By 1955, public sector revenues were on a promising upward trajectory. For a small island colony of the British Empire, this was nothing short of miraculous.
Nassau, in particular, was outperforming every economic expectation. During the first four months of 1955, colony revenues had surpassed £1,000,000. Economic growth was attributed to rising tourism revenues, customs duties, land sales and new construction. At that time, the colony’s economic development was being spearheaded, in one way or the other, by Stafford Sands C.B.E, MHA for City, through his role as Chairman of the Bahamas Development Board.
Nassau’s outstanding success, in leading the way for a more prosperous colony, as a whole, did not go unnoticed by those in Britain.
While every confidence had been placed in a financial administration overseen by the government’s Treasurer and Receiver General, the British, on the other hand, considered it was time for a sort of overarching financial adviser position to be created for the colony.
Although, Treasurer and Receiver General were indeed high level finance positions, Parliament in London viewed them more as perfunctory accounting roles.
Given ever increasing complexities in revenue and expenditure administration for an entire country, like the Bahama Islands, were bound to become unwieldy, Britain felt that the House of Assembly and the Governor both needed professional advisory assistance, with not only domestic financial matters, but international ones as well.
What the British envisioned in a Financial Secretary was someone who not only could oversee the work produced by accounting, but who could also interpret and advise on the numbers.
Through the Governor, The Earl of Ranfurly, a firm message was communicated to the House of Assembly, from England, during the January opening of the Legislature. Create the position of Financial Secretary, who “will be, the principal advisor to Government on all economic and financial matters.”
Select committee commissioned to debate creating Financial Secretary position
In the 1950s, the House of Assembly only met in the evening, after everyone’s day job had ended. So, it was on a Monday evening 18th April 1955, when Roland T. Symonette M.E.C, Leader for the Government stood in the House of Assembly to be the first Member to table a proposal for a new government post Financial Secretary. A select committee was then appointed to consider the idea.
“The House of Assembly was asked Thursday night to approve the creation of a post of Financial Secretary — such an officer to be “the principal advisor to Government on all economic and financial matters.”
Bahamas House of Assembly object to post of Financial Secretary
Despite all outward appearances of cordiality, there was a growing undercurrent of animosity, coursing through the political veins of white Bahamians, who dominated national politics and big business, against their British counterparts.
The House of Assembly functioned under the purview of a British appointed Governor and Colonial Secretary. Senior British officials reported to England, not any Bahamian official. So when an edict was given in January 1955, that another level, of what appeared as government oversight be created, in the important financial sector, Members of the Assembly balked at such a proposal. But, it was wasn’t a proposal, as much as it was, a command.
One of the principal arguments against a Financial Secretary was that the position of Treasurer and Receiver General was finally being filled by one person, a Bahamian.
While the idea of Bahamianisation, Bahamian jobs primarily for Bahamians, had not been formally articulated in 1955, some Members used this as their reasoning to question the measure.
Some Members also objected to creating an overarching position, which they felt would eventually become a permanent government position.
Stafford Sands, Senior Member for the City questioned where such a man, akin to that of a superman, could be found to fill the position.
