Bank Sums Up
pp. 75-77 · Read in the full issue
Tropical Crops
Bank Sums Up The Markets
SIR ERIC TANSLEY, the Manag ing Director of the Gold Coast Marketing Company, who re cently visited Accra, has said that world cocoa prices are unlikely to make a spectacular recovery in the near future, reports the Common wealth Bank in a recent summary. (Sir Eric was immediately proved wrong as there was a spectacular leap in cocoa prices in May—see elsewhere.) In 1956, cocoa prices on the Lon don market became stable at around £Stg.2oo a ton or slightly above.
Since December, 1956, prices have weakened and have dropped by over £Stg.2o a ton—but an estimate, on the assumption that the lower prices of the past few months will increase consumption, shows a 9.5 per cent, increase on 1956 figures.
Another boost to consumption is that Russia may buy large amounts of French Union cocoa, under the Franco-Soviet trade agreement be
ing negotiated in Paris to continue the previous agreement which ex pired at the end of last year.
Agreement in principle is believed to have been reached on a 1957 quota of 5,000 tons of cocoa, rising by 2,000 tons a year in each suc ceeding year of the pact. The sign ing of a three-year contract is ex pected. (Continued overleaf)
In “Commodity Notes for Papua New Guinea,” released by the Rural Liaison Service of the Common wealth Bank of Australia, world raw cocoa consumption in the calendar year 1956 is now estimated to have totalled 772,000 tons, 9 per cent, above the 1955 consumption of 708,000 tons. For 1957, consumption is estimated at 847,000 tons.
Coffee
In the same release, total world green coffee production figures for 1956-57 show a 6 per cent, reduc tion below the record of 50.3 million bags in 1955-56. The United States Foreign Agriculture Service esti mated a total world production of 47.4 million bags for the 1956-57 season.
An estimate, released by the Brazilian Department of Agriculture, forecast a production of 17.7 million bags in that country for the calendar year 1956. With an internal con sumption of roughly 3 million bags, this would leave 14.8 million bags available for export in the 1956-57 season. Brazilian production in 1955 was 23.6 million bags. The smaller crop could be supplemented by stocks held by Brazil if there should be a shortage.
The Brazilian Finance Minister, Dr. Jose Maria Alkmin, has issued
a press statement that the Brazilian Government would not sell its coffee stocks unless prices advance con siderably and there is a shortage on the market. Trade sources con sider the statement timely as rumours that the Government might sell its stocks have had an un settling effect on the Santos market.
Representatives of Colombia, Brazil, El Salvador, Nicaragua and the United States met during Feb ruary in Washington to discuss the
possibility of creating a V Coffee Council. The drafting ( international coffee agreement production and prices of coffee also on the agenda.
These countries form the Committee of the Special Comrr on Coffee of the Inter-Ames Economic and Social Council c Organisation of American S which two years ago was instr to study the question of price; trol and the supply of coffee
ms of stabilising the world coffee bout a year ago the Coffee Sub imittee announced a report re mending international agree its, but it did not specify the >s of procedures to be followed, rever, it did recommend that the jements should be between pro srs and consumers and should ade African and other producers i the American States had ihed agreement.
Copra
lie report from the Bank also ed that world trade in copra, a kernels and their oils, which been at substantially higher Is since 1954, continued to rise ng 1956. Copra exports have i despite the continuing increase omestic consumption in produc countries. lilippine copra exports grew dly in 1956. Ceylon’s exports * higher in the January-Sep >er period of 1956 compared with , but the effects of a drought arly 1956 are expected to reduce irts in the last quarter of the alayan copra exports have been tically reduced in 1956, while nut oil exports have been main id. This fall in copra exports ue to the usage by Malayan hers of locally produced copra place of previously imported inesian copra.
Peanuts
ie Rural Liaison Service also re ;d that world production of pea in 1956 has been estimated at scord 12.8 million short tons, -in-shell-basis. This would be ncrease of 2 per cent, on the ious record production of 1955 about one-third greater than average annual pre-war output, arid prices for peanuts and pea oil have remained high despite increased world production, ifavourable seasonal conditions Wanting time cut the acreage ted to peanuts in Queensland the 1956-57 season. pua-New Guinea gold returns February released in Port ;sby at the end of May, dis d that £2,247 worth of gold had mined by natives during the th in the Morobe, Sepik and ern Highlands Districts. Gold h £7lO was taken from the >be District, £284 from the Sepik £1,253 from the Eastern High s. The Chief Mining Warden, Mackenzie, said that more Aes were becoming interested in ng, and figures have doubled ; 1955-56. There are now 2,000 ve miners employed, many of n own their own mines. ■. Walter Bignell, an old resident Western Samoa, proceeded to Zealand in April, where he ex -5 to make his future home.