May sugar review

Title

May sugar review

Creator

Fairchild, Geo H.

Language

English

Source

The American Chamber of Commerce Journal Volume 6 (Issue No.6) June 1926

Year

1926

Rights

In Copyright - Educational Use Permitted

Fulltext

June, 192G THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 of the cart-before-the-horse. As they are run, the Moros don’t like the schools. They think the schools tend to wean their children both from their ancient customs and faith and from the fields. They would appreciate public works and the privilege cf not being forced to accept a civilization that has borrowed greatly from their own and given it nothing in return—having nothing to give that they would take, except under compulsion. I MAY SUGAR RF.VIEW [ By George H. Fairchild A E IF Y 0 R K MARKET: The su gar market for the month was unsettled and irregular. At the beginning of the 'month the market was dull and at a standstill owing to strikes in the United Kingdom. Towards the end of the first week, however, the market became more had been more severe than in Negros and Panay. Local capitalists have been active in push ing through their sugar projects, and two new sugar companies have recently been organized: The Central Luzon Milling Co., which will erect a central at Bamban, Tarlac, and the Nueva Ecija Sugar Mill, which will establish a mill at Cabiao, Nueva Ecija. The Bamban Central will have a daily ca pacity of 250 tons cane and will commence grinding by next January; the Cabiao Cen tral in Nueva Ecija will have a daily capa city of 120 tons cane and expects to be milling cane by December 1 this year. Shipments of Philippine sugars to various countries from January 1, 1926, to May 25, 1926, are as follows: _ Kinds of Sugar U.S. Pacific Centrifugals............................... 45,554 Muscovados........................... — Refined . ■................................... 823 MISCELLANEOUS-. According to latest estimates given out by prominent New York firms, the world's increase in production for the 1925-26 crop over the previous year was placed at from 690,000 tons to 710,000 tons as against the previous estimate of over a million tons. It was reported that the plant ings of the European beet crop will be less than original estimates. The Java market was firm and steady. Latest quotations for superiors, f.o.b., per picul were as follows: Spot, Gs. 14 (P12.02; June Gs. 10-7/8 (1’9.38) ; Julv/August Gs. 10-1/4 (1’8.86); Sept/Oct. Gs. 10-3/8 (1’8.93). Advices from Java stated that ex cessive rainfall had occurred there, which may further retard the already late grinding season and adversely affect the crop. China & Japan Total — 238,970 41,982 41,982 — 823 U.S. Atlantic 193,416 Totals 46,377 193,416 41,982 281,775 INSURANCE active and firmer with an advancing ten dency. Spot sales of Cubas were made on the basis of 2-7,MG? and 2-1/2?. Prices de clined to 2-3/8? the latter part of the se cond week, depressing the market. This de pression continued throughout the third week, at the close of which the market steadied for a few days and then declined again towards the end of the month. The weakness of the market throughout the month of May was due to the uncertain ty as to the production of Cuba, and the apparently heavy stocks on hand. While some authorities placed the Cuban crop at 4,900,000 tons, others estimated it at figures ranging from 5,000,000 to 5,375,000 tons. Stocks in the U.S., U.K , Cuba and the five principal continental countries at the end of the month were 4,275,000 tons as comAtlas Assurance Co., Ltd. London Fire and Marine Insurance The Continental Insurance Co. New York The Employer’s Liability Assurance Corporation, Ltd. London Fire, Plate Glass, Automo bile and Accident Insurance Orient Insurance Company of Hartford Fire Insurance pared with 3,340,000 tons at the same period in 1925, and 2,275,000 tons in 1924. How ever, the increasing consumption of sugar in the U.S. and the U.K. is encouraging, and, should this continue, higher prices are expected in the near future. The market for futures followed the trend of the spot market. Quotations follow: Fire and Marine Insurance E. E. ELSER Suite 400 to 407 Kneedler Building P. O. Box 598 Cable Address—"EDMIL,” Manila Phones 129 & 22429 July . . . September . December. . 2.70 2.81 , Latest 2.46 2.59 2.71 Sales of Philippine centrifugals afloat and for future shipments were made at prices ranging from 4.08? to 4.40? landed terms. Despite the unseasonably cold weather experienced during the month, there has been further improvement in the market for refined, quotations ranging from 5.40? to 5.60?. LOCAD MARKET-. The local market for centrifugals ruled quiet for the month. Small transactions were made at prices ranging from 1’10.375 to 1’10.625. Only two centrals, namely the Victorias and Manapla mills, both in Occidental Ne gros, are still grinding. Latest production reports confirm the latest estimate of ap proximately 375,000 metric tons for the 1925-26 crop published in our last month’s review, as compared with 499,291 metric tons for the 1921-25 crop, 316,181 metric tons for 1923-21, and 226,298 metric tons for 1922-23. The first rains tlrit fell during the last week of Ma.v have given much relief to the young cane which already showed the ef fects of the long drouth. This is especially true in the Luzon districts where the drouth Accuracy Counts— And no where more than in connection with the eyes. If the vision is not normal neither are the impressions accurate which are transmitted to the brain through the eyes. Warped vision means warped impressions and warped ideas. Accuracy knows no compromise. Is your vision normal? Our Optometrists can tell you. jHuiays the best in quality but never higher in price. MANILA 90-94 LSCOLTA Pt. MASQfliC TEMPLE IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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19

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