Prices
p. 34 · Read in the full issue
W. Samoa Cocoa and Copra Prices Effect of New Exchange Rate
From Our Own Correspondent APIA. Sept. 23.
WHEN New Zealand brought her £ to parity with sterling and Western Samoa fell into line on September 1, local copra buyers and traders held large quantities of copra bought at the old, higher rate.
At an emergency meeting of the Legis lative Assembly it now has been decided to create a fund to reimburse these buyers. The amount involved is reported to be in the vicinity of £20,000.
Meantime, a higher copra price has been offered by Canadian interests and in future copra shipments will, in part, be directed there instead of to England. The difference in price obtained for Canadian shipments as against British will, how ever be paid into the Emergency Fund until the money refunded by the Admin istration to the copra buyers is repaid.
The new rate paid to producers of copra in the Apia district has been fixed at 24/- per 100 pounds, as against the old price of 30/- per 100 lbs.
Cocoa prices have dropped from £3OO per ton FOB Apia, to between £2OO-£2lO per ton. The new season’s bumper cocoa crop is now being harvested and will be all in by December.