Philippine economic conditions—February, 1934

Media

Part of The American Chamber of Commerce Journal

Title: Philippine economic conditions—February, 1934
Language: English
Source: The American Chamber of Commerce Journal Volume XIV (Issue No.4) April 1934
Year: 1934
Rights
Fulltext: 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1934 Philippine Economic Conditions—February, 1934 Trade with the principal countries was: "Ou".::::::::: :::::: ggg 'fefc........... ....................... +12,056,414 + 5,794,014 2.3457™ 148™°° ........... .... :....... ...................... - 484,883 - 575,133 M Ist.OM 1,989 1,141 664,273 243,539 ::::::::::::::::: J&l » ?,“2‘ 216,908 3,729,846 174,424 Total. April, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 Coconut oil: United States......... China........................ British East Indies. Hongkong................. Japan........................ Dutch East Indies. Total.................. to have been considered as trade values by the Statistical Division and so entered. Imports free of duty and those carrving specific duties were also converted at mint par and so entered by the Statistical Division. Arranging the trade by countries to show for the two years the source of both favorable and unfavorable balances: Desiccated coconut: United States. Hawaii........... Total. Oriental: Australia............................. British East Indies......... Netherland East Indies. Other Oriental countries. Millions of pesos 1933 1932 0 3 6 3 7 Oriental balance. - 32.3 - 26.1 Detailed exports of sugar, January 1934: Centrifugal: United States and total.............................................................. Kilos Pesos 143,018,854 16,508,640 Refined: United States and total............................................................... 2,940,201 480,946 Detailed exports of tobacco products, January 1934 : Leaf: Kilos Pesos European: Great Britain............................ Germany.................................... France....................................... Belgium........................................ Switzerland.............................. Other European countries (a) European balance.............. Other foreign balance.................. Total foreign balance................... United States balance.................. Overseas Trade Balance......... 6 2 4 31 0 1 2 0 Belgium . . . . Italy............. Netherlands. China........... 24,728 719 2.523 Japan............. Gibraltar....... French Africa. 5,670 150 1,415 450 147,094 3,000 2,780 Total 531,643 161,559 United States. Hawaii........... Great Britain. 17,749,967 369,570 46,200 10,000 12,080 13,200 561,263 19.101 1,994 480 284 827 35,958 Netherlands. Switzerland. China........... 2,840 71,600 1,829 Hongkong................. Australia.................... Gibraltar.................. Norway.................... Dutch East Indies. French East Indies. Port. East Indies. . Panama...................... 500 5,269 Total. CigarettesUnited States. . .. Hawaii................... Switzerland........... China..................... Hongkong.............» Fr. East Indies. .. Portuguese China. Total.................. Scraps, stripped filler and cigar ends: United States........... Netherlands............... China......................... Total 30,000 10,192 6.800 57.425 5.500 10,000 15,570 48 840 3,551 136 400 994 19,628,044 637.078 40,000 370 60,000 504 9.300 17 210,000 630 270,000 485 130,400 417 277,500 463 997,200 2,886 Kilos 53.287 515 420 16,614 130 150 54,222 16,894 Orcrseas trade, calendar year 1933^: The value of exports (.exclusive of gold) in calendar 1933 was p211,542,105 as com pared with P190.676.161 during 1932. Imports were P149,472.360 ft>) as against P158790.170. The resulting favorable visible balance of trade was P62.069 745 as compared with P31.885.991 for 1932. Trade values with the principal countries for 1933 compared with 1932 were: Millio 1933 PO'19l 87.10 (a) Includes Canada. The values of imports, on a basis of the medium classification, for 1933 and 1932 were: Pesos 1933 1932 39,590,115 41,977,700 18,897,390 20,860,713 11,224,690 11,594,700 4,770,357 4,901,256 615,421 758,830 4,082,257 3,862,189 26,210,367 27,213,822 7,561,820 7,013,107 (4.770,990) (4,903.878) (1,458,320) ( 998,698) (1,332,510) (1,110,541) 4,685.813 5,203,020 831,114 1,538,319 1,978,344 1,837,970 2,251,312 2,467,972 2,636,654 2,925,234 3,204,828 2,102,493 3,060,482 3,125,697 11,844,512 12,716,064 11,947,489 14,574,507 2,510,380 3,554,931 4,929,147 5,831,565 2,053,483 2,272,457 1,284,693 1,655,164 1,169,786 1,260,390 10,042,437 12,7',0,190 243,677 253,150 3,390,590 4,548,753 5,803,320 7.010.839 604,850 927,448 10,732,633 9,966,799 3,928,668 3,920,043 749,137 626,113 3,479,473 2,951,780 1,193,085 1,155,193 1,382,270 1,313,670 1933 PeS°S 1932 7,189,119 7,976,788 3,043,350 3,156,154 1,283,446 2,062,189 9,909 2,044 1,119,868 1,321,588 1,732,546 1,434,813 4,860,537 5,529,333 1,592,511 1,892,547 3,268,026 3.636,786 1,973,011 1,516,272 4,234,596 5,386,142 1,518,776 1,504,026 1,022,606 1,067,824 340,769 378,018 155,401 58,184 19,328,768 17,688,527 149,472,360 158,790,170 Textiles.................................................. Cotton piece goods........................ Cotton manufactures (a)...................... Silk and rayon, and manufactures.... Wool and manufactures......... Vegetable fibers and manufactures . . Foodstuffs...................................................... BreadstufTs................................................. Wheat flour........................................... Rice........................................... Other........................................................ Dairy products......................................... Eggs, natural ........................................... Fish and fish products........................... Fruits and nuts........................... ......... Meat products................... ................. Vegetables, fresh and preserved.......... Other foodstuffs (b)................................... Iron and steel goods (c).................................. Petroleum products.............................................. Gasoline..................................... Kerosene........................ Other........K................................... . Machinery................................................. Agricultural implements............................. Electrical machinery (d)........................ Industrial machinery (e).............................. Instruments and apparatus (f).................. Chemicals and products................................... Chemicals, drugs, dyes, and medicines.. Explosives....................................................... Fertilizers (g)................................................. Paints, pigments and varnishes............... Perfumery and cosmetics........................... Automotues..................... Cars............................... Trucks.......................... Motorcycles................. Parts and accessories. Tires.............................. Paper products................ Printed (h).................. Unprinted.................... Coal................................... Tobacco and manufacturt Footwear............................ Colton uppers............ Leather......................... Rubber........................... Other imports................... Total Imports.............. Quantities and values of exports, by medium classification, for 1933 and 1932 were: United States & Possessions China.......................................... Germany................................... Spain.......................................... Great Britain........................... British East Indies............... Netherland East Indies......... France......................................... French East Indies................. Australia................•................... Belgium...................................... Netherlands............................... Other countries...................... 5 3 8 7 0 5 7 3 7 9 2 7 8 2 3 2 3 0 0 2 Centrifugal..................................... Muscovado..................................... Refined........................................... Molasses......................................... Value in 1933 129,307,980 110,722,452 1,500 8,943,979 640,049 Quantity, metric tons 1933 1932 1,205,082 1,023,452 18 55,227 126,385 3 2 6 7 Total. 149 5 158 8 211,5 190.7 (a) Summation of Philippine Bureau of Customs Monthly Bulletins, January to December, 1933, inclusive. (b) Attention is invited to the fact that values for 1933, as well as for January 1934, are fictitious in so far as thej apply to imports from countries having depreciated cur rencies. Prior to 1933 the Philippine Bureau of Customs converted invoices covering foreign goods into pesos at current rates of exchange (fixed every week). With the passage of Act 4034, commonly known as the "Philippine Parity Law”, the Bureau of Customs was required for the purpose of levying ad valorem duties to convert invoices covering foreign goods into pesos at the mint par of exchange as listed in said law rather than at the current rate of exchange. Due to reductions in staff of the Bureau of Cus toms' Statistical Division, there was not sufficient