A New Temple

Centuries of strife and poverty have made enmity a habit and cooperation a rarity in Asia. Last week the Asians took a giant stride away from the old ways and toward a spirit of mutual help. Meeting in Manila, 160 delegates from 26 nations (18 of them Asian) put the finishing touches on the long-needed Asian Development Bank launched in October in Bangkok. After intense but polite lobbying on all sides to win a nod for the location of the new bank's headquarters, the Asian delegates unexpectedly settled on Manila.

Historic Moment. The bank is not only Asia's first common banking venture, but one of the very few joint ventures of any kind brought to fruition in Asian history. Burma's U Nyun, executive secretary of the United Nations Economic Commission for Asia and the Far East, sensed a historic moment as he troweled cement onto the cornerstone of what will become a ten-story headquarters building. "When historians look back from the future on this structure-to-be," he said, "they will say that it was the new financial temple of Asia." Eugene Black, former World Bank president and now a special adviser to Lyndon Johnson on Asian development, read a message from the President: "Your initiative has captured the imagination of us all."

The bank, a regional version of the World Bank, will fight Asia's crushing poverty by financing such sinews as industry, power, roads and transport. Jetting around the globe, teams led by gaunt Cornelio Balmaceda, the Philippines' Commerce Minister, have raised $936 million in capital for the banking marriage of East and West. Asian governments, which will control the bank, supplied $641 million of that money, the U.S. another $200 million. Europe left the bank shy of its goal of $1 billion in capital by pledging a disappointing $70 million; France and the U.S.S.R. stayed out, and Britain offered only a paltry $10 million.

Crucial Cruise. The battle to win the bank's new site was spirited. Japan expended every weapon it could forge to acquire the bank for Tokyo, Asia's crossroads of commerce. Tokyo actually led on the first ballot, but others were active too. Thailand pressed for Bangkok, which is becoming Southeast Asia's regional U.N. center. Manila boasted that its schools turn out plentiful trained personnel for banks. Bids were made by Teheran, Kuala Lumpur and Colombo. Finally, the Philippine delegation suavely stymied lobbying for rival cities with a reception for conference-goers and a lengthy dinner cruise around Manila Bay, ostensibly to celebrate their bank governor's birthday. That seemed to clinch things. On the final ballot next day, the Asian nations gave Manila nine votes to Tokyo's eight. In order to allow everyone to save face, an important commodity in Asia, they decided that there could be no losers, insisted on calling the vote unanimous.

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