Commerce and finance reviews

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Part of The American Chamber of Commerce Journal

Title: Commerce and finance reviews
Language: English
Source: The American Chamber of Commerce Journal Volume 8 (Issue No. 6) June 1928
Year: 1928
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Fulltext: 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 SHIPPING REVIEW By J. E. (lARDXIiR. Jr. 1.7,.,,/ General Agent, The Robert Dollar Company During April the sail ings fell off consider ably but the amount of tonnage carried showed a most encouraging in crease, as the total cargo exported exceeded the preceding month by ap proximately 22,000 tons. However, space is plenti ful on all routes. The copra situation has shown distinct im provement, especially from Cebu. Apparently shippers are experiencing no difficulty at present in securing their requirements. The newly enacted Workmen’s Compensa tion Act, which becomes effective June 10, will throw a heavy burden on all employers of labor and will mean considerable increase in steve doring costs. Present indications are that this will necessitate a general increase in freight rates. Recently it was announced that the city fiscal, after full consideration of the points involved, decided that the Associated Steamship Lines THE YOKOHAMA SPECIE BANK ■ LTD. ■ (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund - . . . 99,500,000.00 Undivided Profits - - - - 7,223,536.48 MANILA BRANCH 34 PLAZA CERVANTES,’ MANILA K. YABUK1 Manager PHONE 2-37-59—MANAGER PHONE 2-37-58—GENERAL OFFICE come under the jurisdiction of the United States Shipping Board, as provided for in the U. S. Shipping Act of 1916-1920 and not under the Philippine Anti-Trust Law. While the local agents have received no defi nite advice, the newspapers have carried dis patches to the effect that as a result of the enact ment of the Jones-White law to encourage Ameri can shipping, R. Stanley Dollar announced that the Dollar Steamship Line would proceed with the construction of five Diesel motor ships for the round-the-world service. These vessels are expected to be much larger and faster and will unquestionably be a big addition to the American merchant marine. Passenger traffic during the month of April showed a decrease over that of March, there being a total of 2521 passengers, all classes, departing from the Philippines (First figure represents cabin passengers; second figure steer age): To China and Japan 238-627; to the Pacific coast 121-725; to Honolulu 1-618; to the Straits Settlements 22-10; 'to Mediterranean ports 59-0. From statistics compiled by the Associated Steamship Lines, there were exported during the month of April from the Philippines: To China and Japan ports, 16,025 tons with a total of 36 sailings, of which 7,333 tons were carried in American bottoms with 13 sailings; to Pacific coast for local delivery 33,805 tons with 12 sail ings, of which American bottoms carried 19,268 tons with 9 sailings; to Pacific coast for trans shipment 2 98 tons with 8 sailings, of which 1864 tons were carried in American bottoms with Manila Cordage Co. P. O. Box 131 Manila, P. I. TOWLINE BRAND High Quality Pure Manila Rope CROWN BRAND Good Quality Pure Manila Rope PLOW BRAND Mixed Fiber Rope Low in Price DRAGON BRAND Made of Pure Philippine Maguey Ask for Prices 7 sailings; to Atlantic coast ports direct 88,604 tons with 18 sailings, of which American bottoms carried 48,342 tons with 8 sailings; to European ports 7628 tons with 15 sailings, of which Ameri can bottoms carried 286 tons with 2 sailings; to Australian ports 572 tons with 3 sailings, of which American bottoms carried none; or a grand total of 148,832 tons with 61 sailings, of which American bottoms carried 77,093 tons with 19 sailings. W. T. Goodwin, of the traffic department of The Robert Dollar Co. at Shanghai, arrived in Manila May 8 aboard the s. s. President Monroe. Mr. Goodwin, in company with Mr. L. B. Jepson of the Manila branch of the com pany, left Manila May 18 on a business trip to southern Philippine ports, visiting Legaspi, Cebu, Zamboanga, Davao, Iloilo, and returned to Manila June 4. Mr. Goodwin returned to Shanghai June 9 aboard the s. s. President Madison. