The American Chamber of Commerce Journal

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Part of The American Chamber of Commerce Journal

Title: The American Chamber of Commerce Journal
Issue Date: Volume XIII (Issue No. 4) April 1933
Year: 1933
Language: English
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extracted text: Leading Articles In This Issue Cost of Living to Americans in Manila Starting Afresh: Financial Counsel World View of Commerce What the Well-Backed Pres ident Will Do Philippine-American Commerce Holds Up Best of All: Trade Commissioner Hester's Data Better Protection of U. Foreign Investments New View of the War Debts Question Other Features and the Usual Expert Reviews of Commerce s. ------------z 7V " ~zz ----------TCP and I< Il< H Two fine cigars.....both CORONAS .....and both made by TABACALERA ORIGINATORS OF HIGH GRADE PHILIPPINE TOBACCO PRODUCTS PACOR NEON SIGNS— PACOR NEON SIGNS IN our factory at Calle Concepcion and Ayala Bridge. Manila, we are now manufacturing PACOR NEON SIGNS, recognized as the standard of excellence in illuminated signs. Progressive merchants and manu facturers all over the world now believe the illuminated sign to be the most efficient and economical means of advertising. ALSO Call at our factory, or telephone us. and we will send j^$PEsentative to submit designs and cost estimates. OTHER DE PAR I MENTS: PAINTED BULLETINS POSTER DISPLAYS GOLD LEAK WORK TRUCK PAINTING LIGHTED DISPLAYS SIGN PAINTING U. S. Agents ATHERTON A: CURRIER INC. Graybar Building. New York HOUSE TO HOUSE DISTRIBUTION OF SAMPLES AND CIRCULARS PHILIPPINE ADVERTISING CORPORATION J. AV. MEARS. (Ji.NiatAi. Max.u;i:k < aiii.i: AI»1>H1.SS: ••PACOR" Pascual Casal lei. 2-29-45 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 FOR PROTECTION, BEAUTY, ECONOMY paint with YCO PREPARED PAINTS Manufactured expressly for use in the Philippines where sudden changes in temperature cause untold damage to unprotected surfaces. Sold Everywhere MANUFACTURED BY : YNCHAUSTI& CO. FOUNDED IN 1854 347 Tanduay — Manila — Tel. 2-27-50 He Always Picks a Winner the horse he rides during the game— and the drink he calls for after the game— £>an Miguel Filsen brewed by San Miguel Brewery Here’s An Easy Way To Keep Cool----fry Hot Baths. If you are skeptical..... don’t take our word for this; try it. Let a good hot shower splash all over you for about ten minutes— then change to cold. In the meantime, use plenty of soap to thoroughly cleanse the pores from accumulations of perspiration and d-ust. Then..... decide for yourself who’s right. You will be, of^t-cirse. With the PICCOLO you can change instantly from HOT to COLD. And you do not have to wait for the HOT either. Turn on the GAS and water; by the tijne you’ve hung up the bathrobe and parked your slippers the hot water is there, ready. If you lack the PICCOLO GAS Water Heater we can in stall one on short notice. Let us know..... TODAY is the best time. “PICCOLO” GAS WATER HEATER—only P90.oo MANILA GAS CORPORATION Display Room -- Regina Building IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 GENERAL O ELECTRIC FANS Comfort during these hot days—that’s what you want now. You can have an unlimited supply of cool, refreshing breeze if you have one of these G-E Fans in your sala, bed room, or dining room. You don’t have to visit our store to get one of these Electric Fans; just send the coupon to us by mail and upon receipt of it we will immediately de liver to you the G-E Fan of your choice. Inspect the Fan and, if it meets your approval, pay our de livery man 1*5.00 and we will bill you 1*5.00 monthly for the balance. Mail the coupon today. MANILA ELECTRIC CO. Corner Escolta and David—Tel. 2-19-11 Size Down Per Mo. Time Cash 10" P5.00 1*5.00 6 mos. 1*27.00 12" 5.00 5.00 8 ” 36.00 16" 5.00 5.00 10 ’’ 45.00 MAIL COUPON TODAY Manila Electric Co. Manila. Gentlemen: Deliver to me immediately the General Electric Fan checked below. I will pay your delivery man P5.00 as my down payment. NAME............................................................................................. ADDRESS................................................... ! 1 10-inch ) { 12-inch | j 16-inch AIL tlAMIB RA’S NEW CREATION ALHAMBRA CIGAR & CIGARETTE MFG. CO. 31 TAYUMAN, TONDO — P. 0. BOX 209 you, your work is a constant rush, the distraction you seek only makes your nerves worse. Since you cannot escape, defend yourself. Take BROMURAL TABLETS^ Bromural is so harmless that it can be given to infants and to the oldest and most enfeebled persons. Take Bromural Tablets. You will find your nerves poised and robust; you will forget your troubles and their causes. Bromural Tablets are quite harmless however long they are taken. A few tablets at bedtime will ensure sound sleep. Tubes of 10 and 20 ta blets can be obtained from any good class chemist. KNOLL A.-G., Ludwigshafen-on-Rhlne. FORMULA: Urotropina 0-051—Benzoato litico 0-028—Sales piperacinicas 0-046— IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Single Copies: 35 Centavos What the Well-Backed President Will Do One pair of national resuscitation crutches were provided by the lameduck congress and okayed by Hoover while Roosevelt waited inauguration hour President Roosevelt wanted war-time powers from congress, and got them. Having closed the banks of the country, he reopened them, or is reopening them gradually, under Federal authority. Nationally he avoided use of scrip, and technically kept America on gold—with an embargo on its use. He pro mised action in his inaugural address, at once began acting with vigor—and that not along cut-and-dried lines. To 100,000 gray-spirited citizens harking to his inaugural address (20 minutes long, instead of the promised 8 minutes) he opin ed “. . . . The rulers of the exchange of mankind’s goods have ^liled through their own stubbornness and their own incom petence, have admitted their failure and abdicated. / “Practices of unscrupulous money-changers stand indicted. True, they have tried, but their efforts have been cast in the pattern of an outworn tradition. Faced by failure of credit, they have proposed only the lending of more money. . . . The money-changers have fled from their high seats in the temple of our civilization. We may now restore that temple to the .ancient truths. . . . Our greatest primary task is to put people to work. . . . There must be a strict supervision of all banking and credits and investments; there must be an end to speculation with other people’s money, and there must be provision for an adequate but sound currency. . . . “Our international trade relations, though vastly important, are secondary to^vhc establishment of a sound national econ omy. In the field of world policy I would dedicate this nation to the policy of the good neighbor. If we are to go forward we must move as a trained and loyal army willing to sacrifice for the good of a common discipline . .. .” and then he asked foi» executive power commensurate with the scope .he outlined for executive action. Two bills Hoover approved the day before he left office give debtors relief through bankruptcy. Time, March 13, page 15, reports how they work. A country doctor sold his home to pay the mortgage, but there was a deficiency judg ment of $1,000; all told he owed $3,000 and his assets, aside from quantities of uncollectible bills for his services, added up ^to $1,000. He went to the Federal court and filed a list of his assets and liabilities and a petition asking for a conference with his creditors. The judge granted the petition, the doctor offered his creditors as follows: (1) 33J^% on the dollar in an immediate settlement, (2) payment in full if given time, (3) to be thrown into bankruptcy if neither proposal was accepted. The creditors agreed by majority vote to take 33J^% on the dollar and settle at once: this done, the doctor walked out of court owing nothing. This is deflation of credit. The bill Hoover signed, amend ing the bankruptcy act, “provides machinery whereby an individual can compose or compromise his debts under a judicial eye” and requires only a bare majority of the creditors to effect an agreement binding all. Corporations and farmers are excluded from benefits of this bankruptcy amendment, but Time reports the special provision for farmers: “Fifteen of them, all insolvent and living in the same county, could petition a Federal judge who in turn would appoint a conciliation commissioner. . . . The hitch with a farmer’s debts is that he generally owes only a single creditor, the holder of the mortgage on his farm. Conciliation commis sioners were provided to try to make mortgage holders see reason on debt reduction.” Another amendment favors financial reorganization of railways by providing means of such reorganization without resort to receiverships involving time, red tape and extra ordinary handicaps and expense. Now a road can go into a Federal court, declare its insolvency and ask for the privilege of reorganization, which the intcrcstate commerce commission is designated to supervise. For this remedy to apply, twothirds of a road’s creditors must agree to it. Many roads are expected to deflate their capital structure by this means and escape borrowing further sums from the refinance corpora tion. The senate excluded corporations from the benefits of these bankruptcy law amendments. (This legislation evidences the preinaugural influence of Roosevelt on national emergency measures: the vigil he kept at his Mayflower Hotel apartments upon the closing hours of the 72nd congress). By way of putting men to work, he has called 250,000 men into the national forestry service. By way of scaling down the budget, he is reorganizing the government and has used his special power to decrease payments to war veterans by $600,000,000 a year; and he has cut Federal salaries by 15%, or within 8% of the estimated reduction in the cost of living during the depression. He has really begun to act. 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 Frank Murphy Made Governor Press dispatches from Washington, April 7, an il o unce (1 P r e s i d e n t Roosevelt had chosen Mayor Frank Murphy, of Detroit, for the gov ernorship of the Phil ippines. (lovernor-elect Frank Murphy’s second term as mayor of Detroit would expire next year lie has headed Detroit’s administration during the depression and gain ed distinction by his resourcefulness with the unemployed problem. He is-10 years old, unmarried, an alum nus in law of the University of Michigan with post-graduate studies at Lincoln’s Inn, London, and Trinity College, Dublin, lie took his officer’s training at Fort Sheridan and with a cap tain’s rank served overseas in 1918-1919 with the Army of Oc cupation in Germany. He was born at Beach Harbor, Michigan; his father was John F., his mother Mary Brennan, Murphy. He practiced law in Detroit in 1916-1917 and from 1920 to 1923 he U. S. attorney for the eastern Michigan dist rict. For six years he was an instructor in the law school of the University of Detroit, for seven years he was a judge in the recorder’s court of Detroit. It is noted that his service as an assistant Federal attorney began late in Wilson’s administration and continued two years into Harding’s. Acting Governor John H. Holliday Addresses Business Men April, 1933 THE! AMERICAN CHAMBER OF COMMERCE JOURNAL 5 Items in Americans’ Living Costs in Manila It’s a scattered community culturally compact: no neighborhood school, the church around the corner miles away from members’ homes Economic studies of the Philippines are handicapped by the absence of a census bureau here. Thus this study of the cost of living to Americans in Manila can not be at all definitive. Not even an accurate figure of what the Amer ican population of Manila is can be obtained; it is ventured that the civilian popula tion, to which this study is confined, may be 4,500. This may be far wrong, but greater error would per tain to the health bureau’s estimates based upon the census of 1918 and the natural increase since that time. Counting heads how ever is the least of the work of the census bureau that ought to function here all the time. More vital work would ascertain gen eral living costs, sick bills, school outlays, and many other facts that both the public and the government ought to know. The writer will therefore be grateful ?tor light from other sources, ibn points where he is likely Ito be obscure or entirely misled, since light from the proper source is not available. Rents are a living ex pense to everyone; even if you own your own home, it is worth so much rent, .would bring a certain rental income, and this is what you put out in reality for the use of it. Rents have always been comparatively high in Manila, are still high, but since 1929 have fallen about 33>a%.„from what they then were. If fou paid Pl50 a month rent for your house in Ma nila in 1929, or 875, you are pijpbably now paying about F100* a month, or 850. The high rate for the ordinary house obtainable for such rent was originally based upon the speculative values placed upon property in the so-called modern neighborhoods where thatch is not a building material. ''These valuations crept into the assessments, were the basis of mortgages; and they were real, even P20 a meter, MANILA CITY MARKET PRICES February 25 Commodity Rice (per ganta) Elon-elon............................. Macan, 1st class................ Milagrosa............................. Pork, prime native................ Beef, imported frozen........... Beef, native prime................. Ham, native........................... Ham, Chinese......................... Ham, Australian.................... Ham, American..................... Chickens, native— First class, each................. Second class, each............. Third class, each............... Eggs (per hundred)— Bulakan............................... Batangas............................. Cebu.................................... American, imported........... Japanese, imported............ Chinese, imported............. Fresh fish (per kilo)— Lapu-lapu........................... Apahap................................ Tanguingue......................... Shrimps and prawns......... Onions (per kilo)— Singapore............................. American............................. Japanese......... Sugar, refined, kilo............... Coffee (per kilo)— Hawaiian............................ Javanese.............................. Palembang........................... Oranges, doz., American. . . . Apples, doz., American......... Grapes, kilo, American.. Cabbage, Baguio, kilo.......... Tomatoes, native prime, kilo........... /9.,7 Pesos 0.24 0.22 0.31 0.85-0.95 0.80-0.85 0.85-0.95 3.50-4.50 GOO 5.30 1.80-2.00 0.20-0.21 0.85-0.90 0.60-0.65 0.45-0.50 1.20-1.50 0.50-0.80 0.28-0.30 Pesos 0.22 0.20 0.30 0.80-0.90 0.80-0.90 0.80-0.90 1.25-1.30 1.30- 1.35 1.90-2.00 1.10-1.15 0.90-1.00 0.70-0.80 0.50-0.60 4.50-5.00 4.00-4.50 3.00-3.50 2.30- 2.40 0.70-0.80 0.65-0.70 0.65-0.70 0.23 0.20-0.21 0.80-0.90 0.45-0.50 0.35-0.40 0.70-1.00 0.30-0.55 0.55-0.GO 0.22-0.25 1933 Pesos 0.22 0.20 0.30 0.70-0.80 0.70-0.80 0.70-0.80 1.10-1.15 0.85-0.90 1.40- 1.50 1.10-1.15 0.80-0.90 0.60-0.70 0.40-0.50 3.80- 3.90 3.20-3.30 2.80- 2.90 4.90-5.00 2.40- 2.45 0.50-0.GO 0.55-0.65 0.40-0.45 0.50-0.60 0.15-0.16 0.09-0.10 0.08-0.09 0.19-0.20 0.G5-0.70 0.50-0.55 0.45-0.50 0.35-1.10 0.24-0.50 0.45-0.50 0.16 0.18 0.32-0.32 1'he data above are from the daily market report of the commerce and industry bureau. At the Quinta market on calle Echaguc, March 20, cockerels were bought at P0.80 a kilo, pullets were Pl.00 a kilo. Australian butter was P0.55 a lb.; American, P0.70 to 1’0.80 a lb. in quarter-pound packets, 4 to the carton. American eggs were PO.GO a doz.; Bulakan, P0.40; Batangas, P0.35. Beef tenderloin, whole, imported, per kilo Pl.40; cut to weight, per kilo Pl.80; native, prime whole, per kilo Pl.30; cut to weight, 1*1.40. T-bone and porterhouse steaks, beef loin, whole, per kilo P0.70; cut to weight , per kilo P1.00. Potroast, topside, prime native, per kilo, P0.60; imported, whole, per kilo 1*0.70; cut to weight, per kilo P0.80. Pork-chops, prime native, were P0.S0 a kilo; imported frozen, Pl.OO a kilo. Both beef and pork breeds have of late years been so much improved in the Philippines, and the health service’s precautions at the butchering station arc such, that housewives may safely resort to the regular use of these meats. or S10, for Taft avenue lots, because purchasers would pay them. Out of line with values in American cities, these were the Manila values. There is only one Manila, and in Manila only certain improved streets and districts that make up the most healthful and desirable places to live; so sheer demand, as against a limited supply when the world was on the boom, ran rentals up along with sales values. Now both sales and rental values have tumbled. The reason for today’s lower rents is the exodus of Amer ican and European fami lies from Manila since 1929. It is estimated that 500 such families have left Ma nila, vacating that number of houses; and a consider able number of houses have been built, for rental, since 1929—though none in com parison with what went up before. The 500 American and European families that have left Manila since 1929 dropped the city’s rent roll by 1*500,000. It is estimated that their incomes were four times their outlay for rent; they were commonly spent in full, or nearly so, so the city has lost, in the depar ture of these families, the business their 1*2,000,000 a year represented. Not all the loss has fallen upon the man who builds and rents houses, only a fourth of it, but this is so much that it is said by reliable real estate men that the rent from properties still carry ing mortgages barely covers interest, taxes and upkeep and leaves the owner of the equity no profit at all. (With his plight his renter commonly will not sym pathize; he is glad of lower rents for any reason.) Chicago and Manila gro cery prices are compared in one of the tables publish ed with this paper. Another table shows a descending scale of public market prices during the past three years, with which these Chicago prices of Feb ruary 15 may be compared: 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 Ham....................... .. per lb.. 1*0.19 per kilo. . P0.418 Bacon..................... . . . per lb.. 0.22 per kilo. 0.484 Porterhouse........... . . .per lb. . 0.32 per kilo. 0.704 Round or sirloin. . . . ..per lb.. 0.24 per kilo. 0.528 Sausage................... . . per lb.. 0.25 per kilo. 0.55 Eggs....................... . . . per doz. 0.32 Fruit prices may Oranges, Sunkist. . ...dozen.. 0.36 be compared with Grapefruit.............. ...five.... 0.38 those in the tables. Chicago I tern. Pesos Swiss Cheese, Am., 1 lb........... 0.36 American Cheese, 1 lb............. 0.24 Corned Beef, bulk, 1 lb........... 0.16 Jellies, 9-oz. jars....................... 0.115 Chocolates, 5-lb. box............... 2.58 Honey, 5-lb. pails..................... 