1
THE CHINA MAIL, MONDAY, JUNE 15, 1953.
NEED FOR CAPITAL For Empire Development Schemes Two Principal Sources Have Hands Tied
(FROM OUR OWN CORRESPONDENT)
London, June 14.
The Commonwealth Prime Ministers' statement following their economic talks in London, that "particular attention was given to the need for stimulating economic development," focuses attention once again on the problem of providing sufficient capital for this purpose.
Trade
Japan
Balances
Tokyo, June 14. Japan's international ac- count of trade during the calendar 1952 resulted in a ht excess of income of $103 milion over payment, the Finance Ministry an- ziouncer.
The Mukiry's statisiles, palterned after the Inter- national Monetary Fundi formula, listed income ar 22.425,000,000 and payment 2 52261,000,000,
balance 18 $164 The mition.
Through trade Japon re- ceived $1.280.000.000 and paid $1,094,000,000, with !
EXCEEN
$405.000,000,
Dayment
of
Through invisible trade Japan rot 31,136,000,000. and paid $387,000,000, with excess receipt of $560,000,- 000,--Reuter.
HONGKONG SHARE MARKET
(From Our Correspondent)
Business itone on the Stock Exchange this morning amount
Some part of the money peeded for develop- ment will no doubt come from the World Bank which should shortly be in a position to start dis- bursing the sterling made available to it by the United Kingdom Government.
When the decision to make £60 million available to the Bank was announced last February it was stated that it would enable sterling loans to be made to sterling area countries which could not raise capital for development schemes by any other means.
Another source of capital is venture. his capital further the Commonwealth Development afleld come extra Incentives Finance Company recently set will be needed. jup in London under the chair-
A Congressional sub-commitles manship of Sir Frederick Godber. which reently examine this
This company, is now ready to
the tat consider sultable
projects laid problem
incentives ht before it.
the form Jake
Vertion
But neither the World Bank Government insurance pro- tientles, by special opportunities for joint invest ment with natiorals of the
nor the C.D.F.C. can do more than provide marginal finance for development purposes.
the cost of live
coun-
The extent to which the Bank tries concerned and tax reduc- can grant loans in sterling is on, including amortization of Setories in dependent on the United King-
years for tax purposes. dom's ability to release the funds made available for this purpose these measures should be adopt- Nobody would suggest that all And this in turn must dependentisme American poney upon the state of the balance of
into the Commonwealth. payments.
But we need dollars more than
So far as the C.D.F.C. is conthe private American business- cerned it was never intended that
man needs new openings for in- more vesimant. this
should do provide
relatively small sains for
It is lime, therefore, projects #11 had already serious attention was given obtained the bulk of their needs this question of incentives. elrewherz,
BORROWING POWERS British industrial and Aeonelag concerns which are backing the company have to far been called upon to put up only 10 per cent of the nominal capital or £15 million.
But the company lug powers to borrow up to twice this amount, and it is from the pro- seeds of its borrowing operations that the bulk of the funds avail-
ed to $304.003.20. Noon quota-ble for financing development
tions and the mornings trans- netions:--
DANKS
Its Dunk
East Asia
INSURANCES
1533
149
12:0
235
720
780
will eventually come.
tu
tha! to
Would Not
Hurt U.S.
Business
programme.
Colonies To Take More From Japan
London, June 14, Colonial trade officials way that Japan's exports to British colonien may Do expected to rise. The re- cent Anglo-Japanese trade conference Pareed
that would restrictions
bo
lessened on Japanese goods but several days uro Japan
formally asked Britain Increase Imports. Japanese Government circfes kaid May...
svere enty exports $10,000,000, far short of their goal of $21,000,000.
At the saine, time, Jap anese Government elreids claimed that the colonial tovernments at East and West Afrien sill had not lifted their restrictions an the import of Japanese goods.
Hie
A British Board of Trade spokesman commented that recent Anglo-Japanese trade talks could be expect- ed to result in a substan- (lai increase of Japanese exports to the British colantes,
Advice has been given to the colonies on restrictions which can be expected to result in a substantial in- crease la imports from Japan. Unlted Press.
New Quota List In London
LONDON STOCK EXCHANGE:
Korean Truce
Still Exerts
An Influence.
MESSAGERIES
P.O. Box 53, Queen's Bldg.
Outwards
M