December sugar review

Media

Part of The American Chamber of Commerce Journal

Title: December sugar review
Creator: Fairchild, Geo H.
Language: English
Year: 1934
Rights
Fulltext: 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Addressed to the Chase ... (Continued from page 7) Company reports the islands’ prime farm com modity, Manila hemp, “unquestionably selling below cost of production.” But despite this, the trade has held up well; in fact, it is to be envied of all trade the United States enjoys overseas. Examine it ever so closely, you will perceive it is a good trade as well as large. It does not much engage the heavy industries, essentially it is trade in goods for immediate use and consumption; it is a trade in those very products of American in dustry that economists agree distribute wealth most equitably and widely: first of all, to thou sands of farmers producing the raw products, then to widely dispersed shareholders in mod erately capitalized concerns. We have es timated here that our demands in these goods keep a city the size of Kansas City, Mo., pro fitably employed at all times. You will see main Philippine imports listed in the back of this issue (as in all issues of the Journal), but Oh Yeah? One Fair One to the Other.— “It’s so long since I’ve been in a taxi I wouldn’t know how to defend myself!’’ —Cut and comment from Judge. GORDON DRY The heart X TVT of a good vj 11N cocktail ROBERTSON’S Scotch Whisky for Good Highballs Kuenzle & Streiff SOLE AGENTS Main Office: Branch Office: 343 T. Pinpin 44-48 Isaac Peral Tel. 2-39-36 Tel. 2-17-62 Branches: Cebu. Iloilo and Zamboanga Also distributors for Alhambra Cigars here are a few typical ones: Cottons, $1,250,372 a month during 12 months; gasoline, $193,816 a month; automobiles, $217,734 a month; meat products, $107,193 a month; coal oil, $86,093 a month; crude oil, SI 14,090 a month; tobaccos (mainly cigarettes), $116,568 a month; electrical machinery, SI55,440 a month; wheat (lour, $186,924 a month; and a total of all imports, S6,160,853 a month. This is but a beginning of what this market can do. But of course, it will not thrive its best unless it is given attention in New York. (Sgd.) IP. /?. DECEMBER SUGAR REVIEW By Geo. H. Fairchild New York Market At the opening of the month under review, the improving tone of the market was reflected in the "futures” quo tations on the Exchange, recording from 4 to 5 points gain over those at the close of the previous month. These quotations remained practically stationary throughout the early part of the month with but slight fluctuations. As a result of the heavy demand by refiners to fill their immediate requirements, large premia were paid for prompt shipment Cubus as compared with Philippine sugar. Lnrge quantities of Philippine sugar were sold during the first week for DecemberJanuary, January-February and February-March shipments at prices ranging from 3.15 cents to 3.20 cents while sales of prompt-shipment Cubas were effected at 1.30 cents. The buying interest shown by refiners lan guished at the close of the first week and this condition persisted for the following weeks and although an improved tone developed in the latter part of the month, the holiday season checked any substantial business being trans acted. Quotations on the Exchange during the second week were from 9 to 10 points lower than the highest auotations recorded during the preceding week, while prices of actual sugar sagged to 3.19 cents for Cubas duty paid as compared with 3.25 cents the previous week. At the close of this week a sale of 2,000 tons Cubas to the U. K. was effected at the equivalent of 0.87 cents f. o. b. The price of refined sugar was reduced on the 8th from 4.50 cents to 4.40 cents per lb. During the third week, holders’ offerings at 3.14 cents and 3.10 cents did not attract buyers. Trademarks Registered [Continued from page 11) Reg. No. 11467. Trademark consisting of the word “NEET" for depilatories, deodorants and anti-perspirants, registered on September 14, 1933, by Neet, Incorporated, of Chicago, Illinois, U. S. A. Reg. No. 11468. Trademark consist ing of the word "DIAL” with a design, for smoking to bacco, registered on September 16, 1933, by Brown & Williamson Tobacco Corporation CHARTERED BANK OF INADiAD gahuintaral Capital and Reserve Fund............................................... £6,000,000 Reserve Liability of Proprietors................................... 3,000,000 MANILA BRANCH ESTABLISHED 1872 SUB-BRANCHES AT CEBU, ILOILO AND ZAMBOANGA Every description of banking business transacted. Branches in every important town throughout India, China, Japan, Java, Straits Settlements, Federated Malay States. French Indo-China, Siam, and Borneo; also in New York. Head Office: 38 Bishopsgate, London, E. C. C. E. STEWART. Manager, Manila Quotations on the Exchange, however, remained practically unchanged, with slight improvement on the 22nd owing to the news that President Roosevelt had ratified the London Silver Agree ment. At the close of the month, “futures" quotations recovered all the losses on the Ex change, while prices of actual sugar remained firm at 3.15 cents, at which level quite large parcels of afloat Philippines were disposed of. During the month it was reported that the Tariff Commission had recommended a reduc tion of the U. S. duty on Cuban sugar from 2.00 cents to 1.45 cents, while reports from other sources mentioned the possibility of increasing the Cuban preferential from 20 to 50 per cent, or from 0.50 cents as at present to 1.25 cents per pound. Futures: Quotations for future deliveries on the Exchange fluctuated during the month as follows: High Low Latest 1.21 1.18 1.19 1.25 1.10 1.19 1.30 1.17 1.28 1.36 1.24 1.33 1.41 1.29 1.37 1.46 1 34 1.43 1.48 1.40 1.48 December, 1933........................ January, 1934........................... March......................................... May............................................ July............................................ September.............................. December................................... Stocks: Stocks in the United domKing, United States, Cuba, Java and European statistical countries as reported on December 20th were 6,773,000 tons as compared with 7,467,000 tons in 1932 and 7,355,000 tons in 1931. Philippine Sales: Sales and resales of Philippine sugar were reported in New York during the month, as follows: Cents per Lh. Long Tons From To Sales..................................... 82,500 3.15 3.20 Resales................................. 10,000 3.15 3.20 In addition to the above, there were sales of 19,000 tons for shipment February to June, price to be average price five days before and five days after arrival. Local Market: A substantial volume of business was done locally during the first week following the activity in the New York market. Exporters' quotations during the week advanced to P7.30 per picul but soon returned to the previous level of P7.20. Throughout the fol lowing week small transactions were steadily made on the basis of 1*7.15—1*7.25. In sym pathy with the declining trend of the American market, local quotations sagged during the last two weeks to 1*7.00 and 1*6.90, at which level only small business was consummated. Chop Prospects: The following data covering the report of 30 Centrals up to December 31st indicates an aggregate production of 449,688 metric tons, constituting 39.10 per cent of the Centrals’ estimates of their 1933-1934 crop: (Export) Limited, of London, England. Reg. No 11469. Trademark consisting of the word “BREVO” for vegetable, animal and mineral substances in their natural state or elaborated, for preparation and manufacture of cosmetics, etc., registered on September 16, 1933, by Daggett <fc liamsdell, of New York City, N. Y., U. S. A. Reg. No. 11470. Trademark consisting of the word “PRESIDENT” with a design, for hair pomade, perfumes, oil or essences, lotions, (Please turn to page 26) ESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 24) . 24: PROGRESS REPORT FOR 1933-34 CROP UP TO DECEMBER 31. 1933 Central Production Pi '• i - Tons Ton 5,429 25,132 3.579 15,697 4,951 28,877 13,354 2.748 4,091 705 28,008 17,837 29,601 34*293 25*604 8J70 3,298 36,976 6,386 5.174 28,347 39,115 21.257 J,. Pt I.- Can 72 09 79 47 74 Senate Bill No, 374, known as the Sugar Limitation Bill, passed by the last legislature was vetoed by His Excellency, the Governor Gen eral on December 9th, mainly on the grounds that said bill does not provide an adequate limitation on sugar production in the Islands. In concluding his veto message, the Governor General stat'd: “* * * I cannot believe it to be for the welfare of either the Philippine people or the sugar industries involved in the American market to sanction a bill whose terms are so inadequate and even contrary to its professed purpose: which contains obvious discriminations and patently extraneous material; and which, in any event, is practically impossible to administer.” Philippine Exports for Calendar Year: Sugar export statistics for the calendar year 1933, compiled from the reports of the Insular exported and the value of same, are shown in the Collector of Customs, showing the quantity following tabulation: PHILIPPINE.SUGAR EXPORT FOR 1933* To United States Per Cent of Total Met. Tons Value Value ,1 1,024,440 P 119,833,717 100. (X) 1 55,188 8,936,708 99.22 39 ............................... 1.079,628 P128.770.425 99 22 58 report by the Insular Collector of Customs. Centrifugals. Raw"' ’. / __ Totals. , _ * Data obtuinedfr ARE YOUR SPECTACLES SO OUT-OF STYLE THAT THEY ARE MAKING A SPECTACLE OF YOU? Attain the distinction of being always well dressed, eyeglassly speaking, by having Clark & Company supply you with glasses that are RIGHT. MANILA, 90-94 ESCOLTA PJ. MASONIC TEMPLE To Other Countries Met. Tons ■ ? 103 1 7,209 1,500 PS,872 ! Total Sugar Export Value Met. Tons Value 1,024,440 Pl 19.833,820 55,227 8,943,979 18 1,500 1.079.64G P128,779,299 Ever the best in quality but never higher in price i WARNER, BARNES & COMPANY, LTD, London • Manila Iloilo Cebu Bacolod NEW YORK AGENTS Ledward, Bibby & Co. 106 Wall Street IMPORTERS & EXPORTERS Shipping Department Agents for: Nippon Yusen Kaisha Cunard Line White Star Line Bibby Line Insurance Department Transacting: Fire Marine Automobile Workmen’s Compensation Miscellaneous Insurance Machinery Department Sugar Machinery, Diesel Engines, Condensing Plant, Shipbuilders and Engineers. Agricultural Department All Classes of Fertilizer Import Department Sperry Flour Co. & Sugar Bags Cable Address: “Warner,” Standard Codes Manila Office: Perez-Samanillo Building Escolta j J IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL