Another Slump
pp. 13-14 · Read in the full issue
Copra Down To £12/2/6.
THE London c.i.f. price for South Seas copra is down this week to the cal amitous level of £12 per ton. Even tak ing the Australian exchange premium into consideration, this means starvation for the coconut planter.
There is much comment among copra growers, copra exporters and students of international commerce; but no one seems able to ascribe to any one factor the steady de cline which has brought copra down from £15 per ton a few months ago to £12 per ton to-day. The general opinion is that Unilever Limited—the huge in ternational combine which virtually con trols the edible oil market of the world —has been able to buy enormous quan tities of Antarctic whale oil very cheaply; and that prices of all the veg etable oils are being slaughtered ac cordingly.
The slump which has taken place in price is not directly connected with in ternational exchange; it has nothing to do with the gold standard; it is a de finite fall in the value of the commodity itself —as fixed by the combine! How long it will last it is impossible to say— there is nothing to guide the student of the market. Present prospects are not encouraging.
The slump has come at an unfortun ate moment for the New Guinea pur chasers of expropriated plantations, who have been asked to resume interest pay ments as from January 1. It is impos sible in the circumstances for the New Guinea planters to accept any additional obligations—with copra at its present price it is almost impossible for the majority of planters with any capital obligations to carry on at all.
We understand that representations have been made to the Minister (Major Marr) along these lines and it is hoped that the Federal Government will see its way to extend the complete moratorium for a further period.
Until recently, the Rev. Father Vitale, of the Yule Island Mission, who has sel dom left the island since he arrived there in 1888, had never seen a motor vehicle. When one was taken to the Mekeo District, he was an interested spectator and did not lose much time in riding in it. His last visit to Port Moresby was about 20 years ago, when motors were unknown in the settlement.