Manila hemp

Title

Manila hemp

Creator

Gurttinger, Fred

Language

English

Source

The American Chamber of Commerce Journal Volume XXVIII (Issue No.1) January 1952

Year

1952

Rights

In Copyright - Educational Use Permitted

Fulltext

January, 1952 AMERICAN CHAMBER OF COMMERCE JOURNAL 19 of November, gradually receded during the month, closing at P140, P145, and P160-P165, respectively. This gra dual price recession was partly attributed to lack of buying support from dealers, who purchased only in limited quan tities in order to fill immediate requirements with the approach of the inventory period, and to the intermittent presence of price-weakening factors, particularly, the in clement weather. However, the log-bid of the Japan Logis tic Command of SCAP, offering to buy 441,000 bd. ft. of dungon, yakal, bitaog, lamog, makaasim and/or saplungan logs, veneer or peeler log No. 2, and 1,900,000 bd. ft. of lumbayao, tangile, almon, bagtikan, and/or mayapis logs, veneer or peeler log No. 2, which was set on December 26, 1951, may boost local prices of lumber during the months to come. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period from November 15 to December 15, during which the industry was working at approximately 55% capacity. The copra market was depressed and nuts were plentiful for desiccators and at almost the lowest prices for the year. Large inventories in the United States as well as the slow movement of the market contributed much to the dull production and little relief is in sight for the remainder of the year and possibly the first quarter of 1952. The following are the shipments for the month of Peter Paul Philippine Corporation................... 1,059,100 Red V Coconut Products, Ltd........................... 1,601,200 Sun Ripe Coconut Products, Inc...................... 864,000 Standard Coconut Corporation.......................... 112,800 Cooperative Coconut Products, Inc................. 245,100 Tabacalera.................................................................. Coconut Products (Phil.) Inc............................. Total........................................................... 8,357,760 'Zamboanga Factory Production..................... 196,400 lbs. Lusacan ” ” ..................... 1,002,160 " 1,198,560 lbs. Manila Hemp By Fred Guettinger Vice-President and General Manager Macleod and Company of Philippines PRESSINGS in November declined to 58,696 bales and were 6,762 bales under the production of the previous month. Davao accounted for 36,666 bales, or approximately 63% of the total. The 1951 production up to the end of November amounted to 914,762 bales, as against 680,879 bales for the same period last year. The following are the comparative figures for pressings for the first 11 months of 1947 through 1951: — January-November Inclusive Balings 1951 Davao...................... 455,354 Albay, Camarines and Sorsogon.... 221,184 Leyte and Samar... 149,951 All other Non Davao.................... 88,273 Total bales............... 914,762 1950 1949 346,300 199,258 154,009 102,952 111,567 94,475 69,003 66,529 680,879 463,214 1948 1947 185,820 329,981 151,750 222,630 100,108 94,037 102,902 84,853 540,580 731,501 Exports in November amounted to 55,927 bales and were divided as follows: November, 1951: Shippers Pounds Franklin Baker Company.................................... 3,277,000 Blue Bar Coconut Company.............................. 1,198,560* 20 AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1952 PACIFIC MERCHMDISIM [ II I! I'll IHT IIH 449 Dasmarinas Manila EXCLUSIVELY REPRESENTING.... CORBIN LOCK COMPANY AMERICAN RADIATOR & STANDARD SANITARY CORPORATION UNION CARBIDE & CARBON CORP. National Carbon Division “Eveready” flashlights & batteries Linde Air Products Division “Union” Carbide PABCO PRODUCTS, INC. “Pabco” Products AMES BALDWIN WYOMING COMPANY BALL BROS. MASON JARS MALLEABLE IRON FITTINGS CO. FAIRBURY WINDMILL CO. CAPEWELL MANUFACTURING CO. SLOAN VALVE COMPANY BOMMER SPRING HINGE COMPANY COLUMBUS COATED PRODUCTS CO. KEENEY MANUFACTURING COMPANY BADGER METER MANUFACTURING CO. DICK BROTHERS MANUFACTURING CO. CARBORUNDUM COMPANY BADGER FIRE EXTINGUISHER CO. STEEL PRODUCTS HOUSE FURNISHINGS GENERAL HARDWARE PLUMBING United States and Canada......... United Kingdom and Conti nental Europe............................. Japan................................................. Australia and New Zealand.. . . South Africa................................... Various other countries.............. 19,290 bales 34 23,749 ” 42.5 8,297 ” 15. 2,400 ” 4.5 1,427 ” 2.5 764 ” 1.5 Total....................................... 55,927 bales 100 % The following are the comparative figures for exports for the first 11 months of 1947 through 1951: Exports — January-November Inclusive 1951 United States and Canada.................. 520,665 Continental Europe 150,040 United Kingdom.. 160,654 Japan......................... 120,503 South Africa........... 15,577 China......................... 6,929 India.......................... 5,406 Korea......................... — Australia and New Zealand ............. 4,300 .All other countries. — 1950 1949 1948 1947 358,722 179,805 247,434 485,910 113,947 75,752 86,217 96,147 108,184 63,395 34,485 57,270 93,769 89,483 123,912 9,244 7,980 6,275 3,827 3,657 12,787 13,586 11,650 5,286 7,880 3,325 2,073 5,800 3,100 — — — 1,826 1,914 42 4,528 947 80 3,353 2,060 Total bales.............. 984,074 675,005 412,722 545,538 692,387 The weakness of the previous months continued throughout the period under review—November 16 to December 15. Prices quoted in the United States at the close of the period were on the average 2 cents lower than opening quotations. Demand was generally poor as con sumers displayed very little buying interest due to the rope business going through an almost depression-like period. In the Philippines prices of Davao grades declined P2 per picul while Non-Davao grades registered declines of from P4 to ?5, thus further narrowing the difference between the two grades. Sugar By S. Jamieson Secretary-Treasurer Philippine Sugar Association THIS review covers the period from December 1 to December 31, 1951, inclusive. New York Market. We mentioned in our previous review that the hearings on the 1952 United States consumption quota had begun in Washington on November 29. It was indicated, upon the conclusion of the hearings, that the quota would be announced on or about December 21. As was expected, there was a quiet market during December pending the announcement. Sellers were reluctant to trade, since it was felt that Wash ington was well aware of the need for something being done to stimulate prices for the protection of the domestic sugar industry and would act accordingly. The quota was actually announced after the close of business on December 20 and was set at 7,700,000 short tons raw value—lower than the trade generally had expected—and the accom panying statement left no room for doubt that it was set low purposely for higher prices. Christmas and New Year holidays have intervened to retard the market’s reaction, but indications are that it will now move steadily toward a higher level. The market opened for the month on December 3 with spot at 5.85/ and a sale of a small lot of Porto Ricos, January arrival, at 5.80/. During the next few days several lots of Philippines were sold for December, January ship ment and late December and early January arrival, all at 5.80/, and spot advanced to 5.83/. A large quantity of Porto Ricos was on offer for January , February shipment at the average spot price for January/February but found no takers. On the 12th, 16,000 tons Porto Ricos and Cubas,

pages

19-20

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