My telegram 203.
You may desire to give some thought to the following in advance of the conference  which we note with appreciation Petherbridge  is to attend.
The Interim report of the Industrial Working Party which has just been completed recommends that machinery be provided in collaboration with S.C.A.P.  to co-ordinate generally the development of requirements of E.C.A.F.E. region with Japanese economy, and more specifically, (a) Japanese capacity to produce and export capital goods.
(b) Japan's need of raw materials.
(c) Financial arrangements for facilitating any such mutual export trade with Japan.
(d) Need for earliest possible execution of reparations removals, as an integral part of industrial development plans of E.C.A.F.E.
(e) Utilization of Japanese technical personnel wherever practicable in development of the projects of the region.
Report claims that a study of Japanese capacity must be included 'in any realistic planning of industrialisation and economic development of E.C.A.F.E. countries'.
The same report urges a study of financial arrangements of E.C.A.F.E. region to determine, (a) short and long term financial need of capital, both foreign and domestic, for rehabilitating national economics and for developing new industries (b) means of improving banking and credit structures in order to utilize domestic capital to the full (c) means of securing foreign loans.