Mines

No Divs. From Fiji

Two Commonwealth Treasurers Play A Waiting Game

THE Emperor and Loloma gold mines, in Fiji, again made substantial pro fits in the financial year recently ended; but again the directors of the big companies which own them led by Mr. E. G. Theodore, either declared no dividend, or made only a small distri bution.

This, presumably, is because of the ob scure and difficult taxation position.

Most of the shareholders reside in Aus tralia, and they know that, if mose moneys went to Australia by way of divi dends, most of them would disappear in to the maw of the Australian Socialist Government. The directors deem it wiser to leave their profits in Fiji, where —by the grace of God —the Colony does not suffer under the monstrous Australian device called Undistributed Profits Tax.

In the year ended June 30, the Em peror and Loloma mines together made a profit of £A187,132, which was £lO,OOO more than that in the previous year.

The directors say that they have con tinued the policy of investing their funds in marketable securities. They now have over a quarter-million in such securities, in addition to a large sum in liquid form.

The two mines, together, are produc ing gold worth over £750,000 annually, and the amount is increasing.

If Australian Commonwealth Treasurer Chifley does not soon reduce his ferocious taxes, we shall have the quaint spectacle of former Commonwealth Treasurer Theodore being suffocated under the masses of gold which he is digging out of the Tavua Hills, and accumulating around him.