The Cooks Business Waltz
p. 53 · Read in the full issue
hnr Cook Islands small business life it has been a case of one hopeful step forwards and one step backwards this year.
On the bad new side, all the Cook’s co-operative societies have had to be wound Uf) because of serious financial difficulties, leaving the government to step in to preserve the savings of school children in what Finance Minister, Mr G. A. Henry , described as “a sad episode in the commercial life of the Cook Islands".
Even the new bus in Rarotonga was claimed by the Bank of New Zealand, leaving workers without this transport.
The co-ops operated as wholesalers, a small bank and savings and loan society, a motor and general engineering business and the bus service. An interim custodian has been appointed.
About the same lime, the government had “strong expectations” of becoming a mem ber of the Asian Development Bank and launching the Cook Islands National Develop ment Corporal ion to help islanders and other residents to establish small businesses and industries.
The sick co-ops could be seen as a spur to government to get this moving even before the Asian Bank was behind it. Government decided to give interim fxtwer to the Minister of Finance to administer $20,000 already in kitty for loans until such time as a board is appointed to administer them.