Copra and its products

Media

Part of The American Chamber of Commerce Journal

Title: Copra and its products
Creator: Day, Kenneth B.; Schnurmacher, Leo
Language: English
Year: 1938
Rights
Fulltext: 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL December 1 Q 38 COPRA AND ITS PRODUCTS by KENNETH B. DAY AND LEO SCHNURMACHER Kenneth B. Day in Cebu with plenty November was a comparatively quiet month for coconut products, except for one minor peak shortly after the middle of the month, at which time practically all the month’s business was done. The month ended as it bepan, with prices weak and uncertain. COPRA—Arrivals in Manila were some what disappointing, being off 37% as con trasted with October, although 2% above the previous November. Cebu arrivals were also off about 11% as compared with October, and 24% as compared with the Leq Schnurmacher previous November. The weather was bad of rain, thus holding to market. It was expected that December up production of copra and transportation arrivals would improve. In Manila elec Golf in the . (Continued from page 29) Mandaluyong, where an elaborate 18-hole course was laid out. Plans were also drawn for a big, ultra-mod ern club-house, and for tennis courts and a swimming Don’t tail to make your next trip an enjoyable episode in your life by sailing on the “Bisayas” or the “Lanao” — the biggest offers in travel value! All the modern conveniences — talkies, specially built dance rotundas, airy cabins, bars, etc., plus a staff of experienced cooks make Elizalde service a synonym of comfort! Phone or write for reservations! - ‘LANAO* s *BISAYAS ELIZALDE & CO.;™ (St Sa tions and holidays did a good deal to limit production, thus holding copra back in the provinces which should be marketable in December and January. When the month opened, copra was weak with no Manila buyers al over P5.75 for resecada, at which price sellers were not generally interested. Quotations dropped to 1*5.30, but owing to the stimulus m the American oil and copra markets resulting from election returns and a more encour aging world outlook, prices advanced and about the 18th of the month business was done at as high as P5.75. At this price a great deal of copra changed hands and trading was very brisk for a number of days. The market gradually eased, how ever, with selling down the line as far as P5.50. Below that figure very little busi ness was done and at the end of the month buyers were quoting P5.30 to P5.40 with sellers holding back because of higher provpool. For ladies and super-duffers, a nine-hole auxilia ry course was provided. A membership drive quickly netted 400 members, at P1000 each. With the money thus in hand, “Jim” Black, long-time Manila Golf Club professional, was told to go ahead and lay out a course which would be worthy of the very best efforts of champions. Black proceeded to do just that. He found at Mandaluyong 880,000 square meters of land, abounding in natural golf ha zards, and low-handicap men as well as duffers have since decided the canny Scotchman took advantage of each and every one of these hazards in building his course. It is a long course—par 72—6,590 yards, and no less a person than the great Gene Sarazen said last year to Henry Belden, “whenever anybody breaks par on this thing, please write and let me know”. The Wack Wack course was opened for play in 1931. Few changes have been made on it since it was first built, and those changes have been mostly with a view to placing somewhat less of a premium on distance, and more emphasis on accuracy with the irons. Both the Manila Golf Club and the Wack Wack Golf and Country Club have prospered exceedingly since 1931. Neither organization has since look back, and in fact “Caloocan” is now engaged in erecting a new club house to replace the 1914 structure, and Wack Wack is completing a nine-hole addition to the auxiliary course, “course” in Pasay nearly forty years ago, to the present lusty picture of two first-class golf clubs, and dozens of smaller courses all over the Islands, thousands of en thusiastic players, and an annual Open which attracts the very best the game has produced. But is it such a far cry, after all? To be sure, golf is still golf, and the 27-handicap duffer and the smooth, parbreaking pro fessional have one thing in common: love of the game. Both get the same delightful thrill that comes from smacking out a long one straight down the fairway, or stroking a high pitch onto the green. The “pro” ac complishes these things automatically, like a well-oiled machine; the duffer does it accidentally, but the thrill is the same The game is the thing, whether it is played with precise perfection in a big tournament to an ad miring gallery, or hopelessly by a duffer everlastingly trying to straighten out his “gorblimey” slice. Those early pioneers deserve plenty of credit, and they wrought better than they knew, but don’t forget the Game. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 35 incial equivalents. These provincial equi valents were largely due to speculative dealers covering sales they had made ear lier in the month at top prices. In Cebu prices reacted in a similar man ner, but Cebu prices were constantly above Manila equivalents with large Cebu dealers interested chiefly in export. Export markets were comparatively quiet with copra ranging on the Pacific Coast from a low of 1.65 cents to a high of 1.80 cents and with the European market ranging from a low of £8/15/0 for F.M.Q. to Marseilles to a high of £9/13/9 for sundried to northern European ports. A fair amount of business was done to the Pacific Coast, mostly in reasonably small lots. Not much business was done to Eu rope. Local dealers have had poor exper ience with European shipments this year, it being estimated that over 75% of the sundried copra shipped to Europe has been subjected to arbitration and penalized by buyers. The unsettled exchange situation also has militated against recent European business. Notwithstanding this, shipments to Europe for 1938 have totalled over 100,000 tons as contrasted with less than 20,000 tons in 1937, thus advancing Europe’s percentage of the export trade from 9% to 32%. Freight conditions were unsettled throughout the month, but it was finally agreed that the Conference rate on copra to the Pacific Coast would be reduced by $1.50 to $6.50 effective December 15th, with coconut oil and meal rates going down by the same amount. It was thought that these rates were more equitable and would prevent a large part of the rebating which has recently been going on. Shipments for the month were down, to talling only 22,192 tons, of which 6,275 went to Europe. Statistics for the month follow: Arrivals— Sacks Manila ................................. 389,063 Cebu ...................................... 342,920 Shipments— Metric Tons Pacific Coast ....................... 5,168 Atlantic Coast ..................... 1,524 Gulf Ports ........................... 3,757 Europe ................................... 6,275 China and Japan ............... 174 Other Countries ................. 5,294 22,192 Be ff inning of Month End of Month Stocks on hand— Tons Tons Manila ........... . . . 51,050 47,448 Cebu ............... 41,158 42,108 COCONUT OIL—At the beginning of November coconut oil business was possible at 2-7/8 cents c.i.f New York and 2-5/8 cents f.o.b. Pacific Coast, chiefly for for ward positions. Prices eased off early in November, but came back about the mid dle of the month to 3 cents New York and 2-3/4 cents on the Coast, with buyers will ing to accept earlier positions for selected parcels. Some small amount of business was reported at 3-1/16 cents c.i.f New York. Buyers continued to bid 3 cents un til near the end of the month. Later buy ers retired but were still willing to consid er1 offers at 3 cents for shipment during the 2nd quarter of 1939. Apparently, most of the demand was from soapers who con sidered coconut oil reasonably priced, with edible buyers out of the picture because of the possibility of buying competing oils and fats at cheaper equivalents. Statistics for the month follow: Shipments— Metric Tons Pacific Coast ..................... 1,732 Atlantic Coast ..................... 7,617 Christmas is Best Enjoyed With the Family at Home Visiting Relatives and Friends Traveling to see Interesting Places See Baguio — Bontoc Terraces — May on Volcano TRAIN TRAVEL or TRIP ON S.S.MAYON will insure success of your X’mas Vacation By train you will reach home ON TIME, af ter a very comfortable and Easy Riding trip. Fares are reasonable — Trains are equipped to insure the best travel comforts in the Philippines Ship your X’mas purchases by train They will arrive on schedule A Trip on S. S. Mayon to see Iloilo, Zamboan ga and Cebu has no equal Only the MAYON can give travel com forts which compare with large Transpacific Passenger Liners. FOR FURTHER PARTICULARS Call Up Traffic Department Call Up City Office Tel. 4-98-61 Tel. 2-31-83 Information, Local 42 521-523 Dasmarihas R. E. BERNABE Chief Clerk LEON M. LAZAGA Traffic Manager Gulf Ports ........................... 2,836 China and Japan ............... 2 South Africa ....................... 178 12,365 Beginning End of of Month Month Stocks on hand— Tons Tons Manila and Cebu . 20,689 25,746 COPRA CAKE AND MEAL—The cake market, which was very depressed at the end of October, showed some little improve ments in November, particularly for Ger many where import duties were decreased. Some little business was done at prices ranging up from $23.75 to $24.50 c.i.f (Please turn to page 38) CANDIDO SORIANO City Agent IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1938 SAILINGS MANILA to U. S. TRANSPACIFIC 223 Dasmarinas, Manila Courtesy— EVERETT TRAVEL SERVICE Tels.: J Line VESSEL Manila Leave Leave Hong- Shangkong hai Dairen Leave •Naga- Kobe saki Yoko- Honolulu Victoria •Portland Van- Arrive Seattle Arrive San. Fran. Arrive Los CPR EMP. RUSSIA SL SAPOROEA ML NIEL MAERSK SL SILVERBELLE APL PRES. TAFT CPR EMP. JAPAN Dec. 19 Dec. 23 Dec. 24 Dec. 26 Dec. 27 Dec. 23 Dec. 25 Dec. 27 Jan. 1 Dec. 30-----Jan 24 Jan. 26 Dec. 27 Dec. 29 Dec. 31 ------ Jan. 9 ----- ■ ------ ------ Jan. 12* Jan. 5 Jan. 9 ------ ---------- ----- — Jan 28° Jan. 3 Jan. 4 Jan. 12 -----Jan. 29 Jan. 31 Feb. 6 Feb. 11 ----- ------ Jan. 23 Jan. 17 ----- — Jan. 18 Jan. 21 SL JAMBI Jan APL PRES. CLEVELAND Jan BL TAI SHAN Jan SL SILVERGUAVA Jan ML PETER MAERSK Jan APL PRES. PIERCE Jan SL MANOERAN Jan. 26 NYK HIE MARU -----NYK TATSUTA MARU ----NYK HEIAN MARU ----- ------ Feb. 13» Jan. 17 Jan. 18 Jan. 26 •---------- ------ - - Feb. 13 Jan. 31 Feb. 1 Feb. 9 —— ----- ------ ------Feb. 28 Dec. 27 Dec. 30 —-—--------- -----Dec. 27 Dec. 29 Jan. 6 ---------- Feb. 6 Feb. 1 -------------- Feb.------1 Feb. 4 ----- ----- Feb. 13 ----- Feb. 17 Feb. 21 ----- ------ Feb. 24 ----- --------- Feb.----15 Feb. 18 ------ Feb.--- 23 Feb. 1G Jan. 10 Jan. 11 Feb. 4 Feb. 6 . 1. " APL—American President Line CPR—Canadian Pacific Railway SL—Salen Line BL—Barber-Wilhelmsen Line NYK—Nippon Yusen Kaisha June .......... ... 158,499 .. .... 125,092 July ............ .. . 203,269 .. .... 176,599 August .... . . . 143,276 .. ... . 169,677 September . ... 132,115 .. .... 237,127 October .... ... 122,348 .. . ... 155,370 November .. 98,868 .. .... 28,476 TOTAL .. . . 1,727,992 ... ... 1,676,476 Arrivals from Cagayan Valley declined sharply from 31,186 sacks in August, 11,941 in September, 6,992 in October to 214 sacks in November. NARIC prices after Novem ber 15, were as follows: f.o.b. steamer ex-bodega or railroad car, Manila (Per sack of 57 kls., net) Macan No. 2 .... P6.24 .......... P6.27 Saigon ........ 6.24 6.27 Siam ................... 6.24 6.27 P A L A Y Trading in palay in the provinces was fairly active at prices ranging from P3.10 to P3.20 per sack of 44 kilos (old crop). Despite the reduction in the price ot NARIC rice from P6.50 to P6.24 per sack, which ordinarily affects the price of palay, Macan ordinario in Nueva Ecija, Bulacan and Pampanga, remained steady. This is due to the fact that this grade of palay when polished slightly whiter than the NARIC No. 2, commands a premium of 20c to 30tf in the open market. Current quotations: Macan ..........P3.10 to P3.20 per sack of 44 kilos. BY-PRODUCTS Prices sagged off in sympathy with rice. Closing quotations were as follows: Binlid ................. P3.00 per sach of 50 kls. Tiki-tiki No. 1... 1.60 „ „ „ 50 , ” ” 3... 0.80 „ „ 45 ,. Mata-mata ......... 1.50 „ „ „ 45 ,. FOREIGN MARKETS A bumper crop is expected in Burma, Indo-China and Siam. Latest reports from Saigon and Siam quote new crop, January shipment at P3.50 - P3.60 per sack of 57 ki los, c.i.f., Manila. Copra and Its . . . (Continued from page 35) Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE GRILK Phone 2-16-61 Port Area Hamburg, or from P30.25 up to P31.75 f.o.b., the business being chiefly for December to March. Scandinavian buyers were not particularly interested. At the end of the month there was additional buying interest for the January-March position with sellers fairly well looked after and not particular ly interested. The copra meal business was spotty with a few small sales made to scattered destina tions on the Pacific Coast at prices ranging from $21.00 to $22.00 ex Pacific dock, or $19.50 to $20.50 c.i.f. Pacific Coast. These prices worked out considerably better than cake, taking into consideration the new' reduced freight rate. At the end of the month most mills were sold up until February, at least. Statistics for the month follow: Shipments— Metric Tons Pacific Coast ....................... 4,858 Europe ................................. 6,299 11,157 (Please turn to page 40) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CH AM DER OF COMMERCE JOURXAI 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.
pages: 34-35, 38, 40