POLICY OF CONTROL

Evening Post, Volume CXXXVIII, Issue 11, 13 July 1944, Page 5

POLICY OF CONTROL

INTERNATIONAL FUND

NEW YORK, July 11.

The "New York Times" says that a spokesman at the Bretton Woods monetary conference indicated that the conference would not permit the International Fund to make corrective recommendations to member countries which would interfere with their social programmes. Thus the fund's recommendations to countries having exchange difficulties could not be directed at such internal measures as social security or rapidly rising wage-cost-price structures due to the economic defects of strong Labour Governments.

The correspondent adds that the statement leaves little doubt that the International Fund will encourage "new deals" in member countries to raise the standard of living and the volurrfe of trade.

The plan for control of the fund provides for the administrating authority to discourage countries from creating an adverse balance in the foreign transactions.