0.98 Tea, 5-lb. pkg., Japan............. 1.58 Campbell’s Soups, 3 cans........ 0.42 Gold Medal Flour, 5-lb........... 0.30 A’t Jamima Flour, 20-oz. pkgs....................................... 0.34 Karo Syrup, 2, lj^-lb.............. 0.34 Quaker Oats, 2 small pkgs....... 0.18 Swansdown Cake Flour, pkg........................................ 0.40 Lipton’s Tea, J^-lb................. 0.40 Mayfair Tea, J4-lb.................. 0.34 Jello, 4 pkgs.............................. 0.50 Corn, 3 No. 2 cans................... 0.50 Bread, 16-oz. loaf..................... 0.10 Snider’s Catsup, 14-oz............. 0.26 Brillo, 2 pkgs............................ 0.30 2-in-l Polish............................. 0.24 Boiled Ham, J^-lb................... 0.18 Bacon, Slab, 1-lb...................... 0.18 Am. Home Preserves 1-lb....... 0.24 C. Pork and Beans, 6 cans. ... 0.50 Heinz Ketchup, 14-oz............. 0.20 Palmolive Soap, 3 cakes...... 0.32 Sugar, 10-lb. bag..................... 0.86 Domino Sugar, 5-lb................. 0.48 Butter, 1-lb............................... 0.48 Swift’s Premium H., 1-lb........ 0.25 Spanish Sardines, 3 5-oz. cans....................................... 0.38 C. & B. Marmalades, 16-oz...................................... 0.38 Atmore’s M’meat, 2-lb. jar.......................................... 0.74 D’monte Strawberries, 2-lb........................................ 0.46 Chili Sauce, 14-oz. bot............ 0.46 Swift’s Olive Oil...................... 0.21 Libby’s C’beef, 1-lb................. 0.34 Eveready S'pickles, 1-qt......... 0.38 Baker’s Cocoa. J^-lb............... 0.19 Rose-Dale Peaches, > 2^2 lb........................................... 0.115 Libby’s Tom. Juice, 1-lb......... 0.15 Libby’s Ev. Milk, small......... 0.042 Sfts. Salad Drsg., 1-qt............ 0.46 Pillsbury’s Cake Flour............ 0.40 Chicago grocery prices are probably about an average of city prices in the United States. Chicago will get California products no cheaper than Manila does. There are reasons however why even these products can’t be sold as close to wholesale costs in Manila as they are sold in any city at home. As a matter of fact, retail grocery prices quoted in the table were compared with local wholesale prices and in general the margins were so small as adequately to explain why the grocery business remains, as to American trade, in the hands of a few Cantonese merchants at the head of calle Echague to whom it is a guild profession. No one store, perhaps, has any remarkable amount of capital employed in the busi ness. Trade can’t be pushed to that extent. Customers other than Americans and Europeans are few, Filipinos very admirably holding to their accustomed standard of simple living whose neces sities the public markets fully supply. So in this town of 350,000 or pos sibly 375,000 inhabitants, no single grocer’s trade is large. The rule of a limited capital, turning slowly, applies to the trade; prices of the staples which are the exceptions, such as milk, are as low, or nearly as low, as job bers’ prices on these goods by the case. So while Americans pay more for groceries here than they would have to pay in America, given the con ditions governing the busi ness they still don’t pay exorbitantly. It ought to be said here, as a rule affecting all im ported commodity prices, that three months before the merchant even sees his goods, before he has them on his shelves or in his warehouse, he has paid for them; and then, for profit and the return of his capital, he has to wait their slow consumption by his comparatively few cus tomers. Few of these cus tomers ever visit his store. They order by telephone, and he delivers their or ders, small or large, twice a day. His delivery costs are excessive because his customers, few as they are, are dispersed in houses and little neighborhoods far apart—from New Ma nila and San Juan Heights to Pasay, an area perhaps embracing 20 square miles. With small orders, enough for the day, generally speaking, grocers’ wagons CHICAGO AND MANILA RETAIL GROCERY PRICES COMPARED Manila Item Pesos Kraft’s, i^-lb. pkg................. 0.40 American, )^-lb...................... 0.40 Libby’s, 12-oz. tin................. 0.32 S. & W., 8-oz. jars................. 0.45 Chocolates, 5-lb. box............. 2.25 S. & W., 1-lb. jars................. 0.65 Reed, 1-lb. pkg....................... 1.50 Same, 1 can............................ 0.21 Same, 5-lb.........................■ ■ • 0.45 Same, 1 pkg............................ 0.30 Same, 2><j-lb. tin.................... 0.50 Same, 2-lb. tin........................ 0.38 Same, Flour............................ 0.75 Same, Tea............................... 0.45 Lakkawalla Tea, Jz£-lb........... 0.40 Same, 1 pkg............................ 0.20 S. & W„ 2-lb. can.................. 0.35 Same, 16-oz. loaf.................... 0.16 Similar Catsup....................... 0.27 Same, 1 medium size............. 0.35 Same, tin................................ 0.20 Hormel, 2-lb., 6-oz. tin.......... 2.25 Same, 1-lb............................... 0.65 S. & W., 1-lb. jar................... 0.50 Libby’s, 11-oz. tin................. 0.16 Same, 14-oz............................. 0.50 Same........................................ 0.45 Same........................................ 1.10 Same........................................ 0.80 Australian, 1-lb...................... 0.60 Same, Ham............................. 0.65 Same, 2J^-oz. tin................... 0.12 S. & W., 16-oz........................ 0.50 Heinz, 1-lb. tin....................... 0.50 S. & W., 2-lb. can.................. 0.60 Heinz, 10-oz............................ 0.65 Same, 1-qt.............................. 1.00 Same, 8-oz. tin....................... 0.26 Libby’s, 1-pt. jar................... 0.55 Same........................................ 0.30 D’monte, 2 J^-lb..................... 0.35 Libby’s, 14-oz......................... 0.25 Same....................................... 0.0625 Similar, 8-oz........................... 0.50 Anchor, 5-lb............................ 0.55 go everywhere, stopping here at one house and blocks farther on at another, and then, empty at last, cruising back down town to the store. (Parking at'shopping hours is very limit ed downtown: were it not so it is possible that grocers could invoke the pay-and-carry rule and make it worth their cus tomer’s while. As it is, the delivery plan grows; of late even the meat shops are making house-to-house deliveries.) Grocers in Manila can’t attract crowds of patrons to their stores by special sales. Theirs is a steady day-to-day busi ness and can be nothing else. AU sell at low prices, as against their costs, and trying one in preference to another is on the whole a bootless effort. They bind customers to them by the accommodations they extend; the one advantage to them of the fixed trade (and no more) they may depend upon is that it is theirs without extensive advertising. They have suffered from the radical decline of the Caucasian population of Manila during the past three years. Their Filipino trade is recruited from the middle class, radically affected last year by the cut in government pay, this year by outright dismissal of more than 2,500 civil-service employes. There are therefore no signs indicating that retail grocery prices in Manila will be lower in comparison to wholesale prices than they now are; at about the prevailing ra tios they will follow whole sale prices up or down. Shoes are now bought in Manila at prices about as low as shoe prices in America. American shoes are price-slipped a little higher than in America, but the prevailing cash discount of 10% brings this down to nearly or quite the homeland price. But in any American city there is always a special sale that may be taken advantage of, and here there are very few; but there are some, of course, shoes being universally used here, and the clear ance sale on shoes is more practical here than in any other line. The bulk of shoes sold here are of local manufacture. The highest men’s shoe from one lead ing factory is 1*6 a pair, the lowest F3.45; the high est women’s shoe is P5 a pair, the lowest 1*3.45. The highest men’s shoe from another leading fac tory isj*8 a pair, the lowest 1*6.’ the highest wo men’s shoe is 5*6.50 a pair, the lowest 1*3.50. These prices seem to compare favorably with shoe makers’ prices. Many American women have their shoes made to order, 5*6, 5*8 and 5*10 the pair, furnishing the shoemaker, for the last, a shoe that suits them. Someone once said, “No, she really hasn’t big feet, she just weare canvas shoes.” Canvas shoes are not much in vogue either with women or men in (Please turn to page 10) April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 Olivarius Process Sugar: Utilizes Waste Molasses Sugar centrals may install process and pay for the plant out of sales of the sugar recovered Sixty years ago when sugar-making methods in Negros were crude and wasteful, Nicholas Loney, residing at that .time in Iloilo and representing makers of sugar machinery in Scotland, sold this improved machinery to the Negros planters on agreements with the planters that they pay for the ma chinery out of the extra sugar it would give them from their sugar cane. This plan effected the first revolutionization of the Negros sugar industry; the Loney mills and sugarboiling methods remained in use in Negros until supplanted by the much more efficient centrals installed during the decade from 1913 to 1923. And now another step in sugar-milling economy is offered Philippine mills, the Olivarius process of recovering sugar from waste molasses. Like Loney, the agents are agree able that the cost of installing this process be paid from the sale of the extra sugar the mill obtains from use of the process. The California Packers Association owns the Olivarius patents. The Philippine agency js Philippine Sugar Recoveries, Inc. The first contract effected in the islands has been signed with R. Renton Hind, manager of one of the smaller centrals in central Luzon. Managers of many mills say there is no use of making sugar from molasses, getting more sugar from the cane, with the prospect ahead that even less than the mills already produce will be allowed duty free in the United States. That is of course for managers to decide. The cost of equipment for the Olivarius ^focess, installed at a central, is about 1*50,000. Mousses produced at a sugar central is about 25% much as the sugar produced. “True sucrose in this molasses is 36.84 parts of the whole. From 100 tons of molasses the Olivarius process recovers 20.28 tons of true sugar of 97° purity on which the current premium at San Francisco over the price of ordinary centrifugal sugar is 25 cents gold a cwt., because the process destroys all bacteria. At P6.25 a picul the value of this 20.28 tons of sugar is Pl,817.81. Other products from the 100 tons of molasses treated to yield this 20.28 tons of sugar are, (1) 22 Hox. R. R. Aluxan Mr. Alunan resigned the secretary ship of finance in the Philippine cabinet to go to the United States and work on trade questions between the Philippines and the United States involved in the situation created by the HawesCutting bill passed by the 72nd congress last January and awaiting action by the Philippine people either through the legislature or by convention called for the purpose. Mr. Alunan will be a member of the Quezon mission, but concerned with business questions rather than politics. He is prominent in the sugar industry and was for seven years president of the Philippine Sugar Association. tons of press cake worth at least P10 a ton for fertilizer, (2) 1,000 gallons of alcohol worth P200, (3) a residue of 30 tons of molasses worth Pl.70 a ton or a total of P51. The whole yield from 100 tons of molasses at current prices is therefore P2,288.81, according to the agents, who also give the following costs: Labor P96, 3 tons lime P150, plant depreciation P100, filter cloth Pl2, incidentals P24, royalty P288, a total expense of P670, in treating 100 tons of molasses, a net gain therefore of Pl,618.81. If you count the Philippine output of centrifugal sugar to 1,000,000 tons, then the centrals’ combined output of molasses is 250,000 tons, of which 100,000 tons is sucrose, 60,000 tons of which the Olivarius process would convert into sugar worth at current prices P7,200,000. It is also argued that P10 a ton is a very low estimate of the value of the fertilizer, that in Hawaii the market is more than P26 a ton. But if this fertilizer substituted imported fer tilizer its actual worth to planters should be much more. A central of medium capacity turns off about 65 tons of molasses a day during the grinding season, larger ones 80 to 190 tons. If the sugar were being recovered from this molasses by the Olivarius process, it would be fermented in tanks. This would eliminate the glucose, leaving sucrose and solids. Then alcohol would be added, as much as the quanti ty of fermented molasses being treated, and then lime, 60 lbs. for every ton of treated molasses. This mass would then be pumped through the filter presses, where, the claim is made, an average of 440 lbs. of dry-basis press cake would be removed for every ton of molasses treated. The liquor from the filter presses would then be distilled to recover the alcohol, 10 gallons per ton of molasses treated. The dealcoholized syrup from the still should show a rise of 25 to 30 points in true purity, to around 66.5 points, of which the claim is made that at least 60% is recoverable in the mill’s boiling house in 97° sugar chem ically free of bacteria. Apparently molasses may be made to yield up this sugar without much sacrifice of its use for making alcohol. 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 BEER IN THE PHILIPPINES San Miguel Brewery furnishes most of the islands' beer supply as well as many staple food products San Miguel Brewery, Manila There is a tradition that the American troops that formed the volunteer expeditionary force under Major General Wesley Merritt that occupied Manila August 13, 1898, was closely followed (or possibly somewhat anticipated) by two shiploads of Schlitz beer consigned to William “Mayor” Brown, the Schlitz agent in the orient who was with, but not of, the troops at Cavite and was soon dispensing the famous American lager to thirst shops in Manila. From that time until America went dry in 1919, the popular American beers were obtainable in Manila and shared favor with the famous local brew, San Miguel pale pilsen, bottle and draft. Since prohibition withdrew the American beers, San Miguel has had the local beer trade almost exclusively in its hands. Now that American beer is legalized again, with an alcoholic content of 3.2%, the American brands may once more be on the Manila market. Foreign beers pay almost prohibitive duties to the Philippine government. The rice beer of Japan comes in, but in small quantities. In 1930 beer importations were 603,950 liters, the duty 1*57,107; in 1931 they were 537,220 liters, duty 1*52,052; and last year they were much less, the duty being but f*41,813. San Miguel pilsen is made from the best Bavarian malt and hops by expert German brewmeisters who have attained a high standard of quality in this beer that the company takes pride in maintaining. Beer is sold in the Philippines by anyone who is licensed to sell it. Grocers and restaurants commonly sell it, so it is practically as easy to get as sugar or flour. Yet consumption of it increases but slowly; in fact declined a bit last year, and it does not seem that mere accessibilitv_has anything to do with forming the beer-drinking habit. Q?ew Filipinos form this habit, or the habit of regular drinking of any sort; they are an abstemious people by nature, the pagan orgies described in the early chronicles probably do them an injustice; physically they are a small people and they feel that alcohol, except a cup or two when they are chilled from exposure, does them injury. Beer is chiefly consumed by the nonindigenous population; though an old native woman with the misery likes her bock, which a young mother may also take for its lactific properties. This beer is San Miguel’s cerveza negra. There are lunch shops in Manila that sell a 2‘/2-cent glass of beer; more patro nized by Filipinos in the wholesale and banking district of Binondo, where they have a short noon hour, are the places selling the regular 10-cent glass of beer with a 10-cent lunch —all these prices being stated in gold. Beer makes the government money. The excise duty is P0.10 a liter. Here are revenue figures: Beer Revenue 1930 1931 Excise, domestic beer................. Excise, imported beer................ Brewer’s license... . . P384,000 60,395 400 P379.736 53,722 400 43,077 19,200 52,052 Retail licenses at P30................ Wholesale licenses at Pl20....... Customs duty............................. 48,275 21,580 57,107 Totals............................... . . P572,j687 P548,187 Last year license and excise revenue approximated that of 1931, but the customs revenue was down to 1*41,813 because of decreased importations. To provide good cheap beer in Manila the Spanish govern ment granted Enrique Ma. Barretto a brewing monopoly in 1890. He established the San Miguel brewery. In two years he couldn’t make the business thrive, so he sold it to Pedro P. Roxas and associates. They and their descendants have carried on the business ever since, and under the present heads of the company, Andres Soriano and Antonio Brias, activities have expanded into many other lines. Sixteen years ago some brewing competition was offered in the Oriental Brewery set operating at that time; this the San Miguel bought out and turned into an ice and cold storage plant, and the Royal soft-drink factory, taking O. B. beer off the market and continuing only with San Miguel. Magnolia ice cream and milk are products of another plant. San Miguel’s beer capacity is 6 million liters a year, 40% more than is being sold. Besides the large ice-making, ice-storage and general-storage capacity of its various plants, its soft-drink department has a capacity of 40,000 bottles a day and its Magnolia plant can make 2,000 gallons each of milk and icecream daily. Dry ice, 3,000 kilos a day, and Escudo yeast, 1,000 kilos a day, are recent additions to San Miguel’s manufactures. Expansion of activities has largely taken place under the administration of President Andres Soriano. He joined the company in 1918, became acting manager in 1919, co-manager in 1923, president in 1931. The company began operating the Insular ice and cold-storage plant, government-owned, April 1, under a lease by which it pays the government 1*27,000 a quarter. This lease completes what is practically a monopoly, though by business enterprise, not by grant, of the ice and cold storage business of Manila, aside from the mono poly the prestige and good quality of its pilsen beer gives the company in that field. April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 An American View of the War Debts Question By a Britisher It will, of course, be said in Europe that the capacity to make internal payments, such as those upon armaments, nothing to do with the capacity to make external pay ments involving the transfer of goods or gold or foreign ex change. Unfortunately not one man in ten in Congress, and not one in a hundred in the country, really appreciates this point. The mysteries of foreign trade are not yet under stood in America. One can hardly expect them to be. How long have they been understood, how widely or clearly are they understood to-day, in Europe? The same thing applies to the argument that America must take payment in goods, which she is unwilling to do, or cancel her debts, since there is not enough gold to make more than a few payments, and since further loans seem out of the question. Obviously the Pres ident does not understand this point. If he did he would not be asking for further export markets as a compensation for debt reduction when it is a surplus of American exports, visible and invisible, which has made debt reduction so urgent. Most nations in Europe do not, to judge from the higher and higher tariffs to which they have been resorting without regard to their general foreign position. It is a truism of the new economics which is not yet widely understood in any country, except in so far as it is obviously to its own advantage, that the collection of debts and the imposition of tariffs, the ex pansion of exports and the limitation of imports, do not go together. Even in Britain, though we appreciate the point in relation to America, we seem doubtful about it in other connections, as witness the high hopes of the defenders of our new tariff. Much more vivid proof of these points is needed than is yet available to convince the mass of Americans, to whose opinion Congress will defer, that these laws are im mutable and that they must either cancel their debts or accept payment in goods. One great party has shown signs of appreciating the point. It was a major plank in Mr. Roosevelt’s policy that a readjust ment of the American tariff would make debt payments possible and cancellation unnecessary. His supporters might feel that it was only fair to give him a chance to try out his policy before pressing for debt remission on the grounds of incapacity to pay except in goods. It might have been a better line of approach than that of a simple request to the defeated President for readjustment of the debt to have waited and approached the incoming President with a request for .readjustment of the tariff. It is highly doubtful whether it would have b.een successful, or whether there is in fact a possibility of so altering the tariff schedules as to admit some 300 million dollars extra imports (so that the War Debts can be paid) without undue harm to vested American industries and interests. But it would at any rate have called the Dem ocratic bluff. And it would have shown the European argu ment to be genuine. That indeed is one-of the fundamental difficulties in the situation. So many Americans honestly doubt the sincerity of the debtor governments when they say that they cannot pay. It is for this reason that all attempts to revive the old arguments about the origin of the debts, or to establish a connexion between Debts and Reparations, are so dangerous. They detract attention from, and cast suspicion upon, the genuine, effective arguments for readjustment. The same is true even of the argument of incapacity to pay. It may be true, and would be believed of some debtors, and particularly of Great Britain. But it seems absurdly untrue of France— France with its huge gold reserve, France with its financial power, France with its huge armament expenditures, France which, as it is bitterly remembered, took more gold from Amer ica last year in (as many Americans believe) an attempt to force the United States off the gold standard than it now needs io pay its debts. Americans can surely be forgiven, partic ularly when they remember the difficulty they had in getting payment originally from many of their debtors and the extent to which they have already reduced the face value of the obligations owed them, for thinking that, at any rate as regards some of their debtors, the real position is not that they cannot, but that they will not, pay their debts. This sentiment of mistrust, which, particularly as regards France, against which there is a strong undercurrent of ill feeling dating back long before the present negotiations, has been rather wonderfully held in check, is undoubtedly one of the most serious factors complicating the situation. It makes Congress largely impervious to the brilliant argu ments of such documents as the second British Note. The popular reaction, especially of those many, many people to whom the principles of foreign trade and international pay ments are a mystery, to all arguments for reconsideration is “That is all very well and it sounds good, but I don’t believe you want to pay anyway, and I think if you didn’t have this excuse for defaulting you would hunt up another.” The debtor countries have got to convince American popular opinion, to whom more than to the Government their diplo macy should be addressed, that they are sincere and that they would pay if they could, and will pay if they can be shown a way safely so to do. They will, perhaps, find it easier to do this if they pay more attention to the problem of meeting than to that of over-ruling America’s objections to out-andout cancellation, if they give serious consideration to those compromise solutions that Senator Borah, Governor Smith, President Hoover and President-elect Roosevelt have all been at pains to suggest. These very different personalities, representing differing and independent elements in each of the great parties, while they disagree as to the tactics to be pursued, agree upon certain fundamentals. They all connect armaments and debts and would wish to see some measure of European disarmament, if only as a sign that Europe is genuine both in its desire for peace and its inability to pay. They all feel that both the Disarmament Conference and the World Economic Conference are, or will be, dealing with prob lems as important as, and closely related to, that of War Debt reduction. They all feel that debt reduction should only honestly be asked as a part of, and not as a preliminary to, the solution of these other, wider, and, as they think, more fundamental world problems. They all believe that the United States might rightly ask, as some small return for the debt reductions it is asked to make, certain commercial advantages, at the least some alleviation of the existing tariff chaos. Little attempt seems to have been made so far, though these straws in the wind have been evident for months, and though the debtor governments should have known that American opinion was firmly set against simple reduction or cancefiation of the debt (against which both major parties and candidates were clearly pledged), to defer to American opinion in the matter or to explore the compromises to which it was apparently inclining. An opportunity now exists, since the breakdown of the Hoover-Roosevelt negotiations has deferred definite action on the problem until after the advent of the new administration in March, to see whether or no any of these compromises is possible, and if not to explain clearly to the American public why it is not. Congress will no doubt change in the end its present policy of no concessions. It will accept under pressure of events, and upon Mr. Roosevelt’s recommendation, many things that it now regards as unthinkable and would never accept under Mr. Hoover. But it will not lead to good feeling, and may not even produce good results, to depend solely on the pressure of events. It will make things easier, and will be much fairer, to recognise that even the most rude supporters of the “no discussion—pay or repudiate” school have some genuine excuse for their attitude, that even they, if properly approach ed, are capable of a surprising generosity. It will be easier also, and only fair, to give more help to those Americans who are trying to help Europe, to defer more to genuine American sentiment, to do more not merely to educate but to meet American opinion. Above all, it will make matters much easier, and will be more just, to recognise that whatever America decides to do she is not, in her own eyes and in all sincerity, being merely selfish or self-centred, to realise that whatever she lacks it is not generosity. —Frank Darvall, Contemporary Review, London. April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 Plan to Protect U. S. Foreign Investments American University Graduate School: Washington The increasing complexity of our international economic structure makes necessary close finan cial cooperation between the political units of the world and the development of facilities for the rapid flow of foreign credit between debtor and creditor nations. But more im mediate emphasis has been placed on this impor tant field by the economic distress of many small countries in the present depression. With in the last three years, especially, the mounting total of foreign government bonds in default, estimated at a total of $1,507,651,825 on the 31st of December, 1932, has resulted in an in creasingly strong demand on the part of the American investing public for the formation of a centralized protective organization strong enough to present a united front and to secure the support of the Department of State in bring ing pressure to bear on the defaulting country to make some equitable allocation of its available resources. Table of Foreign Bonds in Default on December 31, 1932 (*) Argentina........................... ..........$ 31,121,500 Austria......................................... 39,735,200 Bolivia................................. ........ 54,319,000 Brazil................................... ........ 301,456,600 Bulgaria....................................... 8,891,000 Chile................................... ........ 250.790,600 China........................................... 11,000,000(a) Colombia..................................... 101,624,900 Costa Rica......................... ........ 7,284,000 Denmark............................. ........ 1,196,000 Dominican Republic.................. 16.593.500(b) Ecuador............................... .... 10,722,000 El Salvador....,............... ........ 4,777,500 Germany.............................. .... 26,600,000 Greece.................................. .... 24,901,000 Hungary............................... .... 64,041,400 Mexico................................. .... 273,574,000(c) Netherlands......................... .... 6,344,525 Peru..................................... .... 71,876,600 Russia.................................. .... 75,000,000fd) Sweden................................. .... 72,400,500 Uruguay....................................... 3,914,500 Yugoslavia........................... .... 49,487,500 (a) Long outstanding and probably will never be acted upon. (b) Interest has been paid but not sinking fund. (c) For problem of American Investments in Mexico see; Turlington, Edgar W., Mexico and her Foreign Creditor, Slew York, 1930. (d) Repudiated. The organized spokesman for such an As sociation is the Investment Bankers’ Association of America. The Foreign Securities Committee of thisgroup ^t its annual convention in 1932 passed a recomihendation recognizing that “the formation of a Council of Foreign Bondholders in the United States along the lines of similar bodies existing in Europe is advisable’’. A book recently published by Wood, Struthers and Company on the “Trusteeship of American Endowments’’ indicates the value of the or ganization of a group devoted to the protection of foreign investments in this country. (*) In addition to these expressions of opinion, it is well known that the Jay Committee called together last spring by the Department of State, following an investigation of the sale of foreign securities in the United States by the Senate Finance Committee, made a careful investigation of the foreign investment situation and drew up detailed plans for the formation of a protective bondholders organization. The proceedings of the Committee were secret but it is believed that the difficulty of securing the financial sup port necessary to form such an association as would be able adequately to fulfil the demands that would be placed upon it, was the chief obstacle in the way of a practical outcome to the Committee’s deliberations. In the United States, contrary to the practice of many other countries, no Association primarily concerned with the protection of foreign invest ments and supported by all those possessing foreign investments, has ever been formed. A Corporation of Foreign Bondholders was founded in Great Britain in 1868. (’) It is operated chiefly under the proceeds from an invested fund with which it was endowed when originally organized. Its object, as stated in its annual report, is to protect the interests of the holders of foreign securities. To attain this end it keeps careful record of the financial conditions of foreign countries offering bonds and it makes all information it obtains as a result of investiga tion available to the investing public. Since its organization, the corporation has been concerned in the settlement of foreign debts amounting to more than £1,000,000,000. Its activities receive the full support and approval of the British Government. Similarly the “Association Nationale des Porteurs Fran?ais de Valeurs Mobilises” exists in France for the same purpose and is effective in watching the interests of foreign bondholders and guarding against default. Other Associa tions similar to those in France and in England, exist on the continent in such countries as Ger many, Holland, and Switzerland.^) Some attempts have already been made by interested persons and organizations to secure the protection of foreign investments and con certed action on defaults. Among these the following may be mentioned: The Latin Amer ican Bondholders’ Association Inc., (6) which was formed two years ago to protect the interests of investors in Latin American countries; The American Council of Foreign Bondholders, (•) which issues reports under the direction of Max Winkler on the financial conditions abroad; The Foreign Bondholders National Committee, a recent venture organized this year with Frank P. Walsh as Counsel; and, the various protective committees privately organized to look after in vestments in specific bond issues. (’) The Institute of International Finance comes as close to a protective bondholders eouncil as any group now existing for this purpose in the United States. It was organized in 1926 by the Invest ment Bankers’ Association of America in co operation with New York University. Since its incorporation it has done a great deal of effective work, especially in widening the available sources of information on world-wide financial situations. It studies the economic conditions of countries defaulting on their bonds and issues bulletins outlining the results of its investigations. It also cooperates to a considerable extent with the Corporation of Foreign Bondholders in Eng land and other European organizations previously mentioned. Its resources are, however, limited and its activities are confined to the advisory field. The members of the Institute itself favor the organization of a general protective committee that would represent all the foreign bondholders and would present in their name claims to the countries in default. One of the strongest arguments for the forma tion of such a Committee as has been outlined in this article is that if it were properly organized and placed in the hands of competent and trusted men, it would, in all probability, be able to secure the support of the United States Govern ment and in particular of the Department of State which has, up to the present, been for the most part unwilling to advise on foreign invest ments or support private attempts to secure adjustments of defaulted debts, because of the conflicting interests, the delicacy of acting at the . request of interested groups, and the necessity for not involving the dignity of the United States in minor financial quarrels. (•) No one can be in doubt as to the advisability of securing through private means or otherwise information on the financial stability of a country whose bonds are being floated on the American market. The best means of sectiring revised payments on defaulted bonds is, however, a far more difficult and disputed question. Foreign governments engaged in business unlike domestic corporations are sovereign and cannot be sub jected to suit. And even in the event of a suit being permitted, once a judgment has been rendered there exists no enforcing agency. The use of force to bring pressure to bear on a govern ment in default has been cast into discard for ordinary use because of its hazardous and expen sive nature. But the right to use force has by no means been relinquished. It is interesting to contrast the attitudes of debtor and creditor nations on this point. In 1849 Palmerston enunciated the famous doctrine of British policy; that every state is entitled, if necessary, to demand redress for complaints of its citizens against foreign states and to use force to secure the collection of foreign debts. (•) This policy was followed throughout the century. One of the most famous practical applications of this doctrine was the forcible collection of British claims against the Venezuelan Government in 1902. The well known Drago Doctrine pro claimed by .Argentina in 1902, illustrates the attitude of the debtor nation to this problem— that the collection of pecuniary claims against the government of any South .American Republic should not at any time be brought about by the use of armed force. Protection against the arbitrary use of force to collect foreign debts is assured to debtor nations by the Hague Conven tion of 1907. (,10) -And it is now generally agreed that the only practical method of col lection on defaults is by negotiation between the debtor nation and its creditors. But to arrive at a satisfactory settlement it is necessary that the negotiators should be able to act with authority and should have the support of their government to back them. Therefore, it would 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 Men Leaving, Men Arriving: What They Say Director J. C. Rockwell, vice president and general manager of the Manila Electric Company, left Manila March 20 with Mrs. Rockwell