Copra and its products

Title

Creator

Zercher, R. K.

Language

English

Source

The American Chamber of Commerce Journal Volume 6 (Issue No.10) October 1926

Year

1926

Rights

In Copyright - Educational Use Permitted

Fulltext

16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1926 for loss of time at an enormous rate... He exasperatingly celebrates every fiesta in the calendar, and without careful watching will lose in a month by carelessness the crop it took him six months to produce. Yet he cheerfully submits to working out debts which are sometimes held only by verbal promises, often over a period of years; and once out of debt he usually manages to fall in again before he realizes it. It is to the owners’ advantage to secure and keep the tenants in a constant state of debt.” But it is no longer so easy to do so, at least in some sections. Fifteen years ago takalanan in southern Nueva Ecija was 75 centavos to one peso per cavan of palay, which had to be delivered to the owner’s warehouse or even hauled to the marketing point. I am assured that it is now 2.50 pesos a cavan, or more than 50 per cent of the actual market value. No statute whatever is responsible for this gain by the peons, and none could be. Customary laws, however severe, do not perforce inhibit economic progress in the Philippines, nor may statutes set them aside. Interming ling, as they do, moral authority with what ever else they pertain to, they might readily be made the very means of progress.'/It is the sharp laddies that dabble in statue making that throw all the monkey wrenches. These boys are American-made. How satisfactorily everyone gets along when dealing with the people in accordance with custom. One embroidery factory in Manila always has among its contractors, goods to the value of many thousands of pesos; and the contractors themselves dis tribute these goods, on which the factory has stamped the design for the embroidery work, to scores of embroiderers. The factory has no formal contracts, it merely makes a memorandum of the goods taken by each contractor; and in the same way the contractors deal with the women work ing for them, .or with subcontractors. The manager of the factory assures me that the losses do not exceed 25 pesos a year, and of course there are no suits at law. It is a matter of pride, rather a matter of pride of custom, upon the part of all concerned to observe these informal agreements in the most careful manner. No one with whom the factory deals is above the middle class, and the actual workers are of the peasantry. COPRA AND ITS PRODUCTS By R. K. Zercher Copra Milling Corporation Final figures for August show ar rivals in Manila to be 407,000 bags of copra. Arrivals for September are re ported as 420,000 bags or 34% in ex cess of the average for the past three years. The opening price for resecada copra in September was P1300 to P13.25. The price advanced slight ly up to the 10th of the month when a break in the oil market caused a gradual decline to P12.75 to P13.00 for resecada up to the 18th of the month. At this time a sharp break in the oil market caused a sud den drop in prices to as much as P1.00 per picul lower. The London market open ed up at £27/10/0 F.M.M. and registered a gradual decline during the month and closed £2/0/0 weaker. Stocks of copra in Manila are enormous and buying has been curtailed due to ware houses being full. The advance report on the U. S. Cotton Crop estimates a million more bales than formerly reported as a consequence of which lowei- prices for co pra may be expected. Closing quotations were:— London —£25/12/6 F.M.M. San Francisco—5-1/8 nominal c —P10.50 Buen Corrientc Manila < and ( —Pl 1.75 Resecada The flurry in the price of coconut oil which commenced near the end of August continued into September and 9 cent oil was quoted up to the 10th of the month. Buyers reduced their ideas to 8-3/4 cents and selers held out for 8-7/8 cents but sales were made at 8-3/4 cents. After the 10th of the month a gradual decline set in and sales were made at 8-1/2 cents and 8-3/8 cents F.O.B. West Coast. A sharp decline on the 19th was registered and buy ers ideas were reduced to 8 cents at which no sales were reported. Indications point to weaker market due to large stocks, also an increase in the estimate of the Cotton Crop. Closing quotations were:— . ’ - San Francisco—8 cents F. O. B. tank cars London —No quotation Manila —37 centavos per kilo Opening prices for September were £7/5/0 nominal with sellers holding off. Local sales were made at P48.00 to P50.00 per metric ton ex warehouse. The market has been very dull during the entire month. Stocks are large both in Hamburg and Manila. Closing quotations were:— Hamburg—£6/12/6 Manila —P45.00 Manila, October 5, 1926. INTERNATIONAL CAPITAL [paid in cash] - - - U. S. $5,000,000.00 SURPLUS and UNDIVIDED PROFITS - U. S. $9,000,000.00 Head Office - - 60 Wall St., New York BRANCHES Barcelona Cebu Kobe Peking Singapore Batavia Bombay Dairen Hankow London Madrid Rangoon Tientsin Calcutta Harbin Manila San Francisco Tokyo Canton Hongkong Osaka Shanghai Yokohama Commercial Banking and Foreign Exchange Current accounts opened, savings and fixed deposits received in pesos and other currencies at favorable rates. Manila Office Pacific Building 5. Manager IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURN

pages

16

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