Copra and its products

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Part of The American Chamber of Commerce Journal

Title: Copra and its products
Language: English
Source: The American Chamber of Commerce Journal Volume XVIII (Issue No. 6) June 1938
Year: 1938
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Fulltext: 42 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1938 Kenneth B. Day UNDERWOOD SUNDSTRAND ADDING MACHINES COPRA AND ITS PRODUCTS by KENNETH B. DAY AND LEO SCHNURMACHER Leo Schnurmaciier May was a very lethargic month. All over the world prices of commodities gen erally were dropping slowly and copra pro ducts were no exception. Prices already were so low that considerable selling re sistance developed against additional de clines, but world conditions were bad and gradually prices reverted to April lows, which were the low points of the year. COPRA—The production of copra in May as unexpectedly heavy and receipts in Manila and Cebu were not only far greater than those for April but were particular ly large as contrasted with May, 1937. In were 69% greater ONLY 10 numeral KEYS on the remarkably, simple Sundstrand Keyboard. Any one can do your figuring quickly and accurately. Ask for a Demonstration UNDERWOOD ELLIOTFISHER SALES AGENCY 30-32 Escolta Manila Sole Distributors SMITH BELL & CO., LTD. Cebu — Manila — Iloilo Manila May receipts and in Cebu 24% greater than those of May, 1937. At the close of the month pros pects for an excellent 1938 copra crop were of the best, with unexpected calamities and a price for copra low enough to curtail pro duction the only uncertain factors. The trees were in good condition with rainfall satisfactory and the nuts were setting in nicely. As reported a month ago, at the close of April the copra market was consider ably steadier than it had been in the mid dle of the month with buyers bidding P6.00 fox- Manila resecada and sellers holding off, hoping for bettei- prices. This condi tion continued with practically no trading until about the 10th of the month when sellers who had been holding for P6.50 and buyers, who were only quoting P6.00, met on a common ground of P6.25 and a considerable selling wave developed in the Manila district. Thereafter there was anothei- period of quiet with buyers still in terested at P6.00 until along toward the 20th of the month when the market com menced to weaken owing to the impossibil ity of selling oil in world markets, and prices declined to a point where at the end of the month buyers were hesitant about paying even P5.25. During this period large sellers were not interested and while LUZON BROKERAGE Derham Building MANILA Port Area CO., INC. P. O. Box 591 Tel. 2-24-21 Licensed Customs Brokers Heavy Trucking Foreign Freights Contractors Forwarders Warehousemen business was done on a certain amount of the way down, the large part of the sell ing of the month occurred between the 10th and 15th. At the very end of the month sellers had made up their minds that co pra would not improve and were getting ready to do a little selling at between P5.25 and P5.50. In Cebu, which is largely an export mar ket, the condition was considerably differ ent and local prices were sustained at higher levels due to the fact that Cebu merchants had oversold themselves earlier in the year and were in a position to cover up at better than Manila equivalents. Cebu prices, therefore, ranged nearly 50<* higher than those of Manila, but toward the end of the month it was felt that most out side commitments had been covered and that sellers would have to be prepared to do business at lower levels. During the entire month provincial prices were considerably higher than equivalents at large centers, but the spread was be coming smaller as the month ended. In the Cebu district the demand was very largely for sundried copra, which was the quality in demand in foreign markets, par ticularly in Europe. The European market was the best out side copra buyer, but at the same time was disappointing in that instead of remaining steady as had been anticipated in April it began to ease off, and from a high of £11/6/— for sundried in Northern Euro pean ports dropped to a low of £9/15/—, a substantial drop. This drop was count