£50 MILLION TRADE TREATY

Grey River Argus, 1 October 1948, Page 4

£50 MILLION TRADE TREATY

• O J* & o British Countries and Japan

(Received September 30, 11.0 p.m.) CANBERRA, September 30.

The Federal Minister of Customs, Hon. Mr. Courtice, has announced that a trade agreement with the sterling countries of the British Commonwealth and Japan had been completed under which thirty million -pounds worth oi goods will be exchanged, on a sterling basis, for goods of equal value. *

Mr. .Courtice said that this trade plan provided for approximately six million pounds worth of Australian exports to Japan, including raw wool, cereals, hooves, horns and shells. Australia would import from Japan cotton manufactures, raw silk, silk manufactures, rayon manufactures, industrial machinery and electrical appliances.

East-West Trade Problem in Europe

(N.Z.P.A.—Reuter Cable). (Received September 30, 9.50 p.m.) GENEVA, September 30.

The Russian link with the East European countries was a slave-and-master relationship, said Sir David Waley, Permanent Under-Secretary to the British Treasury at the East-West Trade conference. ‘ Mr. David-Waley was replying to a Russian attack on the Marshall Plan as being the chief obstacle to European trade. In spite of this clash, observers were hopeful. that permanent machinery would be set up to expand intra-Euro-pean trade and to industrialise Eastern Europe. Russia proposed the creation of permanent committees to deal with’trade expansion, and to study the development of basic industries in under-de-veloped countries. The Russian delegate opposed giving consideration to the Danube Basin, as a development area if this meant Western countries interfering with the sovereignty of countries along the banks of the river.