JUGOSLAV TRADE

Press, Volume LXXXIV, Issue 25679, 16 December 1948, Page 7

JUGOSLAV TRADE

REPORTED PURCHASES IN BRITAIN “RESULT OF COMINFORM BLOCKADE ” (Special Correspondent N.Z.P.A.) (Rec. 7 p.m.) LONDON, December 14. The Vienna correspondent of the “Daily Telegraph” says that well-in-formed circles ip Austria claim that Jugoslavia has opened an intensive drive to-buy materials and equipment in Britain on the open commercial market. These efforts are a result of the Cominform blockade of Jugoslavia which has forced the Jugoslavs to look elsewhere for supplies. The Jugoslavs at first made overtures to the Americans, but their hard currency reserves were so small that they could not obtain what they needed. They are now, according to /Austrian sources, turning their attention to Britain, where they have sterling reserves amounting to some £8,000,000.

It is known in London that a firm known as British South-eastern Merchants. which was recently established in East London, is backed half by Jugoslav capital and half by British, and is acting as an agent for Jugoslav interests making purchases in Britain. According to a statement by the chairman of the firm (Mr T. L. Horabin, M.P.). its turnover already amounts to some hundreds of thousands of pounds.