Elusive Fiji Gold.
p. 117 · Read in the full issue
FN the year ended June 30, 1950, 1 Emperor Mines Limited of Fiji treated 153.847 tons of ore, and ;ot 58,859 oz. of gold—a notable ncrease on the previous year 52,928 oz. from 133,089 tons). The 949-50 profit was £161,752. (In 948-49, £76,202.) Loloma got 23,769 oz. from 17,717 ons, compared with 21,381 oz. from 2 496 tons in 1948-49. Loloma profit or 1949-50 was £142,850.
Figures for the 1950-51 period hould be released in November.
Since these two Melbourne com panies commenced operations on iji’s rich Tavua field, 15 vears ago J 0 e L„ h n a n ve produced gold worth 12,000,000. Their main trouble has een not so much the recovery of old as the recovery of the profits.
Fiji naturally taxes the com a?ii es ’-x Profits; the Australian uthonty ignores all that and, be l com Panies are registered i Melbourne, insists on taxing leir profits again.
For some years, the companies avoided that by holding the official profits in Fiji, and returning their capital to the Australian share holders. But, by now, practically all the capital has been returned.
The profits continue to accumulate in Fiji—and the Australian share holders cannot get them without paying double taxation on a feroc ious scale. A pretty problem in politico-economics!