Trading Notes

OIL DRILLING: Oil Search Ltd. should start drilling its next well in south-west Papua in the first week in July, directors report. The well, to be called Wuroi No. 1, will be 17 miles south-east of the Mutare No. 1 well. It will be Oil Search’s third well in the Fly River area in two years.

DECIMALS: Australians in March took their first major step towards the con version of the currency to decimal opera tion when owners of the 300,000 cash registers, adding machines and accounting machines that are eligible for Government conversion to decimal operation or for cash compensation began to apply for registra tion of their machines.

Tonolei Harbour Timber: The

P-NG Administration has accepted the tender of Development Finance Corpora tion Ltd., Sydney, for the exclusive rights to cut and remove all available merchant able timber, estimated to be 500 million super feet, from the Tonolei Harbour area on Bougainville Harbour.

The contract requires erection of plant and commencement of operations within 12 months.