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Progress in Papua and New Guinea credit scheme



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FOR PRESS : 979

PROGRESS IN PAPUA x>.ND NEW GUINEA CREDIT SCHEME '

Statement by the Minister for Territories, the Hon. Paul Hasluek

The Minister for Territories, the Hon. Paul Hasluek,

expressed, satisfaction to-day with the contribution to settlement

being made by the Ex-servicemen1s Credit Scheme in Papua and

New Guinea. Although the scheme had only started in November

of last year, loans totalling £884,990 had been granted to

43 ex-servicemen.

Mr. Hasluek also drew attention to a recent decision of

the Government to waive the residential qualification for those

ex-servicemen who were working their own properties at the time

the scheme began. Previously, it was necessary for an -

ex-serviceman to have resided in the Territory five years to

be eligible under the scheme. The decision, Mr. Hasluek said,

would assist a number of excellent ex-servicemen settlers to

develop their properties to their full potential much more

quickly than if they had not received assistance under the scheme.

This was in recognition of the important role these settlers

are playing in promoting the economic development of the Territory.

CANBERRA

December 1. 1959 - P.M,