Islands Produce

(Unless otherwise stated, quotations are in Australian currency. Aust. £ equals approximately 16/- Stg., NZ, or W.

Samoa; 18/- Fiji; 20/- Tonga, Solomons & WPHC areas; 168 Pac. Frs.; SUS 2.20-2.30.)

Copra

The British Ministry of Food 9-years Contract, which governed Copra prices in Papua and New Guinea, Fiji, Western Samoa, Solomon Islands, and Gilbert and Ellice Colony (and. to some extent, in Tonga and Cook Islands) expired on De cember 31, 1957; since when each Terri tory has made its own arrangements for collection and marketing of copra.

PAPUA-NEW GUINEA:—AII production Is delivered to Copra Marketing Board, controlled by Government; and the Board directs distribution and sales, and makes payments to the producers. Production goes mainly to (a) Unilever (under con tract covering 1958), (b) Australia (for local consumption) and (c) crushing-mill in Rabaul. Prices generally arranged in accordance with ruling rate in Philippines market. Unilever price: Manila FM grade

with premiums up to £3A per ton t-air dried. ntative” Price For New Guinea anuary, P-NG Copra Board an- I “Tentative Prices”, from January ;opra delivered at main ports: Hot- Bd. £A47 per ton; FM Standard, moke-Dried, £45/7/6. —No Government control—producers ere they wish. Bulk of copra goes shing-mill in Suva, whose price rf, Suva, is announced each week.

May 5, Ist grade. £F.55; 2nd £ F.53/12/6; 3rd grade, £F.52/7/6.

ERN SAMOA:—Official Copra receives all production, and sells nd makes payments to producers, proportion goes to Unilever, at nes 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 n Philippines market. Price de- VJay: Ist grade, £AS3/10/-; 2nd EASI/10/-; 3rd grade, £A47.

RT AND ELLICE: —Production i in Europe through official Copra at prices based on Philippines jss “stabilisation fund” charges, (OA: —Producers receive 4 cents lb. or approx, per long ton), bonus, if average proceeds exceed ying price and expenses.

Hebrides:—May 8: 7,400 Pac.

about £ A43/5/9) delivered Vila/ ISLANDS; —Local price is based i5O per ton, f.0.b.. Rarotonga, mium of 50/- (NZ) for top grade d. Shipping, handling, shrinkage •age charges reduce the outer price to about £NZ3O per ton, ;e.

Other Produce

:—lslands prices are based on the Ghana cocoa which on May 8 g. 346/5/- per ton, c.i.f., London.

May 8: From £A4OO to c.i.f., Sydney, depending on MOA: —Price quoted early May, .0.b., Apia.

E: —P.-N.G.: May 8: Good grades om 4/9 to 5/2, c.i.f.. Sydney, supplies still freely available but ion expected to improve during n winter.

TS:—P.-N.G.: May 8; Kernels store; Virginia bunch, in shell, II cleaned. lOd to 1/- del. Sydney. >ps expected soon from Kingaroy, id. ft: —P.-N.G. price is based on ! rate, which on May 6, was: ISS, spot, 71.75 Straits cents ist. approx.) per lb. .A BEANS: Victor Karp, Tulk & ney, reported on May 8: New f., Sydney, Tahiti White and ibel, processed standard packs en 64/-.

Australian):—Price from May 1, LG.: Dry brown and dressed, igs, 5 tons and over, £6l/10/f.0.w.; under 5 tons £62 per imlsed and enriched white, 112 5 tons and over, £6B per ton ider 5 tons, £6B/10/- per ton.

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

PEARL SHELL.—May 8 quotation by independent pearlers: Sound, £A7SO; D, £ A 550; E, £A375; EE. £A2OS (in store Sydney). Prices remain un changed from April. Cook Is.-Penrhyn; f.o.b. Rarotonga. Market expected to drop following fall of one-third in price of Tahiti shell in Germany.

TROCHUS: —Market still weak. Quotes nominal, NG. £A34O; BSI, £A325; New Hebrides, agent reports “No business offering”. Prices are less rejects and based on Sydney weights.

GREEN SNAIL: —Merchants report “no business”, nominal price £A33O, c.i.f., Sydney.

London and US Quotations

Copra:—London, May 7: Philippines in bulk May-June $197.50 (seller). Straits/ Borneo, fair merchantable, del weights, c.i.f., UK/Nth. European ports, May-June. £Stg. 70/10/- (buyer). Philippines, c.i.f., US Pacific coast port, $l9O asked. (£1 Australian is about equal to 2.25 US Dollars.) Coconut Oil:—London, May 7, Straits, crude, bulk, c.i.f., May, £Stg.lo4/5/seller. Ceylon, in bulk, c.i.f.. fair, UK- Nth. European ports, May-June, £Stg.lll, seller.

Rubber:—London, May 6: "RSS No. 1, spot, 21d Stg.; July-September, 2iy 4 d Stg.; April, 1959, 20 7 / s 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-Fijl, 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, Samaral, 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: S. 208 Pac. fr. to £Stg. Noumea-Papeete; B. 75.82 Pac. fr. to US $.