MONETARY FUND

Dominion, Volume 37, Issue 239, 6 July 1944, Page 4

MONETARY FUND

Initial Proceedings Of Conference REPORT FROM MR. NASH A message received from the New Zealand Minister to 'Washington, Mr. Nash, concerning the initial proceedings of the International Monetary Conference now being held at Bretton Moods in the United States of America, was issued last evening by the Acting-Prime Minister. .Mr. Sullivan. Mr. Nash statesMhat 44 nations are represented al. Bretton M oods by approximately 300 delegates, advisers and technical staff, including lb Ministers of Finance. ■ many directors of central banks and senior Treasury ofhcials. Observers are also present from the League of Nations International Labour Office, U.N.R.R.A.. and the Interim I‘ood ComnllThellfollowing is the text of the advice received from Mr. Nash, who is leading the New Zealand delegation:— “President Roosevelt in a message to the conference* stressed the fnct that this meeting marked the beginnin- of a broad programme of international co-operation to establish a dynamic and soundly-ex-panding post-war world economy, previous United Nations conferences haying been primarily concerned with military and production problems for war or with immediate post-war emergencies. He warned that Bretton M’oods would test the Allies’ capacity, to co-operate in peace as they have in war, but expressed confidence that the delegates would be able to adjust possible differences. Responses on behalf of visiting delegations were made by the Chinese and Czechoslovak Ministers of Finance. The Hon. Henry Morgenthau. junior, was elected permanent president of the conference, and three formal committees were set up on credentials, rules and regulations and nominations respectively.” /Mr. Nash adds that he was appointed chairman of the committee of nominations. Expansion of Trade. The message continues: “Chairmen of the Mexican. Brazilian. Canadian and Soviet delegations addressed the session briefly in support of Mr. Morgenthau’s nomination. The latter in reply said that the conference agenda though concerned specifically with the monetary and investment fields should be viewed tis part of the broader programme of agreed action among nations to bring about the expansion of prmluction. employment and trade .contemplated in the Atlantic Charter and in Article VII of the Mutual Aid Agreement. Me also stressed the fact that the conference is not being held to make definite agreements binding on nations but that any proposals formulated will be referred to the Government for acceptance or rejeetion. “Tli? present draft atreiula contentplate the setting tin of three main committees: (1) International monetary fund : (2) bank for reconstruction and development : CD other measures for international financial control. The first two will in turn break up into four, sub-com-mittees dealing respectively with: (a) Purpose of policy and quota (capital and subscription in cnsc of Hie bank) : (b) operation; (c) organization and management; (d) form and status.