Copra Market

London Advices

ADVICES from London, written at the end of March, say that importance price movements in the copra market are unlikely until American buyers resume operations; and the latter, apparently, have been awaiting the outcome of a bill which has been before the American Con gress Committee of Ways and Means.

This bill provides for an import excise tax of 3 cents per lb. (that is, at the same rate as the present processing tax) on all imported oils and fats to which the processing tax is not applicable. There appears to be a good deal of opposition, and it may not come before Congress: but if it should become law it would con siderably disturb the oils and fats market in America.

It is estimated that the carry-over of cotton seed oil at the end of the cotton crop represented 245,000 barrels monthly, against a demand of 344,000 barrel monthly. It is likely, therefore, that the price of this commodity will be firm.

The latest reports on whale oil show that at the end of February 1,944,620 barrels had been produced, compared with 2,206,653 barrels at the same time last year. Practically the whole of the 1934-35 catch has been sold, and some cargoes brought over £16 per ton.

It is also stated that despite all restric tions, Germany has been able to come into the European market for her full requirements of oils and fats, and is securing the necessary amount in spite of the exchange difficulties. She is taking oils and fats, particularly whale oil, rather than oil seeds, so that German crushers are still not working at capacity.

Soya Bean Competition.

A London cablegram, in April, said that, according to the chairman of a leading East Indies copra company, the imposition of a Budget duly on Man churian Soya beans would operate to the advantage of copra, producers of which have found in the last three years that Soya beans are seriously prejudicing the market for Empire copra. Both copra and palm oil have been holding their recent market gains for the first time for many years, he said. It is assumed that the British Government is being asked to place a duty on soya beans from Man churia.

The imports of Manchurian soya beans into European countries during recent years have been (in tons):

Dr. G. H. Vernon, of Daru, Western Papua, crossed over to Thursday Island in March and there caught a steamer and went off on a holiday visit to Japan and the Far East. A mutual friend informs us that the popular medico had a rough crossing from Daru. “When he landed here in Thursday Island after a six days’ trip across Torres Strait, he would have passed anywhere for the worst type of shipwrecked mariner; but I will spare you the details,” he says.

1931. 1932. 1933. 1934.

Britain .. 110,300 160,569 157.428 177,194 Germany .. 1,014,573 1,186,992 1,170,900 913,740 Holland .. 31,218 40,435 38,067 126,602 Denmark .. 235,524 225,481 231,215 268,753 Japan and Java are also large consumers.