Copra Price

Market Still Buoyant

THE copra quotation continues to rise, and there is joy accordingly through out the Pacific territories. The cheery figures may be seen on page 77 of this issue.

Copra interests generally take a con fident view of the immediate future. It is said that one factor in raising the price is a demand for munitions-making pur poses, copra containing certain ingredients which are in demand for explosives.

Another factor, however, is the certainty that there will be only a limited amount of Antarctic whale oil.

Still another factor is the extraordinary action taken by the Supreme Court of the United States of America in declaring as unconstitutional all that far-reaching legis lation brought into operation by the Federal Government to assist economic re covery. The processing taxes, which re present a source of enormous revenue, were swept out of existence by this de cision. There is no doubt that the intro

duction of the processing taxes last year had a bad effect on the world copra market, insofar that they shut out a considerable quantity of Philippines copra and turned it on to the European market. It is now assumed that this copra will go back to the United States.

There also is a shortage of tallow and cotton seed oil in U.S.A.

In spite of war alarums and excursions there is no doubt that a substantial sec tion of the world is enjoying a return to economic prosperity, and that, of course, must assist the prices of all primary com modities, including copra.