Credit Scheme For Ex-Servicemen

it is Too Late For Many

In Papua-New Guinea

Most Papua-New Guinea ex-servicemen agreed that it was a step in the right direction when it was announced in May that veterans who have settled in Papua-New Guinea are to be granted loans of up to £25,000 on easy terms, including interest at 3| per cent. But some were not happy about all the con ditions attached to the scheme.

IT was typical of the lack of rapport between Port Moresby and Canberra that over a week went by after Mr. Hasluck’s Ministerial pronouncement from Canberra before anyone in Port Moresby could tell intending ap plicants what the procedure might be.

The Administration in Port Moresby “did not know anything about it officially”.

It appears now that the necessary bills will go before the September meeting of the P-NG Legislative Council. In the meantime, a number of matters have to be ironed out.

The requirement that an ex serviceman should be a minimum

five years in the Territory before becoming eligible for a loan is the clause that so far has come under most fire from the RSL in the Territory.

Long Fight by RSL

The concession has been made as the result of representations made to the Commonwealth Government by the Papua and NG Branch of

The Rss&Aila.

The announcement is very wel come, but, unhappily, for most men, it is about ten years too late. It would have had greater significance, and helped much more in the development of P-NG, if it had been made soon after the end of World War ll—not 13 years afterwards.

The plan (to provide credit) will apply to ex-servicemen who are already occupying agricultural land holdings in the Territory, or who obtain agricultural land holdings through the normal method of

application for land advertise available for leasing.

A Credit Board will be establJ under Territory legislation ta minister the scheme. A class:* tion committee (on which wii a servicemen’s representative) be appointed to consider eligibility and suitability of plicants.

Those eligible will be ex-sen men who served in Second Vi War and who, since discharge, resided in Papua and New Gv for at least five years prior toe not necessarily immediately priti the commencement of the schr and those with service in Korean and Malayan opera* “who have certain reside qualifications in Papua and Guinea”.

Must be Experienced

Applicants must have know\ and experience of tropical culture. A settler with capital be expected to invest in the pro;c such proportion of his capital considered reasonable in the; cumstances of his case; but of capital will not preclude eligible person from assist* under the scheme.

The maximum amount of a j will not exceed £25,000 excepi special circumstances; and gene the maximum period of repays will be 25 years. Interest wit 3i per cent.

Loans may be for the purpoc providing working capital, ps< for and effecting improverm equipping stock, plant and e»* ment, and discharging any n gage.