The American Chamber of Commerce Journal

Media

Part of The American Chamber of Commerce Journal

Title: The American Chamber of Commerce Journal
Description: Manila : The Chamber, 1921-1976
52 v.
Issue Date: Volume XI (No. 10) October 1931
Publisher: The American Chamber of Commerce of the Philippine Islands (Member Chamber of Commerce of the United States)
Year: 1931
Language: English
Subject: Philippines -- Commerce -- Periodicals.; Philippines -- Economic conditions -- Periodicals.
Rights
Place of publication: Manila
extracted text: 1 r The Advantage of Doing Nothing (about the P. I.) Yes, Philippine Mahogany Wins Walter Robb W. W. Harris What Value Our Forests The Lumber Situation Arthur Fischer U.S. Trade With the World for Six Months Way Down in Dixie Rubber BaronsPight to the Death Bingham’s Word to Puzzled America Janet H. Nunn Three Philippine Editorials Howard Wolf in The Amer ican Mercury The Philippines Are Im portant Abaca Will Make Good Rayon A Possible Use for Abaca J L Other Features and the Usual Expert Reviews of Commerce J TRULY • A • MAGAZINE—PREEMINENT • IN • THE • PHILIPPINES A Box of “PIGTAILS” for Christmas ! ( \ PRICES T All charges PREPAID to the United States. Our pricelist may be obtained at our retail store on the Escolta, near the Jones Bridge. ABACALERA’S “PIGTAILS” Cigars ! arc famed around the world for their * distinctiveness and exceptionally high quality. | This makes them most appropriate as gifts | from the Orient to the ‘folks at home.’ 1 Made from the finest Isabela tobacco, j in four sizes, and all with the distinctive ; “PIGTAIL” twist. i TABACALERA Tobacco Gifts Are Appreciated When Telegraphing Use The Radiogram Route ORLD IDE IRELESS .1 RADIO CORPORATION OF THE PHILIE^INES INSULAR LIFE BUILDING „ r2-26-01 PHONES: 2-26-02 Always Open IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JC* ; October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 HOT Water for Shaving j I Now Every Home Can Have a -Hvtfwinf Electric Range DOWN T IKE any other man, you prefer HOT water for | shaving. You can have it | without fuss, muss or wait : with a GAS Water Heater. Let us tell you more about it; if you’re too busy, telephone us and our representative will call. Manila Gas Corporation Display Room: Roxas Building Tel. 5-69-34 No Better Tires Have Ever Been Manufactured o Goodrich SlLVERTOWNS are Water Cured I AND THE BALANCE IN 23 EQUAL MONTHLY INSTALL MENTS, PUTS A HOTPOINT (Model R-97) Electric Range IN YOUR KITCHEN. During OCTOBER Only Act Now While This Offer Lasts! Manila Electric Company MANILA TELEPHONE 2-19-11 Goodrich International Rubber Co. ■ ILOILO MANILA CEBU IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 MINERAL WATER HELPS digestion and prevents stomach and intestine disorders Refreshing and Invigorating For Vacation, Relaxation and a change of Climate BAGUIO is the place for you BAGUIO offers all the comforts of the metropolis, without any of its drawbacks. The combined work of nature and man has made this Mountain City the ideal resort of the Philippines. Its bracing climate, its unusual opportunities for healthful exercise and recreation, the beautiful scene ries to be met everywhere are some of its attrac tions. Even in the rainy season, when weather in the low land is most unpleasant, BAGUIO affords balmy days of sunshine when the visitor may spend his entire day outdoors and indulge in his favorite sport to his heart’s content. Trip to BAGUIO by the MANILA RAILROAD IS EASY, SAFE and COMFORTABLE Two EXPRESS Trains are available daily. Thru Rates are low Manila-Baguio First Class Third Class One way .... . . P14.33 P4.83 Round trip . . . . . 23.32 8.78 FREE Delivery and Pick-Up Service Between Baguio Station and all stores and buildings on Session Road, Market Plaza and Government Cen ter for small shipments. Between Baguio Station and accessible stores within the City of Baguio, including Trinidad Valley, for any single shipment weighing 2,000 kilos or over. For further information, please apply to Superintendent, Benguet Auto Line, Baguio Station, near Pines Hotel. MANILA RAILROAD COMPANY W RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL The Advantage of Doing Nothing Hawes-Cutting bills, Vandenberg plans and what have you are keys to a Pandora’s box congress will probably keep locked. Pandora was a very gifted and fortunate goddess, or maybe just a demigoddess—she may have been an Olym pian mestiza. At any rate. Pandora could drop in at Tiffany’s and shop as much as she pleased, buy Paris frocks and meet the drafts regularly; she was one .of the most popular of the younger set, and one of the most elig ible, too—reflecting great credit on the finishing school she had attended, her French governess and her father’s bank account. But Pandora, highly favored . though she was, was discontented. This put the Evil One on her The American Chamber of Commerce OF THE Philippine Islands (Member Chamber of Commerce of the United States) DIRECTORS AND OFFICERS P. A. Meyer, President H. M. Cavender, Vice-President John L. Headington, Treasurer Leo K. Cotterman ALTERNATE DIRECTORS Sam Fraser Verne E. Miller O. M. Shuman S. R. Hawthorne I;*® O. M. trail, and he trapped her. He gave her a bauble, a jewel ed box, warning her not to open it lest evil befall her. She,’ however, used to having her way and thinking Dad could fix everything that might go wrong, opened the box—out of which poured the foibles, sins and unhappiness of the world. Dad couldn’t fix it, Pandora, bless her heart, was ruined. They are tinkering with a Pandora’s box in congress, the status of the Philippines. They acknowledge that the Philip pines are young, handsome and happy, but they have designs on them and plan to tempt them in some guileful fashion to their eternal undoing. Thus the Hawes-Cutting bill would do, thus the Vandenberg plan set forth at page-length in the 9th news section of the New York Times of August 16. Senator Vandenberg of Michigan is a Republican and speaks ex cathedra, so to speak; and Cutting is a Republican and hopes to have his party with him. What he has con cocted with Senator Hawes and a majority of the senate committee (if not the house) needs no long discussion, the important point is that it marches America out of the Philippines in five years, and in four years, at 25% a year, it applies the American tariff to Philippine products sold in the United States, the Philippine tariff to Amer ican goods sold in the Philippines. The Vandenberg plan is stated cryptically in the Times, but it is something like this: It would empower the Philippine legislature to do the tariff imposing business; it would pursue the homeopathic broken-dose technique, each legislature, lasting three years, could impose a little tariff until, in twenty or thirty years, the trade would be bearing the full duties. The Philippines have not been in a war, have slain no crown princes, but this Vandenberg plan would stick them for reparations just the same: it would be too bad for folk to be paying thirty years hence for the folly of their forbears. The ever increasing number of IMPROVED MODEL “A” FORDS . in the cities and on provincial roads is evidence of their great popularity in the Philippines The improved Model “A” Ford stands alone in the light car field for QUALITY—EFFICIENCY—ECONOMY—DURABILITY Order Your Ford Today! EASY TERMS MAY BE ARRANGED “After We Sell We Sertie” MANILA TRADING & SUPPLY CO. MANILA—CEBU IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 But that is not the dourest aspect of the Vandenberg plan. The dourest aspect of the Vandenberg plan is its being all theory. Super ficially it is logical, approaching you with this argument: “Don’t you see, when 10% of the duties are imposed, only 10% of the trade will be lost; and perhaps not even that, maybe we can beat the tariff. Paying 20% of the duties, we shall still have 80% of the trade coming to us now by reason of the free entry our goods enjoy in the Philippines, and vice versa, the Philippines will still be selling 80% of their sugar in the United States, etc.” So? Custom makes strange laws, the neat Spencerian copybooks used to tell us. Yes, even a custom duty. When the Vandenberg plan came out this journal did some telephoning. It learned in a few minutes that not 10% of the duty, but 5% only, would close out America’s cotton-goods trade here. It is now 88,000,000 gold a year, 50% of the whole. Charge 5% of the tariff against it, and it is gone; you don’t need to bother with the other 95%, nor wait thirty years. It was learned that 10% of the duty would close out American shoes, dealers are wobbling already between old con nections in the United States and tempt ing offers from England and Europe. Burning the midnight oil over the 1930 report of the customs collector, only served to corroborate this informa tion with overwhelming and alarming details. The Phil ippine trade Amer*ica would have left after even a frac tion of the tariff was imposed would be that in which price was not a consideration, or in which, as with au tomobiles and some lines of steel products, America enjoys special ad vantages. “But,” some say. "Don’t you see? The Philip pine legislature would not apply the tariff. As soon as it applied a little bit, 20% or so, Philippine indus tries would be hurt and the legislature would not dare go on.” No, that legisla ture couldn’t go on, it would have shot its legal wad. But the elections would return a more rad ical lot of men who would go right ahead with the mischief. America would find at once that she had maneuvered her self into the unenviable position in Phil ippines overseas trade she held before 1898, she would be buying Philippine products and selling the Philippines mighty little goods. Let us look at sugar a moment. Cuba makes it for the United States, with American capital; it is the staff of life to Porto Rico and Hawaii, too, who both sell exclusively in the United States. It is illogical to assume that the tariff will ever be higher, but log ical to assume that it will soon be much lower—perhaps nearly wiped out. Besides, the surplus of sugar in the world will eventually be exhausted— even the bootleggers can be depended upon to use it up!—and the price will go up as stocks go down. You must not think of sugar as at P8 a picul, rather at 1*12 or P16. For .the chance to tax American trade out of this mar ket, the full duty on sugar going into the United States might be taken as a cheap price to pay. The thought may be heresy, but it isn’t a duty on Philippine sugar that would ruin the industry, only the duty coupled with a prolonged depression of the market would do that. Full duty just now would cripple the industry, suspend, no doubt, grinding at some of the mills (producing sugar at P2 or thereabouts a picul, about 1*4.50 for the mill’s share), but with a rising market the industry would revive. The average bill-of-lading price of sugar in the Philippines has been as , Sun Studio Photo HURLEY WELCOMED IN MANILA Left to right:—Senate President (acting) Sergio Osmefia, Speaker Manuel Roxas, Secre tary of War Patrick Jay Hurley, Governor General Dwight F. Davis. Secretary Hurley was welcomed in Manila September 1 upon his arrival here from the United States with full military honors, an inspiring formality which was repeated upon his departure. His oldtime friend and Washington associate, General Hines, with staff in full regalia, were at the pier on both occasions, the 31st Infantry providing a thundering background of martial display and music. certained for the 5 years 1924 to 1928 inclusive. It is Pl 1.10. The tariff, as high as any tariff is ever likely to be, is about P5. Sugar from the 1931-32 crop is selling at P8, and the full tariff applied at this time would have this effect: It would accelerate the bankrupt ing of the planters, and cause the milling centrals to undertake thi administra tion of the plantations (as their con tracts provide). This would promote cane production, intensify methods of cultivation and solve the last problem of the industry in the Philippines, that of big yields at low cost per hectare. Soon producing a million tons of sugar, with labor employed at about 40 cen tavos a day, the Philippines (become an oligarchy so far as the sugar industry were concerned) would send sugar with out limit into the United States. The tariff, paid, would not stop them. Little of this sugar, of course, would then be carried by American ships. Philippine and foreign ships would carry it, or only foreign ships: there would not be many American boats coming to the Philippines, they would have but little goods to bring here. The man in Amer ica, perhaps a bect-sugar maker, who wants to keep Philippine sugar out of the United States with a tariff and wants his congressman to vote for the HawesCutting bill or the Vandenberg plan for that reason, has simply been deceived— the dust of the Cuban-sugar propaganda is in his eyes, blinding him to his true interests. These are, since Philippine sugar will go to the United States in any case, to let that sugar in free, keep sugar land widely owned in the Phil ippines, and as large a market here as possible for all sorts of Amer ican manufactures. He will then have the best market possible for the product of his beets; an appre ciable part of that market will be created by the de mands of industry engaged in supply ing manufactures to the Philippines, including the ship ping so engaged. Senator Vanden berg discusses the balance of trade between the Phil ippines and the United States, al ways reported as in favor of the Phil ippines, in the same way official reports discuss it. But these reports refer to the customs data and do not go deep enough. Sen October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 5 ator Vandenberg fell short of the mark here, too. The actual market price of gold exchange indicates ap proximately how the true balance of trade stands, and it runs in favor of the dollar, therefore in favor of the United Statos. It includes steamship earnings, insurance payments, payments for goods, profits remitted, money remitted to America for savings and investment, etc., whereas only the money paid for goods shows in the official reports. Given all the money the army and navy spend here, mainly for American goods, after all, dollar exchange is usually at a premium, though the peso is fully protected with gold. Though the true trade balance can never be determined, the fact just stated reveals that it is not against the United States. Another point applies. American goods come here completely manufactured, ours, summing up into our fictitious trade balance, go to America either raw or semimanufactured; profits of many millions a year are made, in America, by Americans, in manufacturing these Phil ippine products and selling them. But in the Philippines the goods America sells here are largely sold by Americans, and when the business is profitable the profit goes back to the United States. It is thoughtless to maintain that the Philippines hold the trade balance in their favor. They prosper from the trade, but only in proportion to the country’s develop ment. The trade advantages them, but advantages America more. But you would get rid of the trade? When you think this, in America, you confound the part with the whole. You would act, if at all, to better yourself. Let us see. You would need Manila hemp as you need it now, and, perhaps with an export duty im posed in the Phil ippines, you would buy it and take it into the United States without an American duty. Hemp is on your free list, you pay from SI 2 million to 836 million a year for it. Under the new arrangement, you would have practically nothing but money to ex change for it. You would also still buy Philippine copra, with cash instead of, as now, chiefly with goods; the bill is about double that for hemp. (Just now, for copra only, it is about the same, but if the duty of $0,025 a lb. kept Philippine coconut oil out of the United States, the copra made into this oil in the Philippines would go to the United States). Copra enters the United States free of duty. You would start out bravely, and end disastrously; you would soon be buying from the Philippines about 10 times what you sold them, and settling the balance in gold. By erecting tariffs against their products and allowing them to levy duties against yours, you would have turned your valuable busiTaking Hurley Home—Captain Fred E. Anderton of the new Dollar liner Preeident Hooter, she on her maiden voyage and he in his SO th year at sea. Dollar Line Pholot ON THE PRESIDENT HOOVER The illustration shows a section of the first cabin (lining room on the President Hoover as she lay at Pier Seven September 24-2G on her maiden Pacific voyage out of New York. She is elec trically driven, cost S\500,000, accommodates three classes of passengers and an immense tonnage of freight, and is to be followed on the New York-Manila run by her sister-ship the President Coolidge. Mayor Tomds Earnshaw and a civic committee boarded her in the bay and gave welcome: Guillermo Gomez, acting customs collector, Kenneth B. Day, coconut oil manu facturer, Santiago Artiaga, city engineer, Juan Posadas, internal revenue collector, Howard M. Cavender, general agent of the Robert Dollar Company. J. Harold Dollar replied in behalf of the company to Mayor Earfishaw s address of welcome; he came to Manila on the ship and made the interisland voyage on the s. s. Mayon, sizing up shipping conditions. During the afternoons of September 24 and 25 the President Hoover welcomed friends aboard by invitation. She was crowded with admiring throngs on both days, as she was greeted upon her arrival and her departure. Compare the Empress and Dollar ships of today with those of prewar days, to realize what an expanding commerce means to the Philippines in modern convenient transportation. ness with them over to your overseastrade competitors. This, too, because you now labor under the fatal delusion that you trade with them at a disad vantage, when every bill of exchange, almost, bought in Manila to pay for your goods, carries in the premium charge the palpable evidence that you are really trading with the Philippines to your direct pecuniary advantage. Before you do anything about this matter, take the precaution to get an economist’s report on it. You don’t even know what the Philippines, free, would use for money. They might use silver, their money for 300 years—where the term Mex. came from. They would sell to the United States for gold, and they would collect duties in gold because the duties would be under mortgage. Under such shady conditions they could even pay a duty on copra sold in the United States. In other words, you can’t beat a farmer in a horse trade—this is a farming country. You can permit duties to ruin your trade in the Philippines, as the Van denberg plan would do promptly enough, but you can’t rid yourself of buying from the Philippines and paying gold for what you buy. This, however, should not be taken as opposing the Vandenberg plan. Fear it not. Let it go to congress, enhancing the bedlam there over the Philip pines. Let it even bear the baldric of the White House. Let everyone at once try unlocking Pandora’s box. By so much the more certainty will the box remain secure ly closed. Men will tire of trying to open it, one day, and set it aside in the ar chives of the na tion—sacred to the enlightened policy of William McKin ley. Then men will settle down to find ing out what there is to the so-called Philippine prob lem, and if there is one. They will, no longer their vision distorted by impassioned self interest, conclude that there is very little to the whole business. As in deed there is. —W. R. 