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 Captain Robert Dollar and party, who were in Manila ten days in May, left May 23 aboard the s. s. President Wilson for Singapore, and from there will continue their journey around the world. T. J. Cokely, Oriental manager for The Robert Dollar Co., with headquarters in Shanghai, arrived in Manila May 14 aboard the s. s. Presi dent Grant and departed for Singapore May 23 aboard the s. s. President Wilson. Mr. Cokely is returing to Shanghai from Singapore and will shortly return to the United States on a holiday. E. R. Bush, who was recently appointed agent for the Columbia Pacific Shipping Company in Cebu, resigned May 20 and accepted a posi tion as Iloilo representative for the Manila Trading and Supply Co. J. W. Huck, formerly connected with Macondray & Co., Manila, has succeeded E. R. Bush as agent in Cebu for the Columbia Pacific Ship ping Company, taking up his new duties as of May 15. C. N. Edwards, of the Columbia Pacific Ship ping Company, Portland, Oregon, has joined the Manila Branch of that company as of June 1. H. M. Cavender, general agent for The Robert Dollar Co., Manila, in company with Mrs. Cavender and their young son, departed from Manila May 26 aboard the s. s. President Lincoln for Seattle. Mr. Cavender has gone to the United States on home leave and is ex pected to return to Manila about November 1. A. G. Henderson, vice-president of the Roose velt Steamship Agency, Inc., Manila, in com pany with Mrs. Henderson and their son, left Manila June 4 aboard the m. s. Silverbeech on a holiday. Captain T. A. Ensor, Far Eastern representative of the Roosevelt Steamship Agency, is relieving Mr. Henderson. During Captain Robert Dollar’s visit in Manila, Messrs. A. H. Terry, James Wells and J. E. Lnehan, Cebu, Iloilo and Vigan agents, respectively, of The Robert Dollar Co., were in Manila for a conference with Captain Dollar, arriving here May 14 and departing for their respective stations May 16. EDITOR'S NOTE:—With the departure of Howard M. Cavender to the United States on furlough, J. E. Gardner, jr.. became the acting general agent of The Robert Dollar Company, in the Philippines. The JOURNAL makes occasion to express its best wishes for Mr. Cavender, a director of the chamber of commerce. He did a great deal for his company while in the islands, also headed the Associated Steamship Lincs, etc., and he and Mrs. Cavender were active and popular socially. Many business acquaintances and friends hope they will return to Manila. This includes the JOURNAL, to which Director Cavender has long contributed the ship ping notes. But it is rumored that better things may be in store for him, and all join in wishing him the best of fortune in his career. Mr. Gardner now contributes the shipping notes. He has been in the steamship busi ness since August, 1913, when he joined the Pacific Mail in San Francisco, coming out to Yokohama for them in November that year, and then, in various capacities, 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 being stationed successively at Kobe,Shanghai, Singapore, Calcutta and Rangoon. In April, 1923, he joined the Dollar company as their special representative in Java, and later went to Singapore as assistant agent. Returning to the Orient in February, 1925, from furlough in the United States, he was assigned to the Manila office of the Dollar company, becoming assistant agent and now acting CURRENTS IN SAN BERNARDINO STRAIT By O. P. Sutherland Predictions by U. S. Coast and Geodetic Survey, Washington, D. C. In this issue are published the predicted times and velocities of currents which will be encoun tered in San Bernardino Strait during the months of July, August and September, 1928. The table is taken from “Currents Tables, Pacific Coast, 1928”, which is published each year in advance by the U, S. Coast and Geodetic Survey. 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 SAILING ONCE A WEEK TO SAN FRANCISCO AND LOS ANGELES ROUND THE WORLD VICTORIA AND SEATTLE via President Hayes - - - President Polk - June July 20 4 Hongkong, Shanghai, Kobe, President Adams July 18 Hongkong, Shanghai, Kobe, Yokohama, and Honolulu President Garfield Aug. 1 and Yokohama President Harrison - Aug. 15 SAILINGS President Monroe Aug. 29 SAILINGS ON ON ALTERNATE FRIDAYS Sailings every fortnight ALTERNATE SATURDAYS 24 Calle David MANILA Telephone No. 2-24-41 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 Mariners, when eastbound, should time their arrival in the strait at or soon after the time given in the first column (slack before ebb). When westbound they should time their arrival in the strait at or soon after the time given in the last column (slack before flood). Considerable delay has been caused to vessels due to the fact that mariners very often base their calculations of current to be experienced on tidal predictions which, in this particular locality at least, can not be reconciled with current predictions. Information and comments relative to currents experienced by vessels navigating any of the waters of the Philippine Archipelago will be welcomed. Predictions by U. S. Coast and Geodetic Survey, Washington, D. C. 7 Dat^t Slack ebb' Maximum ebb. S Time Velocity Hack before July 1 9:20 a.m. — 12:48 p.m. 5.2 knots 4:08 p.m. 2 9:50 a.m. — 1:25 p.m. 5.8 ** 4:48 p.m. 3 10:22 a.m. — — — —— 2:02 p.m. 6.1 “ 5:26 p.m. 4 10:55 a.m. —— —— — —— 2:39 p.m. 6.2 “ 6:04 p.m. 5 11:29 a.m. — 3:17 p.m. 6.2 “ 6:42 p.m. 6 12:01p.m. 3:37 p.m. 5.9 “ 6:51 p.m. 15 10:00 a.m.