.-,-· .. - ; · · · · _ , . . . ,,.·J,-t,,1 • INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT FOR THE PRESS FOR IMMEDIATE REL~ASE Press Release No. 42 May 7, 1947 The International Bank for Reconstruction and Development announced today that the financial statements of the Bank, which include the balance sheet as of March 31, 1947 and the statement of profit and loss for the nine months ended March 31, 1947, have been submitted to the 44 Member Goverr1rnents. Tho subscribed capital stock of the International Bank incrGasod by )223,000,000 in the threG months ended March 31, 1947, bringine total stock subscriptions to ;p8,0l3,500,000. This increase resulted from thG capital subscriptions made by Italy and Turkey on becoming member::; of the Bank during this poriod. Funds currently available to the Bank amount • to approximately ~~1,597 ,000,000, of which slightly more than :)726,000,000 is rf.presentcd by United States dollars. These dollars include $635,000,000 paid by the United States and approximately ·:~92,000,000 paid by other Members in dollars or gold which has been subsequently converted into dollars. The International Bank reports an excess o.f expense ovor income amounting to $680,177 for the nine months ended March 31, 1947. This may be considered organizational rathGr than general operating exponso as, until this time, the Bank has been moving into position to begin making loans and issuing dobcmturcs. Asset items in tho balance shoot at March 31 included )ll.i7 ,691.i.,565 in U.S. Treasury Certificates of Indobtodnoss and accrued intorcst, and :$1.32, 063, 622 due from banks. • &Jria and Lebanon, with capital subscriptions of ~p6 ,500,000 and $4,500,000 rospoctivcly, joinGd tho Bank in April. • INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT MEIIORA'ND'UM RELATING TO THE FINANCIAL STATEMENTS AS OF MARCH 31, 1947 Attached hereto are the following statements of the Bank: Balance Sheet as of March 31, 1947 - Exhibit A Statement of Profit and Loss for the nine months ended March 31, 1947 - Exhibit B Since March 31, 1947, t·~~. of the four Member Governments • who, as of that date, had n,,t completed payment of their stock subscription calls, have now compleied such payments. The two others are taking the necessary steps to complete their payments. The amounts due represented currency of the members payable on or before February 25, 1947. During the three months ended March 31, 1947,· the sub- scribed capital stock of the Bank increased $223 million a~ the result of the subscription to 1800 shares by Italy and 430 shares by Turkey. On April 10, 1947, Syria and on April 14, 1947, Lebanon became members of the Bank subscribing to capital stock of $6~5 million and $4.5 million respectively. Lebanon has made all subscription payments due on or before February 25, 1947, and Syria has paid all hut the 5% call which was due on . Jbruary 2 5, 194 7 • • Exhibit A INTERNATIONAL BANK· FOR RECONSTRUCTION AND DEVELOPMENT BALANCE SHEET • MARCH 31, 194 7 ASSETS Expressed in U. S. dollars DUE FROM BANKS Member currency - United States S 12,660,184.17 Member currencies· other than United States··Note A 119.403,437.72 $ 132,063,621.89 INVESTMENT SECURITIES United States Treasury Certificates of Indebtedness (at cost less provision for amortization of premium) S 147,307,027.92 Accrued interest 387,536.92 147,694,564.84 RECEIVABLE FROM MEMBERS Non-negotiable, non-interest-bearing, demand notes-~Note B Payable in member currency· United States S 407,035,000.00 Payable in member currencies - other than United States S04,445,92~.39 $ 911,480,92~.39 Calls on subscriptions to capital stock--Note C Due prior tp March 31, 1947--Note D $ 7,006,200.00 Payable on or before May 26, 1947: Payable in member currency - United States $ 158,750,000.00 Payable in member currencies - other than United States 240,057,461. 54 398,807,461.54 Payable on or before June 25, 1951--Note E 4,915,0HO.OO 410,728,661.54 1,322,209,586.93 'IIELLANEOUS ASSETS 88,481.03 TOTAL ASSETS $1,602,056,254.69 LIABILITIES AND CAPITAL LIABILITIES Accounts payable and accrued expenses 161,589.84 CAPITAL Capital stock - $1CX>,OOO par value Authorized 100,000 shares Subscribed 80,135 shares $8,013,500,000.00 Less: Uncalled portion of suhscriptions••Note F 6,410,800,000.00 Sl,602,700,000.00 Deduct: Deficit Balance July l, 1946 125,158.36 Excess of expense over income for the nine llX>nths ended March 31, 1947--Exhihit B 680,176.79 805,335.15 NET CAPITAL l,601,894,664.85 TOTAL LIABILITIES AND CAPITAL $1, 60'2, 056, 254. 69 Note A•• Amounts in currencies other than United States dollars have been converted into United States dollars on the basi~ of the rates of exchange in effect at the dates of deposit adjusted to reflect subsequent changes in official par values of such currenc~es. N.'aj .. Notes delivered to the Bank in ac·cordance with Section 12 of Article V of its Articles of Agreement in substi_tution for member ~- currencies paid on calls of capital subscription,. Note C •• Of the 20% of the subscriptions to the capital stock of the Bank which was payable or subject to call for use i~ the operations of the Bank, 15% has been paid or called for payment on or before February 25, 1947, and the additional 5% haA been called for payment on or before May 26, 1947. Note D •• As of March 31, 1947, four Member Governments had not co~pleted payment in their currencies of calls on stock subscriptions which were due on or before February 25, 1947, Note E Payments deferred until June 25, 1951, in accordance with the provisions of Article II, Section B(a) (i), Note F -· Subject to call only when required to meet obligations of the Bank. Exhibit B • INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT STATEMENT OF PROFIT AND LOSS For the Nine Mor.ths Ended March 31. 1947 INCOME Interest earned on investment securities S 597,975.09 Deduct: EXPENSES Salaries: Executive Directors and Alternates $184,055.43 • Officers and others Expense allowances - Executive Directors and Alternates Provision for taxes on salaries and expense allowances Travel: 462,415.41 $ 646,470.84 6,678.26 110,845.29 Transportation and moving to and from seat oi Bank - Executive Directors and Alternates $ 7,651.45 Officers and others 27,076.25 Board of Governors and Alternates 51,711.10 Executive Directors and Alternates 9,475.62 Officers and others 17,897.~S 113,812.37 Rental of office quarters 58,794.23 Furniture and equipment purchased 116,531.27 Stationery, printing and supplies 69,029.31 Cable charges 6,433.49 Repairs, maintenance and alterations, rented quarters 25,52.6.71 Handling charges and storage of gold 44,844.12 Expenses (other than travel) annual meeting Board of Governors 10,561.72 Miscellaneous expenses 68,624.27 1,278,151.88 EXCESS OF EXPENSE OVER INCOME • $ 680,176.79