A detailed working plan of a new international monetary system could be ready by 1973, Britain's Chancellor of the Exchequer, Anthony Barber, told the opening session of the Commonwealth Finance Ministers at Lancaster House, London on Thursday (21 September).
GV EXT. Lancester House
SV TILT DOWN TO Ministers chatting
GV Mr Barber enters with other ministers (4 shots)
SV PAN from cameraman to Ministers posing for photos (3 shots)
GV & SV Conference
SCU Ugandan delegate
SCU Western Samoa delegate
SV Chancellor with Secretary-General of Commonwealth Smith
SV Australian Finance Minister Snedden
SV Canadian delegate
SV Kenyan & Indian delegate
SV & GV PAN conference table (2 shots)
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Background: A detailed working plan of a new international monetary system could be ready by 1973, Britain's Chancellor of the Exchequer, Anthony Barber, told the opening session of the Commonwealth Finance Ministers at Lancaster House, London on Thursday (21 September).
Mr Barber said that a consensus of world opinion had shown a reform in the system should soon come about, and if the necessary discussions could be 'pursued with the vigour demanded,' a new achene could be ready for consideration at next year's annual meeting of the International Monetary fund and the World Bank in ???.
The 31 delegates at the two-day conference... who included Uganda's Secretary to the Treasury J. Geria...expressed understanding at Britain's decision to allow sterling to float. But ministers from the developing countries said they were concerned sat the detrimental effect the floating could have on their own economics, although they admitted no serious disruption had so far been noted.
SYNOPSIS: Lancaster House in London, the setting for the nineteen-seventy-two Commonwealth Finance Ministers' Conference. Delegates from thirty-one Commonwealth countries were in Britain on Thursday for the opening session.
Chairman of the conference was Britain's Chancellor of the Exchequer Anthony Barber. He told the delegates that a detailed blueprint for a new international monetary system could be ready by next year if the necessary discussion could be speeded through in time. This achene, he explained, could then be presented at the meeting in Nairobi next year of the International Monetary Fund and the World Bank. The London Commonwealth Ministers' conference precedes by only one week this year's meeting of the I.M.F. and World Bank in Washington.
Uganda's Secretary to the Treasury, J. Geria, attended the conference despite mounting pressures on the home front. In Thursday's opening session the delegates expressed understanding at Britain's decision to allow sterling to float. But in doing so, some of the Commonwealth's developing countries expressed concern over the possible effect floating the pound could have on their domestic economics...although they admitted so far it had not had any serious disruptive effects.