Manila Hemp

Media

Part of The American Chamber of Commerce Journal

Title: Manila Hemp
Creator: Jurika, T. W.
Language: English
Year: 1953
Rights
Fulltext: 116 AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1953 PACIFIC WRCIinDIShC C 0 IIP 0 KAT I (K 449 Dasmarinas Manila AMERICAN RADIATOR & STANDARD SANITARY CORPORATION AMERICAN VALVE COMPANY AMES BALDWIN WYOMING COMPANY BADGER METER MANUFACTURING CO. BADGER FIRE EXTINGUISHER CO. BALL BROS. MASON JARS BOMMER SPRING HINGE COMPANY CAPEWELL MANUFACTURING CO. CARBORUNDUM COMPANY COLUMBUS COATED PRODUCTS CO. COLUMBIAN VICE & MFG. CO. COLEBROOKDALE IRON COMPANY CORBIN LOCK COMPANY DICK BROTHERS MANUFACTURING CO. EKCO PRODUCTS CO. FAIRBURY WINDMILL CO. GREAT NECK SAW CO. JACOBS MANUFACTURING CO. KAISER ALUMINUM & CHEMICAL CORP. KEENEY MANUFACTURING COMPANY MALLEABLE IRON FITTINGS CO. NORTH WAYNE TOOL COMPANY PABCO PRODUCTS, INC. “Pabco” Products RUDI SELL FOUNDRY COMPANY SLOAN VALVE COMPANY SOLARINE COMPANY TEMPLETON KENLY JACK CO. UNION CARBIDE & CARBON CORP. National Carbon Division “Eveready” flashlights & batteries Linde Air Products Division “Union” Carbide UNITED STATES STEEL EXPORT CORP. STEEL PRODUCTS HOUSE FURNISHINGS GENERAL HARDWARE PLUMBING Throughout the period under review, both Cuban and Porto Rican sugar markets were firm, with little offer ing despite the weakness and limited activity of world raws. Selective business was done in small lots of Cubans, Portos, and Philippines for February and March arrival at prices ranging between 6.10/ to 6.20/, duty-paid basis, while some 10,000 tons Philippines were taken up by opera tors at 6.30/ for mid-June arrival. The market undertone is generally firm, with refiners thought to be a little short of requirements for March meltings but still awaiting Cuban offers. Reported sales of actuals totalled approximately 70,000 tons, of which approximately 40,000 tons were Philip pines. Exchange operations for the period totalled 275,800 tons. The March contract was liquidated uneventfully and well in advance of the closing date, for the most part by orderly switching. Refined deliveries for the month totalled approximately 530,000 short tons, as compared with 633,574 short tons for January and 489,927 short tons for February, 1952. Trade buying continues on a day-to-day basis. Refined prices in all territories remained unchanged. Opening and closing quotations on the No. 6 Contract were as follows: February 2................ February 27.............. March May July Sept. Nov. 5.62(5 5.68(5 5.86(5 5.93(5 5.96,5 — ■ 5.71 5.86 5.91 5.94 Average spot price for the period was approximately 5.64/. Local Market, (a) Domestic Sugar. For most of the period there was no change from January. Little in terest and prices unchanged, with supply well in excess of demand, but large holders firm at P 14.00 per picul ex Negros warehouse for mill-run centrifugals. Toward the end of the month, increased interest from the side of buyers was noted and moderate business is reported at P14.00/P14.20. (b) Export Sugar. The gradual advance in price for spot and February/March delivery continued throughout the month with exporters at the close paying Pl5.20 per picul, ex warehouse. Volume of business done at these prices, however, is limited, only due to growing confidence on the part of sellers that prices will advance further yet. Due to the substantial volume of 1952-53 Philippine export sugar already sold, sellers generally are well placed to wait. Exporters in response to this sentiment are quoting P15.30/35 for May delivery but business re ported is insignificant. Total shipments to the United States for the month are estimated at 60,000 long tons, making a total of 220,000 long tons already shipped of an estimated production to date of 702,167 short tons, of which approximately 175,541 short tons are for domestic consumption. 1952-53 Milling. Production of the 23 Centrals now milling up to February 22, 1953, amounted to 649,675 short tons. The average of juice purities to date is 84.00. Manila Hemp By T. W. Jurika Actg. General Manager Columbian Rope Company of Philippines, Inc. FEBRUARY opened with prices ruling generally firm throughout the Philippines. Speculators raised buying prices of loose fiber in the Bicol, anticipating an imminent reduction in balings from that area as the full effects of last October’s destructive typhoon began to be felt. Rather than decrease, however, February balings in the Bicol showed an increase of 5,140 over January’s figure of 31,937. This rather unexpected production may have been due in large part to over-stripping of abaca plantings to offset farmers’ loss of income from neglible copra resources. In any event, speculators soon