COOK ISLAND FINANCE.

Auckland Star, Volume XXXV, Issue 94, 20 April 1904, Page 7

COOK ISLAND FINANCE.

• A YEAR'S RECORD. (By Telegraph.—Own Correspondent.) WELLINGTON, this day. The Hon. Mr Mills has just received from the Resident Commisioner at Rarotonga letters which give some indication of the financial results of last year in the Cook Islands. Under all circumstances these are most satisfactory. When accofints are complete they will probably show a credit balance of over £ 1000. " Col. Gudgeon points out that a fail in the price of copra has resulted in the manufacture of this product being practically stopped in some parts of the group, as the natives are not inclined to continue the industry when returns are less than £10 per ton. The value of imports for 1903-4 exceeded £34.000, about £7000 in advance of 1902-3. Exports also amount to about £34.000, which, though not in excess of last year, must be considered satisfactory," sinca the export of copra alone, for reason stnted above, was reduced by some 300 tons. Another cause which has tended to keep down the value of exports is a fall in the price of pearl shell from over £200 to £70 per ton; at which figure the natives consider it is hardly worth diving for.