Devaluation means

oilseed caution

Mr. lan McDonald, chairman of the Papua-New Guinea Copra Mar keting Board, gave the following report on August 20: The Philippine copra prices for July averaged out at 5A180.04, which is $lO better than for the previous month. As was predicted, copra prices remained firm and the SlO increase over the July average reflects an up ward trend. Prices for the first few days of August have continued firm, and indications are for a monthly average about the same as July, with perhaps a small increase.

The recent devaluation of the French franc has introduced a cauti ous note into the market for oilseeds and the subsequent repercussions in foreign exchange markets have fur ther extended the quiet conditions in most sections.

On August 15, territory producers were paid a price adjustment on 1968 deliveries at the rate of $23.96 per ton and, in all, received an additional $3,060,527. A further adjustment of $2.18 per ton in respect of 1967 pur chases is to be made on September 15. This adjustment is in distribution of an amount of $235,503 refunded by the Commonwealth Government to reimburse the board for losses in curred as a result of Sterling devalua tion during 1967.