found March, 1953 AMERICAN CHAMBER OF COMMERCE JOURNAL 117 themselves unable to handle the additional volume, and in the face of stiff resistance in consuming markets, selling prices overseas declined several dollars per bale. Dealers in Davao continued their holding tactics and were able to freeze supplies to the extent of forcing buying prices up to the highest point since February, 1951. Values were entirely out of line with competing fibers, and manu facturers in all world markets adamantly refused to sup port the new high levels in spite of rather short inventories. It would appear that a more realistic appreciation of true values by producers is necessary before Davao abaca prices itself out of the market, as there are indications that mod erately priced synthetics are becoming available and may supplant abaca to a large extent in the next few years. Balings in Davao for February amounted to 33,806 bales, as compared with 34,414 for January. Considering the short month and the hoarding by dealers, February in effect indicated an improvement in production. It is anticipated that March pressings will exceed 43,000 bales, which should result in dealers being unable to. freeze supplies to any great extent. Any drop in prices should see renewed buying in consuming centers as manufacturers are only awaiting a return to reasonable levels. We attach hereto baling and export figures for the month of January: EXPORTS—JANUARY 1953 1952 1951 1950 1949 1953 BALINGS—JANUARY 1952 1951 1950 1949 Davao................................. 38,060 44,606 40,025 22,822 19,278 Albay-Camarines Sur... 27,875 15,220 25,813 14,966 9,724 Leyte and Samar............ 8,484 13,319 14,821 9,618 ■ 9,111 All other Non-Davao.. . 9,024 6,390 10,268 6,710 8,684 Total...................... 83,443 79,535 90,927 54,116 46,797 United States and Ca nada.................................. 22,136 38,466 43,153 21,704 13,903 Continental Europe......... 17,799 15,683 14,887 5,619 10,773 United Kingdom............... 12,364 14,306 9,650 9,546 1,849 Japan.................................... 29,445 8,500 4,910 9,464 17,877 South Africa....................... 700 1,300 970 80 . 300 China.................................... 200 1,120 310 550 1,904 India.............'....................... 512 520 300 500 200 Korea.................................... — — — — — Australia and New Zea land................................... 400 — — 625 — All other countries........... 20 — — — — Total........................ 83,576 79,895 74,180 48,088 46,806 Imports By S. SchMelkes Mercantile, Inc. LL figures are in kilos with the exception of those for foodstuffs which are given in package units: Commodities: December, 1952 December, 1951 Automotive (Total)............................. ............. 1,305,935 2,926,920 Automobiles....................................... ............. 223,689 232,801 Auto Accessories............................... ........... 26 1,860 Auto Parts.......................................... ............. 184,022 363,271 Bicycles............................................... ............. 256 99 Trucks................................................. ............. 45,495 32,243 Truck Chassis................................... ............. 250,956 519,395 Truck Parts....................................... ............. 92,091 103,144 Building Materials (Total)............... ........... 3,499,043 3,506,546 Board, Fibre...................................... ............. 20,952 — Cement................................................ ............. 33,981 389,247 Glass, Window................................. ............. 362,117 191,627 Gypsum........... 1,009,072 — Chemicals (Total)................................ ............. 6,637,828 14,081,179 Caustic Soda..................................... 364,125 885,721 Explosives (Total)............................... ............. 61,376 — Firearms (Total)................................... ............. 2,410 9,270 Ammunition....................................... ............. 2,398 9,270 Hardware (Total)................................. 4,253,773 4,461,954 Household (Total)............................... ............. 898,656 1,406,755 Machinery (Total)............................... ............. 1,828,102 2,334,086 FOR BETTER SERVICE— Call 3-29-05 ALLIED mmiGE MIII’OIllTKIl Marsman Building Port Area Individual attention and competent supervision given to your customs brokerage requirements. CUSTOMS BROKERAGE FREIGHT FORWARDING WAREHOUSING TRUCKING HEAVY HAULING COLUMBIAN ROPE COMPANY OF PHILIPPINES, INC. HEMP AND COPRA EXPORTERS STEAMSHIP AGENTS + 206 Myers Building Port Area, Manila, P. I. ¥ BRANCHES, Davao • Tacloban • Cebu • Tabaco