SOUTH AFRICA.

Taranaki Daily News, Volume XXXXV, Issue 111, 8 May 1903, Page 3

SOUTH AFRICA.

■■ ■- •—■— TRANSVAAL LOAN PASSED. MB OHAMBBRLAIN'd BPEEOH. Rb pans association. Received 8, 0.54 a.m. London, May 7. MrOhamberl'in, in a speech eliciting warm commendations from bo'h sides of the House, explained the resolution guaranteeing development. The loan of 35 millions which he asked was conditional upon a war contribution of 30 millions. The latter was to be derived from a future loan secured on the Transvaal's resources. The realisation of the enormous potential resources of South Africa would require similar treatment to Australia and Canada, State intervention providing the capital required to enable South Africa to fiad its own necessaries before it ever became an important exporter. The Motherland treats her new colonic?, apart frcm direct Imperial interests, as self-governing, which was the only wise and the only possible policy. The bulk of the development loan wou'd be devoted to th> discharge of existing liabilities. It readjusts the pres-nt charges, and it refunds to the exchequor six millions of advances, so that the Motherland receives 36 instead of 30 millions. The Transvaal will also pay two millions compensation to loyalists for the first Boer invasion. Furthermore, the]converaion of debts and purchase of railways would leave nine and a half millions, whereof fiv would be devoted to the devolopmer'. of railw-ys, two and a hMf millions to land settlement, and two millions to roads and irri^Hticn. wt vices cf the loan would »bs v 1£1,400.000 pr annum calculated at four per cent, for intent a <d ivdempti'>n. T'.is wnnid b- t'e first charged thw Inte«colonial Council of th< two Cooni s, and the sub ioiary TramsvaaJ revenues. It in es'inaat«d th-t in three wi«hassistance from th- Trarsvaalcu--pl-is, than hel>an will leave « surpW of £300,000 for further dov-lcpmen . That marve>louß result was du« to Lord Milnn-'s e> ergy, ability, and un exampl-U d- votion. The resolution was agreed to wi'bOUt a division;