TRADE WITH JAPAN

Chronicle (Levin), 23 November 1949, Page 5

TRADE WITH JAPAN

(N.Z.P.A.-

-Reuter.

Australia's Share Will Meet Essential Needs

, Com/right)

Received Wednesday ,10.50 a.m. SYDNEY, 'Nov. 23. i Referring to the new trade agreement between certain countries in the sterliijg area and' Japan, the Prime Minister, Mr.' Chafley, said: "Australia's share of, ohe sterling area purchase programme 'has been set at £6,20o,000 lAustralian) , compared with £3,800,000 licensed under the 194849 plan. "Although this amount does not permit Australia to import from Japan as •freely' as she wished, it will enable us to obtain the most essential requirements. In anticipation of the successful outcome of the negotiations, licences have already been Jssued for most of Australia's allocation and Australian economy will benefit in that . ohe bulk of - the goods now i licensed are being obtained at the: old rate of exchange, and will be: available in Australia much earlier : than would otherwise 'have been; the case. "Steel products, copper, timber, insulators, chemicals and certain iexuiles not readily available from easier eurrency areas are the principle goods for which licences have been issued. "An increase in Australian exports to Japan is also expected this year. Under the 1948-49 agreements Australian saies to Japan amounted to £6,200,000 (Australian). It is estimated that in 1949-1950 Australian saies will reach £7,500,000."