Through Depreciated Currency.
p. 29 · Read in the full issue
Nauru Phosphate
Prices.
Australia and N.Z Benefit Through Depreciated Currency.
IT is reported by cable from London that when the British member of the Nauru Commission, Mr. L.
Lodge, returns from his visit to Nauru and Ocean Island, there is likely to be a close examination of advantages en joyed by Australia and New Zealand in paying for phosphates in depreci ated currencies.
The Federal Parliamentary Public Accounts Committee’s report shows that the position was lengthily inves tigated at one session, at which it was suggested that Britain should make an exchange profit of 15/- for every £2 purchased, but it was admitted that the cost was too high for Britain to use the supplies.
The committee’s report expresses the opinion that the position is in equitable, and the hope that an ar rangement will be made which is fairer to Britain, both in the form of ac counts and the price paid for the out put, instead of regarding all currencies as of equal values.