RECOVERY IN FAR EAST COLONIES
BRITISH GOVERNMENT TO
MAKE GRANTS
HET.P TOWARDS BALANCED * AND SOUND ECONOMY
To assist North Borneo, Sarawak and Brunei to regain and develop a balanced and sound economy after the interruptions of war the British Government is to make grants and interest-tree loans of nearly £5,000,000. Details were announced in ’ the House of Commons by Mr Creech Jones, Secretary of State for the Colonies.
The Government, subject to Parliamentary approval, is to make further grants of £1,100,000 in the next two years to North Borneo, plus a grant of £500,000 from the Colonial Development and Welfare Funds. The existing loan of £500,000 will be converted into a free grant.
Sarawak is to benefit from the grant of £500,000 from the welfare funds.
War damage grants and interestfree loans of some £2,000,000 have been approved for the three colonies. Further grants may be made but the British Government is awaiting a revised estimate of the financial position of Sarawak and Brunei.
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Bibliographic details
Bay of Plenty Times, Volume LXXVII, Issue 14859, 22 December 1948, Page 5
Word Count
164RECOVERY IN FAR EAST COLONIES Bay of Plenty Times, Volume LXXVII, Issue 14859, 22 December 1948, Page 5
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