| Show I 1 World Business Parley H Bretton Woods Bank Proposal i RYE N. N Y Nov 17 The Thc The t proposed world bank for reconstruction recon recon- lon and development which i I I was formulated at Bretton Woods 1 last Jast July popped up at the International interI international Inter inter- national business conference Friday Fri Fr- da day and the majority o of f delegations delegations delegations I indorsed it ft The bank with a capital of ot 9 j to be subscribed j by the governments of ot participating I ing nations ing-nations nations would be used primarily primar primar- I U fly ily to guarantee loans by private I investors in war-devastated war and underdeveloped countries The bank question came up at a ai ai i i plenary session of ot the conference I at which a panel report on the encouragement and protection of investments was made I The British delegation offered a motion adding to the report the I fact that in the panel discussion I opinion was expressed that such an institution would be an encouragement encouragement encouragement to sound international Inn inI in investment in- in n I vestment of the postwar period by g giving ging ing protection ion to both borrower borrow borrow- I r er cr and lender The motion was unanimously passed The American delegations delegation's I vote ote was cast by Edward Riley its vice chairman Soon after the session ended however Riley issued a statement i that the delegations delegation's vote talc did didI I not constitute agreement of the American delegation on the view expressed in this point The American American Amer Amer- ican lean delegation up to now has taken no pos position tion for or agate against st st. Riley explained that he was votIng voting voting vot vot- ing only to add the British viewpoint viewpoint viewpoint view view- point to the report because he said they had right to have their included A quick canvass of ot the tho other delegates however showed sha that most of at them thought the they were voting to Indorse the bank plan and stood by their Indorsement I IThe The report on investments recommended recommended rec rec- the adoption of an International in international international in- in code of ot fair practice and business ethics for the encouragement encouragement encouragement en en- and protection of in in- in vestments The report on Investments was one of several having to do with postwar currency and credits which arc are being put before beCore the I conference Friday These are arc regarded as the key hey subjects of this meeting of ot business business business busi busi- ness men and bankers from 52 nations with the spotlight focused on the American delegation and its position on the granting of postwar postwar postwar post post- war loans to other countries Vh When n the conference opened last week Eric A. A Johnston presIdent president president pres pres- ident of the United States Stales Chamber Chamber Chamber Cham Cham- ber of ot Commerce which is one of ot the sponsors of or the conference re remarked remarked remarked re- re marked that most of ot the delegations delegations delegations from abroad came here to find out how much credit they could obtain from this country when the war ends They still are arc vitally interested in the subject of credits but Inthe in inthe inthe the words of one U. U S S. S delegate who declined to be quoted by name not talking in quite such big figures as they did when they first came here I think weve we've made them realize there will vill have to be a limit on the amount of credit we can give them |
