SOUTH AFRICAN LOAN.

Gisborne Times, Volume IX, Issue 885, 8 May 1903, Page 3

SOUTH AFRICAN LOAN.

MR CHAMBERLAIN’S SPEECH,

' By Telegraph—Press Association—Copyright Received 12.45 a.m., May 8. London, May 7. Mr Chamberlain, in a speech eliciting warm commendations of both sides of the House, explained tho resolution guaranteeing the development loan of thirty five millions which he asked conditionally upon a war contribution of thirty millions, the latter to be derived from a future loan secured on tiie Transvaal resources. Tho realisation of the enormous potential resources of South Africa would require similar treatment to Australia and Canada, State intervention providing the capital required to enable South Africa to find her own necessaries before she became an important exporter. The Motherland treats new colonies, apart from direct imperial interests, as self-governing, which .vu.s the only wise and only possible policy. Cne hulk of the development loan would ie devoted to the discharge of existing

liabilities, anti to readjust present cnarges. Refunds to the Exchequer would he six millions of the advances, so that the Motherland receives thirty-six instead to thirty millions. The Transvaal is also of pay two millions compensation to loyalists for tiie first Boor invasion. Furthermore, conversion of debts and purchaso of railways would Jeave nine and a hall millions, whereof five wouid be devoted to the development of railways, two millions to land settlement, two millions to roads and irrigation. Services of the loan will absorb ono million four hundred

thousand per annum, calculated at 4 per cent, for intorest and redemption. This will bo a first charge on tho Intercolonial Council of the two Colonies and the subsidiary Transvaal revenues. It is estimated that after throo years, with assistance from tho Transvaal surplus, that tiie loan will leave a surplus of three hundred thousand for further development- That marvellous result was duo to Lord Milner’s onergy, ability, and unexampled devotiou. Tho resolution was agreed to without a division.