Reviews of September business

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Part of The American Chamber of Commerce Journal

Title: Reviews of September business
Language: English
Source: The American Chamber of Commerce Journal Volume 7 (Issue No. 10) October 1927
Year: 1927
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Fulltext: October, 1927 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 COPRA AND ITS PRODUCTS By E. A. SEIDENSr INNER Vice-President and Manager, Copra Milling Corporation COPRA During the first half of the month the local copra market was on the firm side, sales being made at figures appro ximating 1’13.50 for bodega resecada copra. The heavy demand was unquestionably due to U. S. market reports on cottonseed oil consump tion and cotton crop data showing an esti mated harvest of 12,692,000 bales. However, the subsequent reports showed the cotton crop in much better condition than anticipated, and with continued heavy arrivals of copra, the local market declined abruptly and is quoted today 1 The Philippine Guaranty Cnmpany, Incorporated (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance Low rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instal ments at low interest Call or write for particulars Room 403, Filipinaa Bldg. P. O. Box 128 Manila, P. I. Mgr’s. Tel. 2211 Main Office Tel. 441 RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company Rice, cavans. . Sugar, piculs. . Tobacco, bales. Copra, .piculs.. Coconuts......... Lumber, B. F... Desiccated coconuts, cases The following com modities were received in Manila August 26 to September 25, 1927, both inclusive, via Ma nila Railroad: 1927 September August 300,000 265,000 4,816 16,668 33,840 39,600 202,500 157,300 . 2,664,000 2,705,000 253,800 202,500 18,200 15,334 at 1*12.25 to 1’12.50 for arrival resecada grades. The London market for copra remained inactive but steady during the early days of the month and firmed slightly during the closing weeks. Total arrivals of copra at Manila for the month were 409,158 sacks which is about equal to the arrivals of September for last year. Latest quotations follow: San Francisco: Buyers, S.05-1 16: Sellers, S.05-1/8 to S.05-3 16. London: Cebu, £26 10, 0. F. M. M„ £26 2, 6. COCONUT OIL The U. S. market for this item continued quite at 8-1/4 cents f.o.b. tank cars during the early part of September and strengthened somewhat on increased buying pressure due to the bullish government cotton crop report. About the middle of the month a fair volume of trading occurred with prices advanced to 8-1/2 cents f.o.b. coast. The market sagged badly during the last week of September due to changed reports on the cotton crop displaying a much better crop condition than was expected. The market closed with a very dull market, c.i.f. parcels being bid for at 8 cents west coast and tank cars at 8—1/2 cents. Latest quotations follow: San Francisco, S.08-1 2 f.o.b. tank cars; New York, S.08-1/4 c.i.f.; Manila, 1’.36 to 1*.36-1/2 per kilo. COPRA CAKE The Hamburg market for copra cake fluctuated greatly during September but within compara tively small limits. The month opened with prices at £8/2/6 c.i.f. Hamburg which were later advanced partially because of increased freight rates between Manila and the Continent to £8/12/6. Recent cables showed the market dull at £8,10/0. Locally the condition is bullish due to comparative small stocks in the hands of crushers for nearby shipment. Latest cables follow: San Francisco, S37.00 per M.T.; Hamburg, £8 10/0 nominal; Manila, Buyers, 1*58.00 to 1’59.00 per M.T.; Sellers, 1’60.00 per M.T. Manila, P. I., October 5, 1927. A subscriber who wishes to bind the Journal by volumes lacks Vol. VII, No. 1. Will some other subscriber who lets good opportunities slip by him send this copy, January, 1927, back to The Journal, P. O. Box 1638? Thanks awfully. Atlantic Gulf and Pacific Co. OF MANILA ENGINEERS MANUFACTURERS CONTRACTORS 71-77 Muelle de la Industria MANILA, P. I. TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Manufacturing ,Co. Raw Leaf: Export shipments in raw leaf during September reach ed their lowest level since May, 1925. Of the 189,000 kilos ex ported, about 93,000 kilos consisted of raw leaf (mostly to Japan) and stripped tobacco (principally to United States), the remaining 96,000 kilos represent ing scraps. No ship ments to European Re gies have been recorded during the period under review. From the provinces of Cagayan and Isabela some sporadic buying in limited quanti ties of the new crop is reported. The market in local grades of former years showed some ac tivity in view of the unsatisfactory quality in certain districts of the present crop. Shipments abroad during September were as follows: Leaf Tobacco and Scrap, Kilos Australia............................... 