Review of the hemp market

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Part of The American Chamber of Commerce Journal

Title: Review of the hemp market
Language: English
Source: The American Chamber of Commerce Journal Volume 9 (Issue No. 9) September 1929
Year: 1929
Rights
Fulltext: 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1929 present tendency will make men reluctant to en ter a profession where women outnumber them; it is said that women will soon be employed as pharmacists everywhere, in pharmacies, labora tories, hospitals, maternity houses, etc., and may, more advantageously than men, and upon smaller net profit, manage drug stores of their own. Arguing along this line, those who fear wo man’s competition in our profession say that graduate women pharmacists accept pharma cists’ positions in drug stores and doctors’ offices at salaries out of the question for men who don’t renounce the desire to marry and support fami lies. On the contrary, young women who are pharmacists can accept these positions and hold them one or two years, living quite decently on their small salaries until they marry—as they always do—and the burden of their mainte nance falls upon their husbands. If, too, as is frequently the case, the husband of one of these young pharmacists is a doctor, when both keep on with their respective professions the advantage is still greater. If in other professions, as that of law, marriage is an impediment to woman, in pharmacy it is not. In the Philippines, where Spanish customs and social conventions are still influential, the woman, married and perhaps a mother, who appears as an attorney in one court and another, defending or prosecuting delinquents, resolving political disputes and engaging in similar ac tivities pertaining to the life of a lawyer, is not looked upon with unmitigated favor. On the contrary, the mother who is a pharmacist may, it seems, have her children with her in her office, attend her other domestic duties too, and the public of the Philippines will think it all quite correct—even view it with genuine approval. In rebuttal of all this, others say that if women who are pharmacists accept positions at low salaries, men do too, that the whole question is one of supply and demand, or that it is a result of the disruption and reorganization of social classes: both sexes are culpable if salaries are too low, and not the fair sex alone. “We,” say the women, “are no obstacle to a strong compact union for mutual protection concerning salaries sufficient to a decent livelihood. Our teachers in the classroom inculcate this principle; we use the same materials and instruments as men in the common laboratories, and we are examined as to fitness to practice pharmacy along with men, by an examining board which, it goes with out saying, is entirely made up of men; and so we feel we have the same rights as men to use our abilities in the struggle for existence.” TOBACCO REVIEW Alhambra Cigar and Cigarette Manufacturing Co. Raw Leaf:—According to the latest informa tion there still remain about 50,000 quintals ex the 1929 Ysabela crop in the hands of the farm ers. Prices in Manila have not gone up in pro portion to what was paid in the Ysabela pro vince. The exportation of cheaper Cagayan grades maintains a satisfactory volume. Com parative figures for August are as follows: Rawleaf, Stripped Tobacco and Scraps Kilos Australia............................................ 1,352 China................................................. 2,849 Czechoslovakia.................................. 840,318 Hongkong........................................... 42,913 Japan.................................................. 120 Java.................................................... 2,200 North Africa..................................... 26,234 North Atlantic (Europe)................... 109,661 Spain................................................... 1,152,576 Straits Settlements............................ 615 United States.................................... 114,273 Uruguay............................................. 41,540 2,334,651 July, 1929.................................. 3,010,653 August, 1928.............................. 2,043,652 Cigars:—Shipments to the United States, while somewhat larger than in July, still lag considerably behind the corresponding 1928 period. A great part of these exports leave some of the manufacturers but a very close margin of profit. Statistics of cigars shipped to the United States compare as follows: August 1929..............................about 15.060,000 July 1929........................................... 14,848,479 August 1928....................................... 