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NEWS ANALYSIS 'Trade Outpaces _ Money Supplies By JOHN RODERICK "TOKYO (AP)--The hare of|Fu world trade was hopped ahead in the past decade at an annual Increase of 10°.per cent. The tortoise of money to pay for it --both gold and hard currency per cent. This is the dilemma which confronts the finance ministers) of 102 nations, all from the non- Communist bloc except Yugo- siavia, meeting in Tokyo. this that seems unlikely. week at the annual conference|ty," a way to replenish 'inter-| 1960s the U.S. balance of pay-| One suggest of the International Monetary Ferg : If, as in the fable, the hare woilld lie down and let the tor- toise overtake: it, there would be no problem. But with mount- ing demands from. developing reserves--has crept along at 2:8)nations and continuing expan- ] sion among industrial coutries national coffers with gold and dollars or some other medium of exchange to keep trade go- ing. Before the First World War, gold was the standard of inter- national 'trade. It collapsed when the warring nations had to pay huge amounts of gold to the United States for strategic materials. GOLD NOT AVAILABLE With so much gold concen-| trated in one country, it was no longer available to pay for the exchange of goods on a world scale. The monetary fund put gold back into the trade markets, but in a lesser role. The dollar, the only currency for which gold could be exchanged, be-| Twenty years afters its. cre-;came in effect the new inter- ation in wartime 1944, the fund is coming to grips with what it calls "international liquid-' steady and reliable. But in the|dollar outflow. lg ion is to double! shortage in international liquid-\crease in the reserve fund. national trade standard. | For years, the dollar was ments plunged into the red be- cause of its huge foreign aid commitments. European coun- tries began storing dollars and converting the surplus into gold. The result was a shrinkage in U.S. gold reserves from about $25,000,000,000 in 1949 to $15,500,- 000,000 in May, 1964. The Euro- pean Economic Commun'ty, the six common market . nations, held about $13,000,000,000 in gold. The American dollar short- age made more dollars avail- able to other countries for trade. But now that the United States is correcting is dollar imbalance, here are fewer of them available and less inter- national liquidity. NEED TO COMPENSATE | The monetary fund nations) are searching for ways to com-| pensate for the reduction in the| the price of gold, now officially $35 an ounce and unchanged since 1934. The United States, whose dollar is pegged directly to gold, objects because this ae have the value of the dol- ar. to issue a new kind of currency|cil of Printing Industries, said to replace the dollar in inter-/Tuesday the council has agreed national trade. It would be con-|to set aside an Injunction Is Set Aside jresentatives has been arranged "to work out an understanding 28 THE OSHAWA TIMES, Wednesdey, September9, 1964 the trade houses' is." Mr, Estey said the action to TORONTO (CP)--W. Z. ES-|ostpone use of thé injunction The French back a proposal|tey, legal counsel for the Cou M-lwas not a withdrawal but ra- ther an attempt to bring the two Ontatio Su-|Sides together in peaceful nego- fined to the 10 big industrial/preme Court injunction re-|tiations. He said the injunction, nations of the "Paris group" |straining repre sentatives of|for which the council was to of the monetary fund. The have-not nations vehem- shut would them out. want a big increase in the re-|advertisements Toronto's serve fund from which they could draw freely. This would be done by boosting the quota) which each nation contributes t0|:ween the ITU and council rep-\or the ITU Sept. the fund. To make everything more confusing, the Paris group ar- ues that there really isn't a appearing papers, three daily ' news- the Liternational Typographical 3 Union (CLC) from ciicmpting have sought an extension be ently oppose this. because it\to induce commercial printers They|to refuse to produce national today, could be reopened at a later date. Mr. Justice Haines issued the injunction hours after the coun- cil and four .other firms filed) Mr, Estey said a meeting be-), damage suit against officers The ity. But they say they will go along with a 25 per cent fi junion has been on strike since July. 9 at the three Toronto) as to what the proper role of} foré Mr. Justice Edson Haines|' TREAT YOURSELF TO. AN ENJOYABLE EVENING AT THE CANADIANA! Only 20 minutes from Oshows . . . the lourious Conodiona Jass-encircies din foom ,. oie ian dishes. Ai the » enjoy delicious Continental ond ds. , relax: intimate Blue Room. 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