Pacific Commerce and Produce

Samoa Remedies an

Import Duty Anomaly

AS from November 11 the value of all goods imported into Western Samoa is being com puted in equivalent Samoan cur rency for the purpose of import duty assessment.

This decision particularly refers to goods imported from Australia, Fiji and Tonga, which have a currency depreciated in relation to the £ Sterling and the Samoan Pound. The previous practice of levying duty on these depreciated currencies as though the value of the goods were the same as in Samoan money constituted a harsh penalty.

Apia’s commercial community and the public generally welcomed the step taken by the Government, which was long overdue. Australia and Fiji supply mostly foodstuffs to West Samoa (flour, sugar, rice, meat, biscuits, fruit, jam, etc.) and the reduction in duty should result in lower retail prices for those commodities.

Western Samoa has an adverse trade balance with Australia, which buys very little from the Territory, It is hoped that, with a probable increase in imports from Australia, she will take more Samoan pro duce, particularly cocoa. This was one of the items discussed by Mr, H. G. Menzies, Australian Trade Commissioner at Wellington, NZ, during his recent visit to Samoa.

No Oil Strike At

ARC'S Bwata Well Reports of an oil strike at Bwata. Papua, had been officially denied by Australasian Petroleum Co. Pty., Ltd.. Senator W. H.

Spooner, Minister for National Develop ment. told Parliament in late November.

The company struck a flow of gas of 20,000 cu. ft. an hour during test drilling between the levels of 4,780 ft. and 4,990 ft. in limestone strata similar to that drilled at the same depth in the Puri well.

Bwata is 15 miles north-west of Puri, where flow oil was encountered at about 7,500 ft. a year ago.

It was very satisfactory to find gas at that depth but “not a matter for excite ment, because in a remote area like New Guinea it had no economic value”, said the Minister.

Papuan Oil Search

Switches to New Area Because there is little prospect of an oil discovery at Bwata, present drill-site, the search would now be changed to an area north of the Barikewa hole, Oil Search, Ltd., chairman, Mr. G. B. Kater, an nounced at the annual meeting in Sydney on December 10.

Mesozoic sands in this area will be

tested, and next drilling location v at lehi, 15 miles north of Barikewa.l Overseas experts still are confidem oil will be found in Papua, he saidf other area in the world possessing fe similar to the company’s territor; turned out to be a major oil-pro: area.

Oil Search Optimistic About

Papuan Gas

In spite of what Senator in Parliament about Papuan gas above), directors of Oil Search, Lte lieve the gas encountered in sub® quantities in AFC’s Barikewa andl wells remains a potential asset. In annual report they stated that inti parties have been approached bo Australia and overseas, and, while are purely exploratory, discussioc continuing which may lead to e\ exploitation of gas resources.

Results of additional exploratory at Puri were “very disappointing; report continued. Surveys begun las covered about 100 square miles i ward of the Puri structure, but soi target for a test hole has not bei lineated.

Liquid assets at present amoii £2,368,000. Net expenses for the ended June 30 were £143,567 aft ducting interest received £13,095. issue expenses were £132,660. Shs the two Papuan operating compani pear at cost at £3,013,189.

Capital at June 30 was £ 5,689,9

NGG's Earnings Drop

New Guinea Goldfields, Ltd., ea net profit of £62,639 for the year t 30, compared with £84,654 in the p year.

MR. J. W. DUNLOP, new chairman of Sugar Refining Co., Ltd., one of the m[?] tralian companies operating in Fiji. been a board member since 1949 and Sir Edward Ritchie Knox (third membes Knox family to be CSR chairman), occupied the chair since 1933. Sir Ed[?] reached retiring age for the post, u[?] articles, but will continue as a dire

nation and redemption charges be riving at the net profit totalled (£41,193 in 1957-58 1. Profit from ning was £2,394 against £19.948 revious 12 months, while the trad- It reached £60,245 (£64,706). y received under the Gold Mining Assistance Act was £19,999, com ith £29.575 in 1957-58. The sub rable for the year ended June 30, uch will be brought into the 1960 i is estimated at £38,000. ors, in their report presented to ders on December 2, state that in earnings from gold mining ; to development work in No. 3 iring which time stoping of ore i up. ompany’s operating statement for showed that Golden Ridges mill 4,050 tons of ore for 944 fine pz d 2,010 fine oz silver. Tributes 36 oz bullion. In the same month ;u. ft. of timber were produced.

