Sugar

Title

Sugar

Creator

Jamieson, S.

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

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. Powered by International “LB” Engines STANDARD POWER EQUIPMENT of this MOR SPEED Side Discharge Mixer is the famous INTER NATIONAL Model “LB” Engine. Hopper Cooled... Automatic Lubrication ... Smooth Flowing Power ... Hand Speed Control ... A Sturdy Constructed Power Plant Requiring a Minimum of Attention. INTERNATIONAL HARVESTER COMPANY OF PHILIPPINES 154 MARQUES DE COMILLAS, MANILA CEBU — BACOLOD — DAVAO 300 AMERICAN CHAMBER OF COMMERCE JOURNAL August, 1948 MAGNOLIA WHITE WESTERN AZALEA CELADON GREEN WATERLILY GREEN BONE IVORY FORGET-ME-NOT BLUE NAUTICAL BLUE PALOS VERDE BLUE BERMUDA BLUE MING GREEN MOUNTAIN GREEN SHAMROCK CITRON make about 280,000 short tons available for export, of which it is estimated that 210,000 short tons have already been shipped. There are heavy bookings for the next two months, and by the middle of September the export of 1947-48 sugar should be practically finished. It is perhaps too early to make a reliable forecast of the 1948-49 Philippine crop, but a preliminary estimate places it somewhere between 675,000 and 725,000 short tons. modern, brighter DECORET ENAMEL COLORS. .. re-styled by a world-famous color authority to harmonize with the pattern of living in the Philippines. Manila Hemp By H. Robertson Vice President and Assistant General Manager, Macleod and Company of Philippines THE period under review covers June 16 to July 15. On June 16, SCAP bought approximately 15,000 bales of hemp at prices slightly lower than those paid by them on June 2. At the same time, they announced officially that they would be out of the market for some time to come. This announcement, coupled with the fact that they purchased less hemp than generally anticipated, touched off what has developed into an extremely severe decline in prices. For some time past, it had been apparent that United States consumers were oversupplied, due to the declining & r MELLOW AS A MAGIC MELODY You should NEW COLORS ’ AT YOUR DEALER! 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pages

299-300

Media