Japanese Trade In Sterling Area

Chronicle (Levin), 3 August 1949, Page 5

Japanese Trade In Sterling Area

Received Tuesdav 7 p.m. TOKTO, August 2. Xo .Tapanese observers were present when sterling area representati ves and officials of Gejieral MacArthur's Ileadqunrters this morning began negotiations to draw up a new trade agreernent to cover the vear .Tuly 1940 to ,Tune 1050. Xew Zealand is represented at the talks bv the liead of the Tokio mission, r R. Challis. Under the 1948-40 sterling area Japan trade agreomenf, the United Kingffnm and colonies, Anstralia, Xew Zealand, Tndia and South Afriea agreed to a minimum exchange of £00,500,000 worth of goods for the year. Hong Kong and Pakistan remained outsi.de the agroement. The volume of trade exceeded the agreed minimum by about £0.000,000 and .Tapan finished the year with a favourable balance of about the same amount. A sterling area spokesman said he hoped the current conference would thrash out means of redressing the unfavourable balance and increase the minimum volume of trade for the year 1049-50 to at least £75,000,000. Mr Tv. Chettur (India) said: "The onlv wav out is for the Supreme Command to realise that .Tapan is in the sterling area and not in the dollar area. The present deticit is the rosnit. of lop-sided buying. We have been buving freely from .Tapan but they have not been buying freely from the sterling area."