18,929,943 Diet and The Duration of Life {Continued from page 16) result of doubling the amount of milk was a gain of exactly 10% in the span of life for both males and females. The acid test of statistical ana lysis indicated that there was not more than one chance in a hundred for error due to accident. Translated into human experience, this study indicates that at least six years could be added to the span of life by means of proper nutrition. The fluid in the fountain of youth is purer milk, and nutrition, in proper combination with other sanitary and hygienic factors, can actually promote longevity. INFORMATION FOR INVESTORS Expert, confidential reporta made on Philippine project a ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric projecta OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON CO. Cebu, P. I. Cable addreaa: “YPIL,” Cebu. OXYGEN Compressed Oxygen 99.5% pure HYDROGEN Compressed Hydrogen 99.8% pure ACETYLENE Dissolved Acetylene for all purposes WELDING Fully Equip ped Oxy-Ace tylene Weld ing Shops BATTERIES Prest-O-Lite Electric Stor age Batteries Philippine Acetylene Go. 281 CALLE CRISTOBAL, PACO MANILA, P. I. REVIEW OF THE HEMP MARKET By L. L. Spellman Macleod and Company This report covers the Manila hemp market for the month of August with statistics up to and including September 2nd, 1929. U. S. Grades:—The market in New York opened dull with a weak tendency and shippers anxious to sell with buyers holding off. Sell ing prices were nomin ally on the basis of: D, 13% cents; E, 12% cents; F, 11% cents; G, 8% cents; H, 7% cents; I, 11% cents; JI, 10% cents; SI 11% cents; S2 10% cents; S3, 9% cents. The market continued dull and weak with shippers endeavor ing to sell even at lower prices, the result being that by th,e middle of the month prices had declined to: D, 13% cents; E, 12% cents; F, 11% cents; G, 8% cents; H, 7% cents; I, 11% cents; JI, 10% cents; SI, 11% cents; S2, 10% cents; S3, 9% cents. Sales during the last half of the month were very few and prices con tinued to decline; the market ending weak with sellers of E at 12% cents; F, 11% cents; I, 11 cents; SI, 10% cents; S2, 10% cents; S3, 8% cents; G, 8% cents. There were also sellers of Davao F at 11% cents; Davao I, 11% cents; Davao JI 10% cents and Davao G at 10 cents. In Manila the market was quiet on the first of the month with shippers paying the following prices: D, P30.50; E, P28.50; F, P26; G, P18.25; H, P15; I, P25; JI, P22; SI, P25.50; S2, P24; S3, P18.75. Receipts were very much larger than could possibly be expected during the past month with the natural result that prices con tinued to give way and the Manila market closed depressed with a few buyers at the follow ing nominal prices: D, P28; E, P26; F, P24.75; G, P17.25; H, P14; I, P24; JI, P21.25; SI, P24; S2, P22.50; S3, P17.75. These prices showed a considerable decline from the begin ning of the month and most of the houses are showing very little interest in hemp. U. K. Grades:—The U. K. market opened quiet with buyers holding off and nominal prices ruling as follows: J2, £38.10; K, £33.5; LI, £33.5; L2, £30.10; Ml, £30.10; M2, £27; DL, £27; DM, £22. Toward the middle of the month the market became dull with buyers rather than sellers at the following quotations: J2, £38; K. £33; LI, £33; L2, £30.5; Ml, £30.5; M2, £26.15; DL, £27; DM, £22. The exces sively large receipts of hemp had the usual depressing effect on the London market with buyers only being interested for their immediate requirements. The market continued dull and inactive with a d wnward tendency until at the end of the month the market was stagnant and very depressed owing to heavy receipts. The following were nominal quotations for dis tant shipment: J2, £36.10; K, £31; LI, £31; L2, £28; Ml£28, M2, £25.10; DL, £25.10; DM, £21. In Manila the market for U. K. grades on the first of the month was quiet with nominal prices as follows: J2, F17.75; K, P14.75; LI, P14.75; L2, P13.25; Ml, F13.25; M2, P10.75; DL, P10.75; DM, P8.75. Between the first and the middle of the month there was a slight im provement in local prices but they again eased off with the following quotations: J2, P18; K, P15; LI, P15; L2, P13.50; Ml, P13.50; M2, P11.25; DL, P11.25; DM, 9. The market continued quiet for a few days but towards the end of the month became depressed and ended up very depressed with few buyers at the follow ing prices: J2, P16.75; K, P14; LI, P14; L2, P12.50; Ml, P12.50; M2, P10.25; DL, P10.25; DM, F8. Japan:—This market bought a fair quantity of hemp during the earlier part of the month but their prices were not attractive and the tendency of the market has been very weak during the IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 entire period under review. With the hemp market weak in both the U. S. and U. K., it is hopeless to expect that Japan will show any interest. M-aguey:—There was very little change in this piarket, the ruling price being P13.4 for Cebu No. 2 and P11.6 for Cebu No. 3. These prices prevailed until the end of the month when the prices declined in sympathy with the hemp market, No. 2 closing at P12.75 and No. 3 at pH. There has been a very limited demand during the month for Maguey. Production:—As mentioned in our report last month, there was a decided falling off in the receipts for July and the balings were only 117,458 bales. The receipts during the month of August were heavier than expected and all indications are that they will continue heavy. Freight Rates :—There is no change in rates COPRA AND ITS PRODUCTS By E. A. Seidenspinner Vice-President and Manager, Copra Milling C orporation on hemp since last report. Statistics:—The figures below are period ending September 2nd, 1929: ; for the 1929 1928 Manila Hemp Bales Bales On hand January 1st... . 