NO CAPITULATION

Gisborne Herald, Volume LXXIV, Issue 22438, 19 September 1947, Page 5

NO CAPITULATION

ECONOMIC EVILS BRITAIN DETERMINED WORLD BANK CONFERENCE LONDON, Sept. 17. The Chancellor of the Exchequer, Dr. Hugh Dalton, in a speech at the final session of the meeting of governors of the International Bank and Monetary Fund, said: “We, at a very critical moment in the life of the world, are fighting with diminishing material and spiritual resources against great obstacles.. Nevertheless, we are confident that mankind will come through victorious.

"The British nation, which fought Hitler’s hordes, has no intention of capitulating before the lesser evils it is facing now.”

Mr John Snyder. Secretary of the U.S. Treasury, said: “We have faith and courage in our abilitv to resolve the problems together.” The governors of the International Monetary Fund, who have concluded their meetings decided to admit Finland as a member on the condition that it contributed its quota of 38,000,000 dollars. The governors adopted a resolution asking member countries to submit at the earliest time data relating to silver and its uses.

Dr. Dalton, who presided announced that M. Camille Gutt, managing director ot the International Monetary Fund and Mr John McCloy, president'of the International Bank, would visit European capitals to make contact with Governments and monetary authorities. The bank and fund would hold their annual meetings in 1948 in Washington. There is no dollar crisis within the meaning of the fund’s articles.” he added. ‘ The fund, therefore, was not called to take any decision to alleviate the dollar scarcity.”