PM Transcripts

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MT. ISA. RAILWAY ITTERNATIONAL BAK LOAN PROPOSAL
Statement by the Acting Prime Minister the Rt. Hon. J. McEweng M. P.
The. Acting'Prime Minister ( Mr. McEvien) said today the
Prime Minister ( Mr. Menzies) while in Washington had interviewed
the Chairman and Board of Directors of the International Bank to
explore further the Mt. Isa railway loan proposal which the
Commonwealth and Queensland Governments had been sponsoring for
some time. Mr. McEwen said that as an outcome of Mr. Menzies'
discussions with the Ban, a proposal had emerged that the
appropriate Queensland Minister, who would no doubt be the
Treasurer, and Mr. G. R. Fisher9 Chairman of Mt. Isa Mines Ltd.
should go to Washington for explicit discussions with the
International Bank on points involved in any loan arrangements
which had hitherto not been resolved to the satisfaction of the
various parties. Mr. McEwen said he had conveyed this suggestion, received
from Mr. Menzies, to Mr. F. Nicklin, Premier of Queensland, who
had intimated his willingness that his Treasurer should visit
Washington in the near future. He had also conveyed the
suggestion directly to Mr, Fisher who irmmediately expressed his
willingness to go to Washington as soon as it was convenient to
the Queensland Minister.
Mr. McEwen said he was sure that through these arrangements,
Mr. Menzies had now established a basis of personal contact for
the Queensland Government and the Mt. Isa Company with the
International Ban officials.
This would no doubt load to an identification of the issues
which were decisive to the whole proposal.
As the Commonwealth Government was the principal, as
ultimate guarantor of any loan, the Federal Treasurer ( Mr. Holt)
had agreed to arrange for an appropriate official of the
Commonwealth Treasury to be present at Washington also.
CANBERRA 28th May, 1959.