Samoan Economy CRISIS LIKELY SOON
(N.Z. Press Assn.—Copyright; APIA, October 4. Banking and other officials say unless export receipts show an unexpected recovery Samoa will face a balance - of - payments crisis by the end of the year or early next year. At the end of August the year’s payments for imports export receipts by £295,000. “With low cocoa prices and banana export problems it does not appear that there
will be any considerable recovery as there was in the last four months of last year,” said a U.N. economic adviser, Mr Andrew Gerakas. He said that between 1950 and 1963 imports have increased 175 per cent and exports had gone up by only 105 per cent. The manager of the Bank of Western Samoa, Mr R. Sylvester, said the position was very disturbing. “Unless there is considerable improvement over the next few months the position will be serious,” he said. The Financial Secretary (Mr P. Heller) said that with earnings from tourists and money sent to relatives from New Zealand, the deficit was
not as serious as it appeared although the position had to be closely watched.
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Press, Volume CIII, Issue 30563, 5 October 1964, Page 17
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187Samoan Economy CRISIS LIKELY SOON Press, Volume CIII, Issue 30563, 5 October 1964, Page 17
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