------ — ____ 5 3:10 a.m. 4:07 a.m. 0.3 “ 4:55 a.m. — 1:31 p.m. 6.7 “ 5:05 p.m 12:43 p.m. 4:15p.m. 5.2 “ 7:21p.m. 16 10:45 a.m. — — 1:48 a.m 6 3:29 a.m. 4:50 a.m. 0.6 “ 5:57 a.m. — 2:11 p.m. 6.7 “ 5:38 p.m 1:30 p.m. 4:55 p.m. 4.1 “ 7:47 p.m. 17 1:27 a.-m. 2:26 a.m. 0.6 “ 3:23 a.m 7 3:48 a.m. 5:40 a.m. 1.0 “ 7:06 a.m. 11:28 a.m. 2:49 p.m. 6.2 “ 6:07 p.m 2:29 p.m. 5:39 p.m. 2.7 “ 8:07 p.m. 18 1:38 a.m. 3:03 a.m. 1.0 “ 4:21 a.m 8 4:12 a.m. 6:35 a.m. 1.4 “ 8:24 a.m. 12:09 p.m. 3:25 p.m. 5.5 “ 6:32 p.m 4:01 p.m. 6:29 p.m. 1.2 “ 8:19 p.m. 19 1:56 a.m. 3:41 a.m. 1.4 “ 5:15 a.m 9 4:45 a.m. 7:38 a.m. 2.0 “ 9:57 a.m. 12:51p.m. 4:01 p.m. 4.4 “ 6:53 p.m 20 2:16 a.m. 4:22 a.m. 1.6 “ 6:07 a.m 10 5:27 a.m. 8:47 a.m. 2.7 “ 11:55 a.m. 1:35 p.m. 4:38 p.m. 3.2 “ 7:09 p.m — 21 2:39 a.m. 5:05 a.m. 1.7 “ 7:00 a.m 11 6:22 a.m. 10:00 a.m. 3.6 “ — 2:29 p.m. 5:16p.m. 2.0 “ 7:21 p.m ---- - — — 1:37 p.m. 22 3:08 a.m. 5:52 a.m. 1.8 “ 7:55 a.m 12 7:19 a.m. 11:05 a.m. 4.7 “ — 3:56 p.m. 5:57 p.m. 0.7 “ 7:20 p.m 2:47 p.m. 23 3:43 a.m. 6:47 a.m. 1.8 “ 9:00 a.m 13 8:16 a.m. — 12:00 p.m. 5.6 “ 3:40 p.m. 24 4:32 a.m. 7:51 a.m. 1.8 “ 10:25 a.m. 14 9:10 a.m. — 12:48 p.m. 6.4 “ 4:25 p.m. 25 5:36 a.m. 9:05 a.m. 2.1 “ — PACIFIC 13 9 10 11 12 8 12:04 p.m,. 3:56 p.m.. 5.9 “ 7:19p.m. 12:42 p.m,. 4:37 p.m.. 5.4 “ 7:56p.m; 1:26 p.m. 5:21 p.m . 4.6 •'' 8:31p.m. 2:21 p.m . 6:09 p.m . 3.6 ‘ 9:04 p.m. 3:38 p.m. 7:05 p.m . 2.4 ■' 9:34 p.m. 6:54 a.m . 8:26 a.m . 0.7 "' 9:51 a.m. 5:39 p.m. 8:08 p.m . 1.2 ‘ 1 9:58 p.m. 6:58 a.m. 9:29 a.m . 1.9 ‘ ‘ 12:00p.m. 8:41 p.m. 9:22 p.m . 0.1 ‘ 1 10:03 p.m. 3.3 J*. 14 15 16 17 18 19 9:15 a.m. 10:00 a.m. 10:45 a.m. 4.7 2:50 p.i 12:13 p.m. 5.9 “ 3.46 p.i 12:59 p.m. 6.8 “ 4:37 p.i 1:42 p.m. 7.3 “ 5:24 p.i 2:26 p.m. 7.4 “ 6:06 p.i 7.0 20 11:29 a.m. 12:13 p.m.. 3:50 p.m . 6.2 “ 7:18p.i 12:57 p.m . 4:32 p.m . 5.2 “ 7:46 p.i 21 22 1:43 p.m. 5:15p.m. 4.1 “ 8:12 p.m. 23 5:09 a.m. 5:54 a.m. 0.2 “ 6:31 a.m. 2:37 p.m. 6:00 p.m. 2.8 “ 8:31 p.m. 24 5:30 a.m. 6:50 a.m. 0.5 “ 7:54 a.m. 3:51 p.m. 6:47 p.m. 1.6 “ 8:45 p.m. 25 5:57 a.m. 7:49 a.m. 0.9 " 9:26 a.m. 6:08p.m. 7:41p.m. 0.4 “ 8:46 p.m. 26 6:27 a.m. 8:51a.m. 1.5 " 11:19a.m. 27 28 29 30 31 1:08 p.m. 5.6 1 A USE the Canadian Pacific Route to Europe and dispose of all the troublesome details that usually arise out of a 10,000 mile overseas journey. When you travel Canadian Pacific there is only one transaction— the initial one between our agent and you. Your trip across the Pacific, across Canada, and across the Atlantic is made on Canadian Pacific ships and trains; your stopovers at Canadian Pacific hotels. One ticket One service /Aft Si The utmost in speed and comfort. * CANADIAN PACIFIC AU18 10:10 a.m. 2 10:47 a.m. 3 11:23 a.m. 4 2:50 a.m. 1:46 p.m. 6.1 “ 5:09 p.m. 2:24 p.m. 6.4 “ 5:45 p.m. ------ ------ 2:49 a.m. 3:00p.m. 6.3 “ 6:18p.m. 3:26 a.m. 0.2 “ 4:00 a.m. 6M WORLD’S GREATEST TRAVEL SYSTEM IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 — -- -12:18p.m. 6:44 a.m. 10:18 a.m. 2.8 “ — 1:44 p.m. 27 7:45 a.m. 11:18 a.m. 3.6 “ — 2:44 p.m. 28 8:36 a.m. — 12:07 p.m. 4.5 “ 3:26 p.m. 29 9:20 a.m. — 12:48p.m. 5.4 “ 4:05 p.m. 30 12:38 a.m. 1:17 a.m. 0.2 “ 1:56 a.m. 10:00 a.m. 1:25 p.m. 5.9 “ 4:39 p.m. 31 12:39 a.m. 1:51a.m. 0.8 “ 3:00 a.m. 10:39 a.m. 2:02 p.m. 6.1 “ 5:11p.m. COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Vice-President and Manager, Copra Milling Corporation Hamburg, £9/17/6 market quiet.—San Fran cisco, $41.00 per short ton for meal.—Manila, Buyers P71.00 to 72.00; Sellers P74.00 to 76.00. Manila, P. I., June 6, 1928. TOBACCO REVIEW Alhambra Cigar and Cigarette Manufacturing Co. Raw Leaf: While the Manila market did not show any improvement, shipments abroad of Leaf and Scrap Tobacco were heavy, the monopolies of Spain and Czechoslovakia taking the bulk, but also large shipments of scrap tobacco were going to the U. S. A. Detailed figures are as follows: Java........................................... North Atlantic (Europe). . Spain.......................................... Czechoslovakia...................... South America...................... United States......................... 