IRON ORE CONCESSION

Evening Star, Issue 22069, 1 July 1935, Page 7

IRON ORE CONCESSION

JAPAN INVESTIGATES AUSTRALIAN ISLAND Japan is to take retaliatory measures against countries that discriminate against the import of Japanese goods. The Trade Council has decided to apply to imports the system of control hitherto operative in regard to exports (says the ‘ Manchester Guardian ’). it was also decided that a trade safeguarding tax be invoked against foreign countries imposing severe restrictions on the import of Japanese goods. This will be done by increasing the Japanese import tariff, or restricting or even prohibiting imports from those countries. Two committees have been set up, one to apply the import control measures and the other to regulate trade between Canada and Japan. It is pointed out that in 1934 Japan bought from Canada goods to the value of '55,000,000 yen, while Canada’s purchases from Japan amounted to only 8,000,000 yen. It is added, moreover, that Canada places serious restrictions on the entry of Japanese products. The Trade Council is the highest official advisory body. The Ministries of Finance and Commerce, however, have power to override its decisions. BARTER TROUBLES. The limitations on Japan’s power tea impose restrictions on imports are shown by the reports in the Japanese Press of her difficulties with countries to which she exports a good deal, but from which she buys very little. Thus the Cuban Government has enforced the highest tariff on goods imported from countries which do not buy Cuban goods of at least a quarter of the value of their exports to Cuba. Japanese and Russian goods will be charged the highest Cuban tariff. American goods, however, will be exempt, by virtue of a special treaty. From Japan goods worth 9,185,000 yen were exported in 1934 to Cuba, while imports worth only 32.000 yen were taken by Japan. The Foreign Office has decided to open negotiations with the Cuban Government for extending the J apanese-Cuban trade convention, which expired on April 4, and at the same time will _ ask the Cuban Government for alleviation of the tariff rates on Japanese goods. An improvement of Japanese-Cuban trade relations depends on the volume of Cuban sugar and tobacco purchased by Japan, but the outlook is not considered good, as Japan wishes to import neither. Syria, to which last year Japan exported goods worth 11,699,000 yen and from which she took goods worth only 68.000 yen, and Iraq, to which she sold goods worth 12,000,000 yen and from which she bought goods worth only 20.000 yen, are also making suggestions for barter, which the Japanese are finding inconvenient, POOR QUALITY GOODS. The ‘ Chugai Shogyo ’ (Tokio) states that the Commercial Counsellor to the Japanese Embassy in London has recently made representations about the poor quality of some of Japan’s exports. His report is stated to have said The British Silk Textile Society has pointed out that Japanese raw silk imported into Great Britain is growing worse in quality, and that this, if allowed to continue, is likely to prove detrimental to Japanese trade. It is highly desirable that Japanese raw silk reelers and exporters take immediate steps to improve the standard of goods destined to Britain.

Similarly, Japanese rubber goods imported and distributed in London and other large British cities are so poor in quality that they are unable to compete with British goods in point of practical value. British manufacturers have declared that Japanese goods are disturbing the and have started a movement for a higher tariff.

Complaints are also reported from other countries, notably against insecteaten timber, electric bulbs, and farm produce, notably green peas. The Japanese papers report that the Japan Mining Company, one of the largest mining companies of the country, has decided to exploit the iron ore resources of a small island off the north-western coast of _ Australia (understood to be Yampi Island). Negotiations have been opened by the company with the Western Australian Government for a mining _franchise. The island is reported rich in ore deposits; the late Soichiro Asano, president of the Asano Portland Cement Company, decided to exploit the island in 1930, but since his death the matter has been neglected. INVESTIGATION, The company recently decided to undertake the enterprise and sent experts to Australia for an investigation. On their return they will submit a detailed report, on which the company will draw up its plans. The tentative arrangement _is that the Japan Mining Company wiU found a company with a capitalisation of 10,000,000 yen (£500,000) in accordance with Australian law, and five Australians are expected to become shareholders. The name of the company will be the West Australia Mining Company Ltd. The island is estimated to contain about 50,000,000 tons of hematite. The company will start work within a year, and it is planned to produce 500,000 tons of ore a year.

The mining franchise is expected to be obtained in the near future. The ‘ Nichi Nichi ’ reports that the Japan Mining Company has been asked by French New Caledonia to purchase a nickel mine there, and has decided to send experts to investigate. Scrap and old iron imported into Japan during 1934 amounted to 1.412.000 metric tons, worth 65,730,000 yen, in striking contrast to 1,012,000 metric tons, worth 38,644,000 yen, for 1933, and 559,000 metric tons, worth 16.304.000 yen, for 1932. This increase was caused by the activities of the munitions industry. METAL MARKET Press Association —By Telegraph—Copyright LONDON, June 28, The following are tho official metal quotations;— Copper.—Standard, £2B 18s 9d per ton; forward, £29 6s IOJd. Electrolytic.—Spot, £32; forward, £33. Wire bars, £33. Lead.—Spot, £l3 15s; forward, £l3 16s 3d. Spelter.—Spot, £l3; forward, £l3. Tin.—Spot, £229 18s 9d; forward, £221. Pig Iron.—Home trade, £3 7s 6d; export, £3 2s 6d. Antimony.—British, £76 10s; foreign, £47. Molybdenite, £1 14s 6d per unit. Wolfram, £1 10s 6d. Silver.—Standard, 31d per qz; fine, 33 7-16d#