1,201 Borneo.................................. 206 China.................................... 1,900 Egypt................................... 122 Germany............................... 7,388 Holland................................. 11,900 Hongkong............................. 214 Japan.................................... 44,680 Straits Settlements............. 922 United States...................... 121,162 189,695 Cigars: The first sign of improvement, though with no assurance of permanency yet, is reflected in the September exports to the United States. Comparative figures for the trade with the United States are as follows: September, 1927........ August, 1927............. September, 1926....... 19,889,280 12,908,114 13,758,438 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 SHIPPING REVIEW By H. M. CAVENDER General Agent, Dollar Steamship Line Co. Since our August re port, as expected, cargo exports have fallen off materially in every di rection. This condi tion is occasioned each year around this time. Owners do not look for a material change in conditions until the mid dle of November. Copra to the Pacific coast is the only commodity really holding out in any volume. Owners re port offerings in excess of tonnage for Southern Pacific coast ports. Rates in all directions remain firm, with no changes of material signi ficance. Passenger traffic in all classes holds fairly well. More people have left the Islands since our last report than earlier anticipated. THE YOKOHAMA SPECIE BANK ■ LTD. ......— (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund .... 96,500,000.00 Undivided Profits ... - 6,179,045.45 MANILA BRANCH 34 PLAZA CERVANTES, MANILA K. YABUKI Manager PHONE 1759—MANAGER PHONE 1758—GENERAL OFFICE During September a total or 1709 passengers, all classes, are reported to have departed from the Philippines (first figure represents cabin passengers, second figure steerage): To China and Japan 251-3.09; to Honolulu 4-886; to Pacific coast 57-130; to Singapore 27-14; to Europe and miscellaneous ports 31-0. Filipino emigration during the month to Honolulu in creased slightly as did the movement to the Pacific coast. The comparison shows: Honolulu, August 831—September 886; Pacific coast, August 102—September 130. From statistics compiled by the Associated Steamship Lines there were exported from the Philippines during the month of August, 1927: To China and Japan ports 20,626 tons with a total of 42 sailings, of which 18,116 tons were carried in American bottoms with 19 sailings; to Pacific coast for local delivery 17,476 tons with 11 sailings, of which 17,474 tons were carried in American bottoms with 10 sailings; to Pacific coast fortranshipment 2,324 tons with 11 sailings, of which 2,136 tons were carried in American bottoms with 10 sailings; to Atlantic coast 40814 tons with 14 sailings, of which 19,660 tons were carried in American bottoms with 6 sail ings; to European ports 11,081 tons with 16 sailings, of which 147 tons were carried in Amer ican bottoms with 3 sailings; to Australian ports 545 tons with 4 sailings, of which American bottoms carried none; or a grand total of 92866 tons with 58 sailings, of which American bottoms carried 57,579 tons with 21 sailings. From Chairman O’Connor’s paper “Main taining an Adequate Merchant Marine”, pre pared in response to Senate Resolution, it is indeed interesting to learn from public hearings conducted by several commissioners of the board in thirty-three cities and from responses to 9000 inquiries addressed by the board to repre sentative organizations and individuals, that: 1. It was unanimously held that the United States should have an adequate merchant marine for national defense and for commerce. 2. With almost equal unanimity it was held that this merchant marine should be privately owned. 3. With equal unanimity it was held that until it is made possible for private interests to successfully own and operate the American merchant marine, the Federal Government must continue to do so. Then we learn that after all sales possible into private hands, the board continues to oper ate over 23 services which for the fiscal year ending June 30 1926 cost net 316,300,000 not including interest or depreciation, charges private ownership is compelled to meet. Further along in the paper we read that other countries have built modern, fast, large caniers, leaving our emergency war-time fleet far behind and that “to meet this already existing and increas ing superior foreign competition, an American merchant marine of permanence will have to be supplied with some cargo-liner type of vessels of approximately 15 knots and 11,000 tons deadweight, which do not exist in reserves of our laid-up fleet.” The inauguration of the new Trans-Pacific freight