WORLD BANK

Gisborne Herald, Volume LXXIII, Issue 21990, 6 April 1946, Page 5

WORLD BANK

N.Z. OFFICIAL’S MISSION LONDON-NEW YORK TALKS banking authorities (Special Correspondent.) (10 a.m.) LONDON, April 5. Now in London, en route to New Zealand from Georgia, where he attended the first meetings of the International Monetary Fund and International Bank of Reconstruction and Development, Mr. E. C. Fusscll. deputyGovernor of the Reserve Bank, is engaged in conversations with officials of the Bank of England and the Commonwealth Bank of Australia. He is leaving for New Zealand by a Lancastrian air liner about April IG. Asked why New Zealand was represented as an observer and not as a member at the meetings in Georgia, Mr. Fus.vll said that those countries who had not signified their intention of joining by December, 1945, were invited as observers only. The reason why New Zealand had not signified its intention whether to become a member was that the New Zealand Government had given a promise that no action would be taken until the matter was fully discussed by the House of Representatives. He understood a decision would probably be made next session. Asked if he would care to forecast whether New Zealand would become a member, Mr. Fusscll said it would not be appropriate for a central banker to express an opinion before discussion had taken place in the House. He said, however, that if New Zealand did decide to become a member she could do so before December 31. 194 G, without the loss of privileges and rights of foundation members.

After the meetings in Georgia, Mr. Fusscll had conversations at headquarters of the federal reserve system in Washington and the Federal Reserve Bank in New York. _He observed that he found conditions in London much better than he anticipated.