MONETARY CONFERENCE

Evening Star, Issue 25225, 12 July 1944, Page 3

MONETARY CONFERENCE

INDIAN PROPOSAL REJECTED Press Association —By Telegraph—Copyright NEW YORK, July 10. The monetary conference rejected a proposal by the Indian delegation that 12,000,000;000dol of blocked sterling balances, representing Britain's external war debt outside lend-lease, should be dealt with by an international monetary fund, says the Bretton Woods correspondent of the ' New York T : The British, American,' and T h delegations declared that the p jf blocked balances should be settled between Britain and her creditors. The United Press correspondent says the elimination of the war balance from the agenda of the conference jiavecl the way for the acceptance of an 8,000 000.OpOdol monetary fund and fur discussions on an international bank. The Norwegian delegation proposed the early liquidation of the Bank for International Settlements at Basle and the appointment of a United Nations* commission to investigate the Bank for International Settlements' transactions during the war.