For 25061.
327
Conference that the latter's discretionary powers with respect to the loading of wolframite for the United Kingdom on the steamers under his direction had been withdrawn. Space on Japanese steamers being only obtainable by British merchants with the greatest difficulty and at the exorbi- tant rate of 400/500 shillings per ton, business at the British official price became still more impossible. Accor- -dingly I asked in my telegram of the 22nd. May for leave to abolish the condition requiring first offer to be given to the Ministry of Munitions. On receipt of your reply a month later, the Superintendent of Imports and Exports issued a circular to all the firms dealing in wolframite, promising space at 150 shillings per ton and inviting offers of parcels for the Ministry, The resulting offers, one British, one American and one Chinese, were communicated in my telegram of the 15th. July. These parcels were all shipped to the United Kingdom in due course at 70 shillings per unit i.e. 5e. 8d. above the official price as notified to us in your telegram of the 31st. January. Even this price gives little if any margin of profit. These and other shipments at the same figure, have been made partly from patriotic motives and partly with an eye to post-war business in wolframite and other Chinese minerals with the
United Kingdom. The whole could equally well have been sold to United States of America at G$20 per unit.
For
34759
2688
4.
The concession in the matter of ship-
-ping space mitigated to a considerable degree the dissatis-
-faction felt by British and other non-American merchants
against the "first offer" rule. But when it became known
that Mr. E. A. Watson was purchasing in New York at 84
shillings per unit the same parcels of ore that he had
refused as Broker to the Ministry of Munitions not a little
strong