eracted very slightly by an additional de crease in the copra freight rate to Europe, which was dropped from 66/6d to 62/— as of May 26th. This decline in Europe was stimulated by heavy offerings from the Dutch East Indies and Straits Settle ments, combined with the critical political situation in Europe, which made business precarious. On the Pacific Coast copra declined from a high of 1.95<* to a low of 1.67-1/2<J with some business done all the way down. (Please turn to page 44) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 44 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1938 You get comfort when you sail on these ships equipped with all the latest facilities including talking picture ma chines to bring you your fa vorite screen stars; masonite dance floors; roomy, air-con ditioned cabins; and magnifi cent bars! Wholesome appe tizing meals are served and the traditional Elizalde ser vice will make your days on the high seas... Tops! Write to Elizalde & Co., Ine. for your reservations! Let the Elizalde Tourist Bureau plan a delightful two-week trip of beautiful sceneries and complete relaxation for you on the luxury ships “LANAO” and “BISAYAS.” total of 94 sailing (Average 2782 tons per vessel of which 28,332 tons were carried in American bottoms with 10 sailings (Average 2833 ions per vessel). With carried In American Mile 01 Which bollomt ■ilh To Toni Silllngi Toni tailinga China & Japan 95,906 49 776 5 Pacific Coast Local 24,666 16 12,222 6 Pacific Coast Overland Pacific Coast 733 8 337 4 Intercoastal Atlantic & Gulf 1,146 7 102 3 Ports 123,908 31 14,359 7 European Ports All other 12,744 15 47 1 ports 2,456 26 481 3 A Grand Total of 261,559 tons with a Copra and. . . (Continued from page 42) During the second half of the month two successive sales of copra were made to Mexico at the Coast equivalents of 1.95<J and 1.90<! respectively, which figures were unattractive to Pacific Coast buyers. In view of the general uncertainty, however, Pacific Coast mills did not buy heavily dur ing May. Shipments for the month totalled 20,000 tons with the proportion destined for Eu rope larger than for several months past. Copra stocks on hand at the end of the month were approximately double those available at the same period in 1937. Statistics for the month follow: Arrivals—Manila, 411,902 Sacks Cebu, 389,064 ” Shipments— Metric Tons Pacific Coast ........................... 8,777 Atlantic Coast ......................... 1,524 Gulf Ports ............................... 3,054 Europe .................................... 6,629 China and Japan ................... 164 Other Countries ....................... 145 Total ............................. 20,293 Stocks on hand— Beginning End of of Month Month Tons Tons Mamila ............. . 29,581 34,117 Cebu ............... . 31,227 33,346 COCONUT OIL—At the beginning of the month oil was being offered in New York at 3-1/4 cents c.i.f. and on the Coast at 3-1/8 cents f.o.b. with not much interest on the part of buyers in either position. As the month wore on some little business was done at these prices, but large con sumers were not interested because they were very ,well covered for their imme diate and near future requirements. The Coast demand was from small refiners, but lagged off before the middle of the month to occasional transactions at 3 cents f.o.b. During the last half of the month, buyers reduced their ideas and by the end of the 223 Dasmariiias Line VESSEL N D L SCHARNHORST SEA PEIPING HAL KOLMERLAND D S S L P. GARFIELD HEAL MEERKERK Manila Hongkong Batavia ♦Haiphong Jun 28 Jul 5 Jul 10 Jul 10 Jul IS G & S GLENAFARIC Jul 19 N D L POTSDAM Jul 26 D S S L P. ADAMS Aug 7 HAL DUISBURG Aug 7 HEAL SEROOSKERK Aug 15 N Y K HAKOZAKI M. M M ATHOS II P & O RAJPUTANA B F ANTENOR L T C. VERDE E A L J 8 CHILE P & O RANCHI P & O NALDERA B F HECTOR N Y K SUWA M. CONN. STR. Jul 2 „ Jul 7 „ Jul 9 Jun 29 Jul 16 CONN. STR. Jul 16 Jun 25 „ Jul 23 ,, Jul 27 „ Jul 30 M M M. JOFFRE CONN. STR. Jun 23 M M J. LABORDE „ Jul 21 W L TRITON Jul 15 C R DESIRADE »Jul 11 C R C. ST. JACQUES *Aug 8 N L R D M M. VAN ST. A. CONN. STR. Legend— DSSL —Dollar Steamship Line P&O —'Peninsular & Oriental BF —Blue Funnel Line NYK —Nippon Yusen Kaisha MM —Mcssageries Maritimes