Scope For Dominions Borrowing From U.S.

Gisborne Herald, Volume LXXVII, Issue 23288, 24 June 1950, Page 5

Scope For Dominions Borrowing From U.S.

NEW YORK. June 22

British Commonwealth nations can not throw their full weight into tlie task of raising the living standards of South-East Asia until they are provided with dollar loans, says Sir Douglas Copland, vice Chancellor of the Australian National University, in the. latest issue of Foreign Affairs.

Rome sort of joint secretariat might he established which could ;ict as a clearing house through which both American and British Commonwealth aid to South-East Asia could pass, says Sir Douglas. Giving 1,000,000X00 dollars a year as the possible absorption of American loans by the Commonwealth for development purooses, he says there would be little difficulty in meeting the interest charges. The principal reason for this is the long-term development which may be expected to take place in the American economy and douole United Slates national income in little ,i ore than 30 years. Long before ibis stage is reached the United States will be grow ing short of the raw materials necessary lo feed her growing production and the trend will be to convert her export surplus into an import surnius Australia might need to borrow 200.000.000 dollars to 400.000.000 dollars a year, on which about half of the interest charges might be met by the sale of 150,000,0001 b. of beef to the United States.