BRITISH FUND

Hokitika Guardian, 25 July 1929, Page 3

BRITISH FUND

FOR DEVELOPMENT

OF OVERSEAS DOMINIONS.

(British Official Wireless.)

K( 23. Kin the 'Houre’'’6f''Lords, LorU vFass field, Secretary for the Colonics, Amoved the second reading of the Colohial Development Bill, which provides’ for the establishment of a - colonial. development fund. The fund will be fed from an annual grant from Parlia.mient of such amount as may bo, required, not exceeding a million sterling in any year. Advances from the fund will be made to Colonial Governments on the recommendation of an Advisory' Committee, which Lord Passfield said would lie absolutely impar-, tial. It would be a business committee, an there would bo no attempt- to make it either a Treasury of- Colonial Office committee. The principal motive of the measure was connected with the lamentable condition of employment in this country. It was hoped to stimulate the British export trade bj; accelerating the possiblq developments of Crown Colonies, protectorates and dependencies. The measure was welcomed by noble Lords on both sides of the House.

The total number of unemployed on July 15tli was 1,135,700, being 7,546 less than the week before and 110,755 less than a year before.