March sugar review

Title

March sugar review

Creator

Fairchild, Geo

Language

English

Source

The American Chamber of Commerce Journal Volume XIV (Issue No.4) April 1934

Year

1934

Rights

In Copyright - Educational Use Permitted

Fulltext

April, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 into Manila rose to 14,000 sacks under the rise of prices last month, but shipments are now running about 5,000 sacks a day. Provincial and terminal warehouses are much better supplied than they were last year at this time, due to the failure to force high prices by with holding supply. However, there would seem to be no need of importing; demand is slightly off and supply apparently ample. There is a large supply still held in local warehouses for later requirements. The proposed tax on copra and oil (the U.S. proposed excise tax) and the limitation of sugar exports duty free to the United States will have the effect of turning coconut and sugar regions to subsistence crops and will therefore affect the rice industry seriously. Rice exports are, of course, negligible in spite of inquiries. They will ever be thus while we remain a tariff protected country. Lack of any program or plan for the future will be felt daily, in the rice industry. What makes matters worse is the total inability of most people to realize that year after year there must be a stepping down to lower scales of living—something inevitable and inexorable. This is due to long neglect of economic factors, which bids fair to continue indefinitely, changes coming only from the exigencies of the producers themselves. They no longer trouble even to read plans of how to lift themselves by their bootstraps; all the paper data to data have not solved a single one of their problems. INSURANCE For Every Need and Purpose FIRE WORKMEN’S COMPENSATION AUTOMOBILE MARINE ACCIDENT BAGGAGE PLATE GLASS Atlas Assurance Co., Ltd. The Employers’ Liability Continental Insurance Co. Assurance Corporation Ltd. Orient Insurance Company General Agent E. E. ELSER Telephone 2-24-28 • • Kneedler Building MARCH SUGAR REVIEW By Geo. H. Fairchild New York Market: At the opening of the month under review the market developed a slightly firmer tone and small sales of Puerto Ricos were effected at 3.34 cents on the 1st, against prices of 3.27 cents-3.30 cents which prevailed during the last few days of the previous month. This advance, however, was not maintained on ac count of the selling pressure of Puerto Rico sugar, resulting in marked decline in values during the second week, from 3.30 cents to 3.20 cents. Quotations on the Exchange declined 4 to 5 points on the 6th, as the result of the tense situation in Cuba and the anticipated delay in the enactment of the sugar control bill, but at the close of the week all losses were not only recovered but gains were recorded in more distant deliveries. The third week saw further recessions in actual sugar values, selling pressure on the part of holders of Puerto Rico sugar having been maintained, with the result that after small sales of Puerto Ricos were made on the 12th at 3.20 cents, prices gradually sagged to the close of the week when there were sellers but no buyers at 3.08 cents for duty-free sugars, while prices of Cuban sugar declined from 1.50 cents to 1.42 cents c. and f. Quotations on the Exchange remained practically unchanged during the week. In face of large offerings of raw sugar and the poor demand for refined sugar, refiners showed little interest during the fourth week, resulting in prices for duty-free sugars declining to 2.95 cents, while Cuban sugar sellers offered on the 22nd without finding buyers at 1.33 cents, although at the close of the week, after indications were made by holders that they were going to resist further declines, small sales of Cubas were made to refiners at 1.42 cents. This improvement was also reflected in “futures” quotations on the 23rd when after losing 7 to 9 points, these again approached the levels at the opening of the week. The last week of the month saw no new feature in the market, both the prices for actual sugar and quotations for future deliveries remaining practically stationary. The market closed on the 29th with a slightly THE YOKOHAMA SPECIE BANK — r— = LTD.-------------- — --------(ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund - 121,250,000.00 Undivided Profits - - - - 6,869,038.82 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager Telephone 23759—Manager Telephone 23755—Account 4 Cashier Telephone 23758—Export 4 Import Dept. Telephone 23768—Deposit 4 Remittance Dept. R U B B E R Superior Qualify Dependable Service RING CP 2-18-01 the next time you need a Rubber Stamp and our Salesman will do the rest 71/f'e£2LL7_Z_OLZZZ / ■/> P R I N TING COMPANY Lf-L O JL/ 2-/ VX Sales Office: 2nd Floor IOI Escolfa T A M P S IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1934 firmer tone in anticipation of Congressional consideration of the Sugar Control Bill. Futures: Quotations for future deliveries on the Exchange fluctuated during the month as follows: May............................... July............................... September..................... December...................... (1935) January......................... March........................... High Low Latest 1.64 1.44 1.53 1.68 1.52 1.58 1.71 1.56 1.62 1.76 1.62 1.68 1.77 1.64 1.69 1.80 1.67 1.72 Stocks: Stocks in the United Kingdom, United States, Cuba, Java and European statistical countries as report March 28th were 7,996,000 tons as compared with 9,076,000 tons in 1933 and 9,021,000 tons in 1932. Philippine Sales: Sales and resales of Philip pine sugar were reported in New York during the month, as follows: Cents Per Pound Long Tons From To Sales..................................... 56,300 2.95 3.35 Resales................................. 14,000 2.95 3.30 Local Market: Thelocal tradein centrifugals was characterized by inactivity practically through out the month, sellers being reluctant to dispose of their holdings at prices which continually declined from P7.25 during the first week to P6.60-P6.65 per picul during the last two weeks of the month. Crop Prospects: Unseasonable weather con ditions are reported to continue to prevail in many parts of Negros which in part explain the low purities being obtained by many Cen trals in this region. On Luzon, however, favorable weather for harvesting the current crop still prevails and it is reported that the stand of new cane for the 1934-35 crop looks better than any seen in years, suggesting a bumper crop for many of the Centrals in this region. The production of the Centrals reporting in the Comparative Run Reports published by the P.S.A. together with their sugar recoveries for the week ended March 25th is tabulated below: Centrals Arayat (Final) Bacolod Piculs sugar pet Production Weekended W Metric tons March 2.1 Feb PRODUCTION OF CENTRALS UP TO MARCH 25, 1934 Binnlbagan. Calamba.. . Calatagau. Del Carmen Don Pedro.. F.I Real. . Hawaiian-Philippi Janiway.. . La Cariota. Ma-ao (March 18) Manapla..................... Mindoro (Final. March 10) Palma.. .. Pilar......... San Carlos San Fernando San Isidro.. Santos-Lopez. Sara-Ajuy (Final Mar 4) Talisav-Silay Tnrlac. Victori, Total. 1,020,422 Philippine Exports- The sugar exports for the month of March, as reported by private sources amounted to 197.861 long tons of cen trifugal sugar and 11.578 long tons of refined. The aggregate exports for the first five months of the current crop year beginning on November 1, 1933, and ending March 31, 1934, follow: Long Tons Centrifugals........................................... 705,218 Refined.................................................. 41,693 Total............................................. 746,911 TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Mfg. Co. Raw Leaf: Cut ting of the new crop has begun and the quality appears to be excellent. Volume will be about same as last year. Activi ties in the local mar ket are insignificant. Some large lots of previous years are of fered for sale. Ex ports during the month were quite small. Shipments were made as fol lows. Rawleaf, Stripped Tobacco and Scraps Kilos China....................................................... 6,875 Germany.................................................. 5,985 Hongkong................................................ 28,650 North Africa.......................................... 20,400 North Atlantic, (Europe)........................ 56,659 Straits Settlements................................. 1,190 Tonkin.................................................. 52 United States......................................... 57,810 177,621 Cigahs: March shipments to the United States have decreased somewhat as against pre vious months, as is shown in the following figures: March, 1934............ 17,549,132 February, 1934........ 20,116,112 January, 1934......... 18,116,707 RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company Don’t let constipation hold yon down. Poisons circulate in the blood. Cause pimples and boils. Sap vitality. Deaden the appetite. Doctors suggest Fleischmann’s Yeast to help end constipation. Three cakes a day aids digestion and elimi nation. Tones up the body. Supplies health-vitamins. Try yeast for a few weeks. Notice how much better you look and feel. Constipation The volume of commodities received in Manila during the month of March the Manila Railroad are as follows: Rice, Cavanes.................................... Sugar, Picu’i...................................... Copra, Piculs...................................... Desiccated Coconuts, cases.............. Tobacco, bales................................... Lumber and Timber, Board Feet. . The freight revenue car loading -----for four weeks ending March 3, 1934, as com pared with the same period for the year 1933 are given below: 1934, via 150,614 1,170,166 122,435 15,718 1,015,200 statistics FLEISCHMANN’S YEAST AH FREIGHT REVENUE CAR LOADING COMMODITIES FREIGHT CARS TONNAGE Increase or Decrease 1934 1933 1934 1933 Cars Tonnage Rice....................................................... 975 743 11,489 8,058 232 3,431 Palay............................... ................. 330 170 3,292 1,660 160 1,631 Sugar.................................................... 2,606 1,785 77,171 50,769 821 26,402 Sugar Cane......................................... 13,211 14,961 258,524 301,567 (1,750) (43,043) 930 625 7.027 4,703 305 2,324 Coconuts.............................................. 227 157 2,693 1,898 70 795 Molasses................................................ 302 8,108 5,115 158 2,993 2 7 35 (5) (21) Tobacco................................................ 21 102 (21) (102) Livestock...................... ................. 21 6 89 27 15 62 Mineral Products . . ....................... 334 322 4,719 4,706 12 13 Lumber and Timber. ... ................. 208 201 5,597 4,768 7 829 Other Forest Products . ................... 6 5 55 23 1 32 Manufactures..................................... 105 112 966 1,436 (7) (470) All Others including L. C. L. .. 2,928 3,068 17,397 22,390 (140) (4,993) Totai............................................. 22,185 22,327.1397,140 107.257 (142) (10,117) SUMM ARY 102,292 109,147 102,560 93,258 (206) (286) (58) 408 (142) Week ending February 10, 1934. 5,483 5,689 98, Week ending February 17, 1934. 5,492 5,778 98; Week ending February 24, 1934. 5,600 5,688 101. Week ending March 3, 1934... 5.610 5,202 98, Total............................................ 22,185 22,327 397, Note:—F igureB in parenthesis indicate decrease. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTIOH THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

25-26

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