Sugar

Media

Part of The American Chamber of Commerce Journal

Title: Sugar
Creator: Jamieson, S.
Language: English
Source: The American Chamber of Commerce Journal Volume XXVII (Issue No.11) November 1951
Year: 1951
Rights
Fulltext: November, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 385 The following are the comparative figures for exports for the first 9 months of 1947 through 1951: United States and Expor ts—J a nuary-September Inclusive 1951 1950 1949 1948 1947 Canada.................. 465,861 279,263 146,921 213,093 412,770 Continental Eu rope........................ 125,327 93,017 72,191 81,786 90,291 United Kingdom.. . 139,965 62,391 28,704 53,145 48,870 Japan......................... • 101,299 55,930 84,869 114,901 2,542 South Africa............ 13,465 4,600 3,499 2,757 4,700 China......................... 4,739 10,948 10,129 8,796 2,906 India.......................... 4,932 4,080 3,100 1,193 4,850 Korea........................ — 3,100 — — — Australia and New Zealand................. 1,900 1,731 1,187 42 2,630 All other countries. — 75 80 2,853 1,900 Total bales.............. 857,488 515,135 350,680 478,566 571,459 Sugar By S. Jamieson Secretary-Treasurer Philippine Sugar Association THIS review covers the period from October 1 to Octo ber 31, inclusive. New York Market. The market for October was dull and seemed to find strength only in the hope that Washington would take some action to improve prices for producers. Effective October 1, refiners reduced their prices 25 points, but this did not stimulate buying, even though dealers’ inventories had fallen to a low level. The trade evidently believed that the supply situation was such as to justify their pursuing a hand-to-mouth policy in their refined purchases. After the close of business on October 16, the U. S. Department of Agriculture announced a reduction of 350,000 short tons in the domestic consump tion quota, making it 7,900,000 short tons raw value; but the result was disappointing. The announcement failed to boost prices; on the contrary, they fell still lower. On October 30 it was rumored that the Department was con sidering further action in the hope of securing better prices. In that expectation the market developed a firmer tone at the month’s close. The market opened dull, with spot quoted at 5.85/. On the 2nd, it was steadier, and 3,500 tons prompt Cubas were sold at 5.93/. On the 3rd, spot advanced to 5.90/ and Cubas were offered for November shipment at from 5.95/ to 6/. On the 5th, there were sales of 10,000 tons Cubas for October/November shipment and 1,000 tons Philippines for prompt shipment at 5.95/. Spot was also 5.95/. On the 17th, the day after the quota reduction an nouncement, the market was better; 4,200 tons Cubas for October/November shipment were sold at 6/ and spot rose accordingly. The improvement did not last, however, and prices declined steadily during the next two weeks as shown by the following sales: On the 18th, 1,000 tons Philippines, due end October, and 3,700 tons Cubas, load ing middle November, at 5.95/; on the 19th, 19,700 tons prompt Cubas and Porto Ricos at 5.93/; on the 23rd, 3,000 tons prompt Cubas at 5.91/; on the 25th and 26th, 52,000 bags prompt Porto Ricos at 5.90/; on the 29th, 4,000 tons Cubas and Porto Ricos for November shipment at 5.90/. On the 30th, in expectation of further action by the De partment of Agriculture in order to secure better prices, the market was firmer. 3,300 tons Cubas were sold at 5.92/, followed by 4,500 tons at 5.95/. On the 31st, 735 tons Philippines for December arrival were sold at 5.95/, and INSULAR LUMBER COMPANY FABRICA, OCC. NEGROS -------------*-------------SPECIALISTS IN KILN DRIED LUMBER and MANUFACTURERS OF BOXES OF ALL DESCRIPTIONS MANILA DISTRIBUTORS: Norton & Harrison Company 814 Echague Manila D. C. Chuan & Sons, Inc. 14-30 Soler St. Manila Insular Saw Mill, Inc. 340 Canonigo, Paco Manila MANILA OFFICE-. 401 FILIPINAS BUILDING 386 AMERICAN CHAMBER OF COMMERCE JOURNAL November, 1951 the market closed with spot at 5.95/ and sellers of Cubas at from 5.98/ to 6/, and buyers indicating 5.95/. We give below quotations on the New York Sugar Exchange for Contract No. 6 as of October 31, and, for comparison, the peak quotations during the month: Closing Peak quotations quotations November.................................... 5.38(5 5.50(5—October 5 5.47— March.................;........................ 5.40 May............................................... 5.48 5.50— July................................................ 5.50 5.57— World market Contract No. 4 quotations closed on October 31 as follows: January, 1952................ 5.16(5 March............................... 