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 PM grade rates, with premiums up to £3A per ton 'for hot-air dried.

“Tentative” Price For New Guinea [ On August 5, 1958, P-NG Copra Board announced “Tentative Prices”, for copra (delivered at main ports: Hot-Air Dried, [ £ A5O per ton; FM Standard, £A49; Smoke-Dried, £A4B/7/6. i FIJI:—No Government control —producers sell where they wish. Bulk of copra goes to crushing-mill in Suva, whose price on wharf, Suva, is announced each week. ,As at September 1 HAD, £FSB/2/6; FMI,

»£Ps6/17/6; Pm2, £Fss/10/-.

WESTERN SAMOA:—Official Copra Board receives all production, and sells same and makes payments to producers.

Large proportion goes to Unilever, at Philippines FM grade rates, plus pre miums up to £Stg.3 per ton for hot air dried. Prices as from July 18, 1958—Hot-air dried: £ Stg.sl/7/-; sun dried No. 1: £Stg.4B/17/-; No. 2: £ Stg.4s/7/-.

TONGA: —Sales are under Government control. Part of production goes to Europe, under arrangement with Unilever con trolled by Philippines prices, and part on to open market.

SOLOMONS:—AII production marketed through official Copra Board, at prices based on Philippines market. Price de clared September: Ist grade, £AS4; 2nd grade, £AS2; 3rd grade, £A4B per ton, f.0.b., BSIP ports.

GILBERT AND ELLlCE:—Production marketed in Europe through official Copra Board, at prices based on Philippines rates, less "stabilisation fund” charges, etc.

E. SAMOA:—Producers receive 4 cents lb. (SUSB9.6 or £A4O approx, per long ton).

Periodic bonus, if average proceeds exceed Govt, buying price and expenses.

NEW HEBRIDES;—EarIy Sept, price: 8,000 Pac. francs (£A46/15/8) delivered Vila/Santo. (Current French price, 87.500 Metrop. francs per 1,000 kilos, c.i.f. Mar seilles), market steady.

COOK ISLANDS:—LocaI price is based on £NZSO per ton, f.0.b., Rarotonga, with premium of 50/- (NZ) for top grade kiln dried. Shipping, handling, shrinkage and storage charges reduce the outer islands price to about £NZ3O per ton. basic rate. (Negotiations for price second .half of 1958 continuing—but expected to be higher).

Other Produce

COCOA:—lslands prices are based on the rate for Ghana cocoa which on Sept. 8, was £ 5tg.347/10/- per ton, c.i.f., London.

A large W. African crop is expected this season.

W. SAMOA:—Price quoted September 8, £8330, f.0.b., Apia.

P.-N.G.:—Sept. 8: £A36O per ton c.i.f, Sydney—a fall of from £A4O to £ASO per ton in last month, COFFEE:—P.-N.G.: Sept. 8: 3/10 to 4/3 per lb c.i.f. Sydney. Market continues weak and supplies plentiful.

Last quotes for Kenya Arabica were in August when they were, A grade, f.a.q., £Stg.sos; B grade, f.a.q., £Stg.49s; C grade, f.a.q., £Stg.4oo; all per ton and. c.i.f. Aust. ports. Since then little business has been done.

PEANUTS:—P.-N.G.: Sept. 8: Kernels 1/8 into store; Virginia bunch, in shell, large, well-cleaned up to 1/3 del. Sydney.

Large crops still coming from Queensland and Northern NSW. NG. in types other than Virginia bunch, hard to sell.

RUBBER:—P.-N.G. price is based on Singapore rate, which on Sept. 5, was; No. 1 RSS, spot, 81% Straits cents (28.38 d Aust. approx.) per lb.

VANILLA BEANS; Victor Karp, Tulk & Co., Sydney, reported on Sept. 9: New crop, c.i.f., Sydney, Tahiti White and Yellow label, processed standard packs 72/-, Green 70/-.

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. Vltamised 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. —May 9 quotation by independent pearlers unchanged. Sound, £A7SO; D. £ASSO; E, £A375; EE, £A2OS (in store Sydney). Manihiki, £ Stg.soo f.o.b. Rarotonga.

TROCHUS:—Market still weak. Some business at £A3SO ex-wharf Sydney.

GREEN SNAIL:—A little business at £ A 350 ex-wharf Sydney.

London and US Quotations

Copra: London, Sept. 6, Philippines, bulk, Sept./Oct., c.i.f., $2OB, seller.

Straits/Borneo, fair mer., del. weights, c.i.f., UK/Nth. European ports. Sept./Oct., £Stg.7s. (£ I Australian is about equal to 2.25 US Dollars.) Coconut Oil: London, Sept. 5, Ceylon in bulk, UK/Nth. European port, c.i.f., Sept. £Stg.ll4/10/- per ton, seller. Straits, crude, c.i.f., in bulk, £Stg.lll per ton.

Rubber: London, Sept. 5, per lb, RSS No. 1, spot, 23 7 /sd Stg. buyers; Jan.-Mar., 24 3 /ad Stg. August, 1959, 23 3 / 4 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-Fljl, 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, Kavleng, Madang. Wewak), BANK OF NSW (branches: Port Moresby, Lae, Bulolo, Rabaul, Madang, Samarai, Goroka; agencies: Wau, Boroko, Kokopo), ANZ BANK (Port Moresby, Lae, Rabaul) and

National Bank Of A/Asia. (Port

Moresby) quote exchange rate Australla- Papua-NG: 10/- per £AIOO.

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 June 9, quotes: Selling, Noumea, 168 Pac. francs to £ Aust.; Papeete, 166.25 Pac. francs to £ Aust.; 208 Pac francs to £ Stg.; 72.82 Pac. francs to US $. Selling 1,179.25 Metrop. francs to £ Stg.