GEIC Copra Loss Was OK By Them

Copra producers in the Gilbert and Ellice Islands gained financially through the loss of their copra in the Beaverhank stranding at Fanning Island in July-August.

Mr. lan R. Anderson, accountant to the GEIC Wholesale Society, said in Suva in September that the insurance underwriters paid out jettisoned 61 " and* the IhlppeT we?e In the ordinary course they might

have received £Stg.9o per ton ci f and been paid on the basis of de livered weights at destination As there is invariably shrinkage the landed weights are always substanti lov^H than the lo J<Jed weights, An<^ rsor * sald that between the time of loading and jettisoning cargo the free-market price was

Thl

“ill wind” proverb applied.