Lands Produce

ss otherwise stated, quotations are tstralian currency. Aust. £ equals simately 16/- Stg., NZ, or W. i; 18/- Fiji; 20/- Tonga, Solomons & I areas; 168 Pac. Frs.; SUS 2.20-2.30.)

Copra

British Ministry of Food 9-years kct, which governed Copra prices )ua and New Guinea, Fiji, Western , Solomon Islands, and Gilbert and Colony (and, to some extent, in and Cook Islands) expired on De ■ 31, 1957; since when each Terri as made its own arrangements for lon and marketing of copra.

JA-NEW GUINEA:—AII production vered to Copra Marketing Board, led by Government; and the Board distribution and sales, and makes its to the producers. Production lainly to (a) Unilever (under con lovering 1958), (b) Australia (for onsumption) and (c) crushing-mill taul. Prices generally arranged in ■nee with ruling rate in Philippines Unilever price: Manila FM grade vith premiums up to £3A per ton :-air dried. ntative” Price For New Guinea anuary, P-NG Copra Board an l “Tentative Prices”, from January opra delivered at main ports: Hot sd, £A47 per ton; FM Standard,

noke-Dried, £45/7/6.

—No Government control—producers ?re they wish. Bulk of copra goes ihing-mill in Suva, whose price rf, Suva, is announced each week. \pril 1. Ist grade, £FS3/2/6; 2nd £FSI/17/6; 3rd grade, £FSO/10/-.

ERN SAMOA:—Official Copra receives all production, and sells nd makes payments to producers, proportion goes to Unilever, at ties FM grade rates, plus pre up to £Stg.3 per ton for hot d. Prices for first quarter, 1958 dried: £Stg.4s/14/-; smoke dried £Stg.43/19/-; No. 2: £Stg.42/19/-.

A: —Sales are under Government Part of production goes to Europe irrangement with Unilever con by Philippines prices, and part pen market.

JONS;—AII production marketed official Copra Board, at prices i Philippines market. Price de pril.—lst grade. £AS3; 2nd grade rd grade, £A46.

RT AND ELLlCE;—Production I in Europe through official - Copra at prices based on Philippines :ss “stabilisation fund” charges, OA: —Producers receive 4 cents lb. or £A4O approx, per long ton), bonus, if average proceeds exceed ying price and expenses.

HEBRIDES: —ApriI 3: 7,400 Pac about £ A43/5/9) delivered Vila/ ISLANDS;—LocaI price is based 50 per ton, f.0.b.. Rarotonga, nium of 50/- (NZ) for top grade 1. Shipping, handling, shrinkage age charges reduce the outer )rice to about £NZ3O per ton, e.

Islands prices are based on the Ghana cocoa which on April 9 =•335 per ton, c.i.f., London.

April 9: From £A4OO to c.i.f., Sydney, depending on OA; —Last season’s supplies ex- Nominal at £Stg.32o.

P--N.G.: April 9: Top grade,

5/6; other as low as 4/6 per lb.

PEANUTS:—P.-N.G.: April 9: Kernels 2/- into store; Virginia bunch, in shell, large, well cleaned, 1/5 per lb. del. Sydney.

RUBBER:—P.-N.G. price is based on Singapore rate, which on April 9 was: No. 1 RSS, spot, 77.25 Straits cents (26.82 d Aust. approx.) per lb.

VANILLA BEANS: Victor Karp, Tulk & Co.. Sydney, reported on April 9: New crop, c.i.f., Sydney. Tahiti White and Yellow label, processed standard packs 66/-, Green 64/-.

RICE (Australian): —Price from May 1. 1958—P.-N.G.: Dry brown and dressed, 112 lb bags, 5 tons and over, £6l/10/per ton, f.0.w.; under 5 tons £62 per ton. Vitamised and enriched white, 112 lb bags, 5 tons and over, £6B per ton, f.0.w.; under 5 tons, £6B/10/- per ton.

Other Pac. Islands: Dry, brown, etc., £7O per ton, f.0.w., Sydney or Melbourne.

PEARL SHELL.—ApriI 9 quotation by independent pearlers: Sound, £A7SO; D, £ A 550; E, £ A 375; EE, £A2OS (in store Sydney). Cook Is. - Penrhyn: April 9: Export price, £Stg.soo (approx.) f.o.b. Rarotonga.

TROCHUS:—Market still weak. Quotes nominal, NG, £A325; BSI. £A325; New Hebrides, agent reports “No business offering”. Prices are less rejects and based on Sydney weights.

GREEN SNAIL:—Ist quote; Ist quality, £ A 345; 2nd quality, £A2BO. Subject to vagaries of market. 2nd quote: £A29O nominal price.

London and US Quotations

Copra:—London, April 8: Philippines in bulk April-May $193 (seller). April 3, Straits/Borneo, fair merchantable del weight, c.i.f., UK/Nth. European ports, April-May, £5tg.69.5 (buyer), April 8 Philippines, c.i.f., US Pacific coast port.’ $lB4 asked. (£1 Australian is about equal to 2 25 US Dollars.) Coconut Oil; —London, April 8, Straits, crude, bulk c.i.f. April-May £Stg. 101/10/seller. Ceylon, in bulk, c.i.f.. fair, UK- Nth. European ports, April-May £Stg.lo9. reseller.

Rubber:—London. April 9; RSS No 1, spot, 23V4d Stg.; July-September, 23‘/sd Stg.; March, 1959, 22 7 / 8 d Stg.

Exchange Rates

FlJl.—Through BANK OF NSW, ANZ BANK and BANK OF NZ. Australia on Fiji, basis £lOO Fiji; Buying, £Alll/2/6; Selling, £AII3. Fiji-London, basis £lOO London: B. £llO/15/-; S, £ll2. NZ-Fiji, basis £lOO NZ; B. £lll/11/9; S. £llO/4/3.

SAMOA.—Through BANK OF NZ. Aus tralia on Samoa, basis £lOO Samoa: B. £ A123/12/6; S. £124/10/9. Samoa- London, basis £lOO London: B. £99/7/6; S. £lOl/10/-. Samoa-NZ, basis £lOO NZ: B. £100; S. £lOO/10/-. Samoa-Fiji, basis £lOO Samoa: B. £ 111; S. £llO.

Papua - Ng.—Commonwealth Bank

(Pt. Moresby, Lae, Rabaul, Goroka, Bulolo, Kavieng, Madang, Wewak), BANK OF NSW (branches: Port Moresby, Lae, Bulolo, Rabaul. Madang, Samarai, Goroka; agencies: Wau, Boroko, Kokopo), ANZ BANK (Port Moresby) and NATIONAL BANK OF A/ASIA. (Port Moresby) quote exchange rate Australia-Papua-NG- 10/per £ AlOO.

NORFOLK IS.—Commonwealth Bank quotes exchange rate Australia - Norfolk Island: 5/- per £AIOO.

FR. PACIFIC COLONIES.—Pacific francs, most valuable of the*three franc groups in French Union, are used in New Cale donia, New Hebrides, and Fr. Polynesia FRENCH BANK (Comptoir National D’Escompte de Paris) in Sydney quotes: Selling Noumea: 168 Pac. fr. to £ Aust.,

Papeete: 166.56 Pac. fr.; Noumea-Papeete 1

S. 208 Pac. fr. to £Stg. Noumea-Papeete- B. 75.82 Pac. fr. to US $.

Cook Islands Copra Contract

Following negotiations between Cook Islands main copra exporters, the Cook Islands Administration, the NZ Depart ment of Island Territories, and Abels, Ltd., who own the only New Zealand crushing mill and handle the entire Cook Islands copra output, it has been an nounced that an agreement has been reached on the price to be paid during the first half of 1958.

Abels, Ltd., of Auckland, have agreed to purchase two grades of copra in ac cordance with recommendations of the Cook Islands Legislative Council. First grade sun dried or hot air dried copra will be known as No. 1 Grade and will command a premium of 50/- over f.a.q. copra known as No. 2 Grade. The price will be based on No. 2 Grade and is fixed at £ NZSO per ton f.o.b. Rarotonga to the end of June. At the end of June the price will be reviewed on the basis of world free-market prices then ruling.

The shippers signing the contract are Donalds, C.1.T.C.. D. C. Brown. Napa, Tapai, John Williams, Harrington, and Seventh Day Adventist Mission.