Business briefs
p. 118 · Read in the full issue
• Hotel company representatives from Innkeepers, an Australian group, and Sabra, a group with connections in the Caribbean, were in Santo, New Hebrides, recently in search of hotel sites. According to Mr Joe Mulders, Chamber of Commerce secretary, they were put off by the lack of a
sealed airstrip.
• In the first 11 months of the financial year from July, 1971, the PNG Development Bank approved 1,893 loans totalling more than $6,146,000 to borrowers in all 18
districts. Of these loans, 1,728 were to indigenous borrowers. A large number of loans were approved for cattle projects. • At the end of 1971 there were nearly 3,000 motor vehicles registered in the New Hebrides. Recent statis tics show that over the last 10 years there has been a 300 per cent, in crease. In 1961 only 990 were operating on public roads. Last year 764 new vehicles were registered, nearly a third more than the previous year. Most of these are private cars. • The New Zealand Government fears that when the final bill comes in for the Cook Islands’ new airport at Rarotonga it will be double the amount estimated in 1968. First esti mate was $6,120,000. Minister of Transport Mr Gordon thinks that, as far as can be seen at present, the final figure will be between $10,700,000 and $ll million, 6 Representatives of the Nippon Mining Co. Ltd. of Japan have arrived in Goroka, New Guinea, to start mineral exploration work around Lufa, Kainantu, Watabung and Heng anofi. The company has applied for two prospecting authorities covering approximately 558 square miles of the district. • The World Bank will lend Fiji $F 1,800,000 to finance part of the telecommunications development pro gramme. Repayment is over 20 years at 7i per cent. The project provides for expansion of local telephone ex changes by about 5,650 lines and expansion of radio telephone services in rural areas. New microwave long distance installations will link the major centres of population on the two main islands of Viti Levu and Vanua Levu. Completion date for the $5 million scheme is mid-1976. • Convinced after a fisheries sur vey that there’s a living to be made by small-boat fishermen in Ponape and Palau, fisheries professor R.
Barry Fisher, of Oregon University, has asked the TT Government for $U5156,000 to establish a dory fishing programme. This would include building seven dories, one for each of the five municipalities in Ponape, and one each for Kapingamarangi and Sokehs. • The New Hebrides Condo minium is borrowing $300,000 from the ANZ Bank and the Bank of Indo- China to build the new post office in Vila. The loan will rate eight per cent, interest over 15 years. The New Hebrides Club will be the tem porary post office.