BANKING: Bad Start

In a rash of cheery press releases and bad feeling, the operating mechanism for the World Bank & Fund was set up last week at Savannah. Basic causes of the trouble were the old differences between Britain and the U.S. on how Bretton Woods should be implemented. But there was a new irritant. U.S. Treasury Secretary Fred Vinson looked like a weary ewe, but ran the nine-day conference with ram-like authority. He got exactly what he wanted—and the British be damned.

As a member of the Bank's twelve-man board of executive directors, the U.S. named little-known Emilio Gabriel Collado, 35,...

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