AUSTRALIA GIVING BRITAIN ANOTHER £10,000,000

Grey River Argus, 4 September 1948, Page 5

AUSTRALIA GIVING BRITAIN ANOTHER £10,000,000

CANBERRA. Aug. 31. The Australian Government had decided to include in its Budget proposals a gift of £10,000,000 to the British Government, said the Prime Minister (Mr Chifley) in a statement issued after the caucus rose late last night. “The United States, Britain, and European countries are at present discussing the division of the European Recovery Programme dollar aid among the participating countries,” he said. “Many European participants are. however, practically as short if sterling as of dollars, and it has become urgently necessary to find a means of financing their sterling deficits so that 1 they may obtain their purchases from the sterling area. “These purchases lar r "'’’- comprise raw materials, including wool. Australia stands to benefit from any measure which assist the external buying power of the European countries, because of the important market we have there. “Last year, Australia had a favourable balance of payments, and there was an increase in the London funds. Accordingly, the Government has decided to make 1 a gift to Britain which will afford her a measure of assistance in the burdens which she is. continuing to carry.” In the year to June 30. 1948, Australia’s exports to the United Kingdom amounted to £150,516.000, and imoorts totalled £132,214.000. In March, 1947, the Federal Government approved a gift to Britain of £25,000,000'