6,130 64,502 834,648 845,333 14,421 188,471 Total............................. 2,079,184 Cigars: Exports to the United States are about of the same volume as during the pre ceding month; compared with May 1927 (an exceptionally poor month) they show an increase of 12%. Comparative figures in units of cigars are: May 1928, 12,012,290; April 1928, 12,011,584; May 1927, 10,175,602. Cigarette exports to the United States amount ed to 225,000. Leaf Tobacco <t Scraps, kilos Algiers........................................ 5,076 Australia................................... 408 Hongkong................................. 53,817 China......................................... 66,378 FOR RENT: Store space, Calle David and Dasmarinas, 179 square meters.—Entrances on both streets.—-Excellent shows windows. Apply, John R. Wilson, Secretary, American Chamber of Commerce, 180 David, Phone 2-11-56. Cop r a.—The firm April market for copra continued well into May and the improved ar rivals during the first 15 days of the month were all absorbed at prices ranging between P13.25 and P13.50 for fully dried warehouse stocks. During the second half of May all buyers refused to sus tain the then current prices and the market eased to P13.00 to P13.125 for resecado stocks. As pointed out last month, local asking prices were in excess of foreign parities and the May decline was inevitable in the face of reports of further weakness in Amer ica and the Continent. Total Manila receipts during May were 269,953 sacks which was above anticipation and approximately 97,000 sacks more than for May, 1927. However, total Manila receipts from January to the end of May, 1928, were 318,000 sacks less than for the corresponding period 1927. With copra pro duction about normal during June, it is to be expected that local copra prices will move in sympathy with the U. S. and Continental markets. The U. S. market for copra during May has been dull and uninteresting. During the early days of the month it was possible to do 5-1/4 cents for F. M. M. copra prompt shipment, but with freer offerings from Cebu and the Straits, buyers’ ideas have declined to 5-1/16-5-1/8 cents. The London market for copra is reported dull at £26/15/0 for Cebu and £26/10/0 F. M. M. Manila. Latest cable advices follow: Manila, P13.00 to P13.125 godown stocks. London-Cebu, £26/15/0 dull; F. M. M., £26/10/0.—San Francisco, Sellers 5-1/4 cents; Buyers 5-1/16 cents to 5-1/8 cents. Coconut Oil.—Local prices of coconut oil in drums remained unchanged for May at P0.36-1/2 to P0.37 per kilo. Despite the im proved arrivals for May, local mills were able to operate only part time. Although during the early days of the month, there was a fair demand for coconut oil at 8-1/4 cents F. O. B. tank cars San Francisco, the market later fell to 8-1/16 cents F. O. B. Coast due primarily, to improved weather after replanting in the Cotton Belt with indications of 7% to 8% increase in the 1928 crftp, and forced sales of resellers. Slightly increased selling on part of mills was also a depressing factor. As we close this report, all competing fats are reported steady to weak. Latest cable advices follow: San Francisco, $.08 to $.08-1/16 f. o. b. tank cars.—New York, possible buyers $.08-3/8. —London, no quotation. Copra Cake.—All foreign markets for this item were intensely speculative during the month of May. Hamburg prices were advanced from £9/15/0 to £10/2/6 any position and then under pressure from resellers dropped to £9/17/6 which figure we are quoted as this report closes. Local stocks continue comparatively low and offers from Manila are of small volume. On the other hand, due to resellers’ pressure, there is but little snap to consuming demand. Latest advices: T r "North Coast Limited” “One of America's Fine TrainJ* shows you the Cascade Mountains, the Rocky Moun tains and the Mission Range by daylight. From the main line ofthe 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 Boat a at Victoria and Seattle A. D. Charlton, G. P. A., Po. U.nd, Or., R. J. Toi.r, A. G. P. A., Seattle, Wash. W. H. Jaynes, G. A., Vancouver, B. C. E. E. Blackwood, G. A., Victoria, BTC. Northern Pacific Railway (135) “First of the Northern Transcontinentals” IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 REVIEW OF THE EXCHANGE MARKET By Richard E. Shaw Manager International Banking Corporation. P2.80 to P3.10 according to class, with rice from P6.60 to P7.80 according to grade. Prospects for the next crop are favorable