U.S. foreign & domestic Commerce Bureau's November business cable

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Part of The American Chamber of Commerce Journal

Title: U.S. foreign & domestic Commerce Bureau's November business cable
Language: English
Source: The American Chamber of Commerce Journal Volume XVIII (Issue No.12) December 1938
Year: 1938
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Fulltext: December, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 U- S. Foreign & Domestic Commerce Bureau's November Business Cable Washington, D.C., December 9, 1938 The upward trend of business activity under way since the middle of the year was extended during November. Industrial production rose sharply and the flow of general merchandise into the hands of con sumers recorded an improvement. Further gains in the index of manufacturing out put was reflected primarily by expansion in the steel industry and the rapid increase in automobile production. Steel ingot pro duction advanced to 63 per cent of capacity, although incoming orders for steel have keen somewhat below the current rate of operations and slightly less than in Oc tober. Production of passenger automobiles and commercial vehicles rose to 97,000 units prior to the Thanksgiving week, ex ceeding the comparable output of the same period last year. Production data for other industries gen erally recorded smaller increases than steel and automobiles but the volume of fac tory production has currently moved above the rate of output at this time last year, when industrial production was being cur tailed. However, production in some con sumers goods industries has declined recent ly on a seasonally adjusted basis and, not(Please turn to page 40) TOBACCO REVIEW NOVEMBER, 1938 By P. A. Meyer Rawleaf: The heavy inundation at the end of November did da mage to some seedbeds in Isa bela province. Most of tie 19.38 crop tobacco in Isabela and Ca gayan already being in ware houses, only little damage due to the overflowing of the Rio Grande and its tributaries is anticipated. The local tobacco market re mained dull. Exports showed only a small increase over October. Comparative fig ures for shipments abroad are as follows: Raiclcaf. Stripped Tobacco and Scraps 1,236 72,612 9,745 25 2,884 237,000 1,062 129,665 9,440 463,669 385,356 401,689 Sales City of Manila 1938 REAL ESTATE by p. d. carman boulevard HEIGHTS B 9 November sales were somewhat in excess of the total for the same month of 1937, 1935, 1934, 1932, 1931 and 1930 but lower than in 1936 and 1933. While the record of last year will probably not be reached, the total for 1938 is likely to exceed that of any other year since 1919. October November Sta. Cruz . . P 385,178 P 433,079 Sampaloc . . . 183,392 25,925 Tondo............... 295,504 53,982 Binondo .... 739,277 152,261 San Nicolas ... 273,723 60,750 Ermita .... 79,486 51,730 Malate .... 157,295 84,238 Paco ............... 21,450 83,577 Sta. Ana .... 90,972 30,334 Quiapo .... 24,174 19,000 San Miguel . . 3,984 14,230 Ii.tramuros . . 3,412 80,000 Sta. Mesa . . . 1,570,893 — Pandacan . . . 61,906 10,552 P3,890,646 Pl,099,658 January-November 1938 .... 6,417,309 January-November 1937 .... 12,370,208 Cigars: Shipments to the United States compared as follows: cigars November 1938 ....................... 13,622,108 October 1938 ....................... 16,640,055 November 1937 ....................... 21,965,431 January-November 1938 .... 171,106,230 January-November 1937 .... 173,081,524 LA IWEANA BUILDING AND LOAN ASSOCIATION SUGAR MARKET REPORT FOR NOVEMBER By Warner, Barnes & Co., Ltd. The marketing policy of the Louisiana producers again came into prominence as t. market factor during the first week of the month. Insufficient warehouse space nullified the proposal to ease pressure by putting some of the Louisiana sugar into store and further sales at 2.95c were re corded, while one of the largest refineries contracted for 76,000 tons on the basis of the average weekly price. In consequence, spot sugar declined to 3c while new-crop offerings attracted no attention from buy ers. The Republican gains in the elections on November 8th had a stimulating effect on sugar in sympathy with other markets and a limited business was done during the sec ond week of the month at the parity of 3c. Uncertainty regarding next year’s quotas, however, continued to restrict demand. During the second half of the month, in terest centered principally around rumours of a reduction in the tariff on Cuban sugar, prompted by Colonel Batista’s visit to Washington. A reduction from the present late of 90y to 75c per 100 pounds is still possible under existing Presidential au thority and there was considerable belief that this concession would be made. It was thought that the decrease might bj granted in exchange for the elimination of white sugar exports from Cuba to the U. S., though, at the same time, there were re ports that Peru had lodged a request for a 50% cut in the duty on her sugar, which would automatically achieve the reduction of the Cuban tariff to 75c under Cuba’s treaty preferential of 20%. With these uncertainties, the New York market remained almost continuously in the Australia ................................ Belgium ................. ‘................ China ........................................ France .................................... Holland .................................... North Africa ........................... Straits Settlements ............... United States ......................... Uruguay .................................. November 1938 ....................... October 1938 ........................... November 1937 ..................... LOANS for the construction of buildings, and mortgages at moderate rates INVESTMENTS in shares of stock giving 6% dividends annually. We also issue savings shares from one peso-up monthly PATERNO BLDG. P- O. BOX 138 SANTA CRUZ, MANILA „ TEL. 2-18-55 3 . - % IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 40 THE AMERICAN CHAMBER OF COMMERCE JOURNAL December. 19 >8 RAIL COMMODITY MOVEMENTS By LEON M. LAZAGA Traffic Manager, Manila Railroad Company FREIGHT REVENUE CAR LOADING COMMODITIES The volume of commodities received in Manila during the month of November 1938, via the Manila Railroad Company are as follows: Rice, cavanes......................... 27,021 Sugar, piculs......................... 25,408 Copra, piculs......................... 128,449 Desiccated Coconuts, cases . . 31,746 Tobacco, bales....................... 607 Lumber, board feet............. 861,075 Timber, kilos......................... 1,430,000 Rice .............................. I'alay ............................ Sugar Cane .............. Copra ............................ Coconuts ...................... Molasses ...................... Tobacco ........................ Livestock .................... Mineral Products Lumber and Timber.. Other Forest Products : Manufactures ............ j All Others including L.C.L............................| TOTAL The freight revenue car loading statistics for four weeks ending November 19, 1938, as compared with the same period of 1937 are given at right: NUMBER OF I FREIGHT FREIGHT CARS, TONNAGE i 1937 | .301 i 1938 280 5.218 13 1.1' .265 15.824 __________ SUMMARY Week ending Oct. 29 Nov. 5 '• 12 ,i 1.270 1,058 1.129 1.761 1.375 1,304 1,188 1,398 12,220 9.061 20^539 12,760 12.359 10.838 16,702 ( 105) ( 510) ( 246) 1 ( 3.298) | ( 59, I < 805) 363 3,837 ■ TOTAI.................... J__ 5.218 5.265 51.853 52.659 1J=.£D___ (__ 8062. NOTE—Figures in parenthesis indicate decrease. U. S. Foreign . . . (Continued from page 31) withstanding the recent market expansion in durable goods industries, the aggregate output of such products is still compara tively low. Although railroad equipment orders are still in mail, the railway outlook has improved and weekly freight carload ings exceed 1937 figures in mid-November for the first time this year. Retail sales of general merchandise have improved during November and the loss in dollar volume from a year ago was reduced to about five per cent, compared with 10 per cent in October. Retail sales of passenger automobiles mounted rapid ly as dealers were supplied with cars to deliver against the substantial volume of orders built up with the introduction of new models. Monthly income payments, the most inclusive single indication of cur rent economic change, have increased steadily since May, the 1938 low point and for the final quarter of the year, it is like ly that “real income” will exceed the total for the same period last year. Total employment in non-agricultural pursuits increased by about 900,000 work ers between July and mid-October, an J about 1/3 of those who lost their jobs after autumn last year have returned to work. Commodity prices during November were generally stable both in raw materials and finished products. Prices of farm products have remained around the year’s lows but the Department of Agriculture estimates cash farm income for the present year at $7,600,000,000 compared with the depres sion low of $4,300,000,000 and about $1,000,000,000 below last year. Copra and Its . . . (Continued from page 38) Beginning End of of Month Month Stocks on hand— Tons Tons Manila and Cebu .. 8,216 7,773 DESICCATED COCONUT—Sales of de siccated in the New York market fell off approximately 20*/ as contrasted with Oc tober, which is usually the peak month for the Christmas trade. December sales are expected to decline even further. Desiccat ed prices, however, held steady and aver aged possibly a shade better than those of October for fancy cuts. Stocks of desiccat ed in the New York market were normal. Mills in the Philippines were operating at fair capacity for this time of year. Ship ments for the month totalled 3,479 tons. GENERAL—At the close of November buyers and sellers of copra were more or less at a stalemate. Buyers saw very lit tle promise for higher prices in the future, and sellers saw no profit in buyers’ quota tions. It was thought that some large mid dlemen were accumulating stocks of copra in the provinces with the hope of holding them for better prices and, if necessary, carrying them over into 1939. Copra prospects in general were good, the weather having been favorable, and it was thought that there should be plenty of copra in sight to meet all demands up to and including the best part of January. Demand for oil was light and for far for ward positions and it was not expected that a great deal of oil could be sold ir. De cember. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE. JOURNAL BUSINESS AND PROFESSIONAL DIRECTORY It ® a T P. O. Box 1394 Telephone 2-20-70 CHINA BANKING J. A. STIVER Attorney-At-Law—Notary Public CORPORATION Certified Public Accountant MANILA, P. I. Administration of Estates Receiverships Investments Collections Domestic and Foreign Banking Income Tax of Every Description 121 Real, Intramuros Manila, P. I.
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