Technical Co-operation—whose publicity ar- rangements in these UN matters leave
much to be desired—Mr. Paul Hoffman said that twenty out of the hundred underdeveloped countries Could go from poverty to a reasonable standard of living before the end of the decade. The Physical and human resources were there and the technology of the advanced countries could enable them to make the very necessary pre- investment survey in a year which would have taken five years a quarter of a century ago. But he added that you could not develop a country faster than you can develop its people and he called on the educational experts for improved training techniques. Above all, he emphasised that we must drop the idea of aid, which has a Paternalist flavour, and think in terms of part- nership in a commercial enterprise. What better Way of making the underdeveloped nations feel that they are in partnership with the rich if we devise a payments system which does not burden them with debt or high rates of interest, but gives them interest-free credits during this develop- ment decade? The City banks might even earn a tew honest commissions in the process.
Investment Notes
Ily CUSTOS
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