Copra

THE copra market has swung wildly during the month —up, and down, and down, and up again.

These movements do not appear to have any definite connection with demand and supply. Rather, they are the result of a general fear of war, which manifests itself literally every few days, and de presses the stock exchanges and com modity markets.

America is the world’s biggest buyer of copra. The Faure (London) report, of August 15, shows that there are expec tations of a large cotton-seed oil and lard production this year. That must affect the consumption of coconut oil.

The Sino - Japanese war seems to be developing on a major scale. That, almost certainly, will cut off supplies of soya beans, and correspondingly assist copra prices.

We reported, last month, a hardening of freights. There is no let-up in the movement. Shipowners, nearly every where, are increasing freight and pas senger rates.