Statement by the President on Efforts To Improve the International Monetary System.

LAST MONTH I authorized Secretary Fowler to announce that the United States stands ready to participate in an international monetary conference that would consider what steps might be taken to secure substantial improvements in international monetary arrangements.

Secretary Fowler very properly specified in his July 10th speech that such a conference must be preceded by careful preparation and international consultation. He has been meeting with the financial and monetary officials of other nations as opportunities to do so became available in Washington, including, to date, representatives of Japan and Canada. The trip he and Under Secretary of State Ball are about to take will extend and broaden these consultations.

The international monetary system, as it has existed since World War II, has functioned with commendable flexibility and resourcefulness in the rebuilding of monetary reserves and in their enlargement and distribution in keeping with the tremendous and widespread economic rehabilitation and growth that has characterized the free world.

We want to determine through our own studies and in consultation with others, what may be needed to assure the satisfactory future performance of that system.

The United States is not wedded in this enterprise to any particular procedure, nor to any rigid timetable. The point to be kept in the forefront is that we are determined to move ahead--carefully and deliberately, but without delay--because we are convinced that not to act when the time is ripe can be as unwise as to act too soon, or too hastily.

I believe that government and monetary officials everywhere are prepared to join with us in the earnest search upon which we have embarked for ways to assure continued sound and stable growth of the free world's international monetary system, which is fundamental to the continued economic progress of the nations of the free world whatever their stage of economic development.

We must press forward with our studies and beyond, to action--evolving arrangements which will continue to meet the needs of a fast growing world economy. Unless we make timely progress, international monetary difficulties will exercise a stubborn and increasingly frustrating drag on our policies for prosperity and progress at home and throughout the world.