Current Far Eastern trade conditions: based on cables from U.S. foreign commerce officers

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Part of The American Chamber of Commerce Journal

Title: Current Far Eastern trade conditions: based on cables from U.S. foreign commerce officers
Language: English
Source: The American Chamber of Commerce Journal Volume XIII (No. 10) October 1933
Year: 1933
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Fulltext: 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 193; Current Far Eastern Trade Conditions Based on Cables from U. S. Foreign Commerce Officers China. Building in China is active, especially of public utilities in principal cities, and progress along industrial, agricultural and educational lines is noteworthy. Traffic is renewed on the Peiping-Hankow railway, after floods on the Yellow river. Raw cotton imports during the first 7 months of the year fall.below these imports during the same period last year; automobile imports are also off a bit, but up a bit are petro leum products, sulphate of ammonia, printing paper and tinned plate imports. The advance in commodity prices is over coming the advantage of the lower exchange of the American dollar on the import market. The wheat crop is estimated at 10 per cent above last year with result that lower imports of foreign wheat are anticipated. The rice crop is also expected to approximate last year’s large yield while an average cotton crop is estimated. Tobacco acreage increased. The six months’ foreign trade declined compared with the same —From Judge. Oldster. Will you love me when I’m old? Youngster. Sure why should a couple of years make any difference? GORDON rji? y The heart %TVT of a good (jllN cocktail BUCHANAN’S OLD LIQUEUR Scotch Whisky for Good Highballs Kuenzle & Streiff, Inc. SOLE AGENTS Main Office: Branch Office: 343 T. Pinpin 44-48 Isaac Peral Tel. 2-39-36 Tel. 2-17-62 Branches: Cebu, Iloilo and Zamboanga Also distributors for Alhambra Cigars period in 1932 with American trade holding first place and accounting for 20 per cent of imports and 18 per cent of exports. The improved pol itical situation in North and West China is expected to react favorably on economic develop ment of the entire area north of the Yangtze River. The crop outlook is generally good with the exception of the North China cotton crop, reports on which are conflicting with dealers anticipating a decline from last year to the extent of 15 or 20 per cent and other sources estimating a decline of thirty per cent. American goods are recover ing their position in the China market owing to more favorable exchange but firms carrying considerable stocks suffer temporarily with the progressive decrease in the value of United States dollars in terms of Chinese currency. The Shanghai building program continues active. The five per cent customs revenue surtax has been ordered continued for another year begin ning July 1. Shanghai bankers have loaned S500,000 in local currency to the Hunan pro vincial government for reconstruction, road build ing and telephone projects. Thirty technical experts of the Rural Rehabilitating Commission including American agricultural advisors are conferring over methods for improving China’s major crops. Tokyo, Japan. August exports from Japan were 34 per cent above the same month last year and imports showed an increase of 79 per cent in comparison. The largest export increases were in raw silk, cotton fabrics, canned goods and machinery items. Import increases were principally due to raw cotton, iron and steel, wool and ammonia. The balance of trade which is unfavorable to Japan for the first eight months of 1933 totalled 116,000,000 yen. Bond issues during the month under review were heavy. Postal savings declined from July but the number of depositors increased. Sales of Soviet gasoline were disrupting the oil industry. 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 Co. F 281 CALLE CRISTOBAL, PACO MANILA, P. I. Practically all September business activitie were seasonally dull with imports, particularl from the United States, adversely affected b uncertain exchange developments. Retail price were upward in July and expected to advanc further during the current year although th wide spread between wholesale and retail lev>! continues. With better cocoon prices, a prof of two yen per kwan of about eight pounds expected during the year by raisers but th< probable benefits may be offset by a drop in ric . • prices. The rice stock is unusually heavy ano substantial surplus is expected. The fir: • shipment, 11,000 tons, of Russian gasoline und< contract placed in October, laSt year, has arrivec causing a decline in retail syndicate price. Business conditions in Japan during the wee ending September 30. General business ws featureless except for exchange^ fluctuation, which reflected an erratic stock" market an ! weak bond prices. The money market was eas\and there was a tendency to refinance industrial concerns by converting domestic debenture: into new lower interest issues. Retail price ; for August advanced but wholesale prices d< dined slightly. September exports increase/ compared with the same month last year there!: v reducing the unfavorable trade balance for tl ? first ten months of this year. China’s share in purchases of Japanese exports is declining, offset by a proportional gain in Manchuria's share of this trade. Import ordering is impeded by exchange uncertainties. Retail commodity prices during July were slightly lower than June but wholesale prices were somewhat higher. The cotto" i ndustry during the first half year was qui active, consuming 709,000,000 pounds of ra material of which 433,000,000 pounds wei bought from the United States and 221,000,00 ' from India. July exports were below Jui but imports were higher with the favorab balance lower. Automotive trade was actn during July with the outlook better and deman for parts and other automotive equipmei encouraging. The commodity and security markets weal ened with the recent collapse of the New Yoi stock market but declining yen tended to equali; losses. Exports during the first six months • : the current year increased 51 per cent over tl first half of last year with shipments to Ma churia up 400 per cent and those to the Unite’ States up 33 per cent. Total imports advance 1 27 per cent. Importers are at present wit > holding orders pending the possible advance exchange rates. Commodity prices in Tok} o have been advancing since July 1 with the exce— tion of rice which is low due to heavy stock The spring cocoon crop was officially estimate 1 at 400,000 pounds, an increase of three per ce ! over last year. Saigon. The paddy market has been we L sustained by small arrivals, the reserve of selle and good demand from France for rice. Brie. -■ of white rice are approaching levels of a year ag Other buyers are turning to Siam and Burn but activity from France is sustaining the Saige market. Total exports of rice from Saigon f the firet six months of 1933 amounted to 784,0 ;' metric tons compared to 631,000 last year. Singapore. The business outlook is improving as a result of better prices for rubber and im porters are ordering in anticipation of increasi (. purchasing power. Demand for American goo s has been curtailed by the recent price increast -, offsetting the more favorable exchange position Business-attention is focused on the Unit' ' States Recovery program with general outlo< hopeful and interest in American products co tinuing. Rising and fluctuating prices in t United States are reported to be impeding import Batavia. The uncertainty caused by e change fluctuations is deferring business b ■ the lower value of United States dollars is hel ing importers of American goods. The genei business sentiment has improved with the rubbi tin and tea prices. Heavy Japanese competiti' . continues. The steadying dollar exchange at a depreci ■ tion of approximately 25 per cent is stimulati immediate business, and the export situati- '> may be characterized as slightly better. T- 1 government is proposing the enforcement of t import quota system. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNA