Reviews

Media

Part of The American Chamber of Commerce Journal

Title: Reviews
Language: English
Source: The American Chamber of Commerce Journal Volume 6 (No. 7) July 1926
Year: 1926
Rights
Fulltext: 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL July, 192G THE RICE INDUSTRY By Percy A. Hill of Munoz Nueva Ecija, Director, Rice Producers' Association, Prices for palay at the shipping points have advanced tc 1’4.40, which, we may add, is a very good price for the produ cer this year. As a consequence, the pri ces of rice have pro portionately a d - yanced to P9.60 to P9.90 per sack of 125 pounds according to class. Unless excep tionally adverse weather conditions■ensue rice will advance but very little more dur ing the period to next harvest. Stocks of Indoasian rice are still large; there is a considerable holdover. Throughout the central Luzon plain favorable weather conditions point at pres ent to a good start for the 192G-27 crop. Land preparation is well underway with seed beds planted at an opportune time, The drought of last year enhanced, of course, the price of the cereal, and its long continuation has no effect whatsoever on the new crop—unlike sugar and hemp. Rice, being a seven-months crop, is of course affected by seasonal changes, but not to the same extent as the four export crops, hemp, sugar, coconuts and tobacco. Data supplied by the bureau of agricul ture, while not accurate, relying as the bureau must upon municipal estimates, are about the only thing we have in crop esti mates. The Chinese have their own crop reporting system with a view to price re gulation, and they may be said to have mere knowledge as to this cereal than any one else. The bureau, however, lumps in the years together instead of using the agricultural year known to farmers. A rice crop planted in 192G is harvested in 1927, hence the agricultural year should be 1926-27. Still, the bureau’s estimates are to be preferred to the census joke book, which was made for a certain purpose of its own and during the period we lived in the clouds. While we do not have the bureau of agri culture’s estimates for the 1925-26 crop, an analysis of their figures which we do have certainly leads to no optimism as re gards the gains of the rice producer. As a matter of fact, as local statistics are supplied the bureau on the total area under cultivation, a great part of this area naturally, in other than principal rice pro ducing regions, is for the broadcast varie ties which ripen early and have a very low yield. If the bureau had kept to the trans planted varieties the yield would, of course, be much higher—although still the lowest in the orient in spite of our higher edttcat io n. Below we give the yield per hectare in cavans of palav (rough rice) for the period 1920 to 1925: Year Year 1920 1921 1922 1923 1924 1925 Cavans of Palav /lr. Per Hectare 23.92 cavans 24.39 25.52 25.52 23.25 24.51 Average G yrs. 21.51 cavans This is an exceptionally low average yield for our chief Philippine crop. As we have previously published in the Journal, it takes some 20 cavans of the average crop to pay expenses; it can readily be seen that there is very little profit in the average crop above quoted. However, as the volume produced for food crops outside the rice region is to blame for this low average, in the Luzon plain the general average can be estimated to be some 35 cavans per hectare, and in Nueva Ecija over 40 cavans —in some cases running as high as 70 cavans in favorable localities. Among the more intelligent producers there is a movement underway to adopt the thin-hulled varieties in an effort to better the industry. Many of the best yielding varieties have an extremely coarse hull which adds to weight and not to substance. This movement is a hopeful sign, especially as it comes from within the industry and not from any outside source. It spells progress. BOOKKEEPING LAW VOID The Philippine law requiring merchants’ books to be kept in English, Spanish or a dialect has been declared unconstitutional by the United States supreme court and Governor General Wood in common with legislative officials talks of framing a new law that will really be lawful. None speaks of devising a tax that would be practical, in lieu of the sales tax which all believe evaded to the extent of millions a year. The situation remains tangled, the govern ment clinging to its method and the law standing in the way of equitable enforce ment. There are more than 12,000 Chinese merchants in the islands and less than 1,500 Spanish, English and American mer chants. Chinese are estimated to do about 80 per cent of the business of the islands. They were paying at the time the records were revealed to the court 20 per cent of the income tax and 39 per cent of the sales tax, or about 22 per cent of both taxes, other nationalities paying the other 78 per cent. The Chinese however make out a good case for themselves. They cooperate with other nationalities in the united peti tion of chambers of commerce of the is lands to the legislature to abolish the sales tax altogether. