The Stock Market

As investment experts were quick to point out, the threat of income tax In Papua-New Guinea, now being talked about and about, has so far had little effect on the shares of the companies which have all or a large part of their invest ments in the Territory.

Into this category come Burns Philp, W.

R. Carpenter, Bulolo Gold Dredging Steamships Trading Company and a whole assortment of smaller plantation and other companies quoted on Australian stock exchanges. Investors are apparently adopting the “it hasn’t happened yet’’ attitude.

So far as the plantation companies are concerned, of course, income taxation might be offset by a reduction in whole or in part of export-tax.

In Australia, the new year began as the old one had ended, with investments buoyant in spite of low prices for wool and other primary produce. The new idea persists that Australia is now big enough and industrially well-enough ad vanced as to no longer depend for her prosperity on good prices for primary products. The pessimists have been

waiting for the expected effects of prices to seep down through the econ So far they have been disappointed that is the word.

Helping things out on the home 5 at present is the bumper wheat har especially from NSW where the ha. will be about 67,000,000 bushels. Gro are guaranteed 14/6 a bushel, from w a first payment of 11/- a bushel is 1 made.

The only catch is that the W Board still has to find customers for wheat on an overseas market tha already over-supplied.

Share index for ordinary shares January 8 was a healthy 228, six pt above that quoted in December “PUS month ago.

It is pointed out that hire-puro business is booming (the country’s HP indebtedness is around £320 mil and that new car registrations (all regarded as a sure indicator of prospe are close to the 1955 all-time recordE

Sydney Sales Prices

Dec. 4 Jan. !

Burns Philp ... 60/6 61/6 i Burns Philp (SS) . . 45/6 48/- £43 £42!

Dylup Plantations 15/- 16/- Hackshalls 48/6 48/9f Kauri Timbers . . . 21/1 Vz N.Q.!

Kerema Rubber . . . 10/9 10/6J Koitaki 13/- 13/3E Lolorua 6/10 6/91 Mariboi 8/- (s) 7/- Norfolk Is. Whaling 2/6 2/9 ( Queensland Insurance 65/- 68/-- Rubberlands ... 5/6 5/i:j Sthn. Pac. Insurance 16/- 16/-- Steamships Trading . 51/9 50/-- W. R. Carpenter Hold. 16/6 17/- Timor Oil 6/7 6/3E

Oil And Mining Shares

Fiji

July 9. ’58 Dec. 4. ’58 Jan.

Emperor . b5/9 b9/- S9/-’

Loloma . . b30/b30.C

Papua-New

Guinea

Bulolo . . . b35/b32/b33E N.G.G. Ltd. bl/9V 2 b2/3 b2A Oil Search b2/6 b9/9 b8A Ent. of N.O. b7d slid b6db Papuan Apln b9d b4/6 b4A do. opt. . b6V 2 d b2/2V 2 b2/\ Placer Dev. b86/6 b91/b91I Sandy Creek b4d b6d b3cb