Review of the hemp markets

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Part of The American Chamber of Commerce Journal

Title: Review of the hemp markets
Creator: Spellman, L. L
Language: English
Source: The American Chamber of Commerce Journal Volume XIV (Issue No.4) April 1934
Year: 1934
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Fulltext: April, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 and 29% more than January, 1933. Prices, however, continued to be the same. The following statements show the lumber and timber exports, by countries, and the mill production and lumber inventories for the month of January, 1934, as compared with the corresponding month of the previous year. Lumber and Timber Exports for January 1934 1933 Customs Destination Board Feet Declared Value Japan........................ .. *5,460,696 P 84,252 United States.............. 1,742,640 143,462 Great Britain............ 225,144 19,618 British Africa............ 47,912 2,488 China........................ 13,376 2,119 Hawaii...................... 4,664 734 Australia................... 41 Hongkong................. 38 Portuguese Africa... Total............... .. 7,512,432 1933 P 252,752 CustomsDestination Board Feet Declared Value Japan........................ .. 2,300,200 P 36,734 United States.......... 592,328 29,576 Great Britain.......... 307,400 22,340 British Africa.......... 161,968 11,211 China........................ 36,040 1,335 Hawaii...................... Australia................... Hongkong................. Portuguese Africa... 5,936 376 Total............... 3,403,872 P101.572 Note: *This represents mostly solid log scale, that is, 424 board feet to a cubic meter. For 49 Mills for the month of January Lumber Deliveries from Month Mills 1934 1933 January........................... 12,633,915 9,791,746 Month Lumber Inventory 1934 1933 January........................... 25,458,048 25,401,948 Month Mill Production 1934 1933 January........................ 16,120,628 9,709,184 Note: Board feet should be used. REVIEW OF THE HEMP MARKETS By L. L. Spellman International Harvester Company of Philippines This report covers the various hemp markets for the month of March with statistics up to and including April 2nd, 1934. Manila Market: The market opened with buyers in Manila, Cebu and the Bicol rather indifferent but the Davao market was strong and several exporters were anxious buyers. The average prices being paid for the various grades were as follows: E, P12.00; F, P10.50; G, P5.75; H, 1*5.25; I, 1*7.50; Jl, P6.25; S2, P7.50; S3, P6.50; J2, P5.50: K, P5.00; LI, P4.25; L2, P4.00; Ml, P4.25; M2, P3.75; DL, P3.75; DM, P3.25. In Davao the grades Jl, J2 and G were particularly sought after and buyers were paying P6.75 for Jl and 1*6.50 for J2 and G for the loose fiber. This being equivalent to at least P1.00 a picul premium. By the J 5th of the month buyers in general were keeping their purchases as low as possible due to lack of in terest from the consuming markets and were inclined to drop prices from 1 to 2 reals on various grades. By tne end of the month there was a slightly better feeling due to a limited amount of buying in the U. K. and prices were again equal to those being paid during the first of the month and two buyers in Cebu and several Chinese dealers in the Bicol were paying slightly better prices. In Davao the market remained firm throughout the entire month and prices paid were higher than the prices that could be obtained for the hemp in either New York or London. This condition will continue until the shorts are covered which should be sometime during April. In covering Jl, J2 and G there will undoubtedly be an accumulation of higher grades which may seriously affect the market later on. Receipts continued to run full and any increase in price would be immediately reflected in increased production. U. K. Market: The first of the month found sellers rather than buyers in the London market at J2, £15.5; K, £14.5; LI, £12.15; L2, £12.5; Ml, £12.10; M2, £12; DL, £12; DM, £11.5. With shippers offering a considerable quantity of hemp and manufacturers not operating, prices slowly declined and by the middle of the month the nominal prices were: J2, £15; K, £13.15; LI, £12.10; L2, £12; Ml, £12.10; M2, £11.15; DL, £11.10; DM, £11. The market remained dull for the balance of the month and closed with shippers offering to sell at: J2, £15; K, £13.15; LI, £12.5; L2, £11.15; Ml, £12.10; M2, £11.10; DL, £11.10; DM, £10.10. Un doubtedly hemp could be purchased from 5/- to 10/- a ton under the nominal quotations. The heavy receipts no doubt affected the U. K. market. U. S. Market: The first of the month found the New York market weak with sellers offering freely and anxious to get on with business. Nominal asking prices were: E, 5-7/8 cents; F, 5-1/8 cents; I, 4-1/8 cents; Jl, 3-5/8 cents; G, 3-1/2 cents. Several ot the exporters were offering to sell Davao hemp for as late as JulySeptember shipment but were asKing prices from 1/8 cents to 1/4 cents over the prices for GOLD MONEY REPORT UROMIL Powerful Urenic Dissolvent Astonishing cures of the most rebellious ca ses of Gout Rheumatism Arthritis Agents for the Philippines BOTICA BOIE Vroiroplna 0.0S1: Benzoato llllco 0.028; Sales plpcracfnlcis 0.04S; Posfato dlsodlco 0.028; Esclplcnte ofervescent* q. a. para 1 gr n. Under President Roosevelt’s call for United States gold coins and gold certificates to be turned into the federal treasury through the National City banK in Manila, 2,575 persons, counting banks and other entities as such, turned in $173,012 up to March 31 at the close of business: $125,672 in gold coins and $47,340 in gold certificates. This was a remarkable showing; most of the holders of these coins and cer tificates were Filipinos, obviously of the middle class, and at the same time they were standing in line at the banK, sometimes for hours, to turn in their gold money for Philippine pesos at the rate of 2 pesos to 1 dollar, speculators were offering to buy the money at very substan tial premium. Reports from the provinces are not in, but it is clear that the United States will get back, in the Philippines, only a fraction of the gold coins that have been sold here. One bank alone for about 