American Chamber of Commerce Journal Vol. 9, No.3 (March 1929)

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Part of The American Chamber of Commerce Journal

Title: American Chamber of Commerce Journal Vol. 9, No.3 (March 1929)
Issue Date: Volume 9 (Issue No. 3) March 1929
Year: 1929
Language: English
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extracted text: MARCH, 1929 The Presidential Number: Containing FullPage Engraving of President Herbert Hoover and Many Special Features and Articles About Him, Including a Character Sketch by Edward Price Bell, and a Forecast of His Administration: Also the Usual Monthly Features, Special Articles, Editorials, and Commerce Reviews ;<ULY * A * MAGAZINE ‘ PREEMINENT • IN • THE • PHILIPPINES I TABACALERA Your tobacconist will gladly supply you on silver The word “TABACALERA” on a cigar is just as^significant as the word “Sterling” GOODRICH AIR CONTAINERS Goodrich de Luxe The Super Tire Is practically proof against all ac cidents of the road. It is built to resist cuts, blows and bruises. Ask the Goodrich dealer Puncture Proof Tubes will get you there and back without a flat tire IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOUR.V. March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 DURANT MOTOR CO. 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PUBLISHED MONTHLY BY The American Chamber of Gommerce OF THE' Philippine Islands (Member Chamber of Commerce of the United States) ENTERED AS SECOND CLASS MATTER May 25, 1921, at the POST OFFICE AT MANILA, P. I. Local Subscription: P4.00 per year Foreign Subscription: $3.00 U. S. Currency, per year Single Copies: 35 Centavos WALTER ROBB, Editor and Manager DIRECTORS AND OFFICERS P. A. Meyer, President H. M. Cavender, Vice-President John W. Haussermann, Vice-President B. A. Green, Treasurer H. L. Heath W. L. Applegate J. C. Rockwell Kenneth B. Day Alf Welhaven ALTERNATE DIRECTORS J. L. Headington A. B. Cresap Frank W. Butler Wm. H. Rennolds John R. Wilson, Secretary E. E. Selph, General Counsel COMMITTEES The President has named and submits for confirmation the following Committees: EXECUTIVE P. A. Meyer, Chairman H. M. Cavender H. L. Heath FINANCE J. L. Headington, Chairman Wm. H. Rennolds F. W. Butler RELIEF W. J. Odom, Chairman Carl Hess John Gordon FOREIGN TRADE H. B. Pond, Chairman L. L. Spellman M. M. Saleeby MANUFACTURING P. A. Meyer, Chairman Alf Welhaven E. A. Seidenspinner PUBLICATIONS P. A. Meyer, Chairman Roy C. Bennett LEGISLATIVE P. A. Meyer, Chairman Frank B. Ingersoll J. R. Wilson BANKING AND CURRENCY Stanley Williams, Chair man W. J. Shaw RECEPTION AND ENTERTAINMENT J. L. Headington, Chair man F. W. Butler J. R. Wilson HOUSE B. A. Green, Chairman J. R. Wilson LIBRARY John Gordon, Chairman SHIPPING H. M. Cavender, Chairman G. P. Bradford L. E. Nantz INVESTMENTS P. A. Meyer, Chairman H. M. Cavender B. A. Green Herbert Hoover: America’s 31st President We start in this month with Herbert Hoover of California and the world-at-large as our president for the four-year term fixed by the constitution. Not only does America start in to be governed by the son of her choice, but also, to a remark able degree, that same world-at-large with which his career has so largely been identified and with which he is so familiar. That world owes Americans and the United States such a big sum of gold money that it is immodest to mention the precise amount (if anyone knows what it is), and a great deal of the mere business of government is involved in carrying this debt along and occasionally getting portions of it paid—usually by refunding. The debt concerns government in all the debtor countries as well as others, as it affects government in the United States. Though little enough was said on this point during the campaign, it is proper for this magazine to suggest that in practice the Hoover administration will belie the radio, and that the foreign debts will be its first and most persistent preoccupation. Many of the other questions, which assumed the aspect of paramount issues, are too con troversial seriously to be taken up by the man whom they aided into the Whitehouse: he will bother with them as little as possible, probably with some of them hardly at all. Until the constitution is amended and the president allotted a six- or eight-year term and no more, the real busi ness of a man once elected is to get himself elected again. Toward this end Mr. Hoover, instead of breaking new and stubborn ground, will plow the fields with which he is familiar, on which he knows something of the crop he may expect. He will therefore endeavor to promote the prosperity of the United States, and of the world which has borrowed its money, by applying his abilities as an economist and engineer to the problems they mutually confront. Our thirty-first president is the first who is preeminently world-minded; as soon as he knew he was to be president, barring the intervention of Providence (not much thought of nowadays), he got on a goodly ship and had himself taken to the capitals of the republics of Central and South America which are all affected by our major foreign policy, the Monroe doctrine. The stewardship which the United States must exercise over the Americas was uppermost in his mind, not farm relief and prohibition. As to Europe, he is familiar with that. For the present, Mellon, with whom he disagrees, 3OYAL CORD The Choice of the Motorists who Know Value Specify “ROYALS”—Always replace with “ROYALS” We Stand Behind Every Tire Sold MANILA TRADING AND SUPPLY CO. MANILA CEBU ILOILO BACOLOD IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL THE AMERICAN CHAMBER OF COMMERCE JVVRIVÍL iviaicir, astau emains in his cabinet with the treasury portfolio; but this j subject to later adjustment. However, you will not wish to be wearied with the surnises of a mere neighbor, so let us turn to as good a forecast ls has come to general notice, that of E. L. Bogart in the winter lumber of the Yale Review, under the title, Economic Problems Confronting the Next President. Bogart takes up prohibition as the campaign’s leading ludible issue. “The country,” he says, “must now be prepar ed to pay for the better enforcement of the law to which Mr. rloover has pledged himself, and which, it may be assumed, íe will seriously attempt to secure.” With that he concludes, and it’s just another way of laying, “Well, there’s nothing like trying.” But he says protection “still remains, after more than one lundred years, the strongest plank in the Republican plat•orm. It is true, as Gallatin said in 1831, that ‘both parties ire in favor of a protective tariff,’ but the Republicans have recently found it necessary to outbid their opponents * * * Economic tides unknown in the days of Clay or even McKinley, are now in motion within the country and threaten a breach in the very citadel. American manufacturers have expanded their production beyond domestic needs and are pushing into the markets of Central and South America, of Africa and Asia, and even into the shops of England, France and Ger many; these exports must be paid for by equivalent imports of goods or services. (Italics ours) “* * * Not merely will an increasing flood of goods, for the payment of principal and interest on * * * debts * * * beat against the Great Wall, but—much more significant—there will be created new economic groups within the United States whose main interest will lie in the expansion of foreign trade and who will seek to make a breach in the Great Wall from within.” Even the winter congress tackled the tariff, and Bogart’s conjecture that it is to become “an even more vital issue than it actually is at the present time” has already become a fact. He doesn’t say what Mr. Hoover will do about it, but it will be vitally interesting, out here in these islands, to wait and see. By the way, as this is written (February 27), Mr. Hoover has not so much as ever mentioned the Philippines. If he does so in his inaugural address an effort will be made to get it into one of the other pages. Bogart thinks farm relief probably the most difficult problem confronting Mr. Hoover; “there is not one agricultural industry, as Mr. Hoover pointed out in his acceptance speech, but a dozen industries, each of which may require a different treatment.” Discussing this tangled question, the author shows how little susceptible it is of solution; but he thinks the promised farm board will be forthcoming, and efforts made to effect economies in production and marketing (the latter sure to plunge the administration into controversy with powerful vested interests, the former probably leading to renewed over production!), and “Mr. Hoover will endeavor to introduce busi ness methods into farming by eliminating waste, standardizing the best methods, reducing costs of production and marketing, and bringing about a better organization of the industry.” Development of inland waterways will be undertaken: a ship way from the Great Lakes to the Atlantic, and from the lake s to the gulf. Mr. Hoover, in his time, has been a leading patron of th; canal systems of Europe and knows by experience their iir portance to agriculture and commerce. Then comes water power, in the Bogart list, and he thinks it quite as much a problem of political power as of wate power. The first thing to be done is for the Republican to reconcile the divergent groups in their own ranks in cori gress who respectively favor government and private con struction. This question will be much in the news. We may expect either new government boards or some of the existing ones materially revised. We began with the foreign debts, and Bogart ends with them as “a problem still comparatively new in the Unitec States, concerning which we are still groping toward a sounc policy.” In 1910 we owed Europe six billions; we have now paid off that debt, and other countries including Europe now owe us four times that amount! We are also lending at the rate of a billion a year, “enough to pay back to us the interest on existing loans and also add to its (the world’s borrowed) capital.” But there are offsets; American tourists spend nearly a billion abroad each year ($770,000 in 1927, and much more now), and $2,700,000,000 of our imports in 1927 were on the tariff free list. “So it is clear that, in spite of our high protective tariff, certain channels are still open for the reception of grods from abroad. The influence of the tariff in prevents. foreign debtors from meeting their en gagements with us has been greatly exaggerated. (Italics ours) “The real effects are much more subtle and indirect than the mere blocking of the path, and they bear unequally on different countries. Since we admit freely practically only tropical foodstuffs and raw materials, the highly industriáis ?d countries of Western Europe, which must make remittan < to us, are compelled to exchange their manufactured goc in the tropical regions of the world for the things which we v » ' accept and to send us those things. They, therefore, glut 1'i markets to which we wish to send our exports. Since the.,have debts to pay us they cannot afford to buy of us as larg< - y as they otherwise would, either of manufactures or of ag~ cultural products.” Bogart sees quite as much as we do in this moot questk to engage Mr. Hoover’s abilities; and he remarks the fact ti the two-thirds rule in the senate has prevented the carryi % out of a constructive foreign policy—on which point K \ Hoover has remarked, “We must not only be just, we must e respected.” “Unless,” he says, “there can be constani / evidenced among all nations that the lives and property all citizens abroad shall be protected, the foreign trade a economic life of the world will degenerate ‘ stead of thrive And Bogart, sizing him up, says: “If t^ nerve center the Coolidge Administration is the Treasury Departmer.; that of the Hoover Administration will undoubtedly be t Department of State”; and for us, who have seen but recent our governor general depart Manila for Washington, p Retail :ne American £k. Wholesa Importers AVOv Agents BOTICA BOIE C“ MANILA Heavy Chemicals—Fertilizer—Manufacturers We have been selling drugs for 98 years IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOUR! V x xxjlj mujuxwvrm 5^XX 2*3.1 FXXJXJ XX. ML Lz k^XKI 1K£ X^XV LzX^ J L/C/ XL 1VSiLj 0 sumably to assume the state portfolio, that, surely, is a cogent commentary. Bogart sums up. The senate radicals still hold the balance of power; the new congress is dryer than the dying one, the 18th amendment will be enforced more thoroughly; the tariff will go up, without much aid from the tariff com mission; farm relief will follow Hoover’s ideas or will be ve toed; Boulder Dam may be built by the government, but the inadequate authority of the federal power commission will not be strengthened; “* * * revision of our own debt funding agreements may come up for consideration”; budgets may exceed three billions, but taxes won’t go up, because money can be withheld from the annual payments on the public debt, now more than three times the minimum require ments. “Prophecy is, however, a dangerous pastime, and it is unwise to pursue it further.” So we think, too, and noting that Bogart himself didn’t get around to mentioning the Philippines, we leave the picture as he paints it.—W. R. Hoover at “Close Range” as Analyst Regards Him By Edward Price Bell ACKNOWLEDGMENT: <■ Due and appreciative acknowledgment is made herewith that the articles appearing in this issue under the name of Edward Price Bell were written by that celebrated jour nalist for the Chicago Daily News, from which they have been taken. What is Herbert Hoover like in feeling, in intellect, and in will? With diffidence, but, I hope, con scientiously, I am going to try to point some sort of psychological portrait of the republican candidate for the presidency of the United States. What is he like in feeling, which is the deepest source of men’s thoughts and actions? There is, or has been, an impression in the world that Mr. Hoover is not a particularly sympathetic man; that he is more materialistic than spiritual; that he is more mathematical and mechanical than humanistic; that he is rather nar rowly, rather unintelligently, American; that he would build up a colossal and superlatively prosperous America, though he crushed the rest of humanity. Does one recognize any resemblance to Mr. Hoover in this picture? He Is No “Economic Mussolini" Well, in the flesh, he does not look to me like a cruel man. I can see no savagery in his face. It has no hard lines. His eyes are not furtive or sinister or truculent. He does not smile all the time, but he can smile. He does not seem domineering; he seems in some degree the contrary. I cannot re cognize in him “the inexorable and merciless economic Mussolini” portrayed by one of his French critics. But we are speaking of outer phe nomena. Let us try to get beneath these. Let us see if, by following certain of Mr. Hoover’s own words, we can find our way into his heart. “I especially rejoice in the effect of our increased national efficiency upon the improvement of the American home. That is the sanctuary of our loftiest ideals, the source of the spiritual energy of our people.” Security, comfort, op portunity for the average American family—these are the tests of govern mental policies, says Mr. Hoover. He Has Dabbled in the Humanities “Nearly 9,000,000 more homes with electricity, and through it drudgery lifted from the lives of women. Time and distance swept away, life made freer and larger, by 6,000,000 more telephones, 7,000,000 radio sets, 14,000,000 ad ditional automobiles. Our cities grow ing magnificent with beautiful build ings, parks, and playgrounds. Our coun tryside knit together with splendid roads.” Does it sound like the language, does it suggest the vision of the zealot of mathematics and mechanics and econ omics? Or would it appear that, at one time or another, Mr. Hoover has dab bled in the humanities? He talks about “our loftiest ideals.” He speaks with apparent fervor of “the source of the spiritual energy of our people.” He seems to be gladdened by the idea of less labor and more happiness for everybody. If Mr. Hoover be honest—and I know of no reason to question his honesty —it is somewhat hard to think of him without at least a fair share of the broad sentiments of humane culture. Indeed, one can fancy an emotionalist declaring: “Why, this man is no engineer. He is no economist. He is a lyricist who has strayed into politics.” So much for the sentimental side of Mr. Hoover. Now as to his intellectual side. Men of strong feeling, one scarcely need say, sometimes think badly, if they think at all. It is agreed generally, if not universally, I believe, that the republican standard-bearer, with all his liveliness of emotional sense, does not think badly. At the proper moment he brings his emotions into rigid restraint and thrusts his intellectual powers into action. It is the vigor and rigor of these powers, when in action, which doubtless have given Mr. Hoover his reputation for a certain ruthlessness or cruelty of spirit. Let us consider first some of the as pects of this man’s mind in the domain of theory—the doctrinal domain—for he is capable of doctrinaire thinking. Such thinking, as we have seen, does not dominate him; he is, after all, a prag matist. He enjoys speculation; he is happy, so to speak, in his philosophical ramblings; but, in the end, his touch stone is that not of theory, not of logic, but of the demonstrable, of the concrete. Results the Necessary Guide “However a thing may strike us in the abstract,” said Mr. Hoover to me, “I conceive that we can be guided finally by results only.” Our theory, in other words, must not SDCDNY The result of over sixty years of refining experience At Service Stations and Dealers’ Stores Standard Oil Company of New York MANILA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 0 THE AMERICAN CHAMBER OF COMMERCE JOURNAL íviarcn, deceive us; it must not leave us with our theory and nothing else. Individualism is an important mat ter in every sphere of human interest and possibility. What does Mr. Hoover think of it? What is his reasoned philosophy in relation to it? Is he an individualist or a socialist, an egoist or a communist? Does he believe that society should look to the individual, or the individual to society, for salva tion? Where does he find the source and the assurance of progress—in the man or in the mob? This psychological and sociological question is more than an important question, as important questions go in current discussion. It is fundamental. It is crucial. It is perhaps the weightiest question to which mankind can address its reason. As you decide it so you take your own measure, and so you direct such force as you have in the making of the political and social system in which you live. Mr. Hoover has given a great deal of thought to persons as individuals and to the various social orders in the world. His approach has been that of both the theorist and the practical man. For years he was deep in what he calls “the backwash and misery of war.” Political chaos, social chaos, economic chaos, individual and class conflicts—he knew and struggled with them all. With what result? With the result of an emphatic, of what he regards as an irrevocable, con firmation of convictions which already had come to him—the convictions of an individualist. “I emerged,” to use his own phrase ology, “an unashamed individualist.” Individualism and Equality But, in Mr. Hoover’s view, there are different conceptions of individualism. American individualism he differentiates from all others. He prefers it to all others. He judges it to be, as a matter of fact, the only real individualism, the only principle and practice of actual personal liberty, yet evolved. European individualisms are marred by caste and class. The open door to every one is not there. Birth and property close it. And without the open door to every one there is no individualism in Mr. Hoover’s understanding of the term. America, if he be right, is the only country on the globe where every child is beckoned upward and welcomed among the peaks. There is, he holds, indispensable mutuality of good in this —good for the child and good for the nation. There is no other way to get on, or certainly no other way to get on at full speed. Equality before the law is not sufficient. Equality of opportunity is vital, and only in America, according to this student of peoples, is there equality of opportunity. * Democracy in Leadership Unregulated individualism, in Mr. Hoover’s opinion, would not be Amer ican individualism. There is no such thing as unregulated individualism in America. Individual strength cannot do as it pleases here. If it could, equal ity of opportunity would not last long. Equality of opportunity soon would be strangled. Governmentally, industrial ly, commercially, Americans are safe guarded against what Mr. Hoover de scribes as “tyrannies, dominations, in equalities, injustices.” “Society progresses on its leadership,” was one of the republican nominee’s statements to me. Leaders come from the people, all the people, not just a few of the people. Great Britain, for example, draws her HILL’S PHILIPPINE FACTS Percy A. Hill recently furnished the information below to a well known British author making an economic study of the orient: “Boiled down, annual earnings in the Philippines from agriculture, transporta tion, forestry, mines, fisheries were, in 1928, I estimate, P690,000,000.—Taxes were above 10% of this.—The population is about 13 million, as follows: 3/4 million in commerce, transportation, industry and retailing; 3/4 million pagans in remote regions; 1—1/2 million nonproducers, of ficials, clerks, lawyers, doctors, etc., including landowners and city land lords: the 1918 census stated 12%, and it’s now close to 15%; ten million pro ducers.—Total earnings of producers, not over P300,000,000, based as follows: Per family, 4.5 persons. Growing rice, 4 million; per family, P200. Growing and making sugar, 1-1/4 million; per family, P320. Growing and stripping hemp, 2-1/4 million; per family, P225. Growing coconuts and producing copra, 2 million; per family, P280. Growing tobacco, 1/2 million; per family, P180. Add earnings from minor products and household industries, P54 per family; getting about the total of P300 earnings per family annually. “Expenses per family are: For rice or its equivalent, P127.50; meat, oil, salt, soap, etc., P65.70; clothing, P27; tools, repairs, etc., P15; expense of one child in school, P7; housing, repairs, taxes, light, fuel, etc., P19.80; amusements, weddings, burials, baptisms, cockfights, medicines, luxuries, etc., P35; interest on borrowings, average and universal, P45; total expenses, P342.50.” Comment: it doesn’t seem to come out right. But may it not be nearly correct? leaders from a fraction—probably onesixth—of her population, while America draws her leaders from the whole com monwealth. What is the great and irresistible suctional force which does this? It is that vital equality of op portunity. It gives us the rarest per sonalities we produce for leadership in every branch of effort, professional, industrial, commercial. Where Genius Gets Its Chance Ninety-five per cent of our creative and commanding capacity, as Mr. Hoover estimates it, has originated with those who either worked with their hands or were bom of such workers. A new idea? Not at all, but an idea worth re membering and repeating. Denis Did erot, more than a century and a half ago, addressing the Empress Catherine on the subject of universities, wrote: “The number of thatched cottage and other private dwellings being t that of palaces in the ratio of 10,00 to one, the chances are 10,000 to or that genius, talents and virtue wi come from a thatched cottage rathe than from a palace.” So we find that Mr. Hoover, in al straction, is a prophet and a philosophe of democracy. Only an individualis fills this role—not a Marxite or Leninit or Mussoliniite; not a socialist or con munist or syndicalist. Millions of thes gentlemen, at least, shout against th goose-step, against militarism, yet woul stereotype the human race in a regimeni Renewing the American Spirit Passing from theory to some of th specific issues of the campaign jus closing, let us sound Mr. Hoover a littl on the farming question. He has sai< that it is “the most urgent economi problem in our nation today,” that “it must be solved,” that “we [the reput licans] have pledged ourselves to fin a solution,” and that “an adequate tariff is the foundation of farm relief.” There you have this candidate’s position and his promise. But there is much more in his mind on this subject. He esteems our farming population as valuable to us far beyond the utmost range of economics—as life-supporting to our social organism. In no circum stances would he see it “industrialized” out of existence or at all unjustly affected by progressive “industrialization.” “We cannot spare our farmers,” s ' * Mr. Hoover. “We cannot afford, have not the remotest desire, to inj i . them. For one thing, they are our \ t and invaluable reservoir of individv 1ism—the sine qua non of our Ameri r civilization. We get regimented in cities. The farmers and the sn business men are our only irreduci - individualists.” Task of Keeping Men Free Liberty—Mr. Hoover always is talk::r.