October sugar review

Media

Part of The American Chamber of Commerce Journal

Title: October sugar review
Creator: Fairchild, Geo H.
Language: English
Year: 1933
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Fulltext: 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1933 OCTOBER SUGAR REVIEW By Geo H. Fairchild New York Market: During the fir<t week of the mouth, the un certainties as to the final adoption of a mar keting agreement for regulating supplies to the I’nited States mar ket and the unsettled condition in Cuba dis couraged thesugar trade, resulting in only in significant sales of Cu ban sugar on the basis of 1.53 cents c. and f. The news of the rejection by the Administration of the proposed marketing agreement preci pitated a sharp decline in sugar prices. Quota tions on the Kxchange closed on the 1.3th with a loss of 22 to 21 points from those of the beginning of the month, resulting from liquidation by speculators, while buyer's ideas of Cuban sugar for prompt shipment were fixed at not over 1.35 cents. The continued liquidation of Exchange hedges produced further recession in ’'futures'' quotations, {in additional loss of 9 to 11 points having been recorded nt the close oi the 20th. A similar dip in prices of actual sugar occurred duiing the week, Cuban sugar having been sold on the 19th al 1.20 cents and there were no buvers of Philippine sugar at 3.15 cents on the 20th. Pressure on the market was brought about by the possibility of heavier Cuban im ports into the I’nited States, aggravated bv the refiners' refusal to increase their stocks. Aside from these unhealthy indications, the market was also threatened by the segregated Cuban sugar amounting to 350,000 tons to be released on January 1st, 1934. At the beginning of the fourth week, the re[x>rts of currency inflation plans being prepared by the Administration raised the quotations on the Exchange, 21 to 22 points having been recouped from previous losses at the end of the week. Sales of Philip pine sugar were made during the week at 3.21 cents and 3.23 cents for November-December, December-January, and January-February ship ments, while buyers’ Quotations of Cubas were on the basis of 1.25 cents c. and f. This improvem?nt in the market was ascribed partic ularly to the reported revival of the proposed marketing agreement At the close ol the minth, however, quotations on the Exchange suffered a slight decline, although small sales of Cubas for present shipment were made to re finers at 1.30 cents c. and f. Future*: Quotations for future deliveries on the Exchange fluctuated during the month as l.«<r L'ib«l December 1 47 111 1 29 January............. 1 47 111 1 29 March...................... ........... 1.53 1 17 1 33 Mav....................... 1 57 1 21 1 37 Juh-.......................... ......... 1.63 1 27 1 43 September................ .......... 1.67 1 31 1 4X Stock*: Stocks in the I’nited Kingdom, I’nited States, Cuba, Java and Eurofrean statis tical countries were reported on November 3rd as 5,939,000 tons as compared with 0,402,000 tons a year ago and 0,21S,000 tons in 1931. Pliili ppi tie Sole*: Sales of P. I. centrifugal were reported in New York during the month amounting to 25,000 long tons at prices ranging from 3.20 cents to 3.26 cents [>er lb. A resale of 1,000 was also reported at a price of 3.25 cents. Local Market: Exporters’ nominal quota tions during the first week remained at PS. 10PS. 15 per picul for delivery up to end of De cember, but no business was transacted during the week. In sympathy with the decline in sugar values in New York, local buying quota tions sagged to P7.50 during the second week. Holders were indisposed to sell at this price; on the other hand, in view of the difficulty of in teresting I’. S. buyers in forward purchases of Philippine sugar, local exporters’ indisposition to buy in the previous week continued during the last two weeks of the month, with the result that only very limited business was done locally. Some small parcels were sold during this period at prices ranging between P7.35-P7.40 and P7.30-P7.35 per picul. Crop Prospcit: The following Centrals have begun milling their 1933-34 crop and their pro duction up to October 30 is tabulated below: Bacolod-Murcia . . Bamban . Bearin Binalbagan . Cebu....................... Don Pedro ........... Ilawaiian-Philippine Isabela ........... (Oct. 291 (Oct. 301 (Oct. 2!)i (Oct. 29> (Oct. 29 > (Oct. 291 (Oct. 24' (Oct. 301 2,839 1,405 6,9X4 312 3,020 10,1X9 'Die trip from Pacific Coast (Vancouver) to Atlantic Coast (Montreal or Quebec) is made in four days in the luxurious trains of the Canadian Pacific Railway. ONLY 3 TO 4 DAYS OCEAN TO EUROPE I'm St. Laurence Seaway! Sail from Montreal or Quebec and enjoy 2 days on the smooth St. Lawrence. Then, only 3 to 4 days more to British and Continental ports. Regular sailings: Empress of Britain. size-speed-SPACE marvel. Famous “Duchess" liners for smart economy. Popular “Mont-ships" for solid comfort, low cost. Attractive, low-priced Tourist and Third Class on all ships. YOUR INQUIRIES ARE INVITED CANADIAN PACIFIC WORLD’S GREATEST TRAVEL SYSTEM 72,299 9. La Cariota............ . . . (Oct. 29) 7,590 10. Ma-ao .................. . . . (Oct. 29) 3,336 11. (Oct 28) 1.224 12. Pilar ................. . . . (Oct. 29) 2,262 13. San Fernando...... . . . (Oct. 29) 14. San Isidro............ . (Oct. 24) ’’952 15. Talisay-Silay. . .. . . . (Oct. 29) 5,255 10. Tarlac. . . . (Oct. 24) 5,604 17. Victorias. (Oct. 29) 9,680 As not all of the Centrals report their weekly mill data to the Philippines. Sugar Association, there may be some other small Centrals which have already begun milling, but this cannot be confirmed from other sources. The production to date of the Centrals reporting constitutes but 5'7 of the total production estimated for the 1933-31 crop, which is placed conservatively at 1,350,()()() metric tons. (Please tarn to page. 25) FOR THESE GOOD REASONS... GO EMPRESS Reason/...Record size. Reason 2...Record speed. Reason 3... Luxury of Pacific and Atlantic standards. More Reasons...? Ask anyone who’s made an “Empress" crossing! Fortnight ly sailings from ORIENT TO VICTORIA AND VANCOUVER Choice of 2 Routes ... Direct Express: Empress of Asia and Empress of Russia make trans pacific crossing from Yokohama in 9 days. Via Honolulu; Empress of Japan (largest, fastest liner on Pacific) and F.mpress of Canada add but three days to the journey.... First and Tourist Class. Also, Third Class. RAILWAY SERVICE ACROSS CANADA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 the end of October. This is over double the stock carried at the same time last year. Coconut Oil:—The month opened with the New York market easy with offers of 3-1/4 cents c. i. f. New York for future shipments. The marxet was very quiet with little change during the month and buyers’ ideas at the close of October were 2-3/4 cents for shipment in the second quarter of 1934. The oil marxet on the Pacific Coast was weak throughout the month and closed with quotations around 2-1/2 cents. Shipments for October were 12,000 tons, of which 7,000 tons went to the Atlantic Coast and 2,000 tons to Gulf Ports? All mills were in operation during the month. Copra Cake:—As was expected, business in this article was completely dead during October. The mills haying sold the greater part of their production were not anxious to make sales at the very low prices indicated from Europe. There was some business done in meal on the Pacific Coast with prices continuously dropping to quotations of not over $15.00 at the end of October. There was some cake sold locally as low as P15.25 ex-warehouse Manila. Ship ments of copra cake and meal during October amounted to nearly 9,000 tons of which 7,000 tons went to Europe and the balance to the Pacific Coast. Desiccated Coconut:—The market during October remains steady but demands were falling of slightly from seasonal requirements. Shipments from the Philippines to the United States for the first ten months of 1933 totalled 201,389 cases as against 193,783 during the same period of last year. There are still moderate stocks on hand. Philippine factories continue to operate at approximately 60% of aggregate capacity. Shipments during October amounted to 2,100 metric tons. Cenerai.:—All dealers are expecting lower arrivals in the near future and hope for a better ment in prices from that cause. As long as the present heavy arrivals continue, there seems to be no possibility of better prices on any of the coconut commodities. How Leyte Got Its Air Field Governor General Murphy's championship of commercial aviation in the Philippines won the backing of the newspaper press at once. It is substantial backing in the provinces that is most needed to put the recommendation into practical effect. Iloilo is in the van of the movement; her aviation company with its two-a-weck round trips of a Stinson 12-passenger plane between Manila and Iloilo makes it possible to transact business by mail between these cities in a single day; the mail arrives from Iloilo in time for the answer to reach Iloilo by 4 p. m. the same day. There is also a 15-minute service between Iloilo and Negros. The Iloilo merchant may breakfast at home, spend the day in Negros, be back home in ample time for dinner. Naturally, the service is much used. This shows the value of landing fields to encourage extension of the service. Leyte has a landing field at Tacloban. It is the work of Walter S. Price, a veteran of the campaigns of the army in the Philippines, whose wealth has been made as a merchant at Tacloban and in the transportation business as president and 90% full owner of the Leyte Land Trans portation Company, Inc., a patron of this issue of the Journal. It was when, a few years ago, Leyte wanted airplanes at her carnival that the landing field was built, toaccommodatetheplanes. The army promised the planes if a field was provided. Price put 1,000 men to work on the field, with plows, harrows and the necessary carabaos; in two weeks, under the eye of an inspecting officer, the field was ready. The officer assured Price he had built the field in less time and at a fraction of the cost the same work would have required in the United States. Leyte has a landing field because