5.04 May.................................. 5.04 July................................... 5.05 September....................... 5.05 October............................ 5.05 The world market spot price on October 31 was 5.15/ as compared with 5.33/ on September 28. Cuban sales in the world market during the month included the following: To U. S. Armed Services, 10,000 tons refined for shipment to Greece at 6.90^ f.a.s. Cuba ” Belgium, a cargo of prompt Cuban raws, at 5.25(5 ” North Africa and France, 25,000 tons for November/February shipment—price undetermined Local Market, (a) Domestic Sugar. Prices dropped a little in a quiet market. Bureau of Commerce quota tions as of October 31 were as follows: Centrifugal 97°—Pl5.50 to P15.70 per picul ” 98°—unquoted ” 99°— P17.50 to P18.00 per picul At present dealers are not showing much interest in new crop domestic sugar. (6) Export Sugar. The activities of buyers of export sugar for shipment to Japan brought trading for shipment to the United States to a standstill. Exporters were quoting P13 per picul, ex mill warehouse, Victorias basis, for ship ment to the United States, whereas buyers for shipment to Japan under special permit paid from P14 to P14.25 and were interested in buying further quantities at these prices. The sugar-producing organizations have registered a strong protest against the official authorization of ship ments to Japan in view of the fact that the Philippines, since the war, has been unable to fill its annual quota of 952,000 short tons in the United States market, this special quota having been allotted to the Philippines by the U. S. Congress under the Philippine Trade Act of 1946. In their protests, the sugar producers reiterated their traditional stand that no exports should be made to countries other than the United States until this quota is filled. General. Freight Rate. The 1951/52 freight rate on sugar to U. S. Atlantic Coast has been fixed at $22.00 per long ton, n.w.d. In addition shippers will pay the socalled stevedoring differential which is at present $0.40 per long ton. 1951-52 Philippine Milling Season. Several mills started .milling during October and more will be starting in November. Harvesting and milling operations are proceeding normally, but cane purities are rather low as the result of rains. United States Domestic Production. The latest estimate of the 1951 United States beet crop is approx imately 1,600,000 short tons, which is 400,000 tons less than the 1950 production. The United States sugarcane crop is estimated at 483,800 short tons, which is 80,000 tons less than in 1950. European Production. The latest estimate of 1951 European production, excluding Russia, is 8,828,000 metric ENGINEERING EQUIPMENT r> & SUPPLY COMPANY, Inc. MACHINERY • MECHANICAL SUPPLIES • ENGINEERS • CONTRACTORS AIR CONDITIONING For Offices, Theatres, Hospitals, Stores, Restaurants, Hotels, Clubs and Homes ★ ★ ★ Suppliers of MACHINERY, EQUIPMENT and INDUSTRIAL SUPPLIES For Sugar Centrals, Mines, Sawmills, Power Plants, Machine Shops and All Industrial Plants ★ ★ ★ ENGINEERING — DESIGN — APPLICATION — ESTIMATES INSTALLATION — MAINTENANCE — SERVICE — REPAIRS ★ ★ ★ Operating: General & Sales Office e MACHINE SHOPS • STEEL PLATE SHOPS 174M. de Comillas ’ STRUCTURAL STEEL SHOPS • WELDING Manila SHOPS • BLACKSMITH SHOPS • SHEET Tel. 3-29-21 METAL SHOPS • MARINE RAILWAY Engineering Shops No. 1 Calle L. Segura & Pasig River Mandaluyong, Rizal Tel. 6-65-68 November, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 387 tons, as compared with 9,256,000 tons last year. As yields were exceptionally favorable last year, a reduction for 1951 was not unexpected. Russia’s 1951 production is estimated at 2,300,000 metric tons, as compared with 2,180,000 tons last year. Mexican Production. The latest estimate of 1951 production is 670,000 metric tons, as compared with 585,000 tons for 1950. It is reported that production may reach 750,000 tons in 1952. It is too early to say how much, if any, of the 1952-production would be made available for export after taking care of domestic needs which are esti mated at 680,000 tons. 1952 United States Consumption Quota. Hearings on the 1952 sugar requirements will be held at the U. S. Department of Agriculture on November 29. Tobacco By Luis A. Pujalte Secre tary-Treas urer Manila Tobacco Association, Inc. RUSH tax-legislation, not critically analyzed and studied, always leaves loopholes which are taken advantage of first by a few of the wide-awake, then by others, to the detriment of the national economy. During the past three years we have had considerable of this type of legislation rushed through Congress which has repeatedly had to be amended. A good example is the law placing a