Economic Gloom

A (Red) Ray Of H[?] In New Caledonia Economic Gloom

The Vice-President of

Caledonia’s Government Co

Mr. Rock Pidjot, paint<

gloomy picture of the Gc ment’s finances when he

dressed the Territorial Assc

m June. |>UT there are hopes that th< nomic situation will in soon with increased sales of nic Japan and France, and the ne non of a big sale of nickel tc China. ., Pidj°t tol d the Assembly budget h a d closed at th of May with a deficit of 30 n

francs (£150,000).

As for the 1963 budget, the hj e months already showed a < ot 40 million francs (£200,00C anticipated receipts, and the Gc ment’s Reserve Fund was at its I ebb.

However, Mr. Pidjot said tha ports of nickel to Japan showed ot increasing and that the figur the year might be 500,000 tons r than the 300,000 tons budgeted The export of refined nickc France should also increase b the year’s end.

Rumours Confirmed

Mr. Pidjot confirmed rum that had been circulating in Noi for some time that negotiations in progress to sell nickel ore to C mumst China, but he said the < ernment could not yet reckon on revenue from that source. (According to the rumours, the gotiations are being conducted I private group through Macao ar target of one million tons of ni has been set.) Mr. Pidjot said that New C donia had complete freedom to m a deal with Communist Chir which means that France has g: the negotiations its blessing.

Mr. Pidjot added that drs economies would be made in exi ting the current budget, and that: unproductive works would be stop or slowed down.

“We are approaching a crib threshold and commonsense tells; not to cross it,” he said.