and their son J. C. Rockwell, jr. for a vacation of six months in the United States and conferences with officials of the company in New York, and the parent company, Associated Gas and Electric Com pany. Unusual prosperity, given the gen erally depressed condition of trade, is being enjoyed by the Manila Electric Company. Philippine investors manifest interest in the 8% Associated Gas and Electric bonds the Manila Electric Company is offering. Recent court decisions have placed the company’s bus service on a better footing respecting competition than it had been theretofore, while the tendency of households to install electrical appliances offsets to a degree the decreased temporary demand for industrial power. Any attempt to increase the shipment of Philippine lumber to the United States will only aggravate the deplorable situation of Philippine lumber there, Roy Barto, manager of the Los Angeles office of the Cadwallader Gibson Lumber company, who arrived on the President Taft, American mail liner of the Dollar steamship company, declared. The general lumber business in the United States, he declared, is bad. The importation last year was less than 5 million board feet, in comparison with the normal importation which is around 20 or 25 million board feet. There is market for low-grade Philippine lumber in the United States, for furniture purposes, but there is none for better grade Philippine lumber, he said. The real market for local lumber will come when Americans start a building boom. At present no new homes and buildings are being constructed in the United States. Although there is a market for Philippine lumber in China and Japan, it is threatened with competition from Borneo lumber which has the greater edge over local lumber, he also pointed out. In the United States, Philippine lumber does not compete with American lumber; it competes only with African and Mexican lumber, he said. Herald Photo Roy Barto TVT Photo Maurice Frieder welcomed back to Manila recently his brother Philip Frieder and family. The Frieder brothers of S. Frieder and Sons, Cincinnati and Manila, take turns in managing their cigar factory here, La Helena, and all have a host of friends here. Philip Frieder told newspaper men at the pier that the future for Philippine cigars in the United States Maurtce Frieder jg by nQ means discouraging. Local factories are meeting the situation (imposed by the hard times in America and putting out cigars selling at retail two for five cents.' The Frieders have TVT Photo Philip Frieder a beautiful home in Sta. Mesa. Ramon Caro, proprietor of the Caro Electrical Service who manufacture auto mobile batteries, made a recent business trip to China and returned to Manila with the conviction that the islands can increase their business in China by going after it in the right way. He is undertaking to do so with his line. J. V. Ramirez shares the opinion of other travelers to China that the incessant political disturbance there is not holding the country back altogether. He returned to Manila on the boat with Mr. Caro; these business men are among the forerunners of the economic mission from the Philippine legislature now studying trade opportunities in China and Japan. TVT Photo Ramon Caro seem advisable that a protective organization of foreign bondholders should be formed in the United States. But, it must be remembered, in any discussion of the foreign investment situation, that the large number of recently defaulted bonds is primarily responsible for the awakened interest in a protective association, and that the restora tion of normal economic conditions would, to a large extent, alleviate the demand for such an organization, if not the need. Before it is concluded that because foreign protective associations have been successful, an American one would likewise be successful, it is important to understand the comparative simplicity of such foreign banking systems as the English and French with their centralization of financial control and governmental support as compared with the American banking organiza tion which, despite the centralization afforded by the Federal Reserve system, is nevertheless complex and diversified in its activities to a great extent and in which1 conflicting interests and overlapping organization play havoc with the relations between the investor and his invest ment. The trend in the last few years has, however, been increasingly rapid towards cen tralization of banking interests and cooperation between them and the government. Corporate action in the foreign investment field would hasten this tendency. Despite the lag in foreign bond subscriptions in the United States in the last two years, the increasing importance of foreign investments can hardly be over-estimated. With the rapid development of inter-economic dependence, the necessity for the swift and easy flow of goods and credit between the political units of the world becomes increasingly urgent as the basis of the renewal of world prosperity. The major economic position of the United States and her present rdle of creditor makes imperative the organization of her facilities for and, conse quently, protection of foreign investments. Louise MacCracken. (The author wishes to acknowledge the kind assistance of Dr. Marcus Nadler of the Institute of International Finance in placing at her dis posal material for this paper.) (1) Figures obtained from the Dept, of Commerce, except for (a), (c), and (d) which were obtained from the Institute of international Finance. The Dept, of Com merce does not consider these bonds as currently in default. (i) Wood, Struthers and Company, Trusteeship of American Endowments, Macmillan Co., New York, 1932. (3) For information as to activities of the Corpora tion sec "Annual Report of the Corporation of Foreign Bondholders”. (4) For comprehensive study of European Policies of Foreign Investment see Feis, Herbert, Europe the World’s Banker 1870-1914, New Haven, 1930. (3) Latin American Bondholders' Association, 120 Wall Street, New York City. (•) The American Council of Foreign Bondholders, 49 Wall Street, N. Y. C. (7) There are a great number of these private com mittees formed’for a special bond default; two independ ent committees have been formed for protection of out standing departmental and municipal bonds in Colombia, one for protection of bondholders of bonds of Yugoslavia, one for the protection of American holders of Hungarian Bonds, one for negotiations with Brazilian Government on state and municipal loans in default and so forth. (3) See Cumulative Dijeet of International Law and Relatione, Vol. 2, No, 32 and 33. (•) British and Foreign State Papera, XLII, 385. (W) Convention for limitation of employment of force for recovery of contract debts, The Hague, 1907. U. S. Treaty Series, No. 537. Globe & Rutgers Out Acting Governor John H. Holliday sanctioned Finance Secretary Rafael R. Alunan’s cancel lation April 10 of the local license of the Globe & Rutgers Fire Insurance Company and the government put Acting Insular Treasurer An tonio Ramos in charge of the company’s affair^ in his capacity as insular insurance commissioner. Proceedings in receivership took place in Judge Delfin Jaranilla’s court. The government took charge of the company’s deposit, P56J-38.45, in the local branch of the National City Bank, only appreciable asset of the company in the islands, as a fund from which to return to the company’s policyholders in the islands unearned premiums paid to the company on policies amounting to the value of P3,590,969. The local agents of the company, the Pacific Com pany, transferred to other American companies it represents many Globe & Rutgers policies, by agreement with the policyholders, after the state superintendent of insurance in New York took charge of the company there and began li-_ quidating its business, late in March. Globe <fc Rutgers is the third largest fire insurance com pany in the United States. April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 How Streets Around Your Office Were Named Manila's romantic history is written in the names of its streets, parks and plazas Of downtown Manila the Escolta is the main artery. Most men’s offices are embraced in the area bounded by calle Juan Luna on the west and by plaza Goiti on the east. Let us refer to calles Juan Luna, Rosario, Nueva, T. Pinpin, David, Tetuan, Carriedo, R. Hidalgo, San Vicente, Misericordia, and Rizal avenue and the Escolta as the principal streets in this area, in which the plazas are Cervantes, Moraga, Santa Cruz, Gofti and Miranda. See what history these names will turn up. Juan Luna. Formerly Anloague from the fact that carpen ters had their shops there, this street became calle Juan Luna, after the painter of that name, when a revision of street names was put into effect by the city council twenty-five years ago. Juan Luna was a contemporary of Rizal. His son is Andres Luna, the well-known Manila architect and en^neer who this year built the Crystal Arcade, on the Escolta, the islands’ best office and store building: glass and marble and bronze, a building that would adorn any city in the world. Calle Juan Luna is Manila’s banking and wholesale street. Rosario. As far east as the Estero de la Reina, crossing the Escolta at its eastern end, extends, from the Estero de Binondo, Binondo district. Originally it was a district of Chinese, and when, a little more than a century ago, foreigners were at last permitted to reside and trade in Manila, they made their residences here and had their warehouses in the ground floors below them. Binondo parish church is at northern end of calle Rosario, joining at the south with plaza Moraga and the approach to the Jones bridge over the river. Our Lady of the Rosary is the patroness of the parish, to whose images in the Binondo parish church and the Dominican monastery church in the walled city, where there is a beautiful chapel devoted to her, many miracles are attributed. The street, bordered by Chinese shops, is named for'the parish patroness. Binondo was a Dominican mission. Nueva. The name merely means new and the street, one of Chinese shops, must have been opened to relieve traffic congestion along calle Rosario after the new Bridge of Spain was built following the earthquake of 1863. T. Pinpin. The old name was calle San Jacinto. Tomds Pinpin was an apprentice to the Dominicans and was the first Filipino printer, examples of his work dating back to the first years of the 17th century, according to the facts of the chronicles; but there must have been some before him, because the Jesuits who came to the islands in 1581 introduced printing long before the close of the century and taught, without doubt, the art of printing to their students. Pinpin’s monument is at the western end of plaza Cervantes, riot on the Street nhmed for him. San Jacinto, for whom the street was originally named, is the English St. Hyacinth, the apostle of the North, born in the castle of Saxonia, near Breslau, Silesia, in 1185, who became a Dominican and spent his life in their missions in Poland (Cracow) and surrounding countries. When he died, AugSet 14,1257, Anne of Austria, queen of France and mother of Louis XIV„ took a portion of his remains to the Dominican church in Paris; though he was buried at Cracow in a chapel built in his honor. Pope Clement VIII canonized him in 1594, and no doubt it was soon after that the Dominicans here gave his name to a street in their wealthiest parish. His festival falls on August 14, with that of San Roque, St. Roch, one of the humblest saints in the calendar. David. Named merely for some whilom property owners along it. Opening new streets, Manila often bargains to name them for property owners making some concessions about the expropriations. Tetuan. This street borders on the east the Estero de la Reina. The Chinese industries in the shops along it are very interesting; they were described in the Journal by Gertrude Binder a few years ago. Notes at hand say: “The title of Marquis of Tetuan was borne by General O’Donnell (for whom a Manila street is named). The battle of Tetuan. in which the Spanish troops, under O’Donnell, defeated the Moroccans, was fought on February 4, 1860.” This fact conjoins with many others indicating how modern the busi ness section of Manila is. Ctifriedo. Among the many military officers who were benefactors of Manila was General Francisco Carriedo y Peredo, of the Spanish navy. When he died in Manila, in 1743, he left ?10,000 to accumulate in the galleon trade, in which he had himself made his fortune, until it should be enough to provide a water system for Manila, the poor of the city, the Franciscans and the Clare nuns, to have free water in perpetuity. The system was finally established in 1882, and a street named for the donor of the fund, another for Father Felix Huertas, the Franciscan friar who had diligent ly rummaged through the records and assembled the facts that put the fund at the government’s disposal. R. Hidalgo. The painter for whom this street is named is another contemporary of Rizal. His allegory of the concord between the Philippines and the United States hangs in the museum at the Ayuntamiento. A dozen other examples of his work are privately owned in Manila. San Vicente. St. Vincent is the patron of the Paulist order established in Paris in 1833 to perpetuate the work of Bailly de Surcey in the Latin quarter. This order established a school in Looban, Paco, November 26, 1885. Vincent de Paul, born in 1576, was a French priest noted for his altruism, philanthropy and executive ability, notes at hand say. He died in 1660 and was canonized in 1737. Binondo was expand ing as a commercial district at that time ; there was occasion, when a minor street was opened, to give it Vincent’s name. Dasmarinas. The great military commander, Gomez Perez Dasmarinas, a Galician so trusted by Philip II that he was sent to Manila not only as captain general and governor but as an absolute viceroy, governed the Philippines from 1590 to 1593 and is the author of Manila’s walls. Off the coast of Maricaban, October 25, 1593, with his vessel at shelter there during a typhoon, the Chinese crew of the vessel mutinied and murdered him as he was voyaging to Iloilo to gather a fleet for a punitive expedition to the Moluccas. His son Luis Dasmarinas filled in as governor after his death until a regularly appointed officer took his place, and thereafter lived in Binondo many years and lent valuable services to the government. Luis Perez Dasmarinas bought the estate of Binondo from the Spaniard to whom it had been granted, for f*2,000. He allowed the Dominicans, whose mission was to married Chris tian Chinese, a site on the river bank for a mission chapel and hospital formally opened by Archbishop Benavides (founder of Sto. Tomas university) August 6, 1587. Calle San Gabriel marks the site of this early mission. The hospital was supported by the ferry tolls for crossing the river until the Bridge of Spain was opened during the administration of Juan Nino de Tabora, 1632-1634; after that it got P2,000 a year from Chinese commercial fund of the Parian ghetto. The hospital probably succumbed to the demands of commerce for such well located property in this district, and its place was taken by the Chinese hospital of our times, outside the entrance to Cementerio del Norte. Misericordia. Governor (acting) Luis Perez Dasmarinas and twelve leading Spanish citizens of Manila founded la Conf rater nidad de la Santa Misericordia, the Brotherhood of Holy Pity, April 16, 1594, on the order of a similar institution in Lisbon, for the relief of “widows, the poor, persons in secret distress, and others in pressing need.” Its funds grew, (Please turn to page 19) 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 The British World View of Commerce From the current number of the London Cham ber of Commerce Journal accessible at the lib rary of the American Chamber of Commerce World Trade in 1932 Some idea of the catastrophic fall in international trade is given by the estimated values of merchandise trade for some of the principal countries in 1932. The United Kingdom as far as domestic exports are concerned, makes a compara tively good showing, as was indicated in the analysis of the 1932 figures in the Journal’s Annual Trade Review last month, the decline being only about 6.7 per cent. The United States decline, according to figures quoted by the Economist, was 33.3 per cent; France, 35.3 per cent; Germany, 40.2 per cent; Switzerland, 40.6 per cent; and Canada, 19.1 per cent. Polish exports (Bank of Poland) were down by 42.3 per cent. And practically all these falls came on the heels of serious decreases in the previous year. In imports the United Kingdom decline was 18.2 per cent, and for the other countries mentioned:—United States,'36.8; France, 29.3; Germany, 30.7; Switzerland, 21.7; Canada, 28.0; and Poland, 41.1. When one considers the actual values of exports in 1932, • compared with 1929, the extent of the fall is even more appar ent. United Kingdom exports have decreased in this period from £729 million to £365 million, but the figures for the United States, for example, are $5,241 million and $1,618 million, and for France, Fr. 50,139 million and Fr. 19,693 million. India There was a further substantial reduction in India’s demand for imported textiles, which declined in value from Rs. 41 crores to Rs. 35 crores in 1930-31. As in previous years, the decline was primarily the effect of a reduction in the imports of cotton piece-goods, the total receipts of which amounted to 776 million yards (Rs. 14.67 lakhs), as compared with 890 million yards (Rs. 20.05 lakhs), in 1930-31. All the principal descriptions of cotton piece-goods, except white, had their respective shares in this heavy decrease, grey goods declining by 116 million yards, and coloured by 23 million yards; white goods, on the contrary, improved by 8 million yards in quantity, although so far as value was concerned, there was a decrease. The retrogression in the trade in cotton piece-goods was mainly due to the falling off in consignments from the United Kingdom, notably of grey goods, imports of which from the United Kingdom alone showed a reduction of 83 million yards. Imports of cotton twist and yarn (31.6 million lb.) showed a slight improvement in quantity, but here again there was a fall in the value. Other reductions occurred in raw and manufactured silk, and wool and woollens, Rs. 69 lakhs, but in artificial silk (including yarn and goods of artificial silk mixed with other materials), there was an increase. Imports of raw cotton again rose from 58,000 tons to 79,000 tons, concurrently with the progressive decline in piece-goods. Australia Addressing a gathering of the Royal Empire Society at a luncheon at the Cannon Street Hotel, on February 7, Sir Godfrey Lagden in the chair, Sir Robert