International Bank for Reconstruction and Development

In a statement of February 1, 1951, the International Bank reported on its financial status and operations for the period from June 30 to December 31, 1950. Net income for the last six months of 1950 amounted to $7,574,631 as compared with $6,672,667 for the first half of the year. Placed in the General Reserve against losses on loans and guarantees, this income increased the reserve to $34,572,901. Gross income for the period was $13,370,710 after deducting loan commissions of $3,114,702 which were appropriated to the Special Reserve which, as of December 31, amounted to $16,851,907. Applications for membership were received from Burma, Indonesia, Hashemite Kingdom of the Jordan and Sweden but final action had not been taken on these applications by the Board of Governors. Since September 30, 1950, three additional countries authorized the Bank to use part or all of their eighteen percent currency subscription for loans; this eighteen percent of a member's capital subscription could not be lent without the member's permission under the Articles of Agreement of the Bank. In December 1950 the Bank sold without its guarantee the following bonds from its investment portfolio: $50,000 of Credit National (France), $50,000 of Grand Duchy of Luxembourg, $50,000 of the Kingdom of the Netherlands, and 2,650,000 Swiss franc bonds of the Herstelbank of the Netherlands. Loans totalling $206,900,000 were made in the last half of 1950 and an additional $65,000,000 was lent early in 1951, bringing to $1,088,375,000 the total of loans made since the Bank began operations.