Loss, £41,743
p. 42 · Read in the full issue
New Guinea Finances in 1938-39
HOW these Islands Administrations do hate to publish a clear statement of public accounts!
It was reported in the “Rabaul Times”, after the Legislative Council meeting in September, that the Administration had completed the financial year (ended June 30) with “a surplus of £17,947”. We rub bed the editorial nose in perplexity. We had calculated that the Territory, in 1938-39, was run at a substantial loss.
In mid-October we received the official “Gazette”, and there are the 1938-39 figures in detail. It is apparent, at once, that the Administration did not show a surplus on the year’s operations. In stead, it started the year with an ac cumulated surplus of £59,691, and, by June 30, the surplus had shrunk to £l7 947 —which meant that the Territory, * in 1938-39, was run at a loss of £41,743, Which is what everyone expected.
With the figures arranged as they are in the “Gazette”, we have to make some careful calculations to ascertain what actually happened last year. It is found, however, that revenue was £460,836 (down £65,000 compared with 1937-38), and ex penditure was £502,579 (down £l6 000 compared with 1937-38—but that year in cluded volcanic eruption damage, £40,010).
An analysis of revenue shows that cus toms taxes decreased by £32,433, and postal receipts by £20,076 (they had a special issue of stamps in 1937-38, and a fortune was made out of philatelists). But revenue from all other sources actually in creased. Revenue from mining rose from £116,942 to £124,378.
On the expenditure side, details are hidden under the names of departments.
We can see only that the expenditure of every department except Justice, Lands New Works and Native Welfare rose con siderably—a total rise of £33,965. * r ?.«f ) *'* ler worc * s ’ although revenue was healthy (the postal revenue does not signify anything, and the fall in Customs receipts was partly offset by the rises in gold and other revenues totalling £11,602), there was an increase in ordinary expen diture of £30,289, and a net loss in Ad ministrative operations of £41,743.
This is a bad record, in view of the fact that the gold royalty alone must be in the neighborhood of £lOO,OOO per annum.
Some people imagine that the N.G.
Administration now is short of money but Rabaul may carry on for a long time yet. The figures, as on June 30, show that the Government on that date held: Superannuation Fund .. £149,790 Other Trust Funds .. 133,234 There is enough, there, to keep the wheels turning, on loans, for many long days. But no concern can be run in definitely at a loss. The figures for the period ending December 31 will be in teresting.
Mr. C. W. Cox arrived in Papua in October to take over the managership of the Bank of New South Wales in Port Moresby from Mr. W. B. Frederick, who has been transferred to Australia.
Captain P. B. Park, of W. R. Carpen ter and Co.’s inter-island steamer “Dur anbah”, reached Sydney from New Guinea at the end of October. He has been called up for war service. During the Great War, Captain Park took part in the Battle of Jutland.