Manila Hemp
Media
Part of The American Chamber of Commerce Journal
- Title
- Manila Hemp
- Creator
- Guettinger, Fred
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXVI (No. 3) March 1950
- Year
- 1950
- Rights
-
- Fulltext
- March, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 113 We give below the quotations on the New York Sugar Exchange as of February 23 for Contracts Nos. 4, 5, and 6: Contract No. 4 Contract No. 5 Contract No. 6 March.......................... 4 36 5 05 — May.............................. 4.36 5.12 5.06 July.............................. 4.36 5.17 5.10 September.................. 4 36 .18 5.13 November................... . . . . — — 5.14 January..................... 4.29 March.......................... 4.09 Manila Hemp By Fred Guettinger Vice-P. esident and General Manager Macleod and Company of Philippines Local Market: (a) Domestic Sugar. -- During the month there was little change, quotations for centrifugal sugar, 97° polarization, being reported as P15 to Pl5.50. For washed sugar polarizing 99° quotations ranged from P18 to P18.50, same as in January. (b) Export Sugar. -- In accordance with the tendency in New York, the local export tnarket declined during the month, quotations dropping from P13.85 on February 1 to Pl3.25 at the close of the month. A considerable reduction has been made in the estimate of the current crop which is now placed at 736,808 short tons. This shows very little difference from the production of the previous year. OUR review covers the period January 16 to February 15, 1950. During this period there was a steady decline in prices in all consuming markets. The United States market opened on a weak tone, and remained pretty dull throughout the month. Little business was done. The United States Government is reported to have purchased small quantities for stockpiling. The market closed dull, with no demand and with declines ranging to 1 jf lower than at the opening. New York quotations: Per lb. c.i.f. Jan. 15, 1950 Feb. 15, 1950 Davao I............................... 27—5, 8c 26—5. 8c Davao JI............................. 27-1. 4 26-3 8 Davao G............................... 25-1. 4 25 Non-Davao JI................... Non-Davao G.................... Non-Davao K.................... 25-1 2 20-1 2 16-1 4 24-1 2 19-1 2 15-3 4 N_ew York Year Ago Down It 30e Down 7 8 29-5 8 Down 1 4 26-7. 8 Down Down Down 27-1. 2 22-5 8 15-3 8 Demand from Europe was scattered and in total not large due to lack of dollars. Germany is reported to have received a dollar allocation for approximately 1,000 tons, mostly Non-Davao grades, but at the end of the period World market FOR SELLER For all information con cerning THE CANADIAN INTERNATIONAL TRADE FAIR — please consult FREDERICK PALMER Consul Ceneral of Canada 12 Escolta, Manila FOR BUYER IF YOU’VE not yet completed arrangements for your exhibit al the Canadian International Trade Fair, it would be advisable to do so now, without delay. You can show what you sell—and sell what you show—to world busi nessmen from Canada, the Uniteci Slates, and many other countries. It is a most economic al and effective way to establish new business connections. Business visitors from every country find that the Trade Fair offers a double opportunity— (a) to the businessmen or industrialist who is looking for new ideas and equipment for ' his office or plant—(b) to wholesalers, re tailers, importers and jobbers who wish to purchase goods for profitable re-sale. Canadian InternationalIhideJair MAY 29 —JUNE 9, 1950 * TORONTO, CANADA OROKATID TO TNT PROMOTION OF INTERNATIONAL TRADI RY TNI OOVERNMINT OF CANADA 114 AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1950 under review only a small portion of its requirements had been bought. SCAP continued to buy quite heavily and sales from the latter part of December when buying was resumed - to mid-February are probably close to 40,000 bales. Prices in the Philippine provincial markets remained fairly steady until about the middle of the period, when they began to gradually decline without keeping pace with the decline in consuming markets. Philippine provincial quotations: Per Picul—Basin Loose Jan. 15, 1950 Feb. 15, 1950 Change Year Ago Davao I................ ............. P62 P60.50 Down Pl .50 P69 Davao JI............. ........... 61 59.50 Down 1 50 67 50 Davao G............... 54 53.50 Down .50 60 Non-Davao JI... 54 50 52.50 Down 2 60.50 Non-Davao G. . ............. 41 39.50 Down 1 50 47.50 Non-Davao K ............. 29 27.50 Down 1 .50 29 Pressings during January were 54,116 bales— the offered other than that the fields have at long last recovered from the effects of the December, 1947, typhoon. It is a regrettable fact that new areas planted to abaca in the Bicol region during the post-war period are almost nil. Unfortunately, no figures are available that would give an idea of the newly-planted areas in the Davao districts. Any attempt to name a figure would be pure guesswork, but it seems fairly safe to assume that the year 1950 will bring out considerably more Davao hemp than last year. Enlarging upon the brief remarks made in last month’s report regarding 1949 production, we give below some tables showing comparative figures of production and highest since May, 1948. The increase over December, 1949, is 3610 bales; and over the corresponding month last year, 7319 bales. The increase in Davao pressings amounted to 3544 bales; in Camarines, Albay, and Sorsogon, 5242 bales; while production in all other Non-Davao grades registered a decline of 1467 bales. Davao pressings in January were 22,822 bales; Camarines, Albay and Sorsogon, 14,966 bales; and all other Non-Davao, 16,328 bales. The month of February promises to show up with a production at least equal to January production—if not surpassing it by a few thousand bales. If the output of these two months means anything, production for 1950 may equal 1948 production, or even go beyond it. The increase in the Davao districts undoubtedly may be attri buted to new plantings coming into production; while for the increase in the Bicol provinces no explanation can be Grand Total exports in the post-war years: Production. 1949 1948 In Bales 1947 1946 Davao................................................... 224.737 206,768 352.822 256.962 Bicol (Camarines, N. and S.. Albi and Sorsogon) ............................. Leyte and Samar........... All other Non-Davao........................ Abaca decorticated (Davao)............ ,y 111,234 104,198 73,551 10,866 156,815 105,383 108,498 9,144 234.718 104,185 95,040 9,429 80,741 44,476 9,075 Total Abaca............................... 524,586 586,608 796,194 391,254 Maguey................................................ Ramie.............................. 12,847 27,301 424 60,254 644 942 729 537,595 614,333 857,092 392,925 Yearly average production, 1916 to 1940, in round figure*. . . Year of highest production, 1929................................................... 1,200,000 bale* 1.590,343 bale. Abaca Eiports — By Destinations United States and Canada . . Continental Europe............ Japan............................................ United Kingdom................ China................................... South Africa............................... India....................................... Australia and New Zealand South America....................... 1949 1948 In Balta 201,139 94,910 90,230 41,650 15,536 4,127 3,325 1,914 452,831 587,624 1947 750.854 ^National Qity T>ank Travelers Checks If you’re wise you’ll make reservations for hotels, train berths, ships, planes to avoid a spoiled trip. Why take chances with your travel money? Carry National City Bank Travelers Checks and protect yourself against theft or loss. Y our money refunded if lost or stolenNCB Travelers Checks faithfully guard your funds wherever you travel—at home or overseas, and save you needless worryBecause NCB Travelers Checks are backed by America's greatest World Wide Bank, they are known and accepted everywhere. In denom inations of S10, $20, $50 and $100—good until used. THE NATIONAL CITY BANK OF NEW YORK lirit in World Wide dlanling Branches in the Philippines MANILA Slain Branch: Juan l.una St. Port .Irea Branch: 13th Street PAMPANGA: Clark Field CEBl : Cebu City