Monetary Fund Meeting Ends on Hopeful Note

Grey River Argus, 20 September 1949, Page 7

Monetary Fund Meeting Ends on Hopeful Note

WASHINGTON, September 17 At a joint meeting of Governors of the International Monetary Fund and the World Bank ended to-day after selecting Paris as the next meeting place, and appointing India to take the chair next year. M. Maurice Petsche, French Finance Minister* and Chairman of the Bank’s Board this year closed the Conference on an optimistic note by saying that considerable progress had been made this year in making discussions more effective, more open, and more sincere. He said: “Considerable progress has still to be achieved in thie direction. The Governors must not bo afraid of speaking freely and frankly without fear on the Committees and Working Parties.” Senor Hector Ormachea-Zalles of Colombia, Chairman of the Latin American Group, appealed for European migration to South America. He said: “We feel we could become a market, not of the future, but of the present, if old, cultured Europe would agree to send the surplus of its martyred population to hospitable lands’’.

Mr. J. Snyder, U.S., said the conference had served to broaden understanding among the forty-eight member nations. “Even when broader understanding sharpens the realisation of differences of opinion among us, I think that in the end, possibilities of reaching sound solutions are greatly increased.”