< about it. It is at the core of his feel; and his reasoning. It burns like an al light in his consciousness. Take ec. : omic liberty, for instance. He dee: it basic in any structure of freedc Socialized governments of every kird are fatal to it. Therefore, he is agai: them. As little government as possi >> in business, and no business dictati. in government, voices Mr. Hoove; standpoint touching the right relati z between these power units in mode society. “The government should watch t game,” said he. “It should see tL nobody marks the cards or loads t.,c dice. If it does more in the directi < of actual participation in busines. bureaucracy spreads and spreads u til it suffocates liberty and extinguish; the primal impuh In the Cl • : Poverty, as I • t, an enemy of 1 i- bol March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL President Herbert Hoover O great was his power to use the loud speaker, Profound was his silence when challenged by To some he’s a lion, and some think him meeker, But still a young leader of excellent pith. Smith; His habit is system, his mind runs to science Applied to the arts—he’s a good engineer: Disciple of saving and modern appliance And things that bring comfort and leisure and cheer. The Mary land on which Hoover went to South Amer ica whence he re turned on the Utah, of the same type. He fought for the job, the gang didn’t walk him, He faces the group there on Capitol Hill; The senate can balk him and maybe outtalk him, But maybe it won’t, though—and maybe it will. They thought him a lamb they had led to the shamble From task-boy positions he fashioned his fame: They scoffed at his work and the way that he ambles, But he kept right on working and learning the game. He kept right on going to where he had started And in the convention he had all the votes: The gang’s vaunted prowess had somehow departed And in his corral were all the gang’s goats. He’s now in the White House, their place is the senate High forum and cloakrooms and corridors wide; He thinks of the people and honors their penates If the gang doesn’t do it he’ll give ’em a ride. If the gang doesn’t join him in making things over, The better to function in times that are now, He’ll microphonize ’em from Spokane to Dover— He’s slow to get going, but man, he’s a wow! He keeps right on plugging and never hunts cover, The people all like him, and back him—and how! —W. R. 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 physical and spiritual malnutrition. It chains people to a narrow experience, a narrow outlook and a deadly lethargy. It is hateful to every normal human sentiment. The mere fear of poverty is morally, and, therefore, materially, destructive. It breaks down the best there is in youth. It is an awful specter to advancing age. It strikes at all the potentialities of national genius. The legend that poverty and high art are natural fellows never was, and never can be, true. Poverty is intolerable in any country zealous for the greatness and the humanity of its civilization. That is what Mr. Hoover thinks. “The security, the happiness and the independence of every home”—to quote this leader—are much on his mind. The home, to him, underlies everything else. We shall find our national might and perpetuity there or nowhere. I asked Mr. Hoover if he thought the American home were threatened with disintegra tion. He did not think so. It is his judgment that our general prosperity is making our homes so healthful and attractive that they are safe and splendid breeding grounds for the nation. Mr. Hoover counts our rising generation the cleanest and most intelligent we ever have produced. Hoover's Prohibition Views Prohibition. What can we say of the republican pilot’s point of view on this question, which may be seen floating upon the current of every political discussion? He is for the retention of the eighteenth amendment and the enforcement of the laws enacted thereunder. Prohibition, as he defines it, is “a great social and economic experiment, noble in motive and far-reaching in purpose.” It has been “deliberately undertaken.” It must be “worked out constructively.” It has engendered “grave abuses.” These must be “remedied.” Criticism of it is all right. To seek constitutionally to change it is all right. But nullification cannot be count enanced. “Searching investigation of facts and causes alone can determine the wise method of correcting” the “grave abuses.” So much is official. But how does Mr. Hoover personally feel about prohibition? I think I can tell you, though you must not take it as a direct quotation from the republican nominee. I think he believes thoroughly in prohibition. I have not a doubt that he would like to see, and is confident he will see, the “great social and economic experiment, noble in motive and far-reaching in purpose,” a complete ultimate success. He believes in it for moral reasons—is convinced it will make better women and men. He believes in it for intel lectual reasons—is convinced it will give to America befter minds. He believes in it for econdmic and human reasons—is convinced that it v ’ll beget —already is begetting—better '^^-kers, with happier wives, happi - c; i v richer, more cultivated, more charming, civically more stable and useful homes. I give you that as Mr. Hoover’s in dividual faith respecting prohibition. Helps Toward Permanent Peace As to the tariff and restriction of im migration his attitude is known to every body. He is uncompromisingly for them as essential to our prosperity, and hence to all that our prosperity means to other people. For Mr. Hoover, despite cer tain foreign prepossessions, would not depress foreign prosperity. He rejoices Mr. Hoover's South American cruise ought to be good business and good diplomacy. Since our President-de signate (he won't be president-elect, remember, till the electoral votes e formally cast and officially ^ted) was presumably set in motion by dom estic rather than foreign exigencies, there seems no leason to fear that he will bring back with him such a cargo of ill-will as Mr. Wilson brought back from his unlucky excursion to Paris. Mi. Wilson, by force of circum stances, was compelled to appear to the Europeans in the red coat and white whiskers of Santa Claus, whose pack was full of good things for all good children; and after considerable argument as to who were the good children and who were not, it turned out that there were not enough piize packages to go round. Mr. Hoover seems to think, and most people will agree with him, that modern diplomacy is mainly a job for business men. The profes sionalizing of the American diplo matic service which has been gradually progressing for twenty years past is a good thing, but there seems to be a feeling in Washington that the professionals, the career men, are too much under the tradition of pre war diplomacy when an ill-chosen phrase might mean the difference between peace and war, and success could be attained by an aptitude for diningout. At any rate Mr. Coolidge has set a callous Vermont foot on the proposal of the career men to regard themselves in a diffeient class from other executive appointees. Some of them were going to ignore the practice of turning in their resignations on March 4; they meant to go right on at the desk, as if we still had the same old President. Possibly Mr. Coolidge also wishes we were going to have the same old President; but he knows that we are not and he is going to make the diplomats kn'- it too. —Elmer Davis, in Life. in it. He knows that prosperity any where aids prosperity everywhere. He is a thorough convert to the postulate of the interdependence of the world. Mr. Hoover is for all the principles of the republican platform, including that of adequate national defense as the necessary accompaniment of systematic and ceaseless efforts toward settled international peace. He is for persist ence in America’s endeavor to develop in the Filipinos qualifications for state hood, and for strict fidelity to America] traditions in the western hemisphere believing the Monroe doctrine to b exclusively an instrument ^of justice good will and stability. We have given some attention to Mr Hoover’s emotional nature and to his wa; of thinking. What sort of will has he The answer is in his record as a privat ■ citizen and public man—a record, ad mittedly, progressive, constructive, dis tinguished. It is not enough to b< broadly sympathetic. It is not enougl to think with originality and accuracy and power—at least, not for a man o affairs. This man must have will force of extraordinary quality, for only througl the exercise of such force can he crystal lize his sentiments and thoughts into tangible achievement. I have found no one to say that Mr Hoover’s will force ever failed him in his private ambitions—in his career as a mining engineer or international business man—nor in his feeding of the Belgians, nor in his work as American food ad ministrator, nor in his epoch-making labors as a co-ordinative and co-operative influence in the industrial and com mercial realms since he accepted the office of secretary of commerce of the United States. JAPANESE PROPHET VISIONS PEACE Prof. Donsho Kodama, most famous prophet in Japan, using a system descend ed from ancient times, has announced his latest results at a meeting ol ríe Peers’ club under the auspices of ? r quis Komura, counselor and one of t ablest men in the foreign office, a attended by scores of men prominent i governmental and other circles. Pr f. Kodama’s predictions, which are m ie annually, attract nationwide attenl - . Referring to the United States, F* Kodama said: “The great prosperity of the Uni States will continue. According to book of divination the cotton crop : be poor, but other crops will be v. good and trade will flourish undiminL ed. Great Britain and Japan v work harmoniously regarding Chii The United States will come to 1 realization year that its attitu toward Chx unworkable and as result it will co-operate with Gre Britain and Japan in Chinese affair; PHILIPPINE LIMERICKS A daring young girl who was curious One day climbed the heights of Ca Burias, Her skirts were a reminder To her boy friend behind her That the winds on the cape are ju furious. A gracious young modern Priscilla Came out from the States to Manila; The young fellows, who would, All did what they could— But it took an old4"’ to thrill ’er! March, 1929 THE AMERICAN CHAMBEI F COMMERCE JOURNAL An End and A Beginning The electoral vote for Mr. Hoover was impressive. So, too, was the popular vote for Governor Smith. His brave campaign will not be forgotten nor the issues he fought for come to nothing. The electoral vote, however, determines the choice of the country. Mr. Hoover is the next President. Mr. Hoover will bring some out standing qualities to the White House. He came into public life in the begin ning as a man no longer concerned with making money but looking for an op portunity to complete his useful career in some interesting and disinterested public service. Mr. Hoover’s war-time record testifies to his humanitarian impulses. His peace-time record in the Department of Commerce is evidence, if more is needed, of an immensely practical ability. Before and during the campaign he has shown that he is able to dream of a time when we shall be as rich in spirit as in pocket; that out of the industrial age, made possible by the leisure that prosperity brings, will come a larger and fuller life than the American people have ever known. Those qualities won many votes for him, and rightly so. We need them badly in the high places of government. His campaign, on the other hand, was conducted much of the time in such a way as to make many people wonder if the Hoover of Belgian relief was not a myth. The Hoover of 1920 who was so little of a partisan that he did not know to which party he belonged, seemed never personally to challenge the reactionary elements of his party. To some his appeal to the country seemed a stand-pat appeal; a mild and dignified effort which only suggested: “Why change?” His most eloquent speeches dealt with the tariff and with prosperity; and in such a way as to further the legend that prosperity was created by his party and not, as is the obvious truth, chiefly out of great natural resources by the genius and energy of the American people. The issues that wanted debating— prohibition and giant power—found him not clear cut in the expression of his thought. When he is President he will have to be more explicit in stating his views to Congress. Friends of Mr. Hoover pointed out that he was the successor of a highly popular Administration; that neither custom nor sound political sense called for an offensive by the candidate of the faction in power, and that faction as powerfully entrenched as the Repub lican Party. Don’t, said they, look for Hoover the man in Hoover the candi date. The real man, they declared, was much more peppery and positive. The <rame he had to play was distasteful ' ui; but having been nominated he 1 i o:ed the most effective means of rig. If that necessity existed, it exists no longer. Unmistakably, he is committed to continue the policies of Mr Coolidge so far as that means a sure ad even continuance of our prospere develop ment. He has received * mandate, we believe, to continue the Coolidge policy of “let the government alone.” Mr. Coolidge, as we have remarked THE FOREIGN OPINION On Boatd U. S. S. Utah (en route to Hampton roads, Va.), «Jan. 5.— Early tomoi row, all going well, the Hoover good-will party will stand again upon American soil after an absence of seven weeks on a journey covering in mileage more than twothirds of the circumference of the globe. It seems fitting for The Daily News correspondent to say something con cerning the way in which Mi. and Mrs. Hoovei have treated the jour nalistic contingent of the party There are no two opin1' on this subject. Mrs. Hoover's thought of the correspondents seems to have been unremitting. She and Mr. Ho over have entertained them regularly, according to an impartial rule, at breakfast, luncheon and dinner, thus greatly enlivening the long marches of the sea. On land also the writers have been constantly within range of the president-elects courtesy and have received every journalistic ad vantage consistent. Conferences, too, and private indi vidual conversations have been grant ed by Mr. Hoover, the “chief” talking on such occasions not for quotation but without timidity, evasion or reserve. Never, I should suppose, has a public man in a position of the highest responsibility displayed more respect for the good faith and prudence of his journalistic associates than the American president-elect has shown since the Maryland weighed anchor at San Pedro. It appears to have been his postulate that he was a democi atic official speaking to the newspaper organization of a democratic people. In my attempt just prior to the recent election to analyze the sen timental, ethical, intellectual and vo litional qualities of Mr. Hoover, I found him to be a man of sympathy, principle, penetration and determina tion. All these qualities, to my mind, have been illustiated in the spectacu lar scenes of the last seven weeks. This statement is made, not par ticularly for the information of the American people, whose able meas urement of Mr. Hoover is alieady of record, but in the hope that it may in one way or another have some in fluence in predisposing foreign opinion to expect from the next Am _ican ad ministration not an ati ~de harsh and narrow-gauged, but an attitude amicable and broadly intelligent. —Edward Price Bell. before on this page, came into office when we were exhausted by war and by two such taskmasters as Roosevelt and Wilson. He, most politically-mind ed of men, gave us what we wanted; which was a vacation fror Vr - '■ duties of citizens under : .v.in-A form of government. It was only a rest period and we believed that it must end with Mr Hoover as it would have ended with th election of Governor Smith. Entirt authority has not been delegated to him, his views have not been unanimously endorsed, all discussion is not silenced. However complacent certain Repub lican politicians may be as a result of the impressive victory, Mr. Hoover must know that there is no ground for complacency. He won State after State that chose Democratic candidates for State office or for Congress. He was supported by wet Republicans and dry Democrats. The progressive West was as loyal as the conservative East. It is certain that he was substantially aided by the vote against the personality of his rural, his religion, and the accent of the sidewalks of New York; but it is equally certain, by the very enormity of his vote, that he is the hope of many liberal-minded men and women. Such is the magnitude of his triumph, indeed, that he is released from obliga tion to any faction; even, to a degree, to his party. He must work through his party, of course, but the vote was peculiarly to him. He is free to begin the reconstruction of his party. He will have to reconstruct it; the success of his administration and the future of the Republican organization itself will de pend on the type of men he will call to his side. Lack of long political experience did not interfere with his success at the polls; perhaps it will enable him to bring to party management a fresh point ol view. Mr. Hoover’s first official act as President-elect is his trip to South Amer ica. This will take him to the principal republics in our hemisphere. Most im portant in our immediate problems of foreign relations is the development of good will as well as good trade between the suspicious peoples of Latin America and ourselves. In this journey Hoover has the chance of ser.__ cause that is of concern to all of oi people without regard to party. In the direction of foreign affairs as well as ii the exercise of executive powers ii domestic affairs, he has a great re sponsibility and a great task. He can ne President of all of ut of the foui i million who voted fc Smith as of the twenty-one million whb voted for him.—Outlook and Inde pendent. Watching Investments Buying Sound Securities is the Beginning of Safe and Profitable Investing Inquiries Invited Hair and Elliot Members Manila Stock Exchange P. O. Box 1479 -B Plaza Cervantes, Manila SSPONDING TO ADVERTISEMENTS PLEASE MENTION THf C-'i k R OF COMMERCE JOURNAL 1HE AlVlEKl^AlN ^tlAlVLGL jr juur^ñu iviai l HERE—AND THERE IN WASHINGTON Our readers have already perceived, we trust not too painfully, that we are in a lyrical mood, and we hasten to explain. It seems to us that a period of law making is being followed by a period of law enforcement; and our reaction to laws is similar to our reaction to acquaintanceships— we prefer the old. We are glad that Colonel Stimson was able to say when he went away, on February 16, having come here March 1 last year, that he had completed his work. He of course intended it to be constructive, as it may turn out to have been. But eight several frauds and defalca tions involving public funds, reported in the morning paper bidding him farewell, are an index of a part of the cost of letting down in government in order to concentrate upon revising and inaugurating mere laws. No doubt Colonel Stimson had some realization of this; let us hope he will be appreciative of the task he left Governor Gilmore and the manner in which it has been undertaken. Well, at least the beef privilege was not left over; of all the last-minute actions of Colonel Stimson, before leaving Manila to become President Hoover’s state secretary, his extension of this privilege for another year was, to us, the most astounding. It was the most inconsistent with the avowed prime purpose of encouraging diver sification of farm industries and of production. It allows half the Manila market to be supplied with foreign cattle. But as we say, it was a yeailet of law making and legal tinkering, clearing the way for what is to come after. The corporation law having been amended, big holdings of stock in farm corporations engaged severally in growing the same crop are now legal; under the Alunan act, too, reservations of gigantic areas of public lands may be made by the governor, and these may be parcelled out to individuals and joint stock companies and partnerships in a way to bring about the cultivation of rubber or hemp or sugar cane or pineapples or anything else on as large a scale as anyone may desire. Newspapers report that International Harvester, a big customer for iber, will make a survey of Mindanao with the objective of putting capital 'nto increased production of Manila hemp. The McCormicks, pere and ils, have both been here and a decision has been made. California Pack ers may go ahead with pineapples now, and Goodyear is already busy with rubber. We shall be producing more, then, inevitably, manufacturing more, and the issue of whether our products are to be taxed upon entering the United States will become more acute. But it is only one phase of a larger fight soon to be waged between those who take a domestic-trade view and those who have an overseas-trade view; also, it is not to be avoided. But what the status of the Philippines will be when it is all over—who can say? The question has been caught up in the tangle of world economics. Colonel Stimson’s job is completed here, the scene shifts to Washinghere the corporation and land measures have been approved. As to awakened here, there’s a good deal that’s conservative, on which inc we publish in this issue translations of two La Vanguardia editorials, ritten by Pedro Aunario, who knows his public. Presently we have an advantage in Washington, at least an apparent >ne; even in the short session Congress got round repeatedly to action on Philippine matters, the senate under the whip of Senator Hiram Bingham f Connecticut, who stands openly for perpetuation of free trade between .ie islands and the United States. The Wainwright bill providing a biennial □ngressional visiting committee became law, and the Bingham bill creatng a committee to study the question of combining insular affairs in a eparate bureau or department and report to congress not later than De cember 16. We can easily see that a great deal of influence in favor of the project could be evoked, and we know Bingham means business when he’s Here we would interpolate that notwithstanding President Hoover’s lission of the Philippines from his inaugural message, and the fact that far as we recall he has never publicly referred to the islands, he must ¿and with the overseas traders because his viewpoint is worldwide. Nor 'oes that signify, in the least, that we shall come out of the impending struggle with the status quo unimpaired; far from it, for it’s going to be a fight to the finish. In other words, we are unable to share fully the optimsm of the Manila Times over Senator Bingham’s attitude; to us it is just in indication of the alignment, great help for us, but not sure to be vicorious. Which brings us, in closing, to some sound opinion prevalent in che legislature: notwithstanding changes of law, no great volume of Amer ican capital will come here until the permanent relation the islands are to have with the United States is determined. So let the issue be closed on clearly defined lines, and let the joint commission to Washington, of governmental and other delegates, be on its happy way. As secretary of state, Colonel Stimson, whose ardor for free trade quickly subsided when he discovered how much and how powerful op position there was in congress, will wield more influence than he would have in Manila; if a new status for the islands is evolved, he may be ex pected to have a great deal to say about it. And we think he will be lining up with Forbes, who, in his book just published, The Philippine Islands, Houghton, Mifflin (the book is for sale by the Philippine Education Com pany), outlines a government of autonomous authority under an American high commissioner. It can’t be denied, and therefore should be stated, that some influential members of the legislature expect something lying in this direction to come of the agitation for tariffs against our products. Such is the situation as Hoover begins and Coolidge moves back to Northampton. Procrastination may be urged, but it is altogether possible that long before Hoover’s first term closes the question will have to be taken up and decided. For these islands will produce, and they will manufacture too. We think that by reading the lines and between the lines of the articles in this issue from the pen of Edward Price Bell, report ing Hoover’s South American tour, much insight can be gained into how the President will handle the question if it comes up to him. GOVERNOR GILMORE’S TRIBUTE TO HOOVER “Any statement concerning President Hoover and his work would be incomplete if it failed to call attention to the fact that he is an idealist, but a realistic idealist. As an engineer he achieved remarkable success in dealing with material things. He is a genius in organization, management and execution. He expects and gets results, but his interest is not in mere material things nor in mere efficiency. Unless these produce better homes, better living conditions, better men, women and children, and richer in tellectual and spiritual life, they are of no consequence, and, in the lan guage of the Apostle Paul, are ‘as sounding brass or a tinkling cymbal.’ ” We courteously acknowledge this statement, made for publication in this issue of the magazine commemorating President Hoover’s inauguration. FOUR HORSEMEN OF THE APOCALYPSE The executive intent in calling a special three-day session of the legis lature February 7 to 9 was not revealed until things got going, except that the call spoke of money wanted for storm relief, which the session would consider with such other matters as the governor might care to lay before it. But banking legislation was the real purpose, and four banking bills were galloped through in the grand manner of him who sees his duty in a divine vision. Yet it was admitted that no imperative necessity ex isted, the bills were a part of the completion of Colonel Stimson’s work within the scope of a year, we are to believe. Anyway, we now have a bank bureau with the author of it, Earl B. Schwulst, as bank commissioner getting P7,200 annually under the act itself, together with something more from the Belo act—enough altogether to make up a sufficient compensa tion. But it is said he will only remain in the post a short time, the more permanent commissioner is still to be named. It’s another good job, for three years, the period for which the extra compensation is provided; after that a local protégé is expected to take it at P7,2OO—which of course no competent man will do. Competent men command more, so the place will have to pay at least as much as the first-class bureaus, Pl2,000. The commissioner’s bureau is under the finance department and has ample powers, which is right. Another one of the four acts permits local banks to establish branches abroad. The other two, of which one does not go into effect until August 1 next year, govern loans and local deposits of branch banks in the Philip pines, i. e., branches of banks incorporated elsewhere than in the islands These banks, taken so by surprise, voiced an objection to the bills, but i: was only too evident all along that Colonel Stimson would follow Mr Schwulst’s advice and sign them, as he of course did. Ninety per cent of deposits in these banks must either be in the islands at all times or in a designated repository outside them, save when the commissioner lifts the restriction, and residents and citizens of the islands who are creditors o' the banks have preferential rights to this amount. The aim is to protect local depositors and is said to be directed at branch banks which may ii future be established here and allowed to receive deposits; Colonel Stimsoi said he had no misgivings regarding the branches operating here now, thougl they are the only ones now affected. This goes into effect next August: Any single borrower may no' borrow from a branch bank receiving deposits in the Philippines more thar. 5% of its deposits, plus 15% of the net due from such branch to the home office and outside branches, but a like amount can be borrowed wher secured by readily marketable nonperishable insured staples. ’s toe deep for us. Evidently the bank commissioner is to have plemx to do That seemed to be the banks’ principal objection, new wine in old bottles— new interventions and regulations when the old familiar ones were ad mittedly doing the trick. But we must approve the government’s objective ample financial safeguards, and applaud it if attained. We hope Mr. Schwulst, who seems to be adept in such matters, wil get around to a study correcting present methods of remitting money fron the provinces into Manila by men squaring up their commercial accounts It is common for such men to entrust sums running into thousands of peso to the salesmen from whom they have purchased goods, rather than t< resort to money orders; and the risks of such a practice are obvious; sales men may be overtempted, and all the time they are carrying sizeable sum of money their lives are in danger. What is needed, apparently, is ai adjustment of money order rates downward and an increase of the maxi mum amount for which they may be issued. March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 Four Best Manila Newspapers February Editorials A PRODUCER’S RIGHT There are those who advise against stressing economic development of the Philippines at this time because of the fear of stimulating the move in the United States against Philippine products. However, there is not the slightest chance in the world to slip up on the American producers. Exaggerated statements of the enormity of the prospective production here have an element of danger, not so much because of the fright they cause as because of the use to which they are put in propaganda. The fact is that when these Islands are de veloped this will become a larger consuming market, will buy more from abroad, from the United States in particular, and at the same time will consume more and more of the local products. The size of the consuming market is determined directly by the purchasing power of the people, and the people of the Philippines now are low in purchasing power, lowest where economic development is most backward. Of ficial records show a relatively slow rise of the general purchasing power, and these figures harmonize with those showing slow economic development. Competition in world trade never was stronger than it is now. No material change is in pros pect. Such favorable conditions as those which resulted from the world war, those which stimu lated Philippine trade to the point of intoxica tion, are not to be expected again, at least not in the immediate future. This means that Philippine development must come in the face of competition. When competition from the Is lands is felt in the United States it will be op posed. Those feeling the competition would have it stopped. Therefore they protest. No one can accept for the Philippines such a place of inferiority as to say that the Islands must produce only those things offering no competition. Free and unréstricted access to the American market is a right belonging to the Philippines, a right which must be recognized unless the fundamental principles which gave the American government birth are to be scrap ped. What can be produced in the Islands and sold in the United States to advantage has a perfect right to go there, and no apologies need be offered or secrecy resorted to. This does not mean that surpluses are to be encouraged. Surpluses are economically un sound and to be avoided, irrespective of con ditions regarding competition. At present the world is over-supplied with sugar and building up a bigger surplus is unwise. It is unwise from the Philippine point of view and unwise from the point of view of every sugar producing country. But that does not mean that the Philippines must be pushed into the position of undevelop ment to avoid incurring displeasure from com petitors.—Bulletin, February 14. THE SECRET OF HIS SUCCESS This afternoon’s public demonstration in honor of the departing Governor-General and Mrs. Henry L. Stimson will mark the last of a series of brilliant farewell affairs. No sooner had the Chief Executive announced his retire ment from the duties at Malacafiang to assume new ones in the cabinet of President-elect Hoover than invitations began pouring for “despedida” banquets and receptions in his honor. And while the Governor-General was being shown how the country appreciated his constructive, though short, administration here, Mrs. Stimson on the other hand was being feted by the women of Manila, not alone because she is the wife of the Governor-General but also for the fact that Manila’s society has seen in her the most gracious hostess that Malacafiang has ever known. The Stimsons are leaving this country with the vivid impression of their social conquest and their political triumph. For socially, with the aid of the first lady of the land, Stimson’s administration has been splendorous. Politically, Mr. Stimson leaves the impress of his dominant personality upon the recent statutes enacted by the Legislature, and upon the whole machinery of government. What makes his brief sojourn in this country, as the highest representative of the sovereign, stand out prominently in America’s record here? It is the character of his administration which is only a reflection of the very character of the man. He fancied that he would mould these Islands after his own pattern of how a modern twentieth century country should be. And he set about constructing, at first strengthening the foundation upon the fundamentals laid down for this country by such great Republicans as McKinley and Taft' And in less than one year he had almost completed his task, the only thing left undone being the superstructure. And the reason why he could accomplish so much in such a short time was that he came knowing what he wanted to do, and did it. What was it that made his administration epoch-making? It was the setting down of a very simple formula for a successful government in these Islands—recognition of the rights of the Filipinos as co-participants in the adminis tration—without which, no Governor-General can ever hope to make a success at Malacafiang. EDITORIAL SELECTIONS FOR FEBRUARY Bulletin, February 14.—A Producer’s Right. Selected by Professor Cristino Jamias. Herald, February 23.—The Secret of His Success. Selected by Mr. Jesus Valenzuela. Times, February 11.—Dawn of a New Day. Selected by Professor Vicente M. Hilario. Tribune, February 7.—A Great Loss. Selected by Professor Verne Dyson. Certiñed, G. P.Shannon. Since no selection is made among these four best editorials in the daily English-language papers during Feb ruary, the order in which they appear has no significance in this respect. Dr. Shannon as well as other members of the English faculty of the University will be absent from Manila during the summer, and this feature will not appear in our April and May issues.— ED. For sometime, the Filipino people have been branded in the metropolis as recalcitrants, for the reason that they would not bend their will to the command of its pro-consul in the Philip pines. There are even those who would make the Filipinos believe that the purpose of various reactionary measures pending in the United States Congress, all inimical to Filipino interests, is to teach the Filipino people how to accept the dictates of the representative of the sovereign. But Governor-General Stimson came to the Philippines. He came not to rule but to be useful to the Filipino people and to serve his country. He came with an understanding heart. He came with honesty of purpose to perform his duties toward the people under his charge and toward the nation he represents. He sought not only the counsel of his own ad visers but also that of the Filipino leaders. And it was his close contact with the people that convinced him that what they wanted was reas onable. Governor Stimson, however, had his own ideas of government. He had his own policies which he knew were good and were intended to produce the greatest measure of well being for the people. And he used not compulsion but persuasion in making the people see what he wanted them to see. This was the essence of his government. And it was the secret of his suc cess in the Philippines. In the departure of Governor-General Stim son, the Philippines loses an able administrator. But it has made a good friend. Our best wishes for a happy trip to the homeland and greater success in their new duties go to Governor and Mrs. Stimson.—Herald, February 23. JACOB LEVY PHILIPPINE HATS Buntals Bamboos Calasiaos Balibuntals Correspondence Solicited 227 Calle David Manila, P. I. Cable Address: “TEXTILES” DAWN OF NEW DAY A convention of Filipino business men is decidedly a sign of the new day that is dawning in these Islands. For 30 years the best minds in the Philippines have been dedicated to politics. For many of those 30 years, business and trade have been, if not despised, at least, considered as the occupation of mediocre intellects. Thus we have seen develop in the Filipino people political consciousness of a high order. Save for the influence of demagogues, the Philippines has little to learn from any democracy in the world. Whatever defects exist—as the Amer ican sees them—are incident to the psychology of the people. But if progress has been made politically at a rapid rate, penetration of Filipino influence in the business world has been slow. True it is, there are many more Filipinos in business today than there were a decade or two ago. Those Americans who recall Manila life as it was in the days when this publication first saw light, re member the entire dominance of the Chinese in retail trade. The Escolta was a Chinese street. Then time transformed it into a district of American and European store-keepers. Today it is preponderantly Filipino. So with other parts of the city and the Arch: pelago. The Filipino is gradually taking over retail trade. He is venturing into the wholesale and importing field. He is becoming a manu facturer. His capital is entering productive enterprise. His interest today is not entirely absorbed by politics and the desire to enter the government service. The American quarrel with this change is tha it is not rapid enough. Business is still a nef lected and not a highly honored field. T1 business man is today, not considered quite i. the category of the gentlemen who can prefi. their names with the title, honorable. So it is that the first convention of Filipino business men, meeting today, is a portent of tilt new day. We do not believe this convention will revolutionize Filipino life. We have little hope that it will be followed immediately by a determined Filipino drive which will make Filipinos masters of every sphere of business activity. Nor do we imagine that this conv mtion purely of business men, will divorce itself fron politics. A glance at the names of some of th delegates shows that the politician’ / snd offict holders will constitute a good part of v íe member ship.—Times, February 11. A GREAT LOSS The appointment of Governor General Henry L. Stimson to the highest post in the Hoover cabinet represents for him a signal honor and a great opportunity to serve his people, and for these Islands a great loss. It is his praise that he goes to his new post with the unqualified support of the elder Amer ican statesmen, like Elihu Root and Charles Evans Hughes, both of whom have been se cretary of 6tate; and of Chief Justice William H. Taft, former President. **—Tribune, Feb. 7. IN TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMAR OF COMMERCE JOURNAL 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 Hoover’s Tour Softens View Held by World By Edward Price Bell On Board U. S. S. Utah, En Route to Hampton Roads, Va., Jan. 4.—A better understanding of President-Elect Hoover’s personality promises to rank among the most substantial advantages of his good-will mission to Latin Amer ica. This better understanding, start ing among Spanish personages whom the president-elect has met, will be trans mitted by them more or less fully to European and Asiatic officials who live in the Latin-American capitals. For foreign statesmen, diplomats, ma nufacturers, traders, bankers and other persons of influence to obtain a truer image of Mr. Hoover than they have had hitherto will be for the world to gain an important political asset. The belief is widespread outside the United States, if not prevalent in the United States, that Mr. Hoover is economically probably the hardest boiled man ever elected to the American presidency. It appears to be assumed that he is not only hard boiled, but unintelligent economically—disposed, that is to say, to prosecute American business expansion on the theory that a foreign loss anywhere is an American profit and that if the United States only can destroy foreign competitors utterly at¿t will rise to the Hooverian ideal of aneconomic mastery and unchallengeable political pre-eminence in the world. lb< Of this strange misconception, this fantastic distortion, there is very little left, I fancy, in Latin America. Fore seen at least by a great many as an i. advance agent of American business, ti Mr. Hoover really appeared among the Latin Americans as a philosopher and t friend. sa He said next to nothing about Amer\ ’can business. Rather did he give his jiime to talking with his hosts about how they could make their own countries .^More prosperous, not pretending of /ntourse to be blind to the fact that the i ncreased Latin-American prosperity ^would be a good thing for all foreign jf sellers in these markets, including the L Americans. > I imagine that one Latin-American ^'statesman was a little surprised when ) this remark suddenly burst from the ip lips of the president-elect: n “We don’t care how much you buy flfrom the British. The more you buy jífrom the British the more we shall be able to sell them.” In this bit of conversational spon taneity rests the germ of Mr. Hoover’s whole economic philosophy and the world should know it. No good can come from the notion in foreign minds that the next president of the United States is out to destroy the prosperity of other nations. Such a conception not only implies economic idiocy on the part of Mr. Hoover but is dangerous. If ever a man understood the inter national benefit of national prosperity Mr. Hoover does. Both his economic faith and his humanity urge him to these principles, which he believes will enable each nation to realize fully on its poten tialities. I recall more than one instance of the evil effects of the political personality NANCE, ROTARY HOST Lunching the other day with Colonel Curtis Nance and the Rotarians at the “RCP” transmitting station, we got to the bottom of the business right away—a franchise.—But about really understand ing radio, ether you do or you don’t.— But think of all radio does—it puts Will Rogers’s wisecracks over without the aid of the lariat.—Will put over a good one recently, “The United States never lost a war or won a conference!”—He also advises Al Smith not to call it raddio next time.—Think again about what radio can do: back in the days of McKinley and Mark Hanna, politicians used to wear custom-made suits—and now we have radio-made presidents!—The editor broad casting : All through the campaign In sunshine and rain The whole blooming country was shaken; Al couldn’t avoid Mispronouncing the woid, But the radio brought Herb the bacon! The election started Will Rogers study ing French—says he wants to find out what cherchez la femme means!— Talking about the ladies, and old times, there is the Dumb Dora who thinks Mark Hanna the name of a popular tailoring house!—“Stop whirling me around so vio lently!” she said to her dancing partner. “Oh, but I must; I’m radio-minded!”— When are you going to tune us out? We just radio with desire to go on—on with Will Rogers, say, at about ten grand a week!—Anyway, we just wanted to say that the luncheon was good, we enjoyed drinking it a lot! Right then and there the dope on the 7th round of the SharkeyStribling opus came through in four minutes!—A message was handled a few hours earlier from Montivideo to Osaka via Manila in 57 minutes! And there’s direct short-wave radio whoopee now between Manila, South America (pres idential tourist resort), Europe, Asia, Dutch East Indies, the homeland or where are you! And Colonel Nance’s company is handling under contract the principal interisland telegraph business and making a good job of it!