Copra and its products

Media

Part of The American Chamber of Commerce Journal

Title: Copra and its products
Creator: Day, Kenneth B.; Schnurmacher, Leo
Language: English
Year: 1934
Rights
Fulltext: January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 REVIEW OF THE HEMP MARKETS By L. L. Spellman International Harvester Company of Philippines The following report covers the various hemp markets tor the month of December with sta tistics up to and including December 31st, 1933. Manila Market: The market in Manila opened steady with exporters paying on the average: E, 1*12.25; I1', 1*11.00; (I, 1*5.75; II, 1*5.50; I, P7.75; JI, 1*6.50; .12, 1*5.50; K, 1*5.25; LI, P1.50; L2, 1*1.00; Ml. 1*4.25; M2, P.3.75; DL, P3.75; DM, 1’3.25; 82, P7.75; S3, P6.25. By the middle of the month prices had declined in sympathy with the consuming markets but all offerings found readv buyers at : E, 1*11.50; F, P10.50; G, P5.25; II, Pl.75; I, P7.50; JI, P6.00; J2, P5.25; K, Pl.50; LI, 1*3.50; L2, P3.25; Ml, P3.75; M2, P3.50; DL, P3.25; DM, P3.00; 82, 1*7.50; S3, P6.59. There was very little change during the last, half of the month and at. the close average prices were: E, 1*11.50; F, 1’10.50; G, 1’5.75; H, P5.00; 1, P7.50; JI, P6.00; J2, 1’5.25; K, P-1.75; LI, 1*4.00; L2, P3.50; Ml, P1.00; M2, P3.50: DL, P3.50; DM, 1’3.00; 82, P7.50; S3, P6.50. Supplies from the Bicol region were extremely light owing to continued bad weather. On the other hand Davao arrivals were rather heavy. Prices for Davao hemp ruled from 1’0.25 to 1’0.50 per picul over hemp from the other districts. I’. K. Mahket: The 1". K. market opened quiet with buyers holding off; shippers wore offering to sell at: J2, £13.15; K, £13.5; LI, £12.5; L2, £11.5; Ml, £12; M2, £10.15; DL, £10.15; DM, £10. In addition to the usual grades, a large quantity of Davao hemp was being offered at slightly higher prices. There was a fair amount of business by the middle of the month and shippers moved their prices up to: .12, £14.10; I<, £13.10; LI, £12.5; L2, £11.15; Ml, £12.10; M2, £11.5; DL, £11.5; DM, £10.10. There was practically no change during the last half of the month and the market remained quiet and firm. The dealers bought sparingly but on the other hand the shippers were not anxious to sell and at the close average prices were: .12, £14.10; K, £13.15; LI, £12.10; L2, £12; Ml, £12.10; M2, £11.15; DL, £11.15; DM, £10.15. V. 8. Mahket: The New York market opened quiet with shippers asking: E, 6 cents; F, 5-1 4 cents; (’., 3-3 X cents; 1, 4-1 X cents; .11, 3-7 X cents Full lines of Davao hemp were also being offered at. prices ranging from 1 X cent to 1,4 cent higher. During the first, half of the month quite a few sales were made but prices remained practically unchanged. The market remained quiet and steady during the last half of the month. Notwithstanding a fair amount of business, prices declined and at the close shippers were asking: E, 6 cents; F, 5-1/8 cents; G, 3-3/8 cents; I, 4 cents; JI, 3-5/8 cents. Japanese Market: The demand from Japan was fairly steady but prices were low. Maguey: There is still a very limited demand for Cebu Maguey but no market what ever for Northern Maguey. Production: Production continued heavy averaging better than 27,000 bales a week and there is undoubtedly considerable Davao fiber being held on the plantations. Freight Rates: There was no change in freight rates during the month. General: None of the consuming markets show any signs of being short of fiber and reports do not indicate an increase in cordage con sumption. The expected, and hoped for, advance in prices at the end of the year did not materialize. There is no question but what Abaca is now being sold below production cost and it is just a question of how long this state of affairs can continue. It is generally reported that some houses are buying and storing for an advance. Statistics: The figures below are for the calendar year of 1933 and 1932. It will be noted the total supplies increased more than 350,000 bales and shipments increased more than 386,000 bales, leaving net stocks of 138,160 bales against. 167,007 bales a year ago. 1,249,499 862,558 Manila Hemp Bair* Bab' On January 1st.............. 167,007 111,417 Receipts to date............. 1,220,652 919,669 Shipments to — U. J<............. 290,111 167,256 Continent 186,560 123,130 V. S............................ 324,588 210,941 Japan........................... 377,927 305,263 Australia..................... 18,5X8 13,890 Elsewhere ............... 25 725 15,578 Local Consumption . 26,000 26,500 COPRA AND ITS PRODUCTS By Kenneth B. Day and Leo Sciinurmacher Copra arrivals during the month of December wore unexpectedly heavy and this, combined with the slackening in the American oil market, provided a severe drag on the local situation. Copra: December production of copra in creased heavily in all sections of the Islands, IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 and in such volume as to overload all mills and export houses. On December 1st the market was easy with quotations at 1*4.50 ]>cr 100 kilos for copra Resecada. As the heavy arrivals began to materialize, prices were reduced grad ually until the 20th of the month when not over 1*4.00 was being quoted and sonic mills were entirely out of the market because' of heavy stocks. The month closed with nominal quota tions of I’ 1.00 i>cr 100 kilos with none of the mills anxious buyers. Arrivals in Manila during December totalled 430,0X7 