Garran, SolicitorGeneral. Commonwealth of Australia, 1917-32, referred to some of the chief difficulties that Australia had to meet. He mentioned that the total public debt of the Commonwealth and the States was nearly £1,200 million, of which rather more than half was borrowed oversea. The annual interest pay able overseas was nearly £30 million, which was more than the whole value of the wool clip at present prices, and more than one-third of the total value of Australian exports. As new borrowings from oversea were practically stopped for the present, it followed that, in order to pay the £30 million c interest, and have a proper trade balance, Australia’s export. ought to exceed its imports by £30 million. Unfortunately owing to the collapse of prices, the value of exports had shrunk enormously, though the volume had been well maintained. Australia’s problem had two sides—that of increasing export in order to meet oversea commitments, and of restoring ant expanding home industries in order to deal with the pressini question of unemployment. The best prospect, not onb for Australia but for the other Dominions and for the Mothe Country, was to be found in a policy directed to encouraging trade between the different members of the British Common wealth of Nations. An excellent start had been made ai Ottawa, and its continuous development required the fullesi understanding between Britain and the Dominions of eacl other’s problems and each other’s points of view. South Africa Imports up to the end of November, 1932, were £29,834,877, against £49,206,794 for the corresponding period of 1931, while exports were £63,704,604, compared with £66,554,967. The depression has been partly responsible for the drop in imports; but the heavy duties have done quite as much. Taking the average duty at 20 per cent, there is in addition primage 5 per cent, surtax 7*/2 per cent, freight insurance, agents’ commission, import tax and dock dues which total another 12l/2 per cent, so that the total percentage amounts to 45. At the time of writing this percentage remains and will until the Government abolishes the primage and surtax, in which case the total will be reduced to 32‘/2 per cent. United States There are many economists who regard the currency situa tion settlement as one that could help to revive trade. There fore, the Government is anxious to bring about if possible England’s return to the gold standard, and that of many other nations who would follow the lead of Great Britain. It is the one thing that is bothering the Government, because the debased currencies of other nations are enabling them to flood this market with goods at a price lower than they can be produced here, in spite of the heavy tariff on foreign goods, and as a consequence, of agitation by American manufacturers and high protection advocates the Government is seriously considering again raising tariff duties still higher, or imposing a surcharge on goods that emanate from countries which have a depreciated currency. On the other hand, several senators who have been flirting with the idea of stimulating American export trade through abandonment of the gold standard have relinquished their efforts after reading a confidential Treasury report. This report which was shown privately to these Senators disposed that American imports from nations off the gold standard were curtailed proportionately more than imports from gold standard nations both in quantity and value. Like many others, the converted senators were of the belief that the exact contrary was true and that nations which quit the gold standard received benefits of low labour and material costs, which enabled them to break through the tariff wall around the United States, and sell merchandise here in vast quantities. The report by the Commissioner of Customs is based on an investigation of imports to the United States for the eight months ended November 30, as compared with the same period of 1931. Imports from the 20 countries off the gold standard declined 36.3 per cent in value, while imports from 11 gold standard countries declined but 34.1 per cent. April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 ♦ Medieval Origins of Banking ♦ England. “William (the Conqueror) found a more ready source of revenue (than the royal estates) in the settlement 4>f the Jewish traders who followed him from Normandy, and who were enabled by the royal protection to establish them selves in separate quarters or Jewries of the chief towns of England. The Jew had no right or citizenship in the land; the Jewry in which he lived was, like the king’s forest, exempt from the common law. He was simply the king’s chattel, and his life and goods were absolutely at the king’s mercy. But he was too valuable a possession to be lightly thrown away. A royal justiciary secured law to the Jewish merchant, who had no standing ground in the local courts; his bonds were deposited for safety in a chamber of the royal palace at Westminster; he was protected against the popular hatred in the free exercise of his religion, and allowed to build syna gogues and to direct his own ecclesiastical affairs by means of a chief rabbi. “That the presence of the Jew was, at least in the earlier years of his settlement, beneficial to the kingdom at large there can be little doubt. His arrival was the arrival of a capitalist; and heavy as was the usury (money paid for the use of money) he necessarily exacted in the general insecurity of the time, his loans gave an impulse to industry such as England had never felt before. “The century which followed the conquest witnessed an outburst of architectural energy which covered the land with castles and cathedrals; but the castle and cathedral alike owed their existence to the loans of the Jew. His own ex ample gave a new direction to domestic architecture. ’The buildings which, as at Lincoln and S. Edmundsbury, still retain their title of Jews’ Houses were almost the first houses of stone which superceded the mere hovels of the English burghers. Nor was the influence of the Jews simply industrial. Through their connection with the Jewish schools in Spain and the East they opened the way for the revival of physical science. A Jewish medical school seems to have existed at Oxford; Roger Bacon himself studied under English rabbis (the man who dared not in his lifetime publish half of all he had learned of science). “But to the kings the Jew was simply an engine of finance. The wealth which his industry accumulated was wrung from him whenever the crown had need, and torture and imprison ment were resorted to if milder entreaties failed. It was the gold of the Jew that filled the royal exchequer at the out break of war or revolt. It was in the Hebrew coffers that the Norm^p kings found strength to hold their baronage at bay. ” —Green’s Ilfstory of the English People. General. “This trade in money (accommodations to national and international commerce), and indeed a great part of inland trade in general, had originally fallen to the Jews, who were noted for their usury so early as the sixth century. . . The diligence and expertness of this people in all pecuniary dealings ^recommended them to princes who were solicitous about their revenue. ” Thus Hallam, in his history of the middle ages, who goes on to recite the long decline of the Jew as religious fanaticism intensified and other merchants rose and rapidly, through the monopolies they enjoyed, accumulated wealth. Both re ligious scruple, enforced by law, and superstition forbade Christians to traffic in money, i. e., loan money and carry on banking, a sinful practice which was left to the Jews until the Christian merchants of the 13th century dared share in it. Lombardy merchants and those in the south of France braved the way, emitting bills of exchange for profit and making loans at interest; and soon these Lombardian bankers establish ed themselves all over Europe, obloquy following them, but we see that banking began, like merchandising itself, as a kind of guild monopoly. It was conditioned by the practices so long carried on by the Jews: it was a traffic between Lom bardian and Lombardian. These bankers farmed the customs in England, greatly profiting thereby. In 1329 Bardi farmed the English customs for £20 a day, though in 1282 the customs had produced £8,411 and trade had been steadily mounting. No doubt Bardi’s stock went up, but the tide of circumstances changed and in 1345 the parent Bardi house at Florence failed and brought down banking houses with it all over Europe. Edward III of England then owed Bardi 900,000 florins, and kings of that day paid at their pleasure like the democracies of modern times do now. Edward owed another banker, forced to close his doors, 60^,000 florins. Frozen credits seem to have been born with banking. The exchange invented by the Jew was the order to pay money to a particular person, the common banker’s draft of today, dating from 1183. Bills of exchange regularly negotiable, literae canibitoriae, drawn in sets and worded exactly as they are today, date from about 1400. Usury was abomination to religious thought in England long after the Reformation, and the Jew whom Edward I expelled from England returned in the time of Cromwell to resume what English Christians would not yet undertake, accepting money for the use of money, the origin of the word usury. Holland Jews went to England with William and Mary, since which time their residence there has been unbroken and they haveslowly gained their rights as citizens. “One species of usury,” says Hallam, “and that of the highest importance to commerce, was always permitted (Christians) on account of the risk that attended it. This was marine insurance, which could not have existed until money was considered, in itself, as a source of profit.” Barcelona made the first regulations affecting marine insurance, 1433; in the Philippines the friar and Jesuit missions were sustained and gained the wealth which became the first banking capital of the islands, by marine insurance on the galleon commerce between Manila and Acapulco. When this trade ended, with Mexico’s independence from Spain, the missions, still enjoined from banking, turned to the pur chase of land and the development of extensive plantations; and they did not establish their banks, the Banco Espanol and the Monte de Piedad, until after the middle of the last century. They had however always asisted agriculture with loans, and the payment they received in kind amounted to interest. 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 No Business Can Escape Change (From “Nation’s Business”) “Baby” refrigerator cars, four-wheeled, 22 feet long, have been developed for handling less-than-standard-car-load shipments of perishables. They’re expected to win back some of the business rail carriers have lost to trucks. . . . A rotary displacement pump of new design runs at speeds heretofore believed impracticable for such pumps. It has but three moving parts. . . . A new rubber belting which resists chemicals and oils has been developed. It’s said to be the first product of its kind.. Fire hose is now being treated with radioactive salts to render it mildew-proof, moisture-repellant. Need for careful drying after use is said to be eliminated with hose so treated. . . . Houses made of plywood, also tourist cottages, trailer houses and garages, are now on the market. Factory built, they are shipped ready to assemble. . . . Painted, enamelled or varnished interior walls are protected by a new transparent, colorless coating which seals the finish against grime. Plain water is said to remove both coating and dirt, leaving the finish unaffected. . . . A gypsum wallboard is now being made with the reverse side surfaced with thin, bright metal. Superior insulation is claimed. . . . Both heat and humidity in home or office are indicated by a new, compact, sensitive and easily, read instrument. . . . Steam delivered to a radiator is constantly governed with a new temperature control valve, actuated by a gas pressure readily responsive to room temperature changes. . Automatic, oil-burning, warm-air furnaces are now on the market. Air-conditioning attachments are available. . . . Electrical outlets can be had at intervals of three feet or less entirely around a room through a new wired metal channel built into the baseboard or used as a moulding. A new conveying system moves bulk materials in a steady stream, horizontally, vertically, around corners, without breakage or dust Somewhat similar is a new wiring duct for display cases which permits lighting units to be plugged in where needed. . Housewives need no longer shake and launder dust cloths. New paper dusters, lightly treated with cleansing liquid, are on the market. They’re thrown away when soiled. . . . Cellophane continues to find new uses: Cheese is being cured and marketed in it, according to report, without shrink age, rind formation or mold. It’s also being used for party tablecloths (plain or colored), and in beach wraps and parasols, since it’s said to retard sunburn. . . . Cotton beach dresses may supplant beach pajamas at the watering places this year. Made of terry cloth or other absorbent fabrics, they afford effortless rub-downs. . . . The new elastic “two-way stretch” yarn will also be on the beaches this years, in form-fitting but nonbinding swimming suits. . . . CHANGE, in whatever form it reveals itself, is disturbing to most of us, for it jars us out of our natural inertia and necessitates adjust ments to the new order it brings. Yet it comes upon us inevitably. Mimeographing can now be done in several colors through one stencil and in one operation. New special color inks and a simple new method make it possible. . . . Retailers print sales slips as they’re needed with a new machine which also offers a computing and money-control service. Slips are printed, dated, safety-treated, perforated in one operation. . . . Space is saved by a new type of cardboard box which is assembled from flat-folded parts in the user’s own establishment. Quickly formed, the boxes can be made up in a variety of heights. . . . A new machine for cutting metal sheet materials works on a pantograph principle. Intricate designs are quickly cut with it without the use of metal templates. . . . Articles enameled by a new centrifugal method are first immersed, then whirled free of excess enamel. The method’s said to give a thin, uniform coat and to save both labor and enamel. . . . A new type of tamper to aid in settling concrete in walls, piers, other reinforced sections, consists of a submergible vibratory electric motor mounted on a handle of aluminum tubing. . . . Bakers are offered a new gas oven, built in units. Different temperatures, automa tically controlled, can be maintained in each unit, permitting baking of a variety of goods at one time. . . . Pneumatic pressure and controlled electric heat are used in a new vulcanizer for repairing °tire tubes. It’s said to make easy the most difficult repair jobs. . . . In a new grade-crossing guard, the barrier, set into the roadway, first rises four inches as a warning and is depressible by cars clearing the tracks, then rises to 12 Inches, halting traffic. . . . A roller atop a new razor is revolved by contact with the skin, causing the blade to move from side to side in mower fashion. . . . —Paul H. Hayward. Editor’s Note—Material for this page is gathered from the many sources to which Nation’s Business has access and from the flow of business information into our offices in Washington. Further information on any of these items can be had by writing us. April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 Philippine Trade with U. S. Holds Up Best ot All By E. D. Hester, U. S. Trade Commissioner and Official Adviser to the Governor General The total export trade of the United States fn 1932 as compared with 1931 decreased by over 33 per cent. Asia accounted for over 18 per cent of all United States exports as against about 16 per cent in 1931. The takings of nearly every individual country declined as compared with the previous year; the greatest loss was registered by Soviet Russia which decreased its imports from the United States by almost 88 per cent. The only increases were for negligible in quantity and percentage. Philippine Purchases Increase in 1932 The Philippine Islands purchased 3 per cent of all United States overseas goods as compared with 2 per cent in 1931. This increased the rank of the Philippines from 13th to 9th customer landing the Islands for the first time among the “First Ten” of America’s customers. The comparative decline in value of goods to the Philippines was 8 per cent which, together with France and England showed far more stability in demand for American products than any other among the important trading nations. P. 1. Bought More U. S. Goods than Mexico It is noteworthy that in 1932, by value, the Philippines took more than 75 per cent as much of United States goods as the whole of China; nearly twice as much as India or Australia; more than Mexico; and a great deal more than any country in South or Central America. Ar ranging America’s ten best customers by rank for the two years, we have: Rank, Rank, decline United Kingdom.................................. Canada................................................... Germany................................................ France.................................................... China...................................................... Italy........................................................ Netherlands.......................................... Philippine Islands................................ Belgium.................................................. 1931 3 7 10 8 13 9 Per cent 1932 1932 against 1931 1 37 2 39 3 13 4 20 5 8 6 43 7 9 8 31 9 8 10 32 The United Kingdom, Canada, France and the Netherlands maintained their positions as 1st, 2nd, 5th, and 8th in the customer list; Japan limbed from 4th to 3rd, interchanging places with Germany; China improved from 7th to 6th, and Italy from 10th to 7th. Turning to a comparison of United States’ import^rade for 1931 and 1932, the following figures show trade by grand divisions and with individual countries: Imports from Europe............................... Northern North America Southern North America. South America................ Oceania............................. 1931 $640,096,419 277,111,306 239,931,265 307,190,741 574,300,917 19,119,642 32,S84,435 1932 $388,988,791 157,109,183 200,902,257 362,454,042 7,690,661 24,186,661 Total......................... $2,090,634,725 $1,322,745,439 Belgium............................. 34,240,634 21,927,134 Czechoslovakia................ 23.161,934 13,019,847 Denmark........................... 