BRITISH MONEY

Hokitika Guardian, 19 March 1932, Page 6

BRITISH MONEY

DEVELOPING THE DOMINIONS,

SCHEME EXPLAINED

-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, and after lie lias toured Australia lie will go 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 for 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 Hume said he understood that there was a movement in Australia for the- carving out of new and •smaller -States, and in that connection his association was anxious to examine the possibilities of certain areas in Western Australia. The idea was to form chartered companies, and lie 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 of 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 th’e employment of the best brains, the enjoyment' of credit, close surveillance, and the absence of any im-oniopoliesi. The privileges they (enjoyed were always subject to Government supervision.

PRIVATE ENTERPRISE

“I am told that in Australia there is a tendency to return to the spirit of private enterprise.” he said, “and a realisation that capital must be given a chance. If this be so any objections to the setting up of a chartered company in Western Australia will be largely dissipated. A charter -containing certain rights and privileges, but subject to revocation in certain circumstances, would undoubtedly bring forth ample capital. The first stage of detailed survey and investigation by experienced technicians would be followed by the introduction o-f, men, money, and materials into ports adjacent to the new territory. Probably t sole concession that would be required at this stage, would present high duties on the materials for the pioneering work. All liability for the pioneering work—the building of bridges and roads and the like—

would be borne by tlie company. “There are hundreds and 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 Empire. We intend to take advantage of any opportunity to promote- and develop British land with. British capital and British people.”