COCOA PRICE FALLS
Bad Effect In New Guinea ( N .^.P.A. -Reuter—Copyright) PORT MORESBY, July 22. Papua-New Guinea’s cocoa industry is in an “extremely serious” position because of a big drop in world cocoa prices, the Administrator, Sir Donald Cleland, said today. “If low cocoa prices continue our whole economy could be affected,” he said. The price for cocoa beans fell to £69 a ton f.o.b. at Rabaul last week, compared with an average price of about £lBO a ton last year. Cocoa is the territory’s second biggest export earner after coconut products. Cocoa beans exports were worth £3,421,466 in 1963-64. Sir Donald Cleland said the present low prices were the result of Ghana having flooded the world market. Papua-New Guinea’s assistant administrator for economic affairs, Mr H. H. Reeve, will meet representatives of cocoa producers in Lae next week to discuss the present position.
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Bibliographic details
Press, Volume CIV, Issue 30811, 24 July 1965, Page 7
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144COCOA PRICE FALLS Press, Volume CIV, Issue 30811, 24 July 1965, Page 7
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