and refrigerator service of the Kerr Lines was fully realized in Manila by the arrival of their speedy motorship Silver guava in Sep tember This vessel is the first of six similar vessels to come out specially designed for the Trans-Pacific service. Four are fitted with space for 60,000 cubic feet of refrigerator cargo. This new service is from San Francisco, calling at Kobe, Yokohama, Shanghai, Manila, Soerabaya, Samarang, Batavia and Singapore. SHIPPING PERSONALS E. C. Bogle, assistant comptroller, The Robert Dollar Company, with headquarters at Shanghai, arrived in Manila September 7 aboard the S. S. President Grant. After spending three weeks here on business for his company, Mr. Bogle left for Singapore September 30 aboard the S. S. President Monroe where he expects to remain about two weeks, returning to Shanghai about the end of October. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 W. J. Wilson, port engineer, The Robert Dollar Company, Shanghai, arrived in Manila September 29 aboard the S. S. President Madi son on business for the Company. Mr. Wilson expects to return to Shanghai aboard the S. S. President Pierce October 7. W. S. Jones, assistant passenger agent, The Robert Dollar Company, Manila, left Manila Saturday morning, October 1, for a few days business trip to Baguio. Benjamin Y. Martin, for several years in the operating department, contract division of the United States Shipping Board, Washington, D.C., has been appointed to succeed Captain Eisler as Shanghai representative of the board. SEPTEMBER SUGAR REVIEW By George H. Fairchild New York Market: Although the prices which have ruled in the American sugar market during the month under review are better than those of the two pre vious months, on the whole the market was uninteresting with a very small volume of sales. The American sugar market opened dull in the first week with sellers but no buyers of Cubas on the basis of 3.00 cents c. and f. (4.77 cents 1. t.). At this price Cuban holders were un willing to sell, and the increasingly favorable statistical position gradually caused a firmer market and prices advanced to 3-1, 6 cents c. and f. (4.84 cents 1. t.) at the close of the week. Immediately thereafter, however, buyers retired and the market showed no disposition to operate until the 16th when the market indi cated renewed activity and prices advanced to 3-3/32 cents (4.87 cents 1. t.) with sellers asking for 3-1/8 cents c. and f. (4.90 cents 1.1.), at which price, Canadian refiners bought some parcels of Cubas. This improvement in the market was of but short duration, and the market soon became quiet and uninteresting and prices gradually sagged to 2-15/16 cents c. and f. (4.71 cents 1. t. duty paid for Philippine centri fugals). It was apparent that the refiners were well stocked for t;heir immediate requirements and HAUGHWOUT OPENS SHOP Dr. Frank G. Haughwout, former parasit ologist at the bureau of science, has opened a private pathology laboratory at 915 M. H. del Pilar, Manila. His telephone is 5-67-19, which should be borne in mind until the next issue of the directory. Dr. Haughwout is Manila’s well known “old reliable" practitioner in pathology and the Journal is glad of the privilege of advising folks to enlist his skill and scientific knowledge in the diagnoses of their ailments, especially those affecting the alimentary tract. Take dysentery, for instance. It isn’t enough to know that one has dysentery: the exact type must be known and treatment prescribed accordingly. Manila to New York via Suez and Europe See the Old World on your trip home. Stops of several days in many ports. You can travel through Europe and catch our boat for New York via Southampton, England, at Bremen. “The Most Interesting Trip In The World.” NORDDEUTSCHER LLOYD Zuellig &> von Knobelsdorff Agents 90 Rosario, Manila Phone 22324 24 Calle David MANILA Telephone No. 2-24-41 Sailings every fortnight AMERICAN MAIL LINE DOLLAR STEAMSHIP LINE COMBINED TRANSPACIFIC SERVICE SAILING ONCE A WEEK The “President” Liners Offer Speed—Service—Courtesy—Comfort Excellent Food, Comfortable Cabins, Broad Decks, American Orchestra, Dancing, Swimming Pool, Sports TO SAN FRANCISCO AND LOS ANGELES via Hongkong, Shanghai, Kobe, Yokohama, and Honolulu SAILINGS ON ALTERNATE FRIDAYS ROUND THE WORLD President Wilson - - Oct. 14 President Van Buren - Oct. 28 President Hayes - - Nov. 11 President Polk - - - Nov. 25 President Adams - - - Dec. 9 President Garfield - - - Dec. 23 SAILING ONCE A WEEK VICTORIA AND SEATTLE via Hongkong, Shanghai, Kobe, and Yokohama SAILINGS ON ALTERNATE SATURDAYS IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 refused to make further purchases. The general opinion, however, is that with the continued improvement in the statistic^ position the refiners