11,. Guardian. Charlottetown. Thurs. March 14, 1968 8
fiMembers To Decide On Support For Lending
By EUGENE R. BLACK Former President of the World Bank (Copyright. 196°. by The. Associated Press Associa-.
national Development
tion will commit the last of thetaid must tend to be influence Lby hopes of achieving diplo-i May of 1961. it began lendingimatic influence or
initial resources from which. in
for economic development proj-isales of its own equipment and services. Such motives not in- programs are wasteful and with- comprising frequently put the real econo—1out really beneficial results fotr
either donor or recipient. direct political rewards of aid.country receiving the aid.
sets in the poorer countries lDA's members,
most of the nations of the free mic needs of the recipient coun- world, now have to decide what.tr‘y into second place.
part of development this form. But experience has ‘ shown that bilateral Sometime this year. the Inter-have serious shortcomings.
Bilateral lending is of course, It is not surprising. therefore..f:nc¢; I common; indeed' the greates‘ithat economic aid has oftenlgreater international co-ordina-‘Mines Ltd-.1“ 8“ address to the f the aid effort. and iniProspectors an Developers As‘ particular. in increased use ofisociation. _ At present production rates. and IDA. These international or- [Mia B r a dfield stated. not enough found to maintain Canada‘s re~ serves in gold. silver and cop- El‘.
aid takes ‘
aid may .
Any nation providing financia ‘
been given for poorly conceived projects or programs that done little to help the growth of underdeveloped countries.
1.
diBOLSTER ECONOMIES
And it is no wonder that in
promotingimany donor countries. there is a widespread feeling that aid
ave
The
are. lnde ed. overrated. and while the immediate commer-1 cial advantages can be real. in Ethe long run they will be greater 1still if aid is used to build up ithe economies of the developing ‘countries so that lasting trading partners and cus- .tomers.
tion 0 such agencies as the World Bankl
tganizations direct their aid solely to helping the recipient countries. While this aid does not carry political “strings,” it does carry technical and ccono—i mic stipulations designed to as- sure that aid. in fact. achieves the intended benefits in the
. P
' By FORBES RBUDE they become.canadian Press Business Editor
More Support Suggested to In Search For New Mines
TORONTO (CP) — More en-Aistry related to
tcouragement for risk capital in Mr. The most economical and ef-tmining exploration was urged ive means of achieving thisIWednesdley by ‘ am convinced in ifield, president of Noranda
He
mines
suggested that taxation .penditures benefits and' other incentives be extended to wider exploration groups than now qualify for ithem and said there is need for
Brad- sociation. said
ileges and tincen
are being "Our
exemption for and
their holding
research at Canadian universi- ties in geophysics and geochem-
Bradfield. the CanadianlMetal Mining As-
companies and partic ularly wealthy American have better tax exemption priv-
ploration work in Canada than .have similar Canadian compa— nies or individuals. producing that are earning profits do get , ,
- exploration ex_;pe1uod will have a gross produc-
»exploration could be ‘to private investors and others. besides pa
base
geology. mg president of 0" United States said
individuals Prod
ttves to do ex- Year
companies aver justifies ‘tion their end Pay
that up
against outside capital and con- iwm‘ such 8" InveSimem'" ‘tinuing solidly and effectively in the exploration business.
exp]
11
mes. it
in the development of our min-
from uranium. earmarks of being profitable better than 1% discoveries a "W ing close to “5.000.000 a
or perhaps $25,000,000 mine. One might question if the
Strongly-financed mining an Mr
metal-processing com- would broaden the-
of Canadian participation
resources.“
er the last 10 years. aside Mr. Bradfield mine discoveries with the
over
ucers have averaged little
some a‘Lflmdl Les Deuesits bi’dutuetu money genuinely spent oniabout 70 per cent of good dis- extended covertes in recent years. “This is because modern ex- ploration ' team effort of prospector. geolo- . . . gist. geophysicist and perhaps :mml 3‘058 the 31‘1"“ Comm- geochemist. and it takes a tair;bia coast produced more than budget to support such a group of years re-2
the period V ut the long odd! ‘
quired to even 0 against success. .
In a reference to provincial situations. B df capital will prefer to invest in
adJJ. dLLUUJAl
methods require
Mr. ra ield
101‘
I .
said
i B.C. Sawmills
~ thOSc provinces “which see that.
e now are, however. spend- year, per new
age mine found during the
of over $25,000,000. let alone
dividends commensurate ters. w'th oration c o m p a nies. - .
