Evening star. [volume] (Washington, D.C.) 1854-1972, 1957-09-23
President Calls
Initiation Peril
.ToFree World
Continued From First Page

the lectern. Conference Chair
man Miguel Cuaderno of the
Philippines also emphasized the
dangers of imitation.
He noted that many nations
have taken painful steps to
solve their problems, without
resorting to "large-scale at
tempts at tighter quantity of
restrictions on trade and ex-
change"
The monetary fund is dedi-
Gated to removing such barriers.
Cites Squeeze on Nations
But Mr.. Cuaderno called at
tention to a squeeze" on I'M
derdeveloped countries. Pro-
tectionist trade policies of in
dustrial countries, he charged,
have aggravated problems of
balancing exports and imports
and obtaining capital for eco
nomic expansion.
He criticized the Western
European common market"
as a threat to nations outside
its orbit. The common market
may work at cross purposes
with the funds monetary
main objective" by perpetual
ing determinations against the
products and currencies Of out
siders, he said.
He lauded the United States
for establishing a $500 million
Development Loan Fund which
offers some relief for the in
tense capital needs of the un-
derdeveloped out countries"
AS a leading spokesman of
such nations. Mr.. Cuaderno
pleaded for "a more sympa-
thetic understanding Of the
problems Of the underdeveloped
countries"
Picks Up Theme
Secretary of the Treasury
Anderson. United States repre-
sentative on the Bank and
Fund boards of governors.
picked up the Presidents infia-
ton theme in his address.
Mr.. Anderson said worldwide
infiationary pressures must be
resisted" even though the bat
tie requires many difficult and
troublesome decisions.
Prosperity in the United
States. he conceded, has been
accompanied by some rising
prices" indicating that I'VE
have been trying to invest more
than We have actually saved
out Of our earnings"
Mr.. Anderson claimed that
we are gaining in the battle
OF imitation in the United
States" but I'VE cannot relax
our efforts for one moment"
The well being of any nation.
he continued, depends pri-
marily on a sound domestic
economy" Nations must pro
vide the conditions in which
capital can be invested" before
their economies can grow.
Growing Pains"
President Eugene R. Black of
the International Bank agreed
with his colleagues that prob
lens are accompanying eco
nomic growth. but he declared
"today's problems need not be
cause for undue disbursement
or alarm" He called them
signs Of growing palms."
However, Mr.. Black urged
governments Of the free world
to solve problems of balance or
face the threat Of political
stormy weather."
He called for balance be-
tween consumption and invest
ment. productive and non-pro-
ductive investment, industry
and agriculture and production
for export and home consump-
ton.
He urged governments not to
sacrifice consumer needs to the
about drive for capital ex-
pansion.
Mr.. Black chided some gov
ernments for over emphasizing
"unproductive" military spend
ing.
He also blamed some coun-
tries for wasting resources. be-
cause of "short-range political
considerations" on subsidies to
public utilities.
Mr.. Black also warned that
some governments are trying
to do too much" as when they
branch out into fields where
private enterprise. domestic or
foreign, is willing to do the