PROTEST ON WORLD BANK APPLICATION

Press, Volume C, Issue 29514, 16 May 1961, Page 16

PROTEST ON WORLD BANK APPLICATION

(New Zealand Press Association)

WELLINGTON. May 15.

The Dominion conference of the New Zealand Social Credit Political League in Wellington, today protested against the Government’s application to join the International Monetary Fund and World Bank, says a supplied report. A resolution, which was passed unanimously, will be sent to the Prime Minister (Mr Holyoake) and the Minister of Finance (Mr Lake). The resolution said: “Thai this conference protests in the strongest terms against the recent application of the National Government to join the International Monetary Fund and World Bank, particularly because the Government was elected on an official policy and platform which did not include any mention of the World Bank and, therefore, the Government has ho mandate from the people;

"And that, because of this lack of mandate, this confer-

ence views with very real concern even the contemplation of world bank membership tor New Zealand, for many reasons, including the following:— “(1) The lost of economic sovereignty. “(2) The cost of joining and the fact that New Zealand may have to borrow her first contribution.

“(3) The interference by the bank in internal and external trade and promotion of member countries. ‘‘<4) The extent of unemployment in member countries.

“<s> The failure of the world bank to stabilise exchanges which was its expressed intention.”