Tobacco

Title

Tobacco

Language

English

Source

The American Chamber of Commerce Journal Volume XXIV (Issue No.5) May 1948

Year

1948

Rights

In Copyright - Educational Use Permitted

Fulltext

174 AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1948 Philippine pressings do not seem to have perturbed United States buyers, who have been able to obtain increased quantities of Central American abaca at relatively cheaper prices than those at which Philippine abaca was available. Production for March, measured by the official gov ernment pressings, showed a sharp decline. Davao balings for March were 14,863 bales, and non-Davao, 44,635 bales, making a total for the Islands of 59,498 bales, compared with 71,125 bales for February. This brings the total pro duction for the first quarter of 1948 to 189,959 bales, com pared with 172,321 bales for the same period last year. April production for Davao is likely to be somewhat higher than that of March, but a decline is expected in non-Davao districts which is likely to result in the April pressings being even lower than those of March. Sugar S. Jamieson Acting Secretary-Treasurer, Philippine Sugar As sociation SALES of Philippine export sugar continued to be made in the New York market as opportunity offered at 5.50i for shipment during the months of April to August, inclusive. Toward the close, this price was not obtainable, and a few sales have been made at 5.45^. Send it by Prices for domestic sugar improved dqring the month on the sale of fairly large parcels to local soft-drinks manu facturers, and dealers are now willing to give up to P16.50 per picul, delivered Manila, for the regular grade of centri fugal sugar. Sponsored by the National Federation of Sugarcane Planters, the Sugar Producers’ Marketing Agency has been formed, with branches at present in Cebu, Bacolod, and Iloilo, for the purpose of pooling the sale and distribution of planters’ domestic sugar with a view to stabilizing prices in the local market. Quotations on the New York Sugar Exchange for the period from March 15 to April 12, 1948, under Contracts Nos. 4 and 5, ranged as follows: High Contract No. 4 (World Market) May, 1948................4.53 July ” ................4.50 Sept. ” ............... 4 50 March, 1949................3.90 May ” ................3.90 Low Close Sales 4.10 4 10 15,900 tons 4.15 4.15 5,050 ” 4.12 4.12 10,600 ” 3.60 3.60 1 1,600 ” 3.65 3.65. 800 ” 33,950 tons Total......................................................................... Clipper Cargo offers fast delivery to 6 con tinents. And we route your goods straight through to any place in the U. S.—any place in the world—on one PAA airway bill. Clipper flights are frequent—al ways dependable. Clipper Cargo offers extra low rates on bulk shipments of 100 lbs. or more. And careful handling reduces packing and crating cost. Contract No. 5 May, 1948.................5.09 July ” 5.08 Sept. ” 5.08 Dec. ” ................5 04 March, 1949.................4.78 May ” — 4.91 4 * 91 59,350 tons 4.90 4.90 36,650 ” 4.93 4 93 44,750 ” 4.95 4.95 3,600 ” 4.73 4.73 1,300 ” — 4.54 — 145,650 tons Total......................................................................... Tobacco By the Conde de Churruca Compahia General de Tabacos de Filipinas THE tobacco buying season is about to open in the provinces of Pangasinan, Union,. Ilocos, and Cebu. The total production in each of these 'provinces is more or less as follows: Pangasinan...................................................................... La Union......................................................................... Ilocos................................................................................. Cebu.................................................................................. 20,000 quintals 34,000 5,000 20,000 Between san Francisco and manila, bulk shipments are carried by the new all-cargo Clipper, Pacific Trader . . . supplementing regular Clipper Cargo schedules. Manila Hotel Phones.......... 2-97-96 — 2,-79-01 Downtown Office Phones .. 2-92-61 — 2-92«-05 Airport Phones..................... 5-10-75 — 5-12-65 World Airways c~'lle ffyWem of Clippers Besides the foregoing, the first two provinces produce an extra 7,000 quintals in "Batec” tobacco. This is much appreciated by the people, and is sold in the markets leaf by leaf. The Cagayan Valley crop comes in later, and will not be sold until June or July. It has been very greatly re duced by floods and typhoons, and will run to around 80,000 quintals only. The prices will be around last year’s, but may very well be higher in some localities. It is too early to predict them yet, and the needs of local manufacturers will in fluence their oscillations. Exports are very few, and quite a number of sales to foreign governments have not been closed because of lack of dollars. May, 1948 AMERICAN CHAMBER OF COMMERCE JOURNAL 175 The Marshall Plan, and a possible readjustment of Spain’s supply of dollars, might any day open up foreign markets. That would encourage the farmers to try to raise prewar crops, as it will be necessary to supply the demand to prevent purchasers drifting to other markets. The writer recently returned from a brief trip to Hong kong, Saigon, and Bangkok. In all these places the volume of tobacco business is small, although in Hongkong and Bangkok business conditions seem good. Not so in Saigon, where the Vietnamese uprising is still not entirely under control, and peace and a restoration of normal conditions does not seem near. Textiles By J. A. Connor TEXTILES for March continued along the pattern predicted in this Journal in February. Arrivals from the United States were a little larger in March than in February. Arrivals from Shanghai were less than in February. Local prices continued to soften. Local stocks com prise a remarkably wide range of textiles with a very con siderable number being sold below replacement costs. March local sales were a great deal smaller than in February. New bookings in March with American mills were much below those of January and February. Some further reductions in prices were reported from New York. American mills continue sold up for months ahead. Legislation, Executive Orders, and Court Decisions CHAM SAMCO & SONS, Inc. Direct Importers of CONSTRUCTION. MATERIALS BUILDERS HARDWARE PLUMBING SUPPLIES PAINTS and OILS SHIP CHANDLERY MINING SUPPLIES, ETC. 300-308 Sto. Cristo Manila, Philippines Tel. 2-81-72 By Robert Janda Ross, Selph, Carrascoso &• Janda THE tragic and unexpected death of President Manuel A. Roxas during the month, introduced an element of uncertainty into the entire legislative and judicial situation. Not only has the country lost an outstanding leader of proved integrity and ability, but the business community has lost a friend whose quick grasp of business problems and essentials gave a feeling of security to the entire community. It is as yet too early to reach any certainty as to whether the loss of its leader will cause the disruption and disappearance from Philippine politics of the Liberal Party or whether his successors will prove willing and able to carry forward the program he had outlined. During the month, the Legislature enacted and the President approved, effective as of April 19, 1948, Repub lic Act No. 201, which provides a procedure for the issuance by a corporation of stock certificates in lieu of those which have been lost, stolen or destroyed. Also, the Administration introduced its long awaited proposed amendments to the tax laws. House Bill No. 1691 proposes to amend Section 183 of the Internal Revenue Code by adding a new section provid ing that the percentage taxes imposed by Sections 184, 185, and 186 shall be collected upon the landed value of imported articles at the time they clear the Customs. The importer may then take a credit for the amount of the pay ments made by him against his sales-taxes wh^n the arti cles are later sold. Section 190, which imposes the compensating-tax is then to be amended to exclude, from the tax, articles which are to be used by the importer himself in the manufacture of articles to be consigned abroad and are to form a part thereof. go. CALI Terminal: MANILA International Airport Tel.: 5-12-35 COMMERCIAL AIR LINES, INC "Tkt fi'onetr Philippine Oversea * W/M/rei" TA ADI G- COMM I AC t BLDG.. Ill JUAN LUNA • TEL.2-79-2

pages

174-175

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