37. Editorial Note

The annual meetings of the Boards of Governors of the International Monetary Fund, the International Bank for Reconstruction and Development, and the International Finance Corporation were held in New Delhi, October 6–10, 1958. Secretary of the Treasury Robert B. Anderson, U.S. Governor of the three institutions, led the U.S. delegation. U.S. proposals calling for study of measures to increase the resources of the Bank and the Fund were adopted by both Boards of Governors and referred to their executive boards.

In a statement released at New Delhi on October 7, Secretary Anderson reaffirmed the U.S. position that the price of gold in U.S. dollars should remain unchanged. This statement reads in part as follows: “The assured interchangeability of gold and dollars at $35 per ounce for the settlement of international accounts is a basic element of strength in the international financial structure.” He also noted that he believed “that attention should be focused upon the adequacy of resources to meet temporary imbalances of individual countries, rather than upon the subject of the price of gold.”

The full text of the statement is printed in Department of State Bulletin, November 17, 1958, page 795. The texts of statements made by Anderson and Under Secretary of State for Economic Affairs C. Douglas Dillon in the course of the meetings are printed ibid., pages 793–798.