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20 The Oshewe Times, Monday, October 3, 1966 INTERNATIONAL MONETARY FUND MEETS No New Currency Plan Due Until 1968 At Earliest WASHINGTON (AP) -- The non-Communist world took a giant stride this week toward creating a new inieinauonai currency, but there's a lot more work to be done before an ac- tual plan for it can be drafted. The five-day meeting of the International Monetary Fund and World Bank produced a vic- tory for the U.S. position on new money even beyond the hopes _of American officials. This doesn't mean that the world will begin using next month or even next year a new international currency. Chances are that no plan could be ap- proved finally until 1968 at the earliest. But the 2ist annual meeting of the IMF-World Bank did de- cide virtually unanimously to draft a plan for creating new money to be used when and if it's needed. The meeting isolated France, and to a lesser extent Chad, as the only members of the 105- \a specific plan could be ready nation group in the opposing camp, and even the French po- sition seemed to soften during the session. France sees no need for any new mUnSGy ana oven qussucns the need for drafting a contin- gency plan. Finance Minister Michel Debre said the world isn't suffering from a shortage of money but from too much of it. The next step will be a meeting, probably in early De- cember, among 'the fund's 20 executive directors and the de- puty finance ministers of the 10 largest industrial nations. The discussions will actually delve into specifics of a money plan to supplement gold, but the December meeting is expected only to set guidelines for fur- ther talks. However, there appeared to be a determination resulting from this' week's meeting that for discussion at next year's annual meeting in Rio de Jan- eiro, Although the question of new money was on everyone's mind The Membership Rights "Mini - states" Studied UNITED NATIONS (AP)-- The issue of whether to limit membership rights of so-called "mini-states" has arisen with the United Nations' impending admission of Botswana, Lesotho) and Barbados--all under 1,000,- 000 in population. The UN charter says member- ship is open to all peace-loving states that accept the obliga- tions set out in it 'and are able and willing to carry out these obligations." Statesmen, diplomats and scholars have argued increas- ingly of late that some new countries, while willing to carry out their charter obligations, are too short of area, population and money to be able to do so. One suggestion is that no such country should become an individual UN member but that several of them together should be given a group membership. Another suggestion is that little countries should be ad-| mitted but that they should be mitted to the United Nations by mid-October and Barbados, in| the Caribbean, in early Decem- ain. Botswana, formerly Bechuan- aland, became independent and applied for membership Friday. Present Basutoland will become independent as Lesotho Tuesday and apply within the next week. Barbados will gain independ- ence Nov. 30 and take its place in the United Nations soon after. With that, UN membership will have grown to 122 from 117 in the present three-month session to end Dec. 20. Guyana was ad-| mitted on opening day Sept. 20. Indonesia resumed its member- ship Wednesday. The estimated populations of the prospective new members|! 000 for Lesotho and 245,000 for} Barbados, The smallest mem- population of only 97,000. at the meeting, there were these| other developments: | 1. Guyana, formerly British! Giihea, HSCaME The idol TEMI- ber of the fund and bank. 2. Machinery was approved for readmission of Indonesia, riding power. He has since been relegated to a lesser role. 3. The bank appealed t richer nation. to step up their aid to develeping countries. The United States greeted this appeal with a pledge to increase its aid: but warned it had no intention of seeing its dollars wind up as a drain on U.S. gold supplies. This was a_ reference. -to France, which continues to cash in its excess dollar holdings for gold. Treasury officials said during the week that France ied §245,785,806 into goia during August, At present, gold, U.S, dollars and the British pound sterling which withdrew last year when comprise the world's major President Sukarno had over-imoney reserves. 0b CANADA SAVINGS BONDS ber. All have been under Brit) An investment | | that won't let you down. Go-ahead people buy their bonds at i TORONTO-DOMINION | The Bank where - B. MILES, Manager, King . E, ERWIN, Manager,. . |H, J, EATON, Mgr. Northwa people make the difference. | St. W. & Simcoe N., Oshawa! .455 Simcoe South, Oshawa are 559,000 for Botswana, 745,-|W, R. SINGLETON, Manager King E. at Wilson, Oshawa y Plaza 1128 Simcoe & Byng j ber, the Maldive Islands, has a} iE. D. HAYDEN, Mgr. 243 King W. & Park Rd. S., Oshawa denied the right to vote or else have that right limited to par- ticular occasions when their.own interests are directly involved. Lord Caradon, British UN ambassador, asked about the! problem, said: | "We'll have to think about it. | AINIGHT WIN A FREE ON TH zo own! It is a problem. I don't have | anything more to say about it! at this stage." NONE TO TAKE STEP But another source said "I don't think anyone would dare" | propose any such limitations. Many of the present 119 UN members themselves are lack- ing either in land, people or money. Limitation of member ship) rights would require amend-/ SCUGOG CLEANERS 524 Cromwell Ave. Oshawa 723-1159 "Branch Stores" 64 King St. W. OSHAWA 898 Simcoe St. N. OSHAWA 181 Bond St. W. OSHAWA PORT PERRY 985-2332 130 Brock St. N. WHITBY 668-4341 728-6007 MEMORIALS Priced To Suit Every Budget Cemetery Lettering Statues, ete. 728-3111 OSHAWA . N. MARTIN, PROP veiebed Vg Mile East Of City Limits On. Highway 2 ment of the charter, which now| gives equal rights to all coun- tries regardless of area, popula- tion or wealth. 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