DEVELOPMENT PUN

Otago Daily Times, Issue 27082, 17 May 1949, Page 5

DEVELOPMENT PUN

BACKWARD AREAS OF WORLD

UNITED STATES LEADERSHIP Rec. 10 p.m. WASHINGTON, May 15. Reports from Government souregs indicate that President Truman’s programme for the development of backward areas of the world, tentatively estimated to cost the United States about 50,000,000 dollars, would probably be made up by 18,000,000 dollars in contributions from Britain, France and Canada and possibly other countries. and 37,000,000 dollars from the currencies of countries receiving assistance, reports the New York Times. In Broad terms, Mr Truman’s plan, announced in January, calls on the United States to take the leadership in providing the investment capital and knowledge to develop the backward areas. Europe would receive only a minimum of help as it was already being aided by the Marshall Plan. The programme would be concentrated m Central and South America, Africa and Asia. Officials emphasise that the Budget Bureau has not yet been included in the discussions and the-overall project is subject to congressional approval However, United Nations officials have been conferring with Government officers since January in an effort to tie in the United Nations work with the American plan. The programme would help raise educational standards and develop industry, agriculture, and natural resources. Private business would be encouraged to risk capital in some projects. Recently the Government has been studying the possibility of lowering taxes on income earned from foreign investments to this end.