BRITISH MONEY.

Press, Volume LXVIII, Issue 20492, 10 March 1932, Page 6

BRITISH MONEY.

DEVELOPING THE' DOMINIONS. SCHEME EXPLAINED. / (FROM OUB OWK CORRESPONDENT.) SYDNEY, March 3. An important visitor to Australia is Major Gordon Hume, who is on a tour of the British Dominions on behalf of the Empire Development Association. atul nft.pr ho ha« toured Australia he will to New Zealand. He explained that the purpose of his association was the development of territories within the Empire with the aid of British capital. He has suggested a scheme lor the development of portion of Western Australia and the Northern Territory of Australia with British money by a chartered company. The association was formed two years ago and it had attracted to its ranks a number of people who believed that there was a good deal of idle money available in England, and that the best place for that money to be put, to productive use was within the British Empire, it opposed the tendency in Britain to foster developmental schemes outside the Empire. Major iluine said he understood that tliero was a movement in Australia for the carving out of new and smaller States, and in that connexion his association was anxious to examine the pofcsibilities of certain areas in Western Australia. The idea was. to form chartered companies, and he had been told that the idea was repugnant to the people of Australia. It seemed to him that there were various areas not only in Australia, but in other parts oi the Empire that would lend themselves readily to development under that system. Chartered companies had been successful in the past because of their economical organisation, control of large capital, and the employment of the best brains, the enjoyment of credit, close surveillance, and the absence of any monopolies. The privileges they enjoyed were always subject to Government supervision. Private Enterprise. "I ant told that in Australia there is a tendency to return to the spirit oi private enterprise.'' he sakl, "and a realisation that capital must be given a chance. If this be so 4 any objections to the setting up of a chartered company in Western Australia will le largely dissipated. A charter containing certain rights and privileges, but subject to revocation in certain ciicumstances, would undoubtedly bring forth ample capital. The lirst staae of detailed survey and investigation by experienced technicians would be followed by the introduction of men, money, and materials into ports adjacent to the new territory. Probably the sole concession that would be required at this stage would be the lowering or removal of the present high duties on the materials for the pioneering work. All liability for the pioneering work —the building of bridges and loads and the like—would be borne by the company. "There are bundled* :ind thousands of young men scattered all over the Empire, to whom we want to give a life worth living. That can be done by carrying out sound projects designed to keep the men and the money within the Emnire. We intend to take advantage of any opportunity to promote and develop British land with British capital and British people."