A/RES/1424(XIV) GA

Resolutions adopted on the repor\8 of the Second Commiu .... 13 1423 (XIV). International me.~ur·<'to lo assist in offsetting fluctuations in commodity prices The General ,·1.,sC'mbly, Recalling its re'.,olution JJ2t (X1ll of 12 Decnnber 1958 and Economic and Social C,uncil resl'lutinn 72G (XXVIIl) of 24 Jnly 1959, Bearing in mind the responsibilities laid upon Member States by the Preamble, by Article 1, paragraph 3, by Article 13, paragraph 1, and by Article 55 of the Charter of the United Nations to promote international co-operation in the economic field, higher standards of living, full employment, and conditions of economic and social progress, Taking into account the harmful potentialities of the widening gap between the levels of per caput income in developed and under-developed countries, Having examined the report of the Economic and Social Council on international commodity problems5 and the report of the Commission on International Com- modity Trade on its seventh session,6 particularly para- graph 62 thereof relating to compensatory financing, Commending the work programme drawn up by the Commission on International Commodity Trade at its seventh session and approved by the Economic and Social Council, Considering the necessity of devising means to combat large fluctuations in commodity prices when accom- panied by a general fall in the price levels of primary commodities and the rising price levels of manufactured goods, and the resulting decline in the terms of trade against the under-developed countries, Consi.dering that such fluctuations hamper world trade, Considering further the repercussions of adverse trade balances on the capacity of the under-developed coun- tries to contribute to their own development, Recognizing the imperative necessity of urgent and effective measures to enable the under-developed coun- tries to initiate and sustain their development pro- grammes at adequate levels, 1. Requests the Secretary-General to appoint a group of not more than seven experts to assist the Commission on International Commodity Trade in its consideration of commodity problems by examining the feasibility of establishing machinery, within the framework of the United Nations, designed to assist in offsetting the effects of large fluctuations in commodity prices on balances of payments, with special reference to com- pensatory financing, and to submit its report and recom- mendations to the Commission on International Com- modity Trade by its ninth session, and requests the Economic and Social Council to comment on and transmit this report to the General Assembly ; 2. Further requests the Secretary-General to invite the International Monetary Fund and the Food and Agriculture Organization of the United Nations to participate in the work of the group of experts in a consultative capacity. 846th plenary meeting, 5 December 1959. 5 Official Records of the General Assembly, Fourteenth Ses- sion, Supplement No. 3 (A/4143), chapter II, section II. 6 Official Records of the Bconomic and Social Council, Twenty-eighth Session, Supplement No. 6 (E/3225). 1424 (XIV). United Nations capital development fund The c;cn{'ra/ ,·lss{'mbly, B ,anng in mind the determination expressed 1n t lie Preamble of the Charter of the United Nations to promote social progress and better standards of life in larger freedom and to employ international machinery for the promotion of the economic and social advance- ment of all peoples, C onsi.dering the economic development of the under- developed countries as an essential condition for pro- moting world peace, stability and prosperity, Mindful that the general problem of the economic development of the under-developed countries concerns, and is of paramount importance to, both developed and under-developed countries, Considering the importance of using United Nations machinery for financially assisting the acceleration of the economic development of the under-developed coun- tries, especially in the field of their economic and social infrastructure, which is basic to the substantial expan- sion of production and to the growth of their economies, Recognizing that the flow of international capital and assistance has not been commensurate with the magni- tude, diversity and urgency of the needs of the under- developed countries, Believing that improved economic conditions of highly developed countries will make it possible for them to provide an additional contribution towards accelerating the economic development of under-developed countries, Bearing in mind the previous resolutions of the General Assembly and of the Economic and Social Council on the establishment of a United Nations capital development fund for financing the economic develop- ment of the under-developed countries, I. Calls upon Member States to give further con- sideration to General Assembly resolutions 1317 (XIII) of 12 December 1958 and 1219 (XII), section III, of 14 December 1957 and Economic and Social Council resolution 740 (XXVIII) of 31 July 1959, and to reappraise their positions as regards extending material support for the early establishment of a United ~ ation, capital development fund ; 2. Requests the Secretary-General to examine, in consultation with the Government of Member States, ways and means of making further progress towanls the early establishment of a United Nations capital development fund; 3. Invites the Secretary-General to report on this matter to the Economic and Social Council at it:. thirtieth session and to the General Assembly at it: fifteenth session. 846th f'l,·1rnr_1: 1,1,·,·ting, 5 Jl,·, ,·mher 1059. 1425 (XIV). Possibilities of international co- operation in the field of the developm«-nt of the petroleum industry in the under- developed countries The General Assembly, Reralling its resolution 1319 (XIII) of 12 December 1 ')58 and Economic and Social Council resolutions 711 TI (XXVIT) of 17 April 1959and 740 R (XXVIII) of 31 July 1959, Recalling further General Assembly resolution 626 ( VH) of 21 Decrmher 1952, which recognizer! the

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