LEND-LEASE ACCOUNTS

Press, Volume LXXXII, Issue 24897, 10 June 1946, Page 4

LEND-LEASE ACCOUNTS

AUSTRALIA SETTLES WITH U.S. DETAILS OF AGREEMENT ANNOUNCEP (N.Z- Press Association—Copyright.) (Rec. 8 p.m.) NEW YORK, June 7. A final lend-lease- and reciprocal lend-lease settlement between the United States and Australia was signed in New York -to-day by the United States Secretary of State (Mr James Byrnes) and the Australian Minister of External Affairs (Dr. H. V. Evatt). It is reported that the United States ha* written off 78,000,000 dollars of the book debt shown against Australia. An important feature of the agreement provides for the expenditure in Australia of certain money for the promotion of cultural relationships between the two countries.

Under the agreement, Australia becomes the fifth nation to wind up its lend-lease obligations to the United States and the first to which the United States did not have to extend credit to make the settlement possible. The previous four pations—Britain, India, France, and Turkey-'-were all granted credit terms ranging to 20 years to settle their accounts.

The value of the lend-lease, comprising mostly war equipment, which the United States sent to Australia totalled 1,300,000.000 dollars. Australia’s reverse lend-lease contributions totalled 920,000,0® dollars. ”.r. -• The agreement provides that Australia shall pay 27,000,000 dollars to the United States for machine-tools, aeroplanes, and spare parts, and for 6,500.000 dollars worth of surplus American war materials.