Evening star., 1948-09-27
World Bank Officials
Open Third Annual
Meeting Here Today

World Bank and World Monetary
Fund opens today at the ShorehamI
Hotel with representatives of 47I
member nations scheduled to par
ticipate.
Russia is the only major country
not taking part. as it never joined
either organization, despite the fact
it helped in wartime preliminaries
for the setup.
The opening program was sched-
uled to get under way at 3 pm.
with an adress by China's Finance
Minister Yun-wu, who is chairman
of the two separate boards of gov
ernors.
Members Of the governing boards
include vice chairman Sir Stafford
Cripps, Britain's Chancellor of the
EXcheQuer, who arrived here yester-
day; United States Secretary Of the
Treasury Snyder, Pierre Mendes-
France of France, and Sir Chinta-
man Deshmukh of India.
Initiation to be stressed.
Ways and means of fighting in
flation throughout the world were
expected to be stressed at the ses-
sions, particularly those of the fund
The meetings will run through Fri
day.
The bank makes loans for specific
projects to aid recovery from the
war and to bring postwar develop
ment.
The fund seeks to keep rates of
exchange for various national cur
rencies on a stable basis and to
prevent money moves that might |
bring on trade wars.
The general goal of the meetings
of the two great international
groups is economic peace and re-
covery.
Retaliation Moves Doubted.
Officials indicated that, while cur
rency stabilization is among the
purposes of the fund, there was no
chance that the meetings would de-
velop any move for general devalu-
alton of overpriced currencies. They
contend it would not be practical.
The funds annual report will be
presented tomorrow by its manag-
ing director, Camille Quit of Bel
GUM
The banks president, John j.
McCloy. will present its annual re-
port Wednesday.
Many private meetings by gov
ernors outside of the formal sessions
have been arranged to give each
country a chance to use the meeting
as a means of taking up its per
sonal" problems with others.
To Study Polish Plea on Loans.
One general subject is Polish
resolution to bar loans to non
member countries. Poland raised
the issue at the second annual
meeting in London last year, Wnen
there was talk of bank loan to
improve coal production and other
industrial activity in Germany's
Ruhr district.
United States officials said the
loan question since has become al
most academic since inclusion of
Western Germany in the European
Recovery Program has provided an
other means of helping German
production.
Down for action by the fund is
an application for membership by
Liberia. Other applications by Siam
and Pakistan may be taken up If
the preliminary paper work is COM
pleted in time.
To Attend Both Meetings.
Sir Stafford on his arrival by
plane said he would attend meetings
of both the bank and fund. He
also expects to have general con-
versations" with American officials,
including Secretary of the Treasury
Snyder and Paul Hoffman, director
general of the Economic Co-opera-
ton Administration.
Sir Stafford and Lady Cripps were
accompanied from Canada by Ca
madam Finance Minister Douglas
Abbott. They were greeted at the
airport by British Ambassador Sir
Oliver Franks, Canadian Ambassa-
dor Hume Wrong, and United
States Department officials.