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THE CHINA. MAIL, THURSDAY, SEPTEMBER 15, 1949.
BANK PRESIDENT ASKS FOR REVALUATION OF EUROPEAN CURRENCIES
TRUMAN'S APPEAL
TO WORLD
Washington, September 13.
Mr. Eugene Black, President of the International Bank for Reconstruction and Devolopment, made a direct plea today for a revaluation of European currencies as a means of 'boosting exports to the dollar area.
He was presenting the Bank's annual report to the joint annual conference of the Governors of Monetary the Bank and the International Fund.
Mr. Binck cald that the must ever noundly conceived an Washington, September 13. Prezident Truman today asked important thing for Europe is to vis prously executed, would no reduce export costs and make its solve the dollar problem unless the world Bank and Internation Fund to tear away obstacles exports to the dollar area at least the United States took comple. as attractive as sales in the international trade in Die Interests | domestic market or in of world peace.
foreign areas.
President Trunn addressed reprezentatives of 48 member countries of the Bank and Fund us they gathered for the fourth annual conference.
other mentary measures.
"In my Judgment there to several lines of netion which must be followed to achieve these ob- lectives," Mr. Black added.
"Despite a rather remarkable shift In the attitude of the United Staten in recent years some of Its policies are still basically in- consistent with its position as the greatest creditor nation of the World," Mr. Black declared.
Restoring Order
M. Camille Gutt, Managing Di- of the International rector Monetary Fund, declared that ong of the principal acts of post-war reconstruction should be the re- storation of order in the econo- mie fold.
"The first is the establishment of a system of exchange rates which will assist the dollar-de- The President admonished the
ficit countries to compete cffee- delegates to work for co-operatively in world market, will fur- tion on a world basis for benefiinish an incentive to exporters to the world over.
increase their sales in the dollar Calling for reciproen tråde or area, and will
encourage im a multilateral basis, Mr. Tru-porters to buy in countries whose
"Nothing contributes currencies they can best afford. mure to the peace of the world " do not under-estimate either than finance and development. the complexities or the far-reach-
"You must do away with ob-ing consequences of such setlon.report stecks to
international trade. but I fall to see how it can be
avoided." We must huy goods that you make best and we must be able to sell Production Costs goods that we make best.
;414 וזהנו!
"That is the balance of trade and thirt will bring about monetary stablifty."
President Truman emphasised; "We must eliminate obstacles to international trade and exchange both goods aur services world basis."
on ก
The President made the state.
ment extemporaneously for four minutes as the delegates ended their public sexions and prepar
Presenting the Fund's annual
of
to the conference Governers here, M. Gutt repent- ed the warning he made in 1946 that the efforts of some countries
well as
Mr. Black said that the second to keep thele currencies at a fixed rate night handicap 1lee of approach must be to re-exchange duce domestic costs of produc. them in foreign trade.
International uncertainties exisi | tion, both in increasing the af.
sphere ficiency of management and la- in the political bour and by limiting the bar- the econonte sphere.
"One of the principal remedies dea of indirect costs, principal- ly
Government expenditures, is to restore order in the econo- which, of course, in- must be borne by pro mle leid
matters," M. cludes monetary Gutt rald.-Reuter.
ducers. Referring to the solution of the dollar problem, Mr. Black said: "To my mind, one of the most es- sential steps towards a solution of the dollar problem is for the
ed to break up into working com-dollar-deficit countries to start altices.---United Press.
Russians Defied By Yugoslavia
clearing away
bilateral
currency
the wilderness of orinnrements, controls,
special quotes and similar restrictions, both internal and external, which have grown | up over the past 20 years to pro-
PLAN FOR GOLD OPPOSED
should be defined as clearly as of gold-producing sold, on should be
of
the
Oxen In Race At Dachan
One of the field is soon a speed during the "Grand Prix de Dachau" ox race recently. Despite his discomfort, the jockay seams to have his mount well in hand and nicaly placed for a dash to the finish. The race was run during the annual fun fair and carnival. (AP Photo).
