Copra

Prices Expected to Hold

COPRA is a commodity completely under the control of the British and French price-fixing authorities, and there is no free movement of the market.

The London Copra Association on October 19 announced that fixed spot prices had been suspended as from the outbreak of war.

The first price announced by the British price-fixing authority was £l2/15/per ton c.i.f. London for hot-air dried; but, within a week that price fell by 7/6 per ton.

Since then, as shown by the lists at the back of this journal, the price has re mained at £l2/7/6 per ton for the high grade.

There appears to be a market, at these rates, for all the copra coming forward from all the Pacific territories; and the “P.1.M.” was informed in Sydney on November 9 that “we expect that the copra price will improve—certainly we do not expect it to fall”.

Producers Active

The new and higher rates ruling for copra have caused a stir throughout the Eastern Papua archipelago (says our Samarai correspondent) and the industry is busy again. This may explain the re appearance at Samarai of two well known vessels, after long spells of in activity—namely, the auxiliary schooner “Matoma”, which has been lying at anchor for fourteen months, and the Anglican Mission vessel “Maclaren King”.

How Price Is Fixed

WHEN it became known in Sydney on October 14, that the British Govern ment had reduced the price of copra by 7/6 per ton, strong representa tions were made to London by the chief trading firms to the effect that, unless rates were maintained, many Pacific in terests would be unable to carry the addi tional burdens of war costs.

The editor of the “Pacific Islands Monthly” sent a telegram to the Depart ment of Commerce, Canberra, suggest ing that representations be made through the High Commissioner for Australia to the British Government, and giving facts to show the need for maintaining the price of copra.

The Department dealt with the matter with courtesy and efficiency; and planters may be interested in this letter to the editor of the “P.1.M.”, dated October 30, from the Secretary of the Department:— “Further to my letter dater 18th Octo ber, I have been in touch with the High Commissioner’s Office in London, and am informed that the Ministry of Food is the sole buyer of British and French requirements of copra. However, the price is not fixed, but is a matter of negotiation with a committee established by the copra-selling interests. This com mittee is the recognised selling authority in London.

“The forward price for October, No vember and December shipments was £lO/17/6 nominal on Ist September. The price quoted on 25th October was £l2/12/6.

The foregoing refer to Straits sun-dried.

Rabaul hot-air dried being lower by the usual differential 5/-.”

New Guinea Prices

The prices ruling for copra in Rabaul, in Australian currency, on October 27 were: Rabaul hot-air, £B/14/3; Rabaul

sun-dried, £B/11/6; Rabaul smoked, £7/11/3. The equivalent prices in London (in Australian currency) were at that date —Rabaul hot-air, £l5/9/-; sun-dried, £l4/1/-; smoked, £l3/15/-.

Mr. and Mrs. E. A. James, Pt. Moresby, are spending furlough in Sydney, with their daughter.