Review of the exchange market

Title

Language

English

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 29 REVIEW OF THE EXCHANGE MARKET By Richard E. Shaw Manager, International Banking Corporation The market has been stagnant but the U.S.$. TT selling rate has been firmly maintained at the level of l//8% premium because of the inability of the Banks to secure export exchange in any but limited amounts to cover their gold posi tions. Competition was keen for any bills offer ing at %% premium for 0/D and %% dis count for 60 d/s Credits. Nearly all Banks were buyers of U.S.S TT at %% ready and forward to the end of October. The following purchases of telegraphic trans fers have been made from the Insular Treasurer since last report: Week ending— July 27th................$1,452,000 August 3rd....... 200,000 August 10th....... 400,000 August 17th....... 250,000 Sterling rates have shown practically no fluctuation, with sellers of TT at 2/- 7/16 and buyers at 2/- 9/16. July closed with the New York London cross rate quoted at 485 5/16. The highest point reached during August was 485 5/16 on the 2nd of that month. The rate gradually weakened until on August 30th and 31st it touched the low point for the month, 484 11/16. On July 31st London Bar Silver quotations stood at 24% ready and 24% forward. Rates rose to a high of 24rg ready and 24^ forward on August 22nd and had dropped to 24 A ready and forward at the month end. New York Bar Silver was quoted at 52% on July 31st, was high for August on the 22nd at 52%, was low at 52% on the 7th, and closed at 52% on the last day of the month. Telegraphic transfers on other points were quoted as follows on August 31st: Paris, 12.40; Madrid, 151; Singapore, 114; Japan, 95; Shanghai, 84%; Hongkong, 98%; India, 136; Java, 122%. THE RICE INDUSTRY By Percy A. Hill of Muñoz, Nueva Ecija. Director, Rice Producers' Association future. As for exporting any rice to the United States this is out of the question; ag she herself exports her surplus, she is no outlet for any possible surplus produced here. In reference to any expansion of our rice area,this seems to have reached its limit at present writing except in Nueva Ecija, which has this year about 210,000 hectares under cultivation. Concentra tion must therefore lie squarely on the following factors: (a) Lowering of production costs in cluding transplanting, threshing and transpor tation; (b) increase of yields by irrigation, fer tilization and proper seed selection, as those lands yielding less than 35 cavans per hectare should be eliminated; (c) focus milling demands on specific varieties which give the greatest milling recovery and discard those of thick hulls, small grain and fancy tastes; (d) an accurate crop-estimate service is necessary for co-ordina tion. Imports of rice into the islands for 1928 show that Cebu imports were almost double those shipped direct to Manila from overseas. Take the NEW EMPIRE Companion train to the ORIENTAL LIMITED RAIL COMMODITY MOVEMENTS By L. ARCADIO Acting Traffic Manager, Manila Railroad Company. The following commodities were received in Manila July 26, 1929, to August 25, 1929, both inclusive, via Manila Railroad: 1929 July August Rice, cavans................... 121,937 131,562 Sugar, piculs................... 2,464 1,344 Tobacco, bales............... 36,120 34,140 Copra, piculs.................. 221,100 291,500 Coconuts.......................... 3,226,300 870,100 Lumber, B. F................. 734,400 12,420 Dessiccated coconuts, cases ............................ 12,177 19,926 BUILDER Prices for both rice and palay are sub stantially the same as in last review with steady demand and with a higher tendency, Imports during the past month have been considerable, but prices of rice in overseas export coun tries promise to stiffen during the next three months. Palay prices per cavan at buying terminals are from P4.10to F4.30andriceat consuming centers from P9.15 to P10.30 according to grade which is some 1*2.00 more than for the same period last year. The transplanting of the new crop has been delayed some three weeks, due to lack of timely rains, but is about finished. This late planting will have an adverse effect on the volume of the next crop. Due to the idea of domestic protec tion in rice-consuming countries the following import duties obtain in countries to which any surplus produced by the Philippines might be exported. Our own protective tariff is ap proximately Pl.72 per sack of 57% kilos. Aus tralia has a tariff of approximately Pl.85 per sack; Japan, Pl per sack, and China expects to levy a certain tariff on rice imports in the near NTER America at Seattle via the short Trans-Pacific route —or at San Francisco. Then travel east from Portland or Seattle to Chicago on the de luxe New Empire Builder or its companion train, the Oriental Limited, in 61 *4 hours. Enjoy the kind of service you’d expect only of a fine hotel—yet pay no extra fare! Enjoy 1200 miles of clean, cinderless, scenic travel be hind either oil-burning or electric locomotives—60 daylight miles of CLEAN. CINDERLESS, LUXURIOUS, SCENIC ROUTE Apply to Tourist Agencies or Trans-Pacific Steamship Lines or write J. Wesley Young, Gen’l Agent, Pass’r Dept., 1400 4th Ave., Seattle, Wash. A. H. Hebb, Agent, 916 Government St., Victoria, B. C. Edw. A. Dye, Gen’l Agent, 607 Hastings St., Vancouver, B. G. G. A. Gerken, Gen’l Agent, 679 Market St., San Francisco, Gal. M. J. Costello, West. Traf. Mgr., Seattle, Wash. Cable address: Hillrall it along Glacier National Park. Enroute see the electrified New Cascade Tunnel, longest tunnel in the Western Hemisphere—8 miles through the Cascade Mountains —shortening the distance across America on the Great Northern Railway. And at Chicago make connections with fast de luxe trains for Detroit, Cleveland, Pittsburgh, Philadelphia, New York, Boston, Washington. D. C., and other American Cities. A Dependable Railway IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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