‘PAPER GOLD’

Press, Volume CVIII, Issue 31657, 18 April 1968, Page 9

‘PAPER GOLD’

I.M.F. Plan Drafted (N.Z.P. A.-Reuter—Copyright) WASHINGTON, April 17. The executive board of the International Monetary Fund yesterday completed work on the final text of. a scheme for creating special drawing rights—“paper gold”—as a supplementary monetary reserve.

The fund announced the draft text was now being sent to the board of governors of the 107-nation fund for comment and approval. The scheme to create a supplement to gold, dollars and pounds sterling in international payments was approved in outline last September. Final details, except in three technical areas, were settled by Ministers of the “Group of 10” industrial nations at Stockholm on March 30. France abstained from the Stockholm agreement and it was understood her executive director at the fund abstained in yesterday’s vote. The Ministers asked the 20 •xecutive directors of the fund to work out final details and the fund was expected to make an announcement when the directors approved the project.

Maeabre Pastime.—A 33-year-old Irishman, Mike Mealey, today claimed a world record for being buried in a coffin. He told reporters listening through his stovepipe air-vent that he had been buried 55 days. A former gravedigger, Mealey is buried eight feet deep, and his food, drink, and reading materials are supplied through the airvent pipe.—London, April 17.