she has a citizen in Walter Price who saw to it she got one. Fleets of 8 bombing planes have tested the capacity and fitness of the field. As no public treasury in the islands has much money to spend on landing fields, it is up to the good will of the communities to provide them. October Sugar Review (Continued from page 20) It was reported that owing to the severe typhoon which passed over the sugar districts in the Visavas, the crop in Negros, Cebu and Panay had suffered damage which some Centrals report may result in their districts in a loss of 10 per cent. House Bill No. 3120, known as the Sugar Limitation Law, was passed by the House on November 3, 1933, while Senate No. 374, the bill’s counterpart in the upper chamber was ap proved by the Senate on November 2, 1933. A conference committee composed of members of both houses of the Philippine legislature is now considering the two bills with a view of har monizing the provisions of same. The highlights of these bills are the limitation of the sugar pro duction in the Islands and the allocation of this limited production among the Centrals and Planters. Philippine Exports: Exports statistics for the month of October as reported to us from private sources are as follows. Long Tons Centrifugals............................................ 24,022 Refined.................................................... 3,142 Total for month................................ 27,164 The monthly exports of these two grades of sugar from the Islands to the United States for the crop year 1932-1933, from November 1, 1932, to October 31, 1933, are as follows, compared with those for the previous crop year: (Please turn to next page) GE 60 seems to be the most desirable age for retirement in the Philippines. THE INSULAR LIFE ASSURANCE COMPANY announces this month, “The Insular Life Retirement Plan” —a new policy providing a guaranteed monthly income after age 60 and ample protection for the family in case of premature death or total physical disability. Write to C. S. SALMON, P. O. Box 734, Manila, stating your age for an illustrated folder explaining in detail this new plan. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1933 RELIEF 1C0 Insular C Sugar Cane Copra........ Coconuts... Molasses... Hemp........ Tobacco... Livestock. . Mineral Products......... Lumber and Timber. .. Other Forest Products.. Manufactures................ All others including LCL MANILA. 90-94ESCOLTA P.L MASONIC TEMPLE BROMURAL TABLETS; harmless. Sick nerves open the door to every kind of disease, wasting and collapse. Bromural Tablets calm your nerves, lay the foundation for ample and sound sleep hnd ensure your wellbeing. Don’t ne glect the first signs of exhaustion, but take Bromural Tablets for a little while. You will soon feel new vigour and new pleasure in life. No sedative is more prescribed than our perfectly harmless Bromural. Me dical men and users have said of Bromural for more than 20 years: “Safe and Sure.” Tubes of 10 and 20 tablets may be had from any good class chemist. KNOLL A.-G., Ludwlgshafen-on-Rhlnp FUn.«iULA: Urotropina 0-051—Benzoato litico 0-028—Sales piperacinicas 0-046—Fosfato disfidico 0-023—Escipiente efervescente q. s. para 1 pr. FOR HEADACHES EADACHE over or around the eyes, or at the back of the head, are eyestrain headaches and can be relieved by properly fitted glasses. Defective eyesight is present in seven out of ten pairs of eyes. These defects are physical and not pathological hence lenses correct the trouble. Consult our Optometrists and get the facts about your eyes. Always the best in quality but never higher in price RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The volume of commodities received in Manila during the month of October, 1933, Manila Railroad are as follows: Rice, cavans................................... Sugar, piculs................................... Copra, piculs................................... Desiccated coconuts, cases............ Tobacco, bales................................ Lumber and Timber, B. F............ via the 10,544 6,588 34,625 831 190 22,761 The freight revenue car loading statistics for five weeks ending Oct. 21, 1933 as compared with the same period for the year 1932 are given below: FREIGHT REVENUE CAR LOADING NUMBER OF FREIGHT CARS FREIGHT TONNAGE INCREASE OR DECREASE 1933 1932 1933 1932 Cars Tonnage 799 452 9,013 5,239 347 3,774 59 49 660 428 10 232 134 62 3,952 1,852 72 2,100 1,982 887 36,556 16,282 1,095 20,274 2,046 1,664 16,206 13,196 382 3,010 208 125 2,749 1,474 83 1,275 9 144 266 4,056 (135) ,(3,790) 8 15 62 118 (7) (56) 36 46 407 350 (10) 57 21 25 105 134 (4) (29) 367 247 5,036 3,132 120 1,904 173 210 4,458 5,169 (37) (711) 9 5 69 31 4 38 117 113 1,387 1,358 4 29 3,219 3,207 21,177 24,232 12 (3,055) 9,187 7,451 102,103 77,051 1,936 25,052 SUMMARY 1,301 1,159 10,745 9,891 142 854 1,524 1,327 14,779 11,923 197 2,856 1,419 1,296 11,962 12,658 123 (696) 2,036 1,556 23,259 18,224 480 5,035 2,907 1,913 41,358 24,355 994 17,003 9,187 7,451 102,103 77,051 1,936 25,052 Note:—Figures in parenthesis indicate decrease. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL