DEVELOPING UGANDA.

Hawera & Normanby Star, Volume LXVIII, Issue LXVIII, 26 June 1912, Page 5

DEVELOPING UGANDA.

THE COTTON INDUSTRY

THE FINANCIAL OUTLOOK

BY C_PLB—PK-88 ASSOCIATION—COPTEIGHI LONDON, June 25. . In the House of Commons Mr Lloyd corse said that without anticipating ' Mr Churchill's statement regarding the surplus, the additional sum Mr Churchill would ask for would not exceed a million, but further heavy payments would fall due in subsequent years as a result of the programme Mr Churchill had found" it necessary to outline. The Colonial Office was pressing for railway extension, and increased wharfage facilities to meet the yearly increasing productiveness of Uganda, especially in ' -cotton and wheat. The injurious effect ,y on the cotton industry throuo;h Ameri- • ca's shortage had emphasised the dan- ' ger of relying on one.particular source. It was anticipated that "105,000 cwt. of TJVnnda cotton would be available in 1012 It was proposed to advance half a million to Uganda at fair, interest. Tin Government had paid off seventyXMSht millions of the national debt; .... therefore'insufficient payment did not account" for tlie decline in consols. Mr Austen Chamberlain armroved of ' tbft disposal of the surplus. Few chanv ' ■celioys, \e said, had been able to reacquire consols at co small an oxoenditure. A variety of causes led to the low price. The credit of the country was bound to suffer while the Govern, ment piled no liabilities for the future. Mr Asquith declared that social reform and the navy involved demands which no Government could resist; yet these had been accompanied, pari passu, by an unprecedented payment of debt. Trade was prosperous, and tW~ was nothing to cause the least disquiet.