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The article presents the author's comments on the research paper "International Monetary Fund," by professor John H. Williams published in the October 1944 issue of the Foreign Affairs. In his paper Williams says that it has now been recognized that the International Monetary Fund (IMF) not finance relief and reconstruction needs, or assist in the liquidation of war balances. It is also provided that members can elect to maintain exchange controls under special arrangements for the transition period. Williams wonders, therefore, what the functions of the IMF in the transition period are. The author says that even though relief, reconstruction, and development needs are not to be met by the IMF, the temporary difficulties intended to be met by the IMF will occur as frequently and be as serious in the transition period as at any other time. Temporary balance of payments difficulties are bound to arise in the course of adjustments to wartime shifts in production, transportation, and markets. For this reason there is need immediately after the World War not only for an international agreement to stabilize exchange rates and to provide for the orderly removal of exchange controls, but also for a fund of credits to help countries that do not elect to maintain controls and countries that are seeking to eliminate controls as rapidly as possible.

The article presents information related to the American Economic Association. John H. Williams of Harvard University has been appointed the chairman of the American Economic Association for the year 1953. Some members of the association who have retired from their profession include Julius B. Bearnson, professor of economics, University of Utah, Salt Lake City, Utah; Orval Bennett, professor of business and government at Washington University, St. Louis; Pembroke H. Brown, professor of economics, University of Illinois; and E. C. Stone, professor at University of Pittsburgh. A visual economic laboratory has been established at Columbia University in November 1951. The laboratory had been financed for a year by a grant from the Alfred P. Sloan Foundation, and trustees of the Foundation have made an additional grant to cover the budget of the laboratory until November 1953. The Social Science Research Council has announced a new program of stipends and fellowships designed to identify and assist able students at an early stage of their education.

This article presents developments related to economic societies and economists in the U.S. The annual meeting of the American Economic Association will be held in Boston, Massachusetts, on December 27-29, 1951. Arrangements this year are again being made on an independent rather then a joint basis, in accordance with the plan adopted in December, 1949. Alfred C. Neal, vice president of the Federal Reserve Bank of Boston, has been appointed chairman of the local arrangements committee. The president of the association, John H. Williams is responsible for the program and would appreciate suggestions of topics and speakers. Gardner Ackley, of the University of Michigan, is serving a economic adviser to the administrator of the Economic Stabilization Agency. Karl M. Arndt has been granted extended leave from the University of Nebraska to continue as a member of the staff of the Council of Economic Advisers to the President. Thomas Balogh will be visiting professor in the summer session of the University of Minnesota.

This article discusses research paper by professor John H. Williams related to economics, published in the March 1936 issue of the journal "The American Economic Review." In connection with professor Williams' paper, a question can be raised about his comments on the composition of the Open Market Committee. One can agree with professor Williams that all the instruments of credit control, including discount rates, open-ma!rket operations, changes in reserve requirements, changes in margin requirements, and changes in interest rates on deposits, should be concentrated in one authority. But if all these powers are to be concentrated in one authority, the question arises whether a committee consisting of seven members of The U.S. Federal Reserve Board and five representatives of the banks is the best authority to which to entrust all these powers. There is one more question in mind whether it is proper to entrust all the important policy matters to a committee which only meets periodically. It seems that in order to discharge its functions adequately the body that has the responsibility for credit policy should be in continuous session, giving its entire time to such problems. This question will have to be settled some day. In the meantime, it may be that as a practical matter of operation it will work out satisfactorily under the existing law. If it does not, then the law will ultimately be modified.