Copra

Market Does a Jazz Turn

THE copra market has been engaged in a most interesting jazz during recent weeks.

From the end of October to mid-Janu ary it rose nearly £lO per ton. The ris:' from mid-December to mid-January was sensational—about £3 per ton.

The rise was due to a variety of causes —namely, world-wide economic recovery, an increasing demand for war material, the dislocation of the olive-oil industry by Mediterranean events, an apparent future shortage of animal and vegetable oils in America, and the abandonment of the gold standard by France and Italy.

Then, in mid-January, the price jazzed the other way, and fell £4 within three weeks. Detailed figures will be seen on page 77.

Reasons for the decline are generally vague—“a settling-down of the market,” said the experts. But one important factor had developed. Radio advices from the numerous whaling expeditions in the Antarctic indicated an exception ally good catch —an unknown but very large quantity of whale oil is due in the northern hemisphere within the next three or four months. Copra buyers used this fact with great gusto in ham mering down the market.

No one is depressed, however. All copra interests are certain that the price will settle down at between £lB and £2O per ton, c.i.f., London and, at that rate, coconut growers in the South Seas can carry on comfortably.