Sugar

Title

Sugar

Creator

Jamieson, S.

Language

English

Source

The American Chamber of Commerce Journal Volume XXV (Issue No.10) October 1949

Year

1949

Rights

In Copyright - Educational Use Permitted

Fulltext

October, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 451 The copra market eased off after remaining quite steady during the first part of the period, and toward the close of the period copra and nut prices became bearish. We can look for a considerable fall in price due to the pound sterling drop as well as the drop in shipping rates for the coming period. It is too early to say what the drop in copra ship ping rates will do to desiccated coconut factories as far as purchasing nuts is concerned, but already indi cations are that around the coastal areas the middle men are absorbing a large part of the differential and that the freight drop has not been of much assistance to desiccators. Although it is too early to give a de finite opinion, events to date have only proved how definitely the desiccators are tied to copra events and prices. Labor-management problems remained at a min imum during the period. Standard Coconut Corpora tion had a flare-up of labor difficulties which to the date of this report have not been settled. The issue has become largely an inter-union squable with the company caught in the middle. We officially welcome into the ranks of the desic cated producers, Red V’s new factory in Oroquieta, which we hear is a fine factory, well planned, and making use of all labor-saving devices possible. This marks a post-war effort to establish multi-plant opera tions, as did Blue Bar before the war. The shipping statistics for the month of August are as follows: Shippers Pounds Franklin Raker Co................................. 3,941,560 Blue Bar Coconut Company ............. 218,070 Peter Paul Philippine Corporation ... 1,014,000 Red V Coconut Product, Ltd................. 2,325,600 Sun-Ripe Coconut Products, Inc.......... 291,000 Standard Coconut Corporation .......... 506,300 Cooperative Coconut Products ............ 599,700 Tabacalera ............................. 575,000 Coconut Products, Inc........................... 186,210 Luzon Desiccated Coconut Corp .......... 237,370 9,904,810 Sugar By S. Jamieson Alternate Secretary-Treasurer Philippine Sugar Association THIS review covers the period from September 1 to September 28, 1949. New York Market. — September opened with sales of Cuban, Puerto Rican, and Philippine sugar at 5.95^ for September/October shipment. There after sellers held out for 6C, at which price a fairly large quantity of sugar, mostly Hawaiian, was on of fer; but buyers showed little interest, apparently hop ing that, -to ease the supply situation, Washington would increase the United States consumption quota. This hope was realized on September 13, though not before buyers had paid 6 c* for 10,000 tons of Cubas for October shipment, by the announcement made by the U. S. Secretary of Agriculture that the 1949 United States consumption quota would be increased by 250,000 short tons, making the total quota 7,500,000 short tons. Of this increase, Cuba was allotted 246,600 tons, making her total United States allot ment 2,888,735 short tons. This had no noticeable effect, however, on sellers’ idea of price, and buyers finally gave up their idea of getting prompt arrivals below 6tf and purchased about 30,000 tons at that Valuable References For Your Business Library EXPORTERS’ DIGEST (Monthly Magazine) 1 yr. . . P12.00 2 yrs. . 20.00 Thomas Register, 1949 Ed......... 4 vols. P 40.00 Radio Amateur’s Handbook, 1949 .......... 5.75 Encyclopaedia Britannica ........ 24 vols. 550.00 Executive’s Desk Book—Pelo (Ed.) .... 16.50 Practical Business Administration 12 vols. 109.60 Modern Shop Practice ................. 9 ’’ 69.60 Automobile Engineering ............. 4 ” 54.60 Applied Electricity ....................... 8 ” 76.60 Many of our friends have already selected from our large collec tion of lovely PHILIPPINE VIEW CHRISTMAS CARDS. Now is the time to choose while the stock is complete, and there is plenty of time to yet your name print ed or engraved and your cvclopcs ad dressed. We have a new supply of Stamp Collectors Universal Stamp Album ........................... P 6.00 Collector’s Stock Book .............................. 9.00 “Ring Binder” Stock Book ....................... 10.50 “Daisy” Stock Books — Complete .......... 14.50 PHILIPPINE EDUCATION COMPANY Tanduay at Vergara TEL.3-22-51 Quiapo, Manila 452 AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1949 FOR BETTER SERVICE — Call 2-77-03 ALLIED BROKERAGE CORPORATION Marsman Building Tort Area Documents may be delivered, to our repre sentative in the branch offices of MACKAY RADIO & TELEGRAPH COMPANY, Plaza Moraga and Trade & Commerce Building. Individual attention and competent super vision given to your customs brokerage require ments. CUSTOMS BROKERAGE FREIGHT FORWARDING WAREHOUSING TRUCKING HEAVY HAULING YOUR new ROOM in 1'day! MORE COLORS-MORE DECORATING HELP Decorating delight—that's FULLCOAT—real OIL paint! Covers easy—flat and smooth dries quick—has NO ODOR! 12 sunny "go-together" colors. AMERICAN FACTORS (PHIL.) INC. Mary Bachrach Bldg. 25th St., Port Area Tel. walls & ceiling use FULLCOAT 1 -day, 1 -coat real OIL paint price. The market continued to gather strength, sellers holding out for G.OS?4, and the price finally went over the Gc* level with the purchase of 20,000 tons of Cubas at 6.03<‘, followed by about 30,000 tons more at 6.05<‘. At the close there are sellers but no buyers at 6.05<*. During the month, the following sales of Phil ippine sugar were reported: 3,500 tons ex warehouse New York at 6(* 6,000 tons for September shipment at 5.95<* 13,000 tons new crop at 5.75 for January/February ship ment In the face of the steadily advancing price of law, refiners raised their price of refined from 7.85tf to 8.05<‘, effective September 26. We give below the quotations on the New York Sugar Exchange as of September 22 for contracts No. 4, 5, and 6: Contract Contract Contract No. 4 Np. 5 No. 6 September . . . . . 4.18 5.67 — November . . . . -.— -.— 5.53 December . . . . — 5.59 5.45 January ................. -.— 5.55 5.41 March..................... . 4.09 5.31 5.22 May....................... 4.08 5.30 5.21 July........................ 4.08 5.30 5.21 September, 1950 . — 5.32 5.23 November, ” 5.24 Local Market.— (a) Domestic Sugar. Suffi cient stocks of 1948//49 sugar are said to be on hand to meet local needs until November 15, by which time adequate supplies are expected to become available from new crop sugar. Current prices for old supplies are from P19.50 to P20.00 per picul, ex mill ware house, for centrifugals. Dealers have already entered .into contracts for new crop centrifugals at the follow ing prices ex mill warehouse: P19.00 to P19.50 per picul, October delivery; P17.50 to P18.00 delivery first half of November; P16.00 to P17.00 delivery during second half of November; and P16.00 delivery up to December 15. They are indicating P15.00 to P15.50 for delivery after January 1, 1950. (b) Export Sugar. Exporters are quoting P13.90 ‘o P14.25 per picul, ex mill warehouse, for delivery up to October 31, and P13.40 to P13.50 for later delivery. Mills and their planters will likely sell a large part of their first new crop sugar in the domestic market, and, in consequence, the quantities offered for sale as export sugar will probably be quite limited, especially during the months of October and November. Several Negros mills start milling in the latter part of October. General. — Freight Rate. Negotiations are pro ceeding between shipping agents and shippers for a new rate on raw sugar from the Philippines to United States Atlantic Coast ports, to be effective upon the termination of the existing rate of $15.50 on October 31, 1949. Java. — The latest estimate of the new Java crop reduces the quantity to 200,000 tons. The original estimate was 350,000 to 360,000 tons. There is thus no likelihood of sugar being available for export from Java during the coming season, since their home con sumption is more than 200,000 tons. The reduction is ascribed to a recrudescence of the disturbed condi tions in the sugar districts which has made it diffi cult to safeguard the growing crop. Hawaii.—The longshoremen’s strike has not yet been settled, but since the government took the port facilities, several steamers hav been loaded with su gar for delivery to United States Atlantic. Coast ports.

pages

451-452

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