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 This best substitute for true mahogany available in exhaustless quantities sold Yes! > Philippine Maho^any W^ins! w. w. Harris The lumber the Philippines export to the United States as Philippine mahogany is inexhaustible in quantity. Philippine hardwood forests are im mense, and carefully administered and protected. The manufacturer who de cides upon the use of this wood can rest assured he will always buy it at reasonable prices: it is manufactured at ocean-port, points in the Philippines contiguous to the forests, the mills are of the most modern and economic type, and the graded lumber goes directly by scow from the yards to shipside for loading to points throughout the world. This lumber is selected for export, and graded strictly in accordance with the regulations of the National Hard wood Association of the United States. America has no such wood as this, in quantities required by the trade, and you get no other similar wood in as satisfactory form as this from the Philippines. Every piece of this Phil ippine mahogany is good, the mills stand behind their shipments; so does the Philippine Hardwood Export Association. Nearly all other hardwoods imported into the United States go there in logs; the waste in turning these logs into lumber, sometimes more, sometimes less, is indeterminable. But Philippine mahogany goes to the buyer as the finished mill product*-1—it "Is good to the last foot. Philippine mahogany does not warp, split or check. Its grain is equal, often superior, to that of true mahogany; its lasting qualities are not less than those of mahogany, and it kiln-dries as well as mahogany does. It isn’t a new wood in the United States, England, Australia, and other countries buying it. For 25 years it has been exported from the Philippines, always with suc cess because of the care taken with it and because of its fine qualities as a hardwood; and now the last case against it in the Federal Trade Commission has been dismissed and our right is upheld to export it under the name Philippine mahogany. On June 3, 1931, the Federal Trade Commission rendered a decision dis missing proceedings against the Gillespie Furniture Company of Los Angeles, Cal., which was charged with unfair methods of competition because the respondent applied the name Philippine Mahogany to designate Philippine woods used for certain articles of furniture. The decision is important owing to the fact that Philippine mahogany is used extensively by high-grade furniture manufacturers, and by builders of boats, trim and other cabinet builders. As a result, the Philippine Islands will continue to supply their portion of the species commercially termed Philippine mahogany as used in this country. The Gillespie Furniture case is said to be a reopening or a re-trial of the old Philippine mahogany case which the Federal Trade Commission started orig inally in 1925 against a few Philippine mahogany distributors because it was alleged that, Philippine mahogany is not botanically a mahogany wood. The defense of the respondent at that time was that the particular species which was termed, and still is termed, Philippine mahogany was entitled to Logs like these are making a name for Philippine Woods in World markets that name in commercial transactions the same as are certain species of com mercial mahogany from other sources, which likewise can enter the American markets under the comprehensive trade designation mahogany, qualified by some descriptive adjective. Botanically the Philippine mahogany tree is not related to the Cuban, Mex ican or African varieties, but the wood is very similar, and it is said to be very difficult to distinguish it from other commercial mahoganies when it is used in commercial practice. In 1926 the Federal Trade Commis sion entered a decree against several Philippine mahogany dealers ordering them to discontinue the use of the term Philippine mahogany. The Circuit Court of Appeal finally sustained the Commission, one justice claiming that the Commission’s findings of fact, while binding upon the court, were against the weight of evidence. Moreover in view of the fact that the U. S. Supreme Court refused to review the case, the dealers and distributors of Philippine mahogany, who were not connected with the original case, felt that it was unfair to expect them to agree not to use the name Philippine mahogany until after the question was given con sideration in new proceedings. In fact, it is said that all the Philippine maho gany proponents doubted the correct ness of the decision, and believed that new proceedings before the Federal Trade Commission would develop more facts. In consequence of the general dis satisfaction, the Insular Lumber Com pany of Philadelphia, Pa., offered to finance the defense of any concern against whom the Commission might bring further test action. The result was that the Commission evolved pro ceedings against the Gillespie Furniture Company of Los Angeles, Cal., and during the course of the new hearings more than 6,000 pages of testimony were taken, and hundreds of exhibits were introduced. The Commission took testimony in Los Angeles, San Fran cisco, Seattle, Spokane, Chicago, Cin cinnati, Indianapolis, Jamestown, New York City, and Washington, D. C. The Insular Lumber Company through its attor neys, Harry D. Nims of New York and Daniel II. For bes of Washington, D.C., protested the original Commis sion findings, and presented new facts and testimony im pugning the fair ness and correctness of testimony offered in the previous case, and contending that there was no fraud or deceit in volved in the selling of certain specific Philippine woods, commercially, as Phil ippine mahogany. The resultant dismissal by the Com mission means, of course, that the Com mission found no cause for complaint against the trade designation Philippine mahogany. Thus that trade name can legally be continued in use for the several woods which have been sold and used since 1905, and, of course, commodities produced with Philippine mahogany can be designated and sold as Philippine mahogany in commercial practice. Producers, dealers and con sumers are thus also free from any in hibition in the matter of advertising or otherwise offering the specific woods from our possessions under the trade name Philippine mahogany. The outcome of this Gillespie case is generally attributed to the persistent work by the executives of the Insular Lumber Company, supported by de velopment of facts on the part of those whose testimony was solicited not only by the respondent but also by the Com mission; in fact, the reports would in dicate that many of the Commission’s witnesses contributed to the factual evidence which prompted the decision. October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 What Value Our Forests? Philippine forests offer excellent opportunities for the manufac ture of turpentine, varnishes and quinine, now minor products. •EQ The commercial exploitation of Phil ippine forests has been limited to logging and the manufacture of lumber for building and cabinet purposes. The Philippine Islands possess an untapped source of wealth in the stands of almaciga timber for the making of high grade varnishes phonograph records, linoleum, sealing wax, and patent leather. The pine forests of the Mountain Province could be made to yield a valuable re venue in turpentine. The Bureau of Forestry by experiments have found that cinchona trees from the bark of which quinine is extracted can be grown in the islands. The annual re port of the bureau of customs shows that the Philip pines have been im porting annually from 30.000 to 304,000 liters of spirits of turpen tine. The average importation for the past nine years being 81,000 liters valued at from 1*15,000 to P133,000. This repre sents a yearly retail trade of 1*40,000 in turpentine, the retail price being P.45 to P.50 per liter in the local market. This com modity is imported mostly from the United States and some from Great Britain, and Sweden. Here is a new industry where the investor has be fore him the prospect of P30.000 to P50,000 in local trade annually with practically no competitor, and the ad ditional possibility of an European market. There has been little attempt to manufacture turpentine in the Philippine Islands. A few attempts were made prior to 1930 to ascertain the value of the Benguef pine for making turpen tine. In 1930, the Bureau of Science analyzed the sap of this pine in Baguio and found that a productive tree with a one cup tap produced 3683 grams of resin in 3 months. A standard tree, 40 to 60 cm., in diameter with 2 cups produced about 7 kilos of resin per year. Pine trees in the United States produce more than this, but the tapping season is shortened by cold weather. In the Philippines this would hot be true, the tress yielding sap the year around. The scattered stands of Benguet pine are a decided drawback to turpentininc here in the islands as is also the moun tainous character of the land where it grows. From the bark of the almaciga tree is taken a hardened resin called Manila Copal. The almaciga is a member of the pine family. Copal varies in color from an almost transparent yellow to reddish brown, and is used in the manu facture of varnish. Since 1921 the industry has grown from the production of 542,700 kilos of copal, valued at A Lumber yard at one of the ■ provincial Mills 1*140,607 in 1921 to an output of 1,116,474 kilos valued at about 1*300,000 in 1930. Compared with the world’s annual supply of which the Dutch Indies produce about 88%, the Phil ippine output is less than 10%. Almaciga trees are found in most of the forests of the large islands and provinces, but only Camarines Sur, Tayabas, Palawan, Davao, Cagayan, Zamboanga, Camarines Norte and Sorsogon make regular shipments to Ma nila. No extensive surveys have been made on the possibilities of the copal industry except to locate the stands of the trees. There is no area covered entirely by almaciga trees. The per centage varies from 10 to 50% of the entire stand. The collection of the resin cannot be classed as an industry even now. When other crops fail in the almaciga regions, or when the price of the resin is high it is collected. There are two methods of extracting the resin. One is by dig ging in the ground where the trees stand and the other is by tapping the bark of the live tree. The first method yields what is called ground or fossil resin, and the second tapped resin. Fossil resin is older, darker in color, more compact and commands a higher price than tapped resin. Fossil resin is formed by injuries to the roots of the tree which cause the sap to flow and harden in a compact mass. These collections are often very large, weigh ing as much as 60 kilos. Copal is found in some cases on the surface of the ground, gen erally a few inches below the surface and sometimes to a depth of from 2 to 4 feet. The lat ter is unusual how ever here in the Philippines. There is very little fossil resin now available on the market al though it is pos sible that there is still a large supply in regions where there has been little collection. Tapped resin when exposed to the air congeals in formations resem bling tear-drops, is great and exposed for a long time takes on the appearance of icicles. No cup is used to collect the sap as in the case of turpentine, for the resin hardens in a short time. The icicle-like masses often become a meter long if left for any length of time. A collector can collect as much as 30 to 40 kilos of resin in a day. In 1930, 1,023,478 kilos of resin was produced, about 90% of which came from Davao, Camarines Sur, Palawan and Tayabas. This amount could be increased three to four times that amount if the industry were properly developed. The cost of shipping 1 picul of almaciga resin to Manila including forest charges varies from 1*4 to 1*5. The price of copal in Manila varies from P10 to P25 per picul depending upon the grade. Quinine is an alkaloid derived from the bark of the cinchona tree. The {Please turn to page 20) 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 The BANQUETEERS According to the newspapers (it is not for us to say, but please forgive us the vanity of repeating), no function given in honor of Secretary of War Patrick Jay Hurley during his September visit here was more successful than that little dinner for him given by the Filipino and American chambers of commerce September 15, in the latter’s hall in the [American Chamber of Commerce building. Some 150 Filipino and American Chambers of Commerce Dine Secretary Hurley Left to right: Senator Osrnena, Acting President Cavender, Secretary Harley, President Barzi, Geverner Davis, Speaker Roxas business men were at the tables, quite filling the hall; the menu was excellent, and the spirit of the best. Acting President Howard M. Caven der did the honors for the Americans; President Isaac Barza for the Filipinos. Behold a section of the speakers’ table, a more representative group of men who are among the custodians of the future of the Philippines has not been seen in Manila for many years. Perhaps the initiative had been the privilege of the Americans, who found the Filipinos their hearty allies. The common judg ment was, more such get-together meet ings would do everyone good. Key noting for the American community Mr. Cavender said: “In behalf of your friends assembled here tonight, I extend to you our greetings and our sincere welcome. As business men, we realize that your stay here is of necessity short. As individuals and collectively, wc stand ready to accord to you whatever assistance you may desire. If in any wav we can be of help to you in your task here, we hope that you will not he sitate to call on us. Again, we bid you welcome.” And Mr. Barza, for the Filipinos: “A wave of mingled feelings surges in my heart as, in behalf of the Filipino chamber of commerce, I heartily subscribe to the remarks of Mr. Cavender. There is a feeling, as I weigh the significance of this gathering of American and Filipino business men, of mutual respect and good will. “There is also a prophetic feeling that projects itself into the unknown future as I ponder the significance of the historic visit to our shores of our distinguished guest. And with that feeling is the hope that it is an augury of a new spirit, of the dawn of a new day in American-Filipino relations; a day of cordiality and highmindedness of which the present gathering is symbolic. “Gentlemen, in behalf of the American and the Filipino chambers of commerce, I ask you to drink with me to the health of our distinguished guest of honor. Patrick Jay Hurley, secretary of war of the United States.” Then, master that evening as through out his entire sojourn in the Philippines of the confidence and responsibility placed in him by President Hoover, Mr. Hurley said, as the Tribune reported him: "I am delighted to be here this evening. I am not going to make an after-dinner speech, possibly because I remember the case of a gen tleman in Oklahoma, who walked into the the sheriff’s office in his county one day and offered to give himself up. “ ‘What did you del?’ asked the sheriff. “ ‘Well, I went to one of those commercial banquets,’ replied the gentleman, ‘and there was an after-dinner speaker. And I got so sick of listening to him that I pulled my gun, and before I realized what I had done, I’d up and killed him.’ “ ‘You’re in the wrong place,’ the sheriff told him. ‘The county clerk’s office is the place where they pay bounties on those critters.' “I have had a delightful visit in the Philip pine Islands,” Mr. Hurley continued. ‘I appreciate the cordiality and the kindliness of the Filipino people. I am much interested in the problem which I have come here to discuss and to understand. I agree with the president of the Filipino chamber of commerce when he says that we are reaching the point of cordiality and understanding. I believe that we have almost reached the point where we can consider the problem with our minds, and not with our emotions. “We are all keenly anxious to find a solution to this problem that is conducive to the best interests of both nations. I assure you, gentle men, that when I leave the Philippine Islands, I shall leave them with the desire to bring about a mutual understanding, and to insure the pro tection of all the interests involved in this problem. “I have a keen interest in the welfare of the Filipino people, and I may also say that I have a profound respect for their aspirations.” The Tribune’s comment reflects the good feeling the banquet promoted: “That the American Chamber of Commerce and the Philippine Chamber of Commerce were last night the institutions under whose auspices a dinner was given in honor of Secretary Hurley, is very significant. Here are two bodies of power and influence, and of divergent views upon almost all vital issues, meeting on a common ground upon one vital issue. We hope for a continuance of this understanding. The sit uation here in all its aspects—business, econo mic, social—is inherently a situation of divided grouns. For years, the American Chamber of Commerce and the Philippine Chamber of Commerce have stood rivals as leaders of groups openly antagonistic. But last night, without any surrender of convictions or yielding of tra ditional points of view, they demonstrated that upon the general welfare of the country they could cooperate. That is an attitude that we hope is a forerunner. This country during the past three decades has progressed wonderfully largely on an admitted cooperation between Americans and Filipinos. The leading trade bodies here representing these two elements should submit to that historic fact and where they could profit by it, make it rule their acts.” Secretary Hurley then went to Ba guio, remaining in the Mountain prov ince until September 24. On Sep tember 25 he was feted by the Univer sity of the Philippines, and the state council and Governor General Davis tendered a reception by invitation in his honor in the evening at the Manila hotel. The reception upon his arrival had been at Malacanan. These three fetes capped the many which gave Secretary Hurley a very arduous social program during his entire visit in the Philippines. lie sandwiched confer ences in as best he could, however, and managed to get quite a cross-section of opinion here in the realm of politics and economics. He enjoyed heartily the levee of the Veterans of Foreign Wars for him at the Plaza hotel. The veterans enjoyed him no less. In his talk, of a few moments, to the veterans he quite justified his reputation as the Republican’s best stump speaker. This is encouraging in connection with his farewell opinion that as long as the Philippines are under the United States flag he will feel it his duty, as it will be his pleasure, to oppose discrimination against them: (1) oppose duties upon {Please turn to page 30) October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 U. S. Trade For 6 Months With the World Silver, floods, and politics affect Far East, but relatively the trade holds its place .... Janet H. Nunn. MONTH OF JUNE BIX MONTHS ENDING JUNE Expats to— NortE America. South America. Oceania............ 1930 1931 1930 1931 Principal Countries: Belgium.............................. Czechoslovakia.................. Denmark............................. Germany............................. Greece................................. Irish Free State................ Italy..................................... Netherlands........................ Soviet Russia in Europe. Switzerland........................ United Kingdom.............. Canada................................ Central America............... Mexico................................. Cuba.................................... Dominican Republic........ Argentina............................ Brazil................................... Chile.................................... Colombia............................ Ecuador............................... Peru..................................... Uruguay.............................. Venezuela........................... British India...................... British Malaya.................. China................................... Hongkong........................... Netherland East Indies.. Philippine Islands............ Australia............................. New Zealand..................... British South Africa........ Egypt................................... Imports from— NortE'America. South America. Oceania............ Principal Countries Belgium.............................. Czechoslovakia.................. Denmark............................ Germany............................ Greece................................. Irish Free State................ Italy..................................... Netherlands........................ Soviet Russia in Europe. Spain................................... Switzerland........................ United kingdom.............. Central America............... Mexico................................. Cuba........... <...................... Dominican Republic .. . . Brazil*1.".”........................... Chile.................................... Colombia............................ Ecuador.............................. Peru..................................... Uruguay.............................. \ enezucla........................... British India...................... British Malaya.................. China.................................. Hongkong........................... Netherland East Indies.. Philippine Islands............ Australia............................. New Zealand..................... British South Africa........ Egypt.................................. $122,821,016 92,077,134 27,682,078 34,461,941 9,151,202 8,507,382 $ 88,149,058 51,246,738 12,868,840 27,172,981 3,104,431 44,647,861 $951,784,956 571,807,690 185,243,520 248,993,918 65,098,768 52,788,741 $ 636,077,763 346,550,273 94,984,104 185,936,115 21,585,196 31,093,336 294,700,753 187,189,900 2,075,717,593 1,316,226,787 $6,566,482 286,327 2,917,684 11,157,171 16,456,448 793,864 923,236 6.239.647 7.833.648 1,762,321 8,805,642 3,169,059 3,702,925 1,023,494 47,900,977 59,621,795 6,666,284 9,506,965 8,528,071 718,397 12,082,660 4,252,541 3,113,228 2,028,211 424,891 1,326,142 1,685,875 2,228,309 2,900,787 921,446 6,834,955 1,523,146 2,436.140 12.605,623 5,422,781 6,307,194 2,713,681 3,455,543 1,015,064 3,744,347 4,339,670 3,943,366 553,137 4,295,484 1,734,724 1,774,663 1,791,257 231,954 596,888 934,537 1,099,657 2,749,768 421,777 7,534,583 1,080,584 1,014,099 8,798,167 4,378,451 2,047,515 963,214 2,019,901 436,748 $46,932,519 2,607,531 23,172,501 110,841,325 133,013,836 5,835,094 8,156,777 55,891,063 51,658,509 10,631,957 73,470,670 31,125,720 24.057,283 6,233,859 338,672,281 371,625,593 38,409,269 64,990,163 55,421,312 4,646,946 71,643,404 30.790.858 23,812,837 13,225,860 2,501,453 9,364,581 11,409,391 18,198,349 23,507,976 5,914,079 46,183,427 8,463,329 15,356,545 96,935,079 35,593,006 47,323,348 16.731.858 21,314,110 5,372,614 $32,323,488 2,130,920 16,602,643 72,833,654 89,380,258 2,419,718 2,948,685 26,491,059 33,403,368 6,209,297 68,781,388 19,372,863 18,214,658 4,785,809 227,011,832 232,494,185 25.039,871 34,222,054 28,257,094 3,136,583 30,587,249 14,726,421 15,515,762 10,543,915 1,610,775 4,241,491 6,418,843 9,024,863 20,841,623 2,652,561 36,740,534 6,341,598 8,477,458 78,226,847 25,963,825 14,416,751 6,692,005 14,230,479 2,839,401 MONTH OF JUNE BIX MONTHS ENDING JUNE 1930 1931 1930 1931 $ 72,238,538 66,354,213 35,552,991 68,054.089 3,129,464 5,013,465 $ 47,480,494 44,455,582 26,068,009 51,567,887 1,188,845 2,773,417 $ 510,986,010 420,561,458 261,392,669 482,363,725 18,998,531 41,682,357 $ 321,354,845 271,899,605 172,390,486 311,027,869 10,769,415 19,785,777 250,342,760 173,534,234 1,735,984,750 1,107,227,997 $4,948,548 2,227,688 213,318 7,484,229 12,823.137 419,367 153,171 6,758,272 5,579,514 1,056,253 2,778,238 2,148,111 4,251,412 2,888,004 15.521,858 36,522,094 4,220,640 6.683,354 6,739,517 1,002.116 4,109,390 10,320.951 3,995.486 9,954,842 457.768 1,722,269 933.669 3,829,236 13J2&680 ’439^237 4,261,180 15,347,812 13,398,954 1,204,875 1,509,659 412,207 366,829 This journal is indebted to Trade Commis sioner E. D. Hester for the story and data on this page, from Janet H. Nunn of the regional information division of the foreign and domestic commerce bureau of the commerce department at Washington.—Ed. $2,625,351 2,002,392 169.869 5,516,340 8.930,671 288,366 90,307 4,269,426 2.201,207 578,034 1,403,560 1,535,938 2,966,891 1,847,991 11,000,427 22.853.654 2.952,430 1,639,541 7.081,259 787,811 2,644.780 8,804.736 3,335.881 7,321,579 368,170 839.550 7,392.488 7,457,601 361,071 2,914,979 14,988,295 10,164,889 562,680 306,258 476,632 424,838 $27,289,302 18,333,188 1,966,321 59,080,620 95,718,870 7,313,183 4,717,099 47,191,708 27,874,387 11,367,101 11,289,368 15,048,719 24,068,004 19,099,270 120,729,849 219,405.951 23,202,049 51,523.352 66.083.847 4,884.303 70,564,120 139,603,518 36,011,796 53,431.068 87,878,699 62,065,132 6,211,552 31,548,267 136,065,226 67,557,789 9,748,989 7,269,043 3,643,072 12,191,588 During the first six months of 1931, the United States sold the Far Eastern countries $203,822,000 worth of merchandise compared with $303,806,000 for the corresponding months of 1930. Imports, totaling $313,607,000, represented a reduction of $175,862,000, against $489,469,000. Accordingly the total combined outgoing and incoming trade with the Orient for the 1931 period totaled $517,429,000 compared with $793,275,000 for the six months of last year. The loss affected exports to every participating country in the Orient in ratios ranging from 10 per cent for India -to 70 per cent in the case of New Zealand, with Japan, Australia and China as the heaviest losers. The Far Eastern area suffered severely from world-wide depression which tended to reduce the demand for some Oriental products, while sharp price declines for such products as found markets cut deeply into the buying power of the people. Retrenchment policies, which had been strictly enforced, improved the basic con ditions in many countries and paved the way for future expansion. General trade hazards, how ever, compelled traders to move cautiously. Factional strife in India retarded business in India. Political disturbances in China, com bined with low silver and fluctuating exchange, compelled merchants to adopt cautious measures especially when dealing with customers from the interior provinces. Financial stringency. in Australia and New Zealand, has curtailed United States exports to these countries. At the begin ning of 1930, Australia was the leading world market for American automobiles. During the first six months of 1931, however, her share in this business was reduced to a comparatively negligible amount, while her purchases of gaso line were halved. Despite difficult market conditions, the fact that the Orient afforded an outlet for 15 per cent of United States total exports, the same ratio as in 1930, indicates that its relative posi tion, compared with that of other areas, has been well maintained. During the period sur veyed, the Far Eastern countries bought $50,170,000 worth of raw cotton; $17,470,000 of tobacco and tobacco products; and 10,528,000 barrels of refined mineral oils, valued at approxi mately S22,000,000. Additional purchases in cluded S14,000,000 worth of machinery; $12,000,000 of iron and steel products; and $5,000,000 of lumber from the Pacific Coast. Al though there was a considerable recession in the value of flour exports, the Orient proved the best foreign flour market. Imports from every Far Eastern country, except Indo China which absorbs but few Amer ican products, suffered correspondingly from dull market conditions, in ratios varying from 12 per cent for Siam to 60 per cent for New Zealand. Total values of purchases from Japan, Malay, India and China showed the greatest recessions. The United States, however, bought record-breaking amounts of low-priced raw silk valued at $85,000,000; $39,000,000 worth of crude rubber; $17,450,000 of raw jute and jute products; $17,500,000 of tin; and $13,800,000 of cocoanut products. 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 SERIOUS, MR. LOOMIS? We quote A. M. Loomis, the hard-working secretary of the National Dairy Union: The plight of the dairy industry, seeking to preserve itself by producing butter at a cost of from 25 to 45 cents per pound for butterfat, when faced with alleged substitutes for butter—a frank imitation of butter—made from Philippine cocoanut oil, duty free, and costing laid down here 6 to 7 cents a pound, is only an incident in this sound policy. The dairy industry started this proposal to grant Philippine independence partly for self protection, partly because every principle of good government and fair treatment, calls for the redemption of the pledges given in the past to grant such independence. Can Mr. Loomis be serious? Butter substitutes can be made from other products than coconut oil, and they could be made from coconut oil just as cheaply in the United States after independence were granted as now, for the copra for the oil would continue going into the United States free of duty, unless the dairy union was able to high-jack the country and stick it up for duties making the butter industry a mono poly. The union is interested in both milk and butter, and its members actually sell more milk here than the butter substitute amounts to. And if not here, then to factory em ployes manufacturing for this market. Mr. Loomis’s zeal has overstepped itself. The Philippines are America’s largest export customer for dairy products. THREE WEEKS Secretary of War Patrick Jay Hurley and Mrs. Hurley arrived in Manila September 1 and left Manila September 26, having, after their arrival here and Secretary Hurley’s scurry through the Bisayas and Mindanao, extended their visit nine days in order to get more out of it and take the homeward voyage on the new President Hoover. Secretary Hurley’s visit was official, in behalf of his department and of President Hoover, and in preparation for possible Philippine legislation. Everywhere he went in the islands he was ceremoniously and cordially received, it was three weeks of shower bouquets, receptions, conferences, petitions and parades. Hurley took home with him enough memorials to sink the sister-ship of the Mr. Shasta and save the face of the army air corps, or to relieve unemployment by hiring a regiment of carpenters to make pigeonholes to file the stuff. Major General Francis Lejau Parker, chief of the insular-affairs bureau, completed his inspection of the Philippines, far more extensive than Hurley’s, and accompanied the Hurleys back to Washington. Both economic and political adjustments are spoken of as likely to take place. The outstanding good of Hurley’s visit here will be the new supreme court. New members will be appointed, a few old members retired; the court will be larger, but perhaps not a court (which would be extravagance of a dangerous sort) of the fifteen members authorized by last year’s legislation. It is believed Secretary Hurley will recommend men qualified by a knowledge of Spanish to sit on the new court, 80% of the court’s business being in that language. Another matter of importance growing out of Hurley’s visit here is that Governor Davis consents to take leave of absence instead of resigning. He leaves the islands for Wash ington soon after the close of the legislature, November 9, with the best wishes of all elements of the community because of his able and unselfish administration. OUR HARDWOODS Considerable space in this issue of the Journal is devoted to our hardwoods. It includes advertisements of hardwood lumber mills and the Philippines Hardwood Lumber Asso ciation. Secretaries of chambers of commerce in the United States will do us a courtesy in inviting the attention of busi ness men who may be interested to this information. Phil ippine woods were used in finishing the President Hoover. The effect is beautiful—illustrating the fact that our woods can not be surpassed among woods for interiors, in price, appear ance, or durability. Promoting the reputation of these woods might well be a personal concern of all of us. Here is a product, hardwood, not in competition with American lumber. The industry is well organized and carefully administered in every depart ment. Export shipments are carefully graded: you buy Philippine hardwoods by description and get what you buy. Prices were never more inviting, the product never better. Who should know this? The furniture manufacturer, the contractor and builder, the municipal architect of the city, the railway-coach builder: someone you know, or at least know of, hence someone with whom you could do some prac tical missionary work by writing them or sending them a marked copy of the Journal. Our hardwoods are a source of just pride, as much so as oranges to Californians. Let us not boost them obnoxiously, it doesn’t pay; but let us not fail of putting in a word for them where it will be appreciated. THE NEW PUBLICITY The purpose of much of the material published in this issue of the Journal and to be published in succeeding numbers is to bring to the attention of old and new readers in America the advantages of their commerce with the Philippines. Americans, we feel, are being subjected to a misleading pro paganda about this commerce. Lobbyists of special inter ests want to lead Americans astray about us, a truth partic ularly applicable to the Cuban-sugar lobby; it is active and resourceful, albeit not altogether candid. But others are like it, doing their level best to induce the United States to make the mistake of applying duties to Philippine goods and allowing the Philippines to put duties on her goods sold in the islands. An article published elsewhere in this issue dis cusses this question forthrightly. The tariff advocates reason like Simple Simon— Said Simple Simon to the pieman, “Let me taste your ware;” Said the pieman to Simple Simon, “Show me first your penny;” Said Simple Simon to the pieman, “Indeed, I have not any.” Indeed, the tariff advocates are somewhat more lugubriously irrational than Simple Simon: getting Philippine products is an American necessity, not a passing whim. When America buys them now, she has the penny to pay for them—we have given it to her for the manufactures she has sold us. She even needs our sugar, in order that we may have pennies for her automobiles, gasoline, oil, machinery, silks, cottons, canned foods, flour, and a 1000 wares besides. “Simple Simon went to see if figs grew on a thistle. He pricked his fingers very much.” Of course, men do not gather figs from thorns.—W. R. October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 WAY DOWN A POLICY OF SCUTTLE Aguinaldo, the former Filipino rebel, endorsing the views of Senator Hawes, Missouri, who is in the Philippines, declares that the United States should grant independence to the islands whatever the cost may be to the Filipinos. He himself is ready to accept the situation which would be created. He speaks for himself and for a small minority. No matter what he thinks, or what Senator Hawes wants, the United States in giving the Philippines an independent status at this time would not only make certain civil war in the islands, made particularly cruel by religious animosities, but would throw the Philippines into a ruinobs economic crisis. At the present time the islands must depend commercially upon the American market, their products entering duty free. Should they be set adrift these markets would be largely destroyed, the tariff would apply, and chaos and misery would ensue. Aguinaldo suggests that independence should not come for five years, and that free trade with America should continue for another five years after the separation. His idea is, however, that independence should be accom plished whatever the cost. It is a piece of folly. The islands have today far greater freedom than was ever dreamed of under Spanish rule. They enjoy a liberal government such as they could never hope to have under the control of Filipino politicians. They are to all practical intents and purposes autonomous. They have their own legislature, their own courts, their own school system, their own constabulary and police. They are more prosperous, happier than they have ever been or can ever be again under any other set of institu tions. The United States will not adopt a policy of scuttle. She has interests of her own to protect, obligations to meet, her prestige to maintain, her safety to provide for. She not only conquered the Philippine islands in the war with Spain, but after they had been seized as a matter of strategy in the very midst of war, paid the Spanish people §20,000,000 in cash for the archipelago and has invested enormous sums in the aggre gate in developing the human and natural resources of the islands. Finally, it has to be determined whether congress has the power to alienate territory once acquired and made an integral part of the territory of the United States. That is a point which the courts must decide. There is no present prospect that the Philippines will be cut adrift to become the prey of some other power.—Lexington (Ky.) Leader. ECONOMICS BEFORE POLITICS Since “becoming of age,” the Philippine Islands have been hinting they are quite ready to do the break-away from the United States and set out to govern themselves. First it was a suggestion; now it attains the proportions of a request, from some over-heated politicians, a demand. Politically the Filipino is ready to govern himself. On the little islands politics is a passion. Little boys are snatched up from their cradles and set on a soap box. It has been bred into them this insatiable desire to have a hand in the govern ment; or perhaps they think they have been moved about like chess men a little too long. Whatever be the reason and reaction, the Filipino thinks he ought to be cut loose and allowed to govern himself. And though it be readily admitted politically he can do it, and probably do it well, he is economically unable to maintain a country worthy of his political abilities and attainments. The economically-tardy Philippines governing themselves would be like so many loafers rising up on park benches to organize themselves into a body to lay down the laws of the land. When the Philippines have made themselves economically independent, they will be ready to paddle their own canoe— not until. Broad-minded, far-sighted Filipinos admit this without hesitancy. They realize the economic status of their country; and in this they are unlike those fellows of theirs in DIXIE Three Philippine editorials, two from the land of Dixie and one from New York. . . “It would be discreditable to the United States to adopt the measure advocated by the senator from Missouri” (i.e., the Hawes-Cutting scuttle bill). whose political cunning and desire to pass laws have overcome all else. Governor General Dwight Davis has reminded the Phil ippines of all this. He has suggested a long-term public works program, repeal of the anti-trust laws, leasing of public lands for cultivation, private ownership of communications, etc. Says he: “It is no time for mere eloquent speeches, for meaning less praise. Political phrase-making and campaign catch words must now yield to sound statesmanship. . . . For 30 ye:irs politics, not economics—have held the public attention. In our present critical condition economics must dominate politics. . . . Today our neighboring competitors have advanced so far beyond us in economic development that a number of years must pass before we can hope to equal them.” This sort of thing doesn’t appeal to the Filipino. He thinks the government should “run the works.” When that atmosphere is cleared and the islands turn to their econo mic tasks, the way will be open for self-government in not so many years.—Spartanburg (S. C.) Herald. ARE FILIPINOS READY? When Senator Harry B. Hawes of Missouri went to the Philippines he might have left his politics at home. Recently he made a speech before a joint session of the legislature there that clearly was intended for home consumption. He re presented himself as a great champion of independence for the islanders, when his chief concern is to benefit the farmers of his state. At the last session Senator Hawes introduced a bill to grant the Filipinos independence after a period of five years. This measure, which was reported out of committee, obtained its chief momentum in the demand of the western farmers that a limitation be placed on the entry of sugar and cocoanut products from the islands. The farmers see in the grant of independence a chance to place a tariff wall against these items which compete with domestic products. Here is the inspiration of the Missouri senator. Few oppose in principle the proposal to let the Filipinos work out their own political destiny. The purpose to do so has been clearly stated at Washington. The big question is whether the Filipinos now are ready, or will be ready at the end of five years, for independence. As to this point there is much more to be said than has come from Senator Hawes. Since the Philippines arc within the tariff wall of the United States, industry there is organized on the basis of the protective system which Congress has devised. Upon declaration of independence, the protection under which these industries has developed would automatically stop. The Flipinos must have full opportunity to readjust their economic structure— to build up a structure independent of the American tariff— before being cut adrift. If the Hawes plan for independence were to be adopted, the islanders would suffer in trade and prosperity. In all pro bability they would be reduced to the standard of living of natives in Java and Sumatra. It would be disservice of the worst kind to the Filipinos—it would be discreditable to the United States—to adopt the measure advocated by the senator from Missouri. The islanders must have reasonable time within which to develop a program for economic security. When they accomplish this end, no measurable opposition will be offered to independence. —A New York paper. 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 LUMBER REVIEW By Arthur F. Fischer Director of Forestry In spite of the general economic depression, still prevailing the world over, fair shipments of Philippine lumber to foreign markets are maintained, and prices aresteady although cdmparatively low. As com pared with the exports for March and April of this year, the shipments for the two months under review registered an increase of 8%. Also, the total shipment, or delivery, from the mills was more than the production during the period under review. There were 29,338,543 board feet shipped from the mills during May and June, 1931, as against a mill production of 28,684,061 board feet for the same period. The timber export trade with Japan is gaining impetus due largely to the activity of a firm which is making regular monthly shipments of logs to that country. There were shipped to Japan, during May and June of this year 6,224,320 board feet, mostly in the form of logs, as against 2,234,480 board feet exported during the same period in 1930, or an increase of 17Src. Great Britain is becoming an important market for Philippine lumber. The exports to that country during the two months under review amounted to 1,411,496 board feet as compared with 1,246,984 board feet for the same period last year, or an increase of 13'7- It is interesting to note, in this connection, that, in England although there was considerable decline in the total lumber imports during 1930, certain classes of woods, among which is the so-called Phil ippine Mahogany, registered increases. Also it is interesting to state here that Philippine hardwood is reported as being in good demand for furniture, shop fittings or interior trim and other special uses in South Africa. Encouraging developments in other principal markets for Philippine lumber are as follows: (1) The new timber 'sales policy in the United States to the effect that no new territory will be opened by the Forest Service while the depres sion continues in the lumber industry. This policy, it is believed, should contribute to market betterment. (2) The recent reversal of the former position of the Federal Trade Commission with respect to the use of the term “Philippine Mahogany’’ which reversal now allows the use of such term for Philippine lumber sold in the United States. (3) The continuation of build ing activities in Shanghai and Hongkong and cities tributaries to this latter port. As long as the above favorable conditions in the principal markets for Philippine lumber exist, there is no reason why the lumber and timber shipments in fair quantities should not continue. However, the local lumber producers must be exceedingly careful in keeping up grades for foreign shipments. Considerable market upsets are experienced through shipment of dis tressed cargoes of loosely graded or ungraded lumber generally peddled by brokers in the United States. The normal amount of exports and the return of normal prices can not be pro perly expected until the general business depres sion affecting the above countries is over. The following statements show the lumber and timber exports, by countries, and mill production and lumler inventories for the months of May and June, 1931, as compared with the corresponding months the previous year: LUMBER AXI> TIMBER EXPORTS Destination Japan................................ United States.................. Great Britain.................. British Africa.................. China................................ Mav 1931 Board Feet 2,324,792 1,329,240 991,736 30,952 21,200 Value P 56,749 119,803 83,782 4,849 1,909 Canada............................. 14,840 2,070 Hawaii.............................. 5,512 1,187 Australia........................... Other British East Indies. Netherlands..................... Total. Destination Japan................................ United States.................. Great Britain................... British Africa.................. China................................ Canada............................. Hawaii.............................. Australia........................... Other British East Indies. Netherlands..................... Total......................... 4,718,272 P2*7O,349 May 1930 Board Feet Value 1,405,560 P 45,475 4,468,536 360,662 916,688 68,191 125,504 7,391 80,560 3,349 10,176 2,323 223,448 14,892 64,024 13,868 25,440 2,200 7,319,936 1*518,351 Destination Japan................................ United States.................. Great Britain........... China................................ Canada............................. Guam............................... Hawaii.............................. Germany........................... Australia........................... Ireland............................. British Africa.................. Netherlands..................... Hongkong......................... Other British East Indies. 5,984,760 1*288,083 June 1931 Board Feet Value 3,899,528 1*111,067 1,523,856 115,008 419,760 40,766 72,080 8,117 44,096 4,790 16,112 6,749 8,904 1,585 424 1 — — _ — — — — Total......................... Destination 1930 June Board Feet Value Japan................................ 828,920 I* 28,096 United States.................. 2,939,592 221,017 Great Britain................... 330,296 30,284 China................................ 1,545,480 88,171 Canada....................... — — Guam............................... — — Hawaii.............................. 7,632 1,200 Germany........................... 2,544 120 Australia........................... 170,024 8,205 Ireland............................. 22,048 2,415 British Africa.................. 39,432 4,304 Netherlands..................... 25,440 2,300 Hongkong......................... 425,696 41,693 Other British East Indies. 27,984 6,000 Total......................... 6,365,088 P433,805 FOR 43 MILLS FOR THE MONTHS OF MAY AND JUNE Lumber Deliveries from Months Mills 1931 1930 May........................... 13,853,056 18,478,717 June.......................... 15,485,487 17,805,381 Total..................... 29,338,543 36,284,098 Lumber Inventory Months 1931 1930 Mav.......................... 24,786,901 40,343,233 June.......................... 26,203,066 45,701,561 Total..................... 50,989,967 86,044,794 Mill Production Months 1931 1930 Mav.......................... 13,991,900 17,610,310 June.......................... 14,692,161 16,700,928 Total..................... 28,684,061 34,311,238 Note:—Board Feet should be used. DANIEL RODERICK WILLIAMS Free Preet Photo Judge D. R. Williams, widely known American pioneer in the Philippines, died in Manila of meningitis, provoked bv pneumonia, September 21, at St. Paul’s. His illness had endured about a week. The body was cremated. Funeral services were held at the Cathedral of St. Mary and St. John, Bishop G. F. Mosher officiating, with Miss Wilson at the organ. Floral offerings were profuse. Oldtime friends were the pall bearers: Captain H. L. Heath, C. M. Cotter man, John R. Wilson, J. W. Ferrier, F. A. Sey mour, and Carson Taylor. Judge Williams’s passing was a poignant loss to many friends here and in America, where he was known from coast to coast and had a literary reputation (aside from that in the law) from the three books and many pamphlets and articles he had published about the Philippines. On May 13 he had passed his 60th year, but he was in vi gorous health until the fatal and brief attack that came upon him while he was engaged on his third book against separating the Philippines from the United States. A daughter, Mrs. Dorothy Williams Frazier, of Hollywood, is the nearest surviving relative. Her mother died here, many years ago. Judge Williams came to the Philippines with his family as secretary to Bernard Moses of the Philippine commission, and afterward was the secretary of the Taft commission, out of which came his first book, The Odyssey of the Philip pine Commission. This was a narrative of the commission’s travels and work in the Philip pines. Later books dealt with the economic and political questions involved in America’s sovereignty here. Upon his death. Judge Williams was eulogized by all the Manila press, the opposition acknowledging him a gallant foeman who spoke and defended his opinions openly and only with fair means. The title of judge came of his term as judge of the bidtime land court, 1903-1905, after leaving the commission. He then practiced law in Manila until 1920, when he went to Shanghai and practiced before the U. S. court there for two years, then to the United States, to practice law in California and to write and lecture on the Philippines—always against giving them up. The Manila Daiiy Bulletin, our American newspaper, said of him, “He worked for this country in good faith.” A fitting epitaph for a man who lived with the purpose of being useful to his fellows to the full power of his generous talents. Judge Williams was a native of Missouri. He was born at Dawn, a town in that state, May 13, 1871. In the Philippines he left an extensive estate, said to be about 80,000 hectares, on the Pacific coast of Luzon below Baler bay. This estate is undeveloped. October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 | SCENES FROM COMING SHOWS | Top row, left: Here's how it is done, girls. DuBarry, Woman of Passion has King Louis that way about her. Norma Talmadge and William Farnum in a scene from the picture of the same name coming to the Lyric. Next, is Ramon Novarro all dressed up like a mer chant prince in The Son of India soon to be seen at the Ideal. .Madge Evans seems more inter ested in the swanky turban, than in the glit tering jewels the boy friend is showing her. If she really is she is a most unusual woman. Next row: Gloria Swanson is turning the bat tery of both eyes and smiles on poor Tom Moore in a scene from What a Widow at the Lyric. We would say that any widow who wears clothes like that and smiles so come-hitherish should not be a widow long. Next, Lionel Barrymore and Norma Shearer in A Free Soul at the Ideal. We’ve been waiting for this having heard so many, many things about it, you know, frank and all that sort of thing. Clever of us putting a scene from a picture taken out in the great open spaces right along side the results of too much civilization. Yes, and the cowboy is right there too. The Last of the Duanes coming to the Fox. Even the children can see this, and it is good too. Next row: Marion Davies, Leslie Howard and a brunett menace in Five and Ten coming to the Ideal. Next is Walter Huston laying down the law to the Russian army in the Virtuous Sin at the For. Kay Francis does not appear in this scene but she is in the picture and we wager that she is to blame for this misunderstanding. Want to bet? Noah Beery and Richard Cromwell in Tol'able David. Don’t miss this picture at the Fox for it is worth seeing. Grace Moore means business and no fooling. The Eyes of the World. Una Merkle has done something she shouldn’t. Do you remember Harold Bell Wright's story? It will be shown at the Lyric. FOX NOW SHOWING TOL’ABLE DAVID WITH RICHARD CROMWELL NOAH BEERY JOAN PEERS The LYRIC offers you the utmost in mo tion pictures—as evidenced by the following list of superb Talking Productions to be exhibited soon KIKI MARY PICKFORD WHAT A WIDOW GLORIA SWANSON DAWN PATROL DOUGLAS FAIRBANKS, JR. NEIL HAMILTON RICHARD BARTHELMESS EYES OF THE WORLD THE BEST IN SOUND MOTION PICTURES IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 Here’s how to get Manilas! Genuine Long Filler Cigars in cellophane are obtainManila upon r e - 15 Williams List of Distribut ors fur quest to— C. A. BOND Philippine Tobacco Agent: Street, New York City or Collector of Internal Revenue Manila, P. I. MANILAS able in your city o nearby! made under sanitary conditions will satisfy your taste! (Health Bulletin No. 28) Rules and Regulations for the Sanitary Control of the Factories of Tobacco Products. “Section IS. Insanitary Acts.—No person engaged in the handling, preparation, processing, manufacture, or packing of’tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moist ening agent;...”. Rubber Barons Fight to the Death v A scries of mergers leading to the organ ization of two or three giant trusts thus seems to be not only inevitable but also highly desirable. If it ever comes, the American motorist will start paying with interest for all the miles he has traveled on tires bought at prices that have rep resented charity on the part of someone. Philanthropies arc always paid for out of someone’s pockets and today it is the hun dreds of thousands of rubber workers and rubber company stockholders who are making possible the benefits distributed with so lavish a hand by the casing czars. The rubber barons themselves draw huge salaries, regardless of pro fit or loss; it is the factory hands and the minor office employes who suffer most in times like the present. Thrown out of employment altogether, or, if he is lucky, continuing at work, but watch ing his pay envelope shrink several times as fast as his working hours, the man in the rubber ranks realizes that the poor old Ultimate Consumer of the cartoonists is not always the chief victim of business malpractices. In 1929 the American rubber indus try gave work to 83,000 factory hands and some 20,000 or more salaried em ployes, the overwhelming majority of whom were employed by the great tire companies. In thousands of cases the employe suffers doubly as worker and stockholder. At Firestone, for instance, every worker is a shareowner and there are 11,000 of them. Every man signs up for ten shares of common stock when he gets his job. The proportion of stock holders among the employes of the other Akron plants is also heavy. Aside from these workers, the number of small stockholders in the rubber indus try is very large. The number of Big Four shareowners alone is approximately 120,000. It is these thousands upon thousands of unwilling Carnegies who are giving away the free tire mileage. It needs no econo mist to tell us that the nation would be better off if the automobile driver had to pay somewhat more for his tires, and the worker, the stockholder and the dealer got better profits. The peril of the pros pective gargantuan merger is that it will probably clout these people along with the tire consumer. The worker is always in for a whipsawing when a couple of companies begin to share a great indus try between them, especially an industry in which the laborers are wholly un organized, as is the case with the tire Howard Wolf, in the “American Mercury”, tell you why you get your tires for a fraction of their worth, why too tire companies’ dividends are low.......... Fourth Installment builders. Many will be thrown out of work altogether, judging from the re sults of previous consolidations. Those remaining in service will have steadier employment, but the y will step even faster and draw no more pay, and they will be discarded at an earlier age. Even now, all of the factories are constantly experimenting in an effort to find out just how much work can be sweated out of a man. Monopoly would make this even worse. In Akron the laborer had his best break when there were many more companies than there are today. The coming consolidations wjll also probably mean that stockholders in the smaller companies will lose out alto gether, as did the shareowners of Mason, Swinehart, Portage, Northern and any number of other busted rubber plants that strew the Akron district. And the tire dealers, once completely at the mercy of one or two or three companies, will be on a take-it-or-Ieave-it spot, with the additional possibility that companyowned chain stores will completely re place them. But will it ever be possible, without mergers, to put the industry in the way of making money? Perhaps that question may be best answered by analyzing the factors entering into the near-success of the most profitable big company existing today, and into the real success of the most profitable smaller company. Goodyear, since it has failed to cover its dividend requirements, cannot be considered as anything more than a near-success. Its $9,912,232 profit for 1930 represented very meager earnings on money invested and volume of busi ness, but it did show that the company is functioning in a better manner than United States, Goodrich or Firestone. Sears-Roebuck contracts calling for thousands of tires a day are not very profitable in themselves, but they help considerably in cutting down overhead costs and thus widening the margin of profit on other tire lines. Goodrich has no such contract and the income from General Motors and the MontgomeryWard business is of too recent a date to tell in the United States Rubber show ings. Firestone’s Ford contract is seen as the chief factor in that concern’s $1,541,034 of profit. Asking Goodrich or Fisk to seek contracts like that of Goodyear with Sears-Roebuck is use less, for there arc no more of them avail able. Moreover, it must be remembered that while Goodyear’s dealings with the big mail-order concern aid it in IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 holding an edge over the other factories, those dealings hurt the industry as a whole, and it must be remembered, too, that they really help Goodyear only in the matter of its relative showing. At bottom, this mail-order tire selling prob ably hurts Goodyear as much as it hurts the others—that is, when one considers the price slashings inaugu rated by the catalogue houses. At any rate, the Sears-Roebuck alliance is a minor detail of the Goodyear show ing. The real factor is Goodyear’s extra ordinarily fine sales organization. Even while selling to Sears-Roebuck it has built up a strong organization of inde pendent dealers at the same time that Goodrich and Firestone have been alien ating the dealers by warring with each other in the establishment of companyowned stores, the birth of which they blame on the necessity of trying to cut down the Goodyear production lead, made possible in part by the catalogue house. The present powerful sales organ ization of Goodyear has been developed in the last five years, and during that time the company has manufactured 93,200,000 tires, or 53% of its total out put since 1902. In 1930 the Goodyear factories in the United States man ufactured and sold over one-fourth of all the motor vehicle tires made and peddled in this country. No better argu ment for factory-fostered, stout, inde pendent dealers could be asked for. Goodrich and Firestone have com pany-owned stores on their hands that would be difficult to dispose of. Suppose they did build up sales and dealers or ganizations equal to Goodyear’s, what then? Well, the tire dealers would bene fit but the industry as a whole would not be affected. Goodrich and Firestone would gain on Goodyear in the comparative showings, but the showing for the en tire industry would be about the same. In other words, the supreme value of Goodyear’s sales and dealer organization is that it is superior to that of the other big companies. If all the big fellows had sales organizations of the same potency, Goodyear’s profits would be smaller and Firestone’s larger, and the Goodrich losses would be less, but the industry as a whole would be on no sounder basis than it is today. Therefore, we cannot hope to save it by persuading the other big companies to emulate their nonetoo-successful leader. Instead, we must have higher prices for tires, with Good year making even greater profits as Firestone, Goodrich and United States all improve on their returns. General, the one company which really appears to be successful when capitalization and volume of business are taken into consideration, can offer nothing of value to the industry as a whole. Its success is due in part to a sales and independent dealer organization as not ably stronger than those of the other small companies as Goodyear’s is strong er than those of the other leviathans. General awards exclusive territory to dealers and sells only to them. Soundly financed at the start and successful from the start, it has never been forced to borrow on disastrous terms. So that won’t help us, for we are considering what to do for rubber companies stagger ing under a burden of past woes and follies, not for new corporations about to be launched. General’s financing history, together with its strong sales organization, puts it ahead of all the other small com panies. Its advantage over Goodyear and, naturally, a considerable part of its advantage over Firestone, Goodrich, United States and Fisk, lies in the fact that it has never been caught in the trap of huge production. Thus it has no need to enter into unfavorable contracts with mail-order houses, gasoline corpora tions or motor manufacturers merely to keep output up, overhead down and machinery moving. It sells only at a pro fit. That is why it earned the fair sum of $6.36 on its common in the chaotic year of 1930 and the good, sound profit of $15.99 a share in 1929, when tire prices were higher and inventory write offs were not so sweeping. It would be idle to advise Goodyear, Goodrich, Fire stone, United States and Fisk to emulate General, for they are already caught in the web of the Swollen Production spider that General has dodged. And it would (Please turn to page 17) FILIPINAS LUMBER COMPANY —=^^=— INCORPORATED - Manufacturers and Exporters of Philippine Hard Woods Saw Mills and Concessions at Cabibihan and Calauag Tayabas, Luzon When Buying Lumber Insist on ‘Filed’ Quality United States Representative: BARG, ZIEL 8b CO. SAN FRANCISCO GENERAL MANAGERS Siy Cong Bieng & Co., Inc. 123 Juan Luna — Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 Bingham’s Word to Puzzled America If the Philippines may be hard to defend, what of the Canal? The thing is, to realize the Philippines are also important Senator Hiram Bingham of Connec ticut heads the territorics-Philippinc committee and opposes all the scuttle bills, though he may suggest compro mises (which this community docs not accept) attempting to gain time and use it for enlightening the American public about their interests in the Philip pines. He works, that is to say, as a politician must. But when he speaks outside the senate he speaks his iilind, Findlay Millar Timber Company (Member, Philippine Hardwood Export Association) (Member, National Hardwood Lumber Association) Mills at Kolambugan, Milbuk and Manila PHILIPPINE ISLANDS Exporters of “K. L. D.” Brand of Lumber Red Lauan White Lauan BRAND Aranga Lumbayao Head Office: MANILA Cable Address: “FINDMILL” United States Representatives: NEW YORK: Millar’s Timber & Trading Co., Ltd., 280 Broadway LOS ANGELES: W. G. Scrim, 910 Central Building. ---- and---AGENCIES ALL OVER THE WORLD as witness the following from his ad dress in Boston August 11 to a meeting of the Army and Navy Legion of Valor: “Up to the discussion of the tariff bill, a discussion which began about two years and a half ago, one heard very little about Philippine independ ence. To be sure, anti-imperialists had opposed our taking and keeping the Philippines from the beginning. They feared that we might exploit those Apitong Yakal Guijo millions of Malays and attempt to make money at their expense. They feared we might copy the history of colonization as practiced by some