August sugar review

Title

August sugar review

Creator

Fairchild, Geo H.

Language

English

Source

The American Chamber of Commerce Journal Volume XIII (Issue No.9) September 1933

Year

1933

Rights

In Copyright - Educational Use Permitted

Fulltext

22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1933 Here’s how to get Manilas! List of Philippine Tobacco Agenti Genuine Manila Long Filler Cigars in cellophane are obtain able in your city or nearby! Distribut ors furupon re quest to — C. A. Bond 15 Williams Street, New York City Collector of Internal Revenue Manila, P. I. MANILAS made under sanitary conditions will satisfy your taste! (Health Bulletin No. 28) Rules and Regulations for the Sanitary Control of the Factories of Tobacco Products. ••Section 15. Insanitary Acts.—No person engaged in the handling, preparation, processing, manufacture, or packing of tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moist ening agent; Passenger departures show an increase in first and intermediate classes over last month's figures. First class departures increased from 192 to 239 and intermediate departures from 395 to 494 This increase is attributable to the heavier traffic to China and Japan and also to the Pacific Coast. There were 128 first class and 224 intermediate class to China and Japan for the month of July as against 84 first class and 219 intermediate for the month of June. Fiftytwo (52) first class and 181 intermediate to the Pacific Coast as against 31 first and 102 inter mediate for June. Third class traffic continues to decrease due to the unfavorable conditions on the Pacific Coast and in Honolulu. Third class traffic to China and Japan for July is prac tically the same as for the previous month. The following figures show the number of passengers departing from the Philippine Islands during the month of July 1933: China and Japan..................... Honolulu.................................... Pacific Coast........... .............. Europe via America................ Straits Settlements and Dutch East Indies............................ Europe and Mediterranean ports beyond. Colombo........ America via Suez..................... IntermcFirst diatc Third 128 224 245 1 9 5 52 181 33 11 13 0 31 13 3 6 43 8 6 10 0 Australia.................................... Total................................... 239 494 294 AUGUST SUGAR REVIEW By Geo. H. Fairchild New York Market: The market for the first two weeks of the month under review was unusually inactive, very little business having been done in actual sugar. A few transac tions in Cubas hedged on the Sugar Exchange at 1.45 cents c. and f. were made during the first week, while small sales present shipment Philippines were made during the second week at 3.50 cents and prices advanced to 3.55 cents for August shipment Philippines on the 10th. Part of the loss suf fered on the Exchange for “future” quotations in the first week was regained in the second week as a result of the political complications in Cuba where strikes interfered with business. Little business in actual sugar was done during the third week, and September shipment Cubas after declining to 1.41 cents on the 14th instant, was sold on the 17th to refiners at 1.45 cents and on the 18th to Gulf refiners at 1.48 cents. Quota tions for futures on the Exchange suffered a heavy loss as the result of the political develop ments in Cuba aggravated by the slow progress being made in the Washington sugar stabilization conference and the threat of the Administration to take drastic steps to insure cooperation for the control of the world wheat situation. The market during the fourth week showed a firmer tone and the loss suffered in the previous week in “future” quotations on the Exchange was more than regained, and this improvement continued uf> to the end of the week wnen quota tions reached the highest point for the month. The improvement was ascribed to the difficulty in purchasing Cuban sugar as the result of the closure of 60% of all Cuban ports. On the 23rd sellers of Cubas asked 1.60 cents c. and f., at which price there were no buyers. On the following day, however, small sales present shipment to refiners were made at i.56 cents c. and f. The last week of the month was uneventful, fluctuations on the Sugar Exchange being very slight, although the market for actual sugar was decidedly weaker at the close, as the result of the withdrawal of the refiners from the market and the unfavorable news from Washington as regards the Sugar Conference. After sales of October-November shipment Philippines under existing sales contract form" including Cuban duty clau& were made at 3.FJ cents on the 28th, no buyers at this price could be found on the 31st for January-February shipment Philippines. Cuban ports reopened on the 29th and dealers’ anxiety to sell produced an adverse effect on prices so thaFi^jas^auld not be found at 1.58 cents. That prices on the U. S. market were above world parity was indicated in the sale on the 29th of Peruvian and Santo Domingo sugar on the basis of 1.09 cents c. and f. for SeptemberOctober shipment and 1.07 cents for prompt shipment. ' Futures: Quotations for future deliveries on the Exchange fluctuated during the month as follows: High Low Latest 1 1 0 September.............. ............ 1.46 1.29 1.45 December............... ............ 1.58 1.38 1.55 January.................. ............ 1.61 1.40 1.59 March..................... ............ 1.68 1.46 1.64 May........................ ............ 1.73 1.50 1.69 July......................... ............ 1.78 1.56 1.74 Stocks: Stocks in the U. K., U. S., Cuba, Java and European statistical countries were reported on August 23rd as 6,951,000 tons as compared with 7,187,000 tons in 1932 and 6,848,000 tons in 1931. Philippine Sales: Sales of P. I. centrifugal sugar were reported in New York during the month as follows: Long Tons Cent per lb. From to Sales................................. 20,767 3.45 3.63 Local Market: Very little business was done in the local market except in the fourth week when Iloilo exporting houses were reported having purchased fair quantities of new crop centrifugals on the basis of P8.25 per picul for December-March delivery. Exporters^ quota tions fluctuated during the month from P8.00 P8.10 to P7.90 and again to the previous level of P8.10. Crop Prospects: The estimate of the 1933-34 crop to be harvested from September of this year remains unchanged at 1,327,564 long tons equi valent to 1,486,871 short tons. The Philippine Sugar Association adopted a resolution in August favoring the limitation of Philippine production to 1,150,000 long tons, such limitation to become effective with the 1934-35 crop. Hearings on the sugar limitation bill in troduced in the House of Representatives were completed during the month but it is still un certain whether or not this bill will be enacted into law in view of its many complexities. Philippine Exports: Export statistics for the month of August as reported to us from private sources are as follows: Long Tons Centrifugals............................................ 31,136 Refined.................................................... 2,075 Total for the month..................... 33,211 Exports of these two grades of sugar from the Islands to the United States for the ten months of the current crop year from November 1, 1932, to August 31, 1933 are as follows: Long Tons Centrifugals......................................... 992,985 Refined................................................ 53,376 Total exports to date.............. 1,046,361 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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