Proposal For NG Investment Guarantee

NG Investment Guarantee

From a Port Moresby Corresponded Proposals for guarantees private investment in P-NC case of political changes v outlined in the P-NG Legisls Council in September by Mn Fairfax-Ross.

Mr. Fairfax-Ross, Of

Moresby, a nominated men] is president of the Planters’ Asse tion of Papua.

He praised the Minister for 1 tones’ policy statement (p. 69 X its “sincerity, national resolution! statesmanship”.

He said that he believed thi was the most important states made by an Australian Minister Papua-New Guinea for many y He believed that the Minister far better background and u;j standing of the affairs of the Tern than certain metropolitan newspx which “have chosen to be criticae "Prudence"

“His statement as to Austn rights in this country,” said Fairfax-Ross, “and the determine of Australia to insist upon its i for all peoples here in frienr and righteousness and supporter our application to and expects from both the United Ns Charter and ANZUS Pact have; well-received through this counti He said his next remarks sk not be interpreted as lack of : fidence or fear of the future that it was simple prudence to< so that expatriates would have a choice, at independence, as to wfci they would remain in the Tern or repatriate their assets. He on: “The Minister has said that, date, no workable plan has been sented to the Australian Governr and I accept that as a factual ment . . . and I do not now attempting to present one. I be that the formulation of such a £ requires expert actuarial investigi which we should ask the Govern to make available.

“But, subject to this practice vestigation, what I have had in i is an assets assurance so; specifically underwritten at Conrr

th level. No lesser guarantee d survive. It would involve lent of a calculated premium as ircentage of a gross value, be ti the owner and an assuring 9rity.

I he chooses to remain at in- Ddence and accepts the changed tion, he simply carries on. But, \ chooses to be repatriated, then ands over his assets to the Aus m Government, or the insuring ority, which would, in the end, le Australian Government, which pensates him to the value of his s. lie Government, in turn hands those assets, as a debt, to the ming independent government, fhe new government in its turn :ates those productive assets to its I subjects, who by the earnings hose assets must service both the cipal and the interest of the debt i through their independent gov

ernment to the Australian Govern ment.

“It may be thought that this is both idealistic and complicated. In fact, it is no more unusual than many more day-to-day financial agreements but it is on a national scale.

“An assurance scheme of this nature may seem fabuluous, but clearly, it is not so, and perhaps it is even relatively small when com pared with numerous national in surance schemes which have been successfully accomplished in the past.

Like any other insurance scheme, the sooner you start it the better.

“Each day, each week, each year, the underwriters’ risk is reduced, but I believe that we have the time be fore us to do this in this country and I believe that we will make good use of that time by pursuing this without delay.”