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL July. 1926 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 LUMBER REVIEW FOR MARCH SHIPPING PERSONALS The lumber mar ket remains firm. The amount ex ported for the month was 4,998,536 board feet valued at P710,331 as compared with 3,655,728 board feet valued at P318,456 for the corres ponding month of last year. The amount of lumber exported this month is smaller than that of last month but the money value is much bigger. This shows that a higher grade of lumber was shipped this month. The following table shows the lumber export for May, 1926: Timber and Lumber Export May, 1926 Destination Board Feet Value United States ......... China ....................... Japan ...................... Australia ................ Great Britain ........ 2,655,088 1,044,736 626,248 608,440 64,024 P525.332 85,935 49,806 43,728 5,530 4,998,536 P710.331 Total The demand for Philippine lumber in the markets in the United States and China remained about the same as last month while those of Japan showed a greater ac tivity. Great Britain, on the other hand, imported considerably less this month com pared with last month while Australia manifested the same tendency although not in so very pronounced a manner. The activities for May of the 16 more important mills in the islands are shown by the following table. These figures, com pared with the corresponding figures for the same month last year, bear out once more the prediction made by this office some time during the latter part of last year that the export trade for 1926 would be more active than that of 1925. It can be seen that the output for May of this year is double of the output of May last year: 1926 1925 Activities of 16 May May Mills_________ Board Feet Board Feet Lumber Shipment . 12,952,845 Lumber Inventory . 21,372,143 Mill Production .. . 12,942,207 5,758,281 11,580,412 6,096,179 TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Manufacturing Co. RAW LEAF: Prices for all grades show a marked downward tendency because most fac tories are reluctant to contract old par cels in view of the approaching n e w crops of Cagayan and Isabela, the quality of which is reported to be supe. rior to last year’s. The pronounced continuous dullness of the export business is another factor depress ing local quotations. Shipments abroad during June were as follows: Leaf Tat,area and scraps Australia ........................ 288 China ............................... 21,217 France ............................. 183 Holland ........................... 18,418 Hongkong ....................... 21,387 Japan .............................. 31,533 Spain ............................... 210,120 Straits Settlements........ 3.550 Trieste Transit ............. 235 United States................. 13,512 353,833 CIGARS: Comparative figures for the trade with the United States are as fol lows : June, 1926 ................. 17,148,262 May, 1926 .................. 17,581.906 June, 1926 ................. 18,111,200 FIRESTONE BILL NOT DEAD The bill embodying the proposals made by Harvey Firestone, Jr. when in the is lands a few months ago may yet be con sidered by the legislature. If passed it means the possibility of American capital entering the rubber-growing industry here, as it will amend the land restrictions for this purpose. The Filipino chamber of commerce has endorsed it, the supreme council has toyed with it as if to reject it •finally—and the legislature, with a wet finger in the political air. hasn’t deter mined which way the wind is blowing. GORDON’S DRY GIN The leading Gin all over the world When ordering a “Martini” Cocktail, be sure to call for a “Gordon’s” Martini Cocktail. Should you want the benefit of our 20 years’ experience in Dry- Cleaning Dyeing Laundry, AND MOTH-PROOFING SERVICE ------- a RING UP —— Sanitary Steam Laundry Company, Inc. 918 Arlegui, Tanduay THEY KEEP GOOD COMPANY Whenever you see a car equipped with Goodyears, you recognize a car owner who has real ideas of sound economy. The fact of the matter is, whether you want regular tires or Balloons, clincher or straight side, medium priced or low priced—you can't beat That's why more people ride on Goodyear tires than on any other IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL