§ 141. Mrs. Middletonasked the Secretary of State for the Colonies whether he will give details of the Malayan Government's scheme to give financial assistance for the rehabilitation of Chinese tin mines in Malaya.
Mr. Creech JonesThe Malay Union Government are prepared to make rehabilitation loans to the Chinese section of the tin industry for approved programmes of repair on terms similar to those for European companies. The loans will be a first charge on the repaired asset and will be set off against any compensation payable for war damage. Any balance remaining after the set-off will in the case of dredges be repayable in equal instalments over a period of 15 years, or less at the option of the company, with interest at the rate of 3 per cent. accruing from the date of the loan. The repayment period in the case of hydraulic,222W gravel pump, opencast, and lode mines will depend on the circumstances of the individual case but will not exceed 10 years. Repayment of capital and payment of interest will not commence until a decision has been reached on claims for compensation or on 1st January, 1950, whichever is the earlier. Companies or persons receiving loans will be required to adopt all reasonable measures for ensuring the highest degree of efficiency in their operations and they will also be requited to provide fair conditions of employment.