NAURU PHOSPHATES

New Zealand Herald, Volume LXIX, Issue 21296, 24 September 1932, Page 11

NAURU PHOSPHATES

DOMINIONS' PURCHASES EXCHANGE RATE ADVANTAGE LONDON. Sept. 22 When the "British Commissioner presents his report on his visit to Nauru, there is likely to be a close examination of the advantages to Australia and New Zealand in paying for phosphates in depreciated currencies. A report by the Parliamentary Public Accounts Committee shows that the position was investigated at length at one session. The committee's report expresses the opinion that the position is inequitable and it hopes an arrangement will be made fairer to Britain, both in the form of accounts and the price paid for output instead of. regarding all currencies as having identic values.

The phosphate deposits on Nauru from 1906-19 were worked by the Anglo-Ger-man Pacific Phosphate Company, which also worked the deposits on Ocean Island, part of the Gilbert and Ellice Islands colony. The interests of the company named at Nauru and Ocean Island were bought by the British, Australian and New Zealand Governments in 1919 for £3,500,000, the purchase money being contributed in the proportions of 42, 42 and 16 per cent respectively. An agreement dated July 2, 1919, provided for the working of the deposits by the British Phosphate Commission, of t-hree members, one appointed by eacb Government. Under the agreement the three countries receive the output in proportions of 42, 42 and 16 per cent. From Nauru alone, during 1929, the export of phosphate was '526,125 tons of which 237,525 tons went to Australia and 8*5,600 tons came to New Zealand. The quantity on the two inlands has been estimated at not less than 100,000,000 tons, and the rock phosphate, as shipped, averages 85 per cent to 88 per cent of tribasic phos : phate of lime.