§ Mr. Thorneasked the Minister of Supply whether he can give any information in connection with the sums varying from £3,000 to £7 paid to companies and individuals who suffered loss by the wiping out of the obligations of the Itabira Iron-ore Company by the Minister last year under the Defence Regulations; and can he name the amount and persons who received the money?
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§ Mr. PeatWith a view to ensuring the supply of iron ore to this country the shares of the Itabira Iron Ore Company were compulsorily acquired and its obligations extinguished by Orders made under Defence Regulation 78A on 6th March and 24th April, 1942, respectively. The company owned a deposit of iron ore in Brazil and an agreement was entered into between the United States of America, the United Kingdom and the Brazilian Governments under which the mine was transferred without charge to the Brazilian Government, who undertook to develop it to a specified output, the United States Government agreeing to arrange financial accommodation and material. The sums to which my hon. Friend refers are the amounts found by the Treasury to be due to those creditors whose claims were extinguished under the Order of 24th April. The particulars are fully set out in ah Order made by the Treasury on 25th May, which was published in the "London Gazette" on 1st June.