Evening star., 1944-07-22
Monetary Conference
Totnd Tonight After
Documents Are Signed
By the Associated Press.

BY the ASSoclAted Press.
BRETON WOODS, N. H., July
22.-The United Nations Monetary
Conference. after three weeks of
hard work, comes to an end tonight
with the signing of documents for
an international monetary fund and
q world bank for reconstruction
and development.
These two projects which a con-
ference resolution termed important
for peace and prosperity" subse-.
quently will be put before the legis-
.lative bodies of A united and asso-
ciated nations for approval.
They are expected to come before
the American Congress some time
early next year.
The successful conclusion of the
conferences labors was reached late
yesterday with an agreement for an
$500, 100000 reconstruction bank
whose purpose will be to make loans
and guarantee those of private in
vestorS in postwar reconstruction
diiO uCFclOplllCllG plOJcCtS.
The monetary fund, which also
totals $8,8O0,000, $1,000, is designed to
promote international trade by pro-
viding foreign exchange, or cur
rency, to those nations which may
be short of it because they are un-
able to sell as much abroad as they
import.
U. S. Share S3,175, 900 900.
Of the total bank capital, the
United States will subscribe $3,l75,-
100000; the United Kingdom, ST.
300,0o0,000; the Soviet Union, $780,
100000; China, 100000, ,00G; and
France, $450,000,0 900, with the re-,
mainder apportioned among 80
other nations in varying amounts.
Only 20 per cent Of the subscrip-
tions will be in gold and currency.
The other 80 per cent will be held
by each country as a reserve for
guaranteeing loans.
Final agreement on the bank pro-
posal was delayed for several days
because the Soviet Union, which
had been assigned a quota of ST.
200,000000 in preliminary discus
sions, held out for $900,00O.000. The
impasse was broken when the
United States agreed to increase
Its own quota.
Originally it had been planned
to make the quotas for the bank
similar to those for the monetary
fund, but Russia and the Latin
American Republics demanded low
er subscriptions.
Russian Quota Cut.
In the final agreement the Rus
slams got quota which was $780,
100000 under their total and the
Latin American countries all got re-
ductions.
The United States, on the other
hand, accepted an increase of $425,-
1000 over its fund quota, while the
United Kingdom subscription was
unchanged.
In assuming its increased bank
quota, the United States departed
from its previous position that it
would take only one-third of the
banks initial capital.
China and Canada were given in
creases OF s50,OO0,000 and s25, ,o0O,-
900, respectively, over their fund
quotas |
The total agreed on is 5000 600, 900
short OF the original goal set in the
preliminary draft of the bank, but it
was pointed out that additional cap
ital will be provided when countries
other than the United and associ-
ated nations join, with the eventual
capitalization expected to be $1O,-
000, 100000.
The convention will close with a |
dinner and plenary session tonight,
at which Secretary of the Treasury
Morgenthau, president of the con-
ference, and Lord Keynes, mead of
the British delegation, will speak.