M. Speeches by Eugene Meyer (1946-47)
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Eugene Meyer served as the first President of the World Bank from 1946 to 1947.
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Address at the Annual Meeting of the Life Insurance Association of America(World Bank, Washington, DC, 1946-12-13) Meyer, EugeneEugene Meyer, the recently resigned President of the International Bank for Reconstruction and Development, spoke about stepping down to allow a permanent head to take over operations. He spoke about insurance companies of the nation and how they are an important factor in its social security. He discussed the Bank's lending operations. Most of the funds must be obtained through the sale of debentures in the public markets from time to time. The security behind the Bank's obligations its reserves, its paid-in capital on hand and its ability to call upon its members for part or all of the remaining eighty percent of their subscriptions. He highlighted the importance of the International Monetary Fund which has the task of bringing stability into the chaotic area of international currency exchange. He concluded by saying that whether we live in a borrowing or lending country we can all play our part in improving international relations and in strengthening the forces which benefit men in their daily lives.
Address at the Annual Meeting of the Academy of Political Science(World Bank, Washington, DC, 1946-11-07) Meyer, EugeneEugene Meyer, President of the International Bank for Reconstruction and Development, spoke about the marriage partnership between politics and economics in which divorce is an impossibility. The essential objective and the operation of the Bank which is to promote the international flow of long-term capital and to assure funds for the reconstruction of devastated areas and the development of resources in member countries. The Bank does not compete with private banks, but rather serves to promote foreign investment. It is empowered to extend credit from its own capital, borrow capital, and issue loan guarantees. World stability is threatened by a starvation for the materials with which to reconstruct. He stressed the need for settling the labor disputes without the disastrous strikes which bring about world starvation. The Bank can play the accelerating role of reconstruction and development for which it was established.
Address Presenting the First Annual Report(World Bank, Washington, DC, 1946-09-30) Meyer, EugeneEugene Meyer, President of the International Bank for Reconstruction and Development, presented the First Annual Report by the Executive Directors to the Board of Governors. The report had its genesis over three years during a war in which nearly all mankind was engaged. Meyer details the happenings from 1944 to 1946 and the founding of the organization. The Bank was created to assist in the reconstruction and development of its members by investing capital for productive purposes. Key personnel have been appointed, and working procedures developed. The Bank commenced formal operations on June 25th. Loan requests have been received from two countries. Meyer expects to be lending large sums of money. The goal is to promote peace and prosperity through monetary stabilization and the restoration of international credit, thereby improving the lot of humanity.