Be Surprise
p. 27 · Read in the full issue
Copra Rates For 1957 May Be Surprise
DELIEVE it or not, the price of JJ copra for the year 1957 under the British MOF contract (which governs the price received by coconut planters in Papua, New Guinea, Solomons, Gilbert and Ellice, Fiji, Tonga and Samoa) has not yet been fixed.
At the date of this writing (June 14) the argument still is proceeding London; but it now has shifted to Mmi stenal level, and a formal announcement from London, Canberra, Suva and Wellington is expected about June 20.
It was generally assumed, in January, that the price for 1957 (the last year of the nine-years MOF contract) would be down by 10 per cent, on the 1956 price.
But the Australian copra interests in London led a strong campaign in favour of a reduction of less than 10 per cent., and apparently produced arguments which impressed the British Ministry.
Well-informed circles now expect that the reduction in the 1957 rates will not exceed per cent.; and there is a distinct possibility that it will be no more than 5 per cent.
If this should be the case, it should provide an unexpected windfall for British copra-producers.
Most of the Territories’ copra authorities, since the beginning of the year, have been taking over copra at rates based on the assumption that the full 10 per cent, reduction would operate. (Current “free price” is around £Stg.62/15/- c.i.f. London).