‘Marshall Plan’ For Far East Nations

Northern Advocate, 4 December 1947, Page 5

‘Marshall Plan’ For Far East Nations

MANILA, Wed. (11 a.m.).— The United States delegation to the United Nations Economic Commission for Asia and the Far East, which is meeting at Baguio, began unfolding an economic rehabilitation programme which observers said resembles the Marshall plan for Europe. Mr Monnett B. Davis, chief American delegate, said the plan was based oit the principle that Asian nations, it given proper assistance, could pull themselves up by their own bootstraps to an extent not possible in Europe. His statement stressed that the American delegation had not been instructed specifically on the point of external assistance, and added that nothing in the statement should be interpreted as indicative of whether the United States Government would or would not be prepared to extend financial support to Asian countries. FIRST STEP Each nation was asked, however, to prepare a detailed statement covering loans and conditions under which foreign and domestic capital operate, and indicating the extent to which profits can be remitted. The first step toward implementation of the American plan was proposed in the form of a resolution asking the United Nations Economic Commission for Asia and the far East to recommend to member governments and non-voting associates a food programme for 1948-1949. It also asked that the commission and the director-general of the Food and Agriculture Organisation to establish a party of experts to visit areas of food production and shortage. TARIFF QUESTION Mr Davis asked a general lowering of tariffs to bring in more foreign exchange for the purchase of machinery, and suggested that potential borrowing nations encourage saving by their own peoples to create a local pool of capital to support domestic borrowHe said this would attract foreign and private capital. Part of the United States statement was a declaration that the United States favoured the establishment of “adequate consultative arrangements between the commission and control authorities in Japan and Korea.'’