£11¼ Millions
p. 24 · Read in the full issue
Biggest Pacific Is.
Grant on Record
Australia Gives P-Ng
£11¼ Millions
INTRODUCING the Australian Budget on September 3, the Australian Treasurer, Sir Arthur Fadden, announced the provision of no less than £11,258,000 (a free gift) for Papua and New Guinea, in the year 1957-58.
In the previous year, those Terri tories got a slightly smaller granl but, in the year ended June 10, 1957 they actually spent £9,572,705 of gifi money.
The P-NG Territory earns at leas 1 £15,000.000 per annum through iti own products; gets the benefit o another £2,000,000 per annum spen by the big companies on oil search and in addition gets this £11,250,00) as a gift from Australia. And then is no income tax, yet. No wonde the free and enlightened burgher of P-NG sing in their baths!
This year, also, the Northen Territory gets a grant of £4,626,000an increase of £896,000 —and Norfof Island £33.000, a decrease of £4,000 Australia’s grant of over £1 millions is the biggest ever mad to any South Pacific Territory.