LT —Lloyd Triestino NDL —Norddeutscher Lloyd CR —Chargeurs Reunis EALJS—East Asiatic Line—Japan Service month oil was being offered without suc cess in New York at 3 cents c.i.f. and buy ers’ ideas on the Coast were not over 2-5/8 cents f.o.b. for prompt shipment with the possibility of 1/8 cent better for early 1939 deliveries. The volume of business done during May was relatively small and the outlook for substantial consumption of coco nut oil during the second half of 1938 was anything but promising. Shipments during May totalled 12,500 tons, which is considered light. Statistics for the month follow: Shipments— Metric Tons Pacific Coast ........................... 1,515 Atlantic Coast ......................... 9,335 Gulf Ports ............................... 1,264 Europe .................................... 320 China and Japan ................... 113 Other Countries ..................... 23 Total ............................. 12,570 Stocks on hand— Beginning of Month Tons End of Month Tons Manila and Cebu 17,425 15,802 COPRA CAKE AND ME AL—'The co pra cake market, which was very dull dur ing the last half of April, showed signs of improving shortly after the middle of May, and advanced to a. point where business could be done at as high as $33.00 (Please turn to page 46) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 46 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1938 SAILINGS MANILA to U. S. TRANSPACIFIC 223 Dasmarinas, Manila Courtesy— EVERETT TRAVEL SERVICE f 4-96-76 [ 4-98-91 For Rates _ . See Llne Table VESSEL Leave Leave Hong- Shangkong hai Dairen Leave •Naga- Kobe Yoko- Honolulu Arrive Victoria ’Portland Van couver Arrive Arrive Seattle San. Fran. Los N. York Angeles W. Orleans KL GRANVILLE 16 SL S1LVERBELLE 6 NYK TATSUTA MARU 9 NYK TAIYO MARU 14 BF IXION 4 DSSL P. COOLIDGE Jun 22 Jun 26 Jun 25 Conn. Str. Conn. Str. Jun 14 Jun 25 Jun 30 Jun 21 Jun 13 Jun 21 Jun 27 Jul 4 Jun 23 Jul 1 Jun 15 Jun- 24 Jun 30 Jul 5 Jul 13 'Aug 2 ’Jun 28 Jul 23 Jul 18 Jul 22 Jul 17 Jun 30 Jul 3 Jul 14 Jul 14 Jul 16 Jul 18 Jul 21 6 CPR E. of RUSSIA 8 CPR E. of JAPAN 16 CPR E. of ASIA 4 DSSL P. COOLIDGE 7 DSSL P. CLEVELAND Jul 4 Jul 18 Aug 1 Jun 26 Jul 12 Jul 8 Jul 10 ’Jul 12 Jul 22 Jul 24 Aug 5 Aug 7’Aug 9 Jul 16 Jul 14 Jul 27 Aug 11 Jul 4 Jul 20 Jul 16 Jul 29 Aug 13 Jul 5 Jul 21 Aug 4 Jul 13 Jul 29 Jul 25 Aug 9 Aug 22 Jul 25 Aug 9 Aug 22 Jul 18 Jul 22 15 DSSL P. WILSON 6 AML P. JACKSON 9 AML P. JEFFERSON 20 NYK CHICHIBU MARU 21 NYK TATSUTA MARU Jul 26 Jul 30 Jul 5 Jul 19 Conn. Str. Conn. Str. Aug 3 Aug 4 Aug 12 Jul 10 Jul 12 Jul 24 Jul 24 Jul 26 Aug 7 Jul 13 Jul 15 Jul 23 Aug 9 Aug 11 Aug 19 Jul 25 Aug 8 Aug 18 Aug 21 Jul 29 Jul 31 Aug 25 Aug 27 13 KL CORNEVILLE 25 BF 2 ML ANNA MAERSK 17 ML NIEL MAERSK Jul 22 Jul 26 Conn. Str.Jul 14 Jun 24 Jun 27 Jul 24 Jul 27 Jul 21 Jul 4 Aug 3 Jul 27 Jul 30 Jul 8 Jul 12 Aug 7 Aug 11 Aug 23 Aug 17 Aug 13 Aug 15 Jul 26 Aug 12 Aug 26 Sep 13 1 SL BENGALEN 12 SL DJAMBI 14 SL MANOERAN Jun 23 Jul 13 Jul 26 •Jul 13 •Aug 16 •Aug 29 Jul 18 Jul 23 Aug 10 Aug 5 Aug 22 Aug 17 Legend— CPR—Canadian Pacific DSSL—Dollar Line AML—American Mail Line NYK—Nippon Yusen Kaisha FL—Fern Line BL—Barber Line KL- -Klaueness Line BF—Blue Funnel ML—Maersk Line SL—Silver Line • “Fernglen” 3270 to $290 t “Niel Maersk & Gertrude Maersk” $266 Copra and. . . (Continued from page 44) c.i.f. Scandinavian ports with the local equivalent around P43.00 f.o.b. These pri ces did not last for long, nor was there a great deal of business done and by the end of the month the prices had dropped back to $31.50 with buyers not interested except in very late positions. At the very end of the month it was reported that the copra cake freight rate would not be in creased prior to January 1st, 1939, thus giving the mills here an added lease on life of three months. The Pacific Coast meal market was practically dead. There were a few scattering bids in at as high as $26.00 c.i.f. Coast, but, as usually happens at this time of year, there was no appreciable demand for Philippine copra meal in the Pacific Coast market. Shipments of cake and meal totalled nearly 11,000 tons, of which nearly 8,000 tons was in the form of cake to Europe, chiefly to Scandinavian ports. Neither buyers nor sellers were very active in May, sellers being in a comfort able position and buyers preferring to wait unt:l their needs should be more apparent. Statistics for the month follow: Shipments— Stocks on hand 1 Beginning End of Pacific Coast .. ... 2,925 Metric Tons in Manila and 1 of Month Month Europe ............ 7,976 ” Cebu ............... 8,669 Tons 6,211 Tons 10,901 Metric Tons (Please turn to page 48) Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE & GRILK Phone 2-16-61 Port Area IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1938 RAIL COMMODITY MOVEMENTS By LEON M. LAZAGA Traffic Manager, Manila Railroad Company FREIGHT REVENUE CAR LOADING The volume of commodities received in Manila during the month of May 1938, via the Manila Railroad Company are as follows: Rice, cavanes............................ 122,172 Sugar, piculs............................ 342,502 Copra, piculs............................ 187,597 Desiccated Coconuts, cases .. 28,021 Tobacco, bales.......................... 1,864 Lumber, board feet.................. 804,966 Timber, kilos...............................1,514,000 SUMMARY COMMODITIES NUMBER OF FREIGHT CARS FREIGHT TONNAGE 1938 1937 1938 | 1937 Kice ........ 589 7,800 8.073 131 91 1,542 8.891 438 302 13.652 Sugar Cane ................ 14 206 Copra ... 451 247 3.649 1.713 106 71 1,089 696 Molasses . 79 2.381 Hemp . . . 7 4 39 27 Tobacco . 13 80 92 Livestock 31 5 169 20 Minora! I’ 418 3.633 4.080 <1 Timber .. 171 127 3.810 2,880 Forest I’r< 8 68 Manufactui All Others including 261 225 3.064 3,227 L.C.L. 2.702 2.776 18.325 17,177 TOTAL ........ ~ 5.326 4?957 66.920 50.640 Increase or Decrease Cars "( 78) 40 136 ( 14) 204 35 ( 79) 3 3 26 80 44 7 36 ( 273) 376 4,761 ( 206) 1.936 393 ( 2.381) 12 ( 12) 149 ( 447) 930 57 ( 188) __ 1.148 6.280 The freight revenue car loading statistics for four weeks ending May 21, 1938, as compared with the same period of 1937 are given (right): ( 74)^ 369 Week ending April 30, 1.251 1 1,267 I 12,163 14,879 15.145 1 13,850 1 13.339 13.051 10,400 ( 16) 87 52 246 1 (1.687) 1,540 2,094 4.333 May 7, ., ,. 14. .. 21, 1,293 1.367 1.415 1.206 1,315 1,169 TOTAL . 5.326 | 4,957 1 56.920/ 1 50.640 I 369 |' 6,280 NOTE Figures in parenthesis indicate decrease. Copra and. . . (Continued from page 46) DESICCATED COCONUT—The desic cated coconut market was practically with out change during the month. Production was a trifle heavier than in April and business in the United States slightly bet ter with prices unchanged. Desiccated mills were not buying nuts heavily, which reflected itself in additional copra from desiccated districts available for Manila oil m 11s. In New York stocks of desiccated on hand were beginning to move a little, but the situation was still somewhat top heavy at the end of the month. Shipments of desiccated for May total led 2,412 tons. GENERAL—At the end of May general conditions in the copra and oil trade were most unsatisfactory. Copra was selling for definitely less than its true cost of production. Buyers of oil, although feel ing that present prices were eminently reasonable, were well stocked up and not anxious to take on additional commitments. Freight carriers of oil, copra, and cake were short of cargo and were soliciting trade. The whole situation was unpromis ing, and buyers and sellers alike were un certain as to what they will have to face during the months to come, although nearly everybody was agreed that prices are about as low as they can be expected to go. BUSINESS AND PROFESSIONAL DIRECTORY A Tip to the Thrifty The Malate Taxi Cab Co. offers you A Special Discount on your taxifare Obtain Coupons at The Malate Taxi Cab Co767 Dakota Tel. 5-69-66 i JI t CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description P. O. Box 1394 • Telephone 2-20-70 J. A. STIVER Attorney-At-Law—Notary Public Certified Public Accountant Administration of Estates Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. Philippines Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. AMERICAN CHAMBER OF COMMERCE JOURNAL P. O. Box. 1638—Manila—180 David RATES Philippines .... P4.00 per year United States . . . $2.00 ” ” Foreign Countries . $3.00 ” ” IN RESPONDING TO ADVERTISEMENTS PI.EASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL