Manila Hemp

Title

Manila Hemp

Language

English

Source

The American Chamber of Commerce Journal Volume XXX (No. 2) February 1954

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

February, 1954 AMERICAN CHAMBER OF COMMERCE JOURNAL 67 exchange quotations. Volume business was done at P15.00 in the last week of the month against hedged sales at 6.00// 6.01/ for February/March shipment. The going freight rate for the month has remained unchanged at $9.50, with little likelihood of any increase for February or March. Total export shipments for the month are estimated at 86,000 long tons, making a total of 184,783 against the 1953-54 crop, as compared with 160,000 up to the same date in 1953. Total Philippine arrivals in New York for January are recorded at 8,544 long tons. World. Market. Opening and closing quotations were as follows: Spot March May Jan. 4 3.25£ 3.23,5 3.25,5 " 29 3.33 3.34 3.33 July Sept. Oct. March, 1955 3.27(5 3.27(5 — — 3.33 3.33 3.36(5 3.22(5 The further improvement in this contract has followed upon reports of Cuba’s intention to limit the 1954 pro duction to 4,750,000 Spanish long tons, comprising a re ported allocation to the World Free Quota of 900,000. No official action has yet been taken by the Cabinet. On Jan uary 28, 24 mills were reported grinding. 1953-54 Milling. Twenty-two Centrals are now operating and latest reports received by the Philippine Sugar Association indicate that the total production of these 22 mills to January 17 is 460,990 short tons. The average of juice purities to date is 84.49. Manila Hemp By J. Deane Conrad President, Conrad & Co., Inc. DURING the month of January hemp prices in the United States market continued to decline. Machinecleaned I fell off approximately 1-1/4/ a lb., ma chine-cleaned JI, 1-3/8/ per lb. and machine-cleaned G 1/ per lb. We are pleased to report that advices from New York received here on January 30 indicated that there was a firmer tone in their market, with sellers of machine-cleaned I at 20-3/4/ and machine-cleaned JI at 20-3/8/. Usually January is an active month in the New York market with prices generally steady and ad vancing slightly. However, such was not the case this year. Reports indicate that there are anywhere from 30,000 to 50,000 bales of Central American abaca stored in the United States unsold, and this naturally has a depressing effect on prices for Manila abaca. We understand the United States Government is now endeavoring to market Central American abaca in the European market and that small sales actually have been made. In London, prices continued to decline for the month under review, for both Davao and non-Davao hemp. As a result of the inactivity in New York, exporters kept their European representatives well supplie_d with offers. With large supplies being offered, buyers in Europe naturally were in a strong position to force prices down, and exporters found it necessary to continually reduce their prices in order to do business. In Japan, prices for medium grades of Davao and non Davao fiber declined approximately $2 per bale. Early in January there were indications that the Philippine Govern ment was not inclined to renew the Barter Trade Agree ment with Japan unless it could come to some satisfactory Subscribe to the Journal to keep your files complete PMH MERCHfflDISIM C fl R P fl II1 T 10 JI 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. CORBIN LOCK COMPANY DICK BROTHERS MANUFACTURING CO. EKCO PRODUCTS CO. FAIRBURY WINDMILL CO. GREAT NECK SAW CO. JACOBS MANUFACTURING CO. KEENEY MANUFACTURING COMPANY MALLEABLE IRON FITTINGS CO. NORTH WAYNE TOOL COMPANY PABCO PRODUCTS, INC. “Pabco” Products RUDISILL 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 ‘‘Oxweld” Welding Rods, Supplies and Generators “Prest-o-Weld” Welding and Cutting Apparatus UNITED STATES STEEL EXPORT CORP. ♦ STEEL PRODUCTS HOUSE FURNISHINGS GENERAL HARDWARE PLUMBING AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1954 COMPLETE INTERNATIONAL BANKING FACILITIES of Amertra NATIONAL HvSiTngs ASSOCIATION WILSON BUILDING 139 JUAN LUNA MANILA Call 5-42 74 or 5 33-90 for FREE estimates. I Dear Homeowner: Don’t throw your old blinds and screens away. Send them to us. We will repair and restore them for you. Life Time Venetians and Veni-Shade wood and bamboo rolling screens are made by— CADWALLADER PACIFIC COMPANY MANILA * CEBU ♦ ILOILO * BACOLOD ♦ DAVAO tme □ CUSTOM-BUILT VENETIAN BLINDS □ I.......:......C EZ=Z=] E makes the difference! I arrangements regarding the settlement of the reparations problem. As the Trade Agreement was to expire at the end of January and shipments had to be made and docu ments negotiated by the end of January, it was exceedingly difficult to do any business with Japan with any degree of safety. However, most exporters realized that something would have to be done in order to permit trade to continue between the two countries, and, on January 22, exporters were advised that they would be permitted to negotiate their documents through February 28 providing the cor responding letters of credit were received in the Philippines before the end of January. On January 28 it was reported in the press that the Trade Agreement had been extended through March 17. This represents a 45-day extension, against a usual extension of 4 months. It is exceedingly unfortunate that the Philippines and Japan cannot set up a Trade Agreement which will permit business to operate smoothly from one year to the next. It is the writer’s opinion that the method presently employed has been most expensive as certainly it has had a depressing effect upon the fiber market. We detail below the usual statistics. The January figures will be included in our February report. Total........................... United States and Canada Continent of Europe. ... United Kingdom.............. Japan................................... South Africa....................... China................................... India.................................... Korea.................................. Australia and New Zea land .................................. Others.................................. Total. 856,158 870,234 978,766 752,933 513,720 Exports—January /December, inclus 360,073 157,736 96,502 203,707 9,000 5,435 6,190 600 1,450 1,826 947 Copra and Coconut Oil By Robert J. McCombe Manager, Copra Buying Department, Philippine Manufacturing Company AFTER a slow start in early January, prices resumed the advance which began last August. Trading reached new highs during the third week of January, due, mainly, to heavy European buying. The United States market, however, remained unusually quiet mainly due to the poor demand for coconut oil. Copra Prices. During January, prices to the United States West Coast narrowly ranged between $217.50 and $222.50 per short ton c.i.f. West Coast. At the end of the month, there was limited buying interest at $217.50 and, on the other hand, a large volume of offerings at $220.00. Net change for the month was up $2.50-$5.00. Most of the activity during the month centered around the European market as European consumers and speculators entered the market about the middle of the month and bid prices up from $240 to a high of $252 per long ton c.i.f. Europe. Toward the end of the month, it became evident that the immediate European requirements had been satisfied and prices slowly eased back to $243-$244 per long ton c.i.f. Europe—up about $3-$4 a ton over the December 31 levels. In Manila the local price for fresh copra, resecada basis, 30-day delivery, reached a high of P42.00 during the third week, but, in line with the easier export markets, closed the month at P40.50-P41.00 per 100 kilos—up about P.50 from the price at the end of last year.

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