Samoa Exchange
p. 62 · Read in the full issue
Rate
Producers Will Now Receive 25% Premium
From Our Own Correspondent.
APIA, January 25.
THE announcement by the local Bank of New Zealand that the exchange rate of Samoa on New Zealand and Aus tralia stands from now on at par, while the exchange on London is fixed at 25 per cent., is welcome news to Samoan pro ducers, who should considerably benefit by this. Most of our produce, copra as well as cocoa, is shipped at present to England or the United States. Only a small portion goes to New Zealand and Australia, besides, of course, bananas, which are sent to New Zealand ex clusively.
On the other hand, prices of certain goods will be raised in the near future.
This affects mainly manufactured goods, hardware, textiles, etc., imported from England and the United States.
The price of our staple product, copra, is rising rapidly, being reported at time of writing to stand at £12 per ton in London. Thus, including exchange, it would be worth approximately £15per ton in Samoan currency. The price paid for copra to the natives in the neighbouring American Samoa is stated to be considerably higher than the local price. Copra buying in American Samoa, however, is a Government monopoly.