1.S80.679 1,327,471 Finland.............................. Germany........................... Greece............................... Irish Free State.............. Italy................................... Netherlands..................... Norway.............................. Soviet Russia in Europe. Sweden............................... Switzerland....................... United Kingdom............. Canada.............................. Central America............. Mexico............................... Cuba.................................. Dominican Republic.... Argentina.......................... Chile........ Colombia. Ecuador.. Peru Urugay............................... Venezuela......................... British India................... British Malaya............... Hong Kong...................... Netherlands East Indies. Philippine Islands.......... Australia........................... New Zealand................... British South Africa.... Egypt................................. 9,932,229 79,174,226 127,038,893 10,981,702 2,303,436 62,659,038 34,951,987 16,820,406 12,611,157 16,620,792 34,271,354 23,099,459 135,452,411 266,268,360 30,999,937 47,611,857 90,059,312 5,126,225 35,980,400 110,212,098 39,977,280 75,481,955 3,602,992 8,973,368 3,877,000 26,844,756 58,520,543 83,072,624 66,759,174 5,828,641 34,239,657 206,349,370 87,133,456 12,504,130 4,433,031 4,489,499 4,016,823 P. I. Purchases Drop Least in Course of Year All imports decreased 35 per cent as compared with 1931. Countries classified in the Asiatic division supplied 27 per cent of United States requirements in 1932, the same percentage registered in 1931. With the exception of Egypt, which increased the value of its shipments by 20 per cent, purchases from all individual countries during 1932 declined in value when compared with the previous year. The decline in value of goods received from the Philippine Islands was only 7 per cent, which was the least of the declines listed by the principal suppliers. Inspection shows that the Islands supplied 60 per cent as much merchandise as did Japan and considerably more than any other country in the Orient or in South America, except Brazil whose coffee trade placed her less than 3 per cent ahead of the Philippines. The ten best suppliers of United States require ments during the two years 1931 and 1932 follow: respective positions as 1st, 2nd, and 9th in the Country Rank, 1931 Per cent Rank, decline 1932 c 1932 igainst 1931 United Kingdom................. 1 ! 37 Canada.................................. .............. 1 1 34 Japan...................................... .............. 2 2 35 Brazil...................................... ............... 5 3 25 Philippine Islands............... ............... 7 4 7 United Kingdom................. ............... 3 5 45 Germany................................ .............. 4 6 42 Colombia............................... .............. 10 7 19 Cuba...................................... .............. 6 8 35 France................................... ............... 9 9 43 Italy....................................... .............. 11 10 32 Canada, Japan and France maintained their supplier list; Brazil climbed from 5th to 3rd, changing positions with the United Kingdom; Colombia moved up from 10th to 7th, while Germany dropped from 4th to 6th and Cuba from 6th to Sth; Italy, 11th in 1931 moved upward in 1932 and placed 10th, to change ranks with British Malaya. 8.178,672 44,736,429 73.521.439 7,550,487 371,109 42,432,799 22,447,835 10,439,486 9,096,885 11,406,375 24,379,116 12,492,447 74,688,706 174,101,308 24,455,745 37,422,588 58,330,270 3,380,308 15,654,111 82,263,269 12,277,952 60,845,508 2,386,252 3,684,622 2,103,595 20,293,648 33,203,661 34,806,026 26,176,467 4,276,798 29,825,470 134,011,311 80,877,402 4,643,403 2,157,953 2,349,765 4,849,351 This ParkeDavis ger micidal soap is a wise pre caution againstskin infections of allkinds. She.—People are wrong when they say the opera isn’t what it used to be —it is what it used to be. That’s what’s the matter with it! —From Judge. . . . but opera isn’t like the makings, you want them the same all the time. In other words, you want— GORDON T)!? Y The heart of a good LrllN cocktail ROBERTSON Scotch Whisky for Good Highballs Kuenzle & Streiff IMPORTERS 343 T. Pinpin Tel. 2-39-36 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 Here’s how to get Manilas! r e - Genuine Manila Long Filler Cigars in cellophane are obtain able in your city or nearby! List of Distribut ors fur nished 15 Williams Collector of Internal Revenue Manila, P. I. MANILAS made under sanitary conditions will satisfy your taste! (Health Bulletin No. 28) Rules and Regulationsfor 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; STARTING AFRESH By Arthur W. Joyce Financial Counselor: Atlantic Monthly The longer this depression lasts, the fewer are the predictions as to when it will end, for it has now become quite obvious that it is a far-reaching affair, and that no one knows how much longer it will continue. This being true, it is perhaps just as well that those erstwhile forecasts of recovery, which by implication raised false hopes of the immediate return of previous prosperity, have ceased, for they only served to divert attention from the more im portant job of dealing with conditions which actually confront us. It is perfectly natural to look back wistfully upon the prosperous times so recently gone, and to wish for their prompt return, but this attitude is not unlike wishing for the return of one’s youth, and is equally unprofitable. In the first place, it is not at all likely that this depression will end suddenly; in the second place, even assuming its sudden end, it is not reasonable to expect a resumption of the previous order of things, since most of the conditions which pro duced it have ceased. There cannot occur even a start toward the resumption of the recent levels of wages,' prices, and profits without a foundation similar to that which started them before. While in the distant future new cir cumstances will doubtless arise to lift these levels to new heights, such new conditions will not be a carry-over from the peak of the past; rather, they will develop out of the groundwork that is now being laid by those who realize that a fresh start has become unavoidable. Prosperity, when it does return, will not come to us as a gift, like manna from heaven, It cannot be legislated into being, although a constructive governmental programme will make it more certain. It cannot be conjured up by economic tinkering, so long as two and two make four. It must be built by each individual separately, on the only .basis capable either of creating or of maintaining it, which is hard work, and prudent spending and saving, re enforced by the passing of time. This element of time is essential—a fact too often forgotten in our economic thinking. Depressions do not start suddenly, and cannot suddenly end, because the conditions which cause and end them are a long time in the making. Following the relatively mild business troubles of 1907, it took about fifteen years to set the stage for the era of prosperity which reached its height in 1928 and 1929, and there is not much use in counting upon a return engagement in full force soon. But it is worth remembering that the foundations laid after 1907 made possible steady progress over an extended period. of years. This is the heartening fact to keep in mind as we set about putting our houses in order. In this process it is the individual who holds the key, for general business prosperity must wait until he—and his number is legion—accepts conditions as they are, adjusts himself to them as quickly as he can, and, by harder work and grimmer determination, balances his budget with a surplus. It is the accumulation of millions of such small surpluses, giving to their creators increased confidence in the future, which will provide the initial impetus for the upward swing of the pendulum. General business will then respond, thus starting the new cycle of economic activity. Of course there is little solace in this for those who are willing to work but cannot get jobs. Fortunately, however, most people are gainfully employed, and their numbers are increasing. As the indi viduals in this group bring their financial affairs into balance and release their normal purchasing power, they will not only overcome their own troubles, but, by increasing the demand for goods and creating more and more jobs, they will also help to solve the problems of the rest. Despite their hardships, these times are not without their compensations, financial and otherwise. For one thing, the cost of living has markedly declined, so that a reduction in earn ings by as much as one third is in most cases fully offset by the lowered cost of necessities. Moreover, the pace of living has slackened, and millions have learned that the cost of entertain ment has no necessary relation to its satisfaction. Home life, at its natural level, has not been so widespread in a generation, and the folly of trying to keep up with the Joneses has been largely abandoned, partly because it was silly— anyway, and partly because there are not many Joneses left to pursue. There has also arisen a keener appreciation of the value of thrift, and of the peace of mind wich comes from simple living within one’s income, and there is a ten dency to be more thoughtful of the future and the methods by which its security may be achieved. None of these present characteristics is more marked, in contrast to those which prevailed a few years ago, than that which has to do with the investment of savings. In 1928 and 1929, a medium of investment which did not give promise of doubling one’s money promptly was considered tame by that vast army for whom the Stock Exchange seemed not unlike the kind fairy with a magic wand. But now that the Exchange has ceased to be so obliging (being compelled to await the revival of individual prosperity, which it reflects but cannot create), the demand for quick profits has been largely supplanted by a rigid insistence that savings shall be invested in channels where their original worth will at least be held intact. Thus an increasing number of people are coming once more to recognize the value of systematic savings which enjoy the fruits of compound interest. This aUy has for a long time been much un derrated. As a matter of fact, a return of 4 per cent in compound interest, sustained over a reasonable period of years, yields highly satis factory results—results, indeed, which are rarely achieved by the average investor in securities. Since this statement may be disputed, let us look into it a little more closely. At 4 per cent interest, compounded annually, money will double itself in eighteen years, whereas, to achieve the same result in the same length of time, a return of 5^ per cent would be required in simple interest. The only certain thing about investments is that their return is in • inverse proportion to their safety. Present conditions indicate that 4 per cent is the con servative standard, and, while 5l A per cent does not suggest a reckless level, still it necessarily implies an increased risk. Moreover, at this higher rate, there must not occur either a day’s loss of interest or a dollar’s loss of principal, and such contingencies, over a period of years, are difficult to avoid. It is not without its signi ficance that the great “exponents of compound in terest, the life insurance companies and the mutual savings banks, have stood as a bulwark tlirough this storm, and are now receiving the homage to which their record clearly entitles them. In a recent speech, Dr. Julius Klein was quoted as saying that most people, wbefi this depression began, believed that a graph of its course would resemble the letter V; that later it seemed that the letter would be U: and that, as time continued to pass, many people acted as though the letter undoubtedly were L! But already sheer age is beginning to count heavily against the depression, and these L people are in a distinct minority. They are vastly outnumbered by those who realize, even before any more letters are added, that the graph is probably spelling out the word "Vulnerable.” These folk accept the warning. They have long since ceased to make futile comparisons with the past, and, with tighter belts, arc looking and planning ahead with courage and faith. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 How Streets Around Your Office... (Cmdinueil from page 13) from good administration and from many legacies, and its activities rapidly extended. The government resorted to it for loans; it supported a hospital, aided the poor, including prisoners, attended to the spiritual welfare and burial of condemned prisoners, victims of duels and similar unfortunates, £nd in many other ways exemplified the mandates of charity. Their funds were a portion of the capital used to found the Bank of the Philippine Islands in 1852. JJrial Avenue. Jos6 Rizal y Mercado was the son of a wealthy tenant on the Calamba, Laguna, estate of the Domi nican friars who after schooling at the Ateneo de Manila under the Jesuits and at San Juan de Letran and Sto. Tom^s under the Dominicans was able to travel and study in Europe, lie became a liberal and propagated liberal thought in the Philippines through his writings. His two popular novels were pasquinades against the paternalistic rule of the friars in the provinces. Though no more than the mildest of revo lutionists, he was bound to be misunderstood and after a series of moderate persecutions he was finally sentenced to death and shot by a squad of Philippine soldiers of Spain on Bagumbayan field at about the spot where his monument, the noblest in the islands, now stands. The anniversary of his execution, December 30, 1896, is a Philippine holiday. Hardly a village in the islands boasts no monument of him, with book or scroll in hand and the familiar Prince Albert coat, but few of these monuments are presentable. Charles Derbyshire made excellent English translations of his novels, Noli Me Tangere and El Filibusterismo. Spaniards have long recognized his execution as a grave political error. The Escolta. The Santa Cruz parish church at the head of the Escolta was built in the 17th century as a Jesuit mission to the Chinese of that district. It seems to have been the residence of the British commander after the British took Manila by assault in 1762, and the formal return of the islands to Spain took place the next year on its plaza. Midway on the Escolta, in a barracks overlooking the river at the end of calle Soda, the Commander’s escort was garrisoned. It clattered up and down the street, accompanying the com mander to and from the walled city, and so the street came to have the name Escolta, the Spanish for escort. Percy A. Hill gives another account of the origin of this street name. He does not connect the escort with the British commander, but says it was stationed there, the escort of Spanish governors, in response to a request from the public that this be done to make the trail from this part of town into the walled city safe from brigands. The plazas, Cervantes, Moraga, Santa Cruz and Goiti, all having interesting histories, must go over to a future number. LUMBER REVIEW By ARTHUR F. FISCHER Director of Forestry The total lumber and timber exports for January registered an increase of 36% as compared with the ex ports for the corre sponding month last year. This was largely due to increased ship ment of logs to Japan. That market has re cently shown a strong er trend insoiar as the Philippine export trade is concerned as a re sult of a material rise of the Yen. The United States, the best foreign market for Philippine “FILIPINAS” compaNIa de seguros “FILIPINAS” BUILDING 21 Plaza Moraga, Manila LIFE HOUSE WUINSURE: FURNITURE STEAMSHIPS SHIPMENTS AUTOMOBILES TRUST BONDS FOR FIDELITY & SURETY • MORTGAGE LOANS ROOMS FOR RENT FOR FURTHER INFORMATION CALL AT: Central Office, Room No. 205 Filipinas Building Tefs. 2-17-63 & 2-17-64 — Manila — P. O. Box No. 745 lumber, remained highly unsatisfactory. There were only 592,328 board feet, with customsdeclared value of 1*29,576.00 shipped to that country during the month under review as compared with 969,688 board feet, with customsdeclared value of P54,963.00 for the same month in 1932, or a decrease of 39%. Buying in the United States still continues light; and despite a systematic curtailment of output in the mills, no substantial improvement in that market is, it is believed, expected until there is a sustained increase in buying. The above general situation may partly account for the little demand of Philippine lumber; the unwarrantedly high retail prices at which the Philippine product is sold to United States consumers is, however, another reason for its poor sales. Proper d ss^mination of correct prices and a systematic advertisement are necessary tor increased sales of Philippine woods in the said market. The other important foreign consumers of Philippine lumber are China and the United Kingdom. Demand in the former market during the month under review was very weak; the amount shipped was only 36,040 board feet, with customs-declared value of Pl.335.00 as compared with 113,632 board feet, with customsdeclared value of P8,878.00 for January of last year, or a decline of 68%. Shipments to the latter country, however, continued with reg ularity and in relatively fair volume. In Hongkong, a distributing port in China, Philip pine lumber is being adversely affected by exchange and importations of Borneo lumber. In Shanghai, another distributing center, de spite fairly brisk activities in building, there is as yet no revival of the demand for Philippine woods. The mill production during the month under review was 9,692,909 board feet, as against 11,511,355 board feet for January, 1932, or a decrease of 16%. A good number of mills are not operating actively and as a result, stocks are now brought down to a level, which is more within reasonable limits of the actual demand. In fact, local lumber and timber prices have shown some improvement, particularly with the so-called Philippine hard woods, such as, Yacal, Ipil, Guijo, etc. It should be remembered, however, that this is usually the reason of active sales in the local lumber markets and this un doubtedly had its influence on the advance of prices registered. Taken as a whole, the Jan uary lumber situation was encouraging. The following statements show the lumber and timber exports, by countries, and mill production and lumber inventory for the month of January, 1933, as compared with the corresponding month the previous year. Lumber and Timber Exports for January Destination 1933 Board Feet CustomsDeclared Value Japan........................ ... *2,300,200 36,734 United States........... . .. 592,328 29,576 Great Britain........... . . . 307,400 22,340 British .Africa........... . .. 161,968 11,211 China........................ 