Extraordinary Situation—

Copra

Extraordinary Situation— Little Change

THERE has been no new development in the copra market, the position of which remains fantastic. All the United Nations urgently need copra, and the price has gone to sky-line limits, but two-thirds of the copra-producing terri tories of the world are now in Japanese hands, and the Japanese can neither consume the copra they hold, nor export it to other Axis countries, which need it desperately.

So far as all Pacific —and, it is be lieved, Indian Ocean—copra is concerned, all available supplies are going into a pool, controlled by the United Nations.

Copra is being allocated to United States, Canada, Mexico, New Zealand, Austra lia, South Africa and Britain, according to requirements and circumstances.

The ruling price is governed by the British fixed price in Suva—namely Plantation Grade, £lB/5/-; Fair Mer chantable Sun-dried, £l7; and Under grade, £l6/15/-. The values are stated in Fijian currency. To get Australian or New Zealand values, add 12i per cent.; sterling values, deduct 12i per cent.

This position probably will continue while the enemy occupies the important coconut-growing territories. When such places as New Guinea and Solomons are freed for normal commerce again, the situation may change.

Meanwhile, argument proceeds as to whether New Guinea and Papua plan tation-owners shall be permitted to go back and run their plantations for their own benefit, as soon as conditions per mit. or whether they shall be run, “as a military responsibility, for the duration” and owners “compensated” with 4 per cent. (See articles elsewhere.'*