BRETTON WOODS

Otago Daily Times, Issue 26416, 21 March 1947, Page 5

BRETTON WOODS

“BETRAYAL OF AUSTRALIA” MR LANG’S BITTER ATTACK Rec. 11.30 p.m. CANBERRA, Mar. 20. Branding Bretton Woods as a betrayal of Australia, under which this country would become a vassal State of an international cartel, Mr J. T. Lang to-day launched a bitter attack on the agreement. During the second reading debate of the Ratification Bill in the House of Representatives, he described the proposals as a betrayal

of Labour policy which provided that the credit of the nation must be controlled by the Commonwealth Government. The Minister of Transport, Mr E. J. Ward, who for months has opposed Government ratification of the agreement, listened to Mr Lang’s speech. The Prime Minister, Mr J. B. Chifley, walked out of the House, though he remained during the address of the Leader of the Opposition, Mr R. G. Menzies, who supported ratification. Of the two instruments set up by the agreement, the more important was the International Monetary Fund, said Mr Lang. That body not only determined exchange rates, but also policed the economy of every country which joined the fund. “ One of its auxiliaries is the International Trade Organisation. By working together these two can bankrupt any country at their own sweet will,” he said.