Evening star., 1944-07-01
limited Nations
Money Farley
"opens Today
Moreenthou Slated
To Head Meeting
| In New Hampshire
BY the Associated Press.


BY the Associated Press.
BRETON WOODS, N. H., July
ALL but obscured by the fight
ing for the peace it is intended
to implement, the United Ma
tions monetary and financial
opens today to plan
the foundations for two new
business houses on the worlds
Main street.
One is a $4,000, 900 600 depart
ment store whose shelves would be
stocked only with dollars, pounds,
rubles. yuan, francs and the other
of the world and with a
storage vault for some 50 ,000, ,000, 900
in gold.
The other is a $4,000, 900 900 bank.
patterned after this countrys Re-
construction Finance Corp.
World Trade Is Aim.
Together they are designed to
promote world trade and prosperity
and remove the causes of war.
The conference, convening late
today, will hear a message from
President Roosevelt. will name Sec
retary of the Treasury Morgenthau
its president and will chart the
course of discussions that probably
will last three weeks or more.
On hand here are representatives
OF more than 40 other nations. in
cluding the French Committee of
National Liberation. Their decisions
the first sought on world d-wide
scale since the 1888 London none
tary and economic conference.-the
go before each government for ap-
proval or rejection.
The projected department store,
more formally designated, as an in
ternational monetary fund, would
be set up at the start as an $8,000,-
000000 project. later to be expanded
by opening its doors to the nations
now neutral or at war with us.
Gold Values to Be Set.
Its purpose would be to assign
gold values to the various moneys
and then by buying and selling them
at stabilized rates provide each
country with the foreign exchange
it needs TO pay its current bills
abroad
To participate as the fund is now
blueprinted would mean an invest
ment by this country of about ST.
500,000000. England could come in
for about half that amount, Russia
for about 81 900 900 900, China some
thing over half Russia's share and
the other nations for correspond.
ingly smaller amounts.
The conference must fix these
quotas definitely and. among other
things. determine how the fund
should operate to keep all monies
plentiful enough so that this coun-
try. for instance. would not find its
foreign markets closed by lack Of
dollars abroad
Delegations Listed.
Composition of the big three
delegations to the conference is
United States-Mr. Morgenthau,
Fred M. Vinson, economic stabiliza-
ton director; Dean Acheson, Assist
ant Secretary of State; Edward E.
Brown, president of the First Ma
tional Bank of Chicago; Leo T.
Crowley, foreign economic admins
traitor; Mariner S. Eccles, Federal
Reserve Board chairman; Miss Ma
bel Newcomer, economics professor
at VaSsar College: Chairman Spence
of the House Banking Committee:
Chairman Wagner of the Senate
Banking Committee, Senator Tobey
and Representative Wolcott. Repub-
llcan, Of Michigan. committee MEM
bers, and Harry D. White. assistant
to Mr.. Morgenthau and head of the
Treasury's Monetary Research Divi.
sion.
England-Lord Keynes. economic
adviser 10 the British treasury and
author of now discarded British
plan for achieving sterilization by
means of clearing union: Robert
II, Brand, British treasury repre-
sentative in Washington: Sir Wilfrid
Eady, second secretary of the British
treasury; Nigel B. Ronald, assistant
undersecretary of the Foreign Office:
Dennis H. Robertson of the British
treasury and professor of political
economy at Cambridge University;
Lionel C. Robbins, head of the eco.
nomic section of the British war
cabinet Offices and economics pro.
fessor at the London School of Eco
nomics; Redvers Opie, counsellor Of
the British Embassy
Russia-M. S. Stepanov, deputy Of
the Peoples Commissar for Foreign
Trade; M. A. Maletin, deputy of the
Peoples Commissar for Finance; N.
F. Chechulin, assistant chairman Of
the Soviet State Bank: I. D. Zlobin,
chief OF the monetary division of the
Finance Commissariat: DR.. A. A.
Arutiunian, chief of the monetary
division of the Foreign Trade Com.
missariat.
List Of Nations Invited.
attend the conference:
Australia, Belgium, Bolivia, Brazil.
Canada, Chile, China, Colombia.
Costa Rica, Cuba; Czechoslovakia,
Dominican Republic. Ecuador. Egypt.
Ell Salvador, Ethiopia, French Conn
mittee of National Liberation, Great
Britain, Greece, Guatemala, Haiti.
Honduras. Iceland. India. Iran, Iraq,
Liberia, Luxembourg, Mexico. Meth.
erlands New Zealand. Nicaragua.
Norway, Panama. Paraguay. Peru.
Philippine Commonwealth. Poland.
Soviet Russia, Union of South Al.
rica, Uruguay. Venezuela and Yugo.
slavia.
FIorenea Omen Ci&v