§ 91. Mr. Teeling
asked the President of the Board of Trade whether he is now in a position to make a statement about the new Trade Agreement with Japan; and how it is proposed to make up the difference in the payments during last year's trade agreement due to our purchasing more from Japan than they purchased from us.
§ Mr. Bottomley:
The new sterling area Trade Agreement with Japan was signed today. It is expected that Japan will spend a total of £55 million in the sterling area countries concerned in the arrangement while the latter will spend £45,500,000 in Japan. No figures have been set against individual items, but the agreement lists the principal commodities to be bought on either side. The most important supplies to Japan will be wool, rubber and oil. The largest single import from Japan will be cotton grey cloth, mainly for the Colonies. Under the plan the deficit on last year's Trade Agreement will be made up by the sterling area taking £9,500,000 worth of goods less than it is due to supply.