July. 1926 SHIPPING NOTES SHIPPING REVIEW By H. M. CAVENDER General Agent, Dollar Steamship Line Since our last re port the freight situation in the Philippines has lit tle to offer in the way of news. Ex ports are low and the freight market naturally quiet. Rates remain the same; no changes of unusual import ance having occur red during the month. First class passenger travel held up well during June but an early fall-off in the heavy travel from the Philippines which has prevailed during the past six months is fully expected. This is not unusual, as July and occasionally June sees the break, AMERICAN ORIENTAL MAIL LINE MANILA VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Manila PRESIDENT MADISON.......................July 24 PRESIDENT JACKSON.............................Ave 5 president McKinley................................. Ave- >6 PRESIDENT JEFFERSON.............................. Aug. 29 PRESIDENT GRANT.......................................Sept. 10 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS MANILA TO SEATTLE with the beginning of what might be term ed a slump. October is expected to bring in the heavier first-cabin travel season. Filipino emigration during June held up far better than expected; 597 went to Honolulu and 817 to the Pacific coast. By way of comparison it is indeed interesting to watch this movement of Filipinos into the United States. During 1922, 6594 went to Honolulu with only 207 to the coast; in 1923, 6814 went to Honolulu and those to the coast increased to 531; in 1924, 7969 went to Honolulu while those to the coast more than trebled the number of the previous year. During 1925, 7221 left for Honolulu and 2102 for the coast. It is noticed that very little variation occurs in the number to Honolulu, while a rapid steady increase is seen in the statistics covering those going to the United States mainland. During the six month period ending June 30, 2321 sailed for Honolulu which is more than 1000 emigrants under the four pre vious years. During the same six months 3206 went to the United States. This fig ure exceeds the total for 1925 by more than 1000 and gives a splendid illustration of the ever increasing movement of Filipinos to the motherland. In the shape of Manila harbor improve ments, Pier Number Seven was completed July 1 following a construction program of seven years. Manila now has a pier, re puted by those who claim to know, second to none in the world. Pier Seven accommodatesifour of the largest ocean-going pas senger vessels, such as the President type, at a single time. Passenger accommoda tions throughout are the very best and facilities for the expeditious handling of freight compare with the most modern and best known. Construction is under way looking to a fifty-foot apron on both sides of Pier Five. OXYGEN Electrolytic Oxygen 99% pure HYDROGEN Electrolytlo Hydrogen 99% pure ACETYLENE Dissolved Acetylene for all purposes WELDING Fully Equipped Oxy-Acetylene Welding Shops BATTERIES Prest O Lite Batteries OPERATED FOR ACCOUNT OF U. S. SHIPPING BOARD BY ADMIRAL ORIENTAL LINE MANAGING AGENTS PHONE 22441 24 DAVID Philippine Acetylene Co. 281 Calle Cristobal MANILA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL July. 1926 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 When this is completed cargoes will move over this pier as rapidly as the high record set at Pier Seven. Work on the new south breakwater has been started by the Atlantic Gulf and Paci fic Company. This company has contract ed with the bureau of public works to con struct a wall of rock and masonry of about 1150 meters directly out from the ruins of Fort San Antonio de Abad. The contract calls for the delivery of 10,000 tons of material during each month June, July, August and September, then 20,000 tons per month until a total of 200,000 metric tons are in place. It is said that when this contract is compl >ted about half the proposed addition to he present break water will be in place. The balance, in cluding the closing of th? present entrance to the inner harbor, will be completed after the completion of dredging and when further funds are made available. The ultimate completion of the sea wall program will create an inner harbor much safer for both large and small craft dur ing typhoon weather and reduce the present rate at which the harbor silts in as the result of the south being completely open to the weather. From statistics compiled by the Associa ted Steamship Lines, there were exported from the Philippines during the month of May, 1926: To China and Japan ports 22,152 tons with a total of 37 sailings, of which 7,077 tons were carried in American bottoms with 13 sailings; to