300,000 MILLION U.S.A. DOLLARS READY FOR INVESTMENT ABROAD

Grey River Argus, 19 August 1949, Page 5

300,000 MILLION U.S.A. DOLLARS READY FOR INVESTMENT ABROAD

(Rec 9.35) NEW YORK. Aug 17. According to the New York Times the U.S. Secretary of the Interior, Mr Krug, said to-day that United States business men were prepared to invest 300.000,000,000 dollars in foreign countries.

“The Times” said: Mr Krug was amplifying a pledge given earlier at the United Nations conference on world resources, in which he stated that the United States would help to develop backward nations. Mr Krug said that competent expert* had informed him that this sum would be available from American investors to carry out President Truman’s four point programme. But there would have to be a right political atmosphere in the countries requiring this aid. Such an investment would be 10 or 15 times greater than the amount that the United States had intended to give Western Europe under the Marshall Plan. ENGLISH STEEL FIRM SACKS 557 MEN

(Rec 9.45) LONDON, Aug 18. The Federation of British Industries, in a statement, gave a warnin' 5 of imminent mass unemployment ir British engineering trades. Followin'’ this, one of the biggest Midlands she rms, that of John Garrington an'’ Sons, of Bromsgrove in Worcestershire has announced that it will sac 1 * 557 of its men. This number form nearly a quarter of the payroll. The sack is because of redundancy. Garrington’s, since the war. has produced one-ouarter of Britain’s steel forgings. Orders for steel forgings, however, have dropped, because fewer tractors are now being exported.