Evening star., 1945-08-04
Truman Signs ; Bills
Making U. 5. Partner
In World operation

The White House announced
today that President Truman
has signed bills making the
United States a partner in three
important phases of economic
world cooperation, namely:
The Breton Woods monetary
agreement, by which A nations
plan to work together to stabilize
currency values and finance post
war reconstruction loans;
The expansion of the Export
Import Bank for American loans
abroad to stimulate this country's
export trade while the Breton
Woods organization is being set up;
American participation in the
United Nations Food Conference,
for worldwide study OF problems
of agriculture and food nutrition.
All three measures went through
Congress in the closing days of the
session, just ahead of Senate ratifl-
cation of the United Nations
Charter.
Breton Woods Highly Important.
Next to the Charter itself, the
most important of the three related
programs is ethe Breton Woods
agreement. The Presidents sigma
ture makes the United States the
first major power to complete action
on both the Charter and the none
tary agreement.
The Breton Woods plan will func-
ton through an international bank
and an international monetary fund.
The bank would be capitalized at
$4,000, 100000, of which the United
Nations have agreed to subscribe
$9, ,100,000,0OO. The United States
share is S3,175 100000 The banks
role would be to pick up where
private investment would otherwise
leave off, to stimulate additional in
vestment in reconstruction and de-
velopment loans.
Would Guarantee Loans.
The bank would guarantee loans
that meet specified requirements as
we'll as make some direct loans.
The monetary fund would total
So, 800. 100000 of which the United
States share would be $2,750, ,000,-
900. This fund would be used to
stabilize currency exchange to help
international trade.
Early action by other leading ma
tions Is expected.
The Export-Import Bank bill in
creases the lending power from
$700 ,000, 900 to $500, 100000. These
loans are expected to be made dur
ing the current fiscal year to meet
immediate reconstruction problems
while the other countries are act
ing on Breton Woods. These loans
are expected to stimulate the sale
of American machinery, tools and
raw materials which the liberated
countries of Europe will need to get
back to normal.
Gath Nation to Join.
President Trumans signature
makes the United States the oath
of the A nations to join the United
Nations food and agricultural or
ganization, which grew out of the
food conference at Hot Springs,
Va. more than a year ago.
1t authorizes an appropriation of
not more than S625 900 as the United
States contribution in the first fiscal
year to begin research.
No statement was issued in con-
nection with the signing of the
measures.
In addition, 1t was announced that
the President had also Signed legis-
lation permitting the Commodity
Credit Corp. and the Reconstruction
Finance Corp. to continue to pay
subsidies on livestock and certain
raw products.
Under this measure, the Secretary
of Agriculture Is authorized to spend
maximum of S595 100000 for live
stock subsidies, $l90000,000 for
wheat and wheat products and
500 100000 for butter fat and
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