60-year-old monopoly

New bank in Tahiti breaks 60-year-old monopoly

From a Papeete correspondent The foundation of a new bank in Tahiti, with a capital of 40 million French Pacific francs ($A400,000), was announced in Papeete in November.

Called the Banque de Tahiti, the new bank will break the monopoly of the Banque de ITndo-Chine, which has been the only bank in French Polynesia since 1905.

The new bank has three Honolulu businessmen among its directors and apparently has substantial American backing.

Its capital is divided into 20,000 shares of 2,000 francs each, all of which have been paid up to 1,000 francs.

With offices in the Fare Gauguin, Rue Paul Gauguin, Papeete, the bank aims to provide all types of banking facilities in French Poly nesia, French territories and over seas.

The bank’s list of directors is headed by Mr. Jean Breaud, a 63year-old French banker, who has lived in Tahiti since 1946 and is married to a daughter of the late Oscar Nordman, a colourful Tahiti personality of the pre-war years.

Mr. Breaud is the owner of an extensive property in the district of Atimaono, where he raises cattle, grows pineapples and sugar cane, and manufactures rum, and where he has begun large-scale develop ments designed to create a de-luxe haven for tourists.

The other directors on the board of the new bank are: Mr. Jean Lalanne, of Punaauia, Tahiti; Mr.

Henri Jossermoz, of Vaucresson, France; Messrs. Clifton Terry, Charles Klenske and Francis Moore, all of Honolulu; and Messrs. Gaston Montaron, Hans Carlson and Jean- Baptiste Le Caill, all of Papeete.

Mr. Lalanne is chairman.

The foundation of the new bank, with its three American directors and capital, follows two or three years of agitation on the part of the radical majority parties in French Polynesia’s Territorial Assembly for an American bank to open a branch in Tahiti.

Although it is understood that certain American banks were willing to do this, the French Government refused to grant them permission.

However, with the employment situation in French Polynesia now tightening up following the con

elusion of the major part of France’s nuclear testing project in the Tuamotus, and with new invest ment badly needed to develop the tourist industry and so maintain the prosperity of the “bomb years”, the French Government has apparently decided to relent somewhat.

The establishment of the new bank will almost certainly bring new American capital to Tahiti, and will probably make it easier for small investors to obtain credit.

By breaking the stranglehold that the Banque de ITndo-Chine has had on French Polynesia’s economic life for the past 63 years, the new bank will bring an end to an anti-Ameri can anti-British banking policy which the French Government initiated in 1875.

Founded in 1875

According to an official history of the Banque de I’ndo-Chine pub lished just before World War 11, that bank was founded in 1875 “with the object of excluding English and American banking interests from Indo-China”.

With headquarters in Paris, the bank started with two branches— one at Pondicherry, India, the other at Saigon.

As time went on, the French Government gave it the right to issue notes for Indo-China and French India; and subsequently it opened branches in other parts of Indo-China and the Far East.

The bank moved into Noumea in 1878 and to Papeete in 1905; and for many years it was the note issuing authority for New Caledonia, French Polynesia and the rest of the French Pacific.

Its right to issue notes for those territories was withdrawn by the French Government in 1967 when the Caisse Centrale de Cooperation in Paris took over that function (PIM, March, 1967, p. 11).

The French Government’s action in 1967 appears to have been designed to open the way for other banks to compete in the Banque de ITndo-Chine’s previously closed pre serve.

GILBERT AND ELLlCE;—Production marketed in Europe through official Copra Board, at prices based on Philippines rates less freight, etc. The Copra Board subsidises the price at $67.20 per ton for first grade.

NEW HEBRIDES: —Copra sold direct by planters to France and Japan. Official market price in November was $B2 ($8,200 Pac. Francs). French price was 930.75 francs per metric ton, c.i.f., Marseilles.

COOK IS.: —Copra goes to Abels, Ltd., of Auckland, who operates the only NZ copra crushing mill. Price paid is average London price for previous three months, less handling charges. Prices for October, November and December, have been fixed, subject to freight adjustment, at $NZ184.06 first grade, hot air dried; SNZIBI.9B first grade, sun dried, and $NZ180.42 standard grade, all per ton packed f.o.b.

AMERICAN SAMOA; —Copra Board buys all copra, for export to the US; Nov. price was US6V4 cents per pound, dry.

Other Produce

BECHE-DE-MER: Chang Sing Loong Co., Suva, quoted F 2- (4 in. to 7 in.) to F3/- (9 in. to 11 in.) lb for “Sucuwalu” and “Loaloa” varieties.

Honiara.—Live slugs, over six inches, black —six for 10c, other colours —12 for 10c.

