Evening star., 1944-07-09
Money Farley Asked
To BaIk Nazi Chiefs
Cashing In on Loot
~ the Associated Press.

BRETON WOODS. N. H., July 3.
The United Nations monetary
conference was urged today to take
intensive action to prevent Nszi
leaders from cashing In on the loot
ed funds Of occupied countries after
the war.
At the same time, the conference
received . proposal from the Nor
wegian delegation calling for an in
vestigation Of the Bank for Internal
Settlement at Basle, Switzerland,
which now Is under Naxi domina :
ton.
The proposal asked for liquida-
ton OF. the bank with the appoint
ment OF commission to examine
the management and all transac-
tions during the war.
Bank Under Naxi Control.
The bank has been under control
OF Germany since the war started
and its assets today are believed to
be between $l50,000 900 and $l70,-
600 900.
The United States has no ofYicial
connection with the bank, but Great
Britain Is understood to be repre-
sented through proxy.
The demand for action against the
Nazi raiders came In q resolution
presented by Poland, which also
asked for a commission to inquire
into the disposition of looted funds.
The proposals were submitted to q
committee for recommendation.
Treasury Secretary Morgenthau,
president OF the conference, re-
turned from Washington today and
after reviewing the work OF the
conference during its first week said
at a press conference he was con-
vlnced the discussions would result
IN successful elimination.
Major Issues Held Back.
Although nothing has been an
nounced onicially concerning the
major points at issue-principally
the quotas and gold subscriptions
to the fund-several conferees in
formally expressed the opinion that
no obstacle was too great for the
conference to hurdle.
The quota question has not vet
been put before the conference.
but there have been informal dis
cussions among several of the larger
delegations the United States.
Great Britain and Russia especially
and now 1t appears possible that
the major quotas probably will be
agreed upon before the matter Is
taken up onicially.
No Agreement for Reds.
The question of the amount of
gold each nation Is to subscribe to
the found is also believed to be not
too difncult of solution, although 1t
was said no agreement is in sight on
the reported demand of the Soviet
Union for gold subscription rs
much as so per cent lower than 1t
would normally pay.
Under a quota formula submitted
by the United States Treasury, 4
nation would contribute Is per cent
OF its subscription in gold and the
remainder in its own currency. The
Russians. together with several
other var-devastated countries, are
seeking a reduction In their gold
contribution on the plea they will
have heavy postwar expenditures.
In an effort to speed up the work
OF the conference. the Steering Com
mittee has decided to go ahead with
discussions on the International
Bank Of reconstruction which is one
OF the two major subjects on the
conference agenda.
Working Draft COMPLETED.
A working draft for the bank set
up has been completed and will be
put before the delegates early next
week.
The commission for the third
subject Of the conference, that en-
bracing miscellaneous financial mat
ters. held its first meeting today.
The principal topic expected to come
before this commission is the ques-
ton Of the use of silver as a none
tary base. a proposal the Mexicans
are pushing. Eduardo Suarez, head
OF the Mexican delegation, Is chair
man Of the commission.