—But Briefly

Accra Cocoa Touches £700 (Aust) —But Briefly New Guinea Beans Up Again

Fluctuations in the prices quoted in Sydney for Accra cocoa beans during May were the most violent in memory. After a series of rises, the price reached the fan tastic peak, on May 27, of £557 Stg., or almost £7OO (Aust.) per ton.

The price then began to drop just as quickly, and on June 3 it was steadier at £502/10/- Stg.

During these fluctuations, prices quoted for New Guinea beans were more or less steady at £550 to £560 (Aust.), a rise of about £3O in a month. It is believed that a few small overseas consignments brought a still higher price.

Very few African beans were available in Sydney so that the fluctuating quotations were not fully explained there. They were caused by varying conditions in the over seas market. It was thought in Sydney, however, that the lower June 3 price was an indication of the quieter market before new season’s beans became available.

Australian chocolate manufac turers appeared willing to pay about £550 a ton for any good quality beans on offer. Their will ingness was probably born of neces sity, because this is their busiest season and whatever stocks they had on hand would no doubt be greatly depleted.

It was estimated that a quarter pound chocolate block now selling at 2/4 would be nearer 3/- if all increases in the price of beans had been passed on. But there is already a noticeable buyer resistance at 2/4, and manufacturers are reluct ant to add anything to it.

They are hoping that before their predicament becomes any more serious the Federal Government will announce a reduction in the 12 i per cent. Sales Tax on chocolate goods, enabling them to take part of the benefit and leave the price to the public much the same.