Copra and coconut oil

Media

Part of The American Chamber of Commerce Journal

Title: Copra and coconut oil
Creator: Rice, William S. Jr.
Language: English
Year: 1954
Rights
Fulltext: AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1954 the opinion that it would be highly advisable if the exemption from tariff duties were to cover a broader description of manufactures of wood. The reason is that it is quite possible that in the years to come there will be opportunities to manufacture some other articles for which a demand might be created in the United States but which might not be effectively marketed if tariff duties were levied upon them. We would, therefore, recommend that the tax exemption be worded in a more general description; such as for instance: 3. Also, it would be well to remember that there is art important potential field for exporting to the United States veneer and or plywood manufactured in the Philippines out of Philippine woods. At present Japan is exporting to the United States large quantities of veneer and plywood, using Philippine woods as raw material, and we believe that in the course of time Philippine veneer- and plywood-plants will be improved and many of the unfavorable economic factors affecting the present situation will be corrected so as to permit the Philippine raw material to be processed in the Philippines. The manufactured articles might then be exported directly to the United States and in that eventuality, it would be well if Philippine exports of veneer and or plywood were not subject to tariff duties. Manila, August 24, 1954. Respectfully submitted, (Sgd.) A. de las Alas President Copra and Coconut Oil By William S. Rice, Jr. Copra Buyer, Philippine Manufacturing Company THE September market was generally steady, and the overall tendency of prices was upward for the first month since January. The immediate cause of rising prices seems to have been European shorts, covering. Their activity was abetted by lack of expected Indonesian copra offerings in Europe and rumors of actual Indonesian sales direct to China. Also, there was evidence that Philippine production had passed its annual peak and could be expected to decrease gradually for the remainder of the year. On the other hand, various other factors moderated the effect of the firmness arising out of European buying interest. American stocks of copra and coconut oil were above normal for this season of the year, and afloat ship ments of copra and coconut oil continued to press American markets. Therefore American buyers did not display much active interest. Even though off slightly, Philippine production continued at high levels, and local sellers had good quantities of copra available for immediate delivery. Copra and Coconut Oil Prices High Low Close Copra: West Coast, c.i.f. per short ton......................... $162.50 $152.50 $162.50 Europe, c.i.f. per long ton, Sept.-Oct.............. $182.50 $173.00 Europe, c.i.f. per long ton, Oct.-Nov............... $183.00 $174.00 $182.50 Manila, fresh, 30-day delivery, resecada basis, per 100 kilos, at bodegas.............................. P28.50 P27.00 P28.50 Coconut Oil: West Coast, c.i.f. per pound, 60-day................ 11-3, 4^ 11-1, 8^ 11-5/8^ East Coast, c.i.f. per pound, 60-day................ 12-1/4 11-1/2 11-7/8 Copra Cake and Meal Prices. The anticipated price improvement did not develop. Large shipments of Fiji Island cake to the American West Coast were credited with depressing that market. Prices had declined $5 at month-end to about $56 per short ton c.&f. West Coast. The immediate prospects for better prices are not very good because large quantities of October and November production are reported to be unsold. Following recent active buying, European buyers appear satisfied for the moment and display little buying interest now. October, 1954 AMERICAN CHAMBER OF COMMERCE JOURNAL 389 Copra Statistics (In long tons) PHILIPPINE COPRA AND COCONUT OIL EXPORTS Copra Exports: July August September United States............. 26,887 35,117 24,304 Europe........................ 33,150 35,200 40,534 Other countries......... 11.934 11,000 8,350 MANILA AND CEBU COPRA ARRIVALS (In metric tons) Manila Cebu Manila and Cebu 1954 1953 1954 1953 1954 1953 13,038 8,448 10,490 12,682 28,528 21,130 11,674 7,741 14,218 13,029 25,892 20,770 10 356 6.897 14.170 17,991 24,526 24,888 10,300 8,305 13,926 13,880 24,226 21,685 14,529 9,202 19,307 10,164 33,836 19,366 13,601 10,541 19,464 14,462 33,065 25,003 17,578 13,620 23,889 18,182 41,467 31,802 19,025 14,641 26,845 20,413 45,870 35,054 17,091 17,027 21,510 19,779 38,601 36,806 Total............... 