Desiccated coconut

Title

Desiccated coconut

Creator

Hick, Howard R.

Language

English

Source

The American Chamber of Commerce Journal Volume XXIV (Issue No. 8) August 1948

Year

1948

Rights

In Copyright - Educational Use Permitted

Fulltext

298 AMERICAN CHAMBER OF COMMERCE JOURNAL August, 1948 Cebu interest being chiefly to cover export commitments. Coconut oil dropped from Pl.13 to P.92 per kilo. Copra and oil exports for June were light, and the preliminary figures are as follows: Pacific Coast ports......................................................... 13,571 Atlantic Coast ports............................................... 2,876 Gulf ports..................................................................... 3,271 Europe........................................................ 18,693 Total.............................................................. 38,411 tons There was very little interest in copra cake because of lack of dollars in Europe, but indicated quotations dropped from S72 per ton f.o.b. to $65. Generally speaking, the equivalent of copra meal on the Coast was better than these figures. T2y July 15, we were entering the heavy copra producing season. Arrivals were somewhat better than have been anticipated, but it was the general feeling that there would be nothing spectacular about arrivals even in August, and that prices have fallen so far that they actually serve as a deterrent to production. The "$64 question” was whether the market was overcommitted for July/August shipment. The general impression was that, while .con siderable quantities have been sold, some dealers were in a slightly long position, and that there was little in the pic ture to indicate a squeeze anywhere along the line. In fact, by mid-July, the steam was completely out of the market, and dealers were reconciling themselves to sub stantially lower prices in August and September. All of this is discouraging from the viewpoint of revenue for Philippine producers and export balances for the Philip pine Government, but from a long range point of view, this turn was to be expected eventually, although the velocity and extent of the current drop has exceeded all calculations. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period from June 15 to July 15. Raw-material procurement has been easy, with an abundant supply of nuts available. This is due to the fact that this is the season of the year when nuts are large and most plentiful. Because of the plentiful supply, the desiccated coconut manufacturers were able to purchase nuts at prices very close to copra equivalent values. However, during this period, copra prices have dropped so rapidly that daily delivery prices have generally been considerably above the daily copra market quotation, as most buying is done on a contract basis, contracts being made for a week to 10 days at a time. Most of the factories are now running at full capacity and some have even worked a 7-day week in order to increase their capacity. One factory, the Red V Coconut Products, Ltd., has increased its production with additional machin ery at the Dalahican factory in Quezon Province. The total amount of desiccated coconut shipped during the month of June was 9,629,960 lbs., with the July production figures promising to break the 10,000,000 lb. mark. The following are the shipping statistics for the month of June: Blue Bar Coconut Products Co................................. 2,146,260 lbs. Cooperative Coconut Products................................... None Franklin Baker Co. of the Philippines.................... 4,105,100 ” Isabelo S. Hilario............................................................ 97,000 ” Luzon Desiccated Coconut Co.................................... None Peter Paul Philippine Corp.......................................... 1,680,100 ” ATLANTIC GULF 1& PACIFIC COMPANY OF MANILA EXECUTIVE & SALES OFFICE 222 REGINA BUILDING TEL. 2-83-64 • ENGINEERING DEPT. & SHOPS PUNTA, SANTA ANA TEL. 8-63-32 • • ENGINEERS • -CONTRACTORS • • DISTRIBUTORS FOR FAIRBANKS MORSE & CO. GARDNER DENVER «CO. CHAIN BELT CO. ARMCO INTERNATIONAL CORP. PIONEER ENGINEERING WORKS YORK CORPORATION LINCOLN ELECTRIC CO. WALSH REFRACTORIES CORP. MARION POWER SHOVEL CO. August, 1948 AMERICAN CHAMBER OF COMMERCE JOURNAL 299 Philippine Desiccated Co.............................................. Red V Coconut Products, Ltd.................................... Standard Coconut Corporation.................................. Sun-Ripe Coconut Products...................................... Tabacalera......................................................................... Shipped by Blue Bar 739.500 ” 228.500 " 633.500 ” None _ MORS PEED gilson Concrete MIXERS. Total...................................................................... 9,629,960 lbs. Of the total Peter Paul shipment, 179,400 lbs. were produced by Standard Coconut Corp. Sugar S. Jamieson Alternate Secretary-Treasurer, Philippine Sugar Association IN our previous market review dated June 24, 1948, we reported that the New York market had closed with sales at 5.50i and indications that sellers were holding out for higher prices. The market continued to improve, and large quantities of Cubas and Puerto Ricos and some Philippines were sold, first at 5.60i, then at 5.65^, and later at 5.75^, for July/August/September arrival. The continued improvement in the market drew a protest from the American Bakers’ Association, supported by several other consumer groups, to the Secretary of Agri culture and a request that the United States consumption quota be increased in order to check the rise in prices. The protest found support in a statement issued by Senator Bridges, of New Hamsphire, criticizing the Secretary of Agriculture for having made too large a reduction in the quota at the end of May. This caused a brief pause in the market, refiners being hesitant about making further com mitments, but they soon re-entered the market and cleared it of offerings of Puerto Ricos and Philippine sugar at 5.75^. However, the protest referred to apparently had some effect, for advices were received yesterday that the consumption quota had been increased from 7,000,000 to 7,200,000 short tons. A decline in “spot” and “futures” followed the announcement. Quotations on the New York Sugar Exchange for the period June 14' to July 13, under Contracts Nos. 4 and 5, ranged as follows: Contract No. 4 (World Market) Low 3.90 3.90 3.45 3.50 3.69 Close 3 90 3 90 3.45 3.47 3.69 Sales 11,650 tons 28,850 ” 7,300 ” 4,450 ” 750 ” 53,000 tons July........................ September........... March, 1949........ May, ” July, ” .... High ... 4.15 ... 4.11 ... 3.76 ... 3.76 ... 3.70 Contract No. 5 High Low Close Sales July........................ ... 5.25 4.80 4.80 45,700 tons September........... ... 5.29 4.86 4 84 141,500 ” December............. ... 525 4.80 4.79 3,500 ” March, 1949.... ... 5.05 4.52 4.52 50,500 ” May, ” .... . .. 5.06 4.62 4.55 29,200 ” July, ” .... . .. 5.04 4.89 4 83 8,600 ” September, ” ... 5.06 5.04 5 04 250 ” 279,250 tons 'T'he quantity of 1947-48 export sugar remaining unA sold in the local market, is not very large and buyers would probably pay up to P13 per picul, f.o.b. steamer, for the available supplies. It is reported that ther^ have been limited transactions in new crop sugar on the basis of Pl2 per picul, ex mill warehouse. The domestic market remained steady. Ordinary centrifugal sugar was quoted at Pl5 per picul, delivered Manila, and the better grades of centrifugal sugar and washed sugar at from P16.50 to P20.50 per picul. Final returns for the 1947-48 Philippine crop are not yet in, but it will be about 400,000 short tons. This should MODEL 3’4-T Engineered for Profitable Performance To provide contractors with a really better mixer, Gilson has gone to extremes in construction all the way through. In every detail, these new models are built to resist the abuse and wear of years of service. That is why after repeated years of use Gilson owners will tell you that their mixers are still able to take tough competitive jobs at a profit. • —Model 3-1/2-T (3-1/2 cu. ft. cap.) trailer model with 1-1/2—2-1/2 h.p. engine. • —Model 6-T (6 cu. ft. cap.) 4 wheel cart with 3-5 h.p. engine. 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pages

298-299

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