rise of NG Production

report for November. Mr. Frank manager of Enterprise of NG Gold roleum Development NL said that of development ore were crushed s retorted gold. Good progress was opening up levels for stoping.

isurance's Steady Dividend

rofit of Queensland Insurance Co., ;e by £89,215 to £615,722 for the ded September 30 compared with nous year’s rise of £25,181. The r , a Burns Philp subsidiary, has > and agents throughout the Pacific, nd is maintained at 12y 2 per cent. 11th successive year and requires I. The charge is easily covered er investment income of £417,334 ..468). balance-sheet shows Government s £95,249 lower at £3.808,723 and n other companies £417,466 higher 67,899. Reserves are £3 million.

Profit for

>nwealth-NG Timbers

se of £9,926 in the net profit of iwealth-New Guinea Timbers, Ltd., :o £87,436 for the year ended June ecial reserve was £86,698 (up i and depreciation £132,395 (down ompany is owned by the Common- Government and Bulolo Gold g. Ltd. f 5 per cent, dividend absorbs ompany paid a dividend of 5 per i October, 1958, and, for special 15 per cent, including 10 per cent, on June 19, 1959. These distribu ibsorbed almost the total un ted profits at June 30, 1958.

ioa's Tuna Exports

teadily

id tuna exports from American continue to rise steadily and the imt place of this industry in the P’s economy is seen in the latest gures (for the 1958-59 fiscal year) ued. exports were valued at $8,319,894, that figure, no less than $7,932,000 rived from the tuna fishery, the :annery for which is owned by the mp Co. of San Francisco. ;erritory’s total exports in the pre rear amounted to $5,854,258, and sports were then worth $5,573,000. iustry was established in 1954, and 3 fish on a “no cure no pay” basis apanese fishing contractors.

Carrying Coke From

Newcastle—For Noumea

First shipment in an order for 21,500 tons of coke received by Newcastle Gas and Coke Co.. Ltd. iNSWi, from the Societe Le Nickel, of Noumea, arrived in New Caledonia recently. Other shipments will leave Newcastle at intervals, spread over 12 months.

The company’s manager said that the order for various grades of coke, had been placed by the French company Societe Le Nickel for use in its ore plant in Noumea.

Initial shipment of 3,000 tons was by the French company’s collier “Quebec” (3,540 tons). Further shipments were by (Over)

“Caronte” and the Japanese ship “Missouri Maru”.

Survey Contractor Buys

Into Papuan Oil Co.

Austral Geo Prospectors Inc. will sub scribe for shares in Papuan Apinaipi Petroleum Co., Ltd., and associated oil companies from payment received for survey work. A subsidiary of Geo Pros pectors of USA, the company has con tracted for an extensive seismic survey of areas in Queensland held by Associated Australian Oilfields NL, Associated Freney Oil Fields NL and Papuan Apinaipi.

Directors say they expect that the monthly allotment of shares during the contract, which may extend to April-May, 1960, will approximate: Papuan Apinaipi,

2,800-4,400; Aao, 2,300-3,500; Afo, 3,000-

4,700.

US Concern Joins The

Oil-Seekers in Papua

An American oil company, Hackathorn Oils. Ltd., of Denver, Colorado, has taken out oil prospecting rights over 1,000 square miles of Papua. The area is in the western district and oil prospecting rights over most of it were previously held by the Australasian Petroleum Co.

Emperor Chairman Resigns

Mr. Wallace H. Smith, of Melbourne, who has been chairman of Emperor Mines, Ltd., Fiji, since its inception in 1935, has resigned as chairman but will continue to act as a director. Mr. John F. Wren, who joined the board in 1953, has been elected chairman.

Emperor Mines, Ltd., at Vatukoula, now is the main gold-producer of the Colony.

Another Good Year for BGD

Bulolo Gold Dredging, Ltd., New Guinea, earned net profit of 687,693 Canadian dollars (£A305.640) for the year ended May 31, an Increase of 284,688 dollars (£126,520).

Two dividends of 20 cents each absorbed 400.000 dollars (£177.700).

Total gravel reserves are estimated at 25,499,300 cu. yds. Of this total, 15,090,000. average value 12.7 cents a cu. yd. repre sent dredge No. 5 reserves, and 10,409.300, average value 11.3 cents a cu. yd., com prise reserves for hydraulic mining.

