A.—B

11. THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT It is in the interest of all nations that post-war reconstruction should be rapid. Likewise, the development of the resources of particular regions is in the general economic interest. Programmes of reconstruction and development will speed economic progress everywhere, will aid political stability, and foster peace. The Conference has agreed that expanded international investment is essential to provide a portion of the capital necessary for reconstruction and development. The Conference has further agreed that the nations should co-operate to increase the volume of foreign investment for these purposes, made through normal business channels. It is especially important that the nations should co-operate to share the risks of such foreign investment, since the benefits are general. The -Conference has agreed that the nations should establish a permanent international body to perform these functions, to be called The International Bank for Reconstruction and Development. It has been agreed that the Bank should assist in providing capital through normal channels at reasonable rates of interest and for long periods for projects which will raise the productivity of the borrowing country. There is agreement that the Bank should guarantee loans made by others, and that through their subscriptions of capital all countries should share with the borrowing country in guaranteeing such loans. The Conference has agreed 011 the powers and resources which the Bank must have and 011 the obligations which the member countries must assume, and has prepared draft Articles of Agreement accordingly. The Conference has recommended that in carrying out the policies of the institutions here proposed special consideration should be given to the needs of countries which have suffered from enemy occupation and hostilities. The proposals formulated at the Conference for the establishment of the Fund and the Bank are now submitted, in accordance with the terms of the invitation, for consideration of the Governments and people of the countries represented.

Approximate, Cost oj Paper.—Preparation, not given ; printing (530 copies), £100.

Authority: E. V. Paul, Government Printer, Wellington.—l 944.

J'rice 1». 3d.]

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