Ng Economics
p. 20 · Read in the full issue
Close Survey O
From a NG Correspondent Business and commercial men Papua-New Guinea are waiting ] something to happen following recent tour by senior officers of j Reserve Bank of Australia, andl earlier tour by the Governor of j Bank, Dr. H. C. Coombs.
DR. COOMBS (the man wh signature appears on Austral banknotes) was in P-NG th months ago. He proved tireless searching out details on finance £ economics affecting the Territo Businessmen who spoke with I during his visit claimed that j Coombs had become “a convert the Territory.” They said he 1 appreciated more readily than i other economist the particu problems facing development.
Touring the Territory in his wj in November were the bank’s Ser Economist, Dr. P. W. E. Curtin, £ two other officers —Mr. J. Phil] and Mr. E. Fleming. The tour \ one of “familiarisation”. The th men met Administration, coj mercial and native leaders. !] No matter how optimistic a bi nessman might be, or how obvt the merits of a certain expansi there is one major brake on i velopment in this Territory, This is the brake provided by i security of long tenure, by impel ing independence. Even if indepei ence is 100 years away (and it co well be so), the doubt exists.
No Security
No banking system will g security on a doubt. No comp£ can say in its prospectus “Althoi theoretically New Guinea coi change hands in five years, we hi inside opinion to the contrary”.] Some businessmen have to] with the idea of appealing to J Commonwealth to guarant financial investment in P-NG. I Also, of course, there are ma financial problems affecting j natives. While natives continue! bank their money they are everi ally going to ask the bank to st lending them some, as the bal do for the Europeans. This opens] many interesting questions.
Also, how much more money c P-NG spend if it is given a grea increased Commonwealth grant i| year—and that is quite on the car There seems little doubt tl many of these problems of develc ment were examined by Dr. Coon: and his men, and that the expe paid particular attention to nat development, to get a better i€ of how the native can be broug into the financial structure.
However, this requires lots! study, and probably there will bej quick announcements, despite I local speculation.