Sugar review

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Part of The American Chamber of Commerce Journal

Title: Sugar review
Creator: Fairchild, Geo H.
Language: English
Source: The American Chamber of Commerce Journal Volume XIII (Issue No.1) January 1933
Year: 1933
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Fulltext: January, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 SUGAR REVIEW By Geo. H. Fairchild A Retrospect of 1932: During the year 1932, the sugar industry suffered the worst de pression in history. Pri ces of sugar declined to ic lowest level on recrd on May 31, 1932, hen sales were effected lie basis of 0.57 cents nd f. for Cubas and r eents c.i.f. for dutyfree sugars. The gloomy situation in the sugar in dustry for the past year only by factors "as brought about not ..j — within the industry but by circum stances growing out of the world-wide depression. With the increased un employment, the depleted incomes and curtailed purchasing power of the masses, consumption of sugar through out the world, including the f'nited States, decreased. The critical situa tion in which Java finds itself as a result of its inability to dispose of its surplus production in view of the curtailment of exports of Javan sugar, particularly to India, was an impor tant factor in the unscttlernent of the world’s sugar market, for it meant increased stocks in the warehouses in Java, which remained a constantly depressing element. There were, however, important, developments in the sugar industry which tended to stabilize the market. Among these was the concerted effort in the early part of the year on the part of Cuba, Java and other sugarproducing countries to agree on restric tion under the Chadbourne Plan. Un fortunately this did not meet with the success hoped for, due to the failure of Java to agree to Cuba’s proposals, although it succeeded in bringing about an agreement among Cuba and other European countries in March, 1932, fixing the Cuban crop at 2,700,000 tons and reducing the allotments of the other signatory countries, if Java’s exports should exceed 1,500,000 tons. In June, 1932, when the bulk of the duty-free sugars from Puerto Rico and the Philippines had been already absorbed by the United States, Cuba, through a presidential decree, segre gated S15,000 tons from the balance of this year’s export of Cuban sugar to the United .States, 115,000 tons of which to be. made available for export abroad and 7(X),000 tons to be held until January 1, 1933, later extended to July 1, 1933, unless in the interim the price of 1.50 cents c. and f. per lb. had been established and main tained in New York for live consecutive days. This had the immediate effect of strengthening the market and checking the downward movement of prices which, as already stated, had reached the lowest level of 0.57 cents, Cuban basis, on May 31, 1932. The price for spot sugar liegan to rise in June and in July, it passed the 1.00 cent-mark for Cubas or 3.(X) cents for duty-paid sugars. During the following three months of August, Sep tember and October, spot prices fluc tuated between l.()0 cent and 1.20 cents on the basis of Cubas. The advance of the market, however, was not maintained during the balance of the year and prices again declined below the 1.Q0 eent-mark to 0.75 cent for Cubas at the end of 1 )oif you want real GO EMPRESS FROM THE ORIENT Sailings Every Two Weeks From MANILA To Honolulu-Victoria-Vancouver Via Hongkong - Shanghai - Kobe - Yokohama prices Cuban mejit the Philippine shipments during the realization of the objective of the Cui. gation is becoming n ’ ore difficult. The threat of Ru failed to materialize failure of the beet however, of the rest the Soviet Govermm sian masses, the in< from that source was insufficient to benefit the market to any appreeiablejlegri The sugar industry enters the 1933 with a gloomy vearjjchind it, prospects of any definite impn future, although the sta LUXURY and COMFORT EMPRESS EMPRESS EMPRESS EMPRESS of of of of JAPAN CANADA ASIA RUSSIA SPECIAL EXCURSIONS TO HONGKONG Pl75 to Pl85 first class, round trip P130 to P135 tourist’s class, round trip Tours vary from 11 to 13 days and fare includes Room and Meals at the PENINSULA HOTEL in HONGKONG Attractive fares to Europe CANADIAN-PACIFIC WORLD’S GREATEST TRAVEL SYSTEM. