Recession Continues
p. 141 · Read in the full issue
In New Caledonia
No hope is held out for any improvement in the economic situation in New Caledonia this year, according to PlM’s Noumea correspondent. He says that with the continued downward trend of nickel exports, the local government is having great dif ficulty with its recently-voted budget.
Drastic measures are being taken to counter the situation.
Subsidies voted to various sport ing bodies are to be cancelled or held up. Recently-voted in creases for some government employees will also be held up.
And, according to local news papers, heads of government de partments have been directed to cut their monthly expenses by 20 per cent.
In April, withdrawals from the postal savings bank ex ceeded deposits for the third suc cessive month.