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 XXVIII (Issue No.1) January 1952
Year: 1952
Rights
Fulltext: 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, January, 1952 AMERICAN CHAMBER OF COMMERCE JOURNAL 21 December, January arrival, were sold at 5.75/. On the 13th, 40,000 bags Porto Ricos, December shipment, were sold at the same price, and spot was also 5.75/. For the next few days the market was quiet and unchanged, with a further 24,000 bags Porto Ricos, early January arrival, sold at 5.75/. On the 19th, a distressed lot of 2,500 tons Philippines, due end December, was sold at 5.70/, and set the spot price at the same figure. On the 20th, prior to the announcement of the United States consumption quota above referred to, 2,600 tons Cubas, late January arrival, were sold at 5.80/, and spot advanced to 5.75/. Next day, the market was firmer with spot advancing to 5.80/ and sales of 9,000 tons Philippines, late January arrival, at 5.80/ and 50,000 bags Porto Ricos at the average spot price for January February. When the market re opened on the 26th after the Christmas holidays, it was steadier, with spot at 5.85/. On the 27th, 6,000 tons Philip pines, first half January arrival, were sold at 5.85/, and 4,000 tons Cubas, in the same position, at the equivalent of 5.90/. On the 28th, the last market day of the year, spot was 5.87/, and 6,000 tons Philippines, late January arrival, were on offer at 5.90/, with buyers indicating 5.85/. We give below quotations on the New York Sugar Exchange for Contract No. 6 as of December 28, which were, incidentally, also the peak quotations for the month: March........................................ 5 42c May........................................... 5 52 July............................................ 5 63 September................................ 5 70 November.............................. 5.73 World market Contract No. 4 quotations closed on December 28 as follows: January, 1952....................... 4 90£ March..................................... 4.79 May......................................... 4.78 July.......................................... 4 79 September............................. 4.79 October.................................. 4.79 The world market spot price on December 28 was 4.77/ as compared with 4.80/ on November 30. Cuban sales in the world market during the month included the fol lowing : To Holland—a cargo (quantity not'stated) at 4.87c f.a.s. Operators—quantity not given, at 4.90-4.95c f.a.s. Spain—3,400 tons at 4.95fi f.a.s. Local Market, (a) Domestic Sugar. The market for ordinary centrifugal sugar was quiet and prices dropped during the month, the closing quotations being from Pl3.75 to P 14.20 per picul, ex mill warehouse. There was a good demand for washed sugar and prices advanced, the closing quotations being from P16.75 to Pl7.75 per picul, ex mill warehouse. (b) Export Sugar. The controversial question of sugar exports to Japan continued to dominate and upset the market during the month. On December 12 the Export Control Committee rejected the application of Mr. Filadelfo Rojas for permission to ship 30,000 tons there, and it was hoped that this would close the matter. The appli cant, however, continued to press his case. On December 29, President Quirino held a conference in Malacanan, at which were present the members of the Export Control Committee, the President of the Philippine Sugar Associa tion, the President of the National Federation of Sugar cane Planters, former Speaker Jose Yulo, and Mr. Vicente G. Bunuan, Sugar Administrator. Following the meeting, Malacanan issued an announcement granting permission to persons or firms who desire to export sugar to countries outside of the United States to do so, provided the sugar comes from “C” sugar, this decision being applicable only to the 1951-52 crop. Certain points will require clarifica tion before the effect of this announcement can be definitely determined. Trading in the local market in export sugar for ship ment to the United States was light, but with the improve ment in the New York market following the announcement of the 1952 United States consumption quota, there was more interest, and at the close there were buyers at from P13 to P13.15 per picul ex mill warehouse for prompt delivery. General. 1952 United States Consumption Quota. —The distribution of the quota of 7,700,000 short tons is as follows: Domestic beet sugar................................... 1,800,000 Mainland cane sugar................................. 500,000 Hawaii............................................................ 1,052,000 Puerto Rico.................................................. 910,000 Virgin Islands............................................... 