of the European nations. Their fears were not well founded. We sent thousands of school teachers to aid in giving the millions of Filipinos a common tongue. There arc still more than 50 languages spoken in the Philippines. Today more Filipinos understand the English lang uage than the Spanish or any of the native dialects. We sent scores of our best physicians to help combat tropi cal diseases, and we reduced the plagues of cholera and smallpox to a minimum. Eventually we gave them a free market for their produce. Free entry for their sugar, copra and coconut oil. We raised them from a condition where they had to livo from hand to mouth, like so many East Indian coolies to one of relative health add prosperity. “So the anti-imperialists, finding their fears groundless, very largely aban doned their efforts. The Filipino polit icians made their battle cry independ ence, complete and immediate. The American visitor, seeing that the Philip pine Legislature made the laws, that the Volstead Act does not apply, that the Filipinos are infinitely better off than their neighbors a few hours away in Southern China, came to the con clusion that independence as a battle cry meant chiefly a desire for social equality and in the minds of many of the poorer people the thought that with independence would come that general use of automobiles and telephones as sociated with Americans. Consequent ly there was little talk about independ ence until representatives of the sugar beet industry in Congress and of certain districts on the Western Coast where a few Filipino laborers were upsetting economic and social conditions, began to demand an exclusion of Philippine sugar and Filipinos. This was fol lowed by a vigorous effort in the hear ings on the tariff bill to persuade the Congress to put a high protective tariff on the most important products of the Philippine Islands, namely, copra, co coanut oil and sugar. Representatives of the great farmers’ organizations pointed out that the importation of cocoanut oil was interfering with the market for cotton seed oil and linseed oil. When their efforts to persuade the Congress to tax products from the Philippines failed on the ground that there must be no tariff between places under the American flag, the represen tatives of farmers’ organizations and of the labor organizations then turned their attention to an effort to secure Philippine independence, not with any JN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL cfober, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 iew of benefiting the Filipinos, but . om frankly selfish motives. Their impaign has been so successful that if ■ vote were to be taken today, I be; eve that, the Congress would by a : .rge majority vote to give away the 1 hilippine Islands in which we have 4 eelv spent both blood and treasure. “To keep a few thousand Filipinos it of the West Coast, to gain a larger larket for cotton seed oil and linseed d and to gain a small addit ional market f >r beet sugar, we are asked to surrender le magnificent military fortress of orregio, our spearhead in the Far • ast, to surrender our great naval base • t Cavite from which our cruisers can . ow proceed with but few days delay ) protect our interests in war-ridden hina, to lose our prestige in Asia by iving up something which we admit hard to defend and actually to bring jonomic ruin and disaster upon 11,30,000 people whom for the past 32 ears we have been gradually raising oove the level of their relatives in Asia ad the East Indies. This would be an ct of defeatism and selfishness almost nparalled in American history. “Supposing the Philippines are hard ■ > defend. What has that got to do ith it? Is the Panama Canal easy > defend? Is the Panama Canal not irrounded by half a dozen foreign auntrics that do not love the United tates? Would it not be relatively easy . »r a powerful foe to establish a base in one of those countries from which an aerial attack could be made which would destroy the Gatun Dam and put the Panama Canal out of business? Why docs no one suggest that we give up the Panama Canal because it is vulnerable and hard to defend? Ob viously the reason is because we ap preciate its immense value to the United States in permitting our fleet and our merchant ships to pass quickly from our eastern to our western ports and vice versa. On the other hand the Philippine Islands are so far away, our knowledge of Asia is so slight, our ap preciation of the possibilities of what we might do and what we ought to do for the Filipinos is so inconsiderable, that it seems like the easy way out of a difficult situation to grant what the Filipinos, led by their ambitious polit icians, are clamoring for. “Let us have courage to face the future boldly. Let us have determina tion to maintain what our soldiers have won and to keep our flag where it is today.. Let it never be said that through short-sightedness, selfishness and a desire to secure higher prices for our products we brought suffering and eco nomic ruin on the heads of 11,000,000 people who had lived for a generation under the blessings of the American flag. Let us bear the white man’s burden. Let us seek another’s profit. Let us work another’s gain. Let us face the blame and hatred of those we have bettered and. protected. Let us not call too loud on freedm to cloak our weariness. Let us take pride in bringing health and happiness to those distant islands and stand ready to do our duty in helping to solve the mighty problems of the Pacific and of Asia.” Rubber... (Continued from page 15) be idle to advise the other smaller com panies to pattern after General, for they can never overtake its sales organiza tion and their financing has not been as sane and solid. In summary, General would be a fine object lesson to hold up before anyone contemplating starting a new rubber company but its teachings cannot be applied by competitors al ready in the field. General, I predict, is the one small company sure of survival unless the trust monsters of the future drive it to the wall by cutting prices mercilessly over a period long enough to wear it out. There are those unkind enough to sug gest that the price cuttings of the last few years have been engineered for the purpose of driving all the smaller compa nies over the cliffs, but I do not believe this to be a fact. The Fisk receivership showed that the big fellows themselves are not immune to the punishment thus dealt out, although Goodyear, Firestone, Philippine Hardwood Export Association —MEMBERS— Insular Lumber Co..................................................................... Cadwallader-Gibson Lumber Co............................................. Findlay-Millar Timber Co....................................................... Negros Philippine Lumber Corp............................... ........ Filipinas Lumber Co................................................................. Philippine Lumber Mfg. Co.................................................. Port Lamon Lumber Co......................................................... Basilan Lumber Co., Inc....................................................... Port Banga Lumber Co........................................................... Mindanao Lumber Co................................................................ Philippine Red Lumber Co................................................... Atlantic Gulf & Pacific Co................................................... Hercules Lumber Co.................................................................. Anakan Lumber Co.................................................................... Philippine Lumber Exportation Co.................................... Zambales Lumber Co............................................................... Mayon Lumber Co.................................................................... International Hardwood and Veneer Co......................... Worrick & Payne....................................................................... Cable Addresses ILCO CADWALL FINDMILL MAHOGANY FILILUMBER MAHOGANY LAMON BASILUMBER BANGA RAMAGO MAHOGANY DREDCING HERCULES ANAKA NIBIKI ZALUC HARDWOOD INTERWOOD Post Office Addresses Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Zamboanga, P. I. Zamboanga, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Manila, P. I. Legaspi, P. I. Manila, P. I. Mercedes, Camarines Norte, P. I. Technical Adviser: ARTHUR F. FISCHER President: W. W. HARRIS Chief Grading Inspector: CHAS. HAFNER IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 United States and Goodrich, despite their poor profit showings, are still in re latively good financial condition. Remem ber, however, that Goodyear hovered on the edge in 1920 and that Firestone admits that beating the other fellows to the price slash in that year was all that saved his company. Right now the large companies are suffering too much themselves to make it seem likely that they are deliberately imperilling the industry in order to rub out the weaker ones. The thing simply sounds unreason able. On the other hand, it must be re membered, few things connected with the rubber industry arc reasonable. VI Frank Seiberling, retiring as president of the Rubber Manufacturers Associa tion last year, forced the assembled barons to listen to plain words for once. Seiberling. it seems, is the only impor tant man in the industry capable of in dignation. William O'Neil of General probably shares his views, but he is do ing too well to go forth in the public places and wail. Sciberling’s big point was that the rubber business is fundamentally sound but not sound in its leadership. “We are handling the business without rhyme or reason”, the stocky little fighter told his fellow presidents. Charging that they are conducting the business ‘‘like wolves of the jungle,” he branded the custom of selling original equipment to tire dealers at below cost as “dishonest”. Assailing unemployment conditions in the industry, he declared that “it is not right to employ those men for one season in the year to full capacity and then throw them out on the streets for a period of three to six months hunt ing a job.” Seiberling minced no words at any place in that address. “In your minds”, he said, “may be rising the question of the Sherman Act, the Clay ton Act, the Valentine Act and so forth, but the business world and the entire country have learned that these laws have become obsolete. They may have fitted the times of forty years ago. They don’t fit the times of today and they should be properly modified.” The speech apparently went home to Litchfield of Goodyear, who a few days later declared at Akron that “we can’t always get what wo want for our tires. Manufacturers of automobiles are pretty good traders and arc able to buy tires lower than they should”. Recently he reverted to the subject with these gloomy words: “For any company to keep its own prices high with the thought of earning a larger profit and thereby increasing returns to the stockholders would be to grasp at a temporary advantage at the expense of the corporation itself. The result would be to lose business and so impair the value of the stockholder’s investment. An alternative that has been suggested in the public prints, that the various companies should get together and fix prices, is equally out of the question. An agreement to fix prices would not only be unenforceable in the case of a lapse on the part of any party to the agreement but would be contrary to the law and subject to pro secution. The loading companies may exert a wholesome influence toward stability in the industry. They can do no more than that.” This divergence in the views of Litch field and Seiberling shows how far apart the rubber magnates arc and how hard it will be ever to bring them together. At this writing there is a recurrence of the old report of a merger between Goodyear and United States, but it remains to be seen if any more will come of it this time than in the past. The Sherman and its sister acts are being jovially winked at throughout the na tion today and Uncle Sam is quite com placent, but the pure ones of the rubber industry stick chastely to the letter of the law. Or say they do. In thus fail ing to get together and step up prices they arc paving the way for a real Rub ber Trust. This Trust will set tire prices at a new high level without any need to violate the prohibition of joint rate fixing. Meanwhile, it is manifestly im possible for 01’ Man Rubber to keep rolling along under the conditions which now prevail. The Philippine Lumber Exportation Co. ---------------------------LIMITED--------------------------Roxas Building—P. O. Box No. 417—Manila, P. I. Port Lamon Lumber ---------COMPANY--------Manufacturers ■ PHILIPPINE TANGUILE MAHOGANY RED LAUAN WHITE LAUAN Firm Texture and Dark Red Highest Quality Guaranteed YACAL GUI JO . SAW MILLS == AT Mill and Forest Concession— CASIGURAN, TAYABAS, P. I. Port Lamon, Surigao, Mindanao Northern Part of Luzon Capacity—30,000 B. F. per day Office: 404-410 Chaco Building, Manila Cable Address:—NIBIKI MANILA Code Used:—ACME & BENTLEY Cable Address: “Lamon” Manila 'nT RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 Abaca Will Make Good Rayon? While Japanese prepare Yen 2,000,000 for the venture, our plant industry bureau dilates upon abacd for sacks. Can you remember from one depres sion to another, or are you too depres sed to want to? Anyway, if you will think back to the dismal year of 1921, you will recall that silk was the first commodity to break and Japan was the country that bore the brunt of the fall. Silk had been sky-high during and after the World war, but it tumbled with a fearful crash and brought down cot ton and all other textiles with it. The Japanese yen tottered in sympathy with silk, indeed has not yet reconciled itself to stability; for silk still drugs the market and plays frequent havoc with Japanese foreign exchange. So too with cotton. Who wants cotton? Pooh! Of course, the Philip pines do valiantly and buy millions upon millions of yards of cotton every year, but on the theory that one swallow does not make a summer, one customer doesn’t make a textile market; not withstanding which, a cotton crop ex ceeding last year’s is being ginned in America’s cotton belt, and silkworms still spin their enticing cocoons in China and Japan. Why wouldn’t farm-relief boards in Washington put up a rueful face to Hoover, why wouldn’t the yen be skittish? No sooner had silk drawn cotton into the depths of failure, than rayon came on and claimed the spotlight of pop ularity. People nowadays have no yen for cotton and very little for silk, they arc rayon-minded. That fact has made Japan rayonminded, apparently she thinks that where you lose money is the place to find it—she has gone in for rayon and may redeem in this commodity the fortune she lost in true silk. Word comes that a Japan company has turned to abacd as a source of rayon, that abacd tow is the raw product, and that the capital ventured in the industry is Yen 2,000,000. What started so quietly in a German laboratory has boisterously leaped the Pacific, a little to the benefit of the Philippines—whence the abacd for Japan’s new rayon must come. It has long been persistently re ported, too, that Japanese chemists know how to split the shell off abacd fiber and liberate the cotton-like fibriles within, producing a textile material which is practically cotton itself. This has been done experimentally at our science bureau, where the cotton of abacd was found to be of extraordinary textile strength. As to rayon, abacd (which is Manila hemp) should be ideal for it because it dyes so satisfactorily. But if in Japan, why not in the Philip pines? and why not in America? But at least here in the Philippines Cadwallader-Gibson Lumber Company MANILA, P. I. MEMBER Philippine Hardwood Export Association .UNITED STATES OFFICE: Cadwallader-Gibson Company, Incorporated 3628 Mines Ave., Los Angeles, California DE WALT WONDER WORKERS WOOD AND METAL CUTTING WRITE FOR DETAILS OF THE LATEST DE WALT PRODUCTS MONEY AND TIME SAVERS E. J. NELL CO. 680 DASMARlRAS MANILA EXCLUSIVE AGENTS PHILIPPINE ISLANDS IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 there is some thought about abacti. A competent layman reports that the fields in southeastern Luzon and the eastern Bisayas will peter out unless machines for the stripping are intro duced and modern cultivation is prac ticed, as the industry is being handled in Davao. The plant industry bureau, on its part, reports that the 30 to 40 million sugar sacks used in the Philip pines yearly could be made of abacti. Jute sacks are now used, a product of India. The plant industry bureau says a peasant woman and 2 girls working a week could make 1*2.50 worth of abacd sacks, if the price were P0.10 apiece; the price of imported jute sacks runs about F0.16 apiece, higher to others than sugar-mill buyers. The abacti-sack idea seems to be principally just an idea. It is the resale value of the jute sack that counts; it is necessary to spin an abacti yarn successfully, and make of it such a fabric as will have the qual ities of the jute sack—no one-day task. The logical place for the experiment is at the science bureau, not the plant industry bureau; and there, instead of at their desks reeling off industrial conjectures, the plant-industry experts might be profitably employed. If Japan is launching an abacd-rayon industry, good solid chemistry research is at the bottom of the enterprise; and if we are to have abacd textile business, applied chemistry must indicate the way for capital to follow. HBtetinctfoe $fjilippi nt CljriStmaS (Carbs ARTISTIC designs expressive of the spirit of Christmas in the Phil ippines. Exclusive designs lend dis tinction to these dainty greetings. Order these cards early so that we may have them carefully printed or engraved for you. ^Philippine (Education (Co., 3tic. 101 — Escolta — 103 What Value .... (Continued from page 7) growing of quinine is another forest industry that has been neglected in the Philippine Islands. It has been esti mated that J4 of the world’s population suffers from malaria. Health experts have estimated that 26,000 tons of quinine year would be required to treat these people. Yet the production of this drug is a virtual monopoly of the Dutch East Indies. The price of the drug is fixed at well over a pound sterling for a pound of quinine, and the world’s supply is about 600 tons a year. A small percentage of the amount needed to supply the sufferers with a remedy. Malaria is a poor man’s disease, and its cure only a rich man’s privilege. Attempts have been made to grow cinchona in the Philippines, and the experiments have been successful. On October 5, 1927, the Governor General set aside 378 hectares of land in Barrio Iinpalutao, Bukidnon, as timber land to be used for the growing of quinine trees. At present there are about 12,000 quinine trees growing. About 10,000 are four years old. In three or four years these trees will be ready for cutting to determine the alkaloid content of the bark, and the quinine derivatives for combating malaria, a disease pre valent in the islands. In view of this experiment it is safe to say that quinine can be produced in the islands on a commercial scale for we have both the soil and climate neces sary to its growth. Java with a very similar climate has extensive planta tions where cinchona is grown and that country at present controls 97% of the world’s supply of quinine. Note.—The notes and data for the above article were supplied from articles written by Luis Aguilar and Juan Fontanoza, rangers of the Bureau of Forestry. HERE FOR SPAIN Republican Spain has sent to Manila as her vice-consul in the Phil ippines a man eminent in her public life, and of course prominent in the republican movement, Don Andres Rodriguez Ramdn, who arrived in Manila on the 9. s. Trier and was met at the pier bv Acting Consul General Ricardo Muniz and a delegation representative of the Spanish community. Newspapers interviewers learned from Consul Ram6n that Spain has not gone scathless in the busi ness depression. She has been perceptibly affected by it. But he feels her overseas commerce will be prosperous under the Republic, brought about so largely by the industrial element of the popula tion. The new consul general, Don Luis Arino Rodriguez, is sojourning in London and will arrive in Manila later this year. The Republic of Spain is formulating a foreign policy favoring commercial progress. THE SOVEflNMENT OF THE PHILIPPINE ISLANDS DEPARTMENT OF COMMERCE AND COMMUNI CATIONS bureaiTof posts MANILA SWORN STATEMENT (Required by Act 2580) The undersigned The American Chamber of Commerce of the Philippines, owner or publisher of The American Chamber of Commerce Journal, published monthly in Manila, P. I., after having been duly sworn in accordance with law hereby submits the following statement of ownership, management, circulation, etc., as required by Act 2580 of the Phil ippine Legislature: Editor, Walter J. Robb, P. O. Box 1638, Manila. Business Manager, Walter J. Robb, P. O. Box 1638, Manila. Owners or stockholders holding one per cent or more of interest, stock, bond or other securities: None. Bondholders, mortgages, or other security hold ers of one per cent or more of total value: None. Manila, P. I., September 8, 1931. Walter J. Robb. Subscribed and sworn to before me this 8th of September, 1931, the declarant having exhibited his cedula No. F-30415 issued at Manila, P. I., on Feb. 20, 1931. J. V. Jasmines, Notary Public. My Commission expires Dec. SI, 1932. Page 11, No. 308, Book 4. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 Some Aspects of Lumber Situation lands. Arthur Fischer of the Bureau of Forestry discusses some of the problems facing the lumbermen of the Philippine IsLumber production in the Philip pine Islands still needs considerable organization. The Philippine Hard wood Export Association has done very credible work in the matter of grading and quality of shipments, and it has done considerable work in trying to obtain the reduction, of freight in transportation. All lumber producers should be members of this organization. There is a tremendous lot of work to be done in stabilizing prices by the sellers in the United States. When one considers the relation of freight costs and its percentage to selling price, this in itself is an item which should be worked upon. If compari son of the prices of today with the freight is made as compared with the prices during good times, freight no doubt will show a much greater per centage to actual selling prices. Another field of endeavor which probably could be developed gradually and progressively would be a coope rative export selling organization. This will take time and education. But the hard times in the states have recently brought about a cooperative selling organization by 24 coast mills in Washington and Oregon. Col. W. B. Greeley, Secretary-Manager of the West Coast Lumberman’s Association, has been advocating this for a number of years. This has finally Been con summated in a strong merchandising organization capable of progressive development of the market as well as handling current sales. Furthermore, the question of local markets mid their future development, the question of credits, the question of cooperative purchases, all these could be so handled as to reduce over head and permit a margin of profit. A live interest must be developed among the lumbermen to see that sellers make no mistake in selling our lumber for uses for which it is not well fitted. The question of brokers, the question of statistics on the use of lumber through out the world in which Philippine lumber could share, the question of sample shipments, the question of price comparison, and many other fea tures suggest themselves for cooper ative organization of this kind. One of the greatest features of an organ ization of this kind is the value of in formation made available to the indus try as a whole which here in the Philip pine Islands could be done more easily than in other countries, go that errors and mistakes of individual lumbermen would give a basis for a new attack on any problem, which by studying and knowing would allow its progressive resolution. The question of profit and its proper distribution should receive attention. In the past, a greater portion of the profit has been made by wholesalers in the United States. Experience should teach the lumbermen over a period of time that individual effort has not been and is of little avail. The burden of proof of Philippine lumber is always on the shoulders of the Philip pine lumber producers and any mistakes made between production and final consumption, whether made by Phil ippine production or not, must be and will have to be assumed by the Philip pines. This ParkeDavis ger micidal soap is a wise pre caution against skin infections ofallkinds. Cable Address: “MAHOGANY” Manila Codes: Acme Bentley Philippine Lumber Mfg. Co. Sawmills at Catabangan, Camarines Sur, P. I. MANUFACTURERS and EXPORTERS OF PHILIPPINE MAHOGANY Specializing in Exports to all Parts of the World. Members of the Philippine Hardwood Export Association. MANILA OFFICE 1028 JUAN LUNA, MANILA, P.I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 AN UNCOMFORTABLE GIFT AND AN UNEASY VIRTUE CHAPTER EIGHT The Greatest Family in the World Life insurance, through the ministration of science, became a business, but. the word “business" regarded by itself, has rather too cold a sound for an activity in which the senti mental appeal is so strong. The cooperation of man with man to provide means for mitigating the hardships of loved ones left, behind when the turn comes of the individual to pass behind the mysterious curtain of death —this activity par takes of a higher nature than the ordinary routine concerns of life. It. is based on unselfish consid eration for others and is shot through with the spirit of true brotherhood. A recent volume has referred to the millions thus cooperating as “The Greatest Family in the World," and this family conception seems not inappropriate. It is not remarkable, therefore, that, during the Eighteenth Century, there sprang up a number of organizations known as “friendly societies,” that, to some extent, perpetuated the brotherhood spirit of the earlier guilds. These societies developed insurance features and help ed to prepare for the coming of the more ef ficient company insurance that later was to place beneficence on a practical business basis. The “friendly societies" soon ran afoul of the ver.v Mortality Table which was to make scien tific life insurance possible; the Mortality' Table and Father Time made a deadly combination, for, as the age of the members increased, the death 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 - - ANTRIM. ANDERSON, Inc. A Monthly Pension is guaranteed your family until the youngest child is educated, then the Face Value of the Contract is paid your wife with out any deduction. This new contract does the work of sev eral insurance policies—but with the premium of one policy. It is the new Family Income Contract, exclusively with the INSULAR LIFE. C. S. SALMON General Agent P. O. Box 734, Manila V. SINGSON ENCARNACION J. McMICKING President Manager Insular Life Assurance Company, Limited (This Company makes Loans on improved Manila Real Estate) rate likewise increased, the expense of providing funds for death payments mounted rapidly and now 'members no longer were attracted. Thus, in case after case, uncertainty returned to claim its prey when the society which was formed to guard against it succumbed in its turn. Then the Mortalit y'fable and modern methods of thought came to the rescue. If the average of human life moved in its definite orbit, as ob servers from Solomon to Halley had taught, why not make gradings and charge premiums that were based on the age of the applicant and that would permit the accumulation of funds sufficient to guarantee payment in event of death? It was one of those workablv simple ideas, the very sim plicity of which is the result of centuries of thought. It succeeded and the banishing of un certainty took on a new momentum. Then came the era of the great companies. It was ushered in with those formal titles be loved by our forefathers, such as “The Amicable Society' for a Perpetual Assurance Office," “The Society for Equitable Assurances on Lives and Survivorships" and the still more formidable “A Corporation for the Relief of Poor and Dis tressed Presbyterian Ministers and of the Poor and Distressed Widows and Children of Pres byterian Ministers,” but such mouthfuls soon gave way' to our terse modern titles, while the business grew by leaps and bounds in a way to prove the eagerness with which the public reached forth for the new relief from an age-long anxiety. "The greatest family in the world” drew into its bosom more and more of the total pop ulation—particularly in America, and, in the first quarter of the Twentieth Century, attained a membership in this country of more than forty million persons. Unquestionably, this is the world’s greatest example of human cooperation. CIIAI’TEIl NINE Insuring Travellers Aeroplane passenger travel, which doubtless will be a common experience within the next few years, is still viewed with apprehension by the majority' of people. The average man, in planning to take a trip of this kind, would give earnest thought to his chances of surviving un hurt. Some would even set their affairs in order be fore undcrtakingjwhat. seemed a great adventure. It is hard for us today to realize that railroad travel was viewed in exactly this light threequarters of a century ago. With the first breath of the new mechanical age, snorting monsters of iron began to pull coaches filled with anxious passengers, across hitherto peaceful landscapes, and railroad transportation became a subject of universal interest. Its advantages of speed and power made it soon evident that the new means of travel had come to stay, but that there was some reason for the trepidation of passengers is shown by the many wrecks that ensued. In a marked degree railroad travel typified human insecurity. There fore, it need not astonish us that mankind began to seek way's of mitigating this insecurity. As in the case of life itself, this effort took two forms: one, that of seeking to reduce the like lihood of accident? through better physical equip ment and more efficient operation, and the other, that of indemnifying when accidents occurred. We are concerned only with the latter, which became known as accident insurance, and which grew out of the advent of the railroad, having first appeared in England in 1849, as the “Rail way Passengers Assurance Company." Here, indeed, was an insurance adventure into a new and unknown field. While it tried to be scientific, it was little more than gambling on the likelihood of disaster, for it was some years before a sufficient amount of data had ac cumulated to permit conclusions of any value. It is interesting to note that accident insurance has continued to have a close association with the thought of travel. Multitudes of people take out short-term policies when starting on a trip, and, indeed, the earliest American accident insurance company took the name of “The Travelers,” having been founded by a man who saw the system in operation in Great Britain. However, accident insurance soon broadened beyond such limitations. As railroad con struction spread, and the number of passengers rapidly increased, the proportion of accidents dwindled to a very small percentage. It was no longer a hazardous adventure to take a trip by train for, with very few exceptions, every one who boarded a car left it uninjured at the end of the journey. Nevertheless, the number of accidents grew with the growth of the popula tion—accidents from the thousand and one causes incident to this restless age. It was not long before underwriters realized that all such might be made a basis for insurance coverage. Indeed, as early as 1850, an English company, “The Accidental Death Insurance Company,” recognized this fact. This company developed the idea of indemnifying for the loss of time through accident, as well as for death, and this principle is today a large factor. In the meantime, its protection has been extended to millions and has helped them in the process of banishing insecurity. Thus, no man can say, when he starts out in the morning, whether or not he will be struck by a falling sign, run down by an automobile, injured by a fall, or otherwise damaged before he returns to his home, but he does know that his policy will indemnify him for the time that he may be forced to lose. The same principle has been extended to cover illness. It is a hardship to be laid up because of either injury or disease, but bodily suffering is offset by the mental comfort of knowing that disability need not reduce the living income. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manila Export Corporation ,’ere reduced to 1’3.50 World markets for copra continued to de cline during September in the face of heavy selling pressure from all primary markets. Quotations at Manila during the first half of the month wc 1 1 to 1’3.625 for arrival resceada, and it was believcdfor a time that P3.00—copra would rule during OctoLer. However, selling pressure was eased during the closing days of September, and the market steadied with buyers at 1’3.50 to 1’3.62,’2 per picul, dependent upon position. The European market w’as feature less during the entire month until the announcement of suspension of gold payments by Great Britain. Prices for F.M.M. were advanced rapidly to £12-10-0, the advance however only compensating for the drop in sterling exchange. While production is unquestionably being withheld in certain districts throughout the Islands due to very low prices obtaining, on the whole receipts at concentration points are satisfactory. It seems advisable to add a word to this review covering recent news paper articles intimating that pres ent low prices obtaining for Philip pine copra results directly from manipulation by local exporters and dealers. To the planters and the trade in general, we can state that nothing is farther from the truth, and it is quite easy to demonstrate that prices have been paid in the provinces of Laguna and Tayabas during the last two weeks which actually showed a loss to the buyer as compared with the European and U. S. market bids either for copra or coconut oil on the day of purchase. The explanations for present low prices for copra are purely economic, and there is no factor or group of factors in the Philippine Islands which could control open port prices, for anv length of time even if so minded. Total manifested arrivals at Manila during the month of September were 412,119 bags as compared with 348,123 bags for September, 193 ). Latest quotations follow: San Francisco..........1.65 cents 1.70 cents per pound. London, F.M.M. . £12-10-0. Sundried....... .. .£12-15-0. Manila.................. 1’3.50 to 1’3.62; per picul resecada. COCONUT OIL Prices for coconut oil in the U. S. market continued to decline during September in sympathy with the weakness manifested in prices for competing fats anil oils. Inde pendence of buyers is unquestioned, their requirements being well taken care of into the new year. While business was done in spots at 3*4 cents per pound C.I.F. New' York, there was but little interest at these figures, ex cept for remote shipment. Latest cable quo tations follow: Neov York . 3 '/s cents to 3J^ cents per pound C.I.F. dependent upon position. San Francisco. . . .3 cents F.O.B. tank car. Manila....................15 to 16 centavos per kilo ex tank. COPRA CAKE The European market for copra cake has ruled sluggish during the month under review GO EMPRESS FROM THE DAYS The Quickest Route. Orient-America-Europe ORIENT • Want the thrill of speed and size? Leading the great white Empress fleet is the new Empress of Japan, 26,009 gross tons, 39,000 tons displacement, 23 knots speed... largest, fastest on Pacific. ACROSS THE PACIFIC IN • Want every 1931 luxury?...with “talked-of” cuisine, “of-the-Orlent” service? Take First Class. • Want lower cost? Go in the new ultrafine “Empress” Tourist Cabin. Also Third Cabin. ON YOUR TRIP TO EUROPE GO ST. LAWRENCE SEAWAY • Shortest, most direct route . . . via 1000-mile St. Lawrencj Seiw iv. 2 days of gorgeous coast-lines, only 3 to 4 days open ocean. 3 to 5 sailings weekly from Montreal and Quebec by 13 huge liners. Every type accommodation. Direct to 9 British and Continental ports. Low 1931 rates. Empress of Britain 5 DAYS TO EUROPE Apartments with bath... tennis, swim ming, squash... all the luxuries of smart life ashore. Whole Sports Deck, whole Lounge Deck... a port-to-port party at the height of the season. CANADIAN-PACIFIC WORLD’S GREATEST TRAVEL SYSTEM. with very light trading. The Hamburg market was quoted at Cl—12—<3 to £4-15-6 up to the date of the abrupt decline in sterling exchange. Since the sterling drop, prices have advanced approximately Sh 17-6 per ton, but the improve ment has not been sufficient to compensate for the exchange differential. Latest quotations follow: Hamburg Manila... £5-10-0 C.I.F. 1’24.50 to 1’25.00 per metric ton ex godown. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 Sailings Date SHIPPING REVIEW By H. M:. CAVENDER General Agent, The Robert Dollar Company -■----------------;-----------1 Conditions are not very satisfactory in shipping circles. Sep t s tember, the month under review, has not been an exception. . Sr The following state ment, covering a six months period, should be of interest: It will be noted from the above that the ton nage, taken over all services, has held up quite well when compared with the same period of the preceding year. It is clearly evident that the Pacific Coast service has been badly hit. On all services there ha6 been a tendency for cheap bulky commodities to move at low rates, and a corresponding drop off in the higher paying freights. This condition, coupled with the low rates prevailing, and the fact that operating costs have not decreased to any material extent, has created a serious situation for ship owners. The readjustment of the Atlantic Coast sugar rate from $6.75 to $6.25, is a concession to a depressed sugar market. Outside of the few charters already negotiated, the sugar shippers will confine their shipments to the conference steamers, who regularly serve the Philippines throughout the year. The unprecedented drop in the value of the —from Judge P. C. Over- P. C. land Local 91 March 1930............. 82 March 1931............. 95 April 1930................ 95 April 1931................ 101 Mav 1930................ 89 May 1931........•. . . . 80 June 1930............... 82 June 1931................ 77 Julv 1930................. 76 July 1931................. 82 August 1930............ 81 August 1931........... Totals------------------------526 1930......................... 505 1931......................... China 14092 13722 21197 14315 12789 13263 8566 16748 10458 11609 16009 14949 2177 23239 474 22141 1714 25512 575 19172 2348 21005 303 14331 1169 11737 435 13069 1201 16920 483 11476 984 14950 478 11785 PC. , . „ . ,. Grand Inter- Atlantic European Australian Total IteCoastal CobbI Ports Porte venue tons 3635 116830 3691 110396 4150 106694 891 130213 3121 114334 1395 102184 3646 60180 1123 80776 2469 52996 736 56945 3150 49903 1118 44352 18571 24613 14644 •23037 24851 23899 18547 19375 12396 18714 26318 20315 953 130 939 264 579 214 498 316 120 105 395 206 179577 175707 174850 188467 179077 155589 104343 131842 96560 100068 111799 92303 83111 9593 113363 20171 500937 115327 3484 846206 84606 2748 91974 8954 524866 129953 1235 843976 Judge Jr. considers himself to be a judge of most everything. These new hats have him guess ing; but of good whisky—he is positive WHYTE & MACKAY Scotch Whisky THE YOKOHAMA SPECIE BANK ========= LTD. . (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund .... 115,000,000.00 Undivided Profits - - - - 6,436,138.84 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager PHONE 2-37-59—MANAGER PHONE 2-37-55—Accountant. Remittance PHONE 2-37-58—Export, Import, Current Account, Cashier Sold Everywhere Smith, Bell & Co., Ltd. IMPORTERS IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 Pound Sterling has in effect reduced European and Mediterranean rates, which are quoted in Pounds, by approximately 25 per cent on freight, and passenger traffic. Some shippers who had stocks in position for shipment, were quick to take advantage of this, and during the last few days of September there was quite a brisk cargo movement. As yet it is too early to determine what effect it may have on passenger movement. It is a false position, however, and steps will undoubtedly be taken shortly to correct the situation either by increasing the rates propor tionately, or changing to a gold basis. There was a fair movement of cargo to Japan, including considerable hemp. Stocks of unsold hemp in Japan are reported to be very heavy, however, and any large future shipments are not anticipated for some time. Conditions on the Pacific Coast berth are very quiet. Several of the desiccated coconut factories in Manila are not operating on full time and consequently the movement of des iccated coconut is below normal. Several tanks of coconut oil have moved to the Coast, about 1,400 tons all told. To the Atlantic Coast one tank steamer full of coconut oil. and a numberof individual deep tanks moved, making a total of about 8,750 tons. Cigars and tobacco have been moving in fair volume to both the Pacific and Atlantic Coasts. Should the labor troubles the tobacco industry is experiencing continue much longer, there undoubtedly will be a material decrease, partic ularly in cigar tonnage. The hemp market in the United States is not in good shape at present with consequent falling off of shipments. From statistics compiled by the Associated Steamship Lines, there were exported during the month of August, 1931, from the Philippines to— ~ Miscellaneous Sailings Tons with - with with with with Passenger business has been exceedingly light in all directions during the month. This was to be expected, however, as this is the dull season for both tourists and vacationists. With October, there should be a marked improvement in passenger traffic. Tourist movement should also start in full swing. Steerage passenger movement to the Pacific Coast continues very light. During the month a fair number of passengers departed for the Hawaiian Islands. With some restriction of planted acreage being exercised both in pine apple and sugar fields, and the fact this is the off season, the demand for labor is not great and there will probably be little call for any con siderable number of men for some time to come. The following figures show the number of passengers departing from the Philippine Islands during the month of September, 1931, (first figure represents first class, second figure inter mediate classes, third figure steerage): China and Japan........................... Honolulu......................................... Pacific Coast.................................. Singapore and Straits Settlements.. European Ports.............................. Europe via America...................... America via Europe...................... ♦Does not include Hamburg America Line. The giant turbo-electric liner President Hoover, new flagship of the Dollar Steamship Lines’ fleet American Sailing, 9 9 7 8 10 N 3 10 148 8 83 14 7 3 176 4 41 1 25 2 3 427 339 93 19 2 China and Japan....................... Pacific Coast Local Delivery.. . . Pacific Coast Overland.............. Pacific Coast Intercoastal.......... Atlantic Coast................................