personnel to handle two types of con versions: one for customs purposes and the other for purposes of trade statistics. As a consequence the arbitrary and artificial conversions of the Appraisers Division appear 1,121,552 959,181 261 57,126 104,974 (a) Except cotton shoes. (b) Includes cocoa, coffee, confectionery, starch, sugar, molasses, and tea. (c) Includes hardware, cutlery and tools. (d) Includes electrical apparatus and appliances. (e) Includes rice threshers and mills, eugar central and oil-expresser machinery, and tractors. (f) All non-eloctrical instruments and apparatus. (g) Chemical and natural. (h) Includes books. Coconut products................................... Coconut oil....................................... Copra cake and meal..................... Desiccated coconut.......................... Hard fibers, raw................................... Abaca.................................................. Buntal................................................. Other raw fibers (a)....................... Value in pesos 1933 1932 41,731,338 17,912,057 18,339,645 2,114,027 3,365,609 30,909,476 10,266,454 15,302,287 2,107,333 3,233,402 Quantity, metric tons 1933 1932 14,904,850 10,688,492 13,747,719 10,031,204 417,841 105,735 739,290 531,553 586,173 308,753 159,621 99,872 17,927 343,335 137,241 114,673 75,848 16,073 164,258 115,090 152,151 105,785 129 46 11,978 9,259 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1934 Hard fiber manufactures...................... Cordage.............................................. Knotted abaca.................................. Hats (b)............................................. Cloth................................................... Other manufactures......................... 3,887,368 1,813,536 428,648 3,031,910 1,318,093 457,433 1,532,111 3,822 49,247 1,187,176 5,294 63,914 5,855 3,833 314 306 (Quantity, thousands) 988 745 (Quantity, eq. meters) 14,313 3,094 Estimated stocks, Manila, end of month, metric Prices, drums, Manila, pesos per kilo: High....................................................................... 20,427 20,902 0.10 0.095 0.105 0.095 0.12 0.11 Embroideries........................................... 3,798,716 6,"00,667 Cotton................................................. 3,661,337 6,534,088 Silk...................................................... 137,294 165,561 Laces................................................... 85 1,018 Tobacco................................................... Ixjaf..................................................... Cigarettes.............. ......................... Other tobacco (c)............................ 10,355,787 3,685,105 6,315,866 62,421 292,395 19,800,1 IS 5,644,466 16,897 21,620 (Quantity, thousands) 6,462,436 196,141 182,575 58,859 21,580 24,870 (Quantity, metric tons) 634,357 909 1,502 Copra cake and meal Estimated exports, metric tons: All countries........................................................ United States...................................................... Estimated stocks, Manila, end of month, metric Prices, f. o. b. Manila, pesos per metric ton: High....................................................................... Low........................................................................ 8,870 1,689 2,511 18.50 18.30 10,974 1,576 18.75 18.30 8,225 495 5,320 25.00 23.50 Wood......................... Timber and logs. Sawed lumber. .. Veneers................ Other exports........... Total Exports. .. 8,546,764 875,767 1,661,447 9,550 5,069,306 1,677,750 (Quantity, cu. meters) 744,410 126,939 86,061 925,040 62.318 33,345 (Quantity, sq. meters) 8,300 116,253 30,622 Desiccated coconut Estimated exports, metric tons: United States...................................................... 1,946 Abaca (Manila hemp) February abaca opened slightly weaker than January close but remained fairly con stant throughout the month. Receipts were heavy and exports, espMally to the United States, were much heavier than either January or February a year ago. Salecby’s statistics, in bales, follow: 1,030 1,715 (a) Includes canton, maguey, sisal and others. (b) Includes abaca, bamboo, buntal, buri, cotton, straw, and others. (d) Includes scraps, stripped filler, cigar ends, smoking, and others. Exchange Market for U. S. T.T. opened with sellers at 3/4 per cent premium, buyers offering 3/8 per cent premium, 60-days sight at 5/8 per cent discount. By end of first week, market sagged to sellers 3/8 per cent premium, buyers at 1/8 per cent premium. Owing to cash shortage in foreign banks, the weakness became more pronounced to close at -sellers 1/8 per cent