note (1) page 32 National Institute Economic Review, November 1959, no. 6, page 13.

note (2) page 32 The joint report of the six German research institutes commented in December 1959 that ‘The present situation is once more a very pungent reminder that the tools of economic policy outside the field of money and credit, i.e. above all the adjustment of fiscal policy to the state of the economy, must be more fully developed if the aims of monetary stability and steady growth are to be attained.’

note (1) page 34 The values of French imports and therefore of total EEC imports, in 1959 compared with the period before December 1958, are understated when the franc values are converted into dollars, as in table 1. Imports from the countries of the franc zone, which devalued their currencies with the French franc, are shown as falling, in dollars; the true effect of the devaluation on the incomes of the primary producers, although not exactly calculable, would be less.

note (1) page 35 The U.K. balance of payments statistics do not separate capital transactions with non-sterling primary producers from those with other non-sterling countries. Hence only figures for the sterling countries can be given. The figures in table 31 include drawings from the IMF, which are not really ‘long- term’ capital.

note (1) page 37 The International Flow of Private Capital 1956-1958, De partment of Economic and Social Affairs, United Nations, New York, 1959. More detailed and up-to-date figures are avail able of German direct private investment overseas. The out flow amounted to about $100 million a year in 1958 and 1959, of which about half went to primary producing countries (mainly to South America).

note (1) page 38 National Institute Economic Review, no. 1, January 1959.

note (2) page 38 A rough adjustment has been made to the official figures (shown in table 33) for the effects of the withdrawal of Iraq from the sterling area.

note (1) page 41 Appendix table 19.