N. Hebrides Reaction
p. 58 · Read in the full issue
Despondency Among
Copra Planters
To Devalued Franc
From Our Own Correspondent SANTO, Sept. 19.
SINCE the Government of Franci “rearranged” the value of tin Metropolitan Franc, there hav« been disconcerting changes in tin currency market here in the Nev Hebrides.
For a long time, the value of tin Pacific Franc has been fairh steady here at from 140 to 14: francs to the Australian £.
To-day, the rate is 171 francs tc the Australian £, and it is no steady. (When this news item was re ceived in PIM office, Sydney, tin selling rate on Noumea was 166.: francs to the Aust. £.) This sudden change, imposed bj the French Government, hal greatly shocked traders here —thei had always gone on the assumptior that the franc in the New Hebride! was securely backed by Sterling There is consternation among plan ters, traders and Governmen officials.
The change means that oui stocks of French currency have los -20 per cent, of their value over night. There is no immediate means of remedying the situation The former value is still in oui main product, copra; but we are obliged to sell all our copra to France—and, in any event, onlj French cargo ships call here British planters are equally af fected.
Those planters who are subject to the arrangement under which they operate French Society plan tations on a rental of 25 per cent: of production, are now faced with a real crisis. Even before this de valuation, they were not having an easy time.
Naturally, commercial houses: have now tightened up on credit!
In order to give the more em barrassed planters some relief, the Syndicat Agricole suggested that plantation labourers’ wages be re duced from £lO to £8 per monthi inclusive of the usual free food! lodging and medical expenses (foil families as well as individual workers); but at two recent meet-, ings held at Santo, the majority o?< those present were of opinion that the natives would not accept the reduction.
In this country, there is no offi-i cial control over wages. It is feareo that some planters would continue; to recruit at the old or higher ratesa in order to tempt the available; labour to their plantations.