[?]ders Finance

[?]al [?]s

[?]ders Finance P-NG Administration

TE businessmen in Lae, New uinea, are wondering how uch longer they can afford to the Administration on their len approached in June for ent of outstanding accounts g back to January, and some r as 12-months back, Admini on officials told the firms ly that no more funds were e utilised until after June, than by way of paying es. 5 same thing occurred last when it took until October 2an up accounts owing prior me. s understood that Administra purchasing o ffi ce r s are tvered to buy goods on behalf ministration departments, and they are governed in their ases by the availability of 'S allocated to various jobs, inessmen accept these orders )d faith and supply the goods, payment is withheld for is. ■ firm estimated that non ant of outstanding accounts costing them an average of i day. position is really acute for business people who need the ? to pay their own accounts cannot afford to carry the listration over long periods. ial Note: aa-New Guinea gets a grant atween £7 and £9 million lly from Australia but the a which the financial set-up e Territory is managed, as m Port Moresby and Canberra, :h that there is everlasting Ity. ever, whatever the technical s for these hitches that annually at the end of the ial year, the fact that private ss, large and small, has to government in this ridiculous ; a disgrace. act, we can go further and at any institution—no matter are its bureaucrat-made cations within itself—which the credit system of a y in this fashion is unfit to public money at all. ; traders—small and medium r , anyway—work on bank aft for which they have to terest. Yet the Administra rces them to finance Admini n purchases bv extending bank loans—although it is y that the Administration ay corresponding interest on rerdue account.