71,971 81,317 73,188 ’ Coconut Oil Exports: United States............. 5,823 6,495 V.663 Other countries........ — — — Total............... 5,823 6,495 7,663 REMEMBER THE FOLKS AT HOME! A box of February March. . April.. . . May.... Se/tember Totals. February........ March............. April................ May................ July............ September.... Total. Percentage 1954/53 135.0% 124.7% 98 5% 111 7% 174.7% 132.2% 130.4% 130.9% 104.9% 127.192 96.422 168.819^ 140,582 296,011 236,504 125 2% 1954/53 131 6% 152.3% 121.4% 114 8% 178.6% 157.8% 128.2% 131.1% 114.4% ins) * Indonesian Copra 1954 1953 15,116 14,230 17,644 18.884 23,210 19,559 20,673 17,258 36,726 5,854 21,465 17,266 Exports 1954/53 106""’ 93 118 119 627 124 2% 4% 7% 8% 4% 3% CIGARS put up in attractive holiday packing is a much appre ciated CHRISTMAS PRESENT. The cigars can be mailed direct from the factory or delivered from our New York stock, to any place within the United States. Your personal card can be enclosed. PRICES for shipment from Manila by ordinary parcel post, (including postage, the U. S. Internal Revenue Tax to be paid by recipient): 633,291 474,463 133 5% ’Includes coconut oil exports converted to copra. Production and Future Prospects. Philippine ex ports and arrivals at principal ports show a downtrend from the August peak and tend to indicate the onset of the usual seasonal decline in production. Nevertheless, the figure indicate current production is still ahead of that for the same period last year. There has been a corre sponding upward turn in the price which may be expected to continue through the rest of the year. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation Shape Packing Per Box CORONAS 7” SUMATRA 25’s Boite Nature P12.40 id 7” 25’s Boite Nature 11.15 CORONAS SUMATRA 25’s Standard 11.15 id id 50’s Boite Nature 19.75 CORONAS 25’s Standard 9.90 id 25’s Boite Nature 10.40 id 50’s Boite Nature 17.25 id 25’s Tesorito 14.90 id 50’s Tesorito 23.70 ESPECIALES 25’s Standard 8.40 id 25’s Boite Nature 8.90 ALCALDES 50’s Standard 11.00 BELLEZAS 50’s Standard 7.90 THIS report covers the period from August 15 to Sept ember 15, during which time copra and coconuts dipped slightly but continued a general low cost. This is very unusual condition and it is now the fourth consecutive month during which there have been but slight changes in raw-material costs. Desiccated coconut factories have increased produc tion, and a month’s record for the year, 12,000,000 pounds, was shipped. All factories are continuing during the month of September similarly, in anticipation of increased con sumption in the United States during the fall months. This increased production may offset the poor start made during the first quarter of this year. Several companies are working on new products and the industry is watching these developments closely. Labor problems remain the same and generally there is a stable picture for the last quarter of the year 1954. The following shipping statistics are for the month Place your order now. Parcel post shipments from Ma nila should be forwarded NOT LATER THAN THE EARLY PART OF NOVEMBER, to assure arrival at destination before the holidays. PRICES for deliveries ex New York, (all expenses, in cluding U.S. Internal Revenue Tax, prepaid; Recipients pay no charges whatsoever) : Shape CORONAS 7” CORONAS SUMATRA CORONAS SUMATRA CORONAS id id Packing 25’s Boite Nature 50’s Boite Nature 25’s Standard 50’s Boite Nature 25’s Boite Nature 25’s Standard Per Box P12.50 25.00 12.50 22.00 11.50 11.00 of August: Shippers Pounds Franklin Baker Company.............................................. 4,870,375 Blue Bar Coconut Company......................................... 1,244,030 Peter Paul Philippine Corporation............................. 1,922,000 Red V Coconut Products, Ltd...................................... 3,086,000 Sun Ripe Coconut Products, Inc................................. 689,600 Cooperative Coconut Products, Inc............................ 230,900 Ask for Illustrated Folder ALHAMBRA CIGAR & CIGARETTE MFG. CO. P. O. Box 209 — Tel. 2-98-96 31 Tayuman, Tondo—Manila • Total shipped............................................................ 12,051,905 lbs.