Pacific coast for local delivery 17,406 tons with a total of 11 sailings, of which 17,387 tons were carried in American bottoms with 10 sail ings; to pacific coast thence overland or in tercoastal 1,285 tons with a total of 10 sail ings, of which 1,281 tons were carried in American bottoms with 8 sailings; to Atlantic coast ports 48,220 tons with a DOLLAR STEAMSHIP LINE SERVES THE WORLD ROUND THE WORLD 24 Calle David Telephone 22441 High-class Passenger and Freight Service The President Liners Offer SAILINGS SPEED—SERVICE-COURTESY—COMFORT SAILINGS EVERY Excellent Food, Comfortable Cabins, Broad Decks, EVERY 14 DAYS eAmerican Orchestra, Dancing, Swimming Pool, 14 DAYS Sports. To SAN FRANCISCO To BOSTON-NEW YORK via SINGAPORE, PENANG, COLOMBO, HONGKONG, SHANGHAI, KOBE, SUEZ, PORT SAID, ALEXANDRIA I i YOKOHAMA and HONOLULU NAPLES, GENOA, MARSEILLES Round—the—World I NEXT SAILING NEXT SAILING PRESIDENT TAFT - - July 14th PRESIDENT HARRISON - - July 23rd PRESIDENT WILSON - - - July 28th PRESIDENT VAN BUREN - - Aug. 6th 1 THROUGH RATES TO EUROPE Stopovers will be granted which permit the making of 1 Railway Tickets to all points in America. interesting side trips at various points. total of 17 sailings, of which 21,748 tons were carried in American bottoms with 7 sailings; to European ports 9,865 tons with a total of 12 sailings of which 137 tons were carried in American bottoms with 2 sailings; to Australian ports 1,486 tons with a total of 4 sailings, none of which was carried in American bottoms; or a grand total of 100,414 tons with 91 sail ings, of which American bottoms carried 47,630 tons with 40 sailings. PERSONALS Captain and Mrs. Robert Dollar are on another jaunt around the world, having sailed from Seattle June 15 on board the President Grant, first of the five passenger liners recently purchased by the Admiral Oriental Line from the United States Ship ping Board. The senior Dollars are ex pected in Manila the end of July or dur ing August. No definite itinerary has yet been announced. The governor-general announced June 23 the appointment of Mr. Vicente Madrigal a member of the Manila harbor board to fill the vacancy made by the resignation of Mr. Mariano Yenko. Mr. Madrigal, the head of one of the largest Filipino local and foreign shipping ventures, is well known to shipping row and should prove a real asset to the important body of which he is now a member. Mr. McHutching, general manager in the far east for Alfred Holt’s shipping inter ests, more commonly known to us as the Blue Funnel, was a visitor in Manila dur ing the week ending June 19. The Manila visit was one in the interest of his company and an annual occasion. CRYSTER IN CHICAGO Many readers of the Journal will remem ber Mr. and Mrs. C. A. Cryster, formerly in Manila, where Mr. Cryster represented the Dearborn Chemical Company. They are now in Chicago and Mr. Cryster is a mem ber of the firm of Cryster and Pask, engine ers, Tribune Tower, 435 North Michigan Avenue. In a letter to the Journal, through which he keeps in touch with the Philip pines, he says his work may involve an oc casional trip to the orient that will, jf course, include the Philippines. | | SUGAR LOANS HIGH—GOOD CROP | Debts of the six sugar centrals financed by the Philippine National Bank now ap proximate P50,000,000 and the acting bank manager has said that of P2,000,000 in terest money this year no more than half is expected, which would be part of the proceeds of the 1925-26 season, a very poor one. There are prospects of a large crop this season. The planters of Negros .prevailed upon the government to permit them to import 5,000 work carabaos from Indochina, which aroused local breeders to protest and resulted in the most thorough airing the work-animal question has ever received. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL July, 1926 REVIEW OF THE HEMP MARKET By I, L. Spellman Macltod & Compan a The following re port covers the Ma nila fibre market for the month of June with statistics up to and including June 28. U. S. GRADE'S: The 1st of the month found the U. S. market quiet with sellers offering on the basis of JI 10%<t, I 11%(? and F The market for the first half of the month was generally firm with a fair amount of buying. However, the manufacturers con fined their purchases largely to housemarks and special grades. By the 15th sales had been made on the basis of JI 10%C, I 12’/2C and F 13 The market remained from steady to firm throughout the month and closed with sales having been made on the basis of JI IK, I 13C and F 13%c. The demand from the consumers throughout the entire month while limited was steady and a fair amount of hemp changed hands. At the beginning of the month Manila shippers were apparently uninterested and quoting nominal prices as E P30.4, F 28.4, G 22.