Papua-N. Guinea Copra

Agreement With United Kingdom

HULL text of the announcement 1 made by Australian External

Territories Department on September

13, in respect of the copra agreement for Papua-New Guinea, is as

follows ;—

THE Minister for External Territories to-day announced the signing of a contract with the United Kingdom Government for the purchase of copra from the Territory of Papua and New Guinea.

The contract is for a period of 9 years from March 1, 1949, and covers the copra production of the Territory of Papua and New Guinea that is surplus to the requirements of the Territory and of Australia for home consumption. Pro vision has been made for the release of supplies from the contract if mutually agreed between the two Governments as being necessary in any special circum stances.

The price for Pair Merchantable Sun Dried grade, FOB at Territory ports, is £4B sterling per ton with provision for premiums up to £l/5/- per ton, or dis counts up to 12/6 per ton, for other grades. The price for each subsequent year will not be more than 10 per cent, higher or lower than the preceding year and will be negotiated before the end of the preceding year.

The Minister said that for many years prior to the war the copra industry of the Territory had suffered severely in consequence of the unpayable prices offering on world markets. The present

agreement would provide a basis for the development of a long term plan for the stabilisation of the industry which would be worked out in consultation with the producers.