In Europe

The Copra Market In Europe

By Our Special Correspondent

LONDON, February 28.

THE Copra market is firm, and during the last two months has advanced about £1 per ton.

The reason is that there has been a very good demand from consumers and, at the time of writing, this demand con tinues. In the opinion of Messrs. H. M.

P. Faure and Co., of London (and others, too) values will be at least main tained. This applies net only to Britain, but also to the Continent, as the demand has been from both.

Now, as regards competitive factors.

The new Whale Oil catch, which is now arriving, is much inferior in quan tity to last year, and private estimates put the reduction at about 30 per cent.

With regard to Soya Beans—the main buyer is Germany, who has for some time been buying from the East on a barter basis.

Concerning Palm Kernels, quantities arriving from the West Coast of Africa have been much smaller than usual, and what quantities have been available, have been readily absorbed by crushers.

Germany continues her policy of buy ing on a barter basis whenever that is possible. Naturally, this has, broadly speaking, the effect of making a rather nominal market with such articles as Soya Beans.

The reduced Whale Oil catch will, in the view of merchants in London, un doubtedly have an effect on the Copra market and the recent rise is very large ly attributable to this.

So far as Europe is concerned, America for the time being is out of the mar ket. So far as Faure and Co. can see, the position is at the moment, that Ame rica has sufficient supplies of her own and will not find it necessary for some months to come at least, to import oil bearing material. This has had the ef fect of turning Philippines Copra towards Europe.