Rice Review May 1938

Title

Language

English

Source

The American Chamber of Commerce Journal Volume XVIII (Issue No. 6) June 1938

Year

1938

Rights

In Copyright - Educational Use Permitted

Fulltext

36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1938 RICE REVIEW MAY, 1938 By Dr. V. Buencamino Manager, National Rice & Corn Corporation RICE Under pressure of heavy receipts of cheap rice from the Cagayan Valley coupled with the com paratively heavy liquidation b y p r o d u c ers by reason of th e payment of land taxes and the opening of the school year, the market suffered a little setback amounting to 5<‘ per sack. As a whole, however, the position is highly satisfactory. In the face of such adverse factors prices should have receded substan tially, but sellers showed persistent firm ness, displaying no anxiety to sell at re duced rates. Manifested arrivals by water during the month of May amounted to 35,061 cavanes compared with 20,616 in the pro ceeding month. Receipts by rail also reg istered a moderate increase, being 123,904 against 107,883 in the preceding month. Arrivals, however, by rail during the first five months of 1938 totaled 783,975 cavanes compared with 869,617 cavanes in 1937. We interpret this as a reflection of the reduced crop for 1937-1938 which was more pronounced in the Central Luzon provinces. With stocks running low in the principal centers of consumption and the approach of the planting- season, the trade generally anticipates an improvement in price. While complaints have been received from quarters representing the consuming ele ment protesting against the alleged ex cessive prices of rice, we are of the belief that prices would likely register some more advances. The National Rice and Corn Corporation has consistently adhered to its policy, announced early in the year, of not interfering with the normal course of the rice business. Should at any time, how ever, prices reach a level considered pre judicial to public welfare, it will undertake the task of stabilizing the price within limits mutually beneficial to producers and consumers. Today, the Corporation be lieves that the upper limit has not been reached. The market opened firm with second class Macan selling at P6.35-1*6.45 but closed quietly at P6.30-P6.40. PALAY While an easy undertone prevailed >n provincial markets, holders showed little disposition to liquidate unless hard press ed for cash to meet urgent obligations. Despite the fact that palay quotations in Cabanatuan and other milling centers have suffered a slight recession, it is believed that they arc still above the parity of rice in Manila. Closing quotation in Cabana tuan range from P3.08 to P3.13 per sack of 44 kilos, gross. BY-PRODUCTS A healthy demand for by-products con tinued to be felt and notwithstanding the minor decline registered at the close, this level was nevertheless satisfactory. Tiki tiki No. 1 opened at P2.45 and closed at P2.25. Binlid and other by-products continued to command attractive prices. TOBACCO REVIEW MAY, 1938 By P. A. Meyer RAWLEAF: The harvest of the 1938 crop has been completed in Cagayan and Isabela. Unfor tunately, as far as can be judged by now, the qua lity of the crop leaves much to be desired. Compa rative figures of shipments abroad are as follows; Raivleaf, Stripped To bacco and Scraps Kilos Belgium............. 590 China................. 14,802 France ............... 48 Holland ............. 3,098 Hongkong .......... 33,012 Java ................. 330 Korea ............... 22,165 Straits Settlements ... 497 United States .. 110,616 May 1938 185,158 April 1938 469,676 May 1937 2.379,740 January-May 1938 4,668,981 January-May 1937 7,529,722 CIGARS: Shipments to the United States compare as follows: Cigars May 1928 13,428,682 April 1938 15,388,476 May 1937 11,647,068 January-May 1938 70,374,478 January-May 1937 59,167,097 ALHAMBRA CIGARS continue to be the recognized leaders in QUALITY cigars CORONAS dela ALHAMBRA THE FIELD IS WIDE OPEN Following is an edito rial bit of wisdom from Richard C. "Dick” Wilson of the United Press Asso ciations, reprinted from Manila’s MONDAY MAIL. Growth of the Philippines from an undeveloped, little known colony to a thriving nation standing on the threshhold of acquirR. C. “Dick” Wilson ing independence without having to resort to bloodshed, will unquestionably catch the attention of his torians writing in the next century. The policy of the United States in preparing the Philippines for an autonomous govern ment presents a weird spectacle in a cen tury when the policy of many strong na tions is in the opposite direction, if ManIN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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