Ecuador . Luis Ernesto Borja Guillermo Perez-Chiriboga Egypt. Ahmed Zaki Saad Albert Mansour El Salvador Carlos J. Canessa Luis Escalante-Arce Ethiopia Menasse Lemma George Peters Rea Finland Klaus Waris Ralf Torngren France Felix Gaillard Pierre Mendes-France Germany Ludwig Erhard Fritz Schaeffer Guatemala Edgar Alvarado Pinetta Mario Asturias-Arevalo Haiti. Maurepas Alcindor Silvere Pilie Honduras Jorge Bueso Arias Guillermo Lopez Rodezno Iceland Petur Benediktsson Vilhjalmur Thor India. T. T. Krishnamachari H. M. Patel Indonesia. Jusuf Wibisono Loekman Hakim Iran Ali Asghar Nasser Djalaleddin Aghili Iraq Ali Mumtaz Al-Daftari Mudhaffer H. Jamil Israel David Horowitz Martin Rosenbluth Italy Donato Menichella Giorgio Cigliana-Piazza Japan Hisato Ichimada Masamichi Yamagiwa Jordan Anastas Hanania Mohammad Ali Rida Lebanon Andre Tueni Raja Himadeh Luxembourg Pierre Werner Rene Franck Mexico Antonio Carrillo Flores Jose Hernandez Delgado Netherlands H. J. Hofstra A. M. de Jong Nicaragua Guillermo Sevilla-Sacasa Enrique Delgado Norway Arne Skaug Carsten Nielsen Pakistan Syed Amjad Ali M. A. Mozaffar Panama Ricardo M. Arias Espinosa Julio E. Heurtematte Paraguay Osvaldo Chaves Federico Mandelburger Peru Fernando Berckemeyer Emilio Foley Philippines Miguel Cuaderno, Sr. Eduardo Z. Romualdez Sweden . G. E. Straeng N. G. Lange Thailand. Serm Vinicchayakul Puey Ungphakorn Turkey Hasan Polatkan Sait Naci Ergin Union of South Africa Jozua Francois Naude M. H. de Kock United Kingdom Peter Thorneycroft Sir Leslie Rowan United States Robert B. Anderson C. Douglas Dillon Venezuela Jose Joaquin Gonzalez- Alejandro J. Huizi-Aguiar Gorrondona, Jr. 18 APPENDIX F Directors and Alternates and Their Voting Power SEPTEMBER 10, 1957 Total Director Alternate Casting votes of votes APPOINTED John S. Hooker United States 35,418 G. F. Thorold David B. Pitblado United Kingdom 14,650 Rene Larre Jean-Maxime Leveque France 6,065 V. Narahari Rao P. J. J. Pinto India 4,681 ELECTED Thomas Basyn Max Thurn Austria, Belgium, Luxembourg, (Belgium) (Austria) Turkey 4,633 Takeshi Watanabe U Thet Tun Burma, Ceylon, Japan, (Japan) (Burma) Thailand 4,240 Sven Viig Bjorn Tryggvason Denmark, Finland, Iceland, (Norway) (Iceland) Norway, Sweden 4,097 Mohammad Shoaib Ali Akbar Khosropur Egypt, Ethiopia, Iran, Iraq, (Pakistan) (Iran) Jordan, Lebanon, Pakistan 4,003 Luis Machado Jorge A. Montealegre Costa Rica, Cuba, EI Salvador, (Cuba) (Nicaragua) Guatemala, Honduras, Mexico, Nicaragua, Panama, Peru, Venezuela 3,995 Otto Donner Karl-Heinz Drechsler Germany 3,905 (Germany) (Germany) Louis Rasminsky Alan B. Hockin Canada 3,850 (Canada) (Canada) B. B. Callaghan B. E. Fleming Australia, Union of South (Australia) (Australia) Africa 3,823 Soetikno Slamet Carlo Gragnani Indonesia, Italy 3,712 (/ndanesia) (Italy) P. Lieftinck J. Smole Israel, Netherlands 3,596 (Netherlands) (Yugoslavia) Jorge Mejia-Palacio Brazil, Colombia, Dominican (Colombia) Republic, Ecuador, Haiti, Philippines 3,296 Victor A. Pane Bolivia, Chile, Paraguay 1,232 (Paraguay) 19 APPENDIX G Principal Officers of IFe President. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. ROBERT L. GARNER Vice President..... ............................... JOHN G. BEEVOR Assistant to the President. . . . . . . . . . . . . . . . . . . . . .. RICHARD H. DEMUTH General Counsel ................................ DAVIDSON SOMMERS Financial Adviser. . . .. . . . . . . . .. . . . . . . . . . . . . . . .. BRODERICK HASKELL Engineering Adviser. . . . . . . . . . . . · . . . . . . . . . . . . . . .. WILLIAM J. JENKINS The Offices of Treasurer, Secretary, Director 0/ Administration, and Director 0/ Ill/ormation are held by the corresponding officers of the International Bank for Reconstruction and Development (World Bank). ....................................--------------------------------------------------------