In Europe

The Copra Market In Europe

Prom Our Own Correspondent

London Apr. 20.

SINCE writing last month there is not a great deal to report, apart from the political situation. There has been very little change in the whole range of prices of oilseeds.

There is a disposition on the part of the sellers and buyers to hold off the market. The consumers’ demand for copra has been, if anything, below nor mal and, in the early part of the month, there was a tendency for prices to be a little easier. At the time of writing, how ever, some improvement is apparent and prices are hardening.

The British Government bought 120,000 tons of whale-oil as a war reserve—a pur chase that was more or less anticipated.

In the event of a European war, it is assumed in reliable quarters that Govern ment machinery would be put into opera tion to buy and control distribution of oil-seeds. There is reason to believe that the necessary organisation is already planned, just as it is for other commodi ties.

As to market conditions on the Con tinent, Messrs. H. M. P. Faure inform me that Germany also has been buying, but less than normally. Her purchases of copra have been mainly confined to Dutch East Indies copra, which is largely bought through the German-Dutch clearing exchange. Tightness of foreign exchange has limited her purchases of other grades of copra.

Trade purchases of oil seeds in general have been almost entirely confined to near positions. Business in forward shipments is of small dimensions, and the policy generally adopted by traders is one of caution on account of the uncertain politi cal situation. This policy of caution is putting severe limits on business.

Everybody in the trade is awaiting Hitler’s reply to Roosevelt’s proposal, and pending that reply, the commodity mar ket remains non-committal, with the future trend uncertain.