Pacific Commerce and Produce

[?] Search Moves [?]o The Solomons

v surprise announcement made over the Solomons 0 on December 10 that Oil

rch Ltd., of Sydney, was

otiating with the BSI Gov nent to acquire oil licences the Protectorate.

ITROLEUM Regulations for BSI were proclaimed early last year —unusual enough in themselves, e the Solomons have always been ight to be entirely volcanic, rever, geological exploration by Government has been under there since early in 1950 and present move, it is presumed, t be based on reasonably sound nises. here apparently was a hitch in :ing the announcement. It was inally intended that a simul ;ous statement would be issued Honiara and in Australia, but Sydney directors of Oil Search , did not make any public state it until December 23, when the dara announcement was already wn in Sydney. il Search has a 15 per cent, in st in Australasian Petroleum Co. , Ltd., which is actively engaged oil-seeking in Papua. However, BSI venture is being under m by Oil Search Ltd, alone.

60 Copra Prices

ay Be ‘ Satisfa ’

SPORTS from world copra producing countries In 1960 probably will be similar to 1959, 1 “a continuation of satisfactory :e levels”. hat was the opinion expressed on :ember 31 by Mr. Ian McDonald, irman of the P-NG Copra rketing Board. hilippines production should be k to normal and there should be d crops in the Pacific and Ceylon, onesian production should show siderable improvement. How r, improved standards of living producing countries probably will e care of the extra production, iforld production in 1959 was esti ted at 2,9000,000 metric tons e Pacific’s share being calculated around 265,000 tons).

ECEMBER PRICES. —December weekly rages for Philippines FM grade (basis

for Islands rates) was £Stg.B7/15/- (equal to £ AlO9/13/9), cif UK/Continent. com pared with £Stg. 88/12/6 (£AIIO/15/6) in November. The trend during the month was upwards; it began at £Stg.Bs/14/3 and climbed to £Stg.9o/5/2 on December 29.

It appeared that the US Government’s disposal plan for stock-piled coconut oil did not have much effect, after all, on the market —actually, it means the equivalent of 5,000 tons of copra reaching the market every six weeks, not over-much in a period of the year when production is low.

BSl’s GOOD YEAR.— Solomons Copra Board annual report (to September 30 last), released in December, showed re cords all round. Production was 22,125 tons (up from 20,287 tons in 1958); and the turnover, with high overseas prices, reached £A1.824,945. resulting in a net profit of £A151,201.

Average price paid to producers for Ist grade was just over £A7O (for the full calendar year of 1959, they averaged in excess of £A76). Quality was maintained at 63 per cent, hot air dried against 37 per cent, smoked.

For 1960, the Board will further narrow the price differential between grades.

When January rates are announced, they will be based on Ist grade £AI/10/- over 2nd grade, which in turn will be £A2/10/more than 3rd grade (smoked). Thus, the overall difference in price now will be only £ A4—in 1957 the difference was £ All.

Loloma GM to Form

Subsidiary Finance Cos.

Loloma (Fiji) Gold Mines, NL. made a smaller profit for 1958-59, compared with the previous 12 months —£A 85,665 against £A93.914 (1957-58). Profit came entirely from Australian investments. Mining operations in Fiji disclosed a deficit of £A28,126 (£A7.430 deficit in 1957-58).

The company paid a dividend of 2/- a share (unchanged). At the annual meeting last month, Mr. M. J. Cody (chairman) said the company is forming a finance subsidiary, Loloma Finance Corporation Pty., Ltd., to engage in underwriting and financing general and industrial develop ment activities. Asset backing of the parent would help the project—market value of Loloma (Fiji) GM investments equalled £2/17/10 a share.

Emperor's Profit Steady But

No Dividend for 1959

Emperor Mines, Ltd’s, operations in Fiji in 1958-59 showed a steady profit at £A22,734 against £A23,659 in 1957-58. No dividend was declared, however.

The company’s current production was being maintained at nearly the same level as last year, the chairman. Mr. John F.

Wren, said at the annual meeting in Melbourne in December. About 25 per cent, of the advantage of the Government subsidy was lost through increased operat ing costs.

PI Mines Will

Be Listed Next Month

Directors of Pacific Island Mines, Ltd., report that applications for shares in the recent issue (5,000 £5 ords. at par) have been received in excess of the minimum

amount. The company will immediately proceed to allotment.

Sydney Stock Exchange listing will be sought early in February.

The company plans to develop areas on Misima Is., Papua.

Bulolo GD Cos. Interested

In Lakekamu Field, Papua

An application for gold mining rights on Lakekamu River, Papua, has been made by Bulolo Gold Dredging, Ltd. The area was worked in pre-war days by individual alluvial miners.

Mr. A. E. Gazzard, BGD general manager, made this announcement on his return to P-NG from Sydney in December.

Tobacco Cos. Might

Manufacture in P-NG

Associated Tobacco Manufacturers (Hold ings), Limited, of Sydney, is considering a plan to manufacture part of its output in Papua and New Guinea, chairman Mr.

R. C. Moulton said at the annual meeting in December.

The net advantage of 3/9 lb to cover ex-Territory manufacturers was more than sufficient to offset the additional cost within P-NG, he said. A further announce ment will be made later on, he indicated.

Joint Test of Central

NG Highlands Areas

Australian Gold Development, NL, and King Island Scheelite (1947), Ltd., which are jointly testing and developing Mt.

Victor areas at Kainantu, Central High lands, New Guinea, report that work since May, 1959, has proceeded on schedule The areas are held by AGD under option.

Average assay of ore exposed in the workings is 4.7 dwt gold a ton. The grade indicates 70,000 tons of ore.

Enterprise of NG Production

The mine manager of Enterprise of NG Gold and Petroleum Development, NL re ported for December that 68 tons of ore treated yielded approximately 57 oz re torted gold.

CSA Sugar Price Lower

. Commonwealth Sugar Agreement price of raw sugar for 1960 will be 13/2

lower than in 1959, according to a London announcement in December.

Quotas will remain at a total of 2,375,000 tons, and the individual quotas will be: Mauritius, 470,000; South Africa, 200,000; Fiji. 170,000; Australia 60,000; West Indies and British Guiana, 900,000.

The agreement has been extended another year and, unless further extended, will now expire at the end of 1967.

First Shipment of

BSI Cocoa to UK

First commercial shipment of cocoa from BSI to Britain left the Protectorate at the end of 1959 by MV “Lossiebank”. Com prising seven bags (approximately 1.000 lb), it was consigned to an English choco late manufacturer—not a large quantity, by any means, but a start at least.

Cocoa was introduced commercially in BSI only in 1952, by Mr. R. C. Symes, of Ysabel. In recent years, the BSI Agri culture Department has been fostering the industry among native growers on Malaita.

Most European cocoa-plantings are in the Western Solomons—namely, on Rendova and in the Shortlands group.