Your telegram 254.  Commonwealth Government decided on June 13th, 1940 against imposition of embargo on export of scrap iron  main reasons being (1) avoidance of further resentment in Japan following Yampi decision ;
(2) export of any commodity is valuable at present for building up overseas credits;
(3) investigations show export of scrap not prejudicial to Australian interests and quantities available are in excess of current requirements.
Prohibition of export would lead to depreciation in price and injure Australian commercial interests.