BRETTON WOODS SUPPORTED

Press, Volume LXXXII, Issue 24901, 14 June 1946, Page 4

BRETTON WOODS SUPPORTED

Attitude of Mr G. N. Bowden, MJP.

ONE OF NATIONAL PARTY MINORITY

Mr C. M. Bowden, M.P. for Wellington West, disclosed yesterday that he was one of the National Party members who will support the ratification of the Bretton Woods monetary agreement, although the majority at the last caucus of the party was opposed to ratification. Mr Bowden announced his decision during an address at a National Party luncheon in Christchurch. He hinted at a similar division of opinion in the Government ranks by referring to the Government’s "dismclination” last year to bring the subject forward and to the Eubhcation oi a pamphlet by Mr F. angstone, Labour member for Waimarino, opposing the agreement. Mr Bowden said the agreement should have come up for discussion in the last session of the New Zealand Parliament, but was “frozen out.” The Government appeared afraid to bring it forward, possibly because it had not settled its own views. Australia, where the Commonwealth Cabinet was divided, had not yet ratified the agreement Britain had ratified it on December 12. Mr Bowden said it was possible that the disinclination of the New Zealand Government to bring the agreement forward was due to ’ts import control policy, which was an obstacle to the free flow of trade. It might be that the import control policy would have

Conflict ot Opinions Mr Bowden said he had read a sheaf of publications and pamphlets and letters from economic reform and monetary associations. He had read a pamphlet by Mr Langstone, but because Mr Langstone opposed the agreement that was not necessarily a reason for supporting it. Some argued one way and some the other. Should New Zealand ratify the agreement? asked Mr Bowden. It would be for each member-of Parliament to decide which way he should vote. There might be little advantage for New Zealand to join the International Monetary Fund; New Zealand might not require to lean on the fund for exchange assistance; it might even work to New Zealand's disadvantage; but he did not hold that view. He thought there would be advdhtages. and that New Zealand would develop an expanding trade with the opening ot new markets, such as the opening of the American market for butter and cheese, which was possible if tariff barriers were lowered. Then it would not be possible for the Middle West to shut oui dairy produce from the east and west ■coasts of America. < There might be some scaling down of Imperial preferences, and New Zealand might have to look to other markets, so that New Zealand had a definite interest, in coming in. New Zealand would not be able to take part in future conferences on international exchange unleu it was a member. Mr Bowden said the fund was designed to promote a free flow of trade and full employment by preventing the rigging of exchanges.