can no longer delay their purchases for their future needs. Stocks in the statistical countries at the end of the month were 1,897,000 tons as compared with 2,083,000 tons at the same time in 1926 and 1,551,000 tons in 1925. The refiners are evidently waiting for develop ments as to (1) an improvement in the demand for refined, (2) revised estimate of the European beet crop and (3) the action taken by the Cuban government in regard to restriction of the coming Cuban crop. In this connection the following digest of the annual report of the Czecho-Slovakian Sugar Association published in the Czarnikow-Rionda Company Circular for August 26, 1927, should be of interest since it portrays the European crop conditions and prospects: The market review outlines the growth of cane sugar production during and after the war, and shows an increase in Cuba of 2,500,000 tons from 1913-1914 to the peak of 5,125,970 tons in 1924-1925. A severe decline in prices followed thereafter with poor prospects into the bargain, which resulted in only a slight increase in European sowings in 1926, and much reduced pro duction in 1926-1927 by reason of bad weather. England, Italy, France, Bulgaria, Poland, Russia and Roumania, having adopted effective protective measures, were com mitted to a policy of expansion. Germany has also recently increased protection, and Sweden, having come to an agreement between beet growers and producers, can likewise again forge ahead. Czecho-slovakian pro ducers did not receive the necessary support from a com munistic Government, which favored farmers and la borers against the factories, and the latter had to un dertake a publicity campaign that led to a thorough investigation by the authorities who were finally awak ened to the precarious situation of the sugar industry. A cartel was formed by all the sugar factories as a result, beginning October 1st, 1926. Nevertheless export conditions are becoming increasingly difficult. Swit zerland discriminated against the imports of Czecho sugars by unfavorable tariffs. Austria, wishing to expand her own industry, raised her import duties. Early this year British refiners agitated for a protection up to 2/-per cwt. (.43 cents per lb.) against foreign refined. This was not sanctioned by the British Govern ment, but it may be in the future, and thus constitutes an additional menace to Czecho imports in that market. Russia may also become troublesome in competing by exports of her own. The crisis due to over-production is still considered grave, and benefits derived from Cuban restriction are only temporary. Market conditions cannot improve until a balance is achieved between world production and consumption without artificial interference. This may, however, not be easy, because world production is kept unnaturally high through the protective policies pursued in various countries, at the same time tending to weigh upon consumption by heavy impositions. The system of protection is being more and more encouraged, creating conditions similar to the period before the Brussels Convention, which became operative in 1903 and lapsed during the war. Cuba has intimated a desire for an international conference to discuss a solution, but the realization of such a plan may be remote. Futures: The exchange market fluctuated in sympathy with the spot market, although it showed more activity during the second week of the month due partly to the report that Santo Domingo was contemplating restricting its sugar crop on the same basis as Cuba has done during the past season. Quotations for futures on the New York Exchange have fluctuated as follows: September, 1927.. December............. January................. March................... May...................... July....................... September, 1928.. High Low Latest 3.09 2.92 3.09 3.11 2.95 2.96 3.08 2 96 2.86 2.97 2.84 2.87 3.04 2.94 2.96 3.12 3.00 3.04 3.15 3.08 3.11 Philippine Centrifugal Sales: During the month under review the sales on the New York Exchange market of Philippine centrifugals, afloats, near arrivals, and future deliveries amounted to approximately 20,000 tons of the 1926-1927 crop at prices ranging between 4.74 cents and 4.86 cents landed terms. These bring the sales to date of Philippine centrifugals in the United States to 455,000 tons, 400,000 tons of which were sold in the Atlantic Coast and 55,000 tons were marketted in the Pacific Coast. In addition to these there were approxi mately 7,000 tons of the new crop 1927-1928 sold in New York during the month at prices from 4.65 cents to 4.80 cents landed terms. Local Market: Due to lack of supplies available for trading the local market for centri fugals and muscovados was quiet during the month under review. Only very small parcels of centrifugals were purchased by