from a special correspondent
inalganten Tin Mines of Nigeria Limited almost doubled ite profits during the year ended March jist, 1964. Giving this information, the Chairmen of the company, Sir Douclas Waring, said: "There was « marked incroase in total production..durine the year..which was partly due to an adjustuent of cur mining policy to meat rising césts. The sverare price of tin covering sales of concentrate was £966 per ton which represents an incresse of £100 per ton compared with 1962-5. Our gross revenue for the Vear was up by approtimetely £525,000 but Government Royalty peid was higher by £120,000, Im the event, after providing for taxation cur net profit was £438,715 as seainst £247,333. It is intended to allccate £50,000 to General Reserve and to declere a finel dividend of 20%, making 30% for the year, leaving £30,403 to add to cur carry forward."
Referring to the peneral strike and the wage increases arising from it, Sir Douglas continued : “Our manaremont fod itself-virtuslly committed to the result of the consequent nesotiationsa between Government and the Unions, and in the event, ® general incrense of wages was imolemonted with effect from March Ist...” After complainine of the cost of this and other moasures, he went on “,.if for any reason there should be a setback, Mijeria, already a high cost producer, willbe unable to compete with some of its fellow producers in South-East Asia..." - a clear threat to pull out if costs set any higher. Lf there was anon-stooge «overmment. in Nigeria, imsalenated Tin might yery well be taken at its word, Im comtry which has such poverty as Wigeria £438,715 could be better used to develop capital resources. Sut a country which frames Vie Allen in an attenpt to divert attention away from the real reasons for labour unrest can hardly be expected to put the interests of its people above those of foreien monopolies.