The Press SATURDAY, JUNE 10, 1961. Finance Ministers’ Conference

Press, Volume C, Issue 29536, 10 June 1961, Page 10

The Press SATURDAY, JUNE 10, 1961. Finance Ministers’ Conference

To promote its own welfare the Commonwealth depends primarily upon consultation among its members rather than on regulation of their policies. This means that the periodic conferences of Prime Ministers and Finance Ministers assume almost critical importance in the day-to-day affairs of Commonwealth countries, and that appropriate representation at such conferences is essentia] if a senior Dominion is to discharge its responsibilities both to its own people and to the Commonwealth as a whole. Irrespective of the party in power, “ The Press ” has always advocated the attendance of New Zealand Ministers at conferences where delegates of lesser status could not be acceptable substitutes. The next Finance Ministers’ conference will be held in September; and there are unusually imperative reasons why the Minister of Finance (Mr Lake) should himself represent New Zealand. Last month, when senior Commonwealth officials (including Mr E. L. Greensmith, Secretary of the New Zealand Treasury) met to prepare for the Ministerial conference, the European trading problem was the most immediate and important issue for discussion. Britain’s relations with the Common Market dominate all present economic considerations of the Commonwealth; and the Ministerial conference may well be required to pronounce

upon the terms on which Britain would join the European community. The results are likely to be unprecedented changes in the Commonwealth’s trading structure—changes that will affect especially primaryproducing countries such as New Zealand. The urgency of New Zealand consultations at the highest practicable level needs no emphasis. But that is not all. The Commonwealth conference, like most others of its kind, will be concerned with aid as well as trade; and NewZealand, because of its recent decision to seek membership of the International Monetary Fund ) and the World Bank, should be better placed than ever before to participate adequately in the discussions. Moreover, after the Ministerial conference Mr Lake probably can attend, as New Zealand’s first representative, the annual meetings of the Fund and Bank in Washington. This will depend upon prior acceptance of New Zealand's application for admission; but in any event the Dominion’s change of policy will have ended—in principle if not in fact—a misguided isola tion from valuable international sources of financial support. At such a vital stage of the Dominion’s economic history. New Zealand could scarcely be represented by any other spokesman than the Minister of Finance.