170,301 139,624 Receipts to date............. 1,121,541 917,627 1,291,842 1,057,251 1929 1928 Shipments to— Bales Bales U. K.. ......................... 239,532 224,891 Continent..................... 121,561 136,169 U. S............................. 397,729 238,827 Japan........................... 251,625 217,913 All Others................... 52,451 74,620 1,062,898 892,420 Copra. — With the heavy arrivals of copra during the month of August, the local market weakened considerably after August 15th, after having advanced approx imately 25 centavos per picul over July’s closing figures, during the first days of August. Local mills are displaying much indifference to ward heavy contracts at present levels in anticipation of still lower prices. However, with export markets maintained at 25 to 50 centavos over the Manila parity, we cannot see materially lower prices during the coming month. Total arrivals at Manila during August were 482,110 bags as compared with 596,005 bags for the same month of 1928. Latest cable advices follow: San Francisco, f.m.m......$.04—$.04-1/8 London, Cebu sundried. £22-5-0 F. m. m.......... £22-0-0 Manila, buen corriente.. . P 8.50 to P 8.75 Arrival resecada. P 9.75 to P10.00 Coconut Oil.—Trading in coconut oil in the U.S. market has been comparatively light for the month under review with buyers displaying little interest in nearby shipment and quoting considerably lower prices for futures. While in the main sellers’ asking prices for late 1929 delivery on the West Coast were maintained at 6% cents, sales of nearby were quoted at 65/ig cents. The Atlantic Coast market was still reported 6% cents with buyers indicating 6% cents. While coconut oil is comparatively eheap, as compared with Competing Fats and Oils, the June 30th carry-over was much above figures for 1928. This, together with a fair amount of selling pressure, does not seem to indicate substantially higher prices for the balance of the year. Latest cable as follows: New York................ $.06% c.i.f. Nominal San Francisco...........$.06% f.o.b. futures; $.065/io f.o.b. nearby Manila......................P.31 per kilo in drums REAL ESTATE By P. D. Carman San Juan Heights Addition While August sales are considerably larger than in any year since 1919 excepting 1925 and 1928, there is a decrease of over a million pesos between August of this year and last year’s August total which was P2,327,836. Copra Cake.—The Continental market for copra cake was well maintained during the early days of August, but during the last half of the month, there was an appreciable decrease in buying demand with heavy selling pressure on the part of resellers. From an August high of £8-18-0 c.i.f. Hamburg, bids dropped to £8-10-0 September-October shipment but were later increased to £8-13-9 at which figure business T ravel East via the “North Coast Limited” Chicago! Leaves Seattle at 11:00 A. M. for all the principal cities of the United States. Two days of sightseeing through America’s greatest mountains. A particularly satisfying fea ture of Northern Pacific travel is its diner service. The luxurious, new Observa tion-Club car with its deep, rest ful lounge—cushioned chairs— library—writing corner—club rooms—showers—and maid and valet service—affords many hours of pleasure. New-type Pullmans and pow erful, new locomotives. You will find unusual travel comfort and courteous, personal service aboard this fine train. The Japan Tourist Bureau, American Express Company, Thos. Cook & Son, Shanghai Commercial & Savings Bank or any trans-Pacific steamship company, will gladly furnish additional information. Oswald Crawford, G. A. 501 Granville Street Vancouver, B. C. R. J. Tozer, A. G. P. A. 200 L. C. Smith Bldg. Seattle, Wash., U. S. A. Northern Pacific Railway Sales City of Manila July 1929 Aug. 1929 Sta. Cruz..................... Binondo....................... San Nicolas................. Tondo.......................... Sampaloc..................... Quiapo.......................... Intramuros................... Ermita.......................... Malate.......................... Paco............................. Sta. Ana...................... Pandacan..................... Sta. Mesa.................... San Miguel................. P 249,923 P 342,518 16,500 84,618 406,278 56,000 21,720 293,658 88,033 10,500 61,580 16,000 35,000 121,500 68,068 142,381 101,347 23,047 159,822 20,001 33,436 1,809 2,220 19,010 1,000 Pl,117,692 Pl,258,277 has been reported today. Trading during the month has not been heavy as local mills have been withholding sales in anticipation of higher prices. Latest quotations as follows: Hamburg, £8-13-9; San Francisco, No quota tion; Manila, P62.00 to P63.00 per metric ton ex go-down buyers. Manila, P. I., September 5, 1929. Stop off at Yellowstone Park Season June 15-Sept. so Without exception this is the most unique outdoor playground in all the world—3,500 square miles of geysers in eruption—hot col ored pools—boiling lakes—the deep, brilliant gulf of the Grand Canyon—and big, friendly bears to amuse you. E. E. Blackwood, G. A. 912 Government Street Victoria, B. C. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL