TURKEY’S BUDGET

Evening Star, Issue 22963, 21 May 1938, Page 15

TURKEY’S BUDGET

HIGHEST OF PRESENT REGIME FUNDS FOR DEFENSE Press Association—By Telegraph—Copyright LONDON, May 20. The Angora correspondent of the ‘ Daily Telegraph 1 says that the National' Assembly is considering a per-fectly-balanced Budget of £41,500,000, the highest of the regime. • The Budget allots £14,500,000 to defence, which with the extra Budgetary credits already voted will absorb £35,000,000, including £1,250,000' for the navy, principally tor submarines. Transport activities will be extended and agricultural, mining, and industrial production increased. CREDIT AGREEMENT WITH BRITAIN NEGOTIATIONS NEARLY COMPLETED. LONDON, May 20. (■Received May 21, at 12.5 p.m.) Negotiations are nearly completed in London for a, credit agreement with Turkey involving £16,000,000. The - Australian Associated Press says Turkey will receive £6,000,000 for armaments, including aeroplanes, submarines, and the renewing of the identical fortifications in the Dardanelles which were fired on by Anzac soldiers and the British Navy. The balance of £10,000.000 involves an ordinary trade transaction. This, in accord with Britain’s consistent aim to stand well with the new Turkey to enable the modernising of the navy, air force, and armaments. is tantamount to ensuring that the former enemy will be Britain’s ally in the event of a Mediterranean emergency.