WORLD BANK PROFITS

Press, Volume CI, Issue 29764, 6 March 1962, Page 14

WORLD BANK PROFITS

“All Ploughed Back” ( N.Z. Press Association) AUCKLAND, March 5. Although the World Bank made a profit on its operations, it had never paid any dividends to its member countries, but had ploughed the profit back into its work, said Mr M. L. Lejeune, a vice-president of the bank, in an address to the Auckland Rotary Club today “Our basic purpose is to raise the standards of living of underdeveloped countries." he said. “In 16 years we have gained a fair number of satisfied customers. “We like to measure our success in the improvements we have been able to bring about in the countries we have helped. We think in terms of people who now have better Jobs and who are enjoying a better way of life tor themselves and their children after our operations” Three Basic Rules Outlining the history and workings of the bank. Mr Lejeune said the bank had three basic rules It did not lend money in excess of what it considered the debtor could repay. “We do not believe in overloading countries with more debt than they can handle,” he said. “We try to determine a suitable level for their external borrowing “Second, we do not encourage countries to borrow abroad unless they have got some project to be developed that will prove beneficial to their country We investigate whether it is worth while an applicant borrowing outside his own country “Last, the project must be feasible. well-conceived, sound, well-engineered and going to be well run.”

Houses Entered. Three homes in Kilmore street and Salisbury street were entered yesterday afternoon and articles worth about £35 and small sums of money were taken.