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1933 new wan not maintained and on the 13th prices again declined and there were reported a sale of am all quantities of Puerto Ricos at 2.89 cents c. i. f. and two parcels of Cub'is for prompt ship ment at 0.88 cent and 0.85 cent c. and f.. respectively. The American sugar market continued in a depressed mood during the latter half of the month, one discouraging feature being the offer ing in the eastern territories of beet whites at 3.95 cents which had a detrimental effect upon the refined market. Prices steadily declined in a dull and quiet market due in part to the Christmas holidays. At the end of the month the market was steady but with little business transacted at unchanged prices. In spite of the depleted stocks the refiners continued to remain on the sidelines. Sooner or later they will have to re-stock to meet their requirements, but with an ample supply of dutyfree sugar in eight, they are likely to continue their hand-to-mouth buying policy. Futures: Quotations for future deliveries on the Exchange fluctuated as follows: Il igh Low Latest January................. 0.76 0.65 0.66 March................... 0.79 0.71 0 71 May....................... 0.84 0.75 0.77 July....................... 0.90 0.80 0.81 Septo.nber............ 0.94 0.85 0.86 December............. 1.00 0 90 0.90 Philippine Sales: Sales of Philippine sugnr amounting to 42,300 long tons were made for near and distant shipments during the month under review at prices ranging from 2.73 cents to 2.90 cents 1. t. Resales amounting to 3,000 long tons were made at prices ranging from 2.82 cents to 2.90 cents 1. t. Slocks: The latest figures on the world’s stocks in the United Kingdom, United States, Cuba, Java, and European statistical countries were 8,559,000 tons as compared with 8,517,000 tons in 1931 and 7,356,000 tons in 1930. Local . Market: In the local market for centrifugals, exporters’ quotations fluctuated in sympathy with the prices ruling in the Amer ican market and ranged from P6.15 to P6.45 per picul. Latest quotations stood at from P0.20 to P6.25 per picul ex-godown Manila or Iloilo. Crop Prospects: At the end of December, approximately one-third of the crop for 1932-1933 has been harvested or about 400,000 tons of CHARTERED BANK OF ,naVd cVintaralia Capital and Reserve Fund..........................................£6,000,000 Reserve Liability of Proprietors............................... 3,000,000 MANILA BRANCH ESTABLISHED 1872 SUB-BRANCHES AT CEBU, ILOILO AND ZAMBOANGA Every description of banking business transacted. Branches in every important town throughout India, China, Japan, Java, Straits Settlements, Federated Malay States, French Indo-China, Siam, and Borneo; also in New York. Head Office: 38 Bishopsgate, London, E. C. C. E. STEWART, Manager. Manila. Recommended By Leading Doctors Drink It for Your Health’s Sake TEL. 5-73-06 sugar already manufactured. The production of .-Ollie of the large Centrals up to the end of Dccemlier is given l>elow: Production in long tom oj t.tiOlbi. up to Dec. 31. H32 B-icolod-Miirria Milling Co. 17,442 B nalbagan Estate, Inc. 20,214 Central Azucarera de Bais....... 1,925 Cent nd Azucarera del Danao............... !»96 Central Bearin........................................ 4.846 Ontral Palma............. 4,618 Central San Isidro.................................. 5.042 Ilawaiian-Philippine Co. ................... 29,275 Isabela Sugar Co., Inc........................... 11,198 La Cariota Sugar Central..................... 25,643 Lopez Sugar Central Mil) Co................ 858 Ma-ao Sugar Central Co....................... 21,613 S in C trios Milling Co., Ltd........ 21,441 Victorias Milling Co. . .......................... 23,471 Calamba Sugar Estate......................... 12,338 Central Azucarera de Calatagan........... 1,200 Central Azucarera de Tarlac................. 18,538 Central Azucarera Don Pedro............... 13,372 Central Luzon Milling Co..................... 9,770 Mount Arayat Sugar Co........................ 3,813 Pampanga Sugar Development Co. . 27.659 Pampanga Sugar Mills........................... 24,220 Central Santos-Lopez............................. 2,974 Central Sara-Ajuy.................................. 2,959 Pilar Sugar Central................................ 6,800 Philippine Milling Co............................. 3,850 Cebu Sugar Co....................................... E795 Total. . . ......................................... 317,870 Philippine Exports: Export statistics for the month of December, 1932, as reported to us showed that 122,005 long tons of centrifugals, and 6,956 long tons of refined were exported during the month. Exports of these two grades of sugar from the Philippines for the first two months of the current crop year 1932-1933 are as follows: Long Tons Centrifugals......................... 194,525 Refined................................. 11,191 Totai............................ 205,716 Java Market: According to information received from Java, the 1934 crop of Java is expected to be restricted drastically and indica tions are that it will probably not reach 500,000 tons. With this production, it is believed that the statistical position of Java will be balanced within a couple of years. Nature's Best Mineral Water In tlie Novemlier 25th issue <■( the Journal des Fabricants de Sucre. Pans, France, appears the following news item: ‘Am.-tenlam telegraphs tie rumour that HMI.OOO tons 1931 Muscovados have Ixrri sold at f. 3.50 per 100 kilos, f.<>.!> Java Ams terdam seemed quite pleased. Evidently the price is bail,—that is how the cable runs— but it is a solace to know that Java again get rid of another 100,OCX) tons.” The Javan Muscovado sugar is equivalent to our centrifugal sugar 96°. According to the above item, 100,000 tons of the 1931 Java Mus covado sugar were sold f.o.b. at f. 3.50 per 100 kilos. This is equivalent to Pl.77 per P. 1. picul on the basis of exchange at par. REAL ESTATE By P. D. Carman Addition Hills As shown below, the total Manila real estate sal™ during 1932 were but little more than half of the 1931 business but greater than 1021 and not far behind 1922 nnd 1923: 1919.. .. P21.859.572 1920.. .. 17,677,811 1921.. . 8,227,859 1922. . . 10,082.089 1923.. . 10,277,448 1924.. . 13,038,861 1925.. . 15,404,742 1926.. . 12,710,666 1927.. . 11,995,124 1928.. . 16,884,814 1929.. . 18,110,918 1930.. . 16,922,288 1931 . . 18,523,382 1932.. . 9.857,937 Solei City oj Manila 1932 1932 Sta. Cruz............... ... P 95,826 P347.1O7 Sampaloc................ ........ 44,469 95,448 Tonilo..................... ........ 84,725 57,322 Binondo.................. ........ 134,612 33,112 San Nicolas........... ........ 66,071 45,225 Ermita.................... ........ 95,347 9,000 Malate.................... ........ 6,492 8,524 Paco........................ ........ 12,400 17,149 Intramuros............. 6,000 San Miguel............ Santa Mesa............ 16,000 Quiapo.................... 132,548 92,000 Santa Ana............. ........ 76,149 20,800 Pandacan............... ........ 6,700 1,752 P 755.339 P749.439 Full Official Text of ... (Continued from page 18) of the United States relating to the immigra tion, exclusion, or expulsion of aliens, citizens of the Philippine Islands who are not citizens of the United States shall be considered as if they were aliens. For such purjioaes the Phil ippine Islands shall be considered as a separate country and shall have for each fiscal year a quota of fifty. This paragraph shall not apply to a |H*rsqn coming or seeking to come to the Territory of Hawaii who does not apply for anil secure an immigration or pass;»5rt visa but such immigration shall be determined by the Department of the Interior on the basis of the needs of industries in the Territory of Hawaii. (2) Citizens of the Philippine Islands who are not citizens of the United States shall not lie admitted to the continental United Stntra from the Territory of Hawaii (whether entering such Territory befon- or after the effective date of this section) unless they la-long to a clam declared to be nonimmigrants by section 3 of the Immigration Act of 1924 or to a class declared to lie nonquota immigrants under the provisions of section 4 of such Act other than sulsiivi«ioii (c) then-of, or unh*sa they were admitted to such Territory under an immigration visa. The IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
pages: 23-24