Ands Produce
p. 165 · Read in the full issue
otherwise stated, quotations are salian currency. Aust. £ equals lately 16/- Stg., NZ, or W. 18/- Fiji; 20/- Tonga, Solomons & areas; 196 Pac. Frs.; 5U52.25.)
Copra
irltlsh Ministry of Pood 9-years which governed Copra prices . and New Guinea, Fiji, Western Solomon Islands, and Gilbert and olony (and, to some extent, in nd Cook Islands) expired on De ll. 1957; since when each Terri made its own arrangements for and marketing of copra. - NEW GUINEA:—AII production ired to Copra Marketing Board, li by six members, including three representatives: and the Board ilstrlbutlon and sales, and makes to the producers. Production inly to (a) Unilever (under cen tering 1960). (b) Australia (lor and (c) crushing-mill ul. Prices generally arranged in ce with ruling rate In Philippines 'With premiums for hot-air dried.
July 1, 1959. P-NG Copra Tentative Purchase Prices, for ivered main ports: Hot-Air Dried. ’- per ton; FMS, £A7I per ton; Tied, £ A7O per ton. •No Government control—producers e they wish. Bulk of copra goes dng-mill in Suva, whose price f. Suva, is announced each week.
On May 9 prices were: HAD, £FS9/5/-;
Fmi, £Fs7/17/6; Fm2. £Fs6/12/6.
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 £S3 per ton for hot air dried. Prices unaltered since March, 1959: Hot-air dried, £867/13/8 per ton; sun-dried No. 1. £865/3/8; sun-dried No. 2. £B6l/13/8.
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 for May: Ist grade, £A7S; 2nd grade, £A73/10/-; 3rd grade. £A7I per ton, f.0.b.. BSIP ports. With the prices now ruling, BSI Copra Board is making a bonus payment of approximately £AIO per ton to producers from accumulated profits.
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 7 cents lb. ($U5156.8 or £A7O/4/6 approx, per long ton). Periodic bonus, if average proceeds exceed Govt, buying price and expenses.
NEW HEBRIDES:—Price was approxi mately £ A4B (9,600 Pac. francs) per ton delivered Vila/Santo on May 6. French price on May 3 was 100,500 Metrop. francs per metric ton, c.i.f., Marseilles.
COOK IS. AND NIUE IS.: Subject to the provisions of the copra contract be tween the Cook Islands and Niue Island shippers and Abels, Ltd., of Auckland, who operate the only New Zealand copra crushing mill, the price paid is the average London price for the previous month, less handling charges. The actual price paid to producers varies widely from island to island, ranging from £NZ3O to £NZ6O per ton.
TOKELAUS: Price is based on the average London price for the month prior to shipment to Auckland crushers.
Other Produce
COCOA: —Islands prices are based on the rate for Ghana cocoa which on May 9 was £ 5tg.266/5/- per ton, c.i.f., Sydney.
W. SAMOA: —Nominal price quoted in Sydney on May 10; £5225 f.0.b., Apia, grade 1; £S22O, grade 2.
P.-N.G.: May 10.—Quote No 1: £260 (best quality). £250 (medium), £2OO - (low grade, according to merit).
Quote No. 2: £250-£255 (first-class, export quality).
COFFEE: —P.-NG.: May 10, good quality A grade, per lb. 4/3; B grade, 4/2; C grade, 4/- c.i.f., Sydney.
In early May. price quoted for Tanga nyika: A grade—no supplies offering; B grade £ 5tg.345; Undergradings, £ 5tg.255- £ 5tg.275, all per ton and c.i.f., Sydney.
Uganda Robusta was offering at approx. £ Stg.lss Spot, £ Stg.l4s June, £ Stg.l42 July, c.i.f. Sydney.
PEANUTS: P.-N.G., May 10, Kernels: White Spanish 1/6 Vs lb del. buyer’s store; Red Spanish, 1/2; Virginia Bunch, 1/7V2.
In Shell, 1/- lb.
RUBBER: —P.-N.G. price is based on Singapore rate, which on May 9 was: No. 1 RSS, spot, 129 Straits cents per lb (44.99 d Aust.).
VANILLA BEANS: Victor Karp, Tulk & Co., Sydney, advised May 10; White and yellow label, processed, standard packs, 75/-; green label, 73/-, c.i.f., Sydney.
RICE (Australian):—Price from May, 1959 —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. Vitamised 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.
New prices for 1960 will be announced after Rice Control Committee’s meeting in Sydney mid-May.
PEARL SHELL.—Firm quotations for Aus tralian White M.O.P. Shell in May by Sydney independent shell agents were: Sound £ AB5O, D £A6OO, E £A3OO, EE £ A2OO (in store Sydney). Penrhyn Island: £NZSOO, f.0.b.. Rarotonga. Mani hiki Island: Lagoon still closed until mid -1960 when position will be reviewed by Cl Administration. N.G.: No supplies offer ing, but last Sydney sales of Black-lip M.O.P. were at £3OO per ton.
TROCHUS; P.-N.G. and B.S.l.—Quote No. 1; £240 per ton, c.i.f., Sydney. Quote No 2' £2OO per ton. and falling.
GREEN SNAIL SHELL—a continued demand, with buyers offering £460 per ton.
CROCODILE SKINS; 12 in. and over, small-scale, first quality, 12/- per in.
PAPUAN GUM: £BO per ton del. buyers store, Sydney.
London and US Quotations
Copra: London. May 9, Philippines in bulk, $207.50 US per long ton, c.i.f . UK/ Nth European ports, Straits/Borneo, FMS, delivered weights, c.i.f. UK/Nth. European ports, £Stg.Bo per long ton. New York May 9. Philippines $197.50 US per short ton, c.i.f.. Pacific coast ports. (£1 Australian is equal to about 2.25 US Dollars.) „ , Coconut Oil: London. May 9. Ceylon, in bulk, £Stg.llB per ton, c i.f., UK/North European ports. Straits crude, £Stg.ll7/10/-, c.i.f.
Rubber: London, c.i.f.. May 10. RSS No. 1 Spot. 41d Stg. per lb; July/Sept. 36 7 / 8 d Stg.; Mar., 1961, 38 3 / 8 d Stg.
Exchange Rates
FlJl.—Through BANK OF NSW’. ANZ B*NK and BANK OF NZ. Australia on Fiji, basis £lOO Fiji: Buying. £Alll/2/6; Selling £AII3. Fijl-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-Fljl, basis £lOO Samoa; B. £111; S. £llO.
NORFOLK IS. —Commonwealth Bank quotes exchange rate Australia - Norfolk Island: 5/- per £AIOO.
Papua - Ng —Commonwealth Bank
(Pt. Moresby. Lae. Rabaul, Qoroka. Bulolo, Kavieng, 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, Lae) quote exchange rate Australia-Papua-NG; 10/- per £AIOO.
French Pacific Colonies.—Pacific
(CPF) francs are used in New Cale donia, New Hebrides, and Fr. Polynesia FRENCH BANK (Comptoir National D’Escompte de Paris) in Sydney May, 1960. quotes: Selling. Noumea, 196 Pac. francs to £ Aust.; Papeete 194.35 Pac. francs to £ Aust.; 245 Pac. francs to £ Stg.; 88.55 Pac. francs to US $: Noumea, 18 Pac. francs to 1 French heavy franc (con version rate; 1 Pac. franc equals 0.055 heavy franc). Paris-London; Selling, 13.580 heavy francs to £Stg.