36,040 1,335 Portuguese Africa... 5,936 376 Netherlands.............. Hawaii...................... Canada..................... Total............... . .. 3,403,872 101,572 Note:—*This represents mostly solid log scale, that is, 424 board feet to a cubic meter. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 1932 Destination CustomsBoard Feet Declared Value UROMIL Japan.......................................................................... 1,034,136 P 25,368 United States.............................................................. 969,688 54,963 Great Britain.............................................................. 358,280 25,639 British Africa.............................................................. China.................... Portuguese Africa. Netherlands.......... Hawaii.................. Canada................. 113,632 12,296 10,600 10,176 Total 8,878 1,131 1,582 1,587 .................................................................. 2,508,808 Pl 18,818 For 46 mills for the month of January Lumber Deliveries from Mills Month 1933 1932 January............................................................ ... 9,708,340 9,818,179 Lumber Inventory Month 1933 ’ 1932 January............................................................ ... 25,449,906 34,961,516 Mill Production Month 1933 1932 January.......................................................... ... 9,692,909 11,511,355 Note: Board feet should be used. Powerful Urenic Dissolvent Astonishing cures of the most rebellious ca ses of Gout Rheumatism Arthritis Agents for the Philippines BOTICA BOIE Urotroplna 0.051; Benzoato litico 0.028; Sales plperaclnlcas 0.046; Posfato dlsodlco 0.028; Esdpiente ofervescente q. s. para 1 grm. RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company TCRC TOOLS For Month After Month And Year After Year Of Satisfactory Service ELTORO The mechanic who uses TORO TOOLS works faster and better because no time is lost in repairing broken parts. TORO TOOLS give month after month and year after year of satisfactory service. TORO TOOLS will outlast any of the so-called cheap tools many times over. When you invest in TORO TOOLS you make certain of reducing your tool bills. We have the largest assortment of high grade tools offer ed in the Philippine Islands. Viegelmann, Schroeder & Co., Inc. 456-466 Dasmarinas P. O. Box 767 — Manila, P. I. — Tel. 2-26-64 The volume of commodities received in Manila during the month of March, 1933 via the Manila Railroad are as follows: Rice, cavans.................................. Sugar, piculs................................. Copra, piculs................................ Desiccated Coconuts in cases... Tobacco, bales.............................. Lumber and Timber, B. F......... .... The freight revenue car loading statistics for four weeks ending February 25,1933 as compared with the same period for the year 1932 are given below: 188,421 924,933 87,368 12,330 2,941 923,400 FREIGHT REVENUE CAR LOADINGS COMMODITIES NUMBER OF FREIGHT CARS FREIGHT TONNAGE increase OR DECREASE 1933 1932 1933 1932 Cars Tonnage "Rirp 726 814 7,884 9,031 (88) (1,147) Pnlny 159 144 1,512 1,393 15 119 Sugar 1,828 1,755 51,817 51,736 73 81 Sugar Cane.................... 15,137 13,261 305,204 241,433 1,876 63,771 718 768 5,341 5,849 (50) (508) Coconuts......................... 167 201 1,980 2,200 (34) (220) Molasses......................... 132 267 4,753 7,999 (135) (3,246) 9 26 64 189 (17) (125) Tobacco.......................... 21 3 103 19 18 S3 Livestock........................ 6 76 27 367 (70) (340) Mineral Products.......... 348 349 5.050 4,509 (1) 541' Lumber and Timber. . 164 199 3,886 5,298 (35) (1,412) Other Forest Products. . 6 11 28 68 (5) (40) Manufactures................. 106 . 153 1,487 1,768 (47) (281) All others including LCI. 2,994 2,955 21,673 21,695 39 . - (22) Total..................... 22.521 20,982 410.808 353.554 1.539 57,252 SUMMARY Week ending Saturday, February 4, 1933.... Week ending Saturday, February 11, 1933... Week ending Saturday. February 18, 1933... . Week ending Saturday, February 25, 1933.. . 5,396 5,689 5,778 5,658 5,341 5,337 5,107 5,197 96,807 102,294 109,147 102,560 88,979 86,345 91,065 .87,165 55 352 671 461 7,828 15,947 IS,082 15,395 Total..................... 22,521 20,982 410,80!- 353,554 1,539 57,252. NOTE:—Figures in parenthesis indicate decrease. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 SHIPPING REVIEW By H. M. Cavender General Agent, The Robert Dollar Co. Shipments from the Philippines for the month of February amounted to 204,858 tons, an increase of over 30,000 tons over the previous month and, we believe, probably the heaviest month’s ton nage on record. To China and Japan, hemp shipments were very good, although not so heavy as during the previous month. On the other hand, lumber and log shipments more than doubled those for the month of January. A new item appears in this section—a shipment of 7,095 tons of molasses. To the Pacific Coast, there is nothing of particular interest to report except that lumber shipments amounted to over half a million feet as against only 5,000 feet for the previous month. Copra shipments were light, but other items remained about on the same levels as for, January. To the Atlantic Coast, sugar shipments conti- # _______ _____o From statistics compiled by the Associated Steamship Lines, during the month of February 1933» there were exported from the Philippine Islands the following: Tons Misc. Sailings ~ 16,386 with 45 of which 15,656 with 17 of which China and Japan................ Pacific Coast Local Delivery Pacific Coast Overland Delivery.......................... Pacific Coast Inter Coastal Steamer............. Atlantic Coast.................... European Ports.................. Australian Ports................. Grand Total............... 1 1,769 with 10 of which 135,362 with 26 of which 27,531 with 16 of which . 731 with 3 of which _ ____ _________________ 197,858 with 78 of which 55,072 carried in American Bottoms with nued to move in good volumes, total reaching over 120,000 tons. Coconut oil also heavy, totalling 12,500 tons. Desiccated coconut ship ments increased considerably over shipments made during January. To European Ports, copra shipments were light, but shipments of copra cake and meal were very good. Here again we have a new item for the year, there having been shipped a full shipload of molasses amounting to 13,308 tons. Sailings 10 9 Tons 2,171 carried in American Bottoms with 11,655 carried in American Bottoms with 345 carried in American Bottoms with 5 1,658 carried in American Bottoms with 39,335 carried in American Bottoms with 18 carried in American Bottoms with - carried in American Bottoms with 18 THE PRESIDENT LINER FLEET WORLD-WIDE SERVICE AMERICAN MAIL LINE “The Short Route to America” To SEATTLE via CHINA, JAPAN and VICTORIA Pres. Cleveland - May 3 Pres. Taft • - - May 17 Pres. Jefferson May 31 Pres. Cleveland June 21 Pres. Taft----------July 5 <First Class... Tourist Class. Through tickets from Manila to London, Havre, Bremen and other European ports issued in pounds sterling at attractively low fares Also very attractive round trip fares to Pacific Coast in Gold dollars and to Europe via United States in pounds Sterling. FOR BOOKINGS AND INFORMATION APPLY TO: THE ROBERT DOLLAR COMPANY General Agents MANILA Telephone 2-24-41 Robert Dollar Bldg., Port Area 87 Escolta DOLLAR STEAMSHIP LINES EAST OR WEST TO NEW YORK Via China-Japan, Honolulu San Francisco Panama Canal Pres. Coolidge - - Apr. 22 Pres. Lincoln - May 6 Pres. Hoover - - May 20 Pres. Wilson - - - June 3 Pres. Coolidge - June 17 FARES: Manila—Seattle G$360.00 G$200.00 Via Suez Canal and Europe Pres. Monroe - - Apr. 17 Pres. Van Buren - May 1 Pres. Garfield - - May 15 Pres. Polk - - - May 29 Pres. Adams - June 12 Pres. Harrison - June 26 FARES: Manila—San Francisco First Class............................................. $375.00 (Pres. Hoover, Pres. Coolidge 385.00) Tourist Class........................................ 200.00 Sp. Class (Pres. Hoover, Pres. Coolidge 230.00) PHILIPPINE INTER-ISLAND STEAMSHIP CO. SUPERIOR INTER-ISLAND SERVICE S. S. “MAYON” Sails Wednesdays from MANILA TO TO ILOILO CEBU ZAMBOANGA ZAMBOANGA CEBU ILOILO Apr. 19 Apr. 26 May 3 May 10 May 17 May 24 May 31 June 7 June 14 June 21 June 28 July 5 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 Passenger traffic, all classes, for February showed an increase over January. This increase is seasonal and to be expected at this time of the year. However, carryings for the month of February did not reach a very encouraging figure. The following figures show the number of passengers departing from the Philippine Islands during the month of February 1933: First Class China and Japan........ 145 Honolulu...................... 3 Pacific Coast............... 55 Europe via America. . 13 Straits Settlements and Dutch East Indies.. 63 Europe* Mediterranean PortsbeyondColombo 20 American via Suez.... 47 Australia....................... 3 mediate 181 2 24 Grand Totals. .. 349 3 48 0 3 268 Third 226 11 45 0 0 0 0 0 282 Mr. R. W. Ring, Assistant General Passenger Agent of the States Steamship Lines, left Manila on March 25th on a business trip to China. Mr. W. J. Rogers, Freight Department The Robert Dollar Co., Manila, accompanied by Mrs. Rogers, sailed on the S.S. President Hoover March 25th for home leave in the United States. REAL ESTATE By P. D. Carman Addition Hills Mr. A. H. Terry, formerly Cebu Agent for The Robert Dollar Company, has been trans ferred to the Manila Office of the Dollar Com pany. Mr. R. S. Reid has been transferred from the Manila Office to Cebu as Acting Agent. Mr. Maurice Bellemans arrived in Manila March 25th ex the S.S. President Hoover to take up his duties as Claims Agent for The Robert Dollar Company, Manila Office. CHARTERED BANK OF IN°JA’cahuintaralia Capital and Reserve Fund..........................................£6,000,000 Reserve Liability of Proprietors............................... 3,000,000 The first quarter of 1933 ends with a total of 1’3,085,143, a sub stantial improvement over the 1’2,301,983 for the same period in 1932 but very much lower than in 1929, 1930 or 1931. Large single sales last month Sampaloc, P417,175;c San Nicolas, P81.000, Binondo P60.000. 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. C. E. STEWART, Manager, Manila. Time to visit BAGUIO For HEALTH, for PLEASURE, for RELAXATION The City offers much of the attractions of travel in a foreign land and an endless chain of fascination to Lovers of Nature. can forget their cares and bask in the sunshine amidst peaceful and beautiful surroundings, Baguio is the answer to that yearning. It is an ideal spot that holds in store many a pleas ant surprise. To those in search of a vacation land endowed with a health-giving climate where they Railroad transportation is SAFE, COMFORTABLE and ECONOMICAL. Three Express Trains daily Baguio-Ilocos Express leaves Manila at 6:55 A. M. Central Luzon Express leaves Manila at 8:00 A. M. La Union Express leaves Manila at 1:10 P. M. PASSENGER RATES Manila-Baguio Round trip 1st class P12.11 21.10 3rd class F 4.83 8.78 Inquiries invited and all information concerning travel and service will be gladly furnished either at the Baguio Station near Pines Hotel or at the BAL Garage near Government Center, Tels. 250 and 901. MANILA RAILROAD COMPANY 943 Azcarraga, Manila. — Tel. 4-98-61 Sta. Cruz..................... Sampaloc...................... Tondo........................... Binondo........................ San Nicolas................. Ermita.......................... Malate......................... Paco.............................. Intramuros................... San Miguel.................. Sta. Mesa..................... Quiapo.......................... Sta. Ana....................... Pandacan..................... Sales City of Manila Feb. March 1933 P 81.776 P 124,378 129,851 559,011 41,558 86,334 68,512 188,854 16 118,524 15,000 37,200 129,158 71,144 11,800 85,076 12,800 4,160 7,543 30,263 97,601 39,744 35,704 30,277 8,000 5,330 P 626,519 Pl,393,095 ACETYLENE Dissolved Acetylene for all purposes OXYGEN Compressed Oxygen 99.5% pure HYDROGEN Compressed Hydrogen 99.8% pure < BATTERIES Prest-O-Lite Electric Stor age Batteries Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Mfg. Co. Recommended By Leading Doctors Rawleaf: Reports from the tobacco growing districts complain about lack ot rain, which will considerably affect detrimentally the outcome of this year’s crop. The area plant ed is about the same as last year, but from the present outlook a shorter crop is ex pected, which under the prevailing market conditions will not do any harm. There are still considerable quantities of the 1932 crop unsold. Exports of leaf during the past month is shown in the following figure?: Drink It for Your Health’s Sake Rawleaf, Stripped Australia............................................ 1,235 China................................................. 22,899 Hongkong.......................................... 13,356 Japan................................................. 160,473 Spain.................................................. 2,076,317 Straits Settlements........................... 446 United States................................... 33,240 2,307,966 Cigars: The export to the United States has further declined and a number of cancellations have been received, owing to the unsettled banking situation and corresponding curtailment of credit facilities. At this writing prospects are not encouraging. There were shipped during: Period Cigars //March, 1933........................................ 10,716,176 March, 1932........................................ 12,714,609 January-March, 1933....................... 30,191,261 January-March, 1932....................... 39,262,058 REVIEW OF THE EXCHANGE MARKET By R. E. Shaw TEL. 5-73-06 Nature’s Best Mineral Water THE MERE FACT THAT THE GOAT'S HOOF IS A COCKTAIL MADE IN MANILA OF PHILIPPINE PRODUCTS NATURALLY COMMENDS IT TO THOSE WHO WISH TO SEE PHILIPPINE BUSINESS PROSPER. Sagacious Business Men Prefer It. 1. Because it doesn't cloud the issue. 2. One may compute foreign exchange after three. 3. Contracts may be considered after five. 4. Description of the goods you sell expand and take on color in proportion to your libation. THE COCKTAIL WITH NO MATUTINAL REGRETS AT THE AMERICAN CHAMBER OF COMMERCE BAR MANUFACTURED BY Frank G. Haughwout Retail Distributors MANILA WINE MERCHANTS, LTD. The month of March opened with sellers of U. S. dollar T. T. at •3/4% premium and buy ers at 1/2% premium. Rates eased gradually up to March 6th, when all exchange transactions were practically suspend ed and remained so until the close of the banking holiday in the United States. By March 14th the market showed signs of activity but no banks were eager to buy and few operations on that side of the book were reported. Rates then firmed temporarily and buyers were offering 1/2% premium for limited amounts, while sellers were quoting from 3/4 to 5/8% premium. The increasing cash shortage, caused in part by the heavy financing of sugar bills, forced rates down ward, until at the close of the month there were no buyers of ready T. T. at better than par, while sales were being made at from 1/2% premium to 3/8% premium. The undertone of the market was weak at the close. During the period from March 4th to March The Philippine Guaranty Company, Inc. (Established in 1917) SURETY BONDS— We execute Bonds of various kinds, specially CUSTOMS BONDS, FIRE ARMS BONDS, INTERNAL REVENUE BONDS, PUBLIC WORKS BONDS for Contractors, COURT BONDS for Executors, Administrators and Receivers and BAIL BONDS in criminal cases. FIRE INSURANCE— In the Philippine Islands. LOANS— Secured by first mortgage on improved properties in of Manila on the monthly amortization plan. Second Floor Phone 2-41-n INSULAR LIFE BLDG. the City P. O. Box 128 MANILA 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 18th the Insular Treasurer sold U. S. dollar T.T. to the extent of U.S. 8140,000. The Sterling market fluctuated within fairly narrow limits, opening and closing with sellers of T.T. at 2/10. On the last business day of February the NewYork Bar Silver quotation was 26-1/2. On March 3rd the rate stood at 2G-5/8, which was the low for the month, and thereafter it rose to a high of 28-1/4 on March 17th and closed at 27-1/2. COPRA AND ITS PRODUCTS By Leo Schnurmacher and Kenneth B. Day The New York-London cross-rate closed on February 28th at 342-1/4, dropped to a low of 341 on March 2nd, rose to a high of 34(5-3/4 on March 3rd and March 17th and then closed at 343. At the end of February London Bar Silver stood at 17-1/16 ready and 17-1/8 forward. The rates then eased to a low of 17 ready and 17-1/16 forward on March 3rd, strengthened to a high of 17-7/8 ready and 17-15/16 on March 17th and at the close of business on March 31st were quoted at 17-9/16 ready and 17-5/8 forward. Telegraphic transfers on other points were quoted as follows on March 31st: Paris........ Madrid. . . Singapore. Japan.... Shanghai.. Hongkong^. . 12.50 . 86-3/4 . 82 44 .168 . 47-1/4 187 121 if you want real LUXURY and COMFORT At the beginning of March all coconut markets were at a low ebb. With the banking crisis prices immediately felt a slight upward reaction due, doubtless, to the fear that there might be some currency inflation in the United StatesAs soon as the banking situation began to straighten itself out, markets gradually com menced to ease off and at the end of the month, prices were almost as low as they were on March 1st. Copra:—Copra prices showed very little movement during the month. When March came in, buyers were weak at 1*5.00 resecada and some business was changing hands as low as 1’4.80. With the banking situation the price went up temporarily to where some business was done at 1*5.20 or a little better. Prices then gradually receded until, at the end of the month, buyers were again paying 1’5.00 and expecting to have to drop to even lower levels. It is a notable fact, that there is less sales resistance today at 1’5.00 than t here was three months ago at 1’1.00 higher. Copra receipts fertile month in Manila totalled 215,693 bagsand in Cebu 257,407 bags. Th is is an ex ■ tremely heavy March total and Cebu, in particular, proved to be a bigger copra market even than Ma nila. All in all arrivals were ap proximately 50% over 1932 figures. Export markets reacted more or less in line with copra prices here. Buyers were in the market at from 1.55 cents up to 1.65 and then back again down to 1.55 at the end of the month. A good deal of business was done on this basis and in addition, a fair amount of copra was covered for shipment to New York on a char tered steamer at a reduced freight rate to cover the requirements of a New York manufacturer. 'Phis business cannot be expected to be a monthly feature. In Cebu, large lots of copra were sold to the local agency of Procter A Gamble for shipment to the Gulf in April and May. 