‘ European Ports........................... Australian Ports........................... Total...............................................1 which 1,528 which 7,097 which 388 which 815 which 21,411 which 05 which None which 31,904 carried carried carried carried carried carried carried American American American American American American American American Bottoms Bottoms Bottoms Bottoms Bottoms Bottoms Bottoms Bottoms with with with with with with with with arrived in Manila harbor early morning, Sep tember 24th. The vessel was accorded a wel come without parallel in the history of Manila. During the first two days of the vessel’s stay in Manila she was visited by approximately' 25,000 persons. Mr. R. C. Morton, former director of the U. S. Shipping Board in the Orient, has opened offices under the name of the American Steam ship Agencies, Inc., from October 1st, room 511 Masonic Temple, Escolta, Manila. Mr. J. Harold Dollar, who arrived on the s. s. President Hoover, together with his party, and accompanied by Mr. H. M. Cavender, local agent for The Robert Dollar Company, visited the Southern Islands on the s. s. Mayon. The visitors were much impressed with conditions as they found them in the south. Mr. II. F. Gourlie has been appointed manager of the shipping department of Macondray & Co., vice F. J. Steinhoff, who has severed his con nection with the company. Mr. S. J. Cooke will take the place of Mr. Gourlie as assistant manager of the shipping department. The Robert Dollar Company has announced the arrival of the palatial tourist cruise ship Malolo on her third “Round Pacific Tour”. The vessel is scheduled to arrive in Manila Saturday, October 31st, at 7:00 a. m. and will sail for Bangkok the same day at 6:00 p. m. She will be the first tourist ship of the new season. Mr. George J. McCarthy, Assistant General Passenger Agent of the Dollar Steamship Lines, arrived in Manila on the 8. s. President Hoover on one of his regular visits in Manila. Mr. McCarthy has been particularly impressed with the good work of the Philippine Tourist Asso ciation, and looks forward to a large tourist movement this year in spite of general depres sion now existing. THE PRESIDENT LINER FLEET FINEST_____________ •_____________NEWEST_____________•______________LARGEST AMERICAN MAIL LINE 19 DAYS TO SEATTLE Fastest Time from Manila via China, Japan and Victoria Pres. Madison - Oct. 15 Pres. Cleveland - Oct. 29 Pres. Taft - - - Nov. 12 Pres. Jefferson - Nov. 26 Pres. Madison - Dec. 10 Pres. Cleveland- Dec. 24 Pres. Taft - - - - Jan. 7 Pres. Jefferson - Jan. 21 DOLLAR STEAMSHIP LINES EAST OR WEST TO NEW YORK Via China-Japan, Honolulu San Francisco Panama Canal Pres. McKinley - Oct. 24 Pres. Grant - - - Nov. 7 Pres. Lincoln - - Nov. 21 Pres. Coolidge -Oct. 5 Pres. Wilson - - Dec. 19 Presi Hoover - - Jan. 2 Pres. Jackson - - Jan. 16 Via Suez Canal and Europe Pres. Van Buren Oct. 21 Pres. Garfield - - Nov. 4 Pres. Polk - - - - Nov. 18 Pres. Adams - — Dec. 2 Pres. Harrison - Dec. 16 Pres. Hayes- - - Dec. 30 Pres. Pierce - - - Jan. 13 Pres. Monroe - - Jan. 22 PHILIPPINE INTER-ISLAND STEAMSHIP CO. SUPERIOR INTER-ISLAND SERVICE S. S. “MAYON” Sails Wednesdays from MANILA TO TO ILOILO CEBU ZAMBOANGA ZAMBOANGA CEBU ILOILO Oct. 21 Oct. 14 Nov. 4 Oct. 28 Nov. 18 Nov. 11 Nov. 25 Dec. 2 Dec. 9 Dec. 16 Dec. 23 FOR BOOKINGS AND INFORMATION APPLY TO: THE ROBERT DOLLAR COMPANY General Agents Robert Dollar Bldg., Port Area — MANILA — 24 Calle David Telephone 2-24-41 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 REVIEW OF THE EXCHANGE MARKET By Richard E. Shaw Manager, National City Bank The U. S. Dollar T.T. selling rates were well sustained during Sep tember at from 1' < to 1 premium. All Banks were eager buy ers of Gold Dollar tele graphic transfers for ready delivery at 3.|'7 premium and in certain instances 3.(' / was done for moderate amounts to the end of the year. Although the sugar ex port season is approach ing, no signs of weakness in the exchange market were apparent at the close. The following purchases of U. S. Dollar T.T. have been made from the Insular Treasurer since our last report: Week ending August 29th.............U.S.$300,000 Week ending September 5th........ 100,000 Week ending September 12th...... -100,000 Week ending September 19th...... 300,000 The Sterling market opened with sellers at 2 - 3 S and did not vary to any great extent from that level until September ISth, when the spectacular decline in the New York-London cross-rates started. The uncertainty as to tendency of Sterling was such that Banks were forced to quote nominal rates for buying and selling, although by the end of the month settle ments were made for small amounts on the basis of conservatively wide margins. No definite forecast as to the market can be made at this writing. The New York-London Cross-rate was quoted at 4.8612 on August 31st, stood at the same level on September 1st, which was the high point registered for that month. The market fluc tuated moderately until September 19th, when the rate fell from 4.8570 to 4.85 and then rapidly weakened to 3.70 on September 26th. A slight recovery was made and at the month end the rate stood at 3.90. London Bar Silver prices on August 31st were 12-13 10 ready and forward. The white metal touched a low of 12-3/4 ready and 12-7/8 forward on September 19th, jumped to a high of 19-1/2 ready and 19-11 16on September 26th and finally closed on September 30th at. 16-3 '8 ready and 16-9 16 forward. The quotation for New York Bar Silver on August. 31st was 27-1 '2. This same rate was registered on September 2nd tlnd September 19th, which was the low for that month. The rate rose to a high of 29-1 4 on September 22nd and closed at 28-1 8 on the last, dav of the month. Telegraphic transfers oi1 other points wore quoted as follows on September 30th: Paris ...12 45 Madrid................... ........ 923< Singapore............... .........Par Japan...................... ........100'6 Shanghai................. .........151 India. :............... .........Nominal Java........................ ........121 ■*/ REVIEW OF THE HEMP MARKET By L. L. Spellman International Harvester Company o/ Philippine! I This report covers the Manila hemp mar ket for the month of September with statis tics up to and including September 28th, 1931. U. S. Ghades; Early September quotations in New York were for Davao F, 6-1 2 cents; G, 3-7 8 cents; 1, 51 8 cents; JI, 1-5 16 cents. These were sel lers' prices but buyers were not interested al though business would probably have resulted at slightly lower prices. Housemarks other than Davao were offered at D, 10-1 '2 cents; E, 8-1 '4 cents; F, 6-1/4 cents; G, 3-7/8 cents; I, 5-1/4 cents; JI, 4-1/8 cents; Si, 6-1/4 cents; 52, 5-3 '8 cents; S3, 4-3/8 cents. These offers were reduced during the next few days, sellers offering [lousemark D, at 9 cents; E, 7-3/4 cents; G, 3-3/8 cents: I, 5-1/8 cents; S2, 5-1/2 cents; 53, 4-1 '8 cents. The market continued dull during the first half of the month and by the middle of the month sellers of Davao hemp were quoting: F, 6 cents, G, 3-9/16 cents; I, 5 cents; JI, 4 cents; SI, 6 cents; S2, 5 cents; S3, 4 cents; J2, 3-5, 8 cents; K, 3-3 8 cents. Other house marks were quoted at D, 8-7'8 cents; E, 7-1/2 cents; F, 5-7/8 cents; G, 3-1/2 cents, I, 4-7/8 cents; JI, 3-5/8 cents; SI, 5-7 8 cents; S2, 47/8 cents; S3, 4 cents. Sales of Davao I were made at 4-7/8 cents. The continued high pro duction of (J. S. grades were still affecting buy ers' ideas of prices. The market remained quiet during the latter part, of the month and sellers were offering Davao F at. 5-3/4 cents; I, 4-3/-Icents; JI, 3-3 lcents;Gand J‘2,3-3 'Scents. The Manila market for U. S. grades was very quiet carlv in September and nominal prices were: F, 1’12; G, 1’6.25; II, 1’5.75; I, 1’9.25; JI, 1’7; SI. 1’12; S2, 1’9.50; S3, 1’7. By the middle of the month nominal prices had gone off to F, 1’10.50; G, 1’5.50; II, 1’5.25; 1, 1’8.25; JI, 1’6; SI, 1’10.75; S2, 1’8.50; S3, 1’6.25. At this period a little more interest was shown in Streaky grades but generally speaking buyers were indifferent, and the market very quiet. During the second half of the month prices con tinued to fall off, the end of the month quota tions being: F, 1’9.75; G, 1’5.25; II, 1’5; I, 1’7.25; JI. 1’5.50; SI, 1’10; S2, 1’7.50; S3, 1’5.50 and a small amount of business was done at slightly below these quotations for some of the grades. U. K. Gkades: Buyers retired on the first of the month and at the close the market was depressed. In the absence of business, the following prices were quoted as nominal: .12, £16.10; K, £15.5; LI, £14.5; L2, £13; Ml, £14.5; M2, £12 5; DL, £12; DM, £11.10. During ATLANTIC GULFi AND PACIFIC CO. OF MANILA ENGINEERS MANUFACTURERS CONTRACTORS 71-77 Muelle de la Industria MANILA, P. I. Always the First Order!! jlWiguel $ale$iteen Brewed by SAN MIGUEL BREWERY IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 the first half of the month the market was dull and it. became slightly easier by the middle of the month, at which time sellers were quoting: J2, £16; K, £14.5; LI, £13.10; L2, £12.5; Ml, £14; M2, £11.15; DL, £11.15; DM £11.5 but buyers were holding off although speculators were offering to consumers at very low prices. By the middle of the last half of the month, the market became firm and sellers had withdrawn. At this time quotations were: J2, £16.10; K, £15.10; LI, £14.10; L2, £13.10; Ml, £14.10; M2, £12.10, but with very little fiber offering. From this time on to the end of the month prices rose almost daily on account of the low exchange rate of Sterling. At the close of the month the market was quiet but steadv on the basis of: J2, £18.10; K, £17.10; LI, £16.10; L2. £15.10; Ml, £16.10. Very little interest was shown in the Manila market for U. K. grades at the early part of the month, ruling prices being: J2, 1*6.25; K, 1*5.50; LI, 1*4.75; L2, 1*4.50; Ml, 1*5; M2, 1*3.75; DL, 1*3.75; DM, 1*3.25 and although receipts improved somewhat, they were below estimates. The production of U. S. grades continued to increase at the expense of the lower grades except in the case of Damaged grades which continued to arrive considerably above normal as to quantity. The middle of the month found buyers exhibiting very little interest as there was practically no demand in the consuming markets. Nominal prices were for J2, 1*5.50; K, 1*5; LI. 1*4.25; L2. 1’4; Ml, 1’4.50; M2. 1’3.50; DL. 1’3.50; DM, 1*3. Buyers were holding off during the last half of the month and near the end of that period, a small amount, of business was transacted at .12. 1’5; K, 1’4.50; LI. 1’3.75; 1,2. 1’3.25: Ml. 1’4; M2, 3;DL, 1*3; DM. 1’2.50. Maguey: Practically no sides of Manila Maguey were made as the production of this article is at present negligible. The Cebu pro duction of this fiber is also low, averaging about 750 Bs. a week, with nominal prices for CMR2 ranging from P3.75 to 1’4 per picul for the loose fiber and 1’3.25 to 1’3.50 for CMR3. Production: Weekly receipts for September OXYGEN Compressed Oxygen 99.5' c pure WELDING Fully Equip ped Oxy-Acetylene Weld ing Shops. ACETYLENE Dissolved Acetylene for all purposes HYDROGEN Compressed Hydrogen 99.8', c pure BATTERIES Prest-O-Lite Electric Stor age Batteries i Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. were: 16,000 Bs. for the week ending Sept. 7th; 17,000 Bs. for the week ending the 14th; 13,000 Bs. for the week ending the 21st and 14,000 Bs. for the week ending the 28th. Freight Rates: On the Sth of September the Philippines-Europe Conference established a rate from Legaspi of 10 - per ton of 20 cwt. over the base rate to apply to either direct shipments or those made with transshipment. No further changes were made. Statistics: The figures below arc for the 817,697 1,080,040 period ending September 28th, 1931. Manila Hemp On January 1st.............. Receipts to date............. 1931 Bs. 112,802 857,765 1930 Bs. 195,035 1.008.337 Shipments to— 970,567 1,203,372 United Kingdom.......... 232,229 235,892 Continent..................... 125,942 139,376 United States............... 177,572 403,367 Japan........................... 264,606 225,661 Elsewhere..................... 47.348 75,744 TOBACCO REVIEW By P. A. Meyer Alhambra Cioar and Cigarette Manufacturing Co. Rawi.eaf: During September most of the 1931 crop of tobacco in the province of Cagayan was bought up from the farmers. In Ysabela provincejdxmt one third of the crop still remained unsold at the beginning of October. Practically all tobacco of the two provinces is in sound conDrink It for Your Health’s Sake TEL 5-73-06 dition, although the supply of superior grade cigar leaf, applicable for wrappers, is not abun dant. Except for shipments to foreign monopoly administrations, the export trade for the months of September was quiet. Comparative figures for September exports are as follows: Rawleaf, Strip ped Tobacco Australia.......................................... 950 China............................................... 2,392 Hongkong........................................ 2,879 Java................................................. 1,785 North Africa................................... 9.095 North Atlantic (Europe).............. 68,877 Spain................................................ 2,263,851 Straits Settlements......................... 590 Tonkin............................................. 72 United States.................................. 124,036 2,474,527 January-September, 1931............. 14,679,866 January-September, 1930.............. 13,032,319 Cigars: The unsatisfactory conditions pre vailing in Far Eastern countries continue to adversely influence the export business. Ac cording to rumors, higher tax and duty rates arc again being contemplated in China. While exports to the United States maintain a satis factory volume, prices obtained leave much to be desired. Comparative figures for the trade with the United States follow: Period Cigars September....................................... 14,683,741 January-September 1931.................. 118,208,875 Jannarv-Sen! ember 1930.................. 111,363.545 Nature's Best Mineral Water Recommended By Leading Doctors AMMO-PHOS FERTILIZER GIVES BIGGEST YIELDS PRICE NOW LOWER -QUALITY JUST The SAME l_A Decade of Superiority. Philippine American Drug Company BOTICA BOIE IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 SEPTEMBER SUGAR REVIEW By Geo. H. Fairchild New Yohk Market: Except (hiring two in tervals in the middle of the month under review, the American sugar market was ex ceptionally quiet, and disappointing, without any significant business being transacted. Dur ing the first, week, no important sales were re ported beyond those of small parcels sold ex store New York at 3.37 cents 1. t. on the 2nd, and small sales for prompt shipment to refiners on the 3rd am’ 1th on the basis of 1.38 cents c. and f. Due to European competition, the price of refined was From Life “First you tell me tokiss her natural ly and then you say not to make any noise!’’ Sometimes a person doesn’t know what to do. But you never go wrong in sticking to— GORDON reduced to 4.55 cents on the 3rd. On the 9th, the market showed a better tone and small sales to refiners of I’orto Ricos for prompt, shipment were effected at 3.42 cents 1. t. Encouraged by this improvement, in the market, holders refused to sell at this price. On the following day, the 10th, the market, was very firm with better demand, sales to refiners of Cuban and I’orto Rican sugars for present shipment, having been effected at. 1.45 cents c. and f. and 3.45 cents 1. t. respectively. Unfortunately, the sugar market failed to maintain this improvement and on the following day, the 11th, the price for prompt shipment sagged to 1.41 cents c. and f. and thereafter gradually declined to 1.38 cents on the 22nd. On the 23rd, the sugar market again showed a better tone and some small lots of Cuban sugar for present shipment were sold to refiners at a price of 1.42 cents c. and f., while small sales of Porto Ricos prompt shipment were made to refiners on the basis of 3.43 cents 1. t. As in the previous week, the market failed to maintain its firmness and prices again sagged to 1.40 cents c. and f. for prompt shipment on the 25th. The last sale reported during the month was made on the 28th when small spot sales were effected at 3.40 cents 1. t. At the close of the month the market was stagnant; the price of refined was further reduced to 4.50 cents. The continued depression of the sugar market in spite of the improvement in the statistical position is attributed in some quarters to lack of speculative activities. According to Licht’s estimate, the 1931-1932 beet crop in Europe will amount to 8,321,000 tons as compared with the production for the 1930-1931 crop of 10,281,190 tons, a decrease of 1.900,000 tons. Dr. Mikusch, another European statistician, estimated the 1931-1932 beet sugar production at 9,147,000 metric tons as compared with the 1930-1931 crop of 10,611,000 metric tons, a decrease of 1,500,000 metric tons. Dr. Mikusch’s estimates are as follows: Estimate Production 1931-32 1930-31 Total Europe (Soviet Union excluded)........ 6,447,000 8,611,000 Soviet Union................. 2,700,000 2,000,000 Total Europe......... 9,147,000 10,611,000 From French sources, it is learned that the estimated European outturn for the 1931-1932 crop, outside of the Soviet Union, will be reduced by 25 per cent and by 14 per cent for all Europe including Russia. These reductions are equi valent to 2,570,090 tons for Europe, exclusive of the Soviet Union, and 1,440,000 tons for all Europe. It is therefore apparent that the European sugar production for the 1931-1932 crop will be from 1.40u,000 tons to 2,000,000 tons under what it was a year ago. In spite of this enormous estimated decrease in the Euro pean production, the sugar market has continued in a depressed condition. Moreover, the present world’s stocks are 4,704,000 tons as compared with 3,912,000 tons last year, showing an increase of only 792,000 tons. As the 1930-1931 world’s sugar produc tion was 1,025,000 tons in excess of the 19291930 production, it is evident that the world’s consumption has been increasing, and that the visible supplies are diminishing. It is to be noted in this connection that according to B. W. Dyer & Company, sugar economists and brokers of New York, the sugar consumption in Europe in the past 10 months ending June 30, 1931, amounted to 5,963,196 tons as compar ed with the consumption at the same time last year of 5,672,444 tons, an increase of 290,752 tons, or 5.1 per cent. Furthermore, the results of the International Agreement known as the Chadbourne Plan are being reflected in restricted plantings and sow ings for the next season in the signatory coun tries so as to meet their quotas for exports under the agreement. All these factors under ordinary circumstances should have bullish effects upon the sugar market. It therefore seems evident that certain devel opments which had had adverse psychological effects upon the market have mitigated the favorable [influences of these factors. Impor tant among these developments are the financial difficulties in the British Empire, Sweden, Norway and other European countries, which, together with the continued decline in the prices of commodities, have to a great extent been responsible for the universal pessimism in the stock market and in the sugar trade. Of the immediate bearish factors may be included the report from India to the effect that the sugar cane acreage for the 1931-1932 crop will be ap proximately 240,000 acres greater than in the previous year, the area planted for this year being 2,825,000 acres as compared with 2,585,000 acres last year, or an increase of about 10 per cent. In addition to this may also be included the unsatisfactory marketing of the Cuban crop. With the limited supplies from the Insular DRY GIN The heart of a good cocktail | be sure you get Gordon at your club....... ROBERTSON Scotch Whisky for GOOD HIGHBALLS Kuenzle & Streif f, Inc. Sole Agents 343 T. Pinpin Tel. 2-39-36 Manila, P. I. CARMELO & BAUERMANN, INC. P. O. Box 665 2057 Azcarraga LITHOGRAPHING JOB PRINTING COMMERCIAL ART FOLDING BOXES BOOK BINDING j—Raised Printing—| ELECTROTYPING ART CALENDARS IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 Possessions for the American sugar market, Cuba should be able through efficient distribu tion to secure better prices than she is now doing. A New York factor whose views on the sugar industry command respect in sugar circles, proposed the revival of the “Single Seller ' which, two years ago, having been found im practicable, was abolished. 