Postage Stamps To
pp. 31-33 · Read in the full issue
Pay For Cook Is.
Pension Scheme
Postage stamps aimed at /odd stamp collectors are to be sed to finance an old age pen ion scheme in the Cook Islands.
CHE Cook Islands Premier, Mr.
Albert Henry, announced this i the territory’s Legislative Assembly i September. He said the pension rould be 10/- a week.
The pension scheme is an election romise which helped win 14 seats 3r Mr. Henry’s Cook Islands Party i the 22-member Assembly in April.
Mr. Henry told the Assembly that ic power to produce postage stamps 3r the Cook Islands was at present i the hands of the New Zealand ostmaster-General, but a bill would e introduced in the Assembly soon > give that power to the Minister f Post Office.
The Minister of Post Office is Ir. Henry.
In a report on the Post Office for le year ended March 31, Mr. Henry fid it had been conservatively jtimated that Government revenue >uld be increased by up to £20,000 year through the exploitation of ic stamp collecting market.
“Approximately 60 per cent, of ic new issues of postage stamps are archased by stamp collectors,” his ;port said.
Not Advertised
“Our stamps are not widely adver sed, nor has a real effort been lade to exploit the stamp collecting larket.
“An expenditure of about £2,000 year on a philatelic bureau to svelop this business would be self ipporting. . . .
“Caution should be the watch ord, however. The philatelic market sensitive. Philatelists are exact in ieir requirements. Good service is I paramount importance, and any int of high-pressure salesmanship lust be avoided.
“Too many new issues could be igarded as unethical. At this stage ar aim should be to gain a world ide philatelic reputation with the bject of gaining a very rewarding mrce of income in the years to >me.”
A report in the Cook Islands News n September 30 said that the ex
ploitation of postage stamps as a source of income had been “shock ingly ignored” in the past, and there was no reason why “an effectively conducted philatelic sales organisation should not provide a source of re venue many times over-sufficient to finance the proposed pension plan”.
The proposed pensions will be payable to men and women over 65 years of age retrospectively from August 4 provided: • Their annual income does not exceed the basic wage (at present 15/- a day or £195 a year). • They have resided in the Cook Islands continuously for 20 years
before becoming eligible if they were not born in the Cook Islands and are not of Cook Islands ancestry. • They have resided in the Cook Islands for 10 years, at any time, if they are of Cook Islands ancestry.
The number of people in the Cook Islands over the age of 65 is estimated at between 600 and 700. The pension scheme, on the basis of 600 pensioners, would cost £15,600, plus administration expenses.
In discussions on the pension scheme in the Legislative Assembly early in October, several members urged that invalids, irrespective of age, should be included in it.
However, an amendment to this
fleet was defeated after Mr. Henry ad explained that, for the time eing, the Government would not ave enough money to pay pensions > invalids also. He added that a dis bility pension scheme would be Produced “when the time is ap ropriate”.
Mr. Henry said that the Cook dands Government had been given iree estimates of the profit it could lake on its postage stamps.
If the New Zealand Government irected the sale of them, the annual rofit would be £20,000; if the British ote manufacturing company, De la lue, undertook sales, it would uarantee an annual profit of £70,000; nd if a New York company did tie job, the guaranteed annual profit /ould be £lOO,OOO.
Mr. Henry said that a representative •f De la Rue was then in Rarotonga nd that an agent of the New York ompany would visit the island in November.
Footnote : At present Pitcairn sland, Tonga and to a lesser extent Norfolk Island, are the territories vhich deliberately exploit the postage tamp market. Pitcairn Island has )een issuing postage stamps with his aim since 1941. Tonga’s entry into he field has been more recent, but nore spectacular—three of its issues icing circular, heart-shaped and ihaped like the island of Tongatapu md printed on gold foil.
hese circular Tongan postage stamps sued in 1963 proved good money spinners.