at present, but if the 1928-1929 harvest is at all over average, a further slump in prices may be confidently expected, due to over-production. In view of this, many planters who keep books and have some idea of earnings on capital in vestment are turning to sugar as a substitute. The new sugar centrals in Luzon may reduce the area planted to rice to some extent, but only a little compared to the total area under rice in the islands. The industry can be benefited by elimination of the sub-marginal producer, the man produc ing at a loss, especially in such areas where other crops can be grown with better profit on the investment. Imports for the last six months, as a consequence of visible supply and carryover, have been negligible. It is estimated that by June 10 the unliquidated deposits in ware houses of millers and dealers will not be over 18% of the crop. RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The following commodities were received in Manila April 26, 1928, to May 25, 1928, both inclusive, via Manila Railroad: Commodities Rice, cavans....................... Sugar, piculs...................... Tobacco, bales................... Copra, piculs...................... Coconuts.............................. Lumber, B.F...................... Desiccated coconut, cases. May, 1928 April, 1928 210,750 112,896 8,520 102,700 2,687,710 477,900 19,680 252,875 262,416 2,040 64,700 2,556,400 307,800 15,006 Telegraphic transfers on New York were quoted at 1-1. 8% pre mium on April 30 and remained steady at that point during the entire month of May. There were very few bills offer ing and as a result there were eager buyers of U.S.$ TT ready and May-July delivery at 3. 4% premium. Cer tain banks were buyers of on demand Credit Bills at 3 8% premium but usance bills, owing to the high discount rates prevailing in New York, were purchased on the basis of TT at 5 '8% premium. Rates were firm at the close. Sterling cables were quoted at 2 -5 16 sellers and 2, -7 16 buyers on April 30 and these rates continued unchanged throughout May. 3ms Credit Bills were quoted at 2 -15 16 on April 30 but early in May this rate was reduced to 2 -7, 8, at which level it was maintained until May 31. Purchases of telegraphic transfers from the Insular Treasury since last report have been as BAGUIO NIGHT TRAINS BI-WEEKLY NIGHT TRAIN SERVICE follows: Week ending April 21st.................. $200,000 - Week ending April 28th................. Nil Week ending May 5th.................. Nil Week ending May 12th.................... $400,000.Week ending May 19th.................. Nil The New York-London cross-rate closed at 487-15. 16 on April 30, touched a low of 487-7/8 on May 1 and closed at a high of 488-13/32 on May 29. London Bar Silver was quoted at 26-15/16 spot and 26-13 16 forward on April 30. From a low of 26-13/16 spot and 26-11 16 forward on May 1, silver rose rapidly to a high of 28-7 8 spot and 28-3/4 forward on May 24 and then declined to 27-3,'4 and 27-5/8 on the last day of the month. New York Bar Silver closed at 58-1 8 on April 30. The lowest quotation for the month of May was 58-3 8 on the 5th and the highest 63-5/8 on the 25th, while the closing rate at the end of the month was 61-5 8. Telegraphic transfers on other points were quoted nominally at the close as follows: Paris, 12.40; Madrid, 170-1 2; Singapore, 115-1'2; Japan, 95-1/2; Hongkong, 105-1 ’4; Shanghai, 71-3 8; India, 134-1 2; and Java, 122. Commencing March 5, two NIGHT SPECIALS will be run every week until further notice. One night special will leave Manila every Monday night to return from Bauang Sur and Damortis the following Wednesday. Another night special will leave Manila every Friday night to return from Bauang Sur and Damortis the following Sunday at usual scheduled hours. Auto Connection at Damortis with the Benguet Auto Line over the worldfamed Zigzag mountain road. ALL NIGHT TRAINS have standard sleeping cars with buffet service and all conveniehces of de Luxe travel. Also carry ordinary first and third class coaches. Both single and round trip tickets to Baguio may be purchased at stations between Manila and San Fabian where the Baguio Night Train is scheduled to stop. All classes of tickets, one way or round trip, including kilometreage, are good on any night train, either to Baguio or to any station shown on the schedule for night train. Baggage, Express Parcels and C.O.D. shipments will be handled to or from Baguio and Stations shown on schedule. Bookings in Manila for sleeper berths at Tutuban Station or at Downtown Office, 519 Dasmarinas, and in Baguio at Benguet Auto Line Office. Manila Baguio, one RATES lit elm 3rd elm THE RICE INDUSTRY By Percy A. Hill of Muflo:, Nueva Ecija, Director, Rice Producers' Association. 