PRIMARY PRODUCTION
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A large number of societies operate their own revolving loan fund schemes which are steadily growing in size and effectiveness. The best example can be found in fishermen's co-operative societies, 63 of which operate revolving loan funds with a total capital of some $1.4 million and a turnover of $1 million a year. Yet a further source of credit is the World Refugee Year Loan Fund for Co-operative Societies with a capital of over $458,000. The fund is designed to provide loans for a wide variety of purposes of social or economic benefit to societies and their members. Up to the end of 1966 loans totalling $414,540 had been issued from this source.
During the year 15 societies were registered, bringing the total on the register to 411. At present there are 13 different types of societies. A table showing the number of societies in being at 31st December 1966 with details of their membership, share capital, deposits and reserve funds will be found in Appendix XXIV.
MINING
Iron ore, wolframite and, at times, graphite are mined under- ground, and kaolin, feldspar and quartz by opencast methods. Iron ore concentrate (magnetite) is exported to Japan, wolframite to the United States and kaolin to Japan, Taiwan and the Philippines. All the feldspar and quartz, and about 25 per cent of the kaolin, are consumed by local light industries. During 1966 there was no pro- duction of graphite, but prospecting for this mineral was undertaken in two separate localities.
The ownership and control of all minerals is vested in the Crown under the Mining Ordinance 1954. The Commissioner of Mines is empowered to issue prospecting and mining licences, and the Land Officer to issue mining leases. Prospecting licences are valid for periods of six months, renewable up to a maximum of five years. Mining licences are valid for periods of six months, renewable up to a maximum of five years, but may be extended further with the consent of the Governor. Mining leases are granted for periods up to a maximum of 21 years. Details of leases and licences in operation are published twice a year in the Government Gazette. At the end of 1966, there were three mining leases, 17 mining licences, and three prospecting licences valid for different areas throughout the
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