The Eastern Economist January 21 1949

The successful outcome of the Karachi Conference is largely due to the spirit of practical wisdom which pemeated the Delhi Conference last December and the Cease-Fire agreement in Kashmir; and in the last resort it is to this spirit that we must look to solve the remaiing points of difference. [...] The perils of indecision will grow greatly within the year unless we now exhibit the courage firmly to face the facts." A New Shipping Corporation THE approval accorded by the Standing Finance Committee to the proposal to form the first shipping corporation in India raises an issue of considerable iportance. [...] The Government Resolution on Industrial Policy of April last does not serve to clarify the issue and shibuilding " enumerated in the list in paragraph 4 of the statement is one of the industries for which the State was to be "exclusively responsible for the establisment of new undertakings except where in the natioal interest the State itself finds it necessary to secure the co-operati [...] The objection as we see it arises out of the fact that while the Government has undertaken a major part of the responsibility for the capital as well as the losses which will be confined only to the initial period Managing Agents are allowed to share the gains of the enterprise without contributing in the least towards its risk. [...] The readiness of the Goverment of that country to modernise its economy and to widen the area of co-operation in the economic sphere with India and the U. S. is reassuring evidence of a determination not to fall a prey to it.