20 days, Manila-Baguio, round trip 90 days, Manila-Baguio, round trip Manila-Damortis, one way 20 days, Manila-Damortis, round trip 90 days, Manila-Damortis, round trip 90 days, Manila-Bauang Sur, round trip Sleeper berth, each way P17.10 - 26.00 11.10 - 15.54 16.04 - 18.21 5.00 P 8.55 11.84 12.94 5.55 8.88 9.13 10.37 d J Prices for both rice and palay have fluc tuated considerably during the last month, due in the main to congested conditions at consuming points. This will probably con tinue for at least twenty days more, after which more stabilization of price and supply will ensue. The peak price will not affect the mar ket much, as it is not Private passenger cars can be ^obtained from the Benguet Auto Line at following rates: Between Baguio and Damortis, per trip 5-passenger car ... P25.00 Between Baguio and Damortis, per trip 7-passenger car ... P37.50 For further particulars inquire from the office of the Traffic Manager, or call up INFORMATION, Telephone No. 4-98-61, or Downtown Office, Telephone 'No. 2-31-83. expected that this will show much appreciation over current prices, probably not more than 10 per cent. Palay prices at terminals are from MANILA RAILROAD COMPANY 943 AZCARRAGA MANILA, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 MAY SUGAR REVIEW By George H. Fairchild New York Market: The American sugar market for the month under review was on the whole weak, un settled and irregular. Commencing with small sales of Cubas at 2-5, 8 cents c. and f. (4.40 cents 1. t.) on the 1st of the month, the mar ket took a firmer tone on the 2nd instant when some parcels of Cubas were sold at 2-3 4 cents c. and f. (4.52 cents 1.1.). Large quantities of all positions were offered at this price resulting in the withdrawal of buyers, as a consequence of which the market eased off and prices declined to 2-5 8 cents c. and f. (4.40 cents 1. t.) on the 4th instant. Except for insignificant transac tions made at prices ranging from 4.30 cents to 4.52 cents 1. t., the market continued inanimate throughout the second week. On the 18th instant the market took another firm tone and refiners bought Cubas for present shipment at 2-3/4 cents c. and f. (4.52 cents 1. t.), but the improvement was only temporary on account of the pressure of parcels at dock or near arrivals which caused the market to revert to its former inactive position without any significant trans actions being effected throughout the latter part of the month. The Atlantic and Cuban comparative statistics for the month under review are as follows: Atlantic Statistics 1027 1023 Imports................................. 277,638 210,000 Meltings............................... 283,000 175,000 Cuban Stocks 1st week of May.............. 1,541,657 Last week of May........... 1,445,554 1,280,000 1,250,000 Decrease...................... 96,103 30,000 It is apparent from the statistical viewpoint that the sugar situation in the Atlantic seaport for the month under review was very unsatis factory, for while the imports for May this year were 67,638 tons or 32% less than for the same period in 1927, the meltings were 118,000 tons or 67% less than in May, 1927. The meltings in May last year were 5,362 tons in excess of the imports; on the other hand, the meltings for May this year were 35,000 tons less than the imports. Moreover, Cuban stocks on the first and last weeks of May show that in 1927 there was a decrease of 96,103 tons as compared to the 30,000 tons decrease in May this year. The visible supplies in the U.K., U.S., Cuba and European statistical countries on May 25 were 4,418,000 tons as compared with 4,041,000 tons at the same time last year and 4,634,000 tons in 1926. The price for refined was unchanged during the month under review, ranging from 6 cents to 6.10 cents resulting in a differential of over 1. 50 cents in favor of refined sugar values. This extraordinarily excessive difference between the prices of refined and raw sugar was resented by trade buyers to such an extent that they adopted the practice of hand-to-mouth buying which naturally lessened speculative buying on the sugar market. While the consumption in the United States is considered satisfactory, it is the general opinion that the outlook is very uncertain. It was reported that the 400,000 tons of Cubas reserved for exports to other countries were already definitely arranged for shipment, but these had no effect upon the market. Philippine Sales: During the month there was a total of 40,000 metric tons of Philippine centrifugals sold in the Atlantic coast, afloats, near arrivals and for future deliveries at prices ranging from 4.30 cents to 4.60 cents landed terms. Futures: Quotations in the New York Exchange for future deliveries fluctuated as follows: Iliuh Low Latest May, 1928.................... ......... 