Interesting Speculation

Bank Governor Visits

N. Guinea

Prom a Special New Guinea Correspondent fITHE arrival on August 10 of the X Governor of the Commonwealth Bank, Dr. H. C. Coombs, with senior officials, to tour Papua, New Guine# and the Solomons, aroused great ’ interest here, for three reasons: • The party travelled in the Bank’s own private aircraft, an im pressive type of Douglas, in which every amenity has been provided. • The party arrived just when all interests in the Territories are crying out that, if there is to be any real development of the Terri tories by private enterprise, some special facilities will have to be provided for financing private enterprise on a non-trading-bank basis. • The Bank party went on from Rabaul to Honiara, on its way back to Australia —which may have been merely an extension of an interest ing trip, but which may have some connection with the argument, frequently revived, that the Aus tralian tropical administration should be extended over the Solo mon Islands, thus relieving Britain of an administrative and financial embarrassment.

The party visited Port Moresby, Lae, Bulolo, Wau, Highlands, Mad

ang, Manus and Rabaul during the next eight days. There was a “Board Room” atmosphere about the inside of their plane, which is fitted out with deep leather-covered swivel chairs, a private compartment up for’ard for the Governor, and an “ante-room” section in the other

half, and even a table for a typist neatly set in one corner.

Dr. Coombes was not exactly loquacious. He said he was visiting members of the Bank’s staff through out the Territory; and when asked about the Bank’s views on finances for the country, said he was here to

learn what could be done to help In the development of Papua and New Guinea.

This was the first time a Gov ernor of the Commonwealth Bank has visited the Territories, but it was not Dr, Coombs’ first trip. He was in the Islands in 1945 as Director-General of Postwar Re construction, and at that time visited the Army camps, and also did some of the preparatory work on the rehabilitation scheme for the training of natives.

The members of the Governor’s party were: Messrs. R. A. P. Jack son (Inspector of the Bank), H. G. T.

Searle (Chief Supt. of the Savings Bank.), J. W. James (Deputy Supt. of Bank Premises), H. W. Hall (Sub-Inspector), A. Thorpe (Re lieving Manager)., D. D. R. Hamil ton ( O/I/C of the Bill Dept., Syd ney).

THE Commonwealth Bank will build new bank and staff premises at Port Moresby; tenders will be called shortly. The bank building is to go up on one of the key business sites in the town, on the corner of Douglas and Musgrave Streets, opposite the main entrance of the Papua Hotel.

The new staff quarters will be erected on Ela Beach. The two buildings will cost about £75,000.

The bank building incorporates all the latest ideas in securing the maximum ventilation and light, and will be a fine addition to the town’s rapidly increasing tally of per manent post-war buildings.

Nsw Banker’S Visit

ON September 8, Mr. and Mrs.

C G. Marjason, of the Bank of New South Wales, left Brisbane by MV Soochow for a tour of Papua and New Guinea.

Mr. Marjason, who is the Chief Executive Officer for the Bank in Queensland and Papua-New Guinea, will visit the Bank’s branches at Port Moresby, Lae and Rabaul. The tour will also include visits to Samarai, Madang and Kavieng, cvhere the Bank had branches prior to the war with Japan .Mr- Marjason said in Brisbane that the Bank has faith in the future of this area. It had been one )i the first banks to venture there and was firmly established when Japanese invasion forced it to withdraw completely. Soon after -he war finished it commenced re opening Branches and now had four Branches and agencies in the area, being an agency at He said that the Bank has ex )enenced considerable difficulty in

£vmg suitable banking premises

6 c t vsi and m ™ st a . reas business being conducted in temporary 'remises. However, it is hoped that he modern brick premises now be ng erected for the Bank in Port omnip7 Will u 6-^ 6 first ste P in a

omplete rebuilding programme

hroughout the Territory.