local exporters for exports and by dealers for domestic consump tion at prices ranging from 1’11.12-1/2 to P11.70 per picul. It is reported that the available supplies of centrifugals in Iloilo do not aggregate more than 1,500 tons. There was little musco vado trading during the month, the insignificant transactions being mostly effected during the first week of the month on the basis of 1’7.00 per picul for No. 1. Prospects for the 1927-1928 Crop: Weather conditions continued favorable during the month under review with indications that the preli minary forecasts will be realized. Centrals are busy completing their off-season replacements and repairs for the milling of the coming crop which will begin within a month. Philippine Exports: Since November 1, 1926, to September 15, 1927, the Philippine sugar exports have aggregated 501,450 metric tons, details of which being as follows: 402,050 56,644 42,756 501,450 U. s. Atlantic u. s. Pacific China and Japan Total Centrifugals 402,050 55,050 457,100 Muscovados 15 42,755 42,771 Refined.. . 1,579 1,579 Java Market: For the first half of the month this market was active and steady but there after throughout the month the market was dull and uninteresting. It was reported in the first week of the month that buyers offered Gs. 16-1/2 for the balance of 10,000 tons of this year’s centrifugals remaining in the hands of trusts, but this offer was refused. Thirteen mills were reported to have ceased grinding. The standing cane still to be harvested remained in good condition and all reports over the new plantings were favorable. The total export for the month of August was estimated at 238,237 metric tons as against 216,513 tons at the same period in 1926 and 286,424 tons in 1925. Stocks in Java on September 1, 1927, were estimated at 890,000 long tons as against 677,000 long tons on September 1, 1926, and 817,000 long tons on the same date in 1925. Japan and Formosan Prospects: As a result of the Japanese sugar tariff revision, the sugar imports in Japan during the first six months of the year showed a considerable increase over those of the corresponding period in the previous year. These, according to the government trade returns, amounted to 3,906,710 piculs showing an enormous gain of 1,573,047 piculs. The principal sources of their sugar imports were Java, 3,170,801 piculs; Cuba 871,174 piculs; and the Philippines 90,250 piculs. Japan Sugar Trade Review for September 17 published the actual out-turn of the 1926-1927 crop in Japan which aggregated 8,390,397 piculs. This is a slight increase over the final estimate of 8,315,986 piculs. A bigger crop for the coming season in Formosa is expected according to the Industrial Bureau of the Formosan Government. The first esti mate placed the 1928-1927 crop at 8,418,041 piculs, or 1,566,202 piculs over that of the pre vious year, and 75,945 piculs over the 1925-1926 crop. European Crop Prospects: Recent cable advices received from Europe report the weather being unfavorable for the coming beet crop. Ac cording to Journal des Fabricants de Sucre for August 20, 1927, Italy was first to commence the European beet campaign with prospects of an average crop. The beet crop prospects in Czecho-Slovakia were favorable and production was estimated at 1,100,000 tons. France and Belgium also reported favorable prospects although Germany complained of frequent thunderstorms and hoped for a few weeks of drought to give a heavy crop. Licht’s esti mate recently received by cable indicates that Europe’s production for the coming campaign will be 8,100,000 tons of raw sugar, or about 1,000,000 tons in excess of that of last year. Manila Cordage Co. P. O. Box 131 Manila, P. I. Manufacturers of Manila Rope Extra Special Pure Manila Capstan Brand High Quality Pure Manila Towline Brand Good Quality Pure Manila Crown Brand Medium Quality Mixed Fiber Plow Brand Pure Philippine Maguey Fiber Dragon Brand Extra Special Quality Transmission Rope Hard Fiber Lath Yarns, Paper Makers Twines, Wrapping Twines, Bale Rope, Sewing Twine Extra Fine Ask for Prices OXYGEN Electrolytic Oxygen 99% pure HYDROGEN Electrolytic Hydrogen 99% pure ACETYLENE Dissolved Acetylene for all purposes Fully Equip ped Oxy-Ace tylene Weld ing Shops BATTERIES Prest-O-Lite ■Ji. Electric Stor age Batteries Philippine Acetylene Go. 281 CALLE CRISTOBAL MANILA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 REVIEW OF THE HEMP MARKET By T. H. SNaiTH Vice-President and General Manager, Macleod &• Company This report covers the markets for Manila Hemp for the month of September with statis tics up to and including October 3rd, 1927. U. S. Grades: The opening of September reflected a quiet but steady market in U. S., very little demand and sellers showing but little desire to make progress. Shippers