COMMONWEALTH BANK

Press, Volume XCVII, Issue 28573, 30 April 1958, Page 17

COMMONWEALTH BANK

Study By U.K. Government (N.Z. Press Association—Copyright) LONDON, April 28. The establishment of a Commonwealth bank which would coordinate the development and investment policies of Commonwealth countries, is, it is understood, again being studied by the British Government for possible discussion at the Commonwealth Trade and Economic Conference to be held at Montreal in September. Preparations for the conference are going on in various Commonwealth capitals, chiefly on matters which individual governments wish to bring up, and a full exchange of views will not take place until officials from all countries meet in London in June. Tentative proposals for such a bank were put forward last year, but there was not a great deal of support among Commonwealth countries, most of which expressed the opinion that the new organisation could not solve the problem of providing adequate development capital for the Commonwealth. It seems' now that another attempt is to be made. First indications that the Prime Minister (Mr Macmillan) still had this in mind reached London from Toronto in reports of- a private interview which Mr John Basset, publisher of the “Toronto Telegram,’’ had with Mr Macmillan in London. Mr Basset reported Mr Macmillan as saying that the British Government’s objective at the economic conference will be “the establishment of a workable Commonwealth organisation similar to the World Bank or the International Monetary Fund.’’ He quoted Mr Macmillan directly as saying: “We do not expect to complete the organisation at one meeting, but at least we can set up the framework of a permanent Commonwealth organisation on which we can build af we go along. “All Commonwealth countries are looking for more investment but not all of us save enough to make such investment possible. We must find a way to funnel the great resources of the Commonwealth into projects that will be most rewarding.”