Increased Royalty
p. 156 · Read in the full issue
For Banabans
The royalty on Ocean Island phos phate paid to the Banabans on Rabi Island, Fiji, has been increased from 3/8 to 7/- a ton. Simultaneously, the tax imposed by the Gilbert and Ellice Islands Colony on the phos phate has been increased from 25/to 35 1 1 a ton.
This is the second time this year that these payments have been in creased. In February, the royalty was increased from 2/8 to 3/8 a ton, and the GEIC tax from 23/- to 25/a ton, effective from February, 1965.
New increases are from July, 1966.
As the rate of extraction from Ocean Island is now fixed at 450,000 tons a year, compared with 310,000 tons before February, 1965, the Banabans' annual income from phos phate has risen from about £41,300 to £157,000 in less than two years.
In the same period, the GEIC tax has risen from about £356,500 to about £BOO,OOO.
The better deal that the Banabans are now receiving stems directly from a series of articles in RIM last year which revealed their serious dis content over royalties.