With Unexpected Surplus

West Samoa Ends First Year With Unexpected Surplus

Western Samoa completed its first year of independence ot with the expected deficit of £232,000 but with a surplus f £76,000. This, said the Minister of Finance, Mr. G. F. D. letham, in the Assembly on February 15, was a result which /ould “defy the harshest critics”.

R. BETHAM recalled that some critics last year had gone so as to predict disaster and :ruptcy in the first year of in indence. is figures showed reserves had in sed to £695,000 by the end of ctual expenditure for 1962 was 50,611. Departmental spending within the approved vote, r. Betham said Customs receipts -d the £1,000,000 mark for the time. Banana exports showed a increase; coffee exports had in >ed from three tons in 1961 to 28 , but copra exports showed a de i to 12,806 tons. Cocoa exports of 8 tons were a record, r. Betham estimated expenditure 1963 would be £2,144,818, which

would mean a deficit of £275,320, to be met from reserves.

Although the 1962 result was grati fying, said Mr. Betham, the budgets of the last two years gave “little pro vision for developmental work, and another year of similar restraint would not be in Samoa’s interest”.

With all the outside help, which was deeply appreciated, Samoa’s approach to its problems had to be broadened.

He said a development budget would follow receipt of the Economic Survey Report, prepared by Dr. A.

Lautabach and Mr. V. D. Stace, un der the sponsorship of the UN Tech nical Assistance Board. The report was expected soon and this would enable a long term economic plan to be formulated and approved.

It was accepted, he said, that pre ference would be given to agricul tural development.

The Council was adjourned to March 5, when the Budget debate was expected.

See "Commentary", p. 13.