Sugar market report for November

Title

Creator

Warner, Barnes & Co.

Language

English

Source

The American Chamber of Commerce Journal Volume XVIII (Issue No.12) December 1938

Year

1938

Rights

In Copyright - Educational Use Permitted

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 32 THE AMERICAN CHAMBER Of- COMMERCE JOURNAL December I Q 33 doldrums until the end of the month, only two brief periods of activity being recorded. The announcement by the A.A.A. on No vember 18th that deliveries for the twelve months ended October 31st, the period on which consumption requirements for 1939 are to be estimated, amounted to 6,392,609 tons was regarded as an encouraging feature; this figure is some 470,000 tons less than that for the corresponding period in the preceding year, while October del iveries, which were announced simulta neously, showed an increase of almost 200,000 tons over those for October 1937. The advance in both futures quotations and actual sugar’ prices which followed this announcement was short-lived and the market relapsed into a dull uncertainty re garding the Cuban tariff and 1939 quotas. Speculation regarding the former culmin ated in the news published on November 30th that the State Department had ap pointed January 3rd for public hearings in connection with revision of the Cuban Trade Treaty, while Cuban sources them selves claimed that a reduction to 754 per 100 pounds had already been promised. Heavy buying by Cuban interests resulted in a smart advance in futures and the ac tuals market recovered again to the 34 basis. Quotations on the Exchange have fluc tuated as follows during the month:— High Low Latest January .............. 2.094 2.034 2.084 March ................. 2.134 2.044 2.134 May ..................... 2.164 2.074 2.164 July ..................... 2.194 2.114 2.19c September .......... 2.234 2.134 2.23c Latest figures of world stocks are 3,837,000 tons, against 3,690,000 tons a year ago and 3,670,000 tons in 1936. Sales of Philippine sugar during the month amounted to 32,500 long tons at prices ranging from 3.004 to 3.054- No second hand sales were reported. The local market for export sugar has been comparatively quiet throughout the month. Exporters reduced their price to P6.80 in sympathy with the easier tendency in New York and, although in the second week P7.00 per picul was again quoted, the majority of holders preferred to wait in hopes of higher prices and little business was reported. Later, quotations declined again to P6.80, closing the month at P6.90 per picul in an inactive market. The domestic sugar market declined steadily during the first half of Novem ber to a low point of P4.50 per picul. A rather firmer tone developed subsequently with buyers quoting prices fluctuating be tween P4.60 to P4.80 but the volume of business remained limited. Exports to the United States during the month amounted to 27,859 tons centrifugals and 546 tons refined. Total shipments from November 1st, 1938 to November 30th, 1938 were as follows:— Centrifugals ........................... 27,859 tons Refined ..................................... 546 ” Total ......................... 28,405 tons This Girl . . . (Continued from page 26) Besides, said Boaz, the widow of one of old Elimelech’s boys had come back with Naomi; he who bought the land would have to wed this foreign creature—was the fellow prepared to do so? In that glaring light, flashed on suddenly, the fellow quick ly backed out of the whole business; before the elders he said openly that Boaz might himself buy the land and marry Ruth in the bargain. Charging the elders to bear him witness, Boaz accepted the deal. Thus culminated Naomi’s ambition, if not Ruth’s, and there was a very pretty wed ding as soon as the harvest was out of the way. All the gossip ran to the effect that Ruth the lovely Moabitess widow would be like Leah and like Rachel, and a great mother in Israel, and even neighbors pass ing by corroborated all that the solemn elders swore. Ruth was utterly happy. She soon bore Boaz a son, whom Naomi took charge of from infancy. Ruth being a belle not too well suited to the task, and this son was named Obed, whose own son was named Jesse, whose son in his turn became David the king. Far later, Joseph appears, of the seed of David and BathSheba, and Bath-Sheba’s son to David was Solomon the Wise. The heavens declare the glory of god, and the firmament showeth His handiwork. And so does man, as Boaz did, and more so woman, as did Ruth. But there is earth in it too, and is it not meet, since the earth is His footstool? IN ’RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

31-32

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