were offering moderately D, 17-3/4 cents; E, 17-1/8 cents; F, 16-1/4 cents; G, 9-3/4 cents; I, 14-1/2 cents; JI, 11-3/4 cents; SI, 16 cents; S2, 14 cents; September-October shipment. The apathetic attitude of buyers combined with rather more pressure to sell on the part of shippers resulted in values depre ciating slightly on some grades by the middle of September at which time the market ruled quiet with values D, 17-1/2 cents; E, 17 cents; F, 16-1/8 cents; G, 9-7/8 cents; H, 9-1/ 2 cents; I, 14-1/2 cents; JI, 11-5/8 cents; SI, 15-7/8 cents; S2, 14 cents. Demand was scanty at these prices. From then on continued pressure to make progress by sellers caused a dull market with prices gradually easing as buyers refused to come forward. Market closed in New York with values D, 17-1/2 cents; E, 16-3/4 cents; F, 15-3/4 cents; G, 9-1/2 cents; I, 14-3 8 cents; JI, 11-1/2 cents; SI, 15-5/8 cents; S2, 13-7/8 cents. Manila market for U. S. grades opened on the firm side with buyers D, 1*42; E, 1’39.4; F, 1’38; G, 1’22; H, 1’21; I, 1’33.4; JI, 1’26.4; SI, 1’37; S2, P32.6; S3, 1’26.4. These prices were steadily maintained and parcels coming in the market found ready buyers until mid September when the dullness in New York made a corresponding quiet tone in Manila prices having a slight set back to D, 1’41.4; E, 1’39.2; F, 1’37.6; G, 1’21.6; H, P20.6; I, 1*33.2; JI, 1’26.2; SI, 1*36.6; S2, P32.2; S3, 1’26.2. Dealers showed no anxiety to contract at any decline in prices and the market held steady but quiet to the end of the month, closing nominally lower however at D, 1’41; E, 1*38.4; F, 1*37; G, 1*21; H, 1’20; I, 1’33; JI, P26; SI, P36; S2, P32; S3, P26. U. K. Grades: London opened quiet with prices J2, £43.10; K, .£42.10; LI, £41.10; L2, £40.10; Ml, £40.10; M2, £37.10; DL, £37.10; rather sellers, September-November shipment. Market soon turned steadier on a somewhat better enquiry, business being done at J2, £44; K, £42.10; LI, £41.10; L2, £40.10; Ml, £40.10; M2, £37.10; DL, £37; DM, £32, SeptemberOctober shipment, but “Bears” were still in clined to push sales of distant shipment at a discount of 10/- per ton. Mid September reflected a quiet tone in London, but values for the near positions were well maintained. Market again took on a firmer tone on the 20th, there being a fair business doing J2, £43.10; K, £42; LI, £41; L2, £40; Ml, £40; M2, £37; for posi tions covering shipment as far ahead as January. During the last week of September a dull tone set in with speculative sales made of J2, £42.5 October-December, £42 January-March, K offered down to £41.10 September-November. At the close “Bears” were more inclined to cover up again and market im' ‘oved with fair business doing J2, £43; K, £41.10; LI, £40.10; L2, £39.10; Ml, £39.10; M2, £37; DL, £36.15; DM, £32, October-December shipment. Manila market for U. K. grades opened with business passing at J2, 1’21; K, 1’20.2; Ll, 1*19.6; L2, 1*19; Ml, 1’19; M2, 1’17.4; DL, 1’17.4; DM, 1’14.4 with a few parcels for prompt delivery commanding a further 2 reales on some grades. The tone was firm and prices held up fairly well in Manila, prices about the middle of the month running J2, 1’21 to 1’20.6; K, 1’20.2; Ll, 1’19.6 to 1*19.4; L2, 1*19 to 1’18.6; Ml, P18.6; M2, 1*17.2 to 1’17. Toward the close of the month prices declined somewhat, business being done down to J2, P20.2; K, P19.4; Ll, 1*19; L2, P18.4; Ml, P18.2; M2, P16.6; at about this valuation market closed quiet. Conditions and exchange rate have been detri mental to business with Japan during the month and volume of business put through in that quarter unsatisfactory. Fine grades have been quiet, meeting with no special demand. Freight Rates: Freight rates remain with out change. Statistics: We give below figures for period extending from August 30th to October 3rd, 1927: Now that the holidays are approaching and you are thinking of the folks and friends back home, why not include the Journal for a year among the gifts you send? P4.00, P. O. Box 1638, Manila, P. I. 1927 1926 Stocks on. January 1st... . 112,382 153,181 Receipts to October 3rd.. . 974,026 983,898 Stocks onl October 3rd. . . . 158,453 146,597 Comfort All the Way Shower Baths Help The Oriental Limited Across America Shower baths for men and for women are onlv one of a score of travel comfort features on the finest train across America. Hauled By Giant Oil-Burning Locomotives that speed you across the scenic Northwest from Seattle to Chicago in 69 hours and 55 minutes without change. Our maps and descriptive literature are yours for the asking. We will plan your trip aD<l make all necessary reservations if you desire. A. G. HENDERSON. ACENE Chaco Building AMERICAN EXPRESS CO. Manila, P. I. Great Northern Shipments To Oct. 3, 1927 To Oct. 4, To the— Bales Bales United Kingdom........... 