co-ops 'buoyant'
p. 166 · Read in the full issue
New Hebrides co-ops 'buoyant'
Over $50,000 was placed into various investments on behalf of British-supported co-operatives and savings and loan societies in the New Hebrides following a recent visit to the condominium by Mr. A. G.
Mitchell, investment manager, Crown Agents Finance Branch for the Western Pacific High Commission.
During a stay of several days in late April, Mr. Mitchell examined the investment policies of the societies and numerous co-ops. Under local law, 10 per cent, of a co-op.’s annual surplus must be put into reserve— or invested. Buoyant business over the last three years—because of good copra production and lively inter island trading—had given many of the co-ops. good turnovers, big liquid assets and, in some cases, healthy profits.
Additional potential investment funds could be made available later this year when “still liquid funds” were collected by inspectors, Mr, Mitchell told the British news service in the New Hebrides.