BRETTON WOODS

Otago Daily Times, Issue 26040, 2 January 1946, Page 6

BRETTON WOODS

NEW ZEALAND’S POSITION AGREEMENTS TO COME BEFORE PARLIAMENT (P.A.) WELLINGTON, Jan. 1. Referring to the ceremony of the signature of the Bretton Woods Agreements, which took place in the United States recently, the Acting Prime Minister, Mr Nash, said in a statement today that New Zealand had been invited to send a representative to take part in the ceremony, but it felt itself unable to accept. New Zealand had replied to the United States Government's invitation in the following terms: — "The New Zealand Government has carefully considered the question of the signature on its behalf of the Bretton Woods Agreements, but much regrets that owing to the delay in connection with the financial negotiations between the Governments of the United Kingdom and the United States it was not practicable to bring the question of its membership of the fund and the bank before Parliament in time for a decision to be taken regarding membership by December 31, 1945. “As it was clearly provided at the conference that the participating Governments could not undertake membership of the fund and the bank, except in accordance with the law in force in their countries, and as it is appropriate that agreements of the kind under discussion should fix'st be approved by the New Zealand Parliament. it is not therefore practicable for the Government to sign the agreements by December 31. 1945. It is the intention of the New Zealand Government, however, to bring the agreements before Parliament immediately it assembles next year, together with the recommendation of the New Zealand delegate to the Bretton Woods Conference, that they be approved. “ It is the hope of the New Zealand Government, however, that arrangements may yet be made by which countries placed as New Zealand is will be permitted, should they accept the membership of the fund and of the bank, to be regarded as original members. The New Zealand Government trusts that this question will be considered by the other Governments signatory to the final act of the conference and that it will be found possible to make arrangements along the lines proposed. It is expected that the New Zealand Parliament will be able to consider the agreements in time to enable the Government to give the necessary notice to the fund and bank by July 31, 1946.”