246,038 200,423 Continent of Europe.. . 105,430 136,971 Atlantic U. S................ 208,482 274,951 127,484 U. S. via Pacific........... 94,651 Japan.............................. 194,494 183,100 Elsewhere and Local... 78,860 67,553 927,955 990,482 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 REAL ESTATE By P. D. CARMAN San Juan Heights Addition Single sales over 1*50,000, during Sep tember were only two: one of 1*60,000, in San Nicolas and one of 1*90,000, in Paco. The month as compared with those of previous years is shown below: 1919. 1920. 1921. 1922. 1923. 1924. 1925. 1926. 1927. 1,651,737 1,321,489 1,022,093 1,040,814 1,153,444 1,652,377 1,164,819 1,167,921 722,047 consequence, imports for June being only 0.07 of our total imports. Prices sagged from peak supply, and, as we repeatedly pointed out, there would be little or no price enhancement, because of the ample supply on hand. The producers, however, held on for higher prices, for current offerings were much lower than at peak supply, a thing that has not happened for some decades. The Chinese, who do not control prices, but who do control the feeding of the consuming market, were unable to continue this, as holders would not sell. The price of rice went still lower, in the face of the ample supply, and small imports were a vital necessity to continue current rice stocks. Furthermore, to curtail imports by legislative action would simply mean suicide, for upon these Indo-Asian imports depend the necessary subsistence needs caused by the recurring short crop. The department secretary who declined to interfere to increase a price was correct in his view, as nobody can assure ample crops each year. On the other hand, permission to export would not raise the price either. Some small export has occurred this year, a few tons to Hawaii and Guam, but these are American territory. Enjoy ing a protective tariff of 1*1.72 per sack of rice, Philippine rice could not compete in any manner with that of Indo-Asia in any event. The amounts ordinarily imported by the Philippines have this year been taken up by the increased imports to China, where internal troubles have caused imports of rice to rise abnormally. There is not the slightest reason to believe that Phil ippine rice could compete with that of Indo Asia, even providing we had an annual excess supply. Our preferential is a sufficient answer to the price fixers. There is no more reason for alarm with a high crop and low prices than a low crop with high prices. No industry wins all the time. The Chinese do not fix prices; these are fixed by the immutable law of supply and demand, which no legislature can monkey with except at its own peril. The three rice export centers of Indo-Asia are familiar with this law, and world prices are a consequence. Holders of the two million cavans of palay will not only receive a lower price if they insist on holding, but will influence prices on the new crop as well. The consumer has benefited by having his food bill cut 25% this year, but he may also have to pay that much more when the supply is limited. He wins this year and the producer loses, a fact that legislatures and statesmen cannot alter. Sta. Cruz. . . Malate......... Paco............. Sampaloc. . . Ermita......... Tondo.......... Santa Ana. . San Nicolas. Binondo.... Quiapo......... Intramuros.. San Miguel. Pandacan... Santa Mesa. 1’164,774 172,596 19,394 74,098 121,354 34,946 1,507 22,130 016 22,327 2,477 5,500 10,050 1*209,320 45,000 254,410 80,370 90,469 92,903 12,537 92,985 6,100 11,925 1,028 25,000 1*649,662 1*722,047 The totals January-September inclusive for the last three years were as lollows: 1925, 1*10,856,270; 1926, 1*9,805,572; 1927, 1*8,129,074. THE RICE INDUSTRY By Percy A. Hill of .Wufloz, .Vuera Ecija, Director, Rice Producers' Association. - Prices for palay at shipping points have decreased slightly, of ferings being 1*3.10 to 1*3.15 per cavan. Rice at the consuming cen ters is about the same as last month’s quota tion. The Supply still unsold is approximately some two million cavans, being held for impossible prices. This holdover will of course be that much to aid stability in case of a short crop, but it is not believed that it will have any effect on prices. The recent flurry referent to an attempt to force prices up was nothing but a gesture, but the public, and, for that matter, some of our government officials, were almost led into the error of attempting to allow legislation to in terfere with the larger law ot supply and demand, an action that would manifestly contain within itself the germs of its own destruction. Boiled down, the situation is as follows: The 1926-1927 estimated crop was 2,135,000 tons of rice based on a recovery of 63% of palay weight. This was practically