A.—B

VIII The United Nations Monetary and Financial Conference Rc.ioli ress . ts gratitu^e t0 t h e President of the United States, Franklin D. Roosevelt, for his initiative in convening the present Conference and for its preparation; 2 To express to its President, The Honourable Henry Morgenthau, Jr., its deep appreciation for the admirable manner m which he has guided the Conference, 3 To express to the Officers and Staff of the Secretariat, its appreciation for their untiring services and diligent efforts in contributing to the attainment of the objectives of the Conference. , , , , , » . In witness whereof, the following delegates sign the present 1 mal Act— Done at Bretton Woods, New Hampshire, on the twenty-second day. of July, nineteen hundred and forty-four, in the English language, the original to be deposited in the archives of the Department of State of the United States, and certified copies thereof to be furnished by the Government of the United States of America to each of the Governments and Authorities represented at the Conference. [Signatures fallow.]

ANNEX A—ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND The Governments on whose behalf the present Agreement is signed agree as follows:INTRODUCTORY ARTICLE The International Monetary Fund is established and shall operate in accordance with the following provisions:— ARTICLE I.—PURPOSES The purposes of the International Monetary 1 und aie— , , (i) To promote international monetary co-operation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems: _ (ii) To facilitate the expansion and balanced growth of international Irade, and to contribute thereby to the promotion and maintenance of high levels ot employment and real income and to the development of the productive resources of all members as primary. objectives of economic policy: (iii) To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation : (iv) To assist in the establishment of a multilateral system of payments m respect of current transactions between members and in the elimination of foreign exchange restrictions which hamper the growth of world trade: (v) To give confidence to members by making the Fund's resourcesi available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international piospeiity. (vi) In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members. The Fund shall be guided in all its decisions by the purposes set forth m this article. ARTICLE lI.—MEMBERSHIP Section 1. —Original Members The original members of the Fund shall be those of the countries represented at the United Nations Monetary and Financial Conference whose Governments accept membership before the date specified'in Article XX, Section 2 (e). Section 2.—Other Members Membership shall be open to the Governments of other countries at such times and m accordance with such terms as may be prescribed by the £ und. ARTICLE 111. —QUOTAS AND SUBSCRIPTIONS Section 1. —Quotas Each member shall be assigned a quota. The quotas of the members represented at the United Nations Monetary and Financial Conference which accept membership before the date specified in Article XX, Section 2 _(e), shall be those set forth m Schedule A. The quotas of other members shall be determined by the h und.

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