MONETARY FUND ON EUROPE'S EXCHANGE
Washington, September 13.
The International Monetary Fund stated today that price cuts necessary to expand exports to dollar markets would in many cases scem possible only through an adjustment in exchange rates. This was a dominant theme of the Fund's annual report published at the opening of its forth annual meeting here.
an Instrument of economic
couner
4
сода
MORE THAN FINANCING NEEDED
More than financing is needed
Addressing the joint annual
programme eliminates The report claimed that the revised establishment of the Fund was the free market, restricts sales t an indication of the general accep- premium prices to those who are tance of the principle that the customary and legitimate
Washington, September 13. Mr John Snyder, United States exchange polley of one country sumers of gold, and is according-
the affects
well-being of all
ly designed to prevent any ex- Secretary of the Treasury.sald others.
ternal sales of gold at premium today that. loans which might be
marie to Distinguishing between stabli-
the under-developed prices. and rigidity of exchange Washington, September 13,
Canada and Southern Rhodesia arcas of the world will not bring the countries "The Fund modified their subsidies to gold prosperity unless United States today rates, it asserted; The
The themselves develop their domestic feet ineffelent production and opposed a South African pro-greement recognises that changes producers in ways which trade practices."
posal to the International in exchange rates can and, under Fund found to be consistent with resources and their own technical On the subject of ECA aid. Mr.
that 30 per approprite conditions, should be. its statement on gold subsidies knowledge at the same time. Black suggested that the share Monetary Fund
The report estimated that not cent of the newly-mined gold of this assistance to each country
less than $200,000,000 (£50,000,- policy." countries
Imb It might be preferable for a 000) worth of gold now finds its for econemic development, he the free country to change an unsuitable possible for the remainder Bolgrade, September 13,
way annually into private hoards, added. Programme and cach market at a price above the exchange rate rather than risic A higher dellar price of gold Yugoslavia defied Russia today Recovery
country be given an assurance fixed rate.. to raise the question Yugs that its share would not be re-
ment or restrict imports unduly, would help some countries, partis Governors' meeting of the Inter- The proposal, put before the internal deflation and unemploy lavia's independent attitude induced if it carned or saved more fourth annual meeting of
cularly gold-producing countrins "cross-rates" Discussing
(The and those which depend upon ex-national Bank and International vard neighbouring nations bafore
dollars than expected
Governors of the International ratle between any two currencies, ports to the gold-producing coun- Monetary Fund here, Mr. Snyder the United Nations.
The their respec tries. He
under developed with Monetary Fund by South Africa's suggested also that all re-
as compared
Its ather effects would be The position of Marshal Tito's
Minister. Mr. N. C. tive dollar rates), the Fund at-
countries have domestic resources, strictions
mare complex. should be removed from Finance st forth by the use to Government was
which ECA dollars Havenga, was opposed by Mr tached great importance to the The report said: "A rise in the and they should make, the best Mosha Pijade, one of the adminis might be put so that they would John
Snyder, United States maintenance
of orderly cross-anliar price of gold could have possible use of these tration's leading spokesman, in
rates as an essential element in to be "soft dollars" and Secretary of the Treasury.
no positive effect in correcting connection with the employment an article in the newspaper "Bor-euch country would have the op-
He said that he could not, at a foreign exchange polley brised the mal-distribution of gold un- of foreign capital,
оп д realistic pattern of par
less and until the present pay- "Yugoslavia will have nothing!portunity to make the most eco-the moment, recommend
Government that there should volues.
ments dißlculties have been met. bo ny alteration in the $35 an luse," wrote B1. Pijade in the nomic use of Marshall Atd.