—Yours for bigger and better radios! Why, when we came to these islands and came to, you had to send your cables home for money via Hongkong and London. Now you just put ’em on the radio and they go everywhere! That’s the real static of the situation as we get it. —Radiolit e. P. S. Before taking us out where the dinguses were all dingusing away, Colonel Nance told us all not to be touching and picking up things. We certainly ap preciate a host who knows his Rotarians! ill understood or misunderstood. Earl Grey’s inability to grip the inner Bethmann-Hollweg, as the former British foreign minister himself told me, was one of the reasons why the prewar diplomacy of Europe proved futile. And on the other hand, if Lord Grey could not understand Bethmann-Hollweg, neither could the German understand Lord Grey or Lord Haldane. To the end Beth mann-Hollweg believed that ixrey and Haldane were bluffing when they de clared that the German invasion of Belgium would bring Great Britain to the side of Belgium and France. Some years earlier Tokyo’s false mea? ure of Theodore Roosevelt almost ir volved Japan and America in wa: Within the last two or three years wrong view of Premier Mussolini cause perilously strained relations betwee. Italy and France, the latter together wit . Germany and even Great Britain sus pecting that Premier Mussolini wante war when he wanted only a fair cor sideration for Italy with its great recor : of sacrifice in Armageddon. In his time the non-American worl has scrapped its suspicious and feai > of Mr. Hoover and accepted him fc what he is—a man of reason, generosit and peace, with a firm belief that a * nations gradually will find their true line of economic. progress and will pursu these lines to decent standards of livinj To the extent that the Latin-America trip has dissipated and shall dissipat erroneous views of the man about to become the chief executive of the United States, this visit may be reckoned of general value to mankind. The queerest type of love letter perhaps known in the world is that in vogue among the Mangians of the hill lands and mountains of Mindoro, Philippines, who still hold to the ancient alphabet of about three vowels and ten consonants which they group into words inscribed on bamboo in a single vertical column, their bolos serving them as a stylus. They are an extremely simple and timid people and their more ag gressive Malayan neighbors have made them hunt cover in the highlands and the primeval forests. For business, aside from the very important business of making love, they hardly need writing at all; and surely no bamboo ledgers to record their wealth. But love mal as ardent demands upon them as up other folk, and their swains fallen vict: i to Cupid whip out their bolos, sla down a good-sized bamboo, and go ■ verse-writing with intense gusto. > that a love missive may be strung alo: :• the length of a 40-foot pole, and t;¡ one end trailing in the forest path as t poet indites a warm postscript on t other. Popular damsels soon have enou f? finely etched poles to build a hut to bum such tell-tale documents wot ' be to light a fire endangering the fore Specimens of the love-letter poles ha been acquired by scientists and trai lated, and the astounding truth d covered that a Man Qian in love is ¿ inordinate liar! Little Miss Muffet Sat on a tuffet Necking a Persian bey; Such was his dexterity, She-bawled with asperity, 4 How do you get that way!” March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Universally Popular! cyManila Cigars “MANILA CIGARS,” which are HAND-MADE LONG FILLER, are a product which both the wholesaler and the retailer can depend upon for profit. To the wholesaler, “MANILA CIGARS” offer quick turnovers. To the retailer, this product is a repeater. Such results are made possible by the combination of good qualities of Philippine leaf tobacco seldom found in other tobacco. A pleasing taste, delicate aroma, and even burn are inherent in the selected tobacco used, grown in the Cagayan Valley which is annually fertilized by Nature by the overflowing of the Cagayan River. The more one smokes “MANILA CIGARS,” the surer he is of this product’s un excelled qualities. There are “MANILA CIGARS” of all shapes and classes which offer wonderful values. List of Distributors Furnished on Request Address : CHARLES A. BOND Philippine Tobacco Agent 15 William Street, New York City, U. S. A. o r THE COLLECTOR OF INTERNAL REVENUE Manila, P. I. TO ADVERTISEMEF PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOL THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 The Fire Trees By Gilbert S. Perez Of the campus And the mud-slushed snow On Madison street In far-away Bryn Mawr. So I dropped the knife, And with it fell The live coals Of my hate-gorged love. And I picked up the basin Of balsam and oil And threw it At the brazen hussy’s Pock-etched face. So he blackened my eye And I limped away e than once ,r the Wedgwood blue ority teacups “ar away Bryn Mawr ey told me, d I, poor fool, ieved it, d deep within my breast small voice crooned íe lies, de honeyed lies, that I loved to hear: Áahala dear, rar soul is far too steeped our Occident be a Malay’s bride.” t that very night the Senior Prom had brought me 'lass of lemon crush) rough the lantern bowered llis eard the whispered, □ssip-poisoned shafts at slashed my heart in two, 1 seared my soul, Anu kindled hate Where hate had never dwelt before. Ind then it was 'hat I learned to sip he bitter dregs r truth; d saw. as in a lambent ient mist, e palm-fringed shore d the fire trees 5 giant scarlet-spattered aish shawls :ad over the Sulu hills. f crossed the eastern seas :e more ate the rice 'eventh wife, with blackened, point-filed teeth ewed the lime-smeared 4 nuts fried his mess of fish. my thoughts were black, my life was sear, I loved with a somber love, I fired his soul i a Malay hate, i a hate that’s as deep che barong’s wound .nd as keen Vs the wave-edged kris. 3ut the day before *' .ta fight, i I came to his shack dawn, reamed that a louse-souled '’.mal slave .ad stolen a tryst, ' tryst that should have been uline. My eyes flashed green, My heart turned cold When I saw once more ¡n a pale gray Occident mist, ¡e leaf-starved elms With his brawling brown brat on my hip; And I left him alone With the Krag-voiced hell That my hate-seeped soul Had brewed In the death-encompassed, Vulture-haunted, Carrion-shambled Kotta on the hill. Lanao, February 21, 1929. AN OVERSIGHT Through an ov • sight, the name of the author of Five Tables of Bridge was not included with that story, which appeared in our February issue. Her name is Mrs. Anna Broad, she lives in Zam boanga and writes under the pen name of Henry Philip Broad. Her husband is engaged in busi ness in Zamboanga.—Ed. Amazing Reductions in Prices on CHEVROLET PASSENGER CARS You Save Nou> Phaeton - - - P1590 P160 Coupe - - - - 1975 225 Cabriolet - - 2170 230 Coach - - - - 1990 185 Sedan - - 2180 195 Imperial - - 2190 260 i i $ Discount for Cash For a short period only Chevrolets will sell at the lowest prices on record for the Philippines Act Now -Buy a Chevrolet Pacific Commercial Company Chevrolet Distributor A CHAMBER OF COMMERCE JOfJRNAL FLFSPONDING TO ADVERTISEMENTS PLEASE MENTION THE 'WRJCA.N nn-Hollweg, neitt March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Frank Conservatism at Last! La Vanguardia Editorials Press dispatches say that at present thgre is not the least desire on the part of Congress to precipitate any discus sion, and much less to approve the reac tionary measures tending to limit free trade and exclude Filipino immigrants from the United States—to preclude a heated political controversy. The more influential leaders in the present admi nistration have, it seems, said that dis cussion of such projects would afford opportunity to those who want the Philippines separated from the United States to strive for this extreme solution, if they should see in this an advantage for their schemes of exclusion. Such an opportunity would be seized not only by those who at whatever cost wish to erect a tariff wall between the United States and the islands, considering them a foreign country, but by those elements both in and outside the United States which look with favor upon an extreme solution of this character. We believe that such prevision and perspicacity are in accord with the policy of Republican administrations in the past. The traditional policy of that party is to proceed by gradual steps, by evolution more or less slow, but sure, according to the party, to evolve into an autonomy which even tually will lead us to liberty; and this purpose is found faithfully reflected in the address of Governor General Stim son to pur legislators. This policy is the more sagacious for being in harmony with the opinion of the majority party just now. The conservative class of Filipinos, in demanding that the present incertitude be clarified, does not neces sarily demand a radical solution involv ing immediate political separation and opening a new era of doubts and indeci sion for foreign (American) capital which desires to aid us in our plans of economic development. The conservative class in the Philip pines desires stability, a route laid out WHO WANTS THIS INFORMATION? The commerce bureau has courteously furnished the following information for a correspondent whose letter does not now turn up, but the information seems to be of enough general interest to be worth space: No air lines save army and navy air lines, information regarding which is withheld, are in operation in the Philip pines. There are 41 common carriers in the islands, 26 of them shipping companies. There are 116 steanfships registered in the islands, 114 are for coastwise transpor tation and 2 for bay and river transporta tion. Use of the cutter Busuanga as a hospital ship was discontinued in 1919 and the ship sold to T. R. Yangco, who sold it in turn to Hijos de F. Escaño, who in their turn sold it to La Naviera Filipina, Inc., of Malitbog, Leyte, out of which port the ship is now operated as the Zambales. Bishop Charles H. Brent fathered the hospital-ship idea and secured the aid of the Rockefeller foundation for the purpose. No such ship is now in operation. Telephone companies in operation: Philippine Tel. & Tel., Manila; Negros Tel. & Tel. Co., Inc., Bacolod, Occidental Negros; Panay Tel. & Tel. Co., Inc., Iloilo, Iloilo; Cebu Tel. & Tel. Co., Inc., Cebu, Cebu. The following provinces have their own (i. e., provincial-government-owned) tele phone systems: Abra, Agusan, Baiaan, Batangas, Bohol, Bulakan, Cagayan, Ca marines Norte, Camarines Sur, Cebu, Cotabato, Davao, Ilokos Norte, Ilokos Sur, Laguna, Lanao, La Union, Leyte, Mindoro, Misamis, Mountain, Negros Oriental, Nueva Écija, Pampanga, Pangasinan, Rizal, Sorsogon, Sulu, Tralak, Tayabas, Zambales, Zamboanga. Baguio has its own telephone system. Juan Jaucian owns and operates a tele phone system at Ligao, Albay. There is a telephone system in operation at Bayombong, Nueva Vizcaya. 0 X Y G E . Compresse Oxygen 99.5% pui HYDROG Compress Hydroge 99.8% pt ACETYLEN Dissolved Acetylene f< all purposes WELDINC Fully Equip ped Oxy-Ace tylene Weld inp Shops BATTERIES Prest-O-Lite Electric Stor age Batterie: Philippine Acetylene Cpv 281 CALLE CRISTOBAL, PACO a MANILA, P. I. * along a plain road, but without eagerness and precipitation of patient man who wishes to dwe. own house at once, knowing it i. completed and its security not gut teed against imminent risks. The servative class, when it has thoug divined possibilities of a radical chi has been the first to sense the g consequences: to work for auton which we desire firmly estab1* without breaking abruptly the r ACHIEVEMENT AND PROMOTION TN this intensive period when human values are measured in terms of efficiency, and earning power depends upon results, no man or woman can expect to realize a full measure of success without efficient eyesight. Retarded promotion and blighted achievement follow in the wake of defective vision. Always the best in quality but never higher in price The Philippine Guaranty Compau, Incorporated (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds f Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHI1 For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine lnsi^r Low rates iberal conditions ocal investments oans on real estate repayal by monthly or quarterly inst: ments at low interest Call or write for particulars Room 403, Filipinas Bldg. P. O. Box 128 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOL THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 19Z9 .onomic ties uniting us with Amerassuring us for some time to ie continuation of her influence islands. conservative class, finally, beíat if the understanding not to in Congress any discussion of the ires menacing our material inter eso as not to give opportunity for ne action) prevails, the way toward ional solution, to autonomy, and cually to liberty, in accordance with ublican traditions, will be smoothed made easier for these islands. 7e agree with those who think that ; present tendency of Nationalists i Democrats is to consider the econ ic problem as a problem apart. The nervation is exact, and classifies us prudent nations and men who J Puzzle Clarified by Hoover Tour By Edward Price Bell On Board U. S. S. Utah, En Route Hampton Roads, Va., Dec. 28.— ery observant person who has travelwith President-Elect Hoover on his od-will tour will step ashore at Nork, Va., with a clear understanding of t question long puzzling to Americans :o why the peoples of Latin America r aggression from the United States. This fear is by no means unnatural. main sources are three—history, *’r«1 wealth and relative naval and weakness. know how to trim their sails to suit the wind. Most of us used to believe, very sincerely, that political independence must precede economic independence. We did not, we could not, conceive of a parallel road with economic and political interests progressing side by side. Our conviction was that without the first, political emancipation, econ omic independence was impossible. With the discarding of this view, which has been truthfully noted by observers who follow carefully the course of events, Nationalists and Democrats relieve themselves of a great many differences of opinion; they erase that dividing line, very marked in the past, which kept them apart on the problem of economic progress prior to the advent of independence. And it is greatly for the good of the When have the inhabitants of these vast territories not been acquainted with aggression? When has not exploitation been as familiar to them as are their mountains, rivers and plains? Without attempting to apportion praise or blame the fact is unmistakable and virtually universal that Central and South America think of history only to recall cruelty or spoliation. Ravaged as they have been for gold and silver and other forms of wealth, they are still rich and they are weak. Rich and weak, country that this is so. The majority, in wisely modifying their views to con form to reality, make it possible for us Filipinos to devote our principal efforts during the present epoch of our existence to material interests, the creation of great industries, the exploitation of our natural resources, so as to give greater vigor and expansion to the spirit of liberty, and to its institutions, the whi' we seek with the utmost fervor, from tb sovereign power, stabilization of or present uncertain status—within tl - : scope of the most liberal conditions which circumstances and the tradition -1 policy of the Republicans, unvarying v; to the present, may make it possik generously to concede. We do not nov desire the impossible. As promised last month, the Journal has undertaken additional translations from the pen of Pedro Aunario, La Vanguardia’s editorialist. The editorials translated were respectively published in La Vanguardia of Feb ruary 12 and February 18.—ED. they are encircled by power. Need one say more of the question? American policy—the Monroe doc trine—once these nations set up po litically for themselves, threw an ef fectual barrier between them and recon quest. It guaranteed their security from transoceanic presumption and greed. It continues to offer this guaranty. But has the United States done what it has done for Latin America only to hedge about a mighty preserve for itself? Has it warned off others not for Latin America’s but for its own profit? These are the questions which haunt the minds Just Arrived The Philippine Islands by Former Governor-General W. Cameron Forbes The most complete, the most author itative, and the most well ordered and lucid listory of the first American adventure in colonial administration. In two large illustrated volumes, P27.50. Note: The publication of this book was ielayed and the original publisher’s price ícreased because of additional appendices and a more complete index. El. Motors and Generators •t Machinery of Every ! Kind and Description ? Electrical Supplies ¿ Electrical Installations Engineering and Contracting Philippine Education Co., Inc. 101-103 Escolta Manila, P. I. ELMAC, Inc. 625 Rizal Avenue Telephone 2-35-32 Manila, P. I. RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL iviarcn, íyzy mit Aivin,^iiaividzk ur ^^ivuvii^i^^rL juuki^al of our liberal fellow Americans. Mr. Hoover has labored diligently to end such doubts and fears once for all. He has argued in effect that North American power is South American power—that Latin America is safe while the United States is safe—and that they can pull together for their mutual good and for the common good of the world. Latin America awaits with greatly increased confidence veri fication of this argument. It is up to the American people through the upport of wise measures of government to see that this newborn confidence shall not be disappointed. What Will You Do brain Psychiatrists, who study man’s and nature, tell us we use but little of the brain in our conscious life; there’s a deeper and greater substratum of gray matter whence hazy notions and queer ideas rise to the semiconscious surface during dreams, and where our other self exists and our repressions are hidden beneath the power of our conscious will and the demands the world makes upon us. This isn’t, of course, a strictly scientific way of stating it; the essential fact is that when we go plodding about on the business of earning our daily bread, taking unto ourselves some bonny lass and subsequently baptizing one or several bairns in our name, we are just Jones, Smith or Brown—lawyer, doctor, or what-not; but when we lay day dreaming or busy ourselves in enjoy ing our leisure, relaxing the powers that make us sweat, we become Jones the eminent authority on torts, Smith of the cancer research laboratory, Brown the orchid fancier. When You’re Fifty? tell me what Lindbergh is going to do with himself when he is fifty? If he is merely to go on flying, then he is to Paris. Even a Lindbergh way of avoiding going, a; seed; and no doubt he will is, he must. What will Coolidge do? this question almost with realizing how deeply they i the springs of existence. F* of money, and no expensive would say he can just do ] while away his time. /l Vermonter, whiling awa11 It will be interesting to w<* adjusting himself to life' The Insular Life Assurance Co., MANILA, ow rates iberal conditions ocal investments oans on real estates repayable monthly instalments, at ow interest p. I. If a mindful man with a fixed will only leave a small saving salary dies, he to his family In our leisure, then, we ride our hob bies; and science now makes us know that this chap who goes riding hobbies is the chap we live happiest with—who must be humored sufficiently for the sake of our health and sanity. Riding hob bies makes life take on purpose, each day becomes important—may indeed bring the reward the years have post poned. Will you, if you are skeptical, FOR ABOUT F31.00 ANNUAI our company guarantees the payment of Pl,000 to your wife oj case of death, or to the insured himself if he survives the policy, cc Call or write for particulars to: 3 HOME OFFICE C. S. SAL? 4th Floor, Filipinas Bldg. 3rd Floor, Gac, Plaza Moraga, Manila, P. I. Escolta cor. T. P P. O. Box 128 P. O. Box 734 V. SINGSON ENCARNACION, President J. McMICKING, Manager become a drudge and end where he began, at something no more interesting to him than carrying the aerial mails— which is what he did before flying to The West Coast Life Insurance Company offers a full line of modern life insurance contracts designed to meet every need of business or personal protection. For particulars and. quotations consult the Philippine Branch Office West Coast Life Insp*’»’’'— r Kneedler Building Manila, P. I. IN RESPOND ’ 4'' “”V -•■A' Telephc 1. Whitehouse. Taft, fortur a refuge in the supreme co can do, to the end of his d¿ likes best, carefully cons2 of the land. But wc are in the cl descend to lower levels, man to do when he’s fift that drove him on ir ways he disliked, but, The Sugar News Pr second edition of the Ham Philippine Sugar Indus\ the members and officials c planters’ associations and ¿ ters milling with the var? It is therefore a valuable 1 as it gives full names ant dresses. It also contains i tion of George H. Fairchi on the industry in the Philh price is $1.75, or $2.50 for postage extra. These j. spectively P3.50 and P copies require 14 ctvs. pos in the islands, 14 cents tc1 United States, and H-A countries, and 16 cents to tries outside the postal un the Sugar News Press, P Manila, P. I. TION THE AMERICAN CHAMBER OF COMMERC TtlZ AM&K1UAH CtíAMtítíK Of CUMMMW JOURNAL March, 1929 veaken perceptibly with the ther self continues its inands. no saying what these de in every man they are dif5 have in mind two acquaintírs, each well known in his añila. One has a bent for e would like to have leisure to familiarize himself with ry few, and all fragmentary d—Gothic manuscripts ex world! The other man is to mention his hobby might dentity; but it is far remote sent activities, with which it ion. It is what he knows, sly, he ought to be about, nearer the earth, our son i his reading, the other day, Tord factories a man learns rk in fifteen minutes. He course, unless he be the dumbells; what he does ;nort time is what Ford will gh wages for doing for a long from these wages he should Ford does, surely, to make ependent enough in a reasono get on the hobby of his day 1 ride it hard to the horizon y necrosis. bbies we all ought to have, nved clearly early in life as a lg; this is simply because we al and spiritual beings swathego. The spiritual babbles ldhood for a while, amusing i with its antics; then come lays of adolescence, followed md the will to mate. The •reupon dominates for years, hem perhaps; but finally, nbers of this ardent strife, ,enix in godly majesty—the •• inner longings. Oh, to ride low! sure to be the normal ex¿an, as that he will live to should normally encounter age he anticipates age, his anticipations ie progress of medical our years, and our task selves masters of those and win from them some rd for ourselves. :h has a great deal to do with For who, fully aware of c maturity brings its changes es childhood and youth, and ime will come when he no zest for the physical game, which his subconsciousness 1 will not down, would careopportunities to have, at i he will require it, a sufrhich he can call his own— e can mount his hobby and :o a world of his own makn speculate too, dabble in tocks and bonds—anything earning ability at the maxzhile he can bear the load: e life’s physical compensa tions give him will power enough to keep toiling away and keep the subconscious suppressed and inhibited. But; above all else, let him keep adequately insured; whatever else fails him, whatever other ships fail to reach port, this surest one of all will return to him with interest, all the treasure he has consigned to it out of his earnings during the years when life was a simple physical formula— grow up, get a job, save so much, get married, work, save, build a home, share with the wife and children and neigh bors and nation. That's the physical, and for man, who is said to have a soul, it isn’t enough. There must be something more, some thing wholly apart from the mechanics of life, something impelled by that larger part of our sluggish brains, which speaks a language our youth doesn’t comprehend, but which, to our age, is the language of command: Thou art a man, do thou then what thyself tells ye to do. When we have so managed as to be able to obey that impulse, age is a benizen; and when we haven’t, it’s a blight. Of all the institutions oí modern civilization, among all the ways of pooling earnings, massing capital for the redistribution