§ 74. Mr. Colonel WOODCOCKasked the Chancellor of the Exchequer upon what date the Government contract which expires 30th June, 1930, for the purchase of Australian zinc concentrates was made; what is the estimated loss to date; what is the total estimated loss expected on 30th June, 1930; and whether he has considered the effect of this contract on the mines in England and Wales?
§ Sir B. CHADWICKI have been asked to reply. The contract for the purchase of Australian zinc concentrates which expires on 30th June, 1930, is dated 9th April, 1913. The net loss from April, 1918, to 31st March, 1925, the date of the last completed accounts, was £1,700,000. The price paid under the contract varies according to the market price of spelter, and for this reason it is not possible to say what will be the total loss on the contract. I have no reason to think that the contract has had any adverse effect upon the mines in the United Kingdom.
§ Colonel WOODCOCKIn view of the tremendous loss of £1,700,000, lasting over many years, would it not be better if the Australian Government were asked 2038 whether some arrangement could be made to cancel the contract, not only because of the loss involved but because of the number of the men thrown out of employment?
§ Sir B. CHADWICKI do not think that is possible. This matter has been under the very close consideration of the Government for years, and I do not think that any openings have been forgotten.
§ Colonel WOODCOCKCan the hon. Member say who made the contract?
§ Sir B. CHADWICKYes. I think we were committed to the contract, as far as I remember, in 1916, by the Asquith Coalition Government. I think the contract was actually signed by the right hon. Member for Carnarvon Boroughs (Mr. Lloyd George), the right hon. Member for Swansea, West (Mr. Wrath-man), a distinguished Socialist, Dr. Addison, and Mr. McKenna.
§ Mr. W. THORNEWhy does the hon. Member say that. Dr. Addison is a. Socialist?