COCOA: —Islands rates are based on Ghana prices. Ghana price on Nov. 22 was £Stg.4ss per ton, c.i.f., UK Spot.

On Nov. 25, Quote No. 1: In store Rabaul, export quality $7BO per ton, ex wharf Sydney, $B5O, and steady. Quote No. 2: Best quality, ex-wharf Sydney, $B5O, in store NG ports $791 (for UK, Continent and USA shipments).

W. Samoa. Latest price quoted in Sydney, on Nov. 13, was: Grade 1, £Stg. 400; grade 2, £Stg.3BB, f.o.b.

New Hebrides. beach, Vila, Santo, $250 per ton.

Solomons.—4 cents a lb delivered to a fermentary, 3Vz cents a lb at buying points.

COFFEE. —P-NG: Nov. 25, Quote No. 1, good quality A grade SSVaC to 42c per lb; B grade 37c to 41c; C grade 33c to 35y 2 c; X grade 36c to 39c and native X grade 34c to 35y 2 c (ex-store Sydney).

Crocodile Skins. On Nov. 25.

Sydney buyers quoted for 12 in. and over, first grade quality as follows: P.-N.G. — $2.80 per in., f.o.b. main ports, small scale (salt water); large scale (fresh water) $l.BO per in. 8.5.1., Honiara; $1.89 to $2.10 per in.; Gizo: $2.10 per In.

Green Snail Shell. On Nov. 25

Australian buyers reported very little demand from Japan, Europe and the US.

Prices were not quoted. Honiara: 16c lb.

PAPUAN GUM: New Guinea graded gum $lB5 per ton, f.0.b., Samarai, un graded gum $174, f.0.b., NG.

PEANUTS. —P.-N.G.: Sydney agents re ported Nov. 25, f.0.b., Lae; Kernels — white Spanish 15c lb.

PEARL SHELL. Torres Strait Pearl shellers’ Assn, recently quoted these prices for MOP: AA grade, $A1,250 per ton; A $1,450; B, $1,800; C, $1,900; D, $1,220; E, $B4O and EE, $6OO f.o.b. Thurs. Is.

Solomons. Honiara, mother of pearl blacklip 15c lb, goldlip 20c lb.

Cook Islands. —Penrhyn Island, SNZ7OO a ton (approx.), f.0.b., Rarotonga.

RICE (Aust.): Prices, until Mar. 31, 1969, are—P.-N.G.: Dried brown rice, 112 lb bags, $136 per ton, f.o.w. Sydney or 56 lb bags, $153 per ton, f.o.w. Brown, Melbourne. Vitamin enriched white rice, 40 lb bags $146 per ton. Other Pacific Islands: Polished white (56 lb bags) or dried brown rice (112 lb bags), $l6l per ton. f.o.w.

Solomons. —$160 per ton (orders over 2 tons), $l6B per ton (under 2 tons), f.o.b. Honiara.

RUBBER. P-NG price is based on Singapore rates, which on Nov. 25 were: Prompt nominal shipment 58% Malayan cents per lb; Dec., MSBV4 cents per lb and Jan., M 58% cents per lb (all about 18 Aust. cents per lb).

SANDALWOOD.—New Hebrides, landed on the beach, Vila and Santo, $3OO a ton.

SHARK FINS: Chang Sing Loong Co., Suva, offers F4/6 per lb for well-dried fins of commercial quality. ICEP Pty. Ltd., 22 Taylor St., North Curl Curl, Sydney, quote 65c to 85c lb., ex-store Sydney, according to quality.

TROCHUS.—A Sydney buyer indicated the following quotations to Islands pro ducers: Nov. 25 Papua $l7O-$lBO per ton Honiara - $l4O-$145 per ton, f.o.b. Islands ports—direct shipment to overseas markets.

TURTLE SHELL.—BSI: first grade un marked 60c to $1.50 a lb at Gizo.

VANILLA BEANS.—Victor Karp Tulk & Co., Sydney, buy mainly from Tahiti for Sydney and Melbourne essence makers.

Prices on Nov. 25 were: white and yellow label processed, standard packs, $5.90; green label $5.80, c.i.f., Sydney. Tonga.— $T14.20, f.0.b., Nukualofa: $4.50, Mel bourne.

Uk, Us Quotes

COPRA: LONDON, Nov. 22, Philippines, in bulk, SUS2O2 per long ton, c.i.f.

UK/Nth. European ports; US Pacific coast, SUSI6B per short ton.

Coconut Oil: London, Nov. 15,

Ceylon, 1% in bulk, £Stg.lso per ton, c.i.f. UK/Nth. European ports.

Rubber: London, Nov. 25, Spot

20y 4 d Stg. lb, Dec. 20-11/16d Stg. lb, Feb. 21-7/16d Stg. lb.