Products Of The South Seas.

Further Fall in Copra Prices.

FIGURES published elsewhere show that copra prices declined steadily during May and early June, and only rallied on June 18, when there was a recovery of about 10/- per ton.

There is no exact explanation of this fall, and the continued unsatisfactory position, beyond the fact that there is much fluctuation of sterling in relation to gold, and the further fact that all commodity prices are at a calamitously low figure—and must remain low until the world patches up its international credit system, which has been at the point of collapse for nearly two years.

The world’s consumption of vegetable oil seeds has fallen in sympathy with its reduced purchasing power, so that, although there has been reduced pro duction, the market is still glutted with vegetable oil, oil seeds and whale oil.

Exchange is jumpy, and buyers operate cautiously. Everything is in their favour; they can afford to let the sellers carry the stocks, buying what they want when they like, and at their own price. There can be no improve ment, while the world remains in its present appalling economic condition.

The only bright spot in the prospect is that the world is now desperately at work, patching up its currencies and trading systems.

It is worth noting that Unilever, Ltd., in 1931, made the same net profit as in 1930 —the British Co. made £1,750,000, and the Dutch Co. £3,000,000. The con cern is paying 8 per cent, (on a gold basis, which is equal to 10 per cent, in

Britain) and is carrying- £1,850,000 to a special reserve, to write down the value of whale oil stocks. Lever Bros.

Ltd. (most of whose stock is now held by Unilever, Ltd.) has a capital of £60,000,000, and made a profit of nearly £6,000,000. The other associated com panies, Van Den Burgh and Jurgens, also made big profits.