Rice review
Media
Part of The American Chamber of Commerce Journal
- Title
- Rice review
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XVIII (No. 11) November 1938
- Year
- 1938
- Rights
-
- Fulltext
- 52 THE AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1938 RICE REVIEW OCTOBER, 1938 By Dr. V. Buencamino Manager, National Rice & Corn Corporation RICE The downward trend of the market reported last month continued during the period under review as a result of the NARIC announcement of September 30th that it will re duce its ]price from P6.65 to “In view of the fact that the harvest is well under way in the southern provinces and new palay is already being sold in the market, and considering that practically all the stock of palay which is still in the hands of middlemen and dealers is no lon ger of the producers, and that, according to latest information there is no longer very much stock remaining of native rice of the old crop, the NARIC has decided to reduce its selling price to P6.50, or P0.15 lower, per cavan of 57 kilos, net, beginning October 8, 1938. It is intended to lower the price further the latter part of October when the early crop of rice in Luzon will be harvested. This notice is given ahead of time from the effectivity of the new price so as to allow dealers who have purchased stock at present prices a reasonable time within which to protect their interests.” Trading in the exchange became dull and purchases from the beginning of the month until the 8th, narrowed down to immediate consumption requirements. The sale of NARIC rice registered a sudden fall; then a sharp increase developed from the 8th when 13,511 sack were sold. NARIC sales averaged 9,097 sacks daily until the end of the month. In some instances, the NARIC had to limit the sales to its dealers because the mill output could not keep up with the demand . of the public. The NARIC officials felt that since a shortage was inevitable, it was, therefore, impera tive to send a representative to Saigon to canvass the market and to purchase a suf ficient supply to meet the requirements necessary to stabilize prices. As a result, Saigon imported rice was sold to the public on October 13 at P6.50 per sack of 57 kilos, net. NARIC agencies in Aibay, Camarines Sur, Leyte, Samar, Cebu and Central Luzon provinces reported brisk sales. Whenever no NARIC agency exists, prices soared to unreasonable levels. The NARIC, there fore, sought the cooperation of municipal and provincial officials to requisition rice thru their municipal treasurers to lower prices within the reach of the masses. NARIC sales in Manila during the month amounted to 181,933 sacks with a money value of Pl,202,198.11. Total ar rivals during the month amounted to 155,370 sacks or a decrease of 81,757 sacks from the previous month. Comparative statistics may be gleaned from the follow ing figures: P6.50 per cavan of 57 kilos, net, effective October 8th. The announcement is as fol lows: 1937 1938 Months Monthly Total Monthly Total January .. .... 184,758 . 194,586 February .... 171,115 . ........ 191,100 March .... 186,530 . ........ 166,453 April .... .... 176,831 . ........ 107,882 May ........ .... 150,383 . ........ 123,954 June ........ .... 158,499 . ........ 125,092 July ........ .... 203,269 . ........ 176,599 August ... .... 143,276 . ........ 169,677 September .... 132,115 . ........ 237,127 October .. ...: 122,348 . ........ 155,370 TOTAL 1,629,124 .......... 1,647,840 Arrivals from the Cagayan Valley de clined considerably from 31,186 sacks in August, 11,941 sacks in September to 6,992 sacks in October. This is a definite sign that supply in Cagayan and Isabela has greatly thinned. NARIC prices after Oc tober 8, were as follows: ex-bodega f.o.b. Steamer or Railroad Car (Per sack of 57 kls., net) Macan No. 2 P6.50 P6.53 Saigon P6.50 P6.53 Ramay No. 2 P6.45 P6.48 PALAY There has been a very limited trading in palay during the month under review. Most mills in Central Luzon except where milling of NARIC palay was done have been prac tically at a standstill. Since the prices of rice were lowered to P6.45 and P6.50 for Ramay and Macan or Saigon, respectively, palay quotations dropped from 20c to 30<J for all varieties. Current quotations: Macan No. 2 ... P3.00 to P3.15 per sack of 44 kilos. BY-PRODUCTS Prices of binlid, tiki-tiki and mata-mata have advanced considerably as private millers suspended their milling operations due to lack of palay. Since the NARIC has almost a monopoly of these by-pro ducts, it has fixed the prices as follows: Binlid No. 1—P3.55 per sack of 50 kls., net. Binlid No. 2— 3.15 „ Tiki-tiki 1— 2.25 „ Tiki-tiki 3— 1.25 „ ,., „ 45 Mata-mata 1— 1.65 „ ,„ „ 45 Mata-mata 2— 1.30 „ FOREIGN MARKETS Latest reports from Saigon revealed a weaker undertone as prices ranged from piastres 7.13 to 7.17, or equivalent to P4.02P4.04 per sack of 57 kilos, net, f.o.b., Sai gon. This will be about P7.26 per sack of 57 kilos, when we add P2.85 for customs duties, 28< for freight and insurance and 10c* for handling and transportation ex penses. Siam indicated a similar down ward tendency. Comparative prices of Saigon rice for the last three months; August—P4.21 per sack of 57 kilos, net, f.o.b., Saigon. September — P4.26 per sack of 57 kilos, net, f.o.b., Saigon. October — P4.03 per sack of 57 kilos, net, f.o.b., Saigon. TOBACCO REVIEW OCTOBER, 1938 By P. A. Meyer Rawleaf: Pur chase of the 1938 crop in Cagayan and Isabela has practically term inated. Compara tive figures for shipments abroad are as follows: Rawleaf, Stripped Tobacco and Scra/m Kilos Belgium ..................................... 22,984 China ........................................ 23,030 Guam ........................................ 2,584 Holland ..................................... 928 North Africa ........................... 112,760 Straits Settlements ................. 1,490 United States ......................... 221,580 October, 1938 ......................... 385,356 September, 1938 ....................... 221,263 October, 1937 ........................... 645,401 January-October, 1938 .......... 5,953,640 January-October, 1937 .......... 11,968,519 Cigars: Shipments to the United States compared as follows: October, 1938 ........................... 16,640,055 September, 1938 .................... 18,810.242 October, 1937 ........................... 20,428,920 January-October, 1938 ......... 157,484,122 January-October, 1937 ......... 151,116,093