The Waterbury Democrat., 1944-07-17
Big Group Extends Stay

Breton Woods. N. H. July IT, (UPl-The United Nations moneta- ry and financial conference today extended it's session here by three days SO 1t can complete plans Tor the second item of its dual programs eiO OO00 900 900 international Bank for reconstruction and development.
 The extension was voted because technicians upon whom most Of the detail devolves had been driven 100 hard and needed a bit of rest before whipping the complicated plans into shape.
 President of the conference Hen" " M0rgenthan. Jr., announced that matters Of substance would be reach. ed by "Wednesday, the date original" ly set for adjournment.
 Under the revised plans, a closing plenary session Cf the conference will be held Saturday and the dele- gations will leave Breton Woods Sunday.
 The bank plan remains the sole lob before the commission. On sat. ilrday the conference announced practical completion of its first item on the progTam-aIl s8bOoloOOso00 monetary fund for stabslization 0I world clirrencies, and it was then believed the bank would be ready Tor member agreement by Wednesaay afternoon at the lateEt.
 According to current method nov being followed there IS q tendency to emphasize conservatism sp tne bank set-np. This, t gas believed. was intended to attract compression" aI appT0val.s
 4 conference spokesman, reyeallng that the proposed elo0oo. .o0o. .ovv bank could lend money and gnaran. tee loans up to s50.000. 900 l000, said that the final plan would provide for a credit expansion for re-euild.. ing and developing gaT-bee, and backward nations 10 the extent ol eiay000, 900 900, ..
 The delegates, representing ss United Nations worked on . cons Eeryatiye program lp the hope ol getting early congressional appFoyaI of the world bank,
 Four points iD the program stood in sharp relief as the delegates worked against the "Wednesday deadiine for adjournment Of the meeting.
 The Plsp
 l, The proposal to f0llog the United states delAgati0ps urging that the bank leadership be vested in . small group made up Of the principal creditor nations. This gas seen as . move 10 answer critics of ihe plan wbo hed said the banks direet0rship g0uld De ln control of the nations wh0 would be the pFips eipal b0Tv0wers,
 2, 4 plan 70 supervise carefully the spending Of the money borrowed to make sure 4 was used for the purpose intended.
 2, Recommendations that the loans be arranged 0n the basis ef ability 70 pay, made for 2 fairly long term at Teas0neble rates og interest with an amortization clause 70 ensure repayment,
 {, 4 method ef charging Q eem. mission for guaranteeing the loans le build s fund to handle possible defaults,
 The bank, last Item aD tlle eops ference aeende will be whipped Into complete form f0g Anal approval by delegates 0D Tllasd9y NyADina, Leave Ing Wednesday to hanale anY odds and ends,
 Fbere was co overflow 0f Ideas which were brought before ibls cons ference but rejected and thess weTe ekpaetAd 70 form the basig Of sey, eFal additional e0nfeTehees in the not distant future,
 The inteFnaii0nal monetary fund wlfh quotas totaling eea00 o0e A00 practically had been completed and olllv 2 few Dlln0g points remained f0T flle drafting committee te put into legal language,
 When fhe bank Anallv ls anng0VAd fle n0DfeFepee Wlll heVe founded out ils complete kehadllle and the twe plans developed will he ready f0T congressional aeiieD and aetl0n " paFliamefis af the FaMRiplng 49 naiienk, When Gb per aeDt Of lha voting poser 9f notions Involved agree eD tlle pE9pasals they #lll beeellle operative,