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 goes mainly to (a) Unilever (under con payments to the producers. Production 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 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. £ASO per ton; FM Standard, £A49; Smoke-Dried, £A4B/7/6.

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.

On October 6 prices were, HAD,

£F63/2/-; Fmi, £F62/7/6; Fm2, £6L.

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, £AS6; 2nd grade, £AS4; 3rd grade, £5O 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,

ietc.

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:—At end of September price was 8,800 Pac. francs (£ASI/9/2), per ton, delivered Vila/Santo. (Current price, 91,000 Metrop. francs per 1,000 ■kilos, c.i.f. Marseilles).

COOK ISLANDS:—LocaI price is based (on £ NZSO per ton, f.0.b., Rarotonga, twith 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.

Ibasic rate. (Negotiations for price second half of 1958 continuing—but expected to be higher).

Other Produce

COCOA: —Islands prices are based on the rate for Ghana cocoa which on Oct. 3, was £ Stg.2Bs per ton, c.i.f., London.

A large W. African crop is expected this season.

W. SAMOA:—Price quoted October 3, £S3IS, f.0.b., Apia, but expected to fall in line with above.

P.-N.G.:—Oct. 3; £A36O per ton ex wharf, Sydney, and falling. Little business being done.

Coffee:—P.-N.G.: Oct. 3: 3/3 To 3/9

per lb c.i.f. Sydney, was generally quoted, but one firm quoted up to 4/9. Supplies continue plentiful.

Last quotes for Kenya Arabica were in late Sept, when they were, A grade, f.a.q., £Stg.39o; B grade, f.a.q., £Stg.3Bs; C grade, f.a.q., £Stg.379; all per ton and c.i.f. Aust. ports.

PEANUTS:—P.-N.G.: Oct. 3: Kernels 1/8 to 1/9 into store; Virgina bunch, in shell, large, well-cleaned up to 1/1 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 Oct. 3, was: No. 1 RSS, spot, 84% Straits cents (29.29 d Aust. approx.) per lb.

VANILLA BEANS; Victor Karp, Tulk & Co., Sydney, reported on Oct. 5: 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.—October quotation by independent pearlers for: Sound. £A7SO; D, £ASSO; E, £A3SO; EE, £AI7S (in store Sydney). Manihiki, £ Stg.soo f.o.b. Rarotonga, nominal.

TROCHUS:—Supplies very light, and possible opening for increase. Nominal price £ A 350 ex-wharf, Sydney.

GREEN SNAlL:—Nominal price £A3SO ex-wharf, Sydney.

London and US Quotations

Copra: London, October 3, Philippines, bulk. October, c.i.f.. $217, seller.

Straits/Borneo, fair mer., del. weights, c.i.f., UK/Nth. European ports. October, £Stg.77. New York, October 3. Philippines, $202.5 c.i.f., US Pacific Coast ports. (£1 Australian is about equal to 2.25 US Dollars.) Coconut Oil: London, Oct. 3, Ceylon in bulk, UK/Nth. European port, c.i.f., Oct. £Stg.ll9 per ton.

Rubber: London. Oct. 3, RSS No. 1, 24%d Stg. per lb; Jan.-Mar., 25V.»d Stg.; Oct., 1959, 24 %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-Fijl. 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.

NORFOLK IS. —Commonwealth Bank quotes: Selling, Noumea, 168 Pac. francs Island: 5/- per £AIOO.

Papua - Ng.—Commonwealth Bank

(Pt. Moresby. Lae, Rabaul, Goroka, Bulolo, Kavieng, Malang. 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 Australia- Papua-NG: 10/- per £AIOO.

D’Escompte de Paris) in Sydney June 9, quotes exchange rate Australia - Norfolk 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.

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.