2.70 2.57 2.70 July................................. ......... 2.80 2.67 2.67 September..................... ......... 2.91 2.77 2.77 December...................... ......... 2.98 2.86 2.86 January, 1929............. ......... 2.90 2.81 2.81 March............................. ......... 2.84 2.75 2.75 May................................ ......... 2.84 2.82 2.82 Local Market: Very insignificant transac tions were effected in the local market for centri fugals. Centrifugals for exports were negotiated at from Pl0.50 to Pl 1.00 per picul, while parcels for consumption were traded at prices ranging from P10.75 to Pl 1.25 per picul. In the muscovado market, quotations on the basis of No. 1 fluctuated from P7.25 to P7.7O per picul. Philippine Crop Prospects: With the milling season being ever, except for the off season cleaning and repairing, there is but little activity at the Centrals. So far the weather has been favorable for the growing crop throughout the islands. It is the belief of observers that present prospects point to as large a crop for the 1928-1929 season as was harvested last year, barring unforeseen Enjoy smooth, cinderless travel across America via the New Oriental£imrted Seattle to Chicago—No Extra Fare Enjoy your trip through the scenic Cascade Mountains behind giant electric locomotives. You will have the complete serv ices and luxurious comforts similar to those of a fine hotel as you travel eastward—skirting 60 miles of Glacier National Park—and reaching Chicago, without change of cars, for direct connections to all points East. Great Northern rep resentatives board ship at Victoria to arrange all travel details for you. Full information from J. Wesley Young, G. A..P.D. 1205 Fourth Avenue Seattle, Wash. A. H. Hebb, Agent 916 Government Street Victoria, B. C. M. J. Costello, Western Traffic Manager Seattle, Wash. Cable address: Hillrail typhoons and floods in June, July and August. Philippine Exports: Exports of Philippine sugar since November 1 to May 26 totalled 440,132 metric tons, particulars of which follow: ^oat: MuseoRefine:I Total November, 1927 14,101 ' 50°6 69 14,676 December........... 55,455 172 55,627 January, 1928.. 85,123 643 405 86,171 February............. 74,643 3,350 380 78,373 March................. 67,578 11,545 754 79,877 April.................... 79,404 5,906 388 85,698 May..................... 32,792 5,998 920 39,710 Total......... 409,096 27,948 3,088 440,132 Java Market: The Java market was dull and weak during the month under review. For the first three weeks of the month there were slight changes in prices for Superiors on the basis of Gs. 16-1 2 or P8.86 per P.I. picul, f.o.b., but in the last week prices for Superiors declined to Gs. 15-1, 2 or P8.34 per P.I. picul. The 1928-1929 milling season in Java has com menced with a crop estimated at 2,558,000 tons, or approximately 200,000 tons over that of the previous -ear. Edw. A. Dye, General Agent 607 Hastings Street Vancouver, B. C. C. A. Gerken, General Agent 1009 Hearst Building San Francisco, Cal. A Dependable Railway 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1928 YOUR LOGGING PROBLEM can be solved readily by some type of WASHINGTON LOGGING ENGINE The Washington Simplex Yarder above leads all Yarders in ease of operation and low cost of upkeep. Washington Iron Works, Seattle, U. S. A. Agents for the Philippine Islands The Edward J. Nell Co., Ltd.,—Manila. Commercial Printing is a silent but Powerful Messenger Your letter heads, bill heads, cards, envelopes, etc., when well printed, all help to build up that “feeling of confidence". Our reputation for producing GOOD PRINTING has been earned and merits your patronage. McCullough Printing Company 424 Rizal Ave. Phone 800 WASHINGTON ENGINES REVIEW OF 'THE HEMP MARKET By T. H. Smith Vice-President and General Manager, Macleod Company This report covers the market for Manila hemp for month of May with statistics up to and in cluding May 28th, 1928. U. S. Grades: Very little business was trans acted in New York the opening week of the month and soon ship ping houses were offer ing freely D, 15-1 2 cents; E, 14-1 '4 cents; F, 11 cents; I, 10-1/4 cents; JI, 9-3/4 cents; SI, 10-5/8 cents; S2, 