bankers Association Spokesmen for the American Bankers Association will, of course, defend ardently their February March 18,1945 proposal that the functions as- signed to the monetary fund at Bretton Woods be transferred to the proposed world bank, stressing SECTION among other things their reason- ing that it would give the United States representation in that body ES 5 greater control over potential uses of dollars. The New York State bankers, the Reserve City Bankers, and the Foreign Trade Bankers will adhere to similar principles. Two "small" banking groups and at least one group of large bankers will signify their approval of two NO UNITED FRONT bodies to regulate international finance and to stimulate rebuilding of an orderly world. Certain indi- ON BRETTON WOODS vidual bankers scheduled to be heard will present their own un- inhibted views, so that public opin. ion at large and the House com- mittee in particular will have the 'Big Banking' in Nation Held benefit of a variety of banking apa praisals of Bretton Woods. Not Inflexibly Opposed to Since the text of the Bretton Woods agreements is not included World Fund Plan in the bill before Congress, amend- ment to the provisions may prove difficult, if not impossible. Al- VALID CRITICISMS CITED though the Treasury Department might be convinced that certain changes are desirable, it is obvious that in its desire to get the pro- Financial Figures to Tell Their gram accepted by Congress before the San Francisco conference late Views This Week to in April, and the fact that another financial conference would be House Committee needed if any major changes are to be made, it is most likely that the program will pass without sub- By KENNETH AUSTIN stantial changes. Means to Important End If there are any fears in Gov- ernment circles that "big banking' Some observers consider it more in the nation is inflexibly and likely that amendments will come after other nations have reviewed unitedly opposed to the Bretton and acted on the program, and Woods program for a world bank agree that it is important to adopt and a world stabilization fund, as the plan here, in spite of its shorta drawn, they will be banished in comings, as a means to a very im. course of the appearances of bank- portant end. One of the few American bank. ers before the House Banking and ers with a broad foreign as well as Currency Committee beginning on doniestic experience will recom- Wednesday. The valid criticisms of mend a union of the bank and fund, certain phases of the program, with the additional conclusion this which the bankers will present, the "paid-in" contributions of $1,0 will gain weight, it is certain, by 820,000,000 which can upon world additional bank, to the the very absence of a united bank- draw an ing front. $7,280,000,000 to meet its obliga- During the last two weeks the tions, is inadequate for the ex- Treasury Department had its in- change control scheme. But rather nings before the House committee, than set up an $8,800,000,000 fund particularly stressing the points that the cost of the two proposed as a separate entity, he will sug- gest that a substantial part of this world agencies would not be any- amount, or perhaps all, be provided where near as great as pictured as for the monetary activities of a not all the $5,925,000,000 contribu- tion would be required in the earlier single world organization. It may also be recommended years; that although interpreta- tions of the scheme here and that the world bank be authorized abroad diverged, that would not to accept deposits, and thus de- velop into a true World Reserve impair the program, and that it would be a definite substitute for Bank for central banks of adhering nations, just as the Federal Re- monetary warfare. The bankers will respond that serve Bank serves the American the "cost" of the plan is not a mo- banking structure. This would en- mentous consideration; that the able small, or large nations, with main objections to the scheme lie excesses of employable capital, to in a superfluity of regulations for make these funds available for the the proposed monetary fund, which monetary purposes of the world would hamper its functioning; that bank, just as the bank may issue not enough "brains" will be able to its debentures to finance its in- staff two separate world financial tended reconstruction loans. organizations effectively, and that One point cannot be stressed too they definitely adhere to the prin- strongly at the conclusion of a ciple of world cooperation in the study of all the recent discussions financial sphere. on Bretton Woods. There is not a banker who is not warmly in favor of world organization in the finan& cial sphere.