specific tax on cigarettes, which, if I am not mistaken, has been amended at least three times, and awaits still another amendment because of an error in the descriptive classifi cation. The intention of the latest amendment was to levy a tax of P10 per thousand on cigarettes manufactured with imported Virginia Bright Leaf. The description in this case was correct, but the description of cigarettes manufactured from local dark leaf was not clear, and since cigarettes made from local leaf are wrapped in a label only, without tinfoil or cellophane, and are not packed in cartons or covered with paraffin or waxed paper, the following description was used for qualifying a product for the min imum tax: “And provided further, That on all cigarettes of eighty milli meters or less in length not wrapped in tinfoil or cellophane por packed in cartons or covered with paraffin or wax paper, a tax of three pesos and five centavos per thousand shall be collected if the wholesale' price, less the amount of the tax, does not exceed five pesos per thousand, and a tax of eight pesos per thousand shall be collected if the wholesale price, less the amount of the tax, exceeds five pesos per thousand, but the tax shall be increased by fifty per centum per thousand if such cigarettes are more than eighty millimeters in length. Seven or eight months ago, a manufacturer studied the law carefully and then started making and selling a low-grade Virginia-type cigarette following the description of the cigarettes in the minimum tax bracket, and now many other manufacturers have followed suit with the result that the tax collections have not come up to expec tations. The chronic ills of illegal manufacture and of smuggling are also still contributing in a big way to low cigarette tax collection. Imports By S. SCHMELKES Mercantile, Inc. A LL figures are in kilos with the exception of those for ■^"foodstuffs, which are given in package units: Commodities September, 1951 September, 1950 Automotive (Total)................................... 1,563,888 582,228 Automobiles............................................. 289,825 215,070 Auto Accessories..................................... 7,145 937 Auto Parts................................................ 281,853 Bicycles...................................................... 642 Trucks........................................................ 8,102 Truck Chassis.......................................... 214,627 Truck Parts.............................................. 128,336 Building Materials (Total)..................... 9,828,477 Board, Fibre............................................ 142,593 Cement....................................................... 3,742,085 Glass, Window........................................ 359,945 Gypsum..................................................... 2,000,000 Chemicals (Total)...................................... 11,431,778 Caustic Soda............................................ 1,084,379 Explosives (Total)..................................... 285,935 Firearms (Total)......................................... 112 Ammunition.............................................. — Hardware (Total)....................................... 3,575,986 Household (Total)..................................... 1,025,862 Machinery (Total)..................................... 2,615,029 Metals (Total)............................................. 4,414,026 Petroleum Products (Total)................... 51,155,706 Radios (Total)............................................ 23,299 Rubber Goods (Total)............................. 1,002,658 154,099 6,811 7,476 140,879 35,171 1,894,208 160,487 35,950 149,735 8,206,772 795,116 10,626 9,681 2,632,213 732,590 1,156,003 5,108,134 74,140,334 21,803 906,529 Beverages, Misc. Alcoholic..................... 5,348 7,182 Foodstuffs (Total Kilos)........................ 37,521,633 16,014,226 Foodstuffs, Fresh (Total)...................... 125,550 110,734 Apples........................................................ 13,755 29,839 Oranges...................................................... 12,353 5,000 Onions......................................................... 29,145 16,031 Potatoes..................................................... 28,264 17,516 Foodstuffs, Dry Packaged (Total)... . 13,673 24,956 Foodstuffs, Canned (Total)................... 296,344 210,270 Sardines................................................... 33,153 38,043 Milk, Evaporated................................ 99,091 75,910 Milk, Condensed.................................... 59,400 29,057 The DUO-FAST PEN-SIZE PAPER FASTENER You can take it with you every day. 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pages: 385-387