⁽¹⁾ The effects of transactions involving the United Kingdom only because of the multilateral use of sterling are excluded.

⁽²⁾ The net effect of the various transactions with West Germany from 1957 to 1966 was to accelerate debt repayment by 83. The reserves presumably benefited correspondingly over the whole period. It is not, however, possible to distinguish accurately for a given year between effects on reserves and other short-term capital items.

⁽¹⁾ See footnote (2) on p. 95.

⁽²⁾ Imports of these aircraft are financed mainly by dollar credits, but other items may be affected to a minor extent.