FINANCES OF FIJI

Hawera Star, Volume LIII, 17 June 1933, Page 9

FINANCES OF FIJI

OPERATION OF EXCHANGE SURPLUS IN ACCOUNTS AUCKLAND, June 16. Legislation to .confirm the fixing of the Fiji exchange rate at 11 per cent, on London will be introduced in the coming .session of the Legislative Council of tli© colony, according to the Hon. J. Craig, Colonial Treasurer of Fiji, who arrived at Auckland by the Mariposa on Lira way to spend seven months’ furlough in England. Mr Craig declined to discuss the exchange position as it exists between Fiji and New Zealand, but said that the ireduaecl a-a,te on London had been of material advantage to the colony in many respects. “Accounts for the year recently closed revealed a .surplus of £18,500,”. Mr Craig said. “I do not think there are many countries in that position. We have budgeted for a small .surplus for the current year and thxv figures for the. first five months from Customs duties, which yield about half of our revenue, inchoate that that surplus will be realised.” Certain now tariff proposals were tindieu- consideration by the Colonial Office, Mr Craig sail, and it was expected that they would be disclosed ten the new Budget was placed before the Legislative Council early in July. The resolution passed last March empowering the Commissioners of Currenev to buy and sell drafts ora Lon lon at the ra,te~ai £lll far £IOO sterling would also be the subject of legislation. The commissioners had done a -certain amount of business in exchange but the banks had fallen into line and the new rate was functioning satisfactorily.