of principal and in terest when the individual demands, insurance recommends itself as safest, hence the best. To every man who plans for life after fifty, excepting the few who are fortunate enough to acquire riches, insurance is practically indispensable* and for all it is highly advisable. ADDITIONAL BAGUIO NIGHT SPECIALS After March 8th, Two Baguio Night Trains will leave Manila every MONDAY and FRIDAY of each week until further notice. The MONDAY Night Special will return the following WEDNESDAY night, and the FRIDAY Night Special the following SUNDAY from Bauang, Union, at 9:00 p. m. and from Damortis at 10:30 p. m. as usual. BAGUIO DAILY SERVICE TWO NORTHBOUND TRAINS FROM MANILA every day with autobus connection at Damortis Baguio Express No. 10 leaves at 8:00; arrives Damortis 2:00 p. m. Bauang, Union, 2:58 p. m. Thru Train No. 2 leaves at 10:00; arrives Damortis 5:43 p. m. Bauang, Union, 7:02 p.m. AUTOBUS CONNECTION FROM DAMORTIS with Baguio Express No. 10 First class passengers arrive Baguio 4:00 p. m. Third class passengers arrive Baguio 5:13 p. m. with Thru Train No. 2 First class passengers arrive Baguio 8:00 p. m. Third class passengers arrive Baguio 9:00 p. m. All thru trains, including the Baguio Night Special, connect at Bauang, Union, with the autobuses operated by the Northern Luzon Transportation for the Hocos provinces. PASSENGERS RATES Manila-Baguio class One-way................................................... P14.33 Round trip, 120 days......................... 23.32 Manila-Damortis, one way......................... 8.88 Manila-Bauang, Union, one way............. 10.24 Third class P 6.39 11.78 3.89 4.55 NOTE:—Third class passenger rates will be reduced effective March 21, 1929. MANILA. RAILROAD COMPANY DING TO ADVERTISEMENTS PLEASE MENTION CHAMBER OF COMMERCE JOURNAL March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Baler: Where the Red and Gold Flew Longest in the Philippines: Mission Trail Series capes. “The roads con with neighboring towns ¿ and heavy going during th they offer little security, t many wild people dwelling especially toward Casigur nangonan. For this reason defense of the town, in If de Esparragosa built two v one up in the mountains a on the river bank opposi' near the shore. The coi both of them was directed I with whom the town shared Enough on that point, gathers that Baler nestles Caraballos and on the east by the sea, that the valle José, a mountain stream, i: the surrounding terrain, mountainous, is the habiti and Mónteseos. The Cl munity settled round th° course peaceful; the clima and the water supply frorr good. “The immense fíele INFORMATION INVESTOR Expert, confidential repo The town of Baler, Tayabas, was formerly the seat of government in the Distrito del Principe created in 1856 by the Spanish government of the Philippines out of territory theretofore pertaining to Nueva Écija; and when the district was suppressed, which we suppose was done in the organization of provinces in accordance with McKinley’s instructions and the provincial govern ment act, that part of the district em bracing Baler was attached to Tayabas. How much Nueva Écija got back we do not know, for the purpose of these articles it is unimportant. Tayabas was made a contorted stringy province adjoining Laguna and extending up the Pacific coast, for Baler can be reached from Nueva Écija only by a very hard mountain trail, while with the coast towns of southern Tayabas, and the provincial capital, Lucena, there is coastal communication by sea. The Distrito del Principe was bound ed on the north by Isabela, on the east by the ocean, on the south by the Dis trito de la Infanta (Tayabas), and on the west by the Caraballos. “The first apostle (to this region),” says Father Huerta, “was Fr. Esteban Ortiz, about the year 1578, but because of the scarcity of priests he was soon called elsewhere. In 1609 our venerable martyr Fr. Blas Palomino and some companion priests visited the region and founded the following towns: “Baler.—The founding of this town dates from 1609, at which time Fr. P’ ■ ~ ^i^mino and six other priests peiv.-.tr ■. < difficult country lying ‘ he Caraballos, leaving, ¡i; lfV' : first minister at Baler Fr. Francisco de San Antonio.” The Franciscans gave the town over to the Recollects in 1658, who, for the same reason that had actuated the Franciscans, scarcity of priests, abandoned the mis sion in 1703, the Franciscans taking up the work again in that year. On De cember 27, 1735, a tidal wave washed away the town and the land on which it stood. Numbers of the inhabitants lost their lives, others swam to safety. The present town is on the bank of the San José river, a league distant from the inlet formed by Encanto and Baja on Philippine proje ENGINEERING, MIN AGRICULTURE, FORES LUMBER, E ' Hydroelectric proje OTHER COMMERCIAL INDUSTRIAL ENTERF BRYAN, LANDO’ Cebu, P. I. Cable address: “YPIL,f' Philippine Trust Comp COMMERCIAL AND SAVINGS BANK Offers every Banking and Trust convenience. 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Box Tel. 2-12 ■VG TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERC THE AJVLEKiUAN UHAJYLHEK UK UU1VLJYLEKUE JOURNAL iviarcn, varc suitable to every sort of production, but the nly cultivate a small portion of them— growing *h rice and corn for their own requirements. .her Esparragosa, already mentioned, overcoming difficulties, opened a canal upward of a league in large enough to irrigate lands sufficient for the •>000 or 6000 families, yet surely no more than □ns have taken advantage of it.” at Baler, classically remote, isolated and wholly and unimportant to the empire of Spain, that a son of fifty-seven Spaniards and one Filipino cr, and the parish priest, Fr. Candido Gomez xking the number fifty-eight in all, withstood a arkable duration, lasting from June 30, 1898, to >, at the hands of a force of Aguinaldo’s revoluimanded by Lieutenant-Colonel Aguilar. Thus sisted by quite as heroic a spirit as ever animated in defending her realm, endured 294 days after f the protocol of peace between the United States nd 293 days after the Red and Gold had given ila to the Stars and Stripes! did the besiegers inform the garrison, making .te stand in the parish church, that the sovereignr_,ver the islands had ceased: “We replied that quished were allowed six months for the evacuation lory;. . . .we were left to be among the last to be d, the captain-general knowing, as he surely must large amount of provisions, ammunition, íes that we had at our disposal.” t the garrison was exhausted, the men starving asional one deserting. Disease was doing its per'‘chief; Second-Lieut. Juan Alonzo Zayas died followed soon by Captain Enrique de las Morechan two months after the American occupation Then the command fell to Second-Lieut. Saturn Cerezo. Wounds and illness took off fourteen * men, and four deserted. Cerezo remained adarepeated stories that he was holding out in behalf :ause—a cause already lost—and he shared with their privations, heartened them and resorted to .gent devices to prolong their resistance. adered why relief did not come from Manila, oubted but that it would come. Father Carreño t, June 1, 1899, some newspapers from Madrid r, and Aguilar, when the garrison in the church pf truce to permit it, got the papers into Cerezo’s ?id the men eagerly examined these newspapers, < they had been printed by the revolutionists e garrison and induce its surrender; so a de an attempt to reach safety near shore, where a ,ing boat could be flagged, was planned to be efore dawn next morning. But Cerezo examined jain, finding in a copy of El Impartial an ordinary of the transfer of station pf a young officer well erezo. He knew the officer had been seeking the d that in making up a sham newspaper edition a would not have been thought of. as true after all, that Spain’s sovereignty over the had ended, and the garrison had been forgotten! ) called a parley of his men, convinced them of the zhat he had convinced himself of, and they left hands. He soon arranged honorable terms with very shortly the remnant of the beleaguered under enemy escort and marching over the > Tarlak, then Aguinaldo’s headquarters. There serters with the escort troops, and Cerezo holds sible for annoyances suffered on the march; but es of them? On July 20 the men who reached : embarked on the Alicante and repatriated :aching Barcelona September 1. The deserters ns in the brig, and one of them (let us withme) felt so reluctant to face his country’s he refused food and water and starved Light Your Home electricity spreading its comforts to the whole of humanity» No matter where you live, with a Westinghouse Electric Lighting Unit, you carvenjoy the physi cal comfortsof electricity .with the mental assur ance that your unit is electrically perfect and your supply unfailing» The Westinghouse Electric Light and Power Plant is a supply station entirely within itself» Electricity Within the Reach of Everyone THE Individual Self-Contained Electric Lighting Unit is another instance of with Electricity The Westinghouse Home Light Plant will bring to your own home all the advantages of elec tricity. You just touch a button and every corner of the room becomes bright and cozy—children get their lessons done more quickly. The Wes tinghouse Home Light Plant supplies enough current to operate electric fans in the hot sea son. With this convenience you can be cool and comfortable no matter how hot the sun may be. Send for Catalog No. 88 which gives Prices and Easy Terms MACLEOD & CO. 154 Marquez de Comillas CEBU MANILA ILOILO — VIGAN DAVAO DING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL THE AMERICAN CHAMBER MF COMMERCE JOURNAL himself to death. “There was no affliction that had been wanting to us in this humble spot (the parish church of Baler),” says Cerezo, ‘ ‘designed only for religious supplications; neither the inclemency of the weather, nor the rigor of the siege, nor the blows of treason, nor the pestilence.” Before leaving the church, Cerezo had two traitors shot. Aguinaldo caused Cerezo and his men to be treated with the utmost courtesy; he had established a hospital at Cabanatuan for the care of sick and wounded Spaniards, and Cerezo, who had injured a foot in jumping out of a house in Pantabangan where robbers had attacked him in the night, was to Major Las Morenab and to Captain Cerezo, each, the cross-laureate of San Fernando, and annual pensions to Ce rezo and to the widow of Las Morenas.” Cerezo’s home town put a memorial tablet on the house where he was born, and authorized a popular subscription with which the townsfolk bought him a golden sword. “Such is the merit of the defenders of Baler, of that poor church where, for ten months after the loss of our sovereignty in the Philip pines, the Spanish flag continued to wave. Nor was it humanly possible to sustain it (the siege) a single day longer.” These are Cerezo’s words. We take our brief allusions to the siege from an account originally published tention of Major F. L. Dodds, who got a copy of the origir. published in Spain (from whi Mercantiles series had come), slated it and secured its publicat the United States by the Franklin son Publishing Co., Kansas City, under their copyright of 1909 an' title, Under the Red and Gold: Siege of Baler—Cerezo. It is Dodds’s text that we have from which too we have taken engraving of the church where the was sustained. Next month the r< will be privileged to journey fa with the Franciscans through nor Tayabas. It is hoped the digrc to relate something of the story c siege of Baler will be pardoned. We Have The Largest and Most Complete Stock of Drygoods in the Philippines If you need silks, linens, cottons, or notions you can serve yourself best by choosing from our large stocks We also carry haberdashery, and make men’s suits and shirts Manuel Pellicer y Co., Inc. 44 Escolta, Manila Phone 2-11-06 treated here. “Aguinaldo . . . furnished them newspapers in which was published a decree of his, declaring them worthy of the admiration of the world ‘for the valor, constancy, and heroism which that handful of men, cut off and without hope of any aid, has defended their flag for the space of a year, realizing an epic so glorious and so worthy of the legendary valor of the Cid.’ ” With safe conduct into the Amer ican lines, the Spaniards were at last out of danger and well cared for. Mascardo gave a banquet for the garrison, at his headquarters in Angeles. In Spain they received the plaudits of the nation, and if you were to visit Cerezo’s home town, you would find a principal street there called, in com memoration of Baler, Calle Martin Cerezo. “By royal orders . . . there was granted to each officer, living and dead, increased rank; to Dr. Vigil”—he who had been the garrison surgeon—“was granted the cross of the first class of Maria Cristina; and to each of the thirty-one men of the detachment the silver cross of military merit, with a small , nJ •' I of War . v.iu monthly pension for / oceedings having ■ ' upreme Council re was conceded in El Mercantil, no doubt a piece of that long and excellent editorial work Don Romero Salas, dean of Manila journalists, has done in the islands during a period of forty years. The series as it appeared attracted the atAtlantic Gulf and Pacific Ct OF MANILA ENGINEERS MANUFACTURERS 71-77 Muelle de la Industria Enterprising missionaries bent oi vertising the gospel and selling t' conducted “The Quiet Corner” at nila’s recent carnival, where on one was a salty vaudeville show and or other an exhibition advertised “for only.” Barkers gathered hourly cr> for the shows, but many people in t crowds chose to go into “The Q Corner” and join in the hymns listen to the sermons. There was st patronage all the time, and many t of the gospels were sold. No^ same missionaries wish to establi similar place downtown in Manil a more ambitious plan, perhaps medical service and a hygiene s added. “At the regular annual meeting of the ors of the Christensen Plantation Co., 1 the office of the company at Padada, February 5, a dividend of 12% was de this being their fourth consecutive dh At the same meeting it was decided to ii the capital stock of the company by the i ization of T200,000 of 10% cumulativep stock. The new capital will be used to rate the planting to coconuts on the c.' land, and provide equipment and bur CONTRACTOR ADVERTISEMENTS PLEASE MENTION THE MMERCE JOV THE AMERICAN CHAMBER OF COMMERCE JOURNAL JVJxtjtI, 1929 ORIGINS OF THE ROMAN CATHOLIC CHURCH Gibbon: Continued from February as been remarked with more ingenuity ruth that the virgin purity of the church ever violated by schism or heresy before ign of Trajan or Hadrian, about one hunyears after the death of Christ. We may ve with much more propriety, that, during period, the disciples of the Messiah were ged in a freer latitude, both of faith and ce, than has ever been allowed in succeedges. As the terms of communion were iibly narrowed, and the spiritual authority J prevailing party was exercised with in ng severity, many of its most respectable ents, who were called upon to renounce, provoked to assert their private opinions, to .e the consequences of their mistaken prin, and openly to erect the standard of rebel - .gainst the unity of the church. The Gnosvere distinguished as the most polite, the learned, and the most wealthy of the Chrisjame; and that general appellation, which jssed a superiority of knowledge, was either .led by their own pride, or ironically bestowf the envy of their adversaries. They were t without exception of the race of the .les, and their principal founders seem to been natives of Syria or Egypt, where the ,1th of the climate disposes both the mind the body to indolent and contemplative >tion. The Gnostics blended with the faith hrist many sublime but obscure tenets, which derived from oriental philosophy, and even 1 the religion of Zoroaster, concerning the lity of matter, the existence of two prin ts, and the mysterious hierarchy of the inle world. As soon as they launched out into rast abyss, they delivered themselves to the nee of a disordered imagination; and as the J of error are various and infinite, the Gnos¡vere imperceptibly divided into more than particular sects, of whom the most cel?d appear to have been the Basilidians, the tinians, the Marcionites, and, in a still period, the Manichaeans. Each of these ,ou1d boast of its bishops and congregations, doctors and martyrs; and, instead of the lospels adopted by the church, the heretics zed a multitude of histories, in which the s and discourses of Christ and of his es were adapted to their respective tenets, iuccess of the Gnostics was rapid and ex/e. They covered Asia and Egypt, estabt themselves in Rome, and sometimes penid into the provinces of the West. For the ?art they arose in the second century, led during the third, and were suppressed It is not high pressure salesmanship—It is not persuasive advertising—It’s the machine itself that has sold nearly a million and a half Easy-Writing Royal Typewriters. TYPEWRITERS 2AMERA SUPJPLY COMPANY 10 ESCOLTA, MANILA TELS / 239‘30 P. O. BOX 778 1 2-21-98 in the fourth or fifth, by the prevalence of more fashionable controversies, and by the superior ascendant of the reigning power. Though they constantly disturbed the peace, and frequently disgraced the name, of religion, they contributed to assist rather than to retard the progress of Christianity. The Gentile converts, whose Paulist Fathers* Church, Manila strongest objections and prejudices were direct ed against the law of Moses, could find admission into many Christian societies, which required not from their untutored mind any belief of an antecedent revelation. Their faith was insen sibly fortified and enlarged, and the church was ultimately benefited by the conquests of its inveterate enemies. But whatever difference of opinion might sub sist between the Orthodox, the Ebionites, and the Gnostics, concerning the divinity or the obligation of the Mosaic law, they were all equally animated by the same exclusive zeal, and by the same abhorrence for idolatry, which had distin guished the Jews from the other nations of the ancient world. The philosopher, v/ho considered the system of polytheism as a composition of human fraud and error, could disguise a smile of contempt under the mask of devotion, without apprehending that either the mockery, or the compliance, would expose him to the resentment of any invisible, or, as he conceived them, imag inary powers. But the established religions of Paganism were seen by the primitive Christians in a much more odious and formidable light. It was the universal sentiment both of the church and of heretics, that the daemons were the au thors, the patrons, and the objects of idolatry. Those rebellious spirits who had been degraded from the rank of angels, and cast down into the infernal pit, were still permitted to roam upon earth, to torment the bodies, and to seduce the minds, of sinful men. The daemons soon dis covered and abused the natural propensity of the human heart towards devotion, and, artfully withdrawing the adoration of mankind from their Creator, they usurped the place and honors of the Supreme Deity. By the success of their malicious contrivances, they at once gratified their own vanity and revenge, and obtained the only comfort of which they were yet susceptible, the hope of involving the human species in the participation of their guilt and misery. It was confessed, or at least it was imagined, that they had distributed among themselves the most important characters of polytheism, one daemon assuming the name and attributes of Jupiter, another of Aesculapius, a third of Venus, and a fourth perhaps of Apollo; and that, by the advantage of their long experience and aerial nature, they were enabled to execute, with suffi cient skill and dignity, the parts which they had undertaken. They lurked in the temples, in stituted festivals and sacrifices, invented fables, pronounced oracles, and were frequently allowed to perform miracles. The Christians, who, by the interposition of evil spirits, could so readily explain every preternatural appearance, were disposed and even desirous to admit the most extravagant fictions of the Pagan • mythology. But the belief of the Christian was accompanied with horror. The most trifling mark of respect to the national worship he considered as a direct homage yielded to the daemon, and as an act of rebellion against the majesty of God. In consequence of this opinion, it was the first but arduous duty of a Christian to preserve himself pure and undefiled by the practice of idolatry. The religion of the nations was not merely a speculative doctrine professed in .the schools or preached in the temples. The in numerable deities and rites of polytheism were closely interwoven with every circumstance of business or pleasure, of public or of private life, and it seemed impossible to escape the observ ance of them, without, at the same time, re nouncing the commerce of mankind, and all the offices and amusements of society. The impor tant transactions of peace and war were prepared or concluded by solemn sacrifices, in which the magistrate, the senator, and the soldier, were obliged to preside or to participate. The public spectacles were an essential part of the cheerful devotion of the Pagans, and the gods were sup posed to accept, as the most grateful offering, the games that the prince and people celebrated in honor of their peculiar festivals. The Chris tian, who with pious horror avoided the abomina tion of the circus or the theatre, found himself en compassed with infernal snares in every convivial entertainment, as often as his friends, invoking the hospitable deities, poured out libations to each other’s happiness. When the bride, strug gling with well-affected reluctance, was forced in hymenaeal pomp over the treshold of her new habitation, or when the sad procession of the dead slowly moved towards the funeral pile, the Christian, on these interesting occasions, was compelled to desert the persons who were the dearest to him, rather than contract the guilt inherent to those impious ceremonies. Every art and every trade that was in the least concern ed in the framing or adorning of idols was pollut ed by the stain of idolatry; a severe sentence, since it devoted to eternal misery the far greater part of the community which is employed in the exercise of liberal or mechanic professions. If SPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL we cast our eyes over the numerous remains of antiquity, we shall perceive that, besides the immediate representations of the gods, and the holy instruments of their worship, the elegant forms and agreeable fictions consecrated by the imagination of the Greeks, were introduced as the richest ornaments of the houses, the dress, and the furniture of the Pagans. Even the arts of music and painting, of eloquence and poetry, flowed from the same impure origin. In the style of the fathers, Apollo and the Muses were he organs of the infernal spirit; Homer and Virgil were the most eminent of his servants; and •:he beautiful mythology which pervades and animates the compositions of their genius is destined to celebrate the glory of the daemons, dven the common language of Greece and Rome abounded with familiar but impious expressions, zhich the imprudent Christian might too care lessly utter, or too patiently hear. The dangerous temptations which on every .ide lurked in ambush to surprise the unguarded reliever assailed him with redoubled violence *n the days of solemn festivals. So artfully were they framed and disposed throughout the ■par, that superstition always wore the appeard---------------------------------- -----------------------------i