August sugar review
Media
Part of The American Chamber of Commerce Journal
- Title
- August sugar review
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume 9 (Issue No. 9) September 1929
- Year
- 1929
- Rights
-
- Fulltext
- 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1929 AUGUST SUGAR REVIEW By George h. Fairchild New York Market: —Contrary to expecta tions, the circulation in New York of the news regarding Cuba’s “sin gle seller” arrangement was followed by a de cline in sugar values and during the latter part of the week end ing August 2, business was at a standstill with a quotation for Cubas at 2-1/16 cents c. and f., equivalent to 3.83 cents 1. t. Holders’ anxieties to dispose of their stocks before the 31st of the month, on which the single selling agency was rumored to take effect, materially contributed to the decline in prices. Cuban holders however were reluctant sellers at prices below 2-1/16 cents c. and f. and there were no pressure from that quarter. Two clouds appeared in the horizon of the New York market, namely the proposal to intro duce a sliding scale of sugar duties in the U. S. Tariff, and the opposition of certain New York bankers interested in the Cuban sugar industry to the proposed central sales’ control. Although there were no sellers of Cuban sugar at less than 2-1/16 cents c. and f. 3.83 cents 1. t.) Porto Ricans reduced their prices to 3.77 cents 1. t. On the other hand, September shipment Philip pine sugars were nominally worth 3.90 cents 1. t. In the third week, the market became firmer and on the 15th there were buyers of Cubas at 2-1/16 cents c. and f. The abandonment of the sliding scale proposal was officially announced and the Finance Com mittee recommended to the Senate a full duty rate of 2.75 cents per pound, or 2.20 cents per pound for Cuban 96°. The market in the fourth week opened and closed at 2-1/16 cents c. and f. (3.83 cents 1. t.), intervening prices being 2.00 cents c. and f. without fluctuations. In the last week, the market, being over shadowed by the imminent prospect of the Cuban single selling agency coming into force, was unsettled and irregular. At the opening of the week, present shipment Porto Ricos were sold at 3.77 cents 1.1. Sales to refiners of Cubas for late September and October shipments were effected at 2-1/16 cents c. and f. (3.83 cents 1. t.) The visible stocks in the U. K., U. S., Cuba and European statistical countries are 3,407,000 tons as compared with 3,136,000 tons at the same time last year and 2,926,000 tons at the same time in 1927. Futures. Quotations on the New York Ex change during August fluctuated as follows: High Low Latest -September.... .. 2.17 1.97 2.06 December.. .. .. 2.25 2.09 2.17 -January......... .. 2.26 2.13 2.18 March........... . . 2.30 2.20 2.23 May.............. .. 2.36 2.27 2.29 July............... .. 2.42 2.34 2.36 Philippine Sales. During the month of Aug ust, sales of Philippine centrifugals in the At lantic Coast—afloats,— amounted to 5,500 tons at a price of 3.77 cents 1. t. as compared with sales amounting to 10,000 tons at prices ranging from 4.05 cents to 4.27 cents 1. t. Local Market:—Small transactions in cen trifugals were effected at P9.50 in the second week. Exporters were quoting P9.00 to P9.35, at which prices, holders were indisposed to sell their small present-crop stock. In the last week, exporters’ quotations ranged from P9.00 to P9.25, at which they were unable to attract any of the small stocks of sugar, as Chinese dealers would pay P9.35. There were little or no tran sactions in the muscovado market during the month. Crop Prospects. According to the reports of the Research Bureau of the Philippine Sugar Association, prospects for next year’s crop are not as bright as last year’s due to the unfavor able weather conditions during the month under review both on Luzon and Negros. In all parts of Negros, rainfall was excessive in August, the rains not only being rather conti nuous but on some days torrential. As an ex ample, in one period of 24 hours Bacolod received 9.6 inches of rain and on the same day HawaiianPhilippine received 7. 4 inches of rain. TalisaySilay on one day received 8.5 inches, while La Carlota received 7.00 inches of rain. This was greatly in contrast to last year when many planters were complaining of drouth. Unless very fine weather prevails in September, October and November, it is considered probable that the crop on Negros will be considerably below that of last year. It is hoped, however, that this may be partially compensated for by an improvement in weather conditions between now and harvesting. The cane in the Laguna-Batangas districts is Here’s how to get Manilas! Genuine Manila Hand Made Long Filler Cigars are obtainable in your city or nearby! List of Distributors furnished upon request to— C. A. BOND Philippine Tobacco Agent: 15 Williams St. New York City or Collector of Internal Revenue Manila, P. I. Manilas will satisfy your taste! somewhat behind this time from that of a year ago, so that there is a slight decrease in estimates as compared with last year’s production. Up north, in Bulacan, Pampanga and Tarlac the stand of cane is uniform and looks as good as last year’s. The superiority of the newly intro duced varieties, particularly B-147, N. G. 24A and M-1900, over the native varieties, is notice able in the stand of the foreign cane which is far advanced. In places where the native cane is very much affected by rust, it can be seen that the foreign varieties standing side by side with the native, have remained free from the disease. Philippine Exports. Exports of sugar from the Philippines for 1928-1929 crop, from Nov ember 1, 1928, to August 31, 1929, amounted to 639,937 tons, segregated as follows: Metric Tons Centrifugals.......................... 609,752 Muscovados.......................... 22,945 Refined................................ 7,240 Total.............................. 639,937 Java Market:—The Javan market was re ported as steady at more or less unchanged quo tations which were as follows: Per P. I. picul f. o. b. Superiors—Spot..................Gs. 12-5/8— P6.83 September...... “ 12-3/4— 6.89 Oct.-Nov.-Dec................. “ 13-1/8— 7.09 Jan.-Feb.-March............. “ 13-1/2— 7.28 Origins of the Roman Catholic Church (GIBBON—Continued from page 21) inheritance of whatsoever prerogatives were attributed either to the person or to the office of St. Peter. The bishops of Italy and of the prov inces were disposed to allow them a primacy of order and association (such was their very ac curate expression) in the Christian aristocracy. But the power of a monarch was rejected with abhorrence, and the aspiring genius of Rome experienced from the nations of Asia and Africa a more vigorous resistance to her spiritual, than she had formerly done to her temporal, dominion. The patriotic Cyprian, who ruled with the most absolute sway the church of Carthage and the provincial synods, opposed with resolution and success the ambition of the Roman Pontiff, artfully connected his own cause with that of the eastern bishops, and, like Hannibal, sought out new allies in the heart of Asia. If this Punic war was carried on without any effusion of blood, it was owing much less to the modera tion than to the weakness of the contending prelates. Invectives and excommunications were their only weapons; and these, during the progress of the whole controversy, they hurled against each other with equal fury and devotion. (Continued in October) The Philippine Guaranty Company, Incorporated (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, .Receivers, Guardians, etc. We also write Fire and Marine Insurance Low rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instal ments at low interest Call or write for particulars Room 403, Filipinas Bldg. P. O. Box 128 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL