Copra and its products

Title

Source

The American Chamber of Commerce Journal Volume 9 (Issue No. 9) September 1929

Year

1929

Rights

In Copyright - Educational Use Permitted

Fulltext

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

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