Financial Secretary

Fiji Development

Loan

Financial Secretary Tells Why

FIJI’S development loan of £F1,250,000 is the first part of a loan programme to finance the Suva dock, scheme, Lautoka wharf, Suva water supply and to provide credit for agriculture, industry, housing and local authorities.

The Financial Secretary, Mr. H. W.

Davidson, said this in a broadcast explanation of the loan and the reasons for raising it.

He said that if the money was not raised many of the things in Fiji which badly needed improving would have to stay as they were.

Those who lived in Fiji would have to give the lead by showing they had confidence in the future of the Colony as an inducement to outside investors.

It was impossible for a nation to keep its place in the competitive world unless it developed its re sources, and those resources could not be developed unless there was investment for the future.

The alternative was higher taxes, but it was obviously wrong that the taxpayer of to-day should be ex pected to bear all the burden of capital expenditure which was going

to be of permanent future beii' (Details of the loan are publis in the Commerce and Indui section).