Annual Report: The fourth annual report of the Managing Board of the European Payments Union covered the period July 1, 1953 to June 30, 1954. The financial year 1953–1954, the report noted, was marked by a general improvement in the balance of payments of member countries with the Union, an overall trend which had been apparent in the previous financial year. However, during 1952–1953 there had been a reduction of the largest extreme positions i n EPU, whereas during 1953–1954 there had been considerable increase in some of these positions. The restoration of internal economic stability, which had begun in a number of member countries in 1952–1953, was continued during 1953–1954; during the earlier period, the improvement had been accompanied by a relative stagnation in industrial production, but during the period 1953–1954 the increase of industrial production was fairly marked, especially i n chemical products and textiles, in agriculture and in building.