No Decision On Plan For Development Fund

Press, Volume XCVIII, Issue 29008, 24 September 1959, Page 13

No Decision On Plan For Development Fund

(Special Correspondent N.Z.P.A.)

(Rec. 11 p.m. LONDON, September 23. It is believed that the consensus of opinion among the . Commonwealth Finance Ministers when they discussed at the first day of the London conference the United States proposal for the establishment of an international development association was that no final decisions could be taken until members knew exactly how each would be affected and the amount each would be expected to contribute. There was general approval of the suggestion which will be debated more fully at the World Bank meeting in Washington next week. In this discussion New Zealand took the role of observer rather than contributor as the fact she is not a member of the World Bank will probably mean she will not be called upon the join the development association. Allied with this proposal were talks on a report made at the Montreal conference of the advisability of setting up a Commonwealth bank but it was agreed to leave this problem op. n until the study of the development association was further advanced. New Zealand will enter much more into the discussions today when Ministers will be given a report by British experts on the

stage reached in negotiations for an association between the “Outer Seven” and the Common Market

The report will be followed by discussion .of present trading positions in* Europe and its implications for Commonwealth countries.

The Ministers were reported to have generally agreed yesterday that the sterling area’s balance of payments position was “strong and healthy” and it was underlined in the discussions that the strength of the sterling area was of great importance not only to the Commonwealth but to the world.

A number of delegates, including those from Australia, Ghana and South Africa, in statements about their countries finances expressed optimism about the immediate future, the sources said. But some others concerned about commodity prices such as Rhodesia, Pakistan and Ceylon had mentioned some of their anxieNes in this respect

A WORLD-BEATER

New Zealanders overseas >ena tor Baxters Lung r'reservei saying there is luthmg like it Gel busy with laxters See how it loosens the phlegm, lifts that cold right off he chest Baxters Ltd, Ch. Ch. —Advt.