TENTATIVE OUTLINE

Dominion, Volume 37, Issue 13, 11 October 1943, Page 5

TENTATIVE OUTLINE

United Nations Bank (Received October 10, 8.15 p.m.) WASHINGTON, October 9. A proposal to establish, a 10,000 million, dollar United Nations bank for re-, construction and development after the war was outlined at a Press conference, by the Treasury’s Director of Monetary Research, Mr. Harry White.. The bank, he said, would provide capital for rebuilding the world by guaranteeing loans to member countries. Mr. White emphasized that the plan was tentative and . unofficial and was only the Treasury’s views, but it had been discussed with Lord Keynes, the British economist, who was still in the United States.

The proposed bank would supplement the Treasury’s international stabilization fund. It would not compete with private capital and would lend only when the borrower was unable to secure funds privately on reasonable terms. The bank would be controlled by a’ board of directors, one for each country. All the United Nations would be admitted and eventually other nations could join under guarantees.

The . “New York Times” says that Mr. White told Congressmen that the United States would not have voting control of the bank, wliich would not lend for re-’ lief rehabilitation, except where recon-: struction was involved.