NAURU ISLAND.

Lyttelton Times, Volume CXVII, Issue 18141, 5 July 1919, Page 7

NAURU ISLAND.

TERMS OF JOINT MANDATE. COMPENSATION TO: BRITISH INTERESTS: ' ' » By Telegraph—Press Association—Copyright Australian and N.Z. Cable Association. ... PARIS/ June The Nauru Convention has been completed. Britain and Australia each receive 42 per cent of the'output and New'Zealand 16. per cent. The cost of buying out the British interests in the Pacific Phosphate Company is estimated at £3,000,000 and will be borne by the three countries on a basis of their output percentages. The Convention is subject to review every five years afterwards, by three commissioners representing the contracting parties. In the event of any one Government not taking its full allotment of the output the balance can be disposed of In proportion to the requirements of the other two contracting parties. Further,; if all the requirements are met and «&; surplus remains this can be sold at a price fixed. The only fly in the ointment is the necessity for buyintr out the British interests in the Pacific Phosphate Comoany. The German interests were bought out during the war for £575,000 and the company holds Uttlp which the war did not invalidate. r ! NOT .SIGNED BY MR HUGHES. OBJECTS TO PAYING WAR PRICE. United Service. PARIS, June 26. Mr Hughes refused to sign the Naura agreement, claiming that t Australia does not agree to the principle of the compensation of the company on war values. New Zealand's snare of. the;, compensation will be about £000,000,,, and Australia's £1,000,000. •-* The" company charged £2 a ton for phosphate during the war and expects to mauK tain the price. .