Zinc Concentrates.

Oral Answers to Questions — Trade and Commerce. – in the House of Commons at on 28 February 1922.

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Photo of Commander Hon. Joseph Kenworthy Commander Hon. Joseph Kenworthy , Kingston upon Hull Central

91.

asked the President of the Board of Trade whether the Government made grants of money or advances or loans towards the cost of the erection of a factory at Avonmouth for converting zinc concentrates into spelter and similar purposes; how much money was found by the Government; what were the circumstances; whether the factory is now operating; how much of the money advanced or paid has the Government recovered; and what has become of the remainder?

Mr. YOUNG:

Under an agreement of May,1917,anadvanceof £500,000 was made to the National Smelting Company, Limited, towards the cost of erecting such a factory, to be worked in conjunction with an adjoining Government factory, for roasting concentrates and for manufacturing sulphuric acid. The company's factory is not now operating, and no recovery has so far been found possible. The advance is secured by debentures under a trust deed, and the agreement provides for repayment being made from a sinking fund created out of a proportion of the profits in each year which would otherwise be available for distribution or dividends.

Photo of Commander Hon. Joseph Kenworthy Commander Hon. Joseph Kenworthy , Kingston upon Hull Central

What chance is there of getting any of this £500,000 back, and what, in the opinion of the Treasury, are these debentures worth?

Mr. YOUNG:

I should not like to make a prophecy on a business matter of that sort. The matter is at present under consideration, and as negotiations affecting the question are proceeding I think it would be unwise to make a statement.