NAURU PAYS
Phosphate Assets (N.Z. Press Assn.—Copyright) CANBERRA, Dec. 18. The Republic of Nauru today handed over sl3m to the British Phosphate Commission as part payment for the phosphate industry assets on the island. The payment was made in Melbourne by the republic’s representative, Mr T. A. Adams. The general manager of the commission, Mr L. E. Ravenscroft, accepted the payment on the commission’s behalf. This brings payments made since the agreement of July, 1967, to $16.75m. Under the agreement, Nauru will pay s2lm plus about s2m interest for the commission’s assets.
The commission formerly administered the island's phosphate mining on behalf of the governments of Australia, New Zealand and Britain.
Legislation to establish a Nauru Phosphate Corporation to take over the industry’s operation is now before the Nauruan Parliament.
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Bibliographic details
Press, Volume CVIII, Issue 31866, 19 December 1968, Page 1
Word Count
130NAURU PAYS Press, Volume CVIII, Issue 31866, 19 December 1968, Page 1
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