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PRIMARY PRODUCTION
be found in fishermen's co-operative societies, 63 of which operate revolving loan funds with a total capital of some $1.6 million and a turnover of about $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 $555,000. 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 1967 loans totalling $755,640 had been issued from this source.
During the year seven societies were registered and two societies were liquidated, bringing the total on the register to 416. At present there are 14 different types of societies. A table showing the number of societies in being at December 31, 1967- with details of their membership, share capital, deposits and reserve funds will be found in Appendix XXIV.
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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, Britain and Japan and kaolin to Japan, Taiwan and the Philippines. All the feldspar and quartz and about 33 per cent of the kaolin are consumed by local light industries.
During 1967, there was no production of graphite, but prospect- ing for this mineral was being undertaken in two separate localities. The ownership and control of all minerals is vested in the Crown under the Mining Ordinance. The Commissioner of Mines is em- powered 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 opera- tion are published twice a year in the Government Gazette. At the end of 1967 there were three mining leases, 17 mining licences, and four prospecting licences valid for different areas in the territory. They were mainly controlled by individuals or small mining com- panies.