Evening star., 1944-07-17
Monetary Conference
Extended Three Days;
Last Session Saturday
~ the Associated Press.

sSs 00ut9t Na0
~ the Associated Press.
BRETON WOODS, N. H., July
1.-THE United Nations monetary
conference today was extended
three days beyond its originally
scheduled closing date to permit the
vast amount Of technical work to
be completed without pressure.
An ofIicial statement emphasized
the conference would reach agree
ment ION all matters OF substance
by Wednesday, the closing date first
fixed, but the final plenary session
was moved back, to Saturday.
As a result of the decision to de-
lay departure until Sunday the
Mount Washington Hotel dis
patched kilograms to several hum
dred prospective guests delaying or
canceling their reservations.
The sessions here already have
brought agreement on plans for an
50, 800 900 900 postwar prosperity
fund"
Decision Came ~ Surprise.
The decision to extend the con-
ference came as q surprise.
Michael J. McDermott, chief press
relations ofhcer, issued this state
ment:
THE president of the conference
Secretary Of the Treasury Morgen-
thauD today reviewed the status Of
the work with the Steering Commit
tee of the conference. It was the
unanimous opinion of the heads Of
the delegations consulted that agree
ment on all matters of substance
would be reached by Wednesday, the
date originally set for adjournment,
but that the technical and drafting
work will require several more days.
1t was decided that closing plen-
ary session of the conference will
be held on Saturday and that the
delegations will leave Breton Woods
on Sunday
A STUBBORN fight over quotas to the
projected monetary fund-a fight
that brought partial reservations
from six nations-threw the session
behind schedule.
Yet to come out of the parley' s
last two working days is an agree
ment to recommend $4,000, ,0OO, 600
world bank to make available loans
for rebuilding and developing the
A countries represented here. In
the words Of an ofncial conference
spokesman, however, that project
presents many fewer" problems
than the proposed monetary fund
entails.
Charted as means of stabiliZing
and making available the various
world monies needed to carry on
foreign trade, the funds birth"
was hailed by Secretary of the
Treasury Morgenthau as a sign
of the cooperation expectable at
the peace table.
U. S. Would Deposit S2,750, ,oOO, 900.
Into the giant postwar kitty
still awaiting ratification py each
government. the United States
would put S2,75O.O 900 900. Grea,
Britain 81 300. 900 900. Russia ST..
200 900 900, China $3.50, 900 900 anc
France $45O. 900 900. The amounts
for other nations taper down tc
$4,000 each for Liberia anc
Panama.
The quotas represent the amount.
Of gold and local currency each ma
ton will invest. They also measure
degrees of authority, as we'll a.
amounts Of foreign exchange thai
each country may obtain from tn.
common pool to pay on short tern
world trade debts.
The reserva tons, declared by {
high source to be causing no con.
Germ. were entered by Russia, China
Egypt, France, India and New Zea
land. Russia objected to a pro.
vision requiring her to contribut.
the same proportion of gold a!
countries not devastated by the war
The other five all wanted larger
quotas.
Mr.. Morgenthau. who presided al
the conference, remarked that nat
urally not every country got what
it hoped to get" He emphasized the
fund had to be held within the
limits.
Russia Gets Larger Share.
Even so. the fund will be $780,
600 900 greater than original esti-
mates to give Russia and some other
countries large shares In addition
the Soviet Union won an important
concession when the conference
agreed to exclude its newly mined
gold from consideration as a part OF
its gold holdings during the first
five years of the funds operations
Russia has sought to husband her
store of the metal to permit the
largest possible volume of postwar
foreign purchases.
Although the clamor in the sta
bilization fund discussions was fo,
lar