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 Great Britain. Treasury. 
 Union of South Africa. 
 Copy of treasury minute 
 dated 10th April, 1922.
 
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 SITY OF CALIFORNIA 
 J LOS ANGELES
 
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 UNION OF SOUTH AFRICA. AH2. 
 
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 Copy of TREASURY MINUTE dated 10th April, 
 1922, relative to the reduction of the debt of the 
 Government of the Union of South Africa to 
 His Majesty's Government, in connection with the 
 purchase by His Majesty's Government of South 
 African Wool. 
 
 Presented to the House of Commons by Command of His Majesty. 
 
 LONDON : 
 
 PRINTED & PUBLISHED BY HIS MAJESTY'S STATIOXERY OFFICE 
 
 To be purchased throtiph any Bookt^eller or directly from H.M. STATIONERY OFFICE 
 
 at the following addresses: Imperial House. Kinssway, London. W.C 2, and 
 
 28 Abingdon Street. London. S.W.I; 37 Peter Street, Manchester; 
 
 1 St. Andrew's Crescent, Cardiff; and 23 Forth Street. 
 
 Edinburgh; or from EASON & SON. Limited. 
 
 40 * -ll Lower Saekville Street. Dublin. 
 
 1922 
 
 Price 2d. net. 
 
 Cmd. 1682 
 
 283102
 
 TREASURY MINUTE DATED THE 10th APRIL, 1922. 
 
 The Chancellor of the Exchequer states to the Board that His 
 Majesty's Government agreed in January, 1921, to take over 
 82,405 bales of South African wool subject to 50% of any net 
 profit realised on the resale of the wool accruing to the Union 
 Government. 
 
 It has further been agreed that no cash payment shall be made 
 for the wool by His Majesty's Government, but that the cost of 
 the wool and the amount of any incidental expenditure incurred 
 by the Union Government on shipping, scouring, storage, etc., 
 shall be taken in the red-action of the debt due from that Govern- 
 ■iTipnt to His Majesty's Government, the set-off being effected as 
 i the date of the last payment made by the Union Goveniment 
 for the wool. 
 
 The debt due by the Union Government is now :— 
 
 £'8,384,000 41% Bonds. 
 
 £2,000,000 31% Bonds. 
 
 £1,500,000 5% Bonds. 
 
 £335,789 9^. 5c?. 3i-% Book Debt recorded m the Books of 
 
 . Treasury. 
 £1,196,469 165. 9d. 5% Book Debt. 
 
 The total expenditure so far advised as having been incurred by 
 the Union Government in respect of the above wool is £994,000, 
 and the date upon which the la&t recorded paj'ment for wool was 
 m.ade by the Union Government was the 22nd November, 1921. 
 
 ""he Chancellor of the Exchequer recommends to the Board that 
 ■J ,0 Book Debt should be cancelled as from the 22nd November, 
 1921, equivalent to the amount of 5% War Loan, 1929-47, that 
 <'Oiild be purchased on that date at the rate of the day as certified 
 he Bank of England, after allowance for accrued interest, for 
 tlie sum of £994,000, viz., £1,129,545 9s. 2d. stock, subject to any 
 adjustment which may become necessary when the final figures 
 of expenditure by the Union Government and the date of the 
 last payment effected are available. 
 
 My Lords concur and direct that the necessary entries be made 
 in the books of the Treasury cancelling £1,129,545 9^. 2d. 5% 
 South African Book Debt as froin:the 22nd November, 1921, 
 "■'ubject to adjustment as aforesaid. 
 
 Let copies of this Minute be transmitted to the Colonial Office, 
 I0 the High Commissioner for the Union of South x^frica, to the 
 Dispo.^al and Liquidation Commission and to the Comptroller and 
 .Auditor-General. 
 
 Tjet a copy of this Minute be presented to the House of 
 ( 'ommons. 
 
 (3747:^) Wt. 5148— 305 87.^ 6/22 H,St. G. 18. ' • 
 
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