Trading Notes
p. 132 · Read in the full issue
W ALP AMUR MANAGER: Mr. Eric Rowe has taken up appointment as manager of the Walpamur Co. (NG) Ltd., paint makers, of Port Moresby. He was relieving manager in 1962.
BSIP TIMBER PLAN; The United Africa Company (Timber) Limited has announced plans to work timber on Gizo Island, BSIP, on land held by Levers Pacific Plantations Pty. Ltd. The com pany is a wholly owned subsidiary of the Unilever organisation. For the venture, a local company will be registered under the name of Levers Pacific Timbers Limited. Work will start before the end of the year, and the company expects the extraction of timber from the island will be completed in about two years.
Later, the company plans to exploit timber on Kolombangara.
Mining Company Pulls Out: The
Southern Mining Development Company, which began diamond drilling in the copper bearing area of Hidden Valley, Western Guadalcanal, BSIP, ceased opera tions on July 29. Mr. R. Lake, geologist in charge of operations, said that the drilling indicated that the high grade copper sulphides showing at the surface did not occur at depth in either grade or quantity. The withdrawal of the company marks the end of three years’ activity in the area, which is now known to be of no economic interest.
Profit Slightly Lower: Bulolo
Gold Dredging Limited’s estimated net profit from operations in New Guinea and Australia for the year ended May 3, 1963, including dividends received from Commonwealth-New Guinea Timbers Limited, is 220,600 dollars, after provid ing 60,600 dollars for income tax and 298,000 dollars for depreciation. Other income from dividends, interest, etc., amounted to 187,000 dollars, making a total estimated net profit for the year of 407,600 dollars, compared with a net profit of 415,700 dollars for the previous year. Recovery of gold was 19,486 oz. (19,574 oz. last year) valued at 682,069 dollars (685,090 dollars last year).
Economic Survey For Niue: An
economic survey of Niue Island is to be made by Mr. R. C. White, newly-appointed economist with the South Pacific Com mission. He was expected in Niue in late August'. The visit is being made at the invitation of the Government of Niue, which requires such a survey as a basis for planning development. To help with the Niue survey, the New Zealand Civil Aviation Administration hopes to make an aerial photographic coverage of the island in September. The attempt will be made from Tonga.