THE RICE INDUSTRY By Percy A. Hill I of Muñoz, Nueva Ecija, I Director, Rice Producers' Association Prices for both rice and palay remain practically the same as those of last month with but little fluctuation. Brisk demand from the southern islands as well as other points is keeping the mar ket steady. Supply from the granary province, Nueva Ecija, is also steady and by the end of March it is expected that the major portion of the crop pro duced will have been stored, the volume of deposits awaiting market rises being much greater than that of last year. Indo-Asian prices for the cereal are reported to be firm with a tendency to advance. Rice imported into the Philip pines during the last month of the year was almost a million pesos, an advance of P850,000 over that of the previous month. It is expected that the scale of imports in rice will be materially increas ed each month to assure supply. As usual, transportation for the milled product from the terminal points is inadequate to the seasonal demands. In connection with this, should be taken into consideration direct shipments re quired for southern island points rather than the filling of the Manila bodegas for more storage purposes. Due to a larger volume being shipped direct by trucks, this problem is somewhat light ened, but there still remains room for improvement. It is for study in rapid and efficient transportation in the service of interprovincial commerce. anee of pleasure, and often of virtue. Some of the most sacred festivals in the Roman ritual were destined to salute the new calends of Jan uary with vows of public and private felicity to indulge the pious remembrance of* the dead and living; to ascertain the inviolable bounds of property; to hail, on the return of spring, the genial powers of fecundity; to perpetuate the two memorable seras of Rome, the foundation of the city and that of the republic; and to re store, during the humane license of the Saturna lia, the primitive equality of mankind. Some idea may be conceived of the abhorrence of the Christians for such impious ceremonies, by the scrupulous delicacy which they displayed on a much less alarming occasion. On days of general festivity it was the custom of the ancients to adorn their doors with lamps and with branches of laurel, and to crown their heads with a garland of flowers. This innocent and elegant practice might perhaps have been tolerated as a mere civil institution. But it most unluckily happen ed that the doors were under the protection of the household gods, that the laurel was sacred to the lover of Daphne, and that garlands of flowers, though frequently worn as a symbol either of ioy The Manila Stock Market During Februar By W. P. G. Elliott The month has seen an abnormal shortage in the money market, and local banks have been hard pressed to maintain their legal reserves. The short age in the money market is due prin cipally to the large amount of funds withdrawn to finance sugar, hemp and copra commitments, but with the low prices now ruling for the Islands com modities, sales of these products are negligible, resulting in funds remaining in the provinces, thereby causing a shortage in the Manila money market. While the money shortage is more or less seasonal at this time of the year, the present shortage is abnormal and it is very apparent that in addition to the funds withdrawn for usual financing, large sums have also been withdrawn by individuals, who have accumulated “pannicky” feelings, as the result of the reports from Washington regarding the various proposed restrictions on Philippine products, and the political DUNLOP REPUTATION has been built through service on the road—not by extravagant claims. We say nothing about DUNLOP Tires that is not fully substantiated by DUNLOP Performance. When you ride on them you know that all the claims made for DUNLOP are facts. Try DUNLOP next time and prove it for yourself. or mourning, had been dedicated in thei origin to the service of superstition. The t bling Christians, who were persuaded in instance to comply w’ith the fashion of tl country and the commands of the magistn labored under the most gloomy apprehensio from the reproaches of their own conscience, l censures of the church, and the denunciatic of divine vengeance. Such was the anxious diligence which wi required to guard the chastity of the gospel froi the infectious breath of idolatry. The supersti tious observances of public or private rites wer carelessly practised, from education and habit by the followers of the established religion. Bu as often as they occurred, they afforded thChristians an opportunity of declaring and cor firming their zealous opposition. By thes frequent protestations their attachment to th faith was continually fortified; and in proportic to the increase of zeal, they combated with th< more ardor and success in the holy war which they had undertaken against the empire of tlv demons. {Continued in April} situation in general. The Bank of England advanced it discount rate from 4-1/2 to 5-1/2% early in the month, and while this had been expected, and with it a tightening of interest rates, the effects were alsr felt in the local market. Apparently a number of local business men have been placing their surplus funds on caJ loans, in foreign markets, attracted b the high rates of interest, and this ah helped to cripple the local market, . these factors uniting in making tl widest fluctuations in gold dollar a; sterling exchange, since the stabilizat accomplished under the wood régime However, as the month closed, much better feeling prevailed and fur withdrawn on “pannicky” tendeni began to find their way back to banks again, thereby improving t cash position considerably. But the is a great scarcity of export bills « fered, and if these come into the mark Author:—Thanks ever s nuch for your criticism of my manusc t. Critic:—Oh, quite all ri —don’t mencken it! First in 1888—Foremost Ever Since For 12 months Philippine cotton imports have averaged in value $2,334,000. Pupils enrolled in Philippine public schools now number nearly 1,125,000. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN ER OF COMMERCE JOURi THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 it will have the tendency to de ate the gold dollar and sterling ange to further lower levels. Notístanding the shortage in the cash ition and other bearish news of lining prices, mines, banks and initrials report good earnings. Bent Consolidated report a net profit r 1928 of Pl,238,074.16. Philippine ducation Company, Inc., report sales •r January 1929 of P176,252.28 as jmpared with P134,757.23 for the ime month last year, being an increase P41,495.05. Balatoc Mining Cominy also report the result of their first dean up” when, after 13 days working, jld bullion was produced to the amount f P95,000.00. Press despatches also announce that note issue amounting to $2,500,000 as been absorbed by the San Francisco %arket. These notes bear interest at 2 rate of 6% per annum, maturing bruary 1, 1932 and are reported as •ect obligation notes of the Arch. lop of Manila. It is presumed that ile funds raised from this issue will be ¡sed to increase the capital of the Philppine Trust Company. The people 3ank and Trust Company, a new listing n the exchange, report a particularly ood year ending December 31, 1928. 'apital structure is one million pesos lly paid and the surplus is P59,322.44. íe bank has a branch in San Pablo, *una, and expects to open other anches as soon as practicable. At the nual meeting, the stockholders apjd the formation of a new subary company to be known as the id and Mortgage Corporation. This ipany will make long term morte loans, character loans, underwrite buy Philippine securities, stocks 1 bonds, and make such loans as are .de by similar corporations in the ited States. Last year the bank idled private bonds to the value of 1-9,000 and first mortgage participacertificates valued at P274,500. usiness sentiment is rather mixed, regards the trade outlook for the íediate future, for while some in tries may suffer losses due to low :es now prevailing for their products, íers are making good profits, and is the necessary balance for future de expansion is maintained. All things considered, the outlook ' r ! future seems very promising, as r »dem business organizations are ra^ - changing the forms which owneri lip as taken in the past, and large scale riustry and business are taking the \iinant place. Large scale produc en means that large amounts of capital 1st be assemble from many sources. ) this end the corporate form of ornization is well adapted. Through e issue of stocks and bonds, it offers eople with funds, a means of employ ment of such suited to their temperalents and needs. That people of even mall wealth are putting some of their arnings into stocks and bonds is without estion. The trading on the stock exchange during the month has reflected this very strongly, for not only has the February trading been heavier than usual, but many small lots have been placed in the provinces, showing clearly that funds heretofore lying dormant, can be made available for meritorious commercial enterprises. Sugar shares have shown a tendency to hold steady at the present levels, and seem to be pegged for the moment. The more seasoned sugar shares have been fairly active, with quotations well maintained, while the newer issues have sagged off considerably. Banks, mines and industrials on the other hand, have advanced slightly. Bonds have also been very active, with heavy buying during the month. BABCOCK 8s TEMPLETON, INC. IMPORTERS—EXPORTERS HEMP COPRA MAGUEY PHILIPPINE PRODUCTS FINE LITHO AND PRINTING INKS Agents for JOHN KIDD & Co., Ltd. LONDON NEW YORK MANILA CEBU SAN FRANCISCO Banks.—Bank of the Philippine Is lands have eased off slightly with sales at Pl75, China Banks have buyers at P88. Hongkong Banks after heavy activity closed the month at HK$1300 ex-dividend business done. Mercantile Banks have buyers at P42, but sellers are unwilling to come to terms at less than P44. The Peoples Bank & Trust Company shares have been listed on the exchange. This Bank has made an THE MANILA HOTEL LEADING HOTEL IN THE ORIENT Designed and constructed to secure coolness, sanitation and comfort under tropic climatic conditions Provides every Western convenience combined with every Oriental luxury Finest Dance Orchestra in the Far East Management - - WALTER E. ANTRIM excellent record since its organization, capital structure is Pl,000,000 fully paid, and surplus as of December 31, 1928, amounts to P59,322.44. On the first day’s trading, sales were made at P107 and the quotation has continued steady at this figure. Insurance.—Unions of Canton have continued to advance and closed the month firm at HK$380, buyers. Com pañía Filipinas are firm with buyers at P3150. Insular Life and Philippine Guarantee are also firm with buyers at P315 respectively. Sugars.—There has been a lot of activity in sugar shares, with prices on the more seasoned shares well main tained, but a rather sharp decline is noted on the newer issues. BacolodMurcias on fairly large transactions were placed at P7.50 down 1/2 a point from last sales. Bagos on small tran sactions were done at P19. Cebus changed hands at Pl7, one point lower than previous transactions. Bais are nominal at P800, but this decline is more or less reasonable in view of the fact that the usual 20% dividend was paid this month. Carlotas have held firm at P215 with many transactions Pl00. Pasudecos on moderate sales were placed at P45. Pilars have chang ed hands at par, Pl000, for the old shares. San Carlos are still offered at $33, and Talisay Silays were placed at P22. Victorias Milling common were reported, Tarlacs were placed at Pl65 and later on firmed up to Pl70 at the close. Central Luzons are still of fered at Pl50 and Hawaiian-Philip pines are firm and unchanged at P50 sellers. Isabelas have sellers at Pl8, and Kabankalans are unchanged at P240. There are buyers of Lopez at Pl 15, Luzons are nominal at P1000. Malabons are also nominal at P24 and Mount Arayats are unchanged at done at Pl65 and Victorias preferred are unchanged with sellers at P110. Plantations.—Pamplonas have been very active with many sales reported at P80, Polos on fairly large transactions were also placed at P400. Mines.—Mining shares have fur nished the market sensation of the month, with most excellent reports coming in from the mountain district. Benguet Consolidated reports the big gest net profit realized since its organ ization. The report states that 98,500 tons of ore of an average value per ton of P27.59 were treated during the year ending December 31, 1928. The gross RESPONDING TO ADVERTI PLEASE MENTION ^HE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL value of gold and silver produced was P2,717,074.16. Exploration work has been earned on steadily during the year, with very fair results. The Colbath drain tunnel was completed in December last year at a cost of P499,664.89. The tunnel is 7094 feet long and completely drains the mine, although the quantity of water coming out is much larger than was expected. The Northern Luzon Power Plant is expected to be in opera tion by October, 1929, and this should give all the necessary power needed for the many Benguet Consolidated projects. Benguets on the strength of their excel lent annual report have advanced to P2.60 with further buyers at this figure but sellers are hard to find. Balatocs have also joined in the general advance, selling up to P2.50 on moderate transactions. Balatoc had their first pouring last week and P95,000 of gold bullion was the result. This result was obtained for only about 13 1/2 days operation, a total of 1281 tons of ore being treated of an average value of $25 per ton. A new ball mill has been ordered for Balatoc at a cost of approximately P50,000 installed, and when this is completed, it is expected to double the present production. At the Balatoc meeting of shareholders held on the 19th instant, a committee was ap pointed to assess the value of the mines with a view to discussing plans to effect a merger with Benguet Consolidated. This will insure continuity of manage ment and cut down the overhead con siderably. A similar committee from Benguet Consolidated will meet the Balatoc committee later on, to discuss the merger proposition. Itogons on small transactions were placed at P10. During January the mill operated 29 1/2 days, 1893 tons of ore were mined and 2108 tons were treated at an approximate value of $11.35. The bullion production amount ed to 2129 ounces valued at P41,895.24. Indus trials. —Philippine Educations continue to be the outstanding feature of this list. The sales and earning of this industrial have increased month by month since the incorporation of the Company, so that there are buyers of common shares at Pl70 with no sellers. Educations preferred continue in good demand at Pl06, many tran sactions being reported at this figure. A small lot of San Miguel Breweries are offered at Pl50 but buyers are not inclined to bid more than P135 for these shares. Bonds.—The bond market has been a most active one, large holdings of Carlota 8% changing hands at Pl035. A fair amount of Bais 8% were also placed at par plus accrued interest. Important sales of Tarlac 8% were also, made during the month at par. At small amount of Polo 10% changec 1 hands during the month at par, this is the first transaction reported for Polo bonds in many months. San Beda 8% were also placed on moderate transac tions at P102 flat. The market closed with a firm under tone, banks showing a slight tendency to decline, while insurance, mines and industrials continue firm with advanc ing tendencies. Sugars, for the more seasoned shares, have held their own, the new issues having declined moderate ly. Sales for the month aggregated 23,049 shares. J Dividends Declared and Paid.—Cen tral Azucarera de Bais, 20% for 1928. REVIEW OF THE EXCHANGE MARKET By Richard E. Shaw Manager, International Banking Corporation The cash shortage became so pro nounced that during the second week of February certain banks were forced to drop their buying rates for U. S. $ TT to the level of the Insular Treas ury’s rate of 7/8% discount. As the month advanced, the situation eased somewhat and at the close banks were buying moderate amounts of U.S. $ TT from close customers at from 3/8% to 1/4% discount. The selling rates sagged in sympathy with the market and banks, in order to maintain their cash reserves, were obliged to make frequent con cessions of 1/8% or better. The end of the month found banks still pursuing their cautious policy of avoiding heavy purchases. Purchases of telegraphic transfers made from and sales made to the Insular Treasury since last report have been as follows: Purchases Sales Week ending— January 26. . . $1,000,000 February 2. . Nil February 9. . Nil $500,000 February 16. . Nil $500,000 Little activity was displayed in the sterling market. At the close there were sellers of TT 2/- 9/16 and buyers at 2/- 3/4. CHARTERED BANK OF Chuinaralia Capital and Reserve Fund................... . £7,000,000 Reserve Liability of Proprietor................................... 3,000,000 MANILA BRANCH established 1872 SUB-BRANCHES AT CEBU, ILOILO AND ZAMBOANGA Every description of banking business transacted. Branches in every important town . throughout India, China, Japan, Java, Straits Settlements, Federated Malay States, ' French Indo-China, Siam, and Borneo; also in New York. Head Office: 38 Bishopsgate, London, E. C. i T. H. Fraser, Manager. | Manila. I On January 31 the New York-London cross-rate was quoted at 484-27/32. It dropped to a low of 484-13/16 on February 4, reached a high of 485 -11/16 on February 7, and closed at 485-9/32. London bar silver was quoted at 26-3/16 ready and 26-1/4 forward on January 31, was high on February 1, at 26-5/16 ready and 26-1/4 forward, fell to alow of 25-5/8 ready and25-ll/16 forward on February 16, 17 and 18, and closed at 25-15/16 ready and 26 forward. Hoover Finds Nations Ripe for Exploiting By Edward Price Bell On Board U. S. S. Utah, En Route to Hampton Roads, Va., Jan. 2.—Pro nounced optimism with reference to the whole Latin-American situation political, social, economic and financial, may be said, I think, to express broadly Pres ident-Elect Hoover’s impression as a result of his strenuous experiences of the last few weeks. He has found the peoples visited wide awake and ambi tious, eager to take their fitting places in the march of modern progress. Problems they all have, as the United States and every other nation have problems. There remains here and there On the last day of March the New New York bar silver quotation was 56-3/4 which was also the high m^*for February. The low point for month, 55-3/4, was reached on Feb 18 and the closing quotation was 5( Telegraphic transfers on other were quoted as follows on Fet 28th: Paris, 12.45; Madrid, 155 1/2; gapore, 116; Jaan, 91 3/8; Shan^ 78 3/8; Hongkong, 99 1/4; India, 1/4; Java, 122 1/2. some political instability. Social con ditions in a few countries are less ad vanced than one wouldli ke. The line of economic development is not every where unobstructed. Fiscal difficulties continue to confront several of the governments. But everywhere are signs of improvement, and, what is better, a resolute purpose to improve, in the national purpose. My conviction is, though I speak without specific authority on the point, that Mr. Hoover from the earliest days of his administration will be found vi gorously supporting the idea that the ENDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNA THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 Jnited States can do nothing wiser than give practical encouragement to LatinAmerican development. These republics need money. They need it for putting their financial houses in order, for building modern highways, for public-health services, for agriculture and for industry. Their crude materials are no longer enough to maintain them in social well-being and in solvency. CThey need diversified and intensified a griculture and they need native manu' ictures. American wealth should help hem to get these for from such developr< nt in Latin America will come inc. \ ised Latin-American purchasing pow< \ with its commensurate opportunity for American exporters, especially of standard articles of large scale production. In such production lies America’s pre-eminent advantage in the southern republics as elsewhere and as American industry gains here it opens ever wider demands for products of American agriculture. Already sound financially in many parts and moving toward soundness in all parts, Latin America, given the loans it needs, should be quite out of the woods fiscally in a very few years. Its prog ress in these respects in the last five years has been as notable perhaps as has my similar progress anywhere. One proviso applies implacably to any loans Americans may consider in relaté to Latin America and that is iat y shall go for construction and ot destruction. There will be no encouragement under the Hoover ad ministration for financing of that dead liest of all enemies of both prosperity and humanity—war. Mr. Hoover be lieves in loans for productive purposes and for no other. Productive loans here are all to the good. America’s iron and steel products will sweep the boards in Latin America for a number of reasons. In the first Sunshine Helps Hoover’s Diplomacy By Edward Price Bell On Board U. S. S. Utah, En Route to Hampton Roads, Va., Jan. 3.—Con siderably less than 1,000 miles at mid day today lies between the battle ship Utah and its anchorage in Hampton Roads. West of us some hundreds of miles, Florida juts out into warm water. Eastward rolls the Atlantic unaffected by land until it breaks on the coast of Africa and Europe. By far the greater part of the Hoover good-will journey has been by sea—all of its except that from Washington to San Pedro and that from Valparaiso to Buenos Aires, or about 4,000 miles out of a total of more than 18,000. Only one storm has fallen upon he good-will voyage, that which swept across the Gulf of Tehuantepec early in December. Almost no rain has been seen by sea or land, the days usually being flooded with sunlight and the nights with moonlight. Bad weather has banished at Mr. Hoo ver’s approach as if the gods of meteplace these republics cannot compete in this field for while they have iron-ore deposits they have no coal for metallurg ical purposes. In the second place America’s mass-production methods in the domain of machinery give the Americans such a lead over all compe tition as virtually to establish their supremacy in the Latin-American mar kets. orology were in collaboration with the good-will missioner. Victor Hugo said that a few drops of rain more or less decid ed the battle of Waterloo. Sunshine be yond question has aided the friendly over tures of the American president-elect. It has warmed not only official but unoffi cial Latin America to a responsive mood. For days since the Utah steamed out of the harbor of Rio Janeiro, with a rainbow of fireworks bursting out in profusion against the imposing silhouet te of hills and mountains, the trade winds have been rolling up a considerable sea, but the battle ship has cut its way to the highest breakers with little motion. The finest spectacle at sea aside from the moonlight nights with grand cloud com binations has been that of radiant arches in the moist air ahead of the ship. Two of these of great beauty appeared yes terday as if set up to welcome the good will party home, where they unfeignedly long to be. THE WHITE EMPRESS OF THE PACIFIC EMPRESS OF ASIA EMPRESS OF FRANCE EMPRESS OF RUSSIA 16900 tons 18400 tons 16800 tons To CANADA, UNITED STATES and EUROPE QUICKEST TIME ACROSS THE PACIFIC CANADIAN PACIFIC STEAMSHIPS 14-16 CALLE DAVID MANILA, P. I. N RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE ' JOURNAL THE AMERICAN CHAMAR OF COMMERCE JOURNAL 27 Monroe Doctrine Has New Vitality By Edward Price Bell U. S. S. Maryland, Dec. 1.