Time Presses

Delegates from 55 nations gathered in the long, narrow ballroom of Washington's Shoreham Hotel last week to discuss a universal subject: money. They were attending the world's most important annual fiscal meeting, that of the governing boards of the International Monetary Fund and the International Bank for Reconstruction and Development.

The economic experts could look with satisfaction on the past year. Most member countries were in better financial shape than at any other time since World War II. Currency convertibility and balanced trade seemed less remote than a year ago. Said Chief British Delegate Reginald Maulding: "The time is ripe for a courageous and concerted move." But, he added, "time presses upon us." The crying need was for strong leadership--and that could come only from the U.S.

When U.S. Treasury Secretary George Humphrey rose to speak, it quickly became clear that the Eisenhower Administration was not ready to assume trade-policy leadership. U.S. trade policy, Humphrey said, is to be studied by a commission headed by Inland Steel's Board Chairman Clarence Randall, and "I shall not endeavor to anticipate . . . this group."

The Randall commission, now organizing, is not due to report until early next year. Meanwhile, Indiana's protection-minded Senator Homer Capehart, present at the World Bank and Monetary Fund sessions, broadly hinted that Randall might not have the last word anyhow. "Watch my committee," Capehart told newsmen. "We are going to put out a better report than the Randall committee." Asked if his recommendations would differ considerably from Randall's, Capehart was owlish. "I wouldn't .be surprised," he said. "I wouldn't be surprised."

The Fund & Bank meeting ended with many delegates disappointed that no serious U.S. proposals had been made. By the time the U.S. manages to get a program, the other nations may be less ready to accept it.

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