1938-07-05 — Page 5

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THE CHINA MAIL, JULY 5,4 1938,--

Britain's Arms Loan m

To Turkey Bill In House Of Commons

LONDON, TO-DAY.

IN THE COMMONS YESTERDAY, THE CHANCELLOR OF THE EXCHEQUER, SIR JOHN SIMON, MOVED. THE SECOND READING OF THE ANGLO-TURKISH ARMAMENTS CRE- DIT AGREEMENT BILL AND SAID THE PURPOSE OF THE BILL WAS TO CONFIRM THE AGREEMENT BE- TWEEN HIS MAJESTY'S GOVERNMENT AND TURKEY WHICH WAS TO BE FOUND IN THE SCHEDULE OF THE BILL.

The agreement was one of three agreements" signed at the same time; on May 27th. The three

agree-

one

ECONOMIC POSITION Turning to the economic side,. the

ments were connected and had to Government of the Turkish Repu- be considered in relation to

blic had, during the last fifteen another.

years, made quiet remarkable pro- The agreement in the schedule [gress in their programme of re- was the only one of the three which organising the economic life of needed Parliamentary confirmation. country, and were promoting in- Under this agreement, His Ma-dustry and utilising the country's jesty's Government undertook

very considerable mineral wealth. advance by way of loan to Turkish fernment adopted an economic pro- In last December, the Turkish Gov-| Government such funds, not exceed- ing £6,000,000; as might be

gramme providing for the intense able by the Turkish Governmental wealth of the country, and for pay orderly development of the miner- under contracts concluded by that the promotion of exports of other Government for the purchase in the Turkish goods.

to

United Kingdom of material neces- Mineral wealth could not be de sary for the defence of Turkey, véloped and exported rapidly, but Advances so made would bear in-needed months and years of pre- terest at one per cent. above the paration and very considerable ca- bank rate with a minimum of three pital

That circum- explained the advances from

per cent. up to 1st January, 1943, stand. Penditure.

BALANCED, BUDGET

and thereafter at a rate certified the Export Credits Department. by the Lords Commissioners of the -Treasury to be right and appropri- ate for a loan of similar form guar- anteed by His Majesty's Government with a minimum interest of 3 per

cent.

REPAYMENT PLAN

In its internal financial situation, the Turkish Government had

some

achieved a very notable success. There were very few countries in the world which had succeeded, in these difficult times, in managing These advances, together with ac- a balanced budget and as Chancel- crued interest, would be repayable lor of the Exchequer he might be in equal half yearly instalments over allowed look at them with a period of ten years, 1951 to 1962, admiration. But, as regards what is called the capacity to transfer, The Turkish Government had the

the Turkish” position since the option to repay any advances at any time. As regards the material economic depression of 1981, had been somewhat limited and in or- which the Turkish Government in-

der to preserve the stability of tended purchase if the agreement Turkish currency, the Turkish Gov- were authorised, they were to purernment decided it was necessary chase it in the United Kingdom. to conduct their foreign trade with The material was such that it might large number of countries be supplied without in any means of bilateral clearing ar- way delaying or interfer-rangements. The Turkish Govern- ing with our own defence needs. ment had been completely success- The Service Department concerned ful in maintaining the stability of was fully in agreement. with the ar- her currency but some of the rangements contemplated.

clearing arrangements had not worked with complete satisfaction.

CLEARING ARREARS - In Anglo-Turkish clearing, there

by

In all cases the agreement only applied to such contracts as were concluded with the prior approval of the Government of the United were at present arrears amounting Kingdom.

OTHER AGREEMENTS

延德

Page

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to about £1,500,000. Turkey had not succeeded in clearing to us enough to provide the sterling This agreement was signed at which Turkey needed for its pur- the same time as two other agree-chases from this country and thus ments with the Turkish Govern-Turkey's capacity to transfer pay- ment and had to be considered in ments in foreign exchange at the connection with thêm. From a poll present time was very limited. As tical point of view, this country soon as more progress was made was glad to feel that the friend-in carrying out its economic pro- ship which exists between the gramme, there was good and solid United Kingdom and Turkey rest- ground for hope that the arrange- ed on a secure and solid basis. Both ment in this respect would improve countries had the same supreme ob- very greatly.”: jective the preservation of the The Anglo-Turkish peace of world, Their friendship Agreement related to guarantees was not directed against any other up to a total of £10,000,000 in con- country.

nection with the export to Turkey Both the United Kingdom and of United Kingdom goods required Turkey desired to be strong for for actual development within the the purpose of improving and pro-framework of the Turkish serving the standard of living of nomic programme These, guarané from → Burbank, California, via their own people. The whole trend tees could be given by Export Wichita, Kansas, in the course of

point existing powers and no fresh regis: round-the-world flight. He is ac- sell embodied, in lation was required to confirm that companied by a crew of four

Router agreement-British Wireless.

Guarantee HAVANA PARADE

of Turkish policy in recent years Credits Department under their

justined from a

view the this agre

New York, To-day,

Mr. Howard Hughes, millionaire airman and 'film producer, arri

a

GRAVITY OF S'HAI CHOLERA SCOURGE

The cholera outbreak in Shang hal is assuming-alarming propor tions. In the week ended

no fewer than 319 cases we ported, while there were also forty- six cases of typhus:

In the same week, there were 16 cholera cases in Hanol, 33 Macao and nine in Hong Kong,