Sterling Trade With Japan
TOKIO, Tue. (11.30 a.m.) Agreement has virtually been reached for a two-way trade arrangement between Japan and sterling area countries for trade valued at about £140,000,000 during 1949-50. This will mean increased shipments of sterling area wool, petroleum, rubber and iron ore to Japan, in exchange for Japanese textiles and steel products.
A British trade official said Japan would buy goods worth at least £55,000,000 from five sterling countries participating in the arrangement, namely the United Kingdom, Australia, New Zealand, India and Ceylon. These countries would purchase goods worth £45,000,000 from Japan. Probably another £40,000,000 worth of trade would be conducted. The bulk of this would be with the sterljng area countries not participating in the agreement, for example, Burma. Pakistan, Irak, and Persia. Announcement of the agreement will be made very soon.
J.t has been held up for ratification of minor details by the various Governments concerned. An Australian trade official predicted that Australian wool exports to Japan will increase 50 to 100 per cent.
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Northern Advocate, 19 October 1949, Page 5
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170Sterling Trade With Japan Northern Advocate, 19 October 1949, Page 5
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