U.S. BUSINESSMEN APPROACHED

Press, Volume LXXXIX, Issue 27073, 23 June 1953, Page 9

U.S. BUSINESSMEN APPROACHED

REVISION OF TRADE POLICIES

NEW YORK, June 21. The United States Government has launched a drive to develop the programme for increasing American private investment abroad in line with its ‘ ,trad e not aid ” Policies, says the New York Times.” newspaper says that a score of the hation’s top business leaders met at a private dinner given last week by Mr George Humphrey. Secretary of the Treasury, and Mr Sinclair Weeks, Secretary of Commerce. A free discussion was held in which a wide variety of views were put forward but there was general agreement that the Government should stay out of the foreign investment picture as much as possible. Among the suggestions put forward

were: (1) That earnings from foreign investments should be made tax free in the United States, or alternatively that Americans investing in plants abroad should receive a form of accelerated tax amortisation benefit. (2) That investors should look to the International Bank for Reconstruction and Development rather than to any individual government. Money advanced by the United States should be limited to amounts to aid in the improvement of public roads in foreign nations.

The newspaper says that the guests at the dinner agreed that an era of large grants-in-aid was approaching, and that normal foreign trade must be stimulated with a reduction in trade barriers.

R.A.F. Hastings Crashes.—A Royal Air Force Hastings transnort plane crashed, at Abington, Berkshire, today, and burst into flames. The crew of six were all killed.—London, June 22.