discount, buyers 1/2 per cent discount , 60-days sight at 1-1/8 per cent discount. The decline continued to March 15 when sellers were 1/4 percent discount and buyers 5/8 per cent discount. Total exchange sold by the Insular Treasurer for February were $4,000 of demand and $950,000 of telegraphic transfers. Estimated receipts......................... Estimated exports: All countries............................... United States and Canada. . . United Kingdom and Europe. Estimated stocks, P. I. ports. Feb. 1934 103,997 Jan. 1934 82,124 Feb. 1933 85,727 February banking registered further increases in total resources, time and demand -deposits with considerable decreases in loans, discounts and overdrafts as woll as invest ments and net working capital of foreign banks. The Insular Auditor’s report for February 24 showed the following in millions of pesos: Total resources............................................................................... Loans, discounts and overdrafts............................................... Investments.................................................................................... Time and demand deposits........................................................ Net working capital, foreign banks......................................... Average daily debits to individual accounts, four weeks ending ....................................................................................... Total circulation............................................................................ Feb. 84 1934 240 102 40 132 7 4.2 127 119,856 94,108 37,162 19,924 52,944 43,499 25,715 27,626 123,514 124,176 84,291 12,164 35,011 Week-end prices, f.a.s. buyer’s godown, Manila, pesos per picul: Feb. 17 5 50 5.00 4.50 33,848 149,783 Jan. 87 Feb. 85 1934 1933 234 221 106 113 49 55 130 117 11 19 3.4 117 •Credits and collections Credits were extremely difficult with banks declining extensions or new commitments •on either agricultural or urban real estate. Both bank and store collections in Manila •and provinces were reported satisfactory. * February sugar opened firm with transactions at P7.40 which advanced to P8.00 about mid-month at which point heavy shipments were made. Thereafter prices receded sharply due to renewed weakness in the United States, closing at approximately the opening levels. Weather conditions in Negros weie reported slightly improved but Warner Barnes export data follows: U. S. Atlantic: Centrifugal... Refined.......... Long Tons Not. 1, 1933 to Nor. 1, 1938 to Feb. 88, 1934 Feb. 88, 1933 489.554 403,920 4,275 V. S. Pacific: Centrifugal...................................................................................... Refined............................................................................................. Totals: Centrifugal. Refined.. .. 507,357 420,425 30,115 20,588 'Centrifugal and refined.................................................................... 537,472 441,013 Coconut products The February copra and oil markets were practically demoralized due to pending action of the Uniteci States Congress on the proposed excise tax. All interests lead by the Governor-General were rushing radiograms to Washington in an effort to bolt or modify action. Many local factors openly presumed the impossibility of the proposal being seriously considered but with its passage by a large majority in the House on February 21, the situation changed to one of very active opposition. Prices broke as both exporters and millers were reluctant to buy against inability to sell on future de livery. Large transactions were limited to covering of short sales. Exports of copra, above last year were below January. Oil to the United States was heavier than in both January and February 1933. Copra receipts exceeded either comparison by approximately 20 per cent. The copra cake market was dull with mills unable to effect commitments on future Data from Leo Schnurmacher, Inc., follows: Estimated arrivals: Manila, sacks...................................................... Cebu, sacks......................................................... Estimated exports, metric tons: All countries....................................................... United States.................................................... Feb. 1934 Jan. 1934 Feb. 1933 312,584 215,193 224,680 206,216 232,336 213,921 18,817 12,497 Feb. 1934 Jan. 1934 Estimated stocks, Manila, end of month, metric Prices, resecada, buyer's godown, Manila, pesos per 100 kilos: High.................................................................. Feb. 1933 71,520 66,9X6 28,420 4.20 4.00 5.60 5.00 Coconut oil Estimated exports, metric tons: AU countries............................... United States............................. 