Capital Guarantee
p. 36 · Read in the full issue
New Guinea Re-Affirms
The Budget meeting of the P-NG House of Assembly unanimously re-affirmed the De velopment Capital Guarantee Declaration passed by the first House of Assembly in 1966.
This declaration reads: “This House, recognising that the economic development of the Territory of Papua and New Guinea is dependent upon the steady inflow of outside capital and representing the people of the Territory of Papua and New Guinea, determines that such in flow shall be encouraged for the benefit of the territory and its peoples, and invites and welcomes capital investment for develop mental purposes in Papua and New Guinea, and guarantees to the world that expatriate capital invested in Papua and New Guinea for the establishment of new industries or the develop ment of existing industries shall not be subject to expropriation, nor to discriminatory taxation or other like levies, nor to oppressive trading legislation, nor to un reasoning limitations on its re patriation, and solemnly charges future parliaments of the Terri tory of Papua and New Guinea with the obligation not to legislate in a manner incon sistent with this declaration un less that proposed legislation has support of the majority of the electors of the territory expressed by a referendum and resolves that this resolution, which shall be transmitted to the United Nations Organisation and to the Parliament of the Common wealth of Australia, shall be known as the Development Capital Guarantee Declaration.”