§ Mr. Wingfield Digbyasked the President of the Board of Trade what official assurances he was given, during his visit to Japan, that the financing of the 1,500,000 tons of home orders annually for the Japanese shipbuilding industry contains no element of subsidy, thereby constituting unfair competition; and if he will make a statement.
§ Mr. MasonJapanese shipowners receive loans on favourable terms for the purpose of encouraging the modernisation and expansion of the Japanese merchant fleet. The orders so generated benefit the Japanese shipbuilding industry. The extent to which shipowners may be subsidised by the favourable terms of the loans was not discussed during my visit.