Spending P65000 on rubber

Title

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

22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL •June, 1926 REVIEW OF THE EXCHANGE MARKET By Stanley Williams Manager, International Banking U. S. Dollar it was quoted at 11/8',; premium on April 30 and the rate was unchang ed until the 20th of May, when one bank was willing to do 1% for cash. By the 22nd all banks would meet the rate, and' the market closed on the 29th with some banks doing 1',; and others asking 1-1/8%. Sterling tt was quoted at 2/0-3/8 on April 30, buyers 2/0-1/2, and this market was unchanged throughout the month of May. Three months sight credit bills were quot ed at 2/1-1/16 and 3 m/s D/P bills at 2/1-3/16 on April 30, but these rates were raised 1/16 on May '4 and lowered l/16th cn May 13, remaining unchanged at 2/11/16 and 2/1-3/16 during the rest of the month. The New York London cross rate closed at 486-3/8 on April 30 and presumably in fluenced by the strike conditions in the United Kingdom dropped away to 485-5/8 on May 4 and a low of 485-1/2 on May 8. A sharp rise of 7/16ths on the Uth, l/4th on the 12th and 3/16ths on the 14th carried it back to 486-1/2 and during the rest of the month the rate fluctuated between 486-7/16 and 486-3/4, closing at 486-9/16 on the 29th. London bar silver closed at 29-15/16 spot, 29- 7/8 forward on April 30 and_ rose sharply to 30-5/8, 30-9/16 on May 5. It dropped away to 29-15/16 spot and forward on the 7th, and by the 10th had reacted to 30- 7/16 snot and forward. The balance of the month witnessed heavy fluctuations with a high of 30-5/16 30-1/4 on the 12th and a low of 29-15/16 29-7/8 on the 25th. The rate was 30-1/16 spot and forward at the close on the 31st. New York silver closed at 64-5/8 on April 30, and rose to 66-1/8 on May 5. It dropped the next day to 64-7/8 and to 64-3/4 on the 7th. It then reacted to 65-3/4 on the 10th and 11th and sagged away to 64-3/4 on the 25th. The market closed at 65 on the 29th. Telegraphic transfers on other points were quoted nominally at the close las follows: 1450 155 115-1/4 95-1/2 112 68-3/8 134-3/4 122Paris Madrid Singapore Japan Hongkong Shanghai India Java D. O’Sullivan who has been in charge of Cebu branch of the Pacific Commercial Company, has been transferred to the main office in Manila in charge of the insurance department. Mr. and Mrs. O’Sullivan have taken up their residence at 709 Colorado. A. Stewart Hunt, representative of Henry Disston & Sons of Philadelphia, is in Ma nila and will spend Several months in the Philippines calling- on the lumber companies and saw mills. LUMBER REVIEW FOR FEBRUARY By Francisco Tamesis Art*ng D'rector, Bureau of Forestry The lumber mar ket during the month of April did not seem io be as active as the months imme diately preceding P, but it was neverthe less steady. The amount of lumber exported during this month was 5,435,256 beard feet valued at P429,208, as compar ed with 4,442,248 board feet valued at P398.316 during the corresponding month cf last year. The ex port for this month was slightly less than that of the-previous month. One remarkable thing about the export trade during April is the fact that while in the month of March, Japan led in the amount of lumber import, in April she oc cupies last position in the export list. The United States resumes once more her posi tion as the leading importer of Philippine woods. The following table shows the amount of export for April: Timber and Lumber Export April, 1926 Destination Board Feet Value United States. . . . 2,504,144 P179.613 Australia . . . . . . 1,108,760 97,837 China................ . ■. . 990,888 ■ 85,423 Great Britain . . . . 499,896 39,089 Japan . ... . . . 331,568 27,246 Total................. . . . 5,435,256 P429,2G8 Phone 2-22-33 "El Hegar Filipino" Building WARNER, BARNES & CO., LTD. Insurance Agents Transacting cA'.l Claeses of Insurance To Discriminating People BRIAS ROXAS, INC. Offer Their New TAILORING DEPT. Expert cutter in charge. Fine materials to select from. BRIAS ROXAS, INC. 63 67 Fscolta Manila The activities of the 16 more important mills during the month of April. 1926. a.compared with April, 1925, or with 17 mills during March, 1926, are shown in the following table: Board Feet 1926 April Lumber shipment................... 9,210,115 Lumber Inventory............... 19,872,601 Mill Production..................... 8,181,408 1925 April 1926 March Board Feet Board Feet 6,376,367 10,656,673 15,969 58" 24,386,145 5,854,299 11,481,962 SPENDING P65.000 ON RUBBER Undertaking the expenditure of j’65,000 on propagation of rubber in the Philippines, the bureau of agriculture sprouted seeds and distributed some 120,000 seedlings at a charge to planters of 3-v2 centavos per seeding, or 1’3.50 per 1000, making the dis tribution from Manila. Exposure to atmos phere vitiates rubber seeds rapidly; even under expert attention the bureau obtained but 19 per cent germination from all seeds planted. It is tnerefore felt that results would be negligible from the actual distri bution of seeds to planters, as the germina tion percentage would be far lower than in the bureau’s seed beds. In all some 120,000 seedlings were sent cut; about half went to the Bogo-Medellin district of northern Cebu. July is a promising month for distribu tion of seedlings. The bureau will have seed beds at Cebu, Iloilo and Manila and anticipates an extensive dissemination. In this connection attention is invited to the remark of J. L. Myers (in his article pub lished elsewhere in this issue) on new rub ber plantings in French Indochina, hun dreds of thousands of acres. The Philip pines have equally extensive areas just as suitable for rubber as any lands in Indo china; even adjacent to Manila, in the No valiches region and as far as Antipolo, soil identical with that planted to rubber in Indochina is, by thousands of acres, yield ing nothing but scrub timber for firewood. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

22

Media