Sunday Gazette-Mail from Charleston, West Virginia on August 31, 1975 · Page 8
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Sunday Gazette-Mail from Charleston, West Virginia · Page 8

Charleston, West Virginia
Issue Date:
Sunday, August 31, 1975
Page 8
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Page 8 article text (OCR)

--August 31,197 5 Johannes Witteveen - Hopes for New Fund Fund Eyed To Help Poor Nations By R. Gregory Nokes WASHINGTON UP) - The director of the International Monetary Fund said Saturday he hopes a new financial resource within the fund will be established early next year to help the underdeveloped nations of the world. Director Johannes Witteveen said the new fund would be financed in part by sales of more'than 1 billion in the IMF's holdings of gold. IMF gold holdings total more than 6 billion and were obtained from contributions by its members. ' "The low-income countries need concessionary terms . . . We are working on providing balance of payment support to low-income developing countries," Witteveen said. · The issue of how to dispose of the IMF gold in a way to help underdeveloped nations is one of the questions that delegates to the 30th annual meeting of the IMF and the World Bank here will try to resolve. While Witteveen said at a news conference he is hopeful agreement can be reached on gold, which is being phased out of the international monetary system, he said it was unlikely there would be final ' agreement on two other major issues, ; world exchange rates and new IMF quo- · tas. France and the United States are deadlocked over whether the new monetary system should operate with floating exchange rates, which are favored by the United States, or fixed exchange rates, the French position. "In order to keep the meeting here from bogging down on the issue, the major nations, including the United States, appar- ;entiy will agree to postpone discussions -iihtil a midyear meeting of the fund's In- :lerim Committee in Jamaica in January. Russian Grain t i Manipulation Hit by Meany (C) New York Times Service WASHINGTON--George Meany, strongly supporting the longshoremen's opposi- · ' tion to loading grain for shipment to the [.Soviet Union, says that the Russians ['should not be allowed to manipulate the ^United States grain market to the detri- ["ment of the American consumer. ^" Showing no disposition to back down in 1'Jiis stand against the Russian grain deal, ;~the president of the AFL-CIO said in an interview this week that he expected the issue to go to Congress. He said the real "problem was not how many American ships were used to transport the grain but the effect of the private grain sales on .prices United States consumers might . have to pay. '- Meany also criticized President Ford's .economic policies, urged additional expenditures to overcome persisting unemployment and said he would like to see a liberal Democrat elected president next year. IN A MEETING this week with Ford, Meany said, the longshoremen's wheat, loading boycott, temporarily stopped by a '. court injunction, was not discussed. But he - said he and the President did talk about the impact on American consumers of wheat sales to the Soviet Union. Meany said: "They use their Arab friends and they use oil as a weapon against us. Well, we've got the food. All of these countries--every country in the world that has a wheat shortage-has got to come to us. We are the only supplier. We supply all the surplus needs of every country in the world, and why should we let the Soviet Union manipulate our grain . market to our detriment?" ' Meany later suggested that the basis of any commercial relations with the Soviet Union should be on a government-to-government basis ratherthan through private · companies. ' "What right have they got to come in and deal with Cargill and these greedy, profit-hungry grain operators, to deal with them and play with our market, and get our food resources at a cheap price and then cause the American housewife to pay?" he asked. Meany described Ford as a "nice guy .a likable guy. . . very straight, truthful." But he was critical of the President's conservative budget policies and said that his priorities appeared aimed at helping big busings. -\ OPEN 10 A.M.-5 P.M. FINAL MARKDOVIN OPEN SATURDAY 9 to 6 SUNDAY 1 to 6 MONDAY POSITIVELY LAST DAY! D = DUNBAR All wood traditional oak finish with hammered brass trim open end cocktail table and open Hex table .......... 39 CD C = CHARLESTON Spanish family room group, YOUR CHOICE sofa, loveseat or chair ottoman CD G.E. refrigerator, 3 cabinet shelves, fresh food crisper, adjustable temp. 1 QQ90 119 90 ea. 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