Show N N 49 1 1 toom FROM OUR congressman W K GRANGER r J stabilization fund plans for a world monetary fund evolving hv involving and designed to stabilize world currencies and aid world trade has been presented as pirt part of a dual program of the united nations monetary conference held at bretton woods new hampshire gamp shire the committee has a peed eed that the total li abilities of international bank the 00 he proposed cond part of the conference should not exceed its outstanding capital estimated at of which each member country would buy shares big country quotas are largely worked out the united states to put up one third of the capital or about 3 billion dollars england about 1 billion dollars and russia a little less each country under this plan would contribute at first one fifth of its total subscription 20 per cent of this in gold and the remainder in local currency the he U S would supply about million dollars of which 1400 lu 00 would be in gold the executive committee of the tank bank would be composed of 12 mem bers is of which five will represent each one of the larger quota holders while the other seven will be chosen through proportional representation the smaller countries sen en tation by this is very similar to the proposed setup of the executive committee of the te world monetary fund itself F each ach country would appoint a member to a board of directors voting by this board would be on a batis basis of shares held but no country could cast more than one fourth of the total vote thus the U S with one third of the capital would have a fourth of the vote 44 countries would participate the bank for reconstruction and development would make loans guaranteeing them or actually participating i ci in them through any member country to any government subdivision of that country or operate through a private banking institution within a country the borrower could be a government corporation or a private one who could show he had been unable to get it from government or private sources payment of interest and principal cipal would be guaranteed by the govern ment of the borrower it was proposed that special consideration be given to devastated countries through both slower rates of amortization on their loans and a priority on th the e granting of such loans chief arguments for the bank are private capital alone cannot do the job A of postwar development andee and reconstruction A also iso it is believed the U S would benefit domestically in trade growth and from great projects here and abroad that the bank might underwrite |