—Faith i the Monroe doctrine as an all-Ameran policy grows with one’s observaon of the general situation as Presidentr-lect Hoover’s good-will voyage pro cesses. It seems clear not only that the olicy has been justified from the first, it that it is justified now. Nobody mies its importance in the past. It : ived the Americans for a great com pite democratic experiment. It saved íem from the chronic threat of war ? ith grave possibilities for all concerned. If overseas menace of this kind no nger impends, who can disassociate ae Monroe doctrine from this immunity? t is true that European powers today r-e not attracted by Central or South America as a theater of adventure, but is anybody prepared to say that this would necessarily be a fact if Monroeism had lapsed? I do not believe that such a claim is likely to be made by those acquainted with conditions germain to the question. All-American safety still depends upon all-American unity. There is no direct threat to Canada. There is none to the United States. There may be none to Mexico or Brazil or Uruguay or Argen tina or Chile or Peru. But these names do not exhaust the prospect. There are weak links in the all-American chain. There are more than half a dozen of these, the breaking of any one of which might drop the Americas into trouble. One does not like to speak of the United States as the protector of the American republics and of American peace. She is only one of these pro tectors, but she happens to be a powerful one. She has both the ideals of dem ocracy and power to give these ideals support which no nation or group of nations is likely to scorn. What the United States really stands for in the south is neither indifference nor dollar diplomacy, but ordered liberty and economic progress with equal opportuni ties to all who come to these part upon peaceful missions. President-Elect Hoov er’s administration, if I am not misttaken, will vindicate literally this definition. Toasted! Lucky Strike! It’s a World-Wide Favorite Fred M. Harden Importer Plaza Lunch Manila, P. I. The Timberlake Bill Will Pass......... AWAY So go ahead and enjoy ROBERTSON’S SCOTCH WHISKY There is a lot of real pleasure in it. Served at the bar. KUENZLE & STREIFF, Inc. Exclusive Distributors 343 T. Pinpin Tel. 2-39-36 Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE & GRILK Phone 2-16-61 Port Area IN RESPONDING to advertisements PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER qF COMMERCE JOURNAL SHIPPING REVIEW By H. M. CAVENDER General Agent, Dollar Steamship Line Co. Statistics are again not available in time for this report, but there is still a verysatisfactory amount of cargo moving. This applies particularly to U. S. Atlantic Coast ports on account of the heavy movement of su gar. The regular lines have been unable to handle all this business, and a number of full cargoes of sugar have shipped on chartered steamers. Space is easier, and indications are that sugar shippers are pretty well covered for their re quirements for the balance of the season as ton nage is offering quite freely for April with no takers. Rates are steady, no important changes having taken place during the month. Passenger traffic for the month of February has again been quite heavy. This is the peak season for steerage movement to Honolulu and the Pacific Coast, and, as will be seen from r u THE YOKOHAMA SPECIE BANK ========== LTD.-------- ===== (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund - . . . 102,500,000.00 Undivided Profits - - - 8,281,611.36 MANILA BRANCH 34 PLAZA CERVANTES, MANILA K. YABUK1 Manager PHONE 2-37-59—MANAGER PHONE 2-37-58—GENERAL OFFICE the figures below, this business for the past month has been very active. The passenger movement during the month is made up as follows: (first figure represents cabin passengers, second figure steerage) to China & Japan 242-266, to Honolulu 5-869, to Pacific Coast 73-842, to Singapore & Straits Settlements 5-0, and to Mediterranean Ports 15-1. E. M. Wilson, general agent of the Dollar Steamship Line in Los Angeles, who spent sev eral months in Manila on business for the company, left for Shanghai by the President Cleveland February 9. Hugh Macgowan, who was relieving in the passenger department of the Robert Dollar Company, Manila Office, returned to his head quarters in Shanghai on the President Cleve land February 9. J. R. Atkins, in charge of the shipping de partment of Warner, Barnes & Company, left for England on home leave on the Chanute February 18. J. F. Tomkins, manager of the shipping de partment of Macleod and Company, returned from home leave February 23 on the Empress of Russia. The Shanghai Office of the U. S. Shipping Board has been closed, and Victor Smith who has been in charge for some months will proceed to Calcutta to prepare a report for Washington on shipping conditions in India. He will pass through Manila on the President Garfield March 12. Chas. Kirkwood of the Fuel Oil department of the U. S. Shipping Board here has resigned from that position to take effect March 15. We understand he will remain in Manila. Robert Hill has resigned as Iloilo agent of L. Everett, Inc., and H. W. Dean of the Cebu office has been transferred to Iloilo. J. G. Meadows has been appointed agent of this company in Cebu. SUPPORTS FREE TRADE A special general meeting of the chamber of commerce was called March 6, by P. A. Meyer, president, and the decision of the board" of directors to protest directly to the secretary of war was approved unanimously by members. The cable said: “The American Chamber of Commerce oi the Philippine Islands is opposed to any legis lation affecting in any way the principle of free trade between the Philippine Islands and the United States, such legislation being contrary to the moral obligations of the people and the government of the United States to the people of these Islands, in addition to which such legis lation would seriously hamper and impede the economic development of these Islands and greatly curtail exports from the United States to the Philippines.” This is not the first action taken by the cham ber of commerce to oppose proposed restrictive legislation in the United States. It has circu larized scores of chambers of commerce and trade and commercial organizations throughout the United States, asking them to study these proposals, and if they were convinced the pro posals were unwarranted and unfair, to go. on record to that effect. The result of this campaign was encouraging. Some of the largest chambers of commerce in the United States and some of the most powerful trade organizations, including the Merchants’ Association of New York, passed resolutions opposing such action and forwarded them to Washington. One chamber of commerce, after appointing a committee to look into the subject thoroughly, sent personal letters to leading senators and congressmen, asking them to vote against the Timberlake resolution or any similar restrictive and unfair legislation. FOR RENT:—Store space, Calle David and Dasmariñas, 179 square meters.— Entrances on both streets.—Excellent show windows. Apply, John R. Wil son, Secretary, American Chamber of Commerce, 180 David, Phone 2-11-56. IN RESPONDING TO ^VERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 Hoover Urges Navy Aid Diplomacy By Edward Price Bell On Board U. S. S. Utah, En Route :o Hampton Roads, Va., Dec. 27.— Why not conscientiously make the United States navy an arm of American iiplomacy? This query opened a brief article wrote (by request of the editor) for he ship’s paper, “The Big U.” Sub;equently at a Christmas dinner given >y Capt. C. R. Train in honor of Presdent-Elect and Mrs. Herbert C. Hoover and their party, two of the chief speakers, Mr. Hoover and John Griffith Mott, exjressed views completely harmonious vith the suggestion. It would not be n the least surprising, therefore, if our íaval forces were seen more regularly in oreign ports during the Hoover adninistration than they never have been a the past. My article continued: “Personally I dearly believe in this xtension of sea power. Existing prim arily, of course, for purposes of war, the navy none the less can reenforce the influences of peace. Already, no doubt, especially in the persons of certain able and magnetic naval officers, the navy has done diplomatic work of great im portance. But cannot more be done? cannot naval diplomacy be made to operate more systematically? “Mr. Hoover is nearing the end of what I believe will be a journey of outstanding consequence in the annals of the larger accomplishments of the United States government. He has labored with an industry equaled only by his sincerity and magnanimity of aim. His feet will rest on the path he has chosen. “And the navy has worked with him. It has borne him with dignity and com fort over thousands of miles of seas. Its traditions and might, in my judgment, have been invaluable in the prosecution of his great enterprise. Is not this sea power and war power capable of acting 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 beneficently in spheres of diplomacy and peace? “Our naval men are educated men. They are men of moral worth and of manners. They command magnificent ships and splendid personnel. They know a lot about work and should know more. “I would see them carrying the stars and stripes into the harbors of other nations, big and little, and using their disciplinary efficiency and culture in spreading acquaintance with the United States of North America and its ideas of democracy in politics and social equality and that doctrine of industry and trade which sets a common value upon the prosperity of every country on the globe.” AMERICAN MAIL LINE DOLLAR STEAMSHIP LINE COMBINED TRANSPACIFIC SERVICE SAILING ONCE A WEEK The “President” Liners Offer Spee'l—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 via Hongkong, Shanghai, Kobe, Yokohama, and Honolulu SAILINGS ON ALTERNATE SATURDAYS ROUND THE WORLD President Garñeld - - - March 13 President Harrison - - - March 27 President Monroe - - - April 10 President Wilson - - - April 24 President Van Buren - - May 8 Sailings every fortnight VICTORIA AND SEATTLE via Hongkong, Shanghai, Kobe, and Yokohama SAILINGS ON ALTERNATE SATURDAYS 24 Calle David MANILA Telephone No. 2-24-41 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1<*29 For generations the British govern ment has understood the diplomatic significance of its ships. It has favored the frequent appearance of its flag wherever a vessel will float. Not only martial, but mercantile craft have helped in the diffusion of the realization of British power and hence the augmen tation of British prestige. Moreover, Britons have known that sailors preserve a higher morale when they are traveling from one definite objective to another rather than circling aimlessly at sea. Similar views have not prevailed to anything like the same extent in Amer ican naval practice. We almost have seemed afraid to travel regularly and widely abroad. Such home port huggers have our warships been, as a general thing, that when President Theodore Roosevelt proposed a trip by the American fleet around the world foreign newspapers discussed the idea as a sensational de parture and even hinted that it boded ill to the peace of the nations. Amer ican naval vessels stand for peace, not for war, and the more there are of them within rational limits the greater will be America’s influence not only for pacific relations among the peoples, but for all the ideals implied in the word Americanism. We want sea power proportionate to our industrial and commercial great ness and we want to make a continual friendly transmaritime showing of both our ships and our men. Chinese vises are necessary on passports used in China. Buildings are limited in Manila, which has never had a severe earthquake, to a height of 30 meters. U. S. Policy Forms in South America By Edward Price Bell Aboard U. S. S. Utah, En Route to Key West, Fla., Dec. 24.—As the re splendence and hospitality of Rio Janeiro recede, President-Elect Herbert Hoover settles down to a close consideration of his forthcoming policy relative to the southern American republics. Every situation touched since the first delightful landing at Amapala, Honduras, has been improved? Where prepossessions were favorable to the United States they were strengthened, and where prejudices ran counter to good continental American relations they were diminished or destroyed. The ground everywhere has been cleared or put in process of clearing for the greatest edifice of understanding ever designed for the Americans. But only these preliminaries have been accomplished. The real and last ing work remains to be done. And nobody knows better than does Mr. Hoover that this work is going to test him and his aids far more severely than he or they have been tested hitherto. Sentimental tides flow swiftly in Central and South America. If they bear strongly toward pan-American unity today, they carry within themselves the Manila is a leading primary market for snakes skins. Monthly imports of machinery into the Philippines have arveraged $759,009 during a year. possibility of a quick change. It is Mr. Hoover’s purpose to act with promptness to prevent such a change. In this, as in other matters, he will put his faith in organization. He will equip the state department at Washington with what it needs to observe the tides of feeling and thought in Latin America and to influence these movements for the good of the Americans as a whole. The American secretary of state is a hard pressed man. He cannot survey the entire world, and still less can he look after the incredible mess of detail demanding the attention of his depart ment. Central and South America constitutes a special problem. We know less about these diversified and sensitive peoples than we know about Great Britain or France or Germany or Italy, or even of Japan and China. I expect to see in the state department at Washington a reorganized and vastly better Central and South American division with some expert such as John P. Fletcher (ambassador to Italy, now with the Hoover party) at its head and with a group of ambassadors, ministers and other officials working under it such as the United States never has had in For Dainty Feet Our new showing of models for ladies will charm the members of this sex. Beautiful, soft leathers; exquisitely finished; with all the comfort for which HIKES are famous. HIKE SHOE FACTORY Style Creators 286 San Marcelino Manila, P. I. SOLD EVERYWHERE IN LARGE AND SMALL CANS Are your Children Getting Enough Milk? If they are not, in time it will tell on their gen eral health. Every tis sue in their bodies composing vital or- I gans, muscles, mem branes, bones and teeth will suffer! Milk is a perfect food for growing children, and the perfect milk is “BEAR” BRAND NATURAL MILK! IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL A-r ^n^iviDJCír^ ur ^UIYLIYLLK^IL JUUKDIAL 31 the southern hemisphere. Particular responsibility and particular knowledge are the requisites in Wash ington. In #the southern republics fa miliarity with Spanish and Portuguese tongues on the part of our represent atives will be included among the primary requirements. General culture also will be esteemed. President Hoover will try to find diplomats, consuls and com mercial attachés who speak not only the linguistic, but the sentimental ton gues of these peoples. These are dif ficult criteria and they cannot be had all at once, but a start can be made in the direction of their realization. The so-called career men in diplomacy will not be preferred necessarily. Dip lomatic inclination and experience will not be enough. Fundamental fitness for the delicate service in the harmon izing of inter-American standpoints will be compulsory. What confronts us broadly is an escape from the stereotyped practice in our dealings with the south ern American world. Its importance has not been appreciated and its problems have not been understood. Given the support of American public opinion, Mr. Hoover’s administration, I think, will carry the United States far on the road of all-American conciliation. On Board U. S. S. Utah, En Route to Hampton Roads, Va., Dec. 29.—Does freer economic intercourse between the Americans threaten the integrity of Latin-American civilization? Such a possibility disturbs some Latin-American minds. In yesterday’s dispatch I tried to show why the peoples south of the Rio Grande fear aggression and ex ploitation, pointing out their natural wealth and naval and military weakness in the midst of external power and with long memories of plunder at foreign hands. President-Elect Hoover returns to the United States where he will arrive Jan. 6 with information of still another fear and I think a deeper one than that in dicated above. Those who are ap prehensive in this sense feel that no amount of material prosperity could compensate Latin-America for the loss of its spiritual birthright. The southerners are proud peoples. They hark back fondly to their racial origins. They prize their languages, their social customs, their religious faith. Looking about them even now they see American aspects everywhere—Amer ican automobiles, street cars, the tele phone, electrical machinery, radios and merchandise. Strip Central and South America of the products of North Amer ican genius and enterprise, and they would soon fear an instant reversion of from a quarter to half a century. One of the finest features of all we have seen on this journey has been the electrical feature. The Buenos Aires and Rio Janeiro electrical displays will giltter in our recollections for many a day. North American genius and toil produced this light, as well as useful i-bincrQ Almost countless. Swell this im portant tide of American manufactures, reason some Latin-Americans, and event ually we shall be swayed beyond salvage. Mr. Hoover, in my opinion, has done much to lessen this apprehension. He has shown the keenest interest and sympathy in local Latin-American prob lems, giving his counsel liberally when requested and suggesting ways to further Latin-American progress. And he must have put a final quietus on at least one fantastic notion. His hosts thought him intolerant. They fancied that the recent election in the United States was a contest between protestantism and Catholicism, and that since protestantism won Mr. Hoover might be invading Latin Amer ica as a protestant crusader. It seems Enjoy smooth, cinderless travel across America via the New Oi‘íental£ímítcd 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 safe to say that this notion has been not only scotched but killed in all the ten countries visited. English is spreading among the Latins, but the loss of their language obviously is so remote as not to warrant so much as theoretical notice. Their social cus toms also may be modified somewhat by American influence, but they will re main overwhelmingly Spanish or Portu guese probably to the end of time. As for their religious faith, if it ever changes it will change, needlessly to say, through other than American impetus. Moreover, students of races and nations know that, however far they may travel in outward modification, they keep their inward identities—the only things which really matter. 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 TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL In the new diplomacy which better informed statesmanship promises for the Americas all these matters, one may conjecture, will be brought within the scope of education. The watchword should be “Let no two nations be afraid of each other.” The world is drawing together. More and more is appearing the dependence of every other country upon all and the dependence of all upon every one. Superficial changes there may be, but fundamental changes of spirit, no. It will be among the objects of the Hoover administration to convince Latin America that the closest continental American relations involve no peril to the integrity of LatinAmerican civilization in its essentials. When Telegraphing Use The Radiogram Route WORLD IDE IRELESS RADIO CORPORATION OF THE PHILIPPINES 25 PLAZA MORAGA I 2-26-01 Phones: ( 2-26-02 I 2-26-03 A review of the annual reports of the Bureau of Forestry for the last five years shows that the lum ber industry has had an extraordinary growth during this period. It is shown that with almost no exception all the phases of the lumber industry have had a steady increase. For instance, in 1923, there were only 32 sawmills in the Philippines in 1928, there were 71. (These refer*only to sawmills working under Bureau of Fo restry licenses.) Logging operations em ploying mechanical power, 14 in 1923 Always Open feet feet 37,86,the Salient Facts About Lumber Industry In 1928 By Arthur Fischer Director of Forestry and 26 in 1928. Timber cut by saw mills and important logging operators, about 484,000 cubic meters in 1923 and about 1,263,500 cubic meters in 1928. Lumber turned out by mills operating on Bureau of Forestry licenses alone increased from 136,000,000 board in 1923 to over 227,000,000 board in 1928; and export from less than 000,000 board feet in 1923 to about 000,000 board feet in 1928. And total cut in the Philippines increased from 793,234 cubic meters in 1923 to about 1,500,000 cubic meters in 1928. The average yearly increase or growth of the lumber industry from 1923 up to and including 1928 is about 20%. The year 1929 will see a greater increase than in any previous year. There are at least half a dozen Bureau of Forestry licensees with sufficient capital planning either to build new big sawmills or to replace their present circular rigs with modern band mills. A corresponding addition to the logging equipment will also be made. These new installations is the result of an increased demand for Philippine lumber, so popular in the markets abroad. Based on present indi cation, there is every reason to expect that 1929 prices will remain satisfactory and the total volume of the export trade will probably go beyond the 100,000,000 board feet mark. REAL ESTATE By P. D. Carman San Juan Heights Addition February totals were the best for this month since 1920. January was very satisfactory and with last year’s busi ness considerably in excess of any year since 1920, Manila real estate continues to show steady and healthful gains. This is particularly gratifying in view of the increasingly large amount of business being taken by suburban developments from the city proper. Sales, City of Manila Jan uary 1929 February 1929 St a. Cruz....... P 431,240 333,429 Binondo.......... 546,680 San Nicolas. .. 500 9,000 Tondo. ...... 115,418 96,858 Sampaloc........ 67,903 76,983 San Miguel. . 31,000 40.300 Quiapo............ 54,480 45,680 Intramuros... 205,000 Ermita............ 157,693 115,625 Malate............ 90,911 71,944 Paco................ 10,997 13,328 Santa Ana.. . . 16,543 6,300 Pandacan........ 49,250 1,500 Santa Mesa... 28,958 Pl,230,935 Pl,386,585 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL TOBACCO REVIEW Alhambra Cigar and Cigarette Manufacturing Co. Raw Leaf: The situation in grades used for local consumption shows no change for February. Shipments abroad maintain a satisfactory level. Com parative figures are as follows: Raw Leaf Stripped Tobacco Scraps Kilos Australia................................. 1,153 China....................................... 