Business Briefs
p. 109 · Read in the full issue
9 Tourist spending in Micronesia in the 12 months ended June 30, 1973, estimated at more than $3.5 million, makes tourism the fastest growing source of overseas earnings.
Most of the visitors were from the US and Japan. The six districts recorded 47,115 arrivals, compared with 36,199 in the previous year. The Marianas attracted the majority, 69 per cent or 32,467. 9 Tourism was the biggest industry in the New Hebrides in 1972 when estimated earnings were $3 million, with copra next at $1,372 million.
But copra, now in a boom, is back as the No 1 earner of foreign ex change. Visitor arrivals in 1972 totalled 19,381 —9 per cent more than 1971. Most came from New Caledonia, followed by Australia and the US. 9 The Abemama Island Council in the GEIC has agreed to build a small hotel as an extension of the existing rest house. Initially, ex tensions with include two chalet-type blocks, a new kitchen and store, small maneaba, tennis court, a larger lounge and dining room and a small bar. The project will cost about $9,000. 9 Two Honolulu businessmen are looking at the possibility of setting up a juice extraction industry in Tonga. They are interested in using various by-products at present wasted.
The men are Mr B. M. (Fred) Ber vang and Mr Harold T. Chikamoto.
Mr Chikamoto said products which had possibilities were tropical fruits such as guava and passionfruit. Some vegetables could be suitable. It might be possible to can coconut milk, ano process other by-products of the coconut. 9 Seven Western Samoa farmers have been given a pat on the back by the Samoa Development Bank for paying back loans made by the bank for their farming projects. The bank made the pats gilt-edged by giving each man another loan—sl,6oo each to buy second-hand pick-up vehicles specially ordered for them. The good payers were listed as F. C. Falana’i, Fata Ututau, Fetalaiga Lafai, J. S.
Lafai, O. T. Fonoti, Aleki Sosene Feagai and C. Popi. 9 The Southern Highlands Area Authority of Papua New Guinea is unhappy about a scarcity of air ser vices to Mendi hampering the de velopment of tourism, the only in dustry in the area. The authority con siders there is enough traffic between Mt Hagen and Mendi to allow two airlines to operate in competition without financial hardship, and that DCA regulations covering Fokker
and DC3 operation on the Mendi air strip are restrictive and hampering the tourist industry. DCA and the cen tral government have been asked to urgently reconsider allowing Territory Airlines to operate to Mendi in com petition with Macair Charters from Mt Hagen. 9 W. R. Carpenter Holdings Ltd is making a l-for-5 bonus issue, following another sharp rise in profit.
The directors said the results for the year ended June 30, were much better than expected. Trading results for 1972-73 would be maintained at the previous year’s level of more than $7 million. The directors expect to maintain the dividend rate of 10c a share on the higher capital.
9 Burns Philp (SS) Co Ltd over came difficult trading conditions to earn a record net profit of $1,019,778 in the latest financial year. Hurricane Bebe, industrial unrest, fewer tourists and price control were some of the problems. Apart from merchandise trading, the company improved results in most areas. The directors recom mended a final dividend of 6i per cent, to make an annual payout of 12i per cent. 9 Tonga had a visible adverse balance of trade of $5,405,845 in 1972. The value of imports was $7,455,916 (up $1,150,999 on 1971), compared with exports valued at $2,050,071 (down $150,161 on 1971).