I.M.F. Membership Seen As Boon For Dominion

Press, Volume CI, Issue 29747, 14 February 1962, Page 14

I.M.F. Membership Seen As Boon For Dominion

(New Zealand Press Association)

AUCKLAND. Feb. 13 Tremendous opportunities for development would be available to New Zealand now the country was a member of the World Bank and the International Monetary Fund, Colonel A. T. Maxwell, a British banker and industrialist, said today in Auckland.

Colonel Maxwell said New Zealand’s membership of these international agencies was the most important thing that had happened to the Dominion since his last visit here in 1959. “I make no bones about it,” he said. “I have been saying that New Zealand should join the World Bank and I.M.F for the last 15 years. It will be very valuable and very helpful." New Zealand, a light borrower overseas, would have a chance now to obtain capital for expansion and - o assist her during period' if financial fluctuation Colonel Maxwell was optimistic about the advantages to the Commonwealth if Britain joined the European Economic Community There was general agreement in Britain towards the concept of the EEC., but with a strong proviso that Britain must get reasonable terms of membership “It has got to be a reasonable deal all round.” he said International trade was in a state of -flux and the E.C.C. was part of the pattern of change. Colonel Maxwell, who is deputy-chairman of the board of the Australian and New Zealand Bank, and deputychairman of International Computers and Tabulators. Ltd., asked what progress the New Zealand Government had made towards decimal coinage.

“There is a very strong ease for decimal coinage and the sooner we get it in Britain the better.” he said

Nearly every country in Europe used the decimal system and it was not smart to be the odd man out. Colonel Maxwell will leave for Wellington tomorrow and will spend 11 days in New Zealand.