INTERNATIONAL FUND

Otago Daily Times, Issue 25562, 15 June 1944, Page 4

INTERNATIONAL FUND

UNITED NATIONS’ MONETARY CONFERENCE

NEW ZEALAND DELEGATION (P.A.) WELLINGTON, June 14. New Zealand has accepted an invitation from President Roosevelt to participate in the conference of the United Nations for the purpose of formulating proposals for an international monetary fund, and possibly a bank for reconstruction and development. , Announcing this to-day, the Acting Minister of External Affairs, Mr D. G. Sullivan, said the New Zealand delegation to the conference, which will be opened on July 1 at Bretton Woods, New Hampshire, would be led by the Minister of Finance, Mr W. Nash, and would include Mr B. C. Ashwin, Secretary to the Treasury, Dr A. G. B. Fisher, formerly professor of economics at the University of Otago, and Mr E. C. Fussell, deputy governor of the Reserve Bank. Mr Sullivan said the summoning of the conference followed meetings of the technical experts of the United Nations, whose work culminated in the statement of principles for the establishment of an international monetary fund which was announced last month. He said the original cabled press announcement which briefly described the principles had given the wrong impression that a conference of the United Nations had already been held on this subject, and mis-state-ments had also been published that Mr Nash had represented New Zealand at such a conference. These errors, said Mr Sullivan, needed correction. No such conference had been held, and thus there had been no occasion for Mr Nash to represent New Zealand.

Mr Sullivan emphasised that no agreement affecting monetary matters which might emerge from the forthcoming discussions in the United States would be entered into until the matter had been submitted to and fully considered by Parliament.