Papua's Finance

Influence of Oil Companies

WE learn that the new Treasurer of the Territory of Papua, Mr. S.

Smith, is not very happy about the Territory’s financial outlook, and he spoke his mind frankly when discussing the estimates of revenue ana expenditure in the Legislative Council in Port Mores by recently.

The Territory’s finances during the past couple of years make a pretty pic ture—apparently bounding trade and in creasing revenue. But an analysis shows that the improvement in the Ter ritory’s finances is due very largely to two factors—the large expenditure un dertaken in the Territory by the big companies in their search for an oil field, and the astonishing returns from the sale of stamps (the result of phila telists’ demands).

Mr. Smith pointed out these facts in plain words of one syllable and said that the revenue that the Territory had en joyed during the past two years was of a character that Papua cannot reas onably expect under normal conditions.

“Were it not for the activity of these oil companies, Papua would have ex perienced rather lean years instead of years of plenty”, said Mr. Smith. “I do not want to appear too pessimistic —so I leave it to you to imagine what might be the conditions here if the search for oil should be discontinued”.