YUGOSLAV ECONOMY

Otago Daily Times, Issue 27274, 28 December 1949, Page 5

YUGOSLAV ECONOMY

SUCCESS THROUGH OWN INITIATIVE ALL TASKS FULFILLED British United Press—NZPA—Copyright Rec. 9 p.m. BELGRADE, Dec. 27. Presenting Yugoslavia’s 1950 Budget to Parliament yesterday, the Foreign Trade Minister and Acting Finance Minister, Mr Melentijo Popovic, said: “Our successes show that'Yugoslavia is capable by herself of fulfilling her economic and other tasks of building Socialism in spite of all obstacles without the help of the Soviet Union.” Referring to the provision of foreign loans, Mr Popovic mentioned a loan of 20,000,000 dollars, and described it as purely a business matter. He added: “ Our country will never allow anyone to conduct in relation to it an economic policy which would lead us to lose our economic independence.” Trade With Britain

Britain and Yugoslavia have signed a trade agreement in Belgrade providing for an estimated £110,000,000 flow of goods each way in the next five years, the Board of Trade announced in London yesterday. They also signed an agreement on compensation for former British property in Yugoslavia, supplementing the agreement signed in London last year. Under the agreement Yugoslavia will pay the balance of compensation at a rate of £506,000 a year for eight years. , Britain will export wool, woollen and cotton yarns, chemicals, rubber products and machinery. In return, she will receive timber, non-ferrous metals and maize. \ The agreement also covers supplies of raw materials from other parts of the sterling area to Yugoslavia. The British Government will provide a guaranteed credit of £8,600,000, repayable over six years.