(extracted from L.R.D. Fact Service)
Among British capitalist interests in Spain are those of the Rio Tinto Company. This huge holding company has investments in copper and ur mium mining in Northern Rhodesia, Canada, Australia and Zlsewhere; It formerly owned and operated 32,000 acres of copper and sulphur mining property in the province of Huelva, Southern Spain. In 1954 the Spanish assests were transferred to anew Spanish company Cia. Ispanola de Minas de Rio Tinto S.A., but Rio Tinto Co. Still 33 1/ 3% of the Spanish company's capital, and continues to provide it with technical and commercial services in London.
The directors of Rio Tinto include some leading British merchant bankers, industrialists, and people with diplomatic and foreign office connections There is iir. Gerald iidward Coke, of 3.U. Warburg & Co., merchant bankers, he is a Governor of the B.B.C. and he married a daughter of 5ir A lexander Cadogan, formerly head of the Foreign Office and Chairamn of the B.B.C. 1952-573 Baron Guy de Rothschilds; lir. David R. Colville, partner in N.ii. Rothschild & Sons, merchant bankers; lir. Victor Cavendish-Bentinck formerly of the diplomatic service and Ambassador to Poland 1945-7, now chairman of the Committee of British Industrial Interest in Germany and director of a number of companies operating in Germany 3 Sir Percyv ale Liesching, permanent under-—secretary for Commonwealth Relations I949-55 and High Commissioner for U.K. in South Africa 1955-58; J.N.V. Duncan Assistant-Secretary Control Office for Germany 1946-73; Sir Mark Turner, managing director of Kleinwort, Benson Ltd. (merchant bankers), employed temporarily at the Foreign Office 1944-45 and Under-Secretary Control Office for Germany 1945-7.
According to the "City Press" (May 4th) Kleinwort Benson is participating in a Society to which a group of European banks also belong which has been formed in agreement with Madrid's Banco Urquijo to take a 50% stake in a Spanish investment trust, the S.A. de Inversion. y Renta. This follwwed a Spanish ministerial decree, published on March 15th, allowing non—Spaniards to buy Spanish securities with forcign currencies converted into pesetas in the Spanish money market. Up to 50% of the capital of any company may be so acquired. In the first investment. trust issue the British slice will be placed privately by Kloinwort, Nenson. Preference is being given to Spanish companies having "know-how" agreements with major Guropean and North American manufacturers. The City Press! romarks:
“Spanish prido requires that the forcign investor should go into partnership with the Spaniard. But this type of partnership has already proved successful in many countries. It is said that in tho days whon Welsh coal and Biscayan iron were constantly shipped between Bilbao and Cardiff, the bowler hat was fashionable in Bilbao. In oranges, sherry and table wines, aidione oil and ' grapes there is a big trade between Britain and Spain. In textiles it tonds to neroasG and Britain still has an investmont in mining."
The Banco de Bilbao has an advertisement on the samo pages "The Bank's services include assisting you in capital investments you contemplate making in Spain."