10-1/8 cents; buyers being very scarce. Sellers’ willingness to accept lower bids developed a weaker tone in the market and by mid May there were sellers D, 15 cents; E, 14 cents; F, 10-3/4 cents; G, 8-1/2 cents; I, 10-1 8 cents’; JI, 9-5, 8 cents; SI, 10-5/8 cents; S2, 10 cents with buyers holding off for still lower prices. For some days a nominal market ruled it being difficult to quote prices with any reliability, prices declining to about D, 15 cents; E, 13-3 4 cents; F, 10-3, 4 cents; G, 8-1 4 cents; I, 9-3 4 cents; JI, 9-1/4 cents; SI, 10-1/2 cents; S2, 9-5/8 cents. At this range of values sellers finally adopted a firmer attitude but buyers’ apathetic attitude soon in fluenced prices downward market closing dull and nominally D, 14-3 4 cents; F, 10-5 8 cents; G, 8-1 2 cents; H, 7-1 2 cents; I, 9-3 4 cents; JI, 9-3 8 cents; SI, 10-1/4 cents; S2, 9-3/4 cents; S3, 9-3 '8 cents. Manila market for U. S. grades opened steady to firm with a certain amount of business passing D, P36; E, P33; F, P26.4; G, P19.2: H, P17; I, P23.4; JI, P22; SI, P25.4; S2, P23; S3, P22. Market held quiet but steady, a decline, however, being registered by middle of May to D, P35.4; E, P33; F, P25; G, P18.4; H, P16.4; I, P22.2; JI, P21.6; SI, P24.4; S2, P22; S3, P21.6, at which prices arrivals of free hemp were readily absorbed. Full receipts and lack of demand from U. S. influenced prices downwards to D, P35; E, P32.4; F, P24.4; G, P18; H, P16.4; I, P22; JI, P21; SI, P23.4; S2, P21.4; S3, P21, market being a purely nominal one at these figures. At the close tone was very quiet, market nominally D, P35; E, P32; F, P24; G, P18; H, P16.4; I, P22; JI, P21; SI, P23.4; S2, P21.4; S3, P21, with continued reluctance being shown by regular shipping houses to buy any quantity at these prices. Fine grades have shared in the general decline, there being little business transacted throughout the month. 17. K. Grades: London opened dull in tone with sellers J2, £38.10/-; K, £32; KI, £31.10/; L2, £28.15/-; Ml, £28.15/-; M2, £28. Lack of any kind of demand depressed prices on some grades to J2, £38; K, £31.10/-; LI, £31.10/-; L2, £28.15/-; Ml, £28.15/-; M2, £27.10/-MayJuly shipment. Buyers showed little interest at this range of prices, prices registering a further decline by mid May to J2, £37.15/-; K, £31.5/-; LI, £30.5/-; L2, £27.10/-; Ml, £27.10/-; DL, £27.10/-, May-July shipment, with prob able buyers 5/- per ton less in more distant positions. From then on a better tone set in with buyers showing more desire to operate in forward positions, near positions being neglected. Very little business was transacted the heavy receipts and estimates acting as a deterrent to business. At the close of the month market was steady with buyers J2, £37.15/-; K, £31; LI, £30.10/-; L2, £27.10/- Ml, £27.10/-, July-Sept, shipment. Manila market for U. S. grades opened steady to firm J2, P18.2; K, P14.6; LI, P14.2; L2, P13.2; Ml, P13.2; M2, P12.4; DL, P12.2, the few free parcels coming into the market changing hands at about these values. Market continued quiet but steady with buyers middle of May J2, P18; K, P14.4; LI, P14; L2, P13; Ml, P13; M2, P12.4; DL, P12.2. Values were sustained fairly well with perhaps less inclina tion to bid on the part of exporters causing prices on some grades to decline 2 reales. Market closed nominally J2, P18; K, P14.4; LI, P14.2; L2, P12.6; Ml, P12.6; M2, P12.2; DL, P12; DM, P11.4. Japan showed more interest in U. K. grades in the early weeks of May at barely remunerative rates but latter part of May the demand cooled off considerably. Freight rates remain unchanged. Statistics: Vie give below figures for period extending May 1st to May 28th, 1928: 1927 1928 Stocks on January 1st. . . 139,632 112,382 Receipts to May 28th... . 573,735 529,666 Stocks on May 28th......... 152,971 140,256 To May To May Shipments to— 28, 1928 30, 1927 United Kingdom.............. 149,712 133,410 Continent of Europe.. . 81,125 54,101 Atlantic U. S..................... 99,312 118,800 U. S. via Pacific............ 48,223 54,535 Japan.................................... 137,194 95,528 Elsewhere and Local.. . 44,830 45,418 560,396 501,792 Mr. Smith leaves Manila for London this month, with the best wishes of the many friends he has made during his two years in Manila. During the absence from Manila of L. L. Spellman and until this month, he has contributed the monthly review of the Manila hemp market to the JOURNAL, which is gratefully acknowl edged. In July Mr. Spellman will resume contributing the hemp review.—ED. 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