The adoption of convertibility latest commentary on the Balkan U.S. Policies Inconsistent curce price of gold set by th
before sumetent progress has been
No Substituta country would know Fund itself.
establishing the made towards
conditions would
"A general
Ingresso in ths price of gold cannot be a sub- stitute for the measures in the sphere of exchange and pay· ments policy which have to be taken if international balance Is to be restored."
bn."
to
war of nerves.
cense
"Each
The
to his
M. jade,' a former journalist how much doilar sid I could The South African resolution and author who was imprisoned count on and, knowing that no was turned over to a committee for his Communist activities, further aid could be anticipated, for a report back to the Board termed the Cominform's charge would be encouraged to husband of Governors before their meeting that Yugoslavia is plotting to it carefully," Mr. Black sald. carve up Alhania with Greece, "ridiculous, slanderous accusa- tion."
Soviet-dominated Cominform pró- said. poisons the paganda, ho European atmosphere-Associat- ed Press.
on Friday.
be
"Responsibility
Mr. Hayenga had appealed to Would equarely placed upon the parti. the Fund for permission to scil cent of South Africa's cipating nationa to take the 60 per
premium measures necessary for their newly-mined gold at
prices on the grounds that own recovery."
producing countries aro
Inr-deficit countries alone, how=.
world but are facing ruin be-
песекбату
100 risky,
Gold 'Policy
be
On gold pollty the report Bald that several member countries have consulted the Fund.
The Government of South Af
that as payment
cald:
4
resourcca
In
"Technical advice and assist- ance must be made available, hut these countries must also develop their own technical skills, so that their enterprises may prosper on B long-range basis.
"""Only in this way will loans ---- provide the borrowing countries with reet promise of satisfying their needs without unduly burdening their payments.”
He said that action by the dol-ing the economic stability 0. Urica sought a way of permitting | steps to strengthen monetary ra- ing concern
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with the economic
The report noted, without
Mr. Snyder said that the Unit- elaborating, conditions improve co-operative ed States would take a continu- cause the price of gold Itself has its gold producers to beneft serve positions in general will be well-being of all peace-loving
for gold for necessary. not kept pace with the increasing from premium prices prices of all
more On other goods slace legitimate purposes while avold.
general toples the re- "It is our common cause to ox- 1930.--Reuter.
ing external transactions or un-i port argued that expansion authorised or illegitimate pur- trade between Eastern and West. pand world trade under cond!- Lions which will assure the best chase, particularly hoarding. ern Europe would strengthen thɩ
utilisation of the world's resources After an initial experimental payments position of Europe as a towards a high level of employ sale, the Union
whole. Government
ment and raising standards of agreed with the Fund on a series It observed that Germany and
living."-Reuter. Salisbury, September 13:
of protective
steps which are in Japan are still unable to parti- Patriecia Schoemark, aged 12, tanded to secure these ends. The elpato properly in world trade. has died despite a 100 per cent Union Government will keep the blood transfusion to save her from Fund fully informed of develop
Apr 31, 1949, the Fund itself made a las of $2,000,000 oven · acute leukemia in a three-hour ments in this practice.
Last April, to implement operation on July 26. The doctors
though those countries which ob- tained more than. specified drained off all the girl's blood Fund's polley, Hong Kong pro
amounts of dollars from the and substituted 14 pints from Hibited dealings in gold and the donere, The hospital däclosed possession of gold without Der- In 1938, according to the reFund have to pay the Fund cer- today that she died on Monday mission, comments made by the hemisphore's imports came from
port, 31 per cent of the Western taln annual charges. night.
Leukemia is a condition in Fund, Belgium, during 1949, Europe and 14 per cent from the which the blood contains far more amended its proposal to allow Middle and. Far East.... than the normal number of white Belgian Congo gold producers to corpuscles at the expense of oxy- sell their goiti in a free market gen and food-bearing red corpas in Belgium at premium prices. cles-Associated Press.
According to the report, tho
After
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Fund's Loss
The report pointed out that in certain circumstances apme coun By 1948 only 16 per cent came tries may become llable to soll from Europe and nine per cent dollars back to the Fund. So far this had applied only to Costa from the Middle and For East.
endad | Rica.~~Router.. In lis business "your
$1.50
per glant family. tube.
IPANA
TOOTH PASTE
IPANA
AND THE DO TOOTHBRUSH
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