Still Temporarily
pp. 22-152 · Read in the full issue
The Boom Reboun.
Rabaul Copra Mil Still Temporarily Out Of Business
• Although the closing of < Rabaul crushing mill during Mar and April was complicating store arrangements for the Papua-FH Guinea Copra Marketing Board ; was not affecting individual N Guinea planters. Owners of \ mill will survey their situation the end of April. fTHHE temporary closing of t JL Rabaul mill is a rebound fr the long period of boom prii for copra and coconut oil that hs forced consumers to look favourai upon alternative oils. It is a go illustration of the fact that boa can continue too long, and that flated prices can be as destruct) to producers as continued low prio High nominal prices for copra a coconut oil continued into Apr! with Ceylon coconut oil quoted London on April 3 at £Stg.l3B ; ton (less 1 per cent, spot prices, s forward shipments discounted or £4 per ton).
Throughout March and into Ai the paradoxical position continv to be that although supplies w short there was little competitk and that although there was stricted business, prices remain hii
Suva Mill Still Operating
The copra crushing mill in Sut Fiji, has continued operatk throughout this difficult perio« fortunately for planters there, w unlike P-NG have no Board a make their own arrangements ab*' disposal of their crop.
(Continued on page 150)
Apart from some feeling of obi tion towards planters, the Suva is operating under different circ stances to that of Rabaul i although owned by the same terests. Copra is paid for on livery in Suva, and that is the of the transaction.. In New Gui the final price of copra deliv< during any one month is not kn for some time and this involve larger risk for the crushers who already operating on a time-lag about two months between receh copra and delivering the oil to o 1 seas markets.
The Rabaul mill agreed take 45,000 tons of copra from Papua-New Guinea Copra Marl ing Board during 1959. Howe there is no obligation upon the 3 to take it in regular monl quantities. It is anticipated t before 1959 is complete the mill have absorbed its full quota fi the Board.
There was no indication in ej April when the Rabaul mill mi reopen, although the situation be reviewed at the end of t month.
The Board announced in es March that it anticipated no « ficulty in disposing of copra: that it was having storage proble About 1,850 tons of copra per w were piling into Board’s stores d ing March, and at the same ti there was a “drought” of overs ships. However, the Board’s cha man believes that the accumulat will be cleared by June or July.