LEAD, ZINC QUOTAS

Press, Volume XCVII, Issue 28700, 25 September 1958, Page 13

LEAD, ZINC QUOTAS

McEwen May Go To Washington (N.Z. Press Association —Copyrtpntj (Rec. 10.30 p.m.) CANBERRA, September 24. The Australian Minister for Trade (Mr John McEwen) is expected to make an emergency visit to Washington to discuss the effect on Australia of America’s cut in lead and zinc imports. The restrictions threaten a further loss of work in Australia’s big lead and zinc mining centres, which are already affected by declining prices. Some smaller mines, operating on small profits, may find it difficult to stay open.

Mr McEwen, who is in Montreal for the Commonwealth trade conference, was scheduled to 'return home to Australia as soon as the conference ends, but it has been learned in Canberra that the Australian Government may ask him to go to Washington for discussions with the Administration.

The precise effect of the quota restrictions is uncertain because a new lead quota has not# yet been worked out. A preliminary estimate indicates, however, that the amount of Australian lead to be admitted to the United States in future will be only slightly more than half that admitted in 1957.

Overall, lead and zinc exports to the United States in 1957 earned more than £l3 million, or nearly a third of the total export earnings. A fall of at least £5 million in dollar earnings will have to be faced if the quota stands.

In Sydney today, a member of the State Opposition, Mr J. Malian, said the Federal Government should act immediately to restrict the profits of American companies operating in Australia. It should prevent the enormous drain of capital from the sale of Holden cars through General Motors Holden, whose profits average about £11,800.000 a year, he said. “We should also raise the tariff on imported fuel oil. which is supplying 42 per cent, of our fuel power,” he said.