Copra

The London Price

IT was announced in Sydney during the month that the price of copra, as fixed by the Anglo-French authority, had been increased from £l2/7 6 to £l3/5/- per ton, c.i.f., London, and it was assumed in some quarters that this included an increase in the rate for producers. * s awa ited; but, pending that, it would be wise to regard the new rate merely as covering freight increases.

The freight for wheat has been increased by 10/- English per ton; and this, in terms of the bulkier copra freight would be 16/9 English per ton’ 16/9 plus £l2/7/6 would be £l3/4/3, and, with 9d. per ton for additional insur ance, the £l3/5/- per ton is fully ac counted for.

No Accumulation

Since the outbreak of war, the three ships of the Carpenter Line have been placed unreservedly at the disposal of Pacific trading firms, and, betwee'n them, they have shifted 20,000 tons of New Guinea and South Seas copra. There is no accumulation of Pacific copra in the stores—it all has found shipment.

What The Producer Receives

e £ itor of the asked Sir Walter Carpenter if he regarded £l2/7 6 English (or £l3/5/-, under the new freight rates) as a fair price for copra seeing that other commodities had risen more, in proportion, under war condi tions.

“Quite a fair price, I think”, said Sir Walter. “I cannot see how nrices would gp higher in a free market. Where would the demand come from? You must re member that shipping, as well as the copra market, is now controlled.”

It was pointed out that producers, in some territories, are complaining that, although the London price of copra runs between £l5 and £l6 per ton, Australian currency, they cannot get more than £5 or £6 per ton.

Sir Walter said he could not speak for all territories: but New Guinea producers

were receiving £B/3/6 per ton in Rabaul which, in the circumstances, was a good price. The rate of freight, “agreed and allowed”, was £4/11/9: and, as the cost of running ships had more than doubled since September 3, this was not at all excessive. About £2 per ton was required for handling charges, storage, insurance, selling costs, and the merchants’ profits.

“I can state definitely that we, as mer chants handling copra, make a profit under present conditions, that is not in Walter ° f 5 " t 0 6 “ per ton ” said Sir