Copra Fund?
p. 121 · Read in the full issue
What To Do With The P-NG Copra Fund?
From a Port Moresby Correspondent A more practical use for the
ipua-New Guinea Copra Stab
sation Fund ( PIM, Feb., p.
[) than just letting it sit there to rn interest was suggested at the ;bmary meeting of the P-NG sgislative Council by Mr. John untz, member for Eastern ipua.
Mr. Stuntz would like to see some the interest on the Fund (it now tiounts to about £150,000 per mum), used in research into e possible local manufacture of ap, margarine, etc., from local ipra. The constitution of the Fund Duld permit this, he said.
Mr. Stuntz pointed out that though production of copra has me up, income from exported copra 1962 was £3i millions less than 1960.
One result of this was that planters ere employing about 25 per cent, ss labour now than three years ago id this lack of spending power was :ing felt right through the com unity. . , Other experts disagree with Mr. untz in his contention that the in rest or any part of the capital of e Fund can be used as he suggests.
It can, they say, be used only for lying a bounty on copra, and to ter this will need amending legisla 3n. To get the amending legislation ill require a very big howl from in rested parties and a great deal of •essure brought to bear in the right iaces.
Legal opinion has been sought id has quite definitely established lat individuals engaged in the copra idustry have no equity whatsoever i the Fund—mostly because the riginal payments into it were ssessed as export duty and part of lat duty was put into a reserve fund.
People who are in a position to now what they are talking about are f the opinion that the Fund will yentually end the way of 90 per snt. of such funds—be put into Con ilidated revenue and never be card of again.
At present the Fund represents a smpting plum to any administration -at Dec. 30, 1962, it amounted to 3,796,609 and is increasing off its wn fat by way of interest.