This is the Fourth Annual Economic Report that has been issued by the Bank, and aims at providing a factual and relatively detailed description and analysis of the variousbasic trendsand developmentsin the economy of the Republic during the pastyear.The information which,it ishoped, will prove to have been presented in a readily assimilable form, necessarily has some bearing upon likely developmentsin thenearfuture aswell, and providesthe essentialbackground tothe comments oncurrent and prospective conditionswhichIshall make at the Annual General Meeting of Stockholderson19thAugust.