—, H 15.—, I 26.4, JI 23.—, SI 28.—, S2 26.— and S3 23.—. The first week the market was extremely dull and a number of parcels sold at prices below these quota tions. By the 10th of the month the market was better and a few good parcels wer? sold on the basis of E P32.—, F 31.—, G 23.—, H 16.—, I 28.4, JI 24.—, SI 29.—, S2 27.4 and S3 24.—. From then on until the end of the month the market remained firm with the exporters taking hemp from their regular customers at market prices which gradually improved. The market closed with sales having been made on the basis of E P34.—, F 32.—, G 24.4, H 16.—, I 30.—, JI 26.—, SI 31.—, S2 29.— and S3 25.4, with the usual varia tions in price on the different parcels. The navy asked for bids which were opened but the award was not made im mediately. A week or ten days later all of the bidders were notified that their hemp had been accepted. This took off the mar ket a considerable amount of hemp and INSURANCE Atlas Assurance Co., Ltd. London Fire and Marine Insurance The Continental Insurance Co. New York Fire and Marine Insurance E. E. ELSER Suite 400 to 407 Kneedler Building P. O. Box 598 Cable Address—“EDM1L,” Manila Phones 129 & 22429 accounts for the firmness of the Manila market and in turn affected the prices in the U. S. market. U. K. GRADES: On the 1st o the month sellers were offering on the basis of J2 £38.10, K £30.—, L £31.— and M £27.—. There was practically no business in the U. K. and very little on the continent. Dur ing the first week the market was extremely dull and prices sagged about 10/— a ton 1ut the shipping houses were not anxious to do business at these prices. During the second week of the month the market was slightly firmer and prices got back to J 2 £39.10, K 30.—, L 31.10. By the 25th of the month the market was firm on account of the dealers and speculators buying. Some hemp was sold on the basis of J2 £41.—, K £31.—, L £32.— and M £28.10. From then on until the end of the month the market was steady but with less busi ness and closed with nominal quotations at J2 £40.10, K £31.10, L £32.— and M £28.—. The market in Manila for the lower grades opened with buyers on the basis of .12 P17.50, K 13.25, L 14.— and M 12.25 but the demand was entirely for the better parcels. Toward the middle of the month there was slightly more demand and prices moved up to a basis of J2 P19.—, K 14.—, L 14.6 and M 12.6. From then on to the end of the month the market remained fairly steady with prices fluctuating from 2 to 4 reals depending on the parcel. At the end of the month the market seemed to be fairly steady and sales were reported to have been made on the basis of J2 P19.4, K 15.—, L 16.— and M 13.—. These were no doubt a few parcels suitable for the Jap anese market. FREIGHT RATES: All steamship rates remain unchanged and apparently the steamship lines have stopped quarrelling among themselves over the freight rates to Japan. Their differences of opinion were highly profitable to the hemp shippers while they lasted. STATISTICS: We give the figures for the period extending from June 1 to June 28 inclusive. Stocks in the islands remain practically unchanged from last month. It is interesting to note that Japan has taken almost twice as much hemp during the first six months of this year as she did last year. Stocks— January 1 ..................... Rcpts. to June 28......... Stocks June 28 ............. 1926 Bales 153,181 650,486 204,136 1925 Bales 131,228 598,524 178,389 The Employers’ Liability Assurance Corporation, Ltd. London Fire, Plate Glass, Automo bile and Accident Insurance Orient Insurance Company of Hartford Fire Insurance Shipments To June 28 To— 1926 (Bales) United Kingdom . Continent ............ Atlantic, U. S. . . Pacific, U. S. ... Japan ................. Elsewhere & Local 135,627 78,379 169,711 66,079 109,818 39,917 To June 29 1925 (Bales) 178,362 60,678 143,654 71,176 58,825 38,668 599,531 551,363 Totals 60,000 CHILDREN IN SCHOOL The enrollment in the city public schools approximates 60,000, including 7,403 in the high schools. Teachers employed number nearly 1,400. There are 1,700 pupils on the waiting lists who cannot as yet be en rolled owing to the overcrowding of clas ses, which is not permitted. There are practically enough vacant seats in the various schools to accomodate all the wait ing children, but they are not in the schools for the districts where the children live or those convenient for them to attend. THE WHITE HOUSE GROCERY FANCY AND STAPLE GROCERIES Prompt and Courteous Service The only grocery in Manila with modern slicing machine. 