Review of the exchange market

Title

Creator

Williams, Stanley

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

October, 1926 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 wolve a most simplified way of acounting or the haciendas. (10) Creating an accounting office for he centrals. The Board of Trustees of the Philippine 5ugar Association have again re-elected dr. Rafael R. Alunan to head the associaion during the year 1926-27. The officers >f the association for this term are the same as for the previous year and are as ollows: Rafael R. Alunan, President. V. von Kauffman, First Vice-President. L. Weinzheimer, Second Vice-President. Damian de Urmeneta, Third Vice-Preident. R. Renton Hind, Fourth Vice President. Geo. H. Fairchild, Secretary-Treasurer. Paredes, Buencamino & Yulo, Counsel. Henry Hunter Bayne & Co., Auditors. Trustees F. von Kauffman, for La Cariota Sugar Central; L. Weinzheimer, for Pampanga Sugar Mills and Calamba Sugar Estate; V. H. Babbitt, for Hawaiian-Philippine So.; Jorge L. Araneta, for Ma-ao Sugar Central Co.; Jose M. Yusay, for Binalbas-an Estate, Inc.; Nicolas A. Lizares, for T=alisay-Silay Milling Co-; Rafael R. Aluian, for Bacolod-Murcia Milling Co.; Da lian de Urmeneta, for Central Azucarera de Bais; Gil Montilla, for Isabela Sugar Co., Inc.; G. G. Gordon, for Mindoro Sugar Co.; Tirso Lizarraga, for Kabankalan Su gar Co.; R. Renton Hind, for Luzon Sugar Co. and Bataan Sugar Co.; Filomeno 0. Gana, for Ca-Ba-Lag Planters’ Association; John Dumas, for Factors, Administrators, Planters, and Fabrication Sections. REVIEW OF THE EXCHANGE MARKET By Stanley Williams Manager, International Banking Corporation. Telegraphic trans fers on New York were quoted nomi nally on August 31 at l'< premium with occasional sel lers for important amounts at %% premium and the market was practi cally unchanged on this basis through out the month of September, until the 28th, when rates were dropped to a nominal %%• premium with possible sellers at %% premium. Forward rates were on the easy and quoted at approximately per month down to the end of December. Some fair lots of export exchange were settled, how ever, for deliveries ranging from Novem ber to February at well above those levels. Sterling cables were quoted at 2/0 'fa on August 31 and the market was unchanged at that level until September 22, when there were possible sellers at 2/0 9/16, and the market remained unchanged on that basis during the rest of the month, closing on the 30th at a nominal 2/0 with pos sible sellers at 2/0 9/16. Sterling 3 m/s credit bills were un changed at 2/1 3/16 and 3 m/s D/P bills at 2/1 5/16 throughout the month. The New York London cross rate which closed on August 31 at 485*4 touched a high during the month of September of 485 13/16 on the 4th and a low of 485 3/16 on the 27th, closing steady at 485% on September 30. London bar silver closed at 28% spot 28% forward on August 31. It touched a high of 28 11/16 spot 28 13/16 forward on the 1st and 2nd of September and then gradually dropped away to 27 11/16 spot 27 13/16 forward on the 23rd. A sharp drop carried it to 27%, 37% on the 24th and 25th. The quotation was 27, 27% on the 27th and 28th and further sharp drops carried it to 26 7/16, 26/9/16 on the 29th and 26% spot 26% forward on the 30th. New York silver which closed at 62% on the 31st gradually dropped away during the month to a low of 56% on September 30. WELCH-FAIRCHILD, Ltd. SUGAR FACTORS AM) EXPORTERS MAMI.A, P. I. Cable Addree: WEHALD, Manila Standard Codes Agents Hawaiian - Philippine Company Operating Sugar Central Silay, Occ. Negros, P. I. Mindoro Sugar Company San Jost Mindoro, P. I. Purest Mineral Water from Deep Hot Springs ! YOUR CLUB SERVES IT 1 Drink It For Your Health’s Sake THE COMEBACK The comeback must be the right comeback. Your printed product must be the no-come back kind—when the work is done and deli vered there is no comeback except another job and a boost from you. The right comeback is the comeback we try to get from you—the comeback of a customer thoroughly satisfied, of good opinion, of more orders. The job that has no comeback but a come back customer is the kind that builds our bus iness. Hammering away every minute to get the right comeback puts the quality in our work, puts the promptness in our service. It takes work and pep but it’s worth it—it wins your good opinion, and that’s the comeback we want. THE TIMES PRESS Cosmopolitan Building Manila, P. I. A Telegraphic transfers on other points were quoted nominally at the close as fol lows : Paris ................................. Madrid ............................... Singapore ......................... Japan ................................ Hongkong .......................... Shanghai ........................... India ................................. Java .................................. 16.20 155 114% 98% 101% 76% 134% 122% New York Agents: Welch, Fairchild & Co., Inc., 135 Front Street San Francisco Agents: Welch & Co., 215 Market Street IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

pages

29

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