PACFIC PHOSPHATE.

Marlborough Express, Volume LIV, Issue 167, 17 July 1920, Page 5

PACFIC PHOSPHATE.

AND OCEAN ISLANDS

NAURU

THE BARGAIN APPROVED

[Press Association.] (United Service.) (Received July 16, 7.50 p.m.)

LONDON, July 15. * The Pacific Phosphate Company'vS shareholders have approved of the Nauru and Ocean Islands bargain. The question was asked why £3,----500,000 was accepted, the ctfmplaint being made 'that the company had given the Government many millions. The chairman replied that a fair price had been obtained by peaceful negotiations. Arbitration would pjoba.bly ha,ve realised much worse. The directors were guided by the most competent advioc and consulted nine-tenths of the shareholders before bargaining, which represented sixteen yead-s' purchases, based on the average profits of the six best yea.rs before the- war. * . ,

The company voted .£150,000 as compensation to the directors.