349 ECHAGUE PH0NES 22102 Philippine Guaranty Company, Inc. (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 Liberal conditions ocal Investments oans on real estate repayable by monthly or quarterly Instalments at ow Interest Call or write for particulars Room 403, Filipinas Bldg. P. O. Box 128 Manila, P. I. Manager's Tel. 22110 Main Office Tel. 441 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL July, 1926 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 COPRA AND ITS PRODUCTS By R. K. Zercher Copra Milling Corporation May arrivals were 245,000 bags, as reported. J une arrivals were 268,000 bags or 55 per cent more than the June average for the past three years. The June market opened up at P14.25 to P14.375 for resecada copra and ad vanced to P14.75 by June 17, due to a favorable coconut oil market. From that date, due to adverse news on the oil market in the U. S. and a weakening of the London copra market, local copra prices declined rapidly as much as one peso per picul. Laguna-Tayabas copra still holds its level of from P.50 to P.75 above the Manila market. River copra has been plentiful and is offered freely at P13.75 to P14.00 in the closing days. Buying is not heavy. Buyers ideas are P12.50 for buen corriente and P13.75 for resecada, and the tendency is downward. The London market showed some strength up to the middle of the month when L-28/17/6 f.m.m. was quoted, but by the end of the month had declined 12 shillings. Arrivals of copra in Manila continue to be very heavy and a larger quantity is ex pected in July. Closing quotations were: London —L-28/5/0 f.m.m. U. S. A. —5%(‘ West coast Manila —P13.75 resecada COCONUT OIL During the early days of June the mar ket was reported firm although no spot bus iness was reported, of any consequence. A small f.o.b. June tank car sale was made at 1014 cents and a September tank car sale at. 9% cents. Buyers began to hold off and sellers were asking prices prevailing in the opening days. No business was done and the ominous silence was broken just past the middle of the month with news of a flat market with no buyers. Competing oils and fats had weakened and manufacturers were turning to cheaper oils. The market remained in this condi tion up to the close of the month. Information For Investors Expert, confidential reporte made on Philippine projecte ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric projecte OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON Co. Cebu, P. I. Cable addreee "YP1L,” Cebu Closing quotations were: London —No quotation U. S. A.—9C West coast f.o.b. tank cars Local —P.42 per kilo COPRA CAKE The copra cake market has declined dur ing the month probably due to arrivals in Hamburg which already carried heavy stocks from May. Opening prices were L-7/15/0 c.i.f. Hamburg. Towards the end of the month sales were made at L-17/18/9 but the market immediately declined to L-7/15/0 and closing quotations were four shillings lower. Locally there was considerable buying for export principally by speculators. While the bulk of local sales were made at P50 to P52, sales were made at P54.50 ex warehouse and sellers were asking more. The forward market is reported at L-7/17/0 for October. Due to mishaps of vessels, space for July is likely to be limited. The U. S. market is inactive or not as attractive as the European market. Closing quotations were: Hamburg —L-7/11/0 Local —P52.00 to P54.00 U. S. —No reports. Manila, July 2, 1926.___ __________ r;u hermanos isi escolta For More Than 27 Years Discrim inating men have found that we do the best tail oring and have the largest selection of good suitings. New York-Paris-Manila 12 Escolta Phone 706 REVIEW OF THE EXCHANGE MARKET By Stanley Williams Manager, International Banking Corporation. U. S. dollar tt which was quoted at 17< to 1%% pre mium on May 29 was unchanged until June 5 when the rate was called 1%% premium all round and the mar ket was steady at this level until a day or two before the close, when there were again possible sellers at 1% premium. The mar ket closed on the 30th at a nominal 114 % premium with probable sellers at 1% for round lots. The insular auditor’s reports received to date show purchases of New York exchange from the insular treasurer as follows: Week ending June 5.. . .$200,000.00 ” ” ” 12.... $650,000.00 ” ” ” 19. .. .