Canberra, 19 July 1967
Confidential
Submission No. 401—Grant for Papua and New Guinea Administration in 1967/681
Submission No. 364—Analysis of Submission No. 401: Grant for Papua and New Guinea Administration2
The Ministry approved a Commonwealth grant of $77.6m. for the Papua and New Guinea Administration in 1967/68.
Concerning the Papua and New Guinea Development Bank, the proposal of paragraph 10 of the Treasurer’s Submission No. 364 was adopted—that is to say, that a capital payment of $2.5m be provided for the Bank in 1967/68 with an arrangement that if, during the year, the demands on the Bank are greater, the Treasurer would be prepared to discuss with the Minister the possibility of increasing the Bank’s capital later in the year with a view to making an appropriate Submission to Cabinet. It was noted that the Treasurer had it in mind in the Budget Speech to refer to this possibility of review of the capital provision for the Bank.
The policy basis relating to the House of Assembly, referred to in paragraph 12 of the Submission of the Minister for Territories, No. 401, was endorsed.
1 Document 132.
2 Document 134.