TRADE WITH JAPAN

Chronicle (Levin), 10 June 1947, Page 5

TRADE WITH JAPAN

. Press Assn.-

^ Private Interests May Nev? Resume Activities

By Telegraph

Copyfight

Received Tuesday, 9.50 a.ifi. WASHIN GTON , June 9. 'Th!e resumption of private tTa'de- with Japan will be pefmitted from August 15, accor'difig to an announcement by the Wtii' and State Departme'nts tGfday. Private commercial representatives of -foreign countries wiil bh allowed to •ehter Japan under a quo'ta systeih to deal directly "With Japanese manufacturers for the purchase of their , proaucts. Japanese foreign trade, slnbe the occupation, has been chah;nelled through an offieial .United 'States comm'ehcial company. 'T0--day's j'oint announcement said that the resumption 'of private "trade with Japan, 'it is expected, will contribute to Japan's rehabi'litation and assist in stabiliSing iRar Eastern trade. Only 400 foreign trade repreSentatives will be allowed in Japah at: one time until the accommodatioh position improves. Entry .perfnife will he issued by the Inter-Allied Trade Board of the Far Eastern Commission in Washington. It is not .planned to establish an officiai foreigh exchange rate for the Japanese yen until a flow of export trade in a wlde range of •commodities has been established. State Department officlals explained that for the time being a foreign buyer would select Japanese goods and the Japanese Boafd of Trade would pay the manufacturers a fair price in yen, based on cohditions in Japan. The, foreign buyer would then pay for the goods in United States dollars, or other accepted foreign currency, by remitting to General MacArthur's export fund a price based on a fair world market value. Allied officials would use these funds to buy more raw materials abroad for use by Japanese manufacturers. All tf-ansactions consummated. through private negotiations will be licensed by the Japanese Government and validated by General. MacArthur's headquarters.