BRITISH DEBTS

Press, Volume LXXXIII, Issue 25179, 9 May 1947, Page 10

BRITISH DEBTS

TALKS WITH INDIA AND j AUSTRALIA ‘ i REPORTED ATTITUDE OF 5 EGYPT i (N.Z. Press Association— Copyright) J LONDON, May 7. ’ “Negotiations with India and Australia ; to reach a settlement on their shares j of Britain’s £3,400,000,000 sterling war : debts, which the Chancellor of the Ex- 1 chequer (Dr. Hugh Dalton) last night said must be scaled down, will begin this month,” says the political correspondent ' of the “Evening Standard.” "British officials will first meet the Indian delegation, which the Finance Min- 1 ister (Liaquat Ali Khan) will lead. India ‘ is Britain’s biggest creditor, with a balance ' of £1,200,000,000 sterling. Reports from ; India indicate that she will not agree to • the sterling balance being scaled down. “Talks with Australia, whose balance ; amounts to £170,000,000, will begin when ‘ the Secretary to the Federal Treasury ar- • rives , , “An Egyptian delegation ,is expected to arrive early in June to discuss Egypt’s balance of £450,000,000 sterling. “Britain’s case in all discussions will be that war-time inflation enormously increased the debts, which in any case were incurred in a war-time partnership as a result- of which Britain, for example, saved Egypt from a German-Italian invasion and" India from a Japanese invasion. It is authoritatively stated that principal sterling balances held ,in London are: India, £1,200,000,000; Egypt, £440,000,000; Eire, £250,000,000; Australia, £170,000,000; Norway, £80,000,000; Brazil, £65,000.000; Uruguay, £20,000,000. In Cairo to-day, Abdel Meguid Badr Pasha, Egyptian Minister of Finance, said that Egypt will demand full payment of the war debt from Britain. He added that if Britain did not pay the Government had ‘‘other plans," which it will submit to the Egyptian Parliament for . approval. Suez Canal Shares The Cairo correspondent of the “Daily Express” says that Egypt will ask Britain to give up her shares in. the Suez Canal Company and in other Egyptian enterprises in part payment of Egypt’s sterling balance. An Egyptian negotiating mission will shortly go to London. Britain’s Suez Canal shares are worth about £ 100,000,000 sterling. , . MINING North Kalgurli (1912), Ltd.—During the period ended April 1, 10,387 net tons were treated for a recovery of 3191 fine ounces. Grey River.—The Grey River dredge worked 265,803 yards in 492 hours for 904.4 ounces of gold in April. For the fortnight to May 7 the dredge worked 131,549 yards in 237 hours for 44.3 ounces. —(P.A.) Electrolytic Zinc.—The Electrolytic Zinc Company’s production statement for four weeks ended April 2, with the previous four weeks in parenthesis, is:—Ris.don works: zinc (tons), •5086 (5128). West Coast mines (tons): ore treated, 9310 (10,012); lead concentrates produced, 719 (830); zinc concentrates produced, 3437 (3105); copper concentrates produced, 256 (268). •Output reduced to conform with curtailed supplies of zinc concentrates and calcine from the mainland, because of shipping difficulties. ONION MARKETING COMMITTEE (P.A.) WELLINGTON, May 8. An alteration in the composition of the Onion Marketing Advisory Committee, the function of which is to advise the Minister of Agriculture on the importation and exportation of onions and the S reduction and marketing of onions in ew Zealand, is authorised by the Board of Trade (Onions) Amended Regulations gazetted to-night. Whereas representation in the past has been two Government representatives, five growers’, and three merchants’, it will now be- three Government, six growers’ and three merchants’ representatives. MARTHA (WAIHI), LTD. “ The Press ” Special Service AUCKLAND, May 8. Advice from London gives the results of Martha Gold Mining Company (Waihi) Ltd., for the year ended December, 1946, as follows:—brought forward, £10,816; gross profit, £32,362; depreciation, £2699; United Kingdom and New Zealand taxes, £13,076; staff fund, £5000; proposed dividend at 3d a share, £12,398; carried forward, £10,005. Levy on Hides Reduced.—The Hides Committee announces that rates of levy on ox, cow,, bull, and yearling hides, also on calf skins, have been reduced by Id per lb as from yesterday. The new rates are: Ox hides, 14d; cow hides, 14d; bull hides, 8d; yearling, 16d; calf skins,* 25d.—(P.A.) Metal Price Changes.—The following changes are announced in metal prices: Pig iron (home trade) controlled price: £8 Ils 9d a ton (£8 9s 3d yesterday). Platinum: £l5 to £l5 15s an ounce (£l5 10s to £l5 15s yesterday).—(London, May 7.) Tungsten and Platinum.—The following tungsten and platinum price changes are announced in London:—tungsten (world), from previous price of £5 15s to £6 5s a unit, to £6 to £6 10s a unit; platinum, from the previous price of ,£l5 15s to £l7 10s an ounce, to £l5 10s to £l5 15s.