10. Speeches of World Bank Presidents
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Publication Annual Address to the Board of Governors, September 29, 1959(World Bank, Washington, DC, 1959-09-29) Black, Eugene R.Eugene R. Black, President of the World Bank, spoke about the growth of lending for reconstruction and development of its member countries. He discussed the 49 successful issues of securities, with the latest bond issue involving investors from eight countries that had not bought before. He spoke about how the Bank had established contacts with industrial development banks, public and private, in a large number of member countries, and through these hundreds of small enterprises were contributing new jobs and new production for a better material life in the underdeveloped world. Black suggested that there is a role for a new entity of private international investors from all countries to champion policies which attract private investment. He also spoke of the proposed establishment of the International Development Association. He warned against import substitution trade policies. He concluded by saying if Bank energy and resources were used rightly, it would reduce the burden of poverty in the world.Publication Annual Address to the Board of Governors, September 23, 1957(World Bank, Washington, DC, 1957-09-23) Black, Eugene R.Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about the happenings in the Middle East which threatened to bring major economic dislocation and, at times, the world outlook had been bleak. He mentioned about the large amount lent by the Bank and important additions to its capital resources during the fiscal year 1957. He explained two loans for air transport that helped Australia and India to acquire the latest types of aircraft for their air lines. He concluded by saying that the Bank should make, over the years ahead, a continued and significant contribution to the capital requirements of basic development on which higher living standards depend.Publication Address at the Annual Dinner of the Connecticut Chamber of Commerce(World Bank, Washington, DC, 1956-05-08) Black, Eugene R.Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about underdeveloped areas of the world and the role of World Bank on those areas. He focused on the role of trade in developed and developing countries and its implications for their economic development. He explained the role of the Bank in encouraging participation of private capital in international investment.Publication Address before the Twenty-First Session of the Economic and Social Council of United Nations, New York City(World Bank, Washington, DC, 1956-04-18) Black, Eugene R.Eugene R. Black, President of the International Bank for Reconstruction and Development, discussed the newest development in the Bank's technical assistance work, including the International Finance Corporation. He explained the significant progress made by Bank in the postwar decade, and the continued and intensified efforts to accelerate the pace of development.Publication Common Sense and Economic Aid(World Bank, Washington, DC, 1956-02-18) Black, Eugene R.Eugene R. Black, President of the International Bank for Reconstruction and Development, spoke about America economic aid to other countries. He described in detail the Bank’s business of economic development. The Bank can help developing countries to make a choice in their own interests. He described a hydroelectric power project in Egypt.Publication Address Presenting the Eighth Annual Report(World Bank, Washington, DC, 1953-09-09) Black, Eugene R.Eugene R. Black, President of the International Bank for Reconstruction and Development, reviewed Bank lending and pleaded for member countries to release their local currency subscriptions to the use of the Bank. He mentioned his practice to visit for some time each year some part of the world, getting to know at first hand the economic and development problems of member countries. He discussed an indispensable element in the financing of long-term development which is the increased flow into the underdeveloped world of private investment capital from abroad. He described how the bulk of Bank's investment operations had been in the field of public utilities, especially of electric power, and Bank is constantly encountering the importance of power, even where Bank are financing projects outside the immediate power field. He concluded by saying that private capital would make a large contribution to Bank's investment, which would benefit recipient countries by helping to speed their development and to raise their productivity and their living standards.Publication Address before the Foreign Policy Association, Minneapolis, January 19, 1949(World Bank, Washington, DC, 1949-01-19) McCloy, John J.John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the elusive matter of international economic recovery. He reviewed the policy environment for the European Recovery Program (Marshall Plan), economic integration, and international trade imbalances. Europe’s dollar problem is America’s dollar problem.Publication Address before the Foreign Policy Association, Cincinnati, Ohio, June 1, 1948(World Bank, Washington, DC, 1948-06-01) McCloy, John J.John J. McCloy, President of the International Bank for Reconstruction and Development, spoke about the prospects for success by the European Recovery Program and the role of Bank in it. He commented on the world leadership role of the United States. He reviewed the five loans the Bank has made to date. He concluded by discussing South America countries and their needs for technical assistance and advice in connection with their development.Publication Address Broadcast over Station CFCF, Montreal, February 18, 1948(World Bank, Washington, DC, 1948-02-18) McCloy, John J.John J. McCloy, President of the International Bank for Reconstruction and Development, commented on the interdependence of Canada with the world economy. He discussed the sources of capital the Bank draws upon for lending and guarantees. He noted that the European Recovery Program (Marshall Plan) does not conflict with role of the International Bank. He discussed the economic situation of Latin America and its relation to Europe. He warned that the European Recovery Program has limitations.Publication International Investment of Capital(World Bank, Washington, DC, 1947-04-18) McCloy, John. J.John. J. McCloy, President of the International Bank for Reconstruction and Development, spoke about directing international investment of capital toward productive purposes. He spoke on the role of the Bank as one of the principal international financing agencies in the world. The Bank serves as a channel of private investment funds at reasonable cost for the restoration and development of capital-importing countries. The Bank forms a safe bridge for the movement of capital. The Bank must sell securities in the private market, primarily in the United States, to raise much of the money it lends. The Bank is also in a position to supervise the spending of the loan proceeds to prevent excess borrowing. He concluded by saying that Bank can't and won't grant loans in order to accomplish political objectives or where political uncertainties make lending unsound.