LENA GOLDFIELDS
SETTLEMENT WITH SOVIET. INSTALMENTS FOR 20 YEARS. British Wireless.. Rugby, Nov. 12. Replying to a question in the House of Commons regarding an agreement signed at Moscow by representatives of the Lena Goldfields Company and the Soviet Government, Colonel D. J. Colville said he understood it was subject to ratification by the company’s shareholders and provided for the payment by the Soviet Government of £3,000,000 over a period of 20 years. The sum of £50,000 would be paid down on ratification, and there would be 20 instalments of £92,500, followed by a further 20 instalments of £55,000 to be paid at six-monthly intervals beginning on May 1 next.
The Soviet had cancelled the company's mining concessions, alleging a breach of contract. The company referred the issue to arbitration in England, and was awarded £13,000,000, which the Soviet declined to pay, offering £1,000,000, whereas the company asked for a minimum of £3,500,000. It is believed in Moscow that the settlement will open the way to negotiations for an Anglo-Russian treaty.
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Taranaki Daily News, 14 November 1934, Page 7
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171LENA GOLDFIELDS Taranaki Daily News, 14 November 1934, Page 7
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