Exchange Rates

FlJl.—Through Bank of NSW, ANZ Bank, Bank of NZ, Bank of Baroda. Sterling dollar on Fiji dollar, buying £Stg.l = $F2.085; selling $2.11.

WESTERN SAMOA.—Through Bank of Western Samoa, controlled from NZ, seller SAI to SWS Tala 1.2470.

Norfolk Is., Papua-New Guinea. Aus

tralian currency used: no exchange payable in transactions with Australia.

FRENCH PACIFIC COLONIES.—Pacific francs (CFP) are used in New Caledonia, New Hebrides (jointly with Australian dollars), Wallis and Futuna Islands and Fr. Polynesia. French Bank, Sydney, on Jan. 24, quoted: Selling, Noumea and Papeete, 98 Pac. francs to $ Aust.; approx. 90 Pac. francs to US $; Noumea 18 Pac. francs to 1 French franc (conversion rate: 1 Pac. franc equals 0.055 French franc). Paris- London: Buying 11.83 francs to £Stg. Also, £Stg. equals 215.50 Pac. francs.

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

NEW HEBRIDES:—Copra sold direct by planters to France and Japan. Official market price in Jan. was $9O (9,000 Pac. francs).

French price was 1,050 francs per metric ton, c.i.f. Marseilles.

COOK IS.:—Copra goes to Abels, Ltd., of Auckland, who operates NZ's copra crushing mill. Price paid is average London price for previous three months, less handling charges.

Prices for Jan., Feb. and Mar. have been fixed, subject to freight adjustment, at $NZ157.41 Ist grade, hot air dried; $NZ155.32 Ist grade, sun dried, and $NZ153.76 standard grade, all per ton packed f.o.b.

AMERICAN SAMOA:—Copra Board buys all copra, for export to the US; Dec. price was US64 cents per pound, dry.

Other Produce

BECHE-DE-MER: Chang Sing Loong Co., Suva, quoted F2oc (4 in. to 7 in.) to F3oc (9 in. to 11 in.) Ib for "Sucuwalu" and "Loaloa" varieties.

Honiara.—Live slugs, over six Inches, black six for 10c, other colours—l2 for 10c.

COCOA;—lslands rates are based on Ghana prices. Ghana price on Jan. 23 was £Stg.42o per ton, c.i.f., UK Spot.

On Jan. 24, Quote No. 1; In store Rabaul, export quality $BOO per ton, ex-wharf Sydney, $B7O, and steady. Quote No. 2: Best quality, ex-wharf Sydney, $B3O, in store NG ports $759 (for UK, Continent and USA shipments).

W. Samoa.—Latest price quoted in Sydney on Jan. 16, was Ist grade, £Stg.4ls; 2nd grade, £Stg.3Bs, f.o.b.

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

Solomons.—s cents a Ib delivered to a fermentary, 4 cents a Ib at buying points.

COFFEE.—P-NG: Jan. 23, Quote No. 1, good quality A grade 38c to 41c per Ib; B grade 36£c to 40£c; C grade 32£c to 35c; X grade 36c to 39c and native X grade 34c to 35£c (ex-store Sydney).

CROCODILE SKINS.—On Jan. 24, Sydney buyers quoted for 12 in. and over, Ist grade quality as follows: P-NG—s2.9o per in., f.o.b. main ports, small scale (salt water); large scale (fresh water) $1.90 per in. 8.5.1., Honiara: $1.89 to $2.10 per in.; Gizo: $2.10 per in.

Green Snail Shell.—On Jan: 24 Aus

tralian buyers report very little demand from Japan, Europe and the US. Prices not quoted: Honiara: 16c Ib.

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

PEANUTS.—P-NG: Sydney agents reported Jan. 24, f.0.b., Lae; Kernels—white Spanish 15c Ib.

PEARL SHELL.—Torres Strait Pearlshellers' 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 black lip 15c Ib, goldlip 20c Ib.

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

PYRETHRUM. —NG growers, 17c Ib, flowers.

RICE (Aust.): Prices, until Mar. 31, 1969, are—P-NG: Dried brown rice, 112 Ib bags, $136 per ton, f.o.w. Sydney or 56 Ib bags, $153 per ton, f.o.w. Brown, Melbourne.

Vitamin-enriched white rice, 40 Ib bags $146 per ton. Other Pacific Islands: Polished white (56 Ib bags) or dried brown rice (112 Ib bags), $l6l per ton, f.o.w.

Solomons.—sls6 per ton (orders under 2 tons), $l4B per ton (over 2 tons), f.o.b.

Honiara.

RUBBER.—P-NG price is based on Singapore rates, which on Jan. 22 were: Prompt nominal shipment 59| Malayan cents per lb; Feb., M6O cents per lb and Mar., 60J cents per lb (all about 18J 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 F4sc 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 prices; Jan. 23—Papua—$140-$l5O per ton —Honiara —$140-$! 45 per ton, f.o.b.

Islands ports—direct shipment overseas.

TURTLE SHELL.—BSI: First grade unmarked 60c to $1.50 a (b at Gizo.

VANILLA BEANS.—Victor Karp Tulk & Co., Sydney, buy mainly from Tahiti for Sydney and Melbourne essence makers. Prices on Jan. 24 were: White and yellow label processed, standard packs, $5.80; green label $5.70, c.i.f., Sydney. Tonga.—sT4.2o, f.0.b., Nukua lofa; $T4.50, Melbourne.

Uk, Us Quotes

COPRA: LONDON, Jan. 22, Philippines, in bulk, SUS2O6 per long ton, c.i.f. UK/Nth.

European ports; US Pacific coast SUSIBO per short ton.

Coconut Oil: London, Jan. 20, Ceylon,

1% in bulk, £Stg,l62 per ton, c.i.f. UK/Nth.

European ports.

RUBBER: LONDON, Jan. 22, Spot 21 fd Stg.

Ib; Feb. 21-l/16d Stg. Ib, Apr. 21 Jd Stg. lb.

Blow to Tongon

banana industry

Last year it was Western Samoa.

This year it's Tonga. In mid-January a hurricane struck the major banana producing districts of Tongatapu and caused widespread damage to fruit bearing trees. Officials estimate that Tonga's banana exports will be drastically reduced during the next six or seven months as a result of the hurricane.

One source said that shipments of bananas between February and July, previously expected at 50,000 to 60,000 cases, are now expected to fall as low as 5,000 cases.

According to Agriculture Depart ment officials, who toured the stricken areas the morning after the hurricane, approximately 75 per cent, of the Tongatapu’s Eastern District bananas and 50 per cent, of the Western District bananas were blown down.

Haapai also suffered badly during the hurricane. It was pretty certain that she would not be able to fill her banana quotas for the next six or seven months.

At Nomuka, within the Haapai group, most banana trees were blown down by the hurricane, cancelling any possibility of February or March packing.

Wales Appointments. Mr. G. J.

Heidtman (above) who was with the Suva branch of the Bank of New South Wales from 1955-56 and from 1959-60, has been appointed chief manager of the Bank in P-NG and manager of the Port Moresby branch. He took up his position in January. In other Wales' appointments recently, Mr. Alan D. Long has been made manager at Mount Hagen, NG, and Mr.

V. N. Weller has been named manager of a branch to be opened for the first time on Norfolk Island in February.

Mr. L. J. Lockie