THE TRANSVAAL LOAN.

Lyttelton Times, Volume CIX, Issue 13121, 8 May 1903, Page 5

THE TRANSVAAL LOAN.

EXPLANATION BY MR CHAMBERLAIN. United Press Association —By Eiectrio Telegraph—Copyright. (Received May 8, 12.54 a.m.) LONDON, May 7. Mr Chamberlain, in a speech eliciting warm commendations from both sides of the House) explained the resolution guaranteeing a development loan of thirty-five millions, which was asked conditional upon is war contribution of thirty millions, titO latter derived from a future loan secured on tho Transvaal's resources. Tho realisation. of the enormous potential resources oi South Africa would require similar treat*- ' menb to Australia and Canada, State intervention providing tho capital required to enable South Africa to find, its own necessaries before it ever becomes an important! /

exporter. The Motherland treated the new. colonies, apart from direct Imperial interests, as self-governing, which was the only wira and only possible policy. The balk of tho development loam would be devoted ta the discharge of existing liabilitiejtjj would re-adjust present) charges, and refun.<l to the Exchequer sir millions of advances. Thus the Motherland received 56 Instead of 30 millions. The Transvaal would also pay two millions compensation to loyalists who suffered from the first Boer invasion. Fur« thermore, the conversion of debts and tha purchase of railways would leave ndn« and a-half millions, whereof five would be) devoted to the development of railways, two. and a-half millions to land settlement, and two millions to roads and irrigation. Tho services of the loan, would absorb one snil* lion four hundred thousand per annua, calculated at four per cent, ior interest and redemption. This would be a first charge on the intercolonial Council of the two colonies, and the subsidiary Transvaal revenues. It was estimated that after three years, with assistance fromi the Transvaal surplus that the loam would leave a surplus of three hundred thousand pounds for further development; That marvellous result was due to Lord Milner's energy, ability and unexampled devotion. The resolution was agreed to withouu division. ■