Fund May Be
p. 21 · Read in the full issue
Sugar Industry
Stabilisation
Fund May Be Put To Use
SOME of the £2,000,000 in the Fiji Sugar Stabilisation Fund may be used for sugar development.
This was stated by the Colonial Secretary, Mr. A. F. R. Stoddart, in the Fiji Legislative Council. He said that the Government was discussing the matter with the Colonial Office.
The fund was started in 1946 to provide a cushion against the then anticipated severe drop in the price of sugar on the day marketing ceased to be controlled.
Initially a levy of 35/- a ton was imposed, and it was coupled with a very substantial increase in the price.
As the fund grew the need for 35/- was questioned and some time ago the levy was reduced to 25/a ton.
The outlook has been improved by the increase in price announced for next year, and with the period of the Commonwealth Sugar Agree ment extended to 1964 it is not ex pected that there will be any need in the immediate future to call upon the fund, although a substantial part of it should be kept for the purpose for which it was established.