MORRIS HEDSTROM, LTD.

Evening Post, Volume CXXVIII, Issue 8, 10 July 1939, Page 12

MORRIS HEDSTROM, LTD.

LOW MARKET FOR COPRA

"It is unlikely that in the near, future the company will be able to earn profits equal to those in the past financial year, but at the same time the company is in a very sound position," said Sir Maynard Hedstrom, chairman of directors of Morris Hedstrom, Limited, at the annual meeting at Suva, Fiji. "Adequate provision has been made for contingencies, and the directors hope that the results for the current year will not be less successful than those of the year just ended.'' The year had been a very unfortunate one for Copra producers, added the chairman. In the year ended March 31, 1938, the London price fluctuated between £14 15s and £20 a ton. In the past financial year, although the fluctuation had been less, the price stood at a level below the lowest prices recorded for 1937-38. The lowest level of £8 12s 6d was touched in November, 1938, and the highest, £10 17s 6d, in April and May, 1938. These low ! prices greatly reduced the spending | power of the community in those areas which are largely dependent on copra production, and consequently they have affected the company's business in those districts.