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Copra Prices

Increased Values Must Improve Trade Throughout the Pacific

THE copra prices which were quoted officially in London on November 20 (see our market reports at the end of this journal) are the highest that have been recorded since the Pacific Islands Monthly was established in 1930.

If the figures are examined it will be seen that the rise has not been rapid— these good prices have been reached by a slow, steady advance, extending over months.

Another comforting factor is that a series of causes appear to be contributing to the higher value of copra. There seems to be, comparatively, a world shortage of oils and fats. In the United States the stocks of cotton oil and lard are lower at present than has been the case for some years, while in Europe there is very little unsold whale oil and vegetable oil in store.

Two or three years ago there was as much as 400,000 tons of unsold whale oil in Europe.

Another factor is the change in the cur rency position.

When France, Italy, Switzerland, and Holland abandoned the gold standard, it was thought by some that, owing to the reduced purchasing power of their cur rency in the international market, they would buy less rather than more of such international commodities as oils and fats.

Actually, however, the contrary has been the case. Those countries believe that now they have a much better chance of increasing their exports and thus building up foreign credits; and as a result, and in order to get their factories going at full speed again, they have been buying all kinds of raw materials in increasing quan tities, including copra and similar things.

It is most interesting to note that since April, 1934, when copra reached its disas trous low level (South Seas sun-dried, £7/5/-; Rabaul hot-air-dried, £7/15/-) the value of copra has more than doubled.

This all spells much better times for the South Seas planter—and that means also better for the South Seas trader. It will be interesting to observe the way in which this copra money will trickle afar off into remote and distant groups of islands. When the market went to pieces, large numbers of natives ceased making copra, and ceased to use articles supplied by Europeans, and returned to their old and primitive ways of living.

The recovery of copra will not only mean a better standard of life for European planters and traders, but it will mean also a far greater consumption of the white man’s goods in the more remote parts of the Pacific.

Brigadier-General W. Ramsay McNicoll, Administrator of New Guinea, who has been spending the last two months on furlough in Australia with his wife, re turned to the Mandated Territory by the Nankin, which sailed from Sydney on November 14.

Mr. and Mrs. Zoltan de Havas arrived m Sydney from Papeete by the Maun ganui on November 14, after a three years’ stay in Tahiti. Mr. de Havas, a Hungar ian, went there originally with his English bride to spent a few weeks on a honey moon trip from the Argentine, but they became so enchanted with the French Colony that the couple remained in resi dence there.