14,584 14,324 11,792 711,647 13,066 12,857 The outlook for the coming crop in the Cagayan Valley is very promising with weather conditions considered ideal. Transactions in the local market were insignificant. How ever, there were large shipments to the Monopolies of Spain and Japan. Alhambra's export data covering rawleaf, stripped filler and scraps follow: Australia............................. China.................................. Gibraltar............................. Germany............................. Japan and Korea.......... North Africa..................... North Atlantic (Europe). Spain................................... Straits Settlements.......... United States.................... Total........................................................................... 3,037.323 Cigar shipments to the United States were steady at 20,000.000 compared to 19,628,044 (Customs final) for January and 12,316,659 (Customs final) for February 1933. The February rice market was steady and moderately active at gradually increasing quotations, reaching the peak during the third week on account of inquiries from the southern islands and for export to the United States. However, prices receded due to heavy arrivals and the market closed at slightly above the opening. New crop harvest practically completed by early March. New paddy quotations ranged from Pl.55 to P2.10 per sack of 44 kilos, cars, Cabanatuan. Rice arrivals in Manila totaled 214,000 sacks as compared with 221,000 sacks in January and 165,000 in February 1933. Lumber Lumber production in January was reported at 16,120,600 board feet as against 9,709,200 board feel for the same month in 1933. Inventories at the end of January showed 25,458,000 board feet compared to 25,402,000 board feet on the corresponding date in 1933. Car and truck sales, white under January, were much better than in February of the past year. Substantial stocks were available towards the end of the month but at least one line in heavy demand suffered from delayed arrivals. The second-hand market was satisfactory with stocks light. Parts and accessories moved in normal seasonal volume. Collections both in Manila and the provinces were good. Comparative import and registration data follows: Registrations: Trucks........ Trucks. Feb. 1934 Jan. 1934 Feb. 1933 224 338 177 125 232 82 . 225 183 49 330 306 101 Tires Following the previous month's heavy sales, tire demand slumped in February. Ar rivals were average and stocks normal. Market sustained January price increase and further upward adjustment expected in April. Collections were good. Demand for shoes—seasonal, pre-Easter and school graduations—brought heavy demand and heavy arrivals. Stocks at'close were on heavy side. Foodstuffs The December-January seasonally good demand for imported foodstuffs was followed by a decline in February with prospects for little improvement until near end of the rainy season (May-June). Flour.—The market was decidedly quiet. The six weeks ending March 15 showed an apparent decline in consumption of not less than 25 per cent. In spite of light arrivals, dealers consider stocks ample until demand picks up. Arrivals and local prices were: United States. Patents.... Cut-offs... . Straights... Canada........... Australia........ Japan............. China............. . Sacks 194,500 30,060 17,481 4,000 9.50—10.00 8.00— 8.80 7.40— 8.00 9.20—10.00 7.00— 8.50 6.60— 6.80 6.60— 6.80 Sardines.—Demand fair; U.S. stocks heavy at P5.40 to P6.20; Japanese light at >5.40 to P5.60. Mackerel.—Demand light; U.S. stocks ample at P5.60. April, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 Bromural "Knoir* BONDS Firearm Ammunition Judicial Contractors Customs Internal Revenue Fidelity and other Bonds INSURANCE Fire Marine Earthquake Typhoon Workman’s Compensation and other Insurance Call or Write for Particulars FIDELITY AND SURETY COMPANY of the PHILIPPINE ISLANDS is the remedy — it is quite harmless, soothes the nerves and induces healthy and invigoarating sleep. Obtainable from all chemists in lubes of 20 tablets. Knoll A.-G., Chemical Works, Ludwigshafen-on-Rhine. FORMULA: Urotropina 0-051 —Benzoato litico 0-028—Sales piperacinicas 0-046—Fosfato disddico 0-023—Escipiente efervescente q. s. para 1 orGeo. C. Dankwerth President P. M. POBLETE Sec.-Treasurer E. B. Ford Vice-President A. Santwico Asst. Sec.-Treasurer MONTE DE PIEDAD BUILDING Plaza Gold Tel. 2-12-55 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN OF COMMERCE JOURNAL
pages: 12-15