Pacific Commerce and Produce

NZ Still Chas ing Fiji's Trade

New Zealand is still keeping up the pressure on its export trade drive with Fiji, begun two years ago.

Next month, Mr. K. W. Davies, NZ Trade Commissioner for the Pacific, will make his third trip to renew contact with Suva and Lautoka merchants and officials.

NZ has always had a fair share of the Fiji market for primary products in competition with Australia, UK, USA, and other countries, but the emphasis recently has been on obtaining secondary industry trade.

Mr. Davies said some new Auck land manufacturers had begun trad ing in Fiji, and the Department of Industries and Commerce had had many requests for market surveys on hundreds of commodities.

Recently, the Fiji Government de cided to call tenders for bulk food requirements for its institutions and savings up to 26 per cent., in one instance, have been made. NZ firms have been awarded some of these contracts.

The Dominion is in a favourable position in relation to Fiji as far as shipping is concerned, with an average fortnightly service, Fiji imported £F1,229,036 worth of goods from NZ in 1958 (1959 figures not yet available); and sold £F1,871,149 to NZ. NZ’s recent efforts have been directed to closing this gap with a greater volume of exports.

Ml Whaling Co/s Note Issue Succeeeds New issue of 200.000 5/- registered un secured convertible notes, which closed on February 29, was heavily over-subscribed by shareholders of Norfolk Is. and Byron Bay Whaling Co., Ltd. Each note will be converted into one 5/- stock unit at par on November 1, 1962.

The £50,000 raised will be used to ex pand the company’s whaling stations.

Re-Export Restrictions

Lifted in Fiji

Controls on the re-export from Fiji of goods from dollar areas, Japan and Soviet bloc countries have been removed.

This follows recent relaxation of controls on dollar imports and the fact that all other classes of goods are now generally in ample supply, import licences are still required for goods from Japan, China and Soviet countries.

Re-export restrictions were designed to protect Fiji’s supplies of scarce goods partmuiarty essential goods from the dollar used o a niJ f ° 6nSU !, e that dollar funds were U ? ¥ ° nly for g 00d s needed in the Colony Exchange control permission to export is Stm re°q r u t r 8 °d° d5 t0 non - sterlln 8 countries

Oil Exploration in Papua

To Continue Until 1961

Companies searching for petroleum in Papua-New Guinea have announced their intention of continuing the search in the Territory of a large scale until June, 1961.

Announcing this last month, Territories Minister Hasluck said that, apart from the benefits which would result from the discovery of petroleum in commercial quantities in P-NG, expenditure on oil search makes a substantial contribution to the Territory’s economy.

Companies operating in P-NG will re ceive subsidies in 1959-60 from the Com monwealth totalling £150.039, under the recent Petroleum Search Subsidy Act.

BSI Companies Will

Get Tax Benefits

Under legislation recently passed, a Register of Companies will be set up in the Solomons this year and companies at present registered in Australia or else where will be taxable instead in the Pro tectorate.

Company taxation in BSI is at the rate of 1/6 in the £l, compared with 2/6 in P-NG and 4/6 in Australia. It is antici pated that the new legislation will en courage the formation of local companies and the transfer of capital from overseas.

Mr. G. S. Spragge, a solicitor, who is to take up his appointment later in the year, will combine the duty of Registrar of Companies with that of Registrar of Lands and Titles.

New Payment Scheme for

NZ Islands Copra

From January 1, under anew agree ment between Abels, Ltd., of Auckland (the crushers), and Cook Islands shippers, the copra price, based on the London price, will be adjusted on a monthly basis instead of half yearly, as in 1959.

Previously, the price paid was the average London price over the previous calendar half-year—in effect the price paid throughout the second half of 1959 was the average London price for the first half of the year, less charges for hand ling and shipping.

Under the new scheme, the price will change on the 15th of each month and will apply until the 15th of the following month. This price will be the average London price over the preceding calendar month. Thus, for the period March 15- April 15, the price will be the average price for February. The two week’s lag in price adjustment is necessary for ad ministrative reasons.

Average London price for the first half of 1959 was £ Stg.9s, and for the second half of 1959 was £Stg.B6/2/11; so if any one is losing out on the change in method of payment, it is the crushers.

This arrangement will apply also to Niue Is., but for the Tokelaus, where copra is shipped only about four times per year, the price will be the average London price for the month preceding the shipment.

For copra shipped to Abels from Western Samoa, there is an annual agreement under another system, but most Samoan copra is exported elsewhere.

Actual price paid to producers at the various outer islands of the Cook Group varies considerably, not only with ship ping charges but with the competition offering. For example, on one Northern

Group island in February producers* receiving 3d per lb and on another is] where loading was somewhat morel cult, and a lower price might have! justified, 6d per lb was actually being!

Price set for the period March is 4 15 for the two grades, bagged, f.o.b. R tonga, was £NZBO/8/3 and £NZ79/l| decline of £NZ2/15/- on the previous rad

BSI Customs Duties

Revised—Beer, Tobacco Up

A revised tariff for the British Sol] Islands came into operation recently.!

Duties on alcoholic beverages and tol manufactures have been increased: I duties have been reduced on certain I stuffs, building materials, marine and] building materials, agricultural requij radios, refrigerators, and medical] health requisites.