§ 57. Mr. Benn
asked the Secretary of State for the Colonies how much money has been paid into the Northern Rhodesia Farming Improvement Fund in the last three years; how much has been spent in each year on improvements for African farming; and why such a large balance as £278,837 has not been spent in view of the urgent need for increased production.
§ Mr. Hare
The amounts paid in during the last three financial years have been £24,462, £122,430 and £168,365.
The expenditure in those years was £107,875, £118,741 and £86,571. The sum of £278,837, which represents the accumulated funds at 31st May, 1955, includes the value of farm buildings, equipment and stocks held by the fund, and an uncommitted balance of £148,553. It is necessary to hold in reserve a sum roughly equal to the estimated expenditure for the following year because the revenue of the Fund fluctuates considerably from year to year.