Fiji’S Sound Finances Give Lead

To Sister Colonies

Well-Governed Colony Ends 1933 with Large Surplus

EVIDENCE of the sound financial position of Fiji was again provided in the address delivered by the Governor, Sir Murchison Fletcher, when the Legislative Council was opened on March 20. The accounts for 1933 show, despite the economic depression, a surplus of £30,000, making the accumulated surplus £196,000. The total reserve fund of the Colony is now about £450,000.

This healthy financial position is all the more remarkable when it is remembered that less than ten years ago Fiji had an accumulated deficit of £193,000.

IN reviewing the financial situation the Governor stated that the approximate figures, in Fijian currency, were: Opening balance, £166,000; revenue, £601,000; ex penditure, £571,000; surplus for 1933, £30,000; closing balance, £196,000. Added to this balance are the Currency Note Security Fund surplus of £144,000, and the Immigration Fund of £160,000, bring ing the total reserve fund to £500,000.

However, to be offset against this sum are the advances made to the Native Lands Survey, which amounted at the end of 1932 to £44,000.

This year’s surplus was created mainly by increases over the original 1933 esti mates in customs duties—£17,500; and income tax —£11,300.

Trade Figures.

The trade figures as compared with 1932 were:

The 1933 values are chiefly in Fiji currency while the 1932 values are mostly in sterling. The increase in imports was composed mainly of timber, mineral oil, and flour.

Exports of sugar fell from 131,302 tons in 1932 to 113,836 tons in 1933. Copra production increased from 15,076 tons to 22,597 tons. Trocus shell increased from 266 tons (£12,125) to 365 tons (£19,945).

The banana trade, though showing a de cline in quantity exported, had increased in value by £2,006.

Banana Trade.

The outlook for banana growers of the Colony, said His Excellency, is, on the whole, very good. The export quota of bananas from Fiji to New Zealand will remain upon the present basis until, at any rate, the end of the year.

Speaking of the Fiji-Australian trade he said that the various imposts (taxa tion, etc.), additional to the duty of 2/6 per cental had practically crippled the banana export trade to Australia, and ren dered valueless the concessions made by Australia. The Commonwealth Govern ment had been asked to reconsider the position and grant Fiji produce exemption from primage duty and sales tax. This will be dealt with when the Federal Par liament meets in May.

Through an error in the calculation of special income tax, when computing duty on Fiji bananas, an overcharge of lid per case had been made in Sydney. However, this overcharge probably will be refunded.

If it is, and the other taxes for which the Government is asking removal are abolished, then Fiji growers will find the trade more profitable, as their expenses will be reduced by about 3/- per case.

Gold Mining.

Dealing with the discoveries of gold in the Colony, the Governor said that experts differ as to the potential value of the fields and much preliminary work has to be done before the extent of the deposits is proved.

Mining is being carried on, he said, at Mount Kasi (on Vanua Levu), and at Tavua (north of Viti Levu), where an Australian syndicate is spending a large sum in testing the field.

The Tavua syndicate has asked the Government to build a road from Suva to the field to carry in supplies and machi nery. It has offered to advance £2,000 towards the cost of construction, which is to be refunded when the Government is satisfied that the development of the field warrants such a course. A survey of the route is being made at present, and the estimated cost of the road is about £5,000.

Pineapple Industry.

His Excellency was optimistic regarding the pineapple industry. He thought that, with the aid of experienced men, assisted by adequate finance, the difficulties pre viously encountered could be overcome.

1933. 1932.

Imports .. ., £1,069,266 .. £857,346 Exports 1,532,161 .. 1,606,349 Re-exports .. . 193,368 .. 92,615 £2,794,795 £2,556,310