LEND-LEASE WINDUP

Chronicle (Levin), 11 June 1946, Page 5

LEND-LEASE WINDUP

Australiari

Australia and U.S. Benefit LONG-TERM ASSISTANCE

fRnecial

Corresp'ondent.j

Received Monday, 8.15 p.m. SYDNEY, June 10. The settlement of Lend-Lease between the United States and Australia is undoubtedly a greatfer memorial to peace and victory than any parade conld he. By it Australia has received recognition of her war efifort in a manner more convincing than any other. She has been relieved of a crushing hurden of debt and at the same time has been assured of full support hy a powerful neighbour in the years of rehabilitation and expansion that lie ahead. Immediate benefits seeured by Ihe late Benator R. V. Keane, Mr. Artiiur Moore, of the Division of Import Pro- • eurement, and the Prime Minister, Mr. Chiflley, are most impressive. I11 preparing the Budget Mr. Cliifley will be able to consider £100,000,000 as an un expected saving for Australia. When Lend-Lease and reciproeal aid ended in September, .1945, America had supplied Australia with goods valued at £385,000,000 and Australia had replied with £320,000,000 worth of reciproeal aid. The diil'erence of £65,000,000 will now be discharged for approxiinateiy £8,400,000 of which £6,200,000 will be paid jvithin 90 days. Under the agree ment Australia will take over luachinctooJs and other equipment, non-combat aircraft and £2,000,000 worth of naval and military surpluses. The planes referred to include 109 Dakota transports, Ll Catalina flvingboats, and 41 special v'atalinas. Thcse, with their adequate spares, will make a great impressiou on Australia 's alreadv expapding airlines. Australia can now dispose as she i-hooses. The immediate release of cars, trueks and earth moving equip ment is expected. to have a tonic etfeet 011 the building industries and 011 trade generally. Great er than these, however, are the long-term benelits to lie derived by botli countries from closer educational and c u J t ura l a ffi liat i 0 ns. The United States has been quick to real,ise that more than a cash settlement was involved in un agreement of this naturc. Of the money to lie paid by Australia, £2,200,000 will be spent. in Australia on educational 'development and on the e.\qiansion of United States institutions. Scholarships are envisuged by which American stiidents will study liere and Australian ones in the United States. Cornmodious J.ibraries alreadv established in Australian vities will be provided with more facilities for reference and- in formation centres will be enlargeil and reinforced. flie authorities liere are cautious about predicting an immediate llow of goods I'rom ^ America to Australia. Three issues still stand in the way of a restoration of unrestricted trade botweeu the two countries. For a tirm basis to be established, - the loan to Great Britain must be pussed, Australia must participate in the Bretton Yv'oods agreement, anil the Intemational Trade Conference proposed for this vear must he successl'ul. I11 all, however, the settlement may be considered a vvise and generous one in whicli. the account of past years has o

; been fairlv balanced with provision for 1 the l'uture of closer social and com- j mercial relationships.