Loan Bill Passed
p. 17 · Read in the full issue
SUVA, July 19.
THE Bill for raising a £530,000 loan within the Colony has been passed by the Legislative Council.
The money raised will be used to re deem the 1928 Specific Loan which was floated in Britain and which matures in November this year: £849,150 will be needed altogether in Fijian currency— about £320,000 is available in sinking funds and the remainder will be raised bv the loan now authorised.
The loan is in the form of debentures of £5OO and £lOO denominations, bears in terest at 31 per cent, and is for a period of 25 years.
There should be no difficulty in filling the loan. Most of the firms operating in Fiji have accumulated large cash funds during the war years when expansion was
impossible.
Mr. Basil Chalmers, of the Fiji RAF contingent, arrived in Suva in July. Mr.
David Rounds travelled as far as New Zealand with him but has not yet re turned to Fiji, and Messrs. Tim Nicholls and Theo Hansen expect to sail from Eng land about July 27.