Finance For P-Ng
p. 16 · Read in the full issue
Enterprise
New Section of Commonwealth Bank
AN unofficial but reliable report! indicates that from January* 1, 1954. the Commonwealth: Bank of Australia will establish, im Fapua-New Guinea, a new trading section of the Bank, the purpose ot which will be to finance agricultural and industrial enterprise in th© Territories, and implement a hire-; purchase system.
There has been a demand for such an instrumentality for a consider able time. Private enterprise is quite readv to attempt the development! of the Territories’ resources; the Administration is favourable; but commentators have emphasised that three more factors are needed— land, money and labour.
The Administration insists that it. can make land available. It also argues that, other factors being present, there will be enough laboun to carry development—but that re mains to be seen.
The Governor of the Common wealth Bank, with a large staff, im August visited several areas ofi Papua and New Guinea. It is pre sumed that the decision to provide ' financial machinery, in the way£ outlined, is the result. The success or otherwise of the plan will depend,] of course, on the conditions imposed) by the Bank.