Prosperous Fiji

Large Governmental Surplus— Striking Trade Outlook

From Our Own Correspondent.

SUVA, July 1.

THE Legislative Council met at Suva recently, when the Acting-Governor, Hon. A. A. Wright, presented a survey of the Colony’s activities to date. His re port read rather like the review by a managing director of the progress of his company to his shareholders and the business-like manner in which facts and figures were stated is to be commended.

The ordinary revenue of the Govern ment exceeded the ordinary expenditure by £5600 odd, an especially satisfactory state of affairs, having regard to the try ing circumstances of 1934. Ordinary re venue was £601,000—about £4000 less than for 1933 —whilst expenditure totalled £595,400 —about £25,500 more than 1933.

It had been anticipated in the Budget of 1933 that there would be a deficit in the 1934 accounts of no less than £24,000. Most of the improvement is due to increased collections at the Customs House.

On the statement of capital assets and liabilities the Colony shows a remarkable increase of £60,000. Direct assets exceed liabilities by £261,000, by far the largest surplus in the history of Fiji. In addi tion there are reserves totalling £25,000, so that the surplus plus reserves is almost sufficient to redeem half the Colony’s debt.

In ten years, from 1924 to 1934, a deficit of £155,000 in the accounts of Fiji has been turned into a handsome surplus.

As to the export and import trade, imports declined about per cent, in value, whilst exports were down nearly 20 per cent. Of the exports, copra, al though in tonnage greater than 1934, was valued at much less. The picture changes however for the first five months of 1935, when the value of exports, although largely the same in volume, increased by about 5 per cent.

Sugar produced in 1934 amounted to 105,000 tons, but in 1935 should reach 123,000 tons. Copra will probably remain steady at about 25,000 tons, but the rise in price from £8 London to £12 means an additional £100,000 at least coming into the Colony. New Zealand will prob ably take much the same quantity of bananas from us, whilst Canada and Aus tralia are potential markets not to be ignored. As to gold, ask Collins Street!

One could almost hear the subdued cheering of the shareholders in Fiji (un limited) as the acting managing director summed up the position: “The prospects of the sugar crop are exceptionally promising; the increase in the price of copra is being maintained; there is again a limited market for bananas in Australia; it is hoped that a footing has been obtained in the banana market of Western Canada; and the bene fits of the tourist traffic, and the indirect, and before long, the direct benefits of gold mining should be reflected in the revenues of the Colony for 1935. I feel that we can look forward with confidence to the future.”