The prospectors' four-day con- -ventiion, most of whose sessoins were taken up with papers on a wide variety of mining mat- ended Wednesday night i the association's annualv mining day banquet and dance“
' Increase Output VANCOUVER -
'CPi — Saw
000,000,000 board feet of lum-
ber last year. an increase of 5.7 per cent over 1961.
ess. retiring presi-
’l‘.E. . dent of the British Columbia
Lumber
Manufacturers' Asso-
ciation, told the annual meet- ing that coast mills cut 52 per
Page Smith as supreme NATO ‘naval commander in the Atlan- tic to succeed U.S. Admiral Rob- ert L. Dennison. who is retiring May 1.
our mineral wealth is an asset f’f [ma] B'C‘ producmn in
only after it is discovered. and which offer encouragement and. incentives "
APPOINT COMMANDER—n
PARJIS t Reutersl—The NATO c o u n ci 1 United States Admiral Harold
Tuesday appointed
support it should be given to fi . nance its lending from 1963 on-‘
ds.
An affiliate of the Interna- tional Bank for Reconstruction and Development — more usu- ally called the World Bank— lDA began life in 1960 with a subscribed capital of 31.000.000.- 000. of which about three-quar- ters was in convertible curren- cies. Of this total. the United states subscribed 3320000000. Canada’s subscription was $37.. R30.00fl.
In most ways. TDA‘s policies are the same. as those of the World Bank. ts funds are on- tirely separate. but the staff. managemen and directors of. the two organizations are identi- cal. and their memberships are nearly so.
iDA lends for projects of thc same vitally important kind as are financed by the bank—prin- cipally. for electric power.:
transportation, industry a n d I agriculture. it. applies the same strict ‘
standards as the bank in select-. ing these projects: thus it does not offer a way for borrowers to circumvent the rules on which the bank's success has been based. It exists not to pro-. vide a soft option for the devel-i oping countries, but to answer a need that the bank by its Ila-1 ture cannot fill. UNABLE TO BORROW IDA was established because many of the poorer cnuntries cannot borrow. on conventional terms. the money they need for urgent development projects. To borrow all they can usefully in- vest. they would have to assume responsibilities for debt service which they could not meet A study by the World Bank‘s staff shows that between 1955 and 1961 a group of 34 coun- tries. accounting for some 70 per cent of the population of the un- derdeveloped world. more than doubled its total external debt. Over the some period. the value» of this group‘s exports rose by little more than 15 per cent. If the present pattern of aid con? tinttes. both the external debt. and the annnual burden of debt M‘i‘\'if‘9 of these countries will double again within 10 years. iDA offers a way of continu-. log the flow of capital into eco-‘ nomic development without at the same time creating an im- possible burden of debt. So far. mA’s development credits have all been repayabie over 50 years. with a 10-year grace period. and have home no interest apart from a small service charge. These are 'the terms to the bor- rowing government. ‘ But if the IDA credit is to be} re-lent for a project that can; earn revenue. IDA insists that: the government re - lend they funds to the agency responsible ; on interest and repaymentf terms which are customary inf the country concerned. In othcri words. IDA's purpose is to lighten the burden of govern-i meats. but it is not to provide internal subsidies. IDA CAN’T BORROW . The replenishment of ii)A‘si resources is clearly a matter of 1 new contributions from its mem-} ber governments. and particu-l Iarly its more prosperous mem-r hers. The worl bank charges: conventional interest rates. and makes a profit; and it is able? to raise money for lending by; selling its bonds to banks and; other financial institutions. Thisi course is not open to IDA. which} earns no profit and is unable to? rrow.
But if governments are goingi to put more money into de- velopment on favorable financial ‘ terms. why shouldn‘t they use it in their own bilateral aid pro- lrams. rath r than increasing their subscriptions to "M?
CBC Refuses Time For Debate
OTTAWA (CP) —- If Social Credit Leader Thompson and Eric Kierans, president of the Montreal Stock Exchange. 81" to meet in a national television debate it is not likely to be on the Canadian Broadcasting Cor- poration. .
A CBC spokesman said Wed-l nesday it is not in the corpora- tion‘s plans to make debating tune available for a political leader and a non - political leader. If the two debated on a Dublin platform, said the spokes- man. the CBC would provide news coverage.
orontao. a spokesman fort "tr privately-owned Canadian} Television Network said it has. not recelvul any proposals from r the parties concerned and ‘noF decision can be made until thei matter has been studied.
Mr. Thompson and Mr. Kier- ' "I! lined to a debate on Social Credit monetary policies after :1 challéenge had been issued to
anada. Mr. Kin-r-
.“ l‘eitlltid that he felt it would
be more useful to debate with
MT“. Thompm'
Mf- Thompson said he. would to met Mr. Klenns
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