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Tin Industry (Rehabilitation Loans)

Volume 436: debated on Wednesday 30 April 1947

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asked the Secretary of State for the Colonies what loans have been made in Malaya for the rehabilitation of the tin mines; and how the loans have been allocated.

The Government of the Malayan Union are making rehabilitation loans to the tin industry for approved programmes of repair. 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, gravel pump, open cast 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 begin until a decision has been reached on claims for compensation or on the 1st January, 1950, whichever is the earlier. The 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 required to provide fair conditions of employment.The following table shows the applications for loans and loans approved to date:

Total sums applied for (in Straits dollars) and Loans approved to date and either drawn or available to draw (in Straits dollars).
European mines$46,882,550$27,120,298
Chines mines$24,278,234$8,119,800