Evening star., 1944-07-16
United Nations Agree
On StabiIization Pool
OF $S,S00,0O0,O00
U. S. Investment Is Set
At $2,750,000, 900 and
Britoin's 81 300, 900, 900
BY the Associated Press

BRETON WOODS, N. H.,
July 15.-The United Nations
monetary conference laid before
the world tonight plans for the
creation of an $4,000 900 900 post
war prosperity" fund.
Treasury Secretary Morgenthau,
announcing to thrice-delayed
press conference that a monetary
fund has been born" described
the conference action as 'an omen
of the international cooperation
We may expect when we sit around
the peace table,
The fund, designed to stabilize
world currencies and promote trade,
would call for the United States to
invest $2.750,0OO 900, Great Brit
ain 81. 800, 600 900 and Russia 81, 300
00O, 600.
Each Of the A nations represent
ed here must decide by legislative
action whether to participate in
the fund and a companion project
"A $4,000, ,000, 900 world bank for
reconstruction and Development
to be announced before the confer
ence adjourns Wednesday.
Russia Wins Major Point.
The conference action came at
day-long session of it's monetary
fund commission and followed an
eleventh hour reply from Russia
acceding to Anglo-American deter
mination to oppose concessions for
war devastated areas.
A day-long session that brought
agreement on all but some of the
technical operational details of the
projected fund and its location
marked by Russian reservations to
two-to-one vote rejecting a So
viet-sponsored proposal to grant
special concessions to war-devastat-
ed countries.
The proposal would have permit
ted Russia and the other war-hit
AAooAoAio W lCouSS tllCil vi lSllldl SOlu
contributions by Is per cent of the
amount expected of other countries.
The Soviet Union won a major
point, however, when the conference
accepted proviso that would eX-
clude newly-mined gold from con-
sideration as a part of any ma
tion's holdings for the first five years
of the funds operations.
Aim to Stabilize Money.
Russia has sought to conserve its
gold reSources-their extent un-
known to the rest of the world-to
permit her to make the tremendous
purchases she contemplates after
the war to rebuild damaged areas
and spur her industrial develop
ment.
The fund, conceived as a unique
department store" where money
instead of goods will be sold, is in
tended to stabilize the values of all
moneys and, by making them avail
able, to prevent the trade him
drances that frequently followed
when currencies became scarce" in
world markets.
In a second important concession.
the conference voted today to vest
operation of the fund in a 12-mem-
ber executive committee on which
the Latin American republics would
be assured two seats.
The five countries with the larg-
est quotas, the United States, Great
Britain, Russia, China and France,
would have automatic representa-
ton. The Latin American nations,
in naming their two directors,
would be excluded with the top five
from voting for the remaining posts.
Fine Demonstration"
Announcing the projected fund S
BIRTH Morgenthau told newsmen
that he regarded the action as IAN
unusually fine demonstration to the
whole world that A nations can get
together. iron out of their differences
and decide that they will work to-
gether on monetary matters"
Quite naturally, he continued, not
every country got everything it
wanted, but he said the fund had
to be kept within limits. In reply
to question, he said he could not
anticipate the date of Congressional
action, but he added the bipartisan
Congressional representatives on the
American delegation never once
acted as Republicans or Demo-
Gratis, but only as Americans"
He said he had been led to be-
lieve that all of them ARE in SYM
pathy, at least as individuals"
That the Soviet delegation ire