'Phe European market was weak throughout the month and took a very sudden drop to a low point of £16/-/- in the last week of March. This sudden drop is attributed to German Government restrictions on margarines and other oils and fats and for the moment the German trade is at a standstill. Shipments for the month totalled 1 1,479 tons, of which 11,7(59 went out of Cebu. Of this amount the Pacific Coast took 5562 tons, the Atlantic Coast 1016, Gulf 355(5, Europe* 3962, with the balance scattering. Stocks oL copra on hand at. the. end of' the month were probably double 1932 figures. Coconut Oil:—We left eq^offlit oil last month at 2.50 cents f. o. b. Pacific Coast with no buyers. Dur ing the month, the Pacific Coast“ market reacted up to 2-3 4 cents and then returned again to a low of 2-5.8 at the end of the month. The New York market which was show ing signs of distress at 2.75 cents went up to 3.00 cents and then dec lined to 2-7/8 cents, at which price business could be done for far for ward shipment. The promptness with which buyers came into the market for immediate requirements during the few days of financial GO EMPRESS FROM THE ORIENT EMPRESS EMPRESS EMPRESS EMPRESS of of of of JAPAN CANADA ASIA RUSSIA Sailings Every Two Weeks From MANILA To Honolulu-Victoria-Vancouver Via Hongkong - Shanghai - Kobe - Yokohama SPECIAL EXCURSIONS TO HONGKONG Pl 75 to Pl 85 first class, round trip P130toP135 tourist’s class,round trip Tours vary from 11 to 13 days and fare includes Room and Meals at the PENINSULA HOTEL in HONGKONG Attractive fares to Europe CANADIAN-PACIFIC WORLD’S GREATEST TRAVEL SYSTEM. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 doubt, showed that probably there is a fair demand for oil if only buyers can be sure that markets arc at or near bottom. Meanwhile, •competing oils and fats firmed up, together with coconut oil, and have gone down in the same manner. Shipments of coconut oil during the month totalled 11,497 tons, of which 8,761 tons were routed to the Atlantic Coast, the balance being jplit almost evenly between the Pacific Coast and the Gulf. Nearly all of this oil was shipped from Manila. Copra Cake:—Copra cake continued to be a drug on the market throughout March. Prices varied very little above or below P20.00 ex warchouse and not very much business was done at any price. As a result, stocks of copra cake at the end of the month totalled over 6500 tons with buyers anxious to sell but only just getting to the position where they were willing to accept the present low prices. More and more dis couraging reports come from Europe about the future of copra cake and it is evident that every thing points to a low market for the balance of the year. Sixty-one hundred and seventy-one tons of cake were shipped out in March of which 6,000 went to Europe, with a small 150 tons of meal for the West Coast. It is understood that a little meal interest developed along toward the end of the month, which may be reflected in April-May shipment. Desiccated Coconut:—The Desiccated market is really better than it was a month or two ago. The price indicated in New York during March was around 7 cents per lb. c. i. f. Demand remained fairly steady and in general the situa tion is in somewhat better shape than it has been. All Philippine mills were manufacturing during the month and shipments for the first quarter totalled 19% over those of 1932. March shipments amounted to 1310 metric tons. Manufacturers hope that the present demand may be maintained which will make a reasonably profitable year possible. General:—The banking holiday was prob ably a good thing for coconut products, because it relieved, for a few days at least, the constant drop and enabled far sighted sellers with con fidence in the gold dollar to do a little more trading than has been possible for several months. Now that things have quieted down, business has settled back more or less into the old rut and with indications still pointing to a bumper crop of copra for 1933, there seems to be little to look forward to other than a monotonous market with possibly occasional small flurries, until general conditions improve, and carry coconut products along with the improvement. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 YOU ’LL SOON FEEL WELL AGAIN WITH TALISMALT 'fhe health giver, which contains Malt, Milk, Honey, • this to do. Eggs and Cocoa. If you are well TALISMALT gives you added energy; if you are ill TALISMALT helps restore you to health and strength again. TALISMALT is not a medicine but a delightful beverage to be taken hot or cold, according to taste. Items in Americans’ Living Costs... {Continued from page 10) This can be figured at about 1*200 a year, for fuel alone. The children, a grateful brood, well poised and polite, loyal to one another as bees, justify in their characters this sacri fice of time and expense by their parents. But it is a charge on the family budget peculiar to Manila and it isn’t practically avoidable. In an American city a school would be nearby, a church too. In Manila, on the contrary, even the movie theater that is presentable and sanitary is downtown; that is to say, from 2 to 5 and 7 miles away from most American homes, and it is the same with clubs. It is hard to sum up. but let’s try. Rent P100, servants P100, clothing P50, groceries P100, the daily market P50, operating a car P100, clubs and charity and incidentals Pl 00, children away in school, per child P200: a typical monthly budget of actual living expenses for a Manila American family, P900. Add whatever life insurance is possible. Count in too the occasional trips to a colder climate, at least one in 5 years, that ought to be taken. You will not get by much under Pl,000 a month, for there are still the doctor, dentist and hospital to consider, or the nurse who comes in at $10 a day. But while the children are small, if your in come is Pl,000 a month, you can save considerable toward sending them to school when the time comes you wid have With incidentals, that have been counted here as P100 a month, may be included the children’s school ex pense in Manila, mainly for books. Living costs of Americans in Manila are obviously waning, rather have waned during the past three years, but they remain, and will remain, for reasons this paper mentions, high enough to make Manila comparatively an expensive place in which to live. The standard of living an American maintains may not be elaborate, but is expected by other Americans, including his em ployer, to be wholesome and dignified There is no artisan class of Americans in town, no laboring class, only a profes- . sional class, families ambitious most of all for the well-being and education of their children. Decreased earnings make this paramount problem one of anxious concern in many American homes, more so now than at any earlier time in the American period. Living costs can be cut so much, no more, if standards are kept up; the family budget in Manila is noto only one of the highest in the world, given the best that may be done with it, but probably will always remain so because staple necessities from abroad will keep it up. THE YOKOHAMA SPECIE BANK —■— - LTD. —■■■ ■ (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund ... - 117,300,000.00 Undivided Profits - - - - 4,877,876.67 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager Telephono 23759—Manager Telephone 23755—Account 4 Cashier Telephone 23758—Export 4 Import Dept. Telephone 23768—Deposit 4 Remittance Dept. TRADEMARKS REGISTERED During the month of February 1933 Reg. No. 11280. Trademark consisting of the words “JACOB & COS.” with a design, for biscuits, registered on February 14, 1933, by W. and R. Jacob & Co., Ltd., of Dublin, Ireland. Reg. No. 11281. Trademark cons?sting of the word “SELECTED” with a design, for biscuits, registered on February 14, 1933, byW. and R. Jacob & Co., Ltd., of Dublin, Ireland. Reg. No. 11282. Trademark consisting of the word “STREAMLINE” for pneumatic, cushion, and solid tires, etc., registered on February 14, 1933, by The General Tire and Rubber Company, of Akron, Ohio, U.S.A. Reg. No. 11283. Trademark consisting of the word “JUMBO”, for pneumatic, cushion, and solid tires, etc., registered on February 16, 1933, by The General Tire and Rubber Company, of Akron, Ohio, U. S. A. {To be continued) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL , April, v 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 Commodities Coconut Oil.......................................... Cigar (Number)................................... Embroidery........................................... Maguey.................................................. Leaf Tobacco........................................ desiccated and Shredded Coconuts. Hats (Number)................................... Lumber (Cubic Meters).................... Copra Meal.......................................... Cordage.................................................. Knotted Hemp..................................... Pearl Buttons (Gross)....................... Canton (low grade cordage fibre).. . All Other Products............................... PRINCIPAL EXPORTS Monthly average for 12 months February, 1933 February, 1932 previous to February, 1933 Quantity Value % Quantity Value % Quantity Value % 128.720,556 9,833,908 12.450,306 11,594,797 430,936 1.527.572 1 ,682.894 68,312 1,054 8,123,208 383,600 126,370 701.813 192.914 Pl 3,887,108 805,980 1,486,875 778,331 408,310 343,365 23,273 455,685 306,939 113,077 31,856 207,672 109.934 33,032 143,483 12.203 567,896 131,860,126 10,867,523 8,062,468 6,742,638 15,733,237 P16.207.580 1,187,785 1,196,201 565.838 588,345 Total Domestic Products........................................................................................ United States Products............................................................................................ Foreign Countries Products................................................................................... Grand Total................................................................................................ P19.715.019 100.0 Note:—All quantities are in kilos PRINCIPAL IMPORTS Monthly average for . , February, 1933 February. 1932 12 month's previous Articles __________________ to February. 1933 Value % Value 746,858 2,032.557 1.386.882 65,099 2,914 7,439,378 452,021 50,524 343,271 16,609 610,246 278,727 109,884 96,356 205,473 144,100 66,670 366,094 33,174 45,397 23,483 969,054 4.2 85,505,900 9,010,065 9,715,883 11,892,029 14,838,120 425,077 1,754,679 1,355.525 62,965 2.697 G, 108,056 316.934 23,524 61,246 299,912 9,945,629 826,741 1,284,188 483,623 522,625 532,877 23,153 455.335 268.592 100.214 74,603 707,603 105,864 34,518 40,429 18,341 416,796 P22,626,266 120.990 16,932 99.7 0.3 P15.718.579 102.701 19.850 99.3 0.6 0.1 P22.764.188 100.0 P15.841.130 100.0 except where otherwise indicated. CARRYING TRADE IMPORTS 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 Manufac tures of........................... Electrical 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 nish, Etc........................ Oils not separately listed . Earthern Stones and Chinaware..................... Automobile Accessories.. Diamond and Other Pre cious Stones Unset.. .. Wood, Reed, Bamboo, and Rattan.................... India Rubber Goods.. .. Matches............................. Cattle................................. Explosives.......................... Cement............................... Sugqp-aqd Molasses........ M'SrtSnT’ielure Films. .. ^,'her imports.. ..4......... 557,731 281.456 228,112 211,672 249,314 130,756 391,405 157,277 290,525 173,445 201.801 96,100 289,142 88,948 110.300 223.033 207.660 52,394 115,249 54,111 51,262 12,250 .. 1 1.4 2.G O.i 3.5 0.2 1.8 0.4 1.2 1.7 0.7 0.7 0.7 0.4 0.6 0.7 0.7 1.4 0.7 0.7 0.3 0.6 0.5 0.3 0.4 0.3 0.3 0.2 o'. % 14.5 7.0 7.8 0.5 4.0 5.3 3.0 1.5 3.2 3.2 4.3 3.3 Value 13.0 7.3 0.3 0.9 3.2 4.5 February, 1933 February, 1932 Nationality of Vessels Monthly average for 12 months previous to February, 1933 Value % Value % Value % 373 058 208,309 287,906 300.118 313,475 305,717 88,887 58,692 84,440 246.329 41.0G3 109,271 80.655 113,059 71,243 52,594 103,554 85,788 16,250 4,960 13,860 55.703 823,176 L8 1.5 2.7 0.5 0.7 1.0 1.0 0^6 0.6 0.4 0.7 1.1 1.0 0.7 0.: 0.‘ 0.3 0.5 0.3 0.2 0.2 0.4 7.4 337,815 223,205 250,822 295.228 428,781 371.178 129,559 92,326 87,180 122,421 22,914 2.3 3.3 2J 0.7 l’.O 0.9 0.8 0.8 0.6 0.8 0.2 0.‘ Total..............’........... P8.608.505 100.0 PH,623,287 100.0 PJ 2.899,327 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Ports February, 1933 February, 1932 Monthly average for 12 months previous to February, 1933 Value % Value % . Value % §7 By Freight....................... Mail........................... Total......................... P8,489,161 98.5 Pl 1,399,062 98.4 P12.692.338 98.4 119,344 1.5 224,225 1.6 207,089 1.6 P8.608.505 100.0 Pll,623,287 100.0 P12.899.427 100.0 EXPORTS February, 1933 Nationality of Vessels Monthly average for February, 1932 12 months previous to February, 1933 Value % Value % Value % Manila................................ Iloilo................................... Cebu................................... Zamboanga........................ P16,035,147 8,840,856 2,497.116 211,246 27,304 461,885 249.970 57.2 P18,802,169 30.5 11,744,096 8.9 2,759.094 0.8 253,384 0. 1 27,030 1.6 578,555 0.9 223,147 55.1 P17,795,648 34.3 6,995,322 8.2 2,906,564 0.5 200,895 24,026 1.7 467,079 0.4 350.922 American. . Japanese... German.. .. Norwegian. Spanish.. .. Dutch........ Philippines. Chinese.. .. Swedish.. .. Danish........ Panamaian. 199,672 8.6 P5,870,173 4,509,302 7,392,644 232,942 1,972,573 1.7 8.9 0. 1 0.‘ 5.‘ 0.6 By Freight....................... P19,559,064 99.1 P22.458.000 98.9 P15.641.574 98.7 By Mail........................... 155,955 0.9 306,188 1.1 199,556 1.3 Total......................... P19,715,019 100.0 P22.764.188 100.0 P15.841.130 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Monthly average for February, 1933 February, 1932 12 months previous Countries to February, 1933 Value % Value % Value % United States................. United Kingdom............ Japan................................. China................................ French East Indies.... Germany.......................... Spain................................. Australia........................... British East Indies.. .. Dutch East Indies........ Netherlands..................... Italy................................. Hongkong......................... Belgium............................ Switzerland...................... Denmark.......................... Other Countries............ P22.201.977 545,820 1,683,562 822,903 271,421 512,135 534,574 203,271 339,116 182,564 129,946 236,781 52,507 121,993 84,531 98,442 46,363 18,874 63,449 114,542 79.2 P27.044.531 1.8 608,738 5.9 2,041,368 2.8 985,384 0.9 45,783 1.7 767,022 1.9 592.572 0.7 287,096 1.2 542,874 0.6 395,286 0.4 223,474 0.8 89,599 0.2 41,623 0.4 56,482 0.3 180,118 0.3 92,913 0.2 16,873 10,056 0.2 44,349 0.4 63,296 33.889 1 1,211 16.889 0.1 196,049 P22,327,371 641,048 1,431,762 976,635 96,173 671,916 679,534 189,587 298,246 282,485 304,876 116,712 62,606 58,013 150,584 127,747 34,162 44,343 70,162 25,186 6,949 15,423 119,572 Total........................... P28,323.524 100.0 P34.387.475 100.0 P28.740.457 100.0 Total......................... P28.323.524 100.0 P34.387.475 100.0 P28,740,457 100.0 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1933 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 680 Rizal Avenue Tel. 2-16-10 INFORMATION FOR INVESTORS Expert, confidential reporta made on Philippine projects ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric project a OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON CO. Cebu, P. I. Cable Address: “VP IL,” Cebu. Manila Wine Merchants LIMITED P. O. Box 403 Head Office: 174 Juan Luna Manila, P. I. Phones 4-90-57 and 4-90-58 Branch Store: 48 Isaac Peral Phone 2-17-61 PHILIPPINES COLD STORES Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. <T 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 Chaco Building — Tel. 2-24-18 BRANCHES: New York — London — Merida — Davao THE AMERICAN CHAMBER OF COMMERCE JOURNAL P.O. BOX 1638 TEL. 21126 International Harvester Co. of Philippines formerly MACLEOD & COMPANY Manila—Cebu—Vigan—Davao—Iloilo Exporters of Hemp and Maguey Agents for INTERNATIONAL HARVESTER CO. Agicultural 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 Attorney- At-Law-Notary Public Certified Public Accountant Administration of Estates Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. “LA URBANA” (Sociedad MQtua de Construcci6n y Prtstamos) Prestamos Hipotecarios Inversiones de Capital Paterno Building, Calle Helios MANILA, P. I. The Earnshaws Docks and Honolulu Iron Works Sugar Machinery Slipways Machine Shops Port Area Manila, P. I. IN RESPONDING TO ADVERTISEMENT PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL The National City Bank of New York Capital (Paid)------P248,000,000.00 Surplus....................P152,000,000.00 Undivided Profits - P 10,889,025.54 (as of June 30, 1932) COMPLETE BANKING SERVICES MANILA OFFICE National City Bank Building Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE fis GRILK Phone 2-16-61 Port Area In The Bathrccm F- -----m Every To Polish Brass Sicns Xs 15V For Brigfif wcrk y or Ships ~ £)rf>p ^tTAbPoi^j SOLARINE 1 Metal Polish Household Use At All Dealers* IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Four Merchants’ Opinions One merchant says: “. .. It is difficult to tell what we have learned from our experiences except that, speaking for our organization, we have all learned to be very humble.” An other merchant, as well known, says: “Success is going to be measured by our consistent everyday business, with balanced stocks in wanted staples and styles that are in demand; in the continued promotion of those goods.” A third says: “...the promotion of timely, wanted mer chandise is essential to our continued profit making; in fact, to our very existence.” A fourth says: “...and I cannot too strongly repeat that we in our store are firmly of the opinion that not one peso should be spent on the advertising of goods not in demand —and that not one peso less than what is required to do a thorough job should be spent on the advertising of goods in demand.” When you place your advertising in the MANILA DAILY BULLETIN you are making a direct appeal to the buying power of Manila i *"7A\ 71 M p—a™ s“"ANAY ZINC META ARSENITE PREVENTS DESTRUCTION OF WOOD ROT, TERMITES, FROM ATTACK BY WHITE ANTS OR ANAY, A NEW INTERNATIONAL LUMBER TRADE MARK AND BOK-BOK ATLANTIC GULF & PACIFIC COMPANY OF MANILA 71-77 Muelle de la Industria Sole Licensee Philippine Islands Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL