Threat of Whale Oil
p. 22 · Read in the full issue
Depresses Copra Market.
THE copra market, in spite, of reported active buying by Germany, has con tinued to be depressed during the month. The London quotations in early February, showing that the price had dropped below £l2 per ton, were greet ed pessimistically in the South Seas where planters were beginning to delude themselves that the era of calamitous copra prices had gone for good.
The only worth-while explanation that observers give is that the market is sluggish under the threat of a flood of whale oil from the European, American and Japanese fleets now operating in the Antarctic. The experts offer no ray of h,ope for an immediate recovery of the market, and it is almost axiomatic that Pacific Islands copra-producers should prepare themselves for a further period of lean prices.
London Report.
In their January bulletin, Messrs. H.
M. P. Faure and Co., London, report:— “In oils and oilseeds, there has been a good deal of activity. Soya-bean oil, which after pressure from the East de clined to £l7/5/, recovered 15/- to £1 per ton on active buying. At this point the East was again exerting pressure and. at time of writing, prices are again slow ly giving way. A good business has been reported in soya-beans to Germany.
Substantial quantities of groundnuts have also been sold to consumption, whilst cotton seed has enjoyed a good, steady demand. Although linseed oil advanced over £1 per ton in sympathy with lin seed and the firm Argentine markets, consumers are viewing the advance with
suspicion and are adopting a policy of reserve.
“The cotton oil consumption in the U.S.A. during December was somewhat disappointing at 358,328 barrels, com pared with 435,386 barrels in November, and 338,861 barrels in December, 1936.
“Stocks of lard on December 31 were 25,538 short tons compared with 16,987 short tons on November 30, and 72,761 short tons a year ago.
“Whale oil will require close attention during the next few months as at this time of the year it has an important bearing on the entire oil and oilseed markets. As is known, there are 31 float ing factories operating this season with 257 catchers, against 30 and 195 respec tively, last season. Four Japanese expe ditions were despatched to the fishing grounds as early as the end of Septem ber. It is too early as yet to form any opinion as to the progress which is be ing made, but the few catch reports to hand so far seem to indicate satisfac tory results”.