'This New 5 ork authority stated that the unsatisfactory market ing of the Cuban crop as was evident in the past two months prevented Cuba from obtaining higher prices, and has resulted in one Cuban interest, taking advantage of an improvement in prices, unloading his sugar, leaving the others holding the bag. Futures: On the Sugar Exchange prices for future deliveries fluctuated in sympathy with the spot market. Quotations on the Exchange during the month declined from 1 to 4 points as follows: High Low Latest December............................ 1.38 1.28 1.37 Januarv............................... 1.38 1.27 1.34 March'................................. 1.42 1 30 1 30 Mav...................................... 1.47 1.34 1 34 July...................................... 1.52 1.38 1.38 September............................ 1.57 1.44 1.44 Philippines Sales: For the second consec utive month, no first hand sale of Philippine sugar was reported. There were, however, resale of 3,500 tons of Philippine centrifugals during the first week of the month at prices for 3.37 cents to 3.38 cents landed terms. Local Makket: The local market was lifeless ami no business was transacted, except a few small parcels for local consumption ata price of P8.75 per picul. Quotations for export were nominal. Crop Prosp'ets: In the absence of deterrent, continuous heavy rains ami destructive typhoons, the prospects for the coming crop continue fav orable. The Centrals are now being put into condition for the coming grinding season which generally commences in November, although some Centrals may start grinding cane in the latter part of October. Philippine Exports: Export statistics for the month of September, 1931, as reported to us showed that 5.588 metric tons of centrifugals and 1,196 metric tons of refineil were exported during the month. Exports of these two tirades of sugar since November, 1930, are as follows: Metric Tons Centrifugals................... 706,154 Refined........................... 32,54 I Total.......................... 738,698 THE RICE INDUSTRY By Percy A. Hill o/ Muflos, A'urro Ecija Director, Rice Producer's Association Rice prices at primary markets range from 1*4.70 to 1*5.25 a sack, according to grade; palav prices from 1’2.10 to 1*2.20 a cavan, 44 kilos. Saigon rice No. 2 is 1*5.88 a sack of 57 kilos, duty paid. The mar ket is reported as steady. The outlook for the grow ing crop is not hopeful. The area planted is at least 12% below that of last season, be cause of the lack of seedlings and the lateness of the rains. Added to this is a disease, resembling fungus, attacking the plants, especially in areas of excessive moisture. So far the pathologists have suggested no remedy. A small loss is attributable to cut worms and root-rot. In general the season has been so adverse that the entire crop irres pective of locality has not responded well; this factor will reduce the harvest. Considerable quantities of palav are still held in farmers’ warehouses. If these are held too long, bringing about importations, prices will be slow in rising. Importations from January 1 to August 1 were approximately 118.000 sacks (of rice), value about l>700.()00. This is below the aver age monthly importations a few years ago. Nearly 2 3 of the imported rice is of the gluti nous, or luxury, variety: and in the main the importations were directly to southern ports. Countries of origin: French East Indies, 5,409 metric tons; Japan, 725 m. t.; Siam, 262 m. t., with small shipments from Spain, the Vnitcd States, and the British East Indies. Rice from Japan went directly to Davao. The Spanish Valencia varieties and others served CHARTERED BANK OF INAD’AD’cahuintaral,a 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. W. U. A. Whyte, Manager. Across America Swiftly, Comfortably on the NORTH COAST LIMITED Newest and finest sleeping cars—box-spring beds —private rooms en suit'—barber and valet—large ladies'lounge-card rooms—shower baths—radio— buffet soda fountain—library and writing facilities —lounge, with davenports and overstuffed chairs —roomy observation platform—roller bearings and the "famously good” Northern Pacific meals. Only Two Business Days Seattle to Chicago NO EXTRA FARE national tastes rather than the pocketbook. 'I'he movement to increase the tariff on rice seems, as was predicted, to meet stern opposition among legislators; and so far, Saigon offerings are below the domestic-rice market. If recent statistics in a review of the rice industry are correct, the tariff will have little effect; as it is maintained we are self-sufficing as regards rice. Compared with wheat, by the way, rice holds IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 Luzon Stevedoring Co., Inc. RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE & GRILK Phone 2-16-61 Port Area The volume of commodities received in Manila during the month of September, 1931, via Manila Railroad are as follows: Rice, cavans............................... 170,000 Sugar, piculs............................... 12,743 Copra, piculs............................... 259,842 Coconuts........................ ............. 7,700 Desiccated Coconuts in cases. . 35,617 Tobacco....................................... 16,427 Lumber and Timber B. F........ 1,368,943 freight revenue car loadings The freight revenue car loading statistics for five weeks ending September 19, 1931 as com pared with the same period for the year 1930 are given below: COMMODITIES NUMBER of FREIGHT CARS FREIGHT TONNAGE INCREASE OR DECREASE 1931 1930 ;93i 1930 Cars Tonnage Rice .......... 974 1,016 13.857 14.501 (72) (644) Palav ............................ 91 1,282 1,596 (7) (314) 26 31 374 265 (5) 109 Sugar cane ................. Copra............................. 1,675 1,550 13,435 12,247 125 1,188 Coconuts........................ 431 228 4.944 2,590 203 2,354 Molasses ....................... 90 2,332 90 2,332 7 237 74 18 163 Tobacco ....................... 144 159 1,215 1,275 (15) (60) Livestock 88 426 3 29 Mineral Products......... 372 321 3.726 2,857 48 869 Lumber and 'timber. . . 255 266 5,738 5,688 (ID 50 Other Forest Products. . G 11 74 (5) (22) Manufactures................. 224 314 3.075 4,478 ''901 (1,403) All others including LCL 3,793 3,615 27,535 22,536 178 4,999 Tot ai...................... 8,197 7,737 78.257 68,607 460 9,650 Quality Printing is as essential to your business as welltailored clothes are to the successful salesman. Attractive letterheads, bill heads, cards, envelopes, labels, etc., are silent but powerful salesman. Why not let them carry your message in the most effective way? The McCullough Imprint ensures quality printing and all that it implies. McCullough service means expert supervision and the intelligent handling of your printing problems. Whatever your printing needs may be, you‘are assured the utmost satisfaction when McCullough does the job. May we serve you? McCullough printing co. Division of Philippine Education Co., Inc. 101 ESCOLTA Phone 21801 MANILA, P. I. SUMMARY Week ending August 22. 1931 1,391 1,587 11,514 13,759 (193) (2,245) Week ending August 29, 5,324 1931 1,847 1,489 18,155 12,831 358 Week ending September 5, 1931........................ 2,741 1,625 1,526 16,029 13,288 99 Week ending September 12 1931 2,404 1,711 1,599 16,510 14,106 112 Week ending September 1,426 19, 1931..................... 1,620 1.536 16,049 14,623 84 8.H>7 3.737 ~78J57 68.607 460 9,650 NOTE:—Figures in parenthesis indicate decrease. The Banqueteers (Continued front page 8) their trade with the mainland, (2) oppose prohibiting them from going to the United States, (3) oppose extending the coastwise shipping laws of the United States here. But though Secretary Hurley talked whenever called upon, and seemed to talk frankly, he never revealed very much of what he proposed to tell President Hoover, whose special envoy to the Philippines he was. He indeed took with him back to San Francisco Colonel Van Schaick, to work with General Parker in getting material together—no doubt his ideas about his report when he left Manila were vague even in his own mind. When he gave his first interview to the press in Manila, the day he arrived here, he emphasized the fact that his latest stated opinion on the Philippines was in his letter of May 15, last year, with which all our readers are familiar. This re mains his latest opinion, as it has always been his first. He found nothing in the Philippines now to make him less con servative about the islands than he was in that celebrated letter. The only other factor to consider is American opinion about American questions affected by the Phil ippines. No one can forecast what turn this may take. —IF. R. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 Commodities Hemp...................................................... Coconut Oil............................................ Copra....................................................... Cigar (Number).................................... Embroidery........................................... . Maguey................................................... Leaf Tobacoo......................................... Desiccated and Shredded Coconuts. Hats (Number)..................................... Lumber (Cubic Meters)...................... Copra Meal............................................ Cordage.................................................... Knotted Hemp....................................... Pearl Buttons (Gross)......................... Canton (low grade cordage fiber).. . All Other Products............................... Total Domestic Products. . . United States Products......... Foreign Countries Products. Grand Total. Cotton Cloths................... Other Cotton Goods.. .. Iron and Steel, Except Machinery..................... Rice..................................... Wheat Flour..................... Machinery and Parts of.. Dairy Products................ Gasoline.............................. Silk Goods......................... Automobiles....................... Vegetable Fiber Goods. . Meat Products................. Illuminating Oil............... Fish and Fish Products... Crude Oil........................... Coal................................... Chemicals. Dyes, Drugs, Etc................................... Fertilizers........................... Vegetables.......................... Paper Goods, Except Books.............................. Tobacco and ManufacElcctrical Machinery.. . . Books and Other Printed Matters........................... Cars and Carriages......... Automobile Tires........... Fruits and Nuts.. '........ Woolen Goods.................. Leather Goods.................. Shoes and Other FootCoffee................................. Breadstuff, Except Wheat Flour............................... Eggs.................................... Perfumery and Other Toilet Goods................ Lubricating Oil................ Cacao Manufactures, Ex cept Candy................... Glass and Glassware. . .. Paints, Pigments, Var nishes, Etc.................... Oils not separately listed. Earthern Stones and Chinaware..................... Automobile Accessories.. Diamond and Other Pre cious Stones Unset.... Wood, Reed, Bamboo, Rattan...................... . India Rubber Goods.__ Matches.............................. Cattle................................. Explosives.......................... Cement............................... Sugar and Molasses........ Motion Picture Films... Other imports................... Total. PRINCIPAL EXPORTS August, 1931 Quantity Value 0 4 4 0 0 2 7 1 P10,489,853 98 158.960 1 22,886 9 1 PIO,071,699 100 0 August, 1930 Quantity Note.—All quantities are in kilos excopt where otherwise indicated. PRINCIPAL IMPORTS August, 1931 Value % 71,859 10.4 08.875 5.2 542,457 221,822 158,279 225,796 101,G31 115.071 195,184 36,852 163,628 145,257 245.603 46,409 Value Monthly average for 12 months previous to August, 1931 % 3.4 3.5 0.6 10.0 1.5 3.2 1.3 1.5 0.4 0.2 4.8 Quantity 44.7 6> 0^4 0.1 P19,351,580 100.0 Monthly average for August, 1930 12 months- previous to August, 1931 CARRYING TRADE IMPORTS 9 3 P Value % .5 9 8. 4. Nationality of Vessels August, 1931 Monthly average for August, 1930 12 months previous to August, 1931 0 2 2 5 S 3 3 6 8 0 6 7 2 9. 0. 3. 8 3 5 6 6 2 9 8 5 5 1 1 0 2 7 5 3 4 American. . British........ Japanese.. . Dutch........ German... . Norwegian. Philippines. Spanish.. .. Chinese.. .. Swedish.__ Danish........ Belgian.. .. Panaman... Value%Value %Value % Pll.418,270 7,227,737 ,333,700 890,617 829,474 969,229 47.7 P 8,801,613 30.3 4,091,376 5.7 1,253,006 3.9 1,081,709 3.6 1,115,817 4.2 101,417 154,602 44,414 0.4 27,966 0.8 51,268 0.5 215,917 12,620 1.3 106,827 52.5 P 4,831,702 22.8 3,744,541 7.1 1,030,118 6.2 690,577 6.4 987,919 0.4 554,159 0.7 27,943 0. 1 35,325 0.2 38,905 1.1 274,475 4,007 0.5 396,630 2 3 1 7 2 6 1 0 0 1 0 0 7 0 1 6 2 0 5 0 5 0 0 5 9 0 2 7 6 2 0 0 0 7 2 5 371,775 6,941 218,047 495,464 10G.236 69,800 134,467 225,835 186,832 139,977 43,081 87,296 98,942 200,147 95,227 1 1 2 2 2 9 0 0 1 0 0 0 7 5 1 7 0 0 5 1 0 0 1 7 0 0 6 7 0 8 0 0 0 2 0 0 1 0 0 0 0 0 11 2 3 1 2 7 286,911 278,283 270,157 361.418 70,314 115,653 98,202 98,790 42,802 8 8 8 2 4 2 1 0 9 0 7 6 0 1 7 0 0 0 5 0 0 8 0 0 6 6 0 0 0 0 0 0 0 0 0 0 10 P23.623.970 100.0 P17.424.777 100.0 P15,151,475 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Monthly average for August, 1931 August, 1930 12 months previous Ports to August, 1931 Value % Value % Value % By Freight...........................P23.269.877 98.4 P17.058.509 98.0 P14,812.443 97.4 By Mail............................. 354,093 1.6 366,208 2.0 349,032 2.6 Total.....................P23.623.970 100.0 P17.424.777 100.0 P15.151.475 100.0 EXPORTS August, 1931 Nationality of Vessels Monthly average for August, 1930 12 months previous to August, 1931 Value Value % American. Japanese.. . German.... Norwegian. Spanish.... Dutch........ Philippines. Chinese ... Swedish.... Danish........ Panaman... 50.4 P 6,915.699 20.3 5,266.846 13.7 1,951,560 2.8 545,324 2.4 196,844 38 29 10 91,672 0 44,199 0 24,508 0 185,654 1 1,483,816 8 743,754 4 Value % 4 P 6,811,831 3 4,909,908 8 3,851,145 0 411,963 1 1,238,220 191 5 177,987 2 62,744 1 46,946 0 391,474 2 735,619 2 337,627 24.9 19.6 2.4 6.5 0 0 2 3 2 2 9 9 By Freight......................... By Mail............................. P10,496,926 98.6 P17,449.876 174,773 1.4 580,917 Total...................P10,671,699 100.0 P18.030.793 100.0 P19,351,580 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Countries August, 1931 Value Monthly average for August, 1930 12 months previous to August, 1931 Value Manila................................ Iloilo................................... Cebu................................... Zamboanga........................ Dava->" : P27,602,967 1,759,196 3,165,176 145,920 25,242 757,429 839,739 81.0 P26.340.820 5.0 3,061,335 9.2 3,624,759 0.3 460,717 0.1 ,111,764 2.0 1,064,682 2.4 791,486 75.0 P22.459.712 64.4 8.5 6,323,466 18.3 10.1 4,187,858 12.2 1.1 274,626 1.0 0.3 30,310 0.3 3.0 869,562 2.7 2.0 352,798 1.1 United States.......... United Kingdom.... French East Indies. Germany.................. Australia.................. . British East Indies. Dutch East Indies.. France........................ Netherlands.............. Italy........................... Hongkong.................. Belgium...................... Switzerland............... Japanese-China........ Sweden....................... Canada....................... Austria....................... Denmark.................... Other Countries. ... 74.6 P22.583.893 2.0 1,179,565 7.7 3.091,348 3.4 1,101,518 0.3 127,564 2.1 1,249,718 3. 1 1,772,087 0.9 405,583 1.0 653,359 1.7 846,530 0.4 748,094 0.4 128,597 0.2 285,265 0.2 109,106 0.6 287,951 0.4 252,335 0.4 186,274 10,197 0.3 108,342 0.2 25,285 0. 1 31,000 14,845 0. 1 36,665 0.3 220,449 Value % 64.4 P25.089.931 3.2 1,141,025 8.7 1,266,792 3.0 1,056.350 0.3 43,820 3.4 852,400 5.0 808,501 1.1 206,920 1.8 466,327 2.4 534,527 2. 1 422,151 0.3 180,843 0.8 290,253 0.3 79,638 0.8 312,952 0.7 134,577 0.5 137,269 22,288 0.3 95,448 0. 1 75,812 0.1 44,213 8,842 , 0. 1 23,268 0.6 1,334,185 0. 1 3.9 Total.. P34.295.669 100.0 P35,455,570 100.0 P34.598.332 100.0 Total.....................P34,295,669 100.0 P35,455,570 100.0 P34,598,332 100.0 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1931 BUSINESS AND PROFESSIONAL DIRECTORY Kerr Steamship Co., Inc. General Agents “SILVER FLEET” Express Freight Services Philippines-New York-Boston Philippines-San Francisco (Direct) 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 ^AGARCIA1 STA. POTENCIANA 32 TEL. 22715 GlTtS COLOR PLATES HALF-TONES il ZINC-ETCHING J] 316 Carriedo Tel. 2-16-10 INFORMATION FOR INVESTORS Expert, confidential reports made on Philippine projects ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric projects OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON CO. Cebu, P. I. Cable Address: “YPIL,” Cebu. Manila Wine Merchants LIMITED 174 Juan Luna Manila, P. I. P. O. Box 403 Phones 2-25-67 and 2-25-68 PHILIPPINES COLD STORES Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. « ffi ® * CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description HANSON, ORTH & STEVENSON, INC. Manila, P. I. Buyers and Exporters of Hemp and Other Fibers Wise Building — Tel. 2-24-18 BRANCHES: New York — London — Merida — Davao SALEEBY FIBER CO., INC. Fiber Merchants P. O. Box 1423 Manila, P. I. Room 318, Pacific Building Cable Address: “SALEFIBER” International Harvester Co. of Philippines formerly MACLEOD & COMPANY Manila—Cebu—Vigen—Davao—Iloilo Exporters of Hemp and Maguey Agents for INTERNATIONAL HARVESTER CO. Agricultural Machinery MADRIGAL & CO. 8 Muelle del Banco Nacional Manila, P. I. Coal Contractors and Coconut Oil Manufacturers MILL LOCATED AT CEBU P. O. Box 1394 Telephone 22070 J. A. STIVER Attomey-At-Law«Notary Public Certified Public Accountant Administration of Estates Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. “LA URBANA’’ (Sociedad MGtua de Construccidn y Prfstamos) Prestamos Hipotecarios Inversiones de Capital Paterno Building, Calle Helios MANILA, P. I. A. K. SPIELBERGER SUN LIFE ASSURANCE COMPANY OF CANADA 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 NEWS while it is NEWS and 44 Features For Results MANILA DAILY BULLETIN READERS SECURITY SAFEKEEPING SER VICE OWNERS ol securities a- well as those ivs| x msil >le for the safekeeping ol securities such a- executors, trustees and officers of domestic and foreign corporation- will find the facilities of our Customers' Securities Department of >|x-cial value providing a- it doe- both safety and relict from the many details attendant upon ownership or management. Si t I R1TIES in safekeeping with our Customer-' Securities Department mav l>e -old or tran-ferred and earning- may be disposed ol as you may dire, t. WI-. part i< ularly recommend this service to llio-e leaving the Philippine Elands lor trip- abroad wh< i mav wish to have their securities protected against theft and lire, their earning- collected for them and who, al t he same time, may maintain complete control during their absence through the world wide services of thi- Rank. COMPLETE DETAILS ON APPLICATION THE NATIONAL CITY BANK OF NEW YORK HEAD OFFICE: 55 WALL ST., NEW YORK CITY Manila Office: Cebu Office: NATIONAL CITY BANK BUILDING GOTIACO BUILDING IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL ALHAMBRA CIGARS ARE GREATLY APPRECIATED AS <Cfjr istmas PRESENTS Price List Of High Grade ALHAMBRA Cigars Mailed by Registered Parcels Post, All CHARGES, including United States Internal Revenue Tax, PREPAID, to any place within the United States. BRAND \ STANDARD Price PACKING Box of - BOITE NATURE Price Box^oi Bellezas............................ P4.40 50 P4.60 50 Bellezas................................... 8.60 100 9 00 ! 100 Blue Ribbon............................................. 6.90 25 I 12 80 50 Coronas........................ 5.40 25 j| 9 90 50 Especiales............................................. 4 20 25 7.50 50 Excelentes................................................ ................ 1 5.20 25 9.40 50 Half-A-Corona......................................... ............. 4.20 25 ' 7.50 50 Presidentes Sumatra.............................. ............... 9 70 100 1 Red Ribbon............................................. ............ , 5.30 25 i 9.70 • 50 If desired we will enclose your personal card in boxes All boxes are attractively wrapped in holly paper ALHAMBRA CIGAR & CIGARETTE MEG. CO. 31 TAYUMAN — MANILA — P. 0. BOX 209 Orders may also be placed with: Alhambra Cigar Store, 25 Escolta, Manila. Kuenzle & Streiff, Inc., 343 Pinpin, Manila. Kuenzle & Streiff, Inc., Cebu & Zamboanga. Hoskyn & Co., Inc., Iloilo. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL