New French Company

Backs NC Project

SOCIETE Neo Caledonienne d’Energie is the name of the new company formed at Paris to finance the construction of New Caledonia’s big Yate River hydro electric project.

The Paris plans, which will be submitted to the Assembly at Noumea, provide for a dam 55 metres high, giving a capacity of 300 cubic metres of water. New turbines and alternators to be in stalled in the existing powerhouse will permit a production of more than 320,000,000 kilowatts per annum.

The Nickel Co. will buy 90 per cent, of this energy for the pro duction of 10,000 tons of smelted nickel per annum. The remainder will be available for public con sumption.

The new Yate installation will cost about £A10,000,000. Behind the company will be the French Government (through FIDES, the organisation for developing the French Empire), the New Cale donian Government and the Nickel Co. The Colony will have about 19 per cent, interest in the company, the Nickel Co. a little less, and the French Government will hold the remainder.

New Caledonia’s contribution of £A828,000 will be advanced by the French Government as a loan to the Administration for ten years at nominal interest of 2 per cent.

In return the local Administra tion is to be asked to stabilise its fiscal policy towards the Energy Co. and the Nickel Co. to help them to plan ahead for a joint effort to bring the cost price of refined nickel down to a level where it can compete on the world market without the aid of a huge subsidy as at present.

Work on the Yate dam is expected to start at the end of this year.

About 500 local workers will be re quired, and about 200 specialised workers will be imported, probably from France. —Noumea Correspon dent. t The High Commissioner for the Western Pacific (Sir Robert Stanley, KBE, CMG) attended the Dawn Service at Honiara on Anzac Day.

The Anzac Dinner this year was held on April 26, as the arrival of the Qantas plane on April 25 made it impossible for the Hotel Mendana to cater for a large dinner party on that day. About 40 ex-service men and women were present at the dinner. Guests of honour were the High Commissioner and the Chief Secretary, Western Pacific Commission (Mr. R. J. Minnitt).

The dinner was followed by a dance at the Hotel Mendana.

(I Ratu Edward Cakobau, OBE, MC, who has been appointed a Fijian Economic Development Officer, has also become Roko Tui Tailevu in succession to Joeli K.

Ravai, who is retiring because of ill-health. Ratu Edward’s successor as District Commissioner Southern will be Mr. C. C. Legge.