Copra Prospects

More Optimistic Summary from London

HERE is better news about copra mar ket prospects.

So far, we have not sugared the pill— we have told the Pacific planters the cold, brutal truth about the condition of their industry. Now, the outlook is a little better, and we are glad to say so.

The prices of many commodities have improved—it is part of a general, world wide move. Copra is one of the few commodities used in international trade which is still very sick, but there are some healthy signs.

On February 13, the Lieutenant-Gov ernor of Papua cabled to the Australian High Commissioner’s office in London, and asked for a frank indication con cerning the future of the copra market.

Was it correct, asked Sir Hubert, to de scribe coconut-planting as a dying indus try.

This is the reply, despatched from Lon don on February 20: “In reply to yours of 13th, copra trade does not consider copra a dying indus try. Price recovery is expected as and when general commodity prices im prove.

“At the moment the market is fully supplied with copra and other edible oils. Low price butter has discouraged the use of margarine.

“Owing to the depreciation of the dollar Philippines copra, which is usually sold in the United States, is finding a better market at Marseilles.

“It probably will be some consider able time before price will exceed £10 but recent arrival of good quality hot air dried copra from Rabaul obtained £8/15/- c.i.f. Rotterdam.

“There is no doubt that the position is improving gradually.”

Help For Papuan Planters

Following upon the receipt of this radiogram, Sir Hubert Murray announced that, subject to the Federal Minister’s consent, the Government of Papua would take £8000 from its accumulated insurance funds and, with this money, would assist Papuan copra-producers during 1934—presumably by a subsidy on pro duction. The details of the relief scheme are being worked out by Messrs. A. Jewell and Tom Nevitt.