sufficient for subsistence needs. A decrease of some 18,000,000 kilos in imports of rice was registered in EXPRESS DELIVERY ----------------------------- AND--------- —=^= PICK-UP SERVICE This is one of the FACILITIES offered by the MANILA RAILROAD for the accommodation of its PATRONS. For this SERVICE a Fleet of EXPRESS TRUCKS is operated by the COMPANY to make home deliveries of BAGGAGE and EXPRESS SHIPMENTS within the Manila City Limits and to designated districts within the munici palities of PASAY and SAN JUAN DEL MONTE, Rizal, at low RATES from Tutuban and Paco Stations only. Free Truck Service The MANILA RAILROAD EXPRESS TRUCKS furnish free PICK-UP SERVICE for BAGGAGE or EXPRESS SHIPMENTS to be transported outbound over the Railroad for billing at Tutuban and Paco Stations only. Those desiring to avail themselves of this SERVICE may do so by giving the necessary instructions to the billing clerk at the EXPRESS OFFICE or Calling up Telephone 4-97-75 or 4-98-61. ECONOMY, CONVENIENCE and SATISFACTION are the outstanding features of this SERVICE. Manila Railroad Company 943 Azcarraga Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1927 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 REVIEW OF THE EXCHANGE MARKET By STANLEY WILLIAMS Manager International Banking Corporation. Telegraphic transfers on New York were quoted at 1% premium on August 31st with buyers at 3,4% pre mium, and the market was unchanged on that basis until September 10th, when the selling rate was lowered to 7 8% premium and the buying rate to 5 '8% premium. The selling rate was unchanged throughout the rest of the month of September at a nominal 7, 8% pre mium, but with money in good demand the buying rate fell away to 3 '8% premium and then reacted and closed on September 30th at 12% premium October, 3, 8% premium NovemberDecember. Sterling cables were quoted at 2 0 7 16 sellers 2 0 9 16 buyers on August 31st and these rates continued unchanged throughout September, the strengthening of the New York' London crossrate being offset by the weakness in the local market for exchange on New York. • 'three months sight credit bills were unchanged through out the month at 2/1 1 16 and three months sight documents against payment bills were likewise unchanged at 2/1 1, 8. The New York London crossrate closed at 486-1/8 on August 31st and after touching 486 on September 1st which proved to be the low rate for the month, gradually rose in a firm market to a high of 486.65 on the 26th. The closing rate on September 30th was 486.53. London bar silver closed at 25-3, 16 spot 25-1/4 forward on August 31st and after touch ing a low for the month of September of 25-1 8 spot and forward on the 1st, gradually rose to a high of 25-7/8 spot and forward on the 19th. Thereafter fluctuating between 25-5/8 and 25-13/16, it closed at 25-11/16 spot and forward on the 30th. New York bar silver closed at 54-1/2 on August 31st and touched a low for September of 54-3 8 on the 1st. After advancing to a high of 56-1/8 on the 19th, it hovered between 55-1/2 and 56 during the rest of the month and closed at 55-3/4 on the 30th. Telegraphic transfers on other points were quoted nominally at the close on September 30th as follows: Paris, 12.30; Madrid, 177-3/4; Singapore, 114; Japan, 94-5 '8; Shanghai, 79-7/8; Hongkong, 98-3/4; India, 135-1/4; Java, 122-1/4. "North Coast Limited” “One of America's Fine Train shows you the Cascade Mountains, the Rocky Moun tains and the Mission Range by daylight. From the main line of the Northern Pacific, travelers see 28 ranges of mountains, and the train rolls along 1406 miles of rivers—pictures of “startling beauty” all the way. The “North Coast Limited” is a new train—new engines one-third of a block long! New Pullmans, new observation cars, wonderful new type dining cars. We Meet All Boats at Victoria and Seattle A. D. Charlton, G. P. A., Portland, Oro. W. H. Jayner, G. A., Vancouver, B. C. Northern Pacific Railway “First of the Northern Transcontinentals** Herbert Anderson has returned to Manila, Mrs. Anderson coming out with him this time. He is a treasury department representative. CONCRETE FOR PERMANENCE When building SEE that “APO” Portland, the Super-Cement is employed in your construction “APO” is Best by Test—Makes Best Concrete Sold only by reliable dealers and the CEBU PORTLAND CEMENT COMPANY China Bank Building MANUFACTURERS Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
content: Copra and its products by E. A. Seidens-Inner
Rail commodity movements by M.D. Royer
Tobacco review By P. A. Meyer
Shipping personals
Haughwout opens shop
September Sugar Review by George H. Fairchild
Review of the hemp market by T. H. Smith
Real Estate by P.D. Carman
The rice industry by Percy A. Hill
A Review of the Exchange
Market by Stanley Williams