NAURUPHOSPHATES

Evening Star, Issue 17087, 4 July 1919, Page 4

NAURUPHOSPHATES

BUYING OUT THE COMPANY. MB HUCHEs"PBOTESTS. Press ARfociation—By Telegraph—Copyright. Australian and N.Z. Cable Association. (Delayed in Transmission.) PARIS, June 26. (Received July 4, at 12.45 p.m.) Mr Hitghes haa refused to sign the Nauru agreement, claiming that Australia does not agree to the principle of compensation to the company on war values New jZeailaiid'e share for compensation will be about £600.000, and Australia's share £1,030,000. The company charged £2 per ten for phosphates during the war, and expect to maintain that price. PARIS, June 28. The Naura Island Convention has been concluded. Britain and Australia receive each 42 per cent, of the output, amd New Zealand 16 per cent. The oost of buying out the British interests in the Pacific Phoeirihate Company are estimated at £3.000,000: which will be born>3 by tlhe three countries on the basis of output percentages. The convention is subject to review every five years afterwards by three oammisaaoners representing the contracting parties. In the event of any one Government not taking tfli>ear full allotment of the ontout, the balance can be disposed of in proportion to the requirements of the other two contracting parties. Further, if after affl requirements have Keen mot a surplus remains, this can bo eold at a price to bib fixed. The on'ly fly in the ointment is the necessity of buying: out tlhe British interests in the Pacific Phosphate Company. The German were bought out during the war for £575,000, The company hold little- which tfe war did not invalidate.