JAPAN’S RECIPROCAL TRADE WITH BRITISH COUNTRIES

Grey River Argus, 10 August 1948, Page 4

JAPAN’S RECIPROCAL TRADE WITH BRITISH COUNTRIES

Australia Refuses To Enter Textile Partnership SYDNEY, August 9. A trade agreement toetween the sterling area and Japan, involving reciprocal trade worth will probably be signed within a fortcurrent Tokio sterling conference, night according to a delegate to the i'he Commonwealth Government has refused to consider Japan’s offer to Australia of a partnership in her textile industry. The Minister of Commerce, Mr. Pollard, said the Australian Government had been informed of the Japanese offer, but more than profits were involved. The plan was that Australia should invest sterling capital in Japanese woollen mills, direct Japanese production and export, and share the textile profits. A Commonwealth Government spokesman said the Japanese had offered Australia vast profits, but Australia must build up her own textile trade with employment for her own people. From Tokio, British Commonwealth delegates have reported to their Governments details of the draft plan of the reciprocal trade agreement. They await a final decision before signing. Under the agreement, Japan will export £36,500,000 worth of goods to five British Commonwealth signatories—the United Kingdom and the Colonies, Australia, New Zealand, South Africa and India, and will receive goods of the same value in return.