U. S. Navy awards sugar bid to Philippine local refinery

Media

Part of The American Chamber of Commerce Journal

Title: U. S. Navy awards sugar bid to Philippine local refinery
Language: English
Source: The American Chamber of Commerce Journal Volume XVII (Issue No.4) April 1937
Year: 1937
Rights
Fulltext: April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 37 British Coins to Change in Shape and Appearance From London, March 20th, a Transocean Service telegra phic dispatch reports that, according to a royal decree pub lished on that day, changes are to be made in the shape and appearance of British coins. The latest British Imperial coins of gold, silver, and bronze, issued for circulation, are of the denominations and full legal weight in grains, as follows: Denomination of coins Weight GOLD in grains Five pounds.............................................................. 616.3724 Two pounds............................................................... 246.5489 Sovereign (1 pound or 20 shillings).............. 123.2744 Half-sovereign (10 shillings).................................. 61.6372 SILVER Crown (5 shillings)....................................... 436.3636 Double florin (4 shillings).................................... 349.0909 Half-crown.... (2-1/2 shillings).............................. 218.1818 Florin..............(2 shillings)....................................... 174.5454 Shilling (12 pence or pennies)..................... 87.2727 Sixpence..................................................................... 43.6363 Fourpence (Maundy coin or money)............... 29.0909 Threepence.................................................................... 21.8182 Twopence (Maundy).......................................... 14.5454 Penny (Maundy).......................................... 7.2727 BRONZE 145.8333 87.5000 43.7500 Penny......................................................................... Halfpenny.................................................................. Farthing..................................................................... By Maundy coin or money is meant the minor coins of the nominal value, as above stated, struck annually for the maundy alms distributed in connection with the ceremony on Maundy Thursday in Passion Week, i. e., next before Good Friday. In England, the “royal maundy” is distributed annually on behalf of the sovereign. The British standard gold, with which gold coins were made, are of 22 carats, that is, ll/12ths or 0.916 2/3 fine, and the British standard or sterling silver, with which the silver coins are made, are of 0.925 fine which is also the basic fineness for all London silver market quotations. The silver coins are, of course, only “token coins” and are legal tender up to only a limited amount—forty shillings. The shilling silver coin, for example, contains only 87.2727 grains standard silver 0.925 fine which, at the present London silver price of 20-9/16 pence per troy ounce 0.925 fine (as of London, March 25, 1937), has a silver bullion value of only 3.738+pence, or about 3-3/4 d. as per following formula and calculation: How many pence = 87.2727 grains standard silver 480 grains = 1 ounce troy 1 ounce troy standard silver = 20 9/16 pence (London silver price) 87.2727X1X20.5625 = 3.738+pence (bullion value of shil----------------------------ling coin) 480X1 For the silver shilling coin to be worth its full nominal or face value of 12 pence, it will require a London silver market price of 66 pence per ounce troy 0.925 fine as against its present market price of 20-9/16 pence. The copper, or rather bronze coinage, first issued in 1860, is formed of an alloy of 95 parts of copper, 4 of tin, and 1 of zinc. It will be noticed that in the case of both gold and silver, the values are in proportion to the weights of the coins, but that this is not the case as regards bronze. The Transocean Service dispatch further informs us that something of a novelty for Britain will be the new three penny bit which will be made vf a bronze alloy and will have 12 corners. This is the first time since the Middle Ages when the British mint will turn out coins of this shape. There will also be big issues of five shilling, or crown, pieces. Other coins will retain their present size and shape, but will appear in new designs. Scottish national sentiment is to be satis fied with a one shilling piece with a thistle designed upon it. The farthing will appear with an engraving not of the King’s head but of the wren, the smallest British bird. U. S. Navy Awards Sugar Bid to Philippine Local Refinery Bids for the purchase by the United States Navy supply department of refined sugar, April-June delivery, in the amount of 200,000 pounds (that is, 2,000 bags of 100 lbs. each), were opened at the office of the Cavite Naval Yard at 10.00 a. m., March 19, 1937. The bids submitted and publicly opened were, as follows: Name of Bidder Price Per Lb. Insular Sugar Refining Corpoiation (“Insurefco”).................................................................... P 0.0585 Victorias Milling Co., Inc........................................ .0609 MalaDon Sugar Co., Ltd.......................................... .0625 St. Louis Bakeiy: Domestic sugar................................................... .0780 Foreign sugar........................................................ . 0527 Although the foreign sugar bid of P0.0527 per lb. was but 90.09% of the lowest Philippine bid of P0.0585 by the Insurefco, the bd was finally awarded by the Navy to the Insurefco because its bid was, in effect, P4.72 (per 100 lbs.) lower and cheaper than the foreign sugar bid of P0.0527 per lb., taking into consideration the import duty the Philippine Govern ment should impose on the foreign sugar. The calculations are, as follows: Foreign sugar, c.i.f. Manila, at (per lb.) 1*0.0527, or per 100 U. S. $ Pesos lbs................................................. U. S. $2,635 P5.27 Plus duty: Philippine import tariff (for 99.6 degrees polarization) per 100 lbs............................. ... $2,635 Tare (weight of immediate con tainer of, say, 0.26 kilo, 9.17 ounces, or about 0.573 In variable).................................. $0,015 Total import duty for a bag of 100 lbs. net............................ $2.650 P5.30 Foreign bid, total cost per bag of 100 lbs. net, duty paid.... $5,285 P10.57 Philippine sugar bid by Insurefco......... $2.925 P5.85 Foreign sugar bid (paying import duty of $2.65) exceeds Philippine local sugar bid by (per 100 lbs. net bag)......................................................... $2,360 P4.72 At the time the above bid was opened in Cavite, the United States current price for refined sugar, per 100 lbs., was approximately............................................... $4.80 38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Mountain Farmers (Continued from page “Krom the Bontoc region come many ugly and apparently authentic stories of lowlanders’ staking claims and registering titles to lands which have been tile traditional mainstay of whole villages. I'ntil now the Igorot ha#> not realized that his land could be taken from him by entirely legal processes. He has assumed that because his fathers built and cultivated the terraces they were his; he has not seen the necessity of securing his title by a foolish piece of paper. In consequence' he has been exploited, and—if my information is reliable, which I have every reason to believe it is—by men whose duty w:is to guard his rights. (I could be plainer, but you understand the need of being wary in such statements!) These people will resist their expropriation—and they will be shot down. Other village's, spurred on by their educated younger generation, are taking warn ing in time and registering their holdings. "That is the situation, so far as I can learn. The legitimate, responsible mining companies I have no quarrel with, though my love of the Igorot and rnv anxiety to help him preserve all tile best features of his native lift' make me hope that gold will not be found in paying quantities round Besao. Much that made his life so admir ably distinct has gone beyond the hope of re covery; this includes, I regret to say, his costume'. Perhaps I had better qualify this by saying that his costume is going; vestiges still remain, but the gee-string and the tapis and the beauti fully woven blankets, all of them so attractively designed and coloured and so sensibly adapted to local conditions, are yielding to cheap cotton imports from Japan. The Twentieth Century is in these mountains, whether we like it or not, and I look on it as my job to help ferry the Igorot across the three to four thousand years of human history which he must cover in a single generation or perish. In the process I try to see that he retains the many admirable features of his own culture and shows some discrimination in what ho picks up from the West. “But. the mines, as you pointed out, produce lxnvildering social changes, and the prosperity they bring also fetches a retinue of harpies, whose object is to separate the Igorot from his earnings. I will close with just one instance to show how vulnerable the Igorot’s own customs make him. I refer to the system of trial marriage promoted by what we call locally the ‘ebgan’ though it is lx-tter known by its Bontoc name of ‘ulag’. Whether this system was advantageous in the past I cannot say; I do believe that the lack of adequate and livable homes made it practically inevitable, and I think that the family life which the new and better houses (Please turn to page 52) Non-Status Sugar for Army One bidder for the U. S. army sugar contract this year, May-June delivery, was the Domestic Sugar Administra tion. This is the set-up of the Philip pine Commonwealth for administra tion of domestic-consumpt ion and quota reserve sugar. The army calls for 12,000 bags of sugar 100 lbs. to the bag, a total of 1,200,000 lbs., half to be deli vered May 15, half June 15. Bids were as follows: Domestic Sugar Administra tion (P.I. Government)........ 1*3.56 Juan Ki Cho, foreign sugar, c.i.f. Pier, without sales tax, and without import duty............. 3.83 Victorias Milling Co., Inc........ 5.82 Insular Sugar Refining Corpo ration....................................... 5.75 F-csh Food, Inc., foreign sugar: c.i.f. Pier, with 1/2% cash discount for payment in 10 days......................................... 4.28 The Domestic Sugar Administration’s bid, successful, involves confiscated su gar, not reserve sugar nor domestic con sumption sugar. It. was sugar milled in excess of the quota for export, the quota for reserve.to make up deficiencies in the quota for export, and the quota for the local Philippine market. Con fiscated, it could not enter any regular market; it was non-status sugar neither to be sent to America, held in reserve for that purpose in case quota shipments were short of the allotment, nor sold for local consumption. The army’s requirements offered it an outlet. less 2% cash discount................................................. $0,096 or a not U. S. current price of...........per 100 lbs. $4,704 Philippine sugar bid by Insurefco, equivalent to, per 100 lbs........................................................................ $2.925 Philippine sugar bid lower than the U. S. current net market price (per 100 lbs. not bag) by P3.558, or.........................................................................U. S. $1779 Canadian Pacific The Canadian Pacific liner Empress of Japan that left Manila for Vancouver April 12 via China and Japan took from this port the largest number of passengers ever booked for a single departure, 435, the agents report. The Pacific passenger trade could spell prosperity in capital letters with consistent trade of that calibre. Recipe for Sighting Your eyes need good light. Protect them by always using the economical OSRAM'S LAMPS. SMITH, BELL & GO., LTD. Sole Representatives Manila — Iloilo OSRAM-Q' give more and better light. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
pages: 37-38