Copra
p. 10 · Read in the full issue
South Pacific Market Fantastic
THE copra situation in the South Pacific is almost fantastic.
Nominally, according to Australian copra-control machinery (which was brought into operation in relation to New Guinea and is now, therefore, moribund), the price of copra is around £2O; but sales have actually been recorded in Sydney at over £24 Australian, and it is rumoured that £3O has been paid re cently.
The nominal price in Suva is still £lB Fijian, in store, Suva, which is the price fixed officially when the British Govern ment bought all the copra output of Fiji, Tonga, New Hebrides, Solomons, and G. and E. Colony.
The outside market now would pay almost any price for copra, because copra is urgently needed in Australia and America; and the only Pacific territories from which it now may be procured, in a free market, are New Caledonia, the French section of New Hebrides (which means practically all New Hebrides), Cook Islands, Ellice Islands, Samoa, French Oceania, and Hawaii. All others are either in enemy occupation, or in No-man’s-land.
It is reported in Sydney that there are over 20,000 tons accumulated in New Hebrides, which may be soon made available to the hungry markets.