In view of the approaching exhaustion of dredgeable gravel reserves, directors ap propriated $2,798,823 to write down further the value of mining properties, water rights, etc. Whilst it is impossible to assess accurately the book value of this asset, the remaining balance of $200,000 is more factual.

Dredge No. 5 throughout the year dug 4,317,053 cu. yds., of which 2,054,800 cu. yds. were outside reserves. Hydraulic mining was restricted due to adverse con ditions and yardage handled totalled 586,045 cu. yds., including 110,000 cu. yds. outside reserves. These combined opera tions yielded 20,380 oz fine gold and 9,110 oz fine silver.

BGD has acquired an 80 per cent, in terest in Associated Plywoods Pty., Ltd., of Sydney. The latter will apply a special wood-graining process obtained from USA to Klinkii plywood from New Guinea.

Sandy Ck. Strike Difficulties

Sandy Creek Gold Sluicing, Ltd., New Guinea, earned net profit of £1,261 for the year ended March 31, compared with £2,489 for the previous year.

During the year, 40,623 cubic yards of material were treated. Gold receipts were

£56 higher at £9,718, from production of 757.5 oz (last year 737 oz).

Mining expenses rose by £1,209 to £7.193.

Owing to ill health, Mr. W. Johnsen re signed early in June from position of mine manager and returned to NZ. Mr. B. A.

Crozier, another employee of the company, took over as mine manager.

Since the close of the financial year (end March, 1959), results have not been satis factory the chairman, Mr. H. G. Hyde said in his report presented to share holders on November 30. In June, it be came necessary to transfer mining opera tions to a new area, and a lot of difficulty was experienced in opening up in this new position. Indications are that while the ground is very heavy at this new position with many large boulders, gold values in the wash are favourable.

Nl Whaling Pays 10 Per Cent.

Norfolk Island and Byron Bay Whaling Co., Ltd., will resume dividend payment on December 22, with 10 per cent, for the year ended October 31. There was no dividend for 1957-58 period; previous dividend was 6-2/3 per cent.

Consolidated net profit will be not less than £60,000. directors’ preliminary re port says. This compares with £17,876 for 1957-58 and £31,047 for 1956-57.

The profit this year is equal to 14.3 per cent, on capital.

Coiyer Watson (NG) Buy Into

Goroka Coffee Mill Co.

By the purchase of a substantial block of shares, Coiyer Watson (NG), Ltd., Islands merchants and plantation owners, have joined Goroka Coffee Producers, Ltd., in the operation of the central coffee mill in Goroka, NG.

More modern machinery will be pur chased for the mill to allow improvement in processing Highlands coffee to world standards.

Messrs. R. L. Coiyer and J. L. Leahy will become directors of Goroka Coffee Producers, Ltd., in addition to the present board. Messrs. W. R. Frame, F. Frame and I. Downs.

Sydney Sales Prices

Nov. 5 Dec. 3 Burns Phllp ... 103/- 103/- Burns Phllp (S3) . . 72/- 70/- £69/10/- £74/12/6 Dylup Plantations 30/- 31/6 Hackshalls 61/- 58/6 Kauri Timber ... 21/6 22/- Kerema Rubber . . . 9/- 9/- Koltakl 22/- 26/- Lolorua 11/3 12/- Maribol 8/3 8/9 Norfolk Is. Whaling 4/11Vs 5/9 Queensland Insurance 115/- 97/6 Rubberlands ... 6/8 7/6 Sthn. Pac. Insurance 25/3 30/6 Steamships Trading . 54/- 48/6 W. R. Carpenter Hold. 24/- 24/3 Timor Oil 5/10 5/9

Oil And Mining Shares

Fiji

July 9, ’58 Nov. 5. '59 Dec. 3, '59 Emperor . b5/B Loloma . . — s6/6 b40/b6/b41/6

Papda-New Guinea

Bulolo . . • b35/b37/b36/- N.O.O. Ltd. bl/flVa b2/3 Va b2/2 Oil Search b2/6 b6/ll b5/5 Ent. of N.O. b7d b6d b3d Papuan Apln b9d b3/7 b3/10 do. opt. . beVzd bl/8 bl/7 Placer Dev. b86/6 b98/b99/6 Sandy Creek b4d n.q. bid