Nutshell

In A Nutshell

SYDNEY pearl consultant C. D.

George, who earlier this year was interested in the possibilities of establishing a pearl industry in the Cook Islands, is now establishing himself in the Milne Bay area of Papua, He is attempting to arrange a co-operative pearl farm with Papuans near Samarai and has enlisted the support of Messrs. John Guise and Lepani Watson, MHAs for the area.

Lae Paint Factory: Balm

Paints (New Guinea) Pty. Ltd., a subsidiary of ICIANZ, is to build a paint factory at Lae. The initial investment, including housing, will be more than $280,000. The new factory is expected to go into pro duction about the middle of 1967, and will be able to supply about 90 per cent, of the Dulux products now sold in Papua-New Guinea.

Another Good Year; Fiji

Industries Ltd., cement manufacturer, lifted net profit by $A43,254 to $166,103 in the latest financial year.

Dividend will be lifted from 10 per cent, to 14 per cent. After a loss of $5,932 in 1962, its first year of operation, the company has turned in profits of $45,119, $90,051, $122,849 and $166,103. CSR Co.

Ltd., W. R. Carpenter, and Burns Philp (SS) are among its share holders.

PROFIT UP; Sogeri Rubber Plantations Ltd. had a net profit of $41,817 in the year ended June 30, an increase of $1,563 compared with 1964-65. The dividend is held at 12i per cent., including a final of 7 per cent.

PROFIT STEADY: The profit of Makurapau Estates Ltd., New Guinea planter, was almost steady in the latest financial year at $36,992. In 1964-65 the profit was $54 lower. A final dividend of 4 per cent, makes the total payout an unchanged 9 per cent. Cocoa production fell sharply during the year; but copra production rose by 35 tons to 467 tons.

Kinjibi Reorganises: Kinjibi

Holdings Ltd., New Guinea coffee planter, had a net profit of $2,062

in 1965, compared with $14,332 in the previous financial year. Narikori Coffee Ltd., a subsidiary, in which Kinjibi Holdings has an 84 per cent, interest, had a net profit of $14,552 in the year, compared with a loss of $2,562 in 1964.

A new board took over the com pany after the annual meeting in September, 1965, and started a programme to reorganise financial and managerial control. The chair man, Mr. R. E. Corben, in a state ment printed with the annual report and accounts, said the board had started progress which it hoped would result in a steady income to shareholders on their investments, and a realistic and available market for their shares.

PROFIT DOWN: A shortage of copra in Fiji, causing loss of pro duction in the crushing mills, and less buoyant trading conditions in Fiji, were among factors in a lower net profit for Hackshalls Ltd. in 1965-66. Hackshalls, Fiji copra crusher, soap maker, etc., and Sydney baker and flour miller, etc. had a group net profit of $225,237 for the year, compared with $253,226 in the previous financial year.

The directors reported there was every indication that trading con ditions would continue to be difficult, both in Fiji and Australia.

Csr Director: Mr. T. J. N.

Foley has been appointed a director of the CSR Co. Ltd. in place of Mr. C. G. Crane, who did not seek re-election at the annual meeting.

Mr. Foley is chairman of British Tobacco and is a director of a number of British Tobacco subsidiary companies and associates, including the Fiji Tobacco Co. Ltd. and of the Bank of NSW.

Burns Philp Changes: Mr.

G. R. (Ross) Simpson, manager of the Suva branch of Burns Philp (SS) Co. Ltd, and a director of the com pany, will retire on October 31 after 31 years’ service with the company.

He was shipping manager before taking up his present post late in 1964. Mr, G. D. Murray, of the company’s head office staff in Suva, will succeed Mr. Simpson.

FIJI DECIMALS: The date foi Fiji’s change over to decimal currency is Monday, January 13, 1969, subject to confirmation that all arrangements can be completed by then.

A decimal currency board will be set up soon to plan the changeover.

The new system will be based on a major unit of a dollar, which will be equal to the present 10s.