20 years, until America embargoed gold, brought gold coins out on regular orders and sold them in this market. It is estimated that this business averaged not less than $250,000 a year; and another bank, during about 10 years, did this same business to about the same amount a year. A con servative estimate is that in this way some 7 or 8 million dollars in gold coins were taken in this market during the past 20 years. This shows the little the government is now getting back. The people have valued gold coins for their fixed value, for ornaments, such as watch fobs and coat buttons, and for concealing money in the home where the absence of banks, as in most provincial towns, has habituated the people to keeping money for business purposes in cash, also to hoarding cash. A good deal of such gold money has got into the hands of Chinese merchants in the provinces and it is problemat ical how much of it remains in the islands because it has been con sidered a commodity and has been bought and sold like other com modities. Gold coins from China have been similarly imported, and bought and sold. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1934 Forbes, Munn & Co., Ltd. Insurance Agents Telephone (Ins. Dept.) 4-97-44 113 M. de Binondo Manila Time To Plan For Your Vacation For HEALTH For PLEASURE For RELAXATION BAGUIO is the ideal place When going to BAGUIO, make it a point to travel by the MANILA RAILROAD. It will pay you to investigate what the Company has to offer in the way of comfort, safety and service. Always buy a round trip ticket. It saves you trouble and money. FIRST CLASS FARE now reduced During your stay in Baguio, remember our TAXI SERVICE For trips in the City and to the Mines Our fleet of BANTAM TAXICABS offers the most econ omical and convenient means of transportation within the City and to the Mining districts. Look for SMALL TAXICABS when in need of motor trans portation to the Mines or for City travels. These SMALL TAXICABS have been tested and proven to make the heaviest grades on roads to Mines with the efficiency of big cars. early shipment. A few sales were made and on the 15th nominal prices were: E, 5-7/8 cents; F, 5-1/4 cents: I, 4 cents; Jl, 3-5/8 cents; G, 3-1/2 cents. Sales were made of Davao F at 5 cents and Davao Jl at 3-3/4 cents. The low price on the F would indicate an accu mulation of stock. The last fortnight was slightly better so far as business was concerned and quite a little hemp was sold but prices did not improve and the market closed with nominal prices as follows: E, 5-3/4 cents; F, 5-1 /8 cents; I, 4 cents; Jl, 3-1/2 cents; G, 3-1/2 cents. Se veral heavy sales of Davao hemp were reported as having been made to one of the Western Prisons. The total was probably in excess of 5,000 bales, the grades being principally Jl and J2, and 1,600 bales of Davao 1 and J1, were sold to the U. S. Navy for delivery to the Charleston Navy Yard. Japanese Market: Japanese buyers con tinued to pick up small quantities of distressed fiber and refused to pay prices that would enable the sellers to come out even. It is quite evident they still have considerable hemp in store in Japan and are therefore able to get along with what distressed fiber they can buy. There seems to be little hope of much improvement in our market until Japanese buyers are again active at competitive prices. Maguey: This fiber continues to be neg lected and so long as the lower grades of Abaca are so cheap, production will remain small. Freight Rates: There was no change in freight rates during the past month. General: There was nothing gained but on the other hand very little lost during the month. Receipts were full but all hemp found a market and net stocks in the hands of the exporters at the close of the month were 132,479 bales which certainly is not excessive. Province stocks are probably much heavier than they were a year ago but on the other hand manufac turers in the U. S., U. K. and on the Continent probably have less stocks than they did a year ago. There does not seem to be any prospect of an increased consumption sufficient to mate rially advance prices. Neither do we see how prices can decline to any extent. Statistics: The figures below are for the period ending April 2, 1934. SIGHTSEEING AND EXCURSIONS Enjoy to the full your vacation by making a trip to Bontoc and from there to Banaue and Kiangan through the Ifugao country of striking contrasts. Don’t fail to see the famous rice terraces which are classed among the wonders of the world. Besides there are lots of wonderful things to see on the way. Don’t hurry, if time is not an essential element in your trip. Stop at beautiful Mt. Data Lodge, Km. 105, for a good rest and excellent meals. New, safe and comfortable cars with experienced drivers for moun tain tours arp always available at reasonable rates. For information concerning travel and service, please apply to BENGUET AUTO LINE, either at Central Office near Government Center, or at Baguio Station across the street from PINES HOTEL, Telephones Nos. 250 and 901. Manila Railroad Company 943 Azcarraga, Manila Telephone 4-98-61 Manila Hemp 1934 1933 Bales Bales On January 1st.......... 155,357 167,007 Receipts to date......... 332,321 260,903 Shipments to— U. K......................... 95,954 60,405 Continent................. 51,635 47,749 U. S.......................... 102,495 48,089 Japan........................ 85,780 103,563 Australia................... 6,586 3,649 Elsewhere................. 6,249 7,264 Local Consumption. 6,500 6,500 355,199 277,219 THE RICE INDUSTRY By Percy A. Hill of Mufioz, Nueva Ecija Director, Rice Producer's Association Palay, cavans of 44 kilos, is bringing from P2 to P2.10 a cavan in the primary markets for luxury grades, Pl.80 to Pl.85 for ordinary grades of macans which supply the greater por tion of the shipments. Rice, sacks of 57 kilos, brings from P4.90 to P5.10 a sack for elonelons, P4.65 to P4.85 for inapostol, P4.25 to P4.45 for macans. It should always be understood that macans make up the bulk of the supply; other grades are luxury rices for a limited market, and the names are generally misnomers. The high peak of daily rail and water shipments IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
pages: 23-24