The seventeenth annual report of the Bank for International Settlements, which reviewed the period April 1, 1946, to March 31, 1947, covered such topics as 1) the transition from war to peace economy, 2) price movements, 3) recovery of foreign trade, 4) foreign exchange rates, 5) the production and movements of gold, 6) post-war settlements and new foreign lending, 7) internal credit condition, and 8) national economic plans in Europe. Reference was made to the fact that as a result of informal discussions between the President of the International Bank for Reconstruction and Development and the Chairman of the Board of Directors of the Bank for International Settlements, a memorandum had been worked out regarding the bases for cooperation between the two organizations. As of June, 1947, the Board of Directors of the Bank included representatives of Belgium, France, Italy, the Netherlands, Sweden, Switzerland, and the United Kingdom. Because of the war Germany and Japan were not represented but were still technically considered to be members.