Sugar

Title

Sugar

Creator

Jamieson, S.

Language

English

Source

The American Chamber of Commerce Journal Volume XXVII (Issue No. 5) May 1951

Year

1951

Rights

In Copyright - Educational Use Permitted

Fulltext

May, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 163 Leyte and Samar............. 49,803 31,598 31,741 32,280 17,340 All other non-Davao........ 27,627 20,402 23,458 36,046 11,757 Total Bales ........................... 286,232 178,246 146,497 189,959 172,321 March exports once again greatly exceed balings, this time by 40,265 bales. Total exports for January./ March were 321,360 bales, or 35,128 more than the pres sings for the same period- The following are the compara tive figures for exports for the first three months of 1947 through 1951: Exports—January-March Inclusive Total Bales........................ 321,360 141,122 142,270 190,383 142,780 1951 1950 1949 1948 1947 United States and Canada.................... 188,079 61,080 49,049 91,766 107,252 Continental Europe. 50,919 23,384 33,561 33,081 30,637 United Kingdom. . . 41,707 17,240 7,447 37,060 2,085 Japan........................... 33,990 31,688 47,428 24,404 — South Africa.............. 2,820 780 750 300 — China........................... 1,555 3,850 3,629 1,800 606 India............................. 2,290 1,775 326 — 1,800 Korea........................... — 700 — — — Australia and New Zealand.......................... — 625 — 42 — All other countries... — — ' 80 1,930 400 Sugar By S. Jamieson Secretary-Treasurer Philippine Sugar Association THIS review covers the period from April 2 to April 30, 1951, inclusive. New York Market. The market opened on April 2 with spot quoted at 5.80/ and small parcels of prompt Cubas on offer at 5.85/ in which buyers were interested at 5.80/. Refiners were thought to be well covered for their April requirements and in the early part of the month showed little interest in raw sugar for prompt arrival, and parcels in that position faced a steadily falling market. By April 12 spot had dropped to 5.65/, and the following day a parcel of prompt Porto Ricos was bought by an operator at this price. This marked the low point of the market. Immediately thereafter an improvement set in, with refiners and operators becoming particularly interested in arrivals from May onward, and prices recorded a steady advance. From the middle of the month on, quite large parcels of Philippine sugar were sold at progressively higher prices, the positions and range of prices being in general as fol lows: Afloats and April shipment, 5.85/ to 6/; June arrival, 5.90/ to 6.02/; May/June shipment, 5.98/ to 6.06/; July arrival, 6.10/. Substantial quantities of Porto Ricos and limited quantities of Cubas were also sold during the same period, but with the growing strength of the market these holders became more inclined to hold off, believing that still better prices were in the offing. The market closed very firm, with light offerings of prompt sugar at 6.10/ and a parcel of Portos for July shipment at 6.25/. Refiners were indicating 6/ for May arrival, while operators were offering 6.15/ and 6.20/ for July and August arrival, respectively. We give below the quotations on the New York Sugar Exchange as of April 30 for Contract No. 6: July.................................................................... 5.67^ September.............................................. 5.78 November........................................................ 5.79 The world market Contract No. 4 quotations closed as follows on April 30: September........................................................ March, 1952................................................... May................................................................... 6 00f* 6.03 6.03 5.27 5.28 ^Buy JSQtional Qty "Bank ^Travelers Checks If you’re wise you’ll make reservations for hotels, train berths, ships, planes to avoid a spoil ed trip. Why take chances with your travel money? Carry National City Bank Travelers Checks and protect yourself against theft or loss. Your money refunded if lost or stolen. NCB Travelers Checks faithfully guard your funds wherever you travel—at home or overseas, and save you needless worry. Because NCB Travelers Checks are backed by America’s greatest World Wide Bank, they are known and accepted everywhere. In denom inations of $10, $20, $50 and $100—good until used. THE NATIONAL CITY BANK OF NEW YORK Jir^t in World-Wide (Banking. Branches in the Philippines MANILA Main Branch: Juan Luna St. Port Area Branch: 13th Street PAMPANGA: Clark Field CEBU: Cebu City 164 AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1951 The world “spot” market price on April 30 was 5.90/ as compared with 5.50/ on March 30. Local Market, (a) Domestic Sugar: Keen competi tion among dealers for the remainder of stocks held by mills and planters forced prices up and fairly large parcels were traded. We give below the Bureau of Commerce quotations as of April 25: Centrifugal 97°............. P14.50—3P14.7O per picul '98°............. 15.00— 15.50 ” ” 99°........... 16.30— 16.50 ” (b) Export Sugar: During the first half of the month the local market was dull in keeping with the trend of the New York market, buyers quoting from P12.80 to P13.05 ex mill warehouse. With the subsequent improvement in the New York market there was more activity, and quite large quantities were traded on the basis of P13.20 per picul ex mill warehouse. Brisk trading has continued at steadily advancing prices, and at the close there are buyers at P13.70 per picul. General — 1950-51 Crop. Seventeen of the 27 operat ing mills have already finished milling. In general their out-turns ran below estimates, and it looks as though the final crop out-turn would be approximately 3% less than the estimated 14,200,000 piculs (883,964.98 long tons). This is attributed to a prolonged spell of dry weather throughout the cane growing districts. 1950-51 Sugar Shipments. It is estimated that approximately 400,000 long tons will have been shipped to the United States up to the end of April, and that about 100,000 tons more are already booked for shipment in May. The total quantity available for export against our United States quota is estimated at 640,000 long tons, or about 210,000 long tons short of the total United States quota of 850,000 long tons. Freight. A request by the Shippers’ Committee to the Sugar Freight Committee of the Associated Steam ship Lines for a reduction in the present Philippines/U. S. Atlantic Coast freight rate of $21.00 was not granted. The present outlook is that there will be no difficulty in securing space at the current rate for the unbooked balance of 1950-51 export sugar. Tobacco By Luis A. Pujalte Secretary-Treasurer Manila Tobacco Association, Inc. THE tobacco harvest is almost over and there isn’t much to add over last month’s report except to say that the second and third primings in La Union province are coming out fairly well. T feel certain that my readers will be highly interested 'in a comparative statement on the specific taxes paid on cigarettes, domestic and imported, during 1949 and 1950. The statement follows: Months February................ March..................... April......................... May......................... June......................... July. ..................... September.............. November.............. December............... P SPECIFIC TAXES PAID ON CIGARETTES Domestic Imported 1949 1950 1949 1950 364,913.02 337,281.70 365,871.49 298,755.80 454,635.00 472,719.00 261,468.45 280,821.40 280,184.00 338,149.25 325,707.35 386,428.00 P 611,449.56 749.200.00 928,566.50 1,164,525.61 2,375,931.38 1,502,264.66 1,996,857.20 3,623,755.05 3,946,027.48 4,147,221.19 3,080,428.19 3,878,683.68 P 5,839,687.05 4,421,219.68 5,037,161.04 5,664,184.48 P 2,771,098.13 5,116,521.00 5,275,142.19 4,906,780.92 4,694,552.62 4,734,333.04 3,437,479.38 5,580,627.88 4,236,986.90 1,335,901.85 845,301.33 833,304.00 1,300,952.28 1.551.158.12 1.788.203.13 3,395,682.97 . . P 4,166,95446 P28,024,910.52 P58,944,676.18 P22.563.337.18 TOTAL LOVSTED AT YOUR PRODUCTS SERVICE TIGER BRONZE BUSHINGS & CASTINGS PAL-WELD COMPOUND MO-LO RING STOCK & CASTINGS SUGAR MILL & LUMBER MILL PARTS ROYAL STEEL CASTINGS ROTTLER BORING BARS LOVSTED BABBITTS, SOLDERS & LADLES SHAFER PILLOW BLOCKS ROYAL BLUE IRON CASTINGS TOOTS-E WHISTLES & SIGNAL SYSTEMS MANGANESE CASTINGS TOOLSTEEL GEARS, PINIONS, ETC. DIAMOND ROLLER CHAIN & SPROCKETS RAIL & TRACK MATERIALS DIAMOND FLEXIBLE COUPLINGS CANE CARS & CAR PARTS NORTH COAST DRY KILNS LOCOMOTIVE PARTS SPRINGS—COIL & LEAF On Any of Your Other Requirements, Please Write Us. C. M. LOVSTED & CO., (Manila) LTD. 101, 13th St., Corner Boston, Port Area, Manila — Telephone 3-32-40 Represented by SMITH, BELL & CO., LTD. in Cebu—Iloilo—Bacolod—Davao—Legaspi

pages

163-164

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