6,000 Philippines..................................................... 974,000* Cuba................................................................ 2,424,571 Other foreign countries (Full duty).. . 33,429 7,700,000 short ton9 •This represents the Philippine statutory quota of 952,000 short tons, com mercial basis, converted into a 96° equivalent. 1951/52 Philippine Crop. The typhoon which swept through the Visayan sugar districts on December 9-10 did & CO., INC. j. m. menzi bldg. reina rcgente cor. solcr • manila tel. 2-79-27 22 AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1952 COLUMBIAN ROPE COMPANY OF PHILIPPINES, INC. HEMP AND COPRA EXPORTERS STEAMSHIP AGENTS * 206 Myers Building Port Area, Manila, P. I. ¥ BRANCHES! Davao • Tacloban • Cebu • Tabaco MARY BACHRACH BLDG., Tel. AMERICAN PRESIDENT LINES — IfolA 25th Street, Port Area 3-32-81 considerable damage to the sugarcane crops and properties in all districts. In some districts the damage was worse than in others and it is estimated that the overall crop loss will be about 10%. A revised estimate is in course of preparation. Before the typhoon the total crop was esti mated at 1,189,756.88 short tons. It is reported that the Philippine National Bank has increased its crop loan basis from P7.80 to P9.50 per picul in order to assist planters in repairing the damage sustained to their properties. Tobacco By Luis A. Pujalte Secretary-Treasurer Manila Tobacco Association, Inc. LATEST reports from the different tobacco produc ing regions are that transplanting from seed-beds to the fields has been delayed. In Isabela and Cagayan the delay is from two to four weeks. In Cebu and other Visayan islands transplanting was done in time but typhoon "Amy” damaged most of the transplanted seedlings. For tunately, enough seedlings were still available at the seed beds and new seed-beds were planted so that, though delayed, fields will be fully planted. The dangers of delayed transplanting are that insufficient moisture may stunt the plants and the yield would be shorter and of strong gummy leaf. Then also, should the rains and storms come earlier than usual, rains would wash the leaves prior to harvest which would mean a bad crop—easily susceptible to worms and mold. 't’he specific taxes on cigarettes collected by the Bureau of Internal Revenue during the first 3 quarters of 1951 are as follows: (All Factories in Manila and its Suburbs Caloocan, Malabon, Pasay City, and Quezon City) Month Native Cigarettes Local Virginiatype Cigarettes Total January.............. ............ P 698,620.625 P 6,115,132.00 P 6,813,752.63 February............ ........... 709,035.19 2,318,506.40 3,027,541.59 March................. ........... 731,088.25 2,457,980.20 3,189,068.45 April.................... ........... 693,202,375 2,791,110.70 3,484,313.08 May..................... 800,801.1875 3,734,025.40 4,534,826.59 June..................... ........... 671,114.625 3,850,866.95 4,521,981.56 July...................... . . . 736,114.75 4,325,060.40 5,061,175.15 August................ ........... 664,218.50 3,766,792.40 4,431,010.90 September......... ........... 697,337.75 3,902,057.90 4,599,395.65 Total........... P6,401,533.25 P33,261,532.35 P39,663,065.60 Imports By S. ScHMELKES Mercantile, Inc. ALL figures are in kilos with the exception of those for foodstuffs which are given in package units: Commodities Automotive (Total)............................................ Automobiles...................................................... Auto Accessories.............................................. Auto Parts......................................................... Bicycles............................................................... Trucks................................................................. Truck Chassis................................................... Truck Parts....................................................... Building Materials (Total)............................... Board, Fibre..................................................... Cement............................................ Glass, Window.................................................. Gypsum.............................................................. Chemicals (Total)............................................... Caustic Soda..................................................... November, 1951 1,832,089 183,054 530 277,410 1,397 58,916 378,758 179,319 5,632,866 23,667 1,428,087 830,742 16,759,864 1,495,718 November, 1950 534,276 100,575 715 216,201 2,507 69,248 34,556 10,903,143 8,575,101 295,304 75,582 6,495,319 263,862
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