New Guinea
p. 45 · Read in the full issue
Sound Finance In
Effect of Gold Industry
Notwithstanding that the New Guinea Administration waived the duty on copra exported since the be ginning of November, statements pub lished in April disclose a sound financial position for the Administration during the nine months’ period ended March 31.
Revenue, £264,739, compared with the same period last year, shows an increase of £20,916, due mainly to the increase in gold royalties by £15,600, and Customs revenue by £4309. Expenditure, £256,933, increased by £22,803, including £3100 for the leprosarium established in New Ire land.
All external interest-bearing loans were extinguished by the final payment of £15,468, thus saving £6000 annually. The existing surplus is £32,394, of which £7806 is for this period.
Gold exported from the Morobe district in the period amounted to 187,966 ounces, valued at £973,510.