Islands Trading Notes

New Guinea Goldfields Profit

GHER; New Guinea Goldfields Ltd. ide a nett profit of £97,868 for the ar 1962-63, compared with £84,922 • the previous year and £60,607 for 80-61, and the company’s directors :ommended the payment of a dividend 4d a stock unit.

In his address to stockholders at the nual general meeting in November, e chairman, Mr. J. Kruttschnitt, said creasing profits were due to the mulative improvement in the company’s /■ersified activities.

Ore production in 1962-63 was 73,202 is, obtained exclusively from open-cut erations. The ore was milled for a ;overy of 9,670 oz fine gold and 8,826 silver.

Total sawn timber produced by the mpany amounted to 2,087,366 super ;t —mainly Hoop and Klinki pine.

Production of coffee beans at 55,448 lb is more than double that for the eceding year, but was 10,000 lb less an the estimated output because of a ought in the Wau area in the second If of the year. The output for 1963-64 mid probably be less than that of 62-63. However, the chairman said: )ur coffee venture has turned the rner by yielding a small profit for the ar”.

OIL SEARCH LTD. plans to continue systematic exploration for oil in Papua, t because of the great cost and EBculties of exploration, it would like a rtner to share in its activities, accord g to the annual report of its directors r the year to June 30, 1963. ‘‘The

broad terms for participation by a partner have been framed and dis cussions have already taken place with other companies, but so far without any conclusive result”, the directors say.

They add: ‘‘Current assets £1,877,459 represent funds and resources available to meet the cost of the programme of exploration in Papua”.

New General Manager: Mr. C. W.

Cayzer, general manager of the Associated Gold-Mining Companies at Vatukoula in Fiji, will leave the Colony in January to become technical director of the Emperor and Loloma mining companies.

His replacement at Vatukoula will be Mr. A. Watson, the present assistant general manager. Mr. Cayzer served for two terms as a member of the Fiji Executive Council and was a Nominated Member of the Legislative Council for one term.

PEANUTS FROM MAUKE: The second shipment of peanuts from Mauke, the easternmost island in the Cook Islands, was made to New Zealand in November.

It weighed about six tons. The first shipment was made about a year ago and weighed one ton.

Peanut-growing was started at Mauke about two years ago under the direction of the Resident Agent, Mr. A. M. Hall, who is a qualified agricultural scientist.

The nuts now being grown, the Virginia Bunch variety, are up to world class, according to a spokesman for a New Zealand company which has tested them for use in peanut butter and cooking oil, and for eating.