$375,000.00 Sterling tt was quoted at 2/0 3/8 on May 29 and remained unchanged throughout the month of June with l/16th better of fered for forward deliveries. Sterling 3 m/s credit bills were quoted at 2/1-1/16 with 3 m/s d/p bills at 2/1-3/16 throughout the month. The New York London cross rate closed at 486-9/16 on May 29 and remained steady throughout the month of June, fluctuating between a low of 486-7/16 on the 1st, 2nd and 3rd and a high of 486% on the 14tH, 15th, 25th, 26th, 28th, 29th and 30th. London bar silver closed at 30-1/16 spot and forward on the 31st and this rate was the low for the month of June on the 1st, 3rd, and 4th. The high rate for the month was 30-9/16 spot 30% forward on the 17th and the market closed at 30-3/16 spot and forward on June 30. New York silver closed at 65 on May 29 and the low for the month of June was the same rate on June 1. Touching a high of 66% on June 17th, the market closed at 65‘/j on June 30. Telegraphic transfers on other points were quoted nominally at the close as fol lows : Paris 16.40 Madrid 165% Singapore 115 Japan 95% Hongkong 112 % Shanghai 68% India 135 Java 122 QUARTER MILLION APARTMENT HOUSE The Kneedler Realty Company has ac quired the property at 825 M. H. Del Pilar for P80.000. The lot comprises 3,490 square meters. This property was formerly a portion of the Francisco Gutierrez estate. The Spanish mansion house is being demol ished, and a 24-apartment house costing P250.000 is to take its place. The lot ex tends to Dewey' Boulevard, where additio nal meterage is being acquired from the city. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL July, 1926 JUNE SUGAR REVIEW By George H. Fairchild N. V. MARKET. There was little change in the spot market for last month. The first fortnight was char acterized by a dull, depressed market, with small sales of Cubas at prices ranging from 2-11/320 to 2%C. The market steadied slightly at the be ginning of the latter half of the month, prices for Cubas reaching 2-7/160, equiva lent to 4.210 landed terms, this being the highest sale price for spot recorded in June. During the last week prices for Cubas declined again to 2-5/160. Latest advices, however, showed a favorable turn of the market due to a steadier demand with fair sales of Cubas at 2%0. New York is of the opinion that forced sales due to deterioration of stocks and the apparently large visible supplies have shaken the confidence of buyers who be came hesitant, fearing that prices had not reached the bottom. There is much en couragement in the reports that foreign countries in Europe and the orient have been buying considerable quantities of Cu bas at current prices. These foreign pur chases should reduce the visible supplies which, according to statistical data, have been abnormally large. From the following statistical data, it is evident that the present depression of su gar prices .was due to overstocking the world over: World’s Production Year Willett & Gray 1922 ............................. 17,622,000 1923 ............................. 18,153,000 1924 ............................. 20,116,000 1925 ............................. 23,649,000 1926 (Est.) ................. 24,833,000 Average .......... 20,874,600 It is to be noted, however, that the stocks in the so-called statistical countries, where reliable data were available, were less than 20% of the world’s stocks. Whether or not the data reported from other countries were reliable, is an open question upon which depends the future course of prices. As in the previous month, futures on the New York exchange followed the trend of the spot market. Quotations are as folHigh Low Latest July ......... 2.45 2.38 2.41 September ..'. 2.58 2.51 2.53 December ..... 2.72 2.66 2.71 March ........ . 2.74 2.71 2.74 Sales of Philippine centrifugals, near arrivals and afloats, were made at prices ranging from 4.1 K to 4.30(f landed terms. The market for refined reported quiet and dull. Latest advices received, however, in dicated some improvement in the refined market. The report of a favorable fruit crop in the U. S. might have had favorable effect upon the refined market. LOCAL MARKET. For the first three weeks of the month, the Iloilo market for centrifugals was reported quiet, with small parcels changing hands on the basis of P10.50 per picul. During the last week, local exporters purchased considerable par cels of centrifugals at P10.625 per picul. According to information recently re leased by the Philippine Sugar Associa tion, with the exception of two centrals, Manapla and Victorias, which are still grinding, the milling season is over with a total outturn of approximately 380,000 metric tons, or about 24% less than the previous crop. Details of this production by centrals as compared with previous crops are as follows: Central Asturias ......................................................... Bacolod-Murcia ............................................. Bais ............................................................... Bearin ............................................................ Binalbagan .................................................... Calamba ......................................................... Carmen (Calatagan) ................................... Del Carmen ... ........................................... El Real .......................................................... Hawaiian-Philippine .................................... Isabela............................................................. La Cariota...................................................... Ma-ao ............................................................. Manapla (latest est.) ................................... Mindoro .......................................................... Pilar ............................................................... San Carlos...................................................... San Fernando ................................................ San Isidro ...........'......................................... Talisay-Silay ................................................. Victorias (latest est.) ................................... Others ............................................................. Totals ................................ . . ............... Weather conditions have been favorable to the young cane during the month with occasional rains falling at intervals. Should this continue until harvest time, a substan tial crop is expected. Advices from Negros reported the ap pearance of a small swarm of locusts at World’s Stocks Sept. 1—Lamborn 5,075,000 4,456,000 5,269,000 7,162,000 8,574,000 6,107,000 Stocks “Statistical Countries” —Licht & W. & G. 1,232,000 1,195,000 937,000 1,562,000 2,772,000 1,540,000 La Castellana, evidently coming from Cebu. The prevailing weather is favorable for locust outbreaks from endemic areas, and the necessary steps should be taken by the government and private agencies to prepare themselves to meet the impend ing menace. With proper preparation and material no serious damage is anticipated even though the invasion should be ex tensive. It is rumored that there may be two more favorable prospects for the erection of centrifugals mills. The muscovado planters of the province of Batangas are eager to see a central erected at Balayan, and the Elizaldes are said to be behind the project. Another sugar project re ported is that in Ilocos Norte, where con siderable muscovado sugars have been pro duced since the Spanish regime. The sugar planters, of that province are forming an association for the purpose of establishing a centrifugal sugar mill in that district. Shipments of Philippine sugars to various countries from January 1 to June 26, 1926 are as follows: Kinds of Sugar U. S. Pacific_____ U. S. Atlantic China & Japan Total Centrifugal .............................. 45,018 219,425 264,473 Muscovado ................................ • 50,319 50,319 Refined ..................................... 869 869 45,917 219,425 MISCELLANEOUS. Stocks in the U. S., U. K., Cuba and the five principal Euro pean countries at the end of the third week of June were 4,125,000 tons as against 3,220,000 tons for 1925, and 2,630,000 tons for 1924. The latest estimate of the increase in the world’s production of sugar for the 1925-26 crop issued by Willett & Gray, has been 1925-26 1924-25 (Metric 1923-24 Tons) 1922-23 5,970 8,974 3,554 1)86 18,685 31,329 18,702 14,087 15,134 25,010 12,154 8,186 5,570 8,883 6,603 3,035 22,548 29,055 23,640 14,644 25,666 26,093 25,486 11,857 3,873 3,257 3,333 1,942 43,486 49,287 25,250 25,231 3,354 1,898 737 639 22,365 44,528 27,881 18,649 16,210 19,255 11,810 6,027 37,311 50,127 34,261 29,027 20,016 33,272 24,525 16,985 25,300 23,761 14,845 7,533 4,044 5,496 4,654 3,470 1,960 2,214 — — 22,307 29,404 15,868 12,537 26,683 25,730 11,352 18,451 4,946 6,549 3,847 1,265 15,641 34,687 22,732 14,583 18,000 23,743 12,619 9,594 19,953 16,739 12,328 7,572 379,022 499,291 316,181 226,298 reduced to 691,575 tons from a previous estimate of 1,183,350 tons given a month ago. Following a quiet and dull market dur ing the first part of the month, the Java market again showed some activity toward the end of the month, considerable quanti ties of superior sugar for future delivery having changed hands. Latest quotations are as follow: Superiors, f. o. b. June, Gs. 12 (P10.34); July, Gs. 11 (P9.50) ; Aug./ Sept., Gs. 10% (P9.27); Oct./Nov., Gs. 10% (P9.38). Manila, July 3, 1926. INSURANCE . FIRE, MARINE, MOTOR CAR. F. E. ZUELLIG, INC. Cebu Manila Iloilo Myers-BuckCo., Inc. Surveying and Mapping. PRIVATE MINERAL AND PUBLIC LAND 230 Kneedler Bldg. Tel. 161 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL