Textiles
Media
Part of The American Chamber of Commerce Journal
- Title
- Textiles
- Creator
- Traynor, James
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXV (Issue No.10) October 1949
- Year
- 1949
- Rights
-
- Fulltext
- 456 AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1949 Textiles By James Traynor ★ LUZON STEVEDORING COMPANY, INC. MANILA ¥ THE market during September was more active than at any time since January. This activity is the result of several factors, the most import ant of which is the seasonal increased consumption, common toward the end of the year, usually beginning in September. Ordinarily importers buy for this year-end activity, but this year buyers have used ex treme caution due to depressed prices which have ruled during the past 5 to 6 months. Inventories were therefore held at a conservative level and are now low enough to cause many grades to be in short supply, and with the consequent upward adjustment in prices, importers feel more confident in making new commitments. There is a feeling in the market that if the cur rent rumors of further restrictions by the Import Con trol Board are put into effect, the normal demand for textiles could not be satisfied. The New York market continued to be firm and nearby deliveries very difficult to procure. Some mills in the United States have sold as far ahead as next February. Prices in New York continued to ad vance throughout the month. Legislation, Executive Orders, and Court Decisions By Ewald E. Selph Ross, Selph, Carrascoso & Jcinda THE Supreme Court has just rendered an in teresting decision on the liability of a lessee for the agreed rental during the period of the Japanese occupation. In Case No. G. R. No. L-1802, decided September SO, 1949, the Court said: “We do not agree however with plaintiff that the non payment of rent worked to rescind the contract. The failure of the defendant to pay rent during the war was due to im possibility inherent in the nature of the thing to be performed. In this aspect of the contract the payment was the very thing promised by the lessee, the very foundation, the sole considelation of the contract for the lessor, and the lessee’s failure tc make good the promise was due to causes over which it had no control and for which it was in no manner at fault. The war led to its officers’ incarceration or internment and prevented them from receiving cash from their principal or from working to earn money. There is no difference in the animating principle involved between this case and that of SWAN, CULBERTSON & FRITZ, INC. BROKERS IN LOCAL AND FOREIGN SECURITIES Member—Manila Stock Exchange New York — San Francisco Correspondents — Honolulu — Uruguay Shanghai — Hongkong 701 S. J. WILSON BLDG. _„T J 2-74-55 143 JUAN LUNA 1 \ 2-80-53
- pages
- 456