Copra
p. 11 · Read in the full issue
Limited Shipments to a Restricted Market
THERE has been no alteration in the conra situation, in relation to the South Pacific generally, during the month—nor is there likely to be, while the European markets are closed, and shipping is difficult to arrange.
The position in New Guinea and Panua eased considerably—but tempor arily—in October with the arrival of three overseas vessels, which lifted copra and nracticallv cleared the stores of ac cumulations. But there is still much un certainty regarding future ships; and, although the big firms now are buying again, their purchases are practically on a rationed basis —that is to say, they will accept from the various planters with whom they do business only a fixed pro portion of the copra which they accepted from those planters in a normal period.
Messrs. Burns, Philp and Co., Ltd., Rabaul, for instance, were buying copra at the beginning of November; but they explained that they would do so only un til their storage space was exhausted.
They were paying £4/7/6 per ton Rabaul.
The planters described it as “miserable”, but it is stated that the firm itself got only £5 per ton for the last lot of copra
shipped "away.
It is apparent that some of the copra which reaches Europe is received into the stores of the British Food Ministry at the fixed price of £l2/7/6 sterling per ton c i.f. —it is also apparent that only a very small proportion of South Pacific copra gets to the European market now. No one quite knows where South Pacific copra is going to —there is a certain amount of “hush-hush” about it.
North American Markets
There is a limited, but quite strong market in Mexico for copra; but there appear to be no ships to carry it. In any event. British and American Governments frown upon this Mexican trade. The Mexican Government wants to barter mineral oil for copra; and the Anglo- Saxon world cannot forget that it was this same Mexican Government which ruthlessly seized the valuable Mexican oil-wells and kicked out the British and American oil companies, without compen sation, or anything else.
The copra situation may be eased, dur ing the coming year, by the growing friendliness of the United States. There is some hope that eventually British South Pacific copra may be allowed to enter USA on the same terms as Philippines copra. This would greatly alter the economic outlook in the Pacific. The re election of President Roosevelt gives strength to that hope.
Australia still is doing virtually noth ing to help the industry. The “relief scheme” (under which down-and-out planters are allowed a few shillings a week) is being operated by the Terri tories administrations—the Copra Relief Plan Committee cannot be appointed un til certain legislation has been put through at Canberra, and there yet is no indication of when that will be.
A new Minister has taken charge of Territories affairs in Australia; and, if ever he gets around to it, he may do much, in association with New Zealand and the High Commissioner for the Western Pacific, to improve the position of the copra industry.