12,142 Czechoslovakia...................... 1,027,364 Dutch East Indies............... 2,713 Hongkong............................... 1,079 Japan....................................... 65,583 >Jorth Africa.......................... 204,968 North Atlantic (Europe). . . 124,330 Spain........................................ 1,575,908 Straits Settlements............... 180 •Jnited States........................ 168,480 Uruguay.................................. 19,228 Total........................................ 3,203,128 Manila of 335,000 bags. With the very large stocks of raw material both in America and Europe in addition to the healthy supplies in the warehouses of local mills, it is not likely that prices will advance even though supplies dim inish somewhat during the next two months. February arrivals, as mentioned above, were 335,088 bags as compared with 108,971 bags for February, 1928. Latest cable advices follow: Manila, Buen Corriente, P10.00 to P10.25; Arrivals Resecada, Pl 1.25 to Pl 1.50; San Fran cisco, $.04-1/2 Sellers; London, f. m.m., £22/15/0. Coconut Of/.—Heavy selling interest in this item was responsible for a decline of 1/4 to 1/8 cent per pound in the U. S. market during the month of February. Within the same period there was a noticeable weakness in the whole Fats list, particularly those which are imported into the United States. It seems that foreign producers are under the impression that sales had better be made before the new administra tion makes any adverse Tariff changes and the result has been an enormous combined selling pressure in the American market. If consuming buyers are to be believed, we do not recall any time during the past five years when they were so heavily bought up as they are at the present time. The month of February opened with the East Coast market of America at 8 to 8-1/8 cents per pound C. I. F., and at this writing, there are no buyers at 7-3/4 cents per pound for June December shipment. At the same time Palm Kernel Oil, our greatest competitor, is being freely offered at 7.60 cents per pound C. I. F. New York or New Orleans. The Pacific Coast market of the United States is likewise dull with scattered business in tank cars at 7-5/8 cents F. O. B. Coast. Latest cable advices follow: Manila, in Drums, P.33-1/2 to P.34 per kilo; San Francisco, $.07-1/2 to $.07-5/8 F. O. B. tank cars; New York, $.07-3/4 C. I. F.; London, No quotations. Copra Cake.—While the European market for copra cake has remained steady during the entire month, the price tendency has been down ward, with buyers extremely cautious. A fairly large volume of sales were noted at £8/18/0 to £9/2/6 for Hamburg and as high as £9/10/0 for Scandinavian Ports. There is little selling pressure on the part of Manufacturers and a steady market during the month of March is anticipated. Two can live as cheap as one, Once true, is now; Two can live as cheap as one— They can, and how! January................................... 2,149,180 February 1928....................... 2,660,522 Cigars: Exports to the United States show a further decline during February, the total being about 10% less than in January and 33% less in comparison with December 1928. Comparative figures for shipments to the United States are: February 1929, 11,903,434 cigars; January 1929, 13,178,776; Feb ruary 1928, 15,310,447. “North Coast RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The following commodities were re ceived in Manila January 26, 1929 to Feb. 25, 1929, both inclusive, via Manila Railroad: COPRA AND ITS PRODUCTS By E. A. SE1DENSPINNER Vice-President and Manager, Copra Milling Corporation Feb. 1929 Jan. 1929 Rice, Cavans.... 272,500 255,875 Sugar, piculs.. . . 584,752 513,296 Tobacco, bales. . 240 1,080 Copra, piculs... . 186,100 142,600 Coconuts............. 2,186,800 1,278,200 Lumber, B. F.. . Desiccated coco 434,700 345,600 nuts, cases... . 20,664 3,528 Limited” vBl vIB v “Finest”— “the finest train in the world and I have traveled on all that are worth talking about"—Samuel Hopkins Adams, Auburn, N. Y. “Best”— “equipment the very best, service splen did—a wonderful train"—N. A. Peter son, San Francisco. ______ 1 Cwi w \A Copra.—With well maintained copra ar rivals during the month of February, coupled with the extraordinary weakness of foreign mar kets, prices thruout the Archipelago declined ap proximately 50 centavos per picul during the month. Although there is a noticeable falling off in production in some parts of Southern Lu zon, St increased production from otb r . affected by the November t; m . < sponsible for the record Febn ji.n, > .r XJOW on a new, fast schedule—68 hours between the North Pacific Coast and Chicago! Leaves Seattle at 11:00 A. M. for all the principal cities of the United States. Two days of sightseeing through America’s greatest mountains. A particularly satisfying feature of Northern Pacific travel is its diner service. New-style Observation-Club car with deep, restful lounge—cushioned chairs—library—writing corner—club rooms— showers—and maid and valet service. The Japan Tourist Bureau, American Express Company, Thos. Cook & Son, Shanghai Commercial &. Savings Bank, or any trans* Pacific steamship company will gladly furnish additional information* Oswald Crawford, G. A. 501 Granville Street Vancouver, B. C. R. J. Tozer, A. G. P. A. 200 L. C. Smith Bldg. Seattle, Wash., U. S. A. E. E. Blackwood, G. A. 912 Government Street Victoria, B. C. Northern Pacific Railway “First of the Northern Transcontinental*” L..... ............................................................................................. IN RESPONDING TO AD'-’ MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1929 REVIEW OF THE HEMP MARKET By L. L. Spellman Macleod and Company This report covers the Manila Hemp market for the month of February with statistics up to March 4th, 1929. U. S. Grades: At the beginning of the month the hemp market in the U. S. was firm enough but there were no buyers. The exporters were offering to sell at the following prices: D, 18 cents; E, 16-5/8 cents; F, 14 cents; G, 9 cents; I, 12-3/4 cents; JI, 9-3/4 cents; SI, 13-5/8 cents; S2, 12-1/2 cents; S2, 10-3/4 cents. During the first half of the month New York continued to report the market dull and sales were few and far between, prices remaining practically unchanged. During the last half of the month a fair amount of hemp was sold in the U. S. and Canada but prices remained about the same. At the end of the month the market was steady with sellers offering at the following prices: D, 17-3/4 cents; E, 16-1/2 cents; F, 14-1/8 cents; G, 8-1/2 cents; I, 13-1/8 cents; JI, 10 cents; SI, 13-3/4 cents; S2, 12-1/2 cents; S3, 10-1/8 cents. The Manila market for U. S. grades was rather unsettled on the first of the month with exporters indifferent on account of the market conditions existing in the U. S. and Canada. Nominal prices were: D, P40; E, P37; F, P31; G, P19; I, P28; JI, P21; SI, P30; S2, P27; S3, P21. During the first week the market declined sharply and then recovered a part of the loss. During the second week a fair amount of hemp changed hands. By the middle of the month the market was dull with a few lots changing hands at D, P39; E, P32.4; F, P29; G, P17.2; I, P26; JI, P19.4; SI, P28; S2, P25.4; S3, P19.4. These prices showed about P2 a picul decline. During the third week the market was more or less quiet but prices on some of the grades moved up. At the end of the month the market was decidedly firmer owing to sales being made in New York and the exporters were paying the following prices: D, P38; E, P34; F, P31; G, P19; I, P29; JI, P21; SI, P30; S2, P28; S3, P20. There seemed to be a sudden demand for the medium grades and prices were on the average back to the quotations on the first of the month. U. K. Grades:—The London market was dull at the beginning of the month*Ovith nominal quotations at: J2, £38; K, £36.10; LI, £36; L2, £30; Ml, £31.10; M2, £28; DL, £27; DM, £25. During the first week there were some sales of distant hemp but the nearby positions were entirely neglected. The second week continued dull with the market lifeless and as a result prices declined steadily. By the middle of the month hemp could be bought on the following basis: J2, £35; K, £32; LI, £31.10; L2, £27; Ml, £28, M2, £26.10; DL, £26.10; DM, £24.10. There was practically no business and prices showed a decline of about £3 a ton in the for night. Toward the end of the month it ^¿as apparent that the shippers were not very anxious to sell and that only a moderate quantity of hemp was being offered. This had its effect on both the U.K. and Continental buyers and as a result, prices moved up. The market closed with buyers rather than sellers on the basis of: J2, £37; K, £34.5; LI, £34; L2, £29; Ml, £30.10; M2, £28.10, DL, £28; DM, £26. This brought prices back to within £1 a ton of the prices ruling the first of the month. However, there were numerous changes so far as the individual grades were concerned. The better qualities were still from £1 to £2 per ton below the open ing prices while the lower grades in some in stances were higher than the early prices. The market in Manila for U.K. grades opened with exporters paying: J2, P17.50; K, P16.50; LI, P15.50; L2, F13.25; Ml, P13.50; M2, P12; DL, P11.50; DM, P10.25. The market for the first half of the month was rather listless but prices move up slightly. Notwithstanding the heavy arrivals, there was very little good U.K. hemp being offered here and by the 20th of the month prices had advanced from P0.50 to P0.75 per picul. During the last ten days there was very little trading but prices declined somewhat and at the end of the month nominal quotations were: J2, P17; K, P16; LI, P15.4; L2, F12.4; Ml, P13.4; M2, P12; DL, P12; DM, Pll. However, there was practically nothing to be had at these prices and hemp from the better districts could have been sold at from 2 to 6 reales over the prices named. Japan:—There was a steady demand for the usual qualities from the Japanese buyers and they continued to take practically all of the Y3 from the typhoon districts. It is apparent that there will not be sufficient hemp from Leyte to take care of the demands from this market as production is showing unmistakable signs of decreasing. However, production is keeping up in the Bicol provinces and materially in creasing in Mindanao. Maguey:—Prices for both Cebu and Manila Maguey ruled strong for the entire month and are out of proportion to the prices ruling for Manila hemp. Cebu Maguey No. 2 is bringing P15.50, Cebu No. 3, P13.25; Manila No. 2, P15 and Manila No. 3, P14. These prices cannot be obtained in the foreign markets. However, the local buyers continue to take practically all the Manila Maguey offered. Production:—Receipts continue abnormally high and the 51,000 bales during the first week of the month broke all previous records. We believe the total for the month of February is very close to a record for production during any one month. The excess hemp, however, is mostly damaged fibre from the typhoon dis tricts, particularly Leyte. By the end of March all the hemp stalks that were blown down will have been cleaned and then production is ex pected to decline sharply in Leyte and to a lesser extent in Sorsogon and Samar. Our own infor mation would indicate that production in Albay will continue as before. There will be a slight decrease in Samar and a little heavier decrease in Sorsogon but not more than 10%. The decrease in Leyte is estimated to run as high as 50% but we believe half that amount will be bearer correct. On the other hand production in south Mindanao will unquestionably increase There is Satisfaction and Content ment in a glass of cold, frothy Brewed by SAN MIGUEL BREWERY STANDS ALONE IN ITS 100°/o PURITY its immunity from every trace of microbic life and earthy deposits and its RADIO-ACTIVITY which renders it of inestimable value in stomach and intestinal disorders. A Glass of “TANSAN” after each meal is a sure preventive of “IN DIGESTION. ------------SPECIAL NOTE-----------“TANSAN” is on sale all over the Island, however should any difficulty occur in procuring it— Remember it can always be obtained from the Sole Distributors F. E. Zuellig, Inc. ------- Manila — Iloilo — Cebu-----— IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL IViarcñ, 1929 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 35 sufficiently to offset the loss of hemp from the other provinces and since the Mindanao hemp is of better quality, the total value of the crop will increase rather than decrease. Freight Ra+es:—There is no change in rates on hemp since the last report. Statistics:—The figures below are for the period ending March 4, 1929. 1928 Bales 139,632 230,533 Manila Hemp On hand January................. Receipts to date................... 1929 Bales 158,452 318,153 Supply to date.................. 476,605 370,165 Shipments to— U. K.................................... 49,983 74,176 Continent........................... 24,068 28,987 U. S..................................... 96,140 55,622 Japan................................... 80,530 47,148 All Others.......................... 6,264 9,836 Local Consumption............. 6,000 10,000 262,985 225,769 FEBRUARY SUGAR REVIEW By George H. Fairchild New York Market (Spot): The depression which characterized the American sugar market in previous months con tinued during the month under review. Prices further declined to the 1-15/16 cents c. and f. (3.71 cents 1. t.) level. While the market was steady at the decline during the first half of February with par cels of Cubas sold at >m 1-31/32 cents c. and f. (3.74 cents 1. t.) 2 cents c. and f. (3.77 cents 1. t.), it became weaker with no disposition to operate during the latter part of the month when prices reached the level of 1-15/16 cents c. and f. (3.71 cents 1. t.) for present shipment of Cubas. At the close of the month, the market was steadier but without change in prices. It is the consensus of opinion that the present depression is due to the large supplies of new Cuban sugar crop, as shown in the following statistics for the week ending February 25, in comparison with the figures for the corresponding weeks of the two previous years: 1929 Ton 1927 Ton 1928 Ton Receipts......... 224,590 229,964 233,000 Exports.......... 127,894 83,828 123,000 Stocks............. 718,920 709,706 820,000 Centrals work ing............... 175 169 163 Totals:— Receipts......... 1,263,372 1,025,445 1.452,500 Exports.......... 614,193 498,820 720,000 It is believed, however, that the proposed legislation increasing the United States sugar tariff, if enacted, will have a stimulating effect on the sugar market for the second half of the present year. The visible stocks in the U.K., U. S., Cuba, and European statistical countries at the end of February were 5,289,000 tons as compared with 4,751,000 tons at the same time in 1928 and 4,489,000 tons in 1927. Futures:—Quotations on the New York Ex change during February fluctuated as follows: High Low Latest March,.......................... ......... 2.01 1.85 1.91 May............................... ......... 2.09 2.00 2.03 July............................... ......... 2.16 2.07 2.11 September................... ........ 2.18 2.13 2.15 December..................... ......... 2.25 2.19 2.20 January, 1930............. ......... 2.24 2.17 2.20 Philippine Sales:—During the month under review, sales of Philippine centrifugals in the Atlantic coast—afloats, near arrivals, and for future deliveries—amounted to 23,000 tons at prices ranging from 3.71 cents to 3.90 cents landed terms, as compared with sales amounting to 75,000 tons at prices ranging from 4.14 cents to 4.50 cents landed terms, during the same period last year. Local Market—In sympathy with the de pression in the American sugar market, the local market for centrifugals was weak and dull. Quotations for parcels for exports ranged be tween P8.625 and P9.00 per picul in comparison with last month’s quotations at from P8.625 to P9.06 per picul. Due to the continued demand from China there was no change in the quotations for mus covados, i. e. P6.50 per picul on the basis of No. 1. Crop Prospect—Milling operationss on Ne gros are proceeding satisfactorily, there having been no interruption beyond a 24-hour shut down due to the excessive rains in January. As a rsult of the heavy rains and the typhoon on November 23, 1928, the outturn is not likely to reach the estimate with the exception of one or two districts. The growth of the young plant has been temporarily checked by too much rain but it has lately improved with the recent favorable weather conditions. In general the plantings have been earlier this year than in previous years. On Luzon, grinding has continued uninter ruptedly. In some districts the estimates of some of the larger Centrals may be exceeded. Good germination is noticeable and the young cane is in as good condition as it was last year at this time. Philippine Exports:—Exports of sugar from the Philippines for the 1928-29 crop from No vember 1, 1928 to February 28, 1929, amounted to tons, segregated as follows: Metric Tons Centrifugals............................................. 175,544 Muscovados............................................ 2,659 Refined..................................................... 2,343 Total................................................. 180,546 Java Market: Although the Java sugar market was reported dull during the month under review, prices were unchanged, as follows: Spot Superiors, Gs. 14-3/8 = P7.73 per P. I. picul f. o. b.; May Superiors, Gs. 13-3/4 = 7.40 per P. I. picul f. o. b.; June Superiors, Gs 13 = 7.02 per P. I. picul f. o. b.; July-Aug. Superiors, Gs. 12-3/4 = 6.89 per P. I. picul f. o. b. llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll 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. WASHINGTON Commercial Printing is a silent but powerful messenger, and your letter heads, billheads, cards, envelopes, etc., when well printed, all help to build ztp that feeling of confidence so much desired in this modern business age. Close personal attention to every phase of a printed job is an invariable feature of McCullough Service, and our repu tation for producing good printing merits your patronage. McCullough printing company ioi escolta Phone 21801 manila, p. i. IN RESPC Tr 4'' '1-■ TS PLEASE MENTION THE AM ' OF COMMERCE JOURNAL 36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL iviarcn, BUSINESS AND PROFESSIONAL DIRECTORY Kerr Steamship Co., Inc. General Agents “SILVER FLEET” Express Freight Services Philippines-New York via Java and Singapore Roosevelt Steamship Agency Agents Chaco Bldg. Phone 2-14-20 Manila, P. I. Myers-Buck Co., Inc. Surveying and Mapping PRIVATE MINERAL AND PUBLIC LAND 316 Carriedo Tel. 2-16-10 Pag arc i A? STA. POTENCIANA 32 TEL. 22715 OjTS COLOR PLATES . HALF-TONES gfc ZINC-ETCHING PHILIPPINES COLD STORES Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. MACLEOD & COMPANY Manila Cebu Vigan Davao Iloilo Exporters of Hemp and Maguey Agents for INTERNATIONAL HARVESTER CO. Agricultural Machinery UNIVERSAL BATTERIES P26.50 One Year Guarantee CARO ELECTRICAL SERVICE 110 P. Faura Tel. 5-69-44 » * CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description “LA URBANA” (Sociedad Mútua de Construcción y Préstamo») Préstamos Hipotecarios Inversiones de Capital 111 Plaza Sta. Cruz Manila, P. I. P. O. Box 1394 Telephone 22070 J. A. STIVER Attorney-At-Law Notary Public Certified Public Accountant Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. HANSON & ORTH, Inc. Manila, P. I. Buyers and Exporters of Hemp and Other Fibers 612-613 Pacific Bldg. Tel. 2-24-18 BRANCHES: New York—London—Merida—Davao MADRIGAL & CO. 8 Muelle del Banco Nacional Manila, P. I. Coal Contractors and Coconut Oil Manufacturers MILL LOCATED AT CEBU SALEEBY FIBER CO., INC. Fiber Merchants P. O. Box 1423 Manila, P. I Room 318, Paciñc Building Cable Address: “SALEFIBER” Derham Building Phone 22516 Manila P. O. Box 2103 MORTON & ERICKSEN, INC. Surveyors AMERICAN BUREAU OF SHIPPING Marine and Cargo Surveyors Sworn Measurers No Irregularities Society of All Nations, International in Scope, Civic, Educational, Charitable, Fra ternal, Social and Industrial. A Branch in your Community will help its progress in every way. After an existence of six years in the Philippines, the Bureau of the Treasury of the Philippine Government examined the books and records of this organization and found it to be one of the few large fraternal and mutual aid societies without irregular ities or anomalies. Red Rovers of the World of the P. I., Inc.„ De la Rama Bldg. No. 2—Room 23 P. O. Box 1141 Manila, P. I. Mr. MANUEL VALENTIN TAILOR Formerly Chief Cutter for P. B. Florence 8s Co. 244 Plaza Sta. Cruz Manila, P. I. Phone 2-61-30 The Earnshaws Docks and Honolulu Iron Works Sugar Machinery Slipways Machine Shops Port Area Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL READING YOUR RISKS The keen businessman diversifies his investments both geographically and by types, not alone to avoid possible adverse conditions in some single industry or section of the world, but also to share more widely in those favorable developments which strengthen investment holding and make them more valuable. Í SUGGEST— Pittsburgh Hotels Corporation— 51^% Sinking Fund Gold Bonds, due March 1, 1948, yielding approximately.............................. 5%% Chile Copper Co.— 20-Year Gold Debentures, due 1947, yielding approximately............................................................ Cities Service, Power and Light Company— 5^% Gold Debentures, due November 1, 1952, yielding approximately....................................... 5 .65% German Central Bank for Agriculture Farm Loan— Secured 6% Sinking Fund Bonds, due October 15, 1960, yielding approximately........................ 6^2% Columbia Steel Corporation— First Mortgage Sinking Fund Gold Bonds 5^% yielding approximately...................................... 5^2% Norwegian Hydro-Electric Corporation— Gold Bonds—Series A—5^%, due 1957, to yield approximately................................................... 6.12% Commonwealth of Australia External Loan— 30-Year 5% Gold Bonds, due September 1, 1957, yielding approximately..................................... 5.125% General Electric Co., Germany— 20-Year 6% Gold Sinking Fund Debentures, due May 1, 1948, yielding approximately............ 6j^% The average yield on the above list is approximately 6% Full Details On Request INTERNATIONAL BANKING CORPORATION FRANK G. 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Make it a Christ mas gift, and Do It Now} At/- NDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Beauty and Economy Perhaps you have echoed the question of thousands of people throughout the world, “How can Dodge Brothers produce a car so good looking at a price so low?” The explanation is simple: few manufacturers have equal resources at their command. Leading designers co-operated to make Dodge Brothers Standard Six just what it is—the most beautiful car in its price class. You will feel comfortably at ease at the Standard wheel from the very start, and driving is so delightfully easy that you need never worry again about congested traffic, rough roads, steep hills or sharp curves. Nor need you ever worry about expense. Dodge Brothers Standard Six is economical to buy and exceptionally economical to operate. Dodge Brothers complete line of passenger vehicles includes the Standard Six, the Victory Six and the Senior Six. Sole Distributors: ESTRELLA AUTO PALACE LEVY HERMANOS. Inc. 536-568 Gandara ILOILO — MANILA — CEBU roth eras Standard Sin IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL