WESTERN SAMOA BANK

Press, Volume XCVIII, Issue 28805, 28 January 1959, Page 17

WESTERN SAMOA BANK

Plans For Opening In April

(New Zealand Press Association) WELLINGTON, January 27. Plans for the establishment of the new Bank of Western Samoa, which is expected to begin operation on April 1, have been announced in Apia by the High Commissioner (Mr G. R. Powles). Next week the Samoa Legislative Assembly will consider the Bank of Western Samoa Bill drafted to give effect to an agreement between the Government of Western Samoa and the Bank of New Zealand.

Initially the bank will have a capital of £ 100,000 in one thousand shares of £ 100. Of these, 450 will be owned by the Western Samoa . Government and the remainder by the Bank of New Zealand. Only Shareholders

These two authorities will be the only shareholders and the shares will not be transferable.

In general the new bank will carry out the normal business of banking but will also have a savings bank department, and a special development department will be created. The inclusion of these provisions stem from the visit to Samoa in 1957 of a New Zealand survey team. Mr Powles said the Bank Bill would give the bank power to issue notes. The bill provides for five directors, two appointed by the Government of Western Samoa and three by the Bank of New Zealand, who will elect their own chairman.

AUSTRALIAN WOOL SALES

(N.Z. Press Association—Copyright) SYDNEY, January 27.

Values for all descriptions of Merino fleece were par to per cent, dearer compared with the closing rates at Newcastle last week, at the Sydhey Woolselling Brokers’ Association sale today, says an official report. Of an offering of 16,707 bales 16,607 were sold. Buying was strong and animated from Japan, supported by the Continent. Britain and local mills.

Prices of Merino skirtings, comebacks and crossbreds showed a hardening tendency in sellers’ favour. Super-spinners of excellent style showed a high standard of preparation.

The balance of Merinos were mainly medium to fine quality, of good length and condition, and carried little vegetable fault. The wools were drawn chiefly from the Southern Tablelands, Monaro, near central areas, and the NorthWestern Plains.

Crossbred prices were:—Good, 58’s, 53%d; good, 56’s, 50%d; good average 60’s, 53d.

Detergent Plant For Victoria

(N..Z. Press Association—CopyrioMi MELBOURNE, January 27. Shell Chemical (Australia) Pty., Ltd., will build a £lm detergent alkylate plant at Geelong, 45 miles from Melbourne, the Victorian Premier (Mr H. E. Bolte) announced today. He said the plant, which is expected to be completed early in 1961, will save Australia more than £500,000 in foreign currency each year. Detergent alkylate was required for special applications in industry and by soap manufacturers for use in synthetic detergent powders.

COMMONWEALTH OIL SUBSIDIES

Government Aid For Exploration CANBERRA. The Commonwealth Government will give three oil exploration companies subsidies totalling £164.730 this year, according to the “Sydney Morning Herald.’* The Minister for National Development, Senator W. H. Spooner, said the subsidies would be made available for use in 1959 under the Petroleum Search Subsidy Act. Senator Spooner said the subsidies would go to West Australian Petroleum Pty.. Ltd. (£79.730), Australian Oil and Gas Corporation, Ltd. (£75,000), and Westralian Oil Ltd. (£10.000). He said Government policy was to meet half the cost of drilling operations which showed promise of yielding new geological information which could help thei search for petroleum in Australia.' Senator Spooner said West Australian Petroleum’s subsidy was for drilling operations at Frome Rocks, Western Australia. Australian Oil and Gas had been given two subsidies, one to assist drilling at Surat. Queensland, and the other at Campberwell, about 50 miles north-west of Newcastle. Westralian Oil, Ltd.’s subsidy was for drilling at Spirit Hill, Northern Territory.

BRITISH BUTTER MARKET

>N./. Prput. ‘issnciation—Cnnuriaht LONDON, January 26. The United Kingdom butter market is quiet with wholesale traders showing some uncertainty and buying only to meet their immediate needs. Dominion. Danish and Dutch prices remain unchanged but a fall is reported in other Continental and Argentine butter.

The price for New Zealand remains at 290 s per cwt, Australian 2895, Danish 345 s C.i.f. and Dutch 358 s ex-quay in cartons. “Several thousand’’ tons have been bought in Argentina for delivery next month and the price is quoted at 278 s to 280 s. Sales of New Zealand cheese are quietly steady with no change in price, but those of Canadian are rather unsteady in view of recent heavy buying at relatively low levels.

Lane, Walker, Rudkin Industries.— Shares are ex dix. February 3, 1959. —(PA.)

Wellington Trust Loan.—Recommended final dividend is 4 per cent. (61 per cent.) for the year.—(P.A.)

Cox Bros.—Advise the allotment of 4,3114100 new fully-paid 5s ordinary shares. The new shires rank for dividend as from December 18, 1958.—(P~A.) i