sacks, 7% more than for November and 37% more than for December, 1932. Receipts in Cebu totalled 3X9,466 sacks, an increase of 19rf over the previous month anti of 67% over December of last year. Weather was very good for the making of copra through out the month. The Pacific Coast copra market was easy on the first of December with quotations at 1.40 cents. This market was weak throughout the month with prices dropping and the month closed with nominal prices of 1.35 cents. The European market opened with offers at £S 5 - but declined in sympathy with the American marKCt. ?t the end of December the London quotation had reached the record low price of £7 10 - for F.M.M. copra in bulk. There was considerable copra sold to Europe dining the early part of the month. Shipment of copra during December totalled 38,000 tons, of which nearly 24,000 tons wore shipped from Cebu. 12,000 tons went to the Pacific Coast, of which 2,500 tons was for Mexico. Europe took 1(5,500 tons, the Gulf Coast 6,000 tons and the Atlantic Coast 3,000 tons. Copra stocks on hand December 31st were S3,000 tons, practically identical with stocks on the first of December and on the first of November but ncarlv three times the stocks on December 31st, 1932.' Prices declined slowly throughout the month and quotations at the end of December were 2-5 8 cents per pound .for shipments during the second quarter of 1931 and I /X cent less for prompt shipment. The Pacific Coast market also weakened throughout the month and buyers were offering 2-14 cents at the close of De cember with sellers holding out for 2-3 X cents. Shipments for the month were IX,500 tons, of which nearly 16,000 tons were shipped to the Atlantic Coast and 1,000 tons to Gulf Ports. Milling was normal up to the latter third of the month, with most of the mills closed during the holidays. Coi’KA Cake: Little business was done in this commodity during December, mostly on account of the fact that all mills have disposed of the greater part of their available production for the next few months and are therefore not pressing on the market. The result has been a slight improvement in prices offered by European consumers towards the end of the month and small transactions were made at P14.50 ex warehouse Manila. Shipments of copra cake and meal amounted to 12,000 tons, of which 11,000 tons were shipped to Europe and 500 tons to the Atlantic Coast of the United States. Desiccated Coconut: The market during December was quiet with the usual slackening in business from the season of the year. Milling was fair up to the 20th of the month with shut downs during the holidays so that the average production would worx out about 50% of the normal monthly production. Shipments for the month of December were 1,500 metric tons. Geneual: A forecast of developments ap pears premature as long as the monetary situa tion remains unsettled. It can be said, however, that inasmuch as no typhoons, earthquakes or other natural causes have appeared during 1933 that could impair copra production in 1934, this will most likely be equal if not superior to that of 1933, unless extremely low prices provide some sort of a check. Trademarks Registered (Continued from page 16) perfumed soaps, powder and cosmetics, registered on September 16, 1933, by Masao Matsumoto, of Manila, 1’. I. Reg. No. 11471. Trademark consisting of the word “FORSCO” for cotton and artificial silk thread, made up in balls, on spools, and cones; all kinds of yarns, and hosiery, registered on .September 20, 1933, by Forbes, Munn & Co., Ltd., of Manila, I*. I. Reg. No. 11472. Trademark consisting of the words “SYRUP COCILLA NA COM POUND” with a design, for cough medicine, known as Syrup Cocillana Compound, registered on September 20, 1933, by Parke, Davis & Co., of Detroit, Michigan, U. S. A. Reg. No. 11473. Trademark consisting of the word “KOLYNOS” with a design, for chemicals, medicines and pharmaceutical preparations, registered on September 20, 1933, by The Kolynos Company, of New Haven, Connecticut, U. S. A. Reg. No. 11474. Trademark consisting of the representation of an elderly man in early English costume in the act of walking, for whisky, registered on September 20, 1933, by John Walker <fc Sons, Limited, of London, England. Reg. No. 11475. Trademark consisting of the words “TONG SANG WO” with a design, for ground nut oil, registered on September 21, 1933, by Quan Kee Cheong, of Manila, P. 1. Reg. No. 11476. Trademark consisting of the rectangular panel printed in red belonging to its owner on the center of which is Chinese character pronounced in Chinese “CHEING”, for Chinese medicine in various forms, registered on Sep tember 21, 1933, by Li Tsi Hsien, of Canton, China. Reg. No. 11477. Trademark consisting of the red circular stamp on which is printed in white a pict ure of a globe, for Chinese medicine in various forms, registered on September 21, 1933, by Li Tsi Hsien, of Canton, China. (To be continued} CimoXTT On.. I'll December 1st the New 5'ork market w;i< quiet at 2-7 s cents per |M>und. and loss of energy. Bromural ■■Knoiris the remedy — it is quite harmless, soothes the nerves and induces healthy and invigoKnoll A.-G., Chemical Works, Ludwigshafen-on-Rhine. FORMULA: Urotropina 0-051 —Bonzoato litico 0-028 - Sales pipiracinicas 0-046—Fosfato disddico 0-023-- Escipiente cfervoscente q. s. para 1 gr. A Beverage of Distinctive Quality and Taste! IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER} OF COMMERCE JOURNAL