The American Chamber of Commerce Journal Vol. XIII, No.6 (June 1933)

Media

Part of The American Chamber of Commerce Journal

Title: The American Chamber of Commerce Journal Vol. XIII, No.6 (June 1933)
Issue Date: Vol. XIII, No.6 (June 1933)
Rights
extracted text: In this number, jimong other features: Authoritative data item by item, detailed, on main imports into the Philip pines, countries of origin, quantities and values, 1932 com pared with 1931: Cotton Manufactures, Mineral Oil Products, Wheat Flour, Meat Products, Fish Products, Electrical Goods, Tobacco Products. In concise and legible tables. \\CORONAj Good Tobacco; properly cured and expertly made own size TAIBACAILIEIRA 11= Originators of High Grade Philippine Tobacco Products “PICCOLO SHOWER HEATER Now Only F90.00 own Display Room That means Isabela tobacco, grown under our supervision; cured by our tobacco men and made in our modern factory. There is a and style to meet your taste. At The End of the f Journey—A Hot Bath Flushes out of the pores of the skin the dust and perspiration of .travel; soothes tired mus cles; makes you ready for the next adventure, full of life and vigor. Why not let us install a GAS Water Heater for you at once and get these greater benefits? MANILA GAS CORPORATION Regina Building IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURN AMERICAN CHAMBER OF COMMERCE JOURNAL SUPPLEMENT June, Hon. FRANK MURPHY Frank Murphy, the eleventh American Governor-General of the Philip pines, brings to that post a record of jobs well done. The Detroit Times on April 23 published a Murphy supplement giving an account of Governor-General Murphy’s public service. It quoted him as saving that he comes to the Philippines because ‘'there’s a job to be done” Usually mild-mannered and affable, Governor-General Murphy has been in scraps nearly all of his life. lie has been characterized as an idealist who revels in conflict. In 1919, just after the world war, he started the prosecution of war profiteers. Even in the ring, he is the fighting man. Frank Murphy is one of the best amateur boxers in the state of Michigan, even at 41. There are some sports, however, of which Murphy knows nothing. Golf is one of them, lie never has played it because it involves member ship in a country club or some other organization. Murphy is an indi vidualist. He belongs to no club, association, fraternity, or lodge. There is only one exception—he is a member of the American Legion. That ^sj>ecau& of his war service. At the American Legion convention in Detroit in the fall of 1931, Murphy sat next to Theodore Roosevelt, Jr., former Governor-General of the Philippines. The two are close personal friends. In a public speech, Roosevelt declared that "I am sorry I can't be in Detroit to vote for my friend, Frank Murphy." He is the humanitarian who has fed and befriended thousands. Before taking office in September, 1930, as mayor of Detroit,, Murphy had or ganized a group of liberal thinking citizens into the Mayor's Unemploy ment Committee. This group made the first unemployment survey and registration of jobless of any city in the United States, fought for increased welfare relief and started the nation s Inst Thrift Gardens. Today Detroit's .veil’,-ire department, with .>2.000 families on its rolls, is considered bv the s > ■ ' TU 1 ..... ...... . I ( ■!.•->., ■ .i. •> '■' ’>■ n inker- Mi-mps uud ■•rcd'Vr.sd'-• • ■ cuts, the mayor fought to maintain salaries at a living wage and tp'er -nt crippling of government. 'The Detroit Times gives the following resume of Murphy s publio service record: Enlisted as a volunteer during first week of United States par ipatimi in World War. In uniform of his country two years and four ninths; one year overseas. Only United States district attorney who succeeded in actually i’ii hr.g war profiteers to prison. Tried hundreds of cases in federal court and never lost one. Elected to Recorder's Court bench, leading the ticket, after fight. Led in work of reorganizing the administrative affairs of the c> Created Recorder's Court bond bureau and drove out the rac ;:g bondsmen who preyed on unfortunates. Led movement to divorce probation department of court from ■ b*-- 1 spoils system control. Was first judge in United States to create a composite sentencii i <, consisting of the judge, a probation officer and a psychiatrist. Conducted one-man grand jury investigation of graft in city inent, breaking up the "paving trust " with a resultant saving of eir . . Pioneered in fight for old age pensions and drafted first old age • • n - i bill to appear in Michigan Legislature. Fulfilled, as mayor, his principal pledges—that ‘‘not one deserv i; n -.or woman shall go hungry in Detroit because of circumstances be; >;■ ■ '■• control," and his pledge to "drive out the spoils system and the < of the gang." June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Exide Batteries— Your Elide Dealer has the cor rect type of Exide Battery for your car. are full-powered and stay that way for a long span of life BARGAIN batteries that snuff out in a few months are expensive. It’s economy to choose the EXIDE —the battery which has proved its dependability and long life to the entire satisfaction of millions of car owners. And now you can equip your car with an EXIDE at the lowest prices ever asked for a quality battery. JEribe THE LONGrLIFE BATTERY Pacific Commercial Company— If you want to enjoy DANCING to the full extent— wear delightfully comfortable ESCO SHOES Obtainable at the best shoe stores anywhere ESCO SHOE STORES 615 Escolta and 333 Legarda When Your Favorite Sandwich Tastes Better!! The Drink is &an jHiguel $ale $iteen brewed by San Miguel Brewery IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION Th ‘ . /C .1A , ■ :ER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Street-Car Advertising ALHAMBRA CIGARS continue to be the recognized leaders in QUALITY cigars ESPECIALES ALHAMBRA Street-car Advertising has become Universally recogI nized as an advertising medium of the highest class, owing to the prompt and satisfactory results obtained. Advertising on the inside of Meralco cars and buses is read by the thousands who daily use this means of | transportation. Advertising on the outside of the cars is seen by the thousands in the streets and on the street corners. The ads are repeated every time a car passes, hundreds of times a day. Street-car advertising costs very little per thousand circulation—much less than other forms of advertising. For Rates and Particulars—Call Up Telephone 2-19-11 Manila Electric Company A. B. Tigh Advertising Manager 134 San Marcelino Manila, P. I. SUNSET MATCHES SOLD EVERYWHERE Easy to Ask for— BEST TO USE Philippine Match Company, Ltd. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Single Copies: 35 Centavos WALTER ROBB Editor and Manager Murphy’s Significant Inaugural Address Weigh what a man says on assuming a new public office with what he has done in offices previously held. Weigh what Governor-General Frank Murphy said in his inaugural address on the Luneta, Thursday, June 15, with the summary of his public career that appears with his photograph in this issue of the Journal, and weigh it with the letter published in this issue, from a Michigan Republican. The summary and the letter give perspective to the following parts of the inaugural speech: “Coming to you as a representative of the American govern ment, to which I am bound by solemn obligations assumed in my oath of office and imposed upon me by law, I am bound to use my office and its prerogatives to promote in every way, consistent with those obligations, the general welfare of the people of the Philippine Islands. This I regard as a high privilege and a solemn trust, to be exercised and performed in a spirit of broad understanding, sympathy, and tolerance. It is my sincere and eager hope that by common counsel and effort, working together in mutual confidence, inspired by unselfish and patriotic motives, we may advance steadily toward a full realization of the high purposes so. eloquently stated by President McKinley when the civil government was first established; and which have in no small degree already been attained under the liberal provi sions of the Jones law and the many wise and constructive measures enact ed by the Philippine legislature under that great charter of liberty and home rule. * * * “In a message sent to GovernorGeneral Harrison on October 6, 1913, President Wilson said: ‘“We regard ourselves as trustees acting not for the advantage of the United States but for the benefit of the people of the Philippine Is lands. * * *’ “In the course of this trusteeship =we have come now to another im portant decision. The Congress has enacted a°me:^ure which offers to the people of the Philippines an op portunity through their authorized representatives to vote on the ques tion of independence. As I view it, this is a matter which is primarily ttfeir concern, on which they should be permitted to express their independ ent judgment after a full, fair, and unprejudiced discussion and consid eration of the issues involved. I leave this entire question with you for your free determination, without in terference and uncontrolled by any f orcc or influence whatsoever. * * * Writer Forecasts Murphy Following is comment on Governor-General Frank Murphy received by a friend of the Journal in Manila in a letter from a wellknown Republican writer on the Philippines and the Orient in general: “. . . Concerning the wisdom of the Murphy appointment I say nothing—for various reasons. This much is true, however: in Detroit Frank Murphy has surrounded him self with capable assistants and has been associated personally with high class people. Jim Watkins, his ‘blue stocking’ police com missioner who stands as high as any man in the city, says that Murphy s attitude toward the police depart ment has been above reproach: the department has been protected from political interference, and Watkins, whose sole purpose is public service, has received 100% cooperation from the Mayor to that end. The same statements hold for the street railway department. These are important facts. Furthermore, while Murphy hasn’t done anything to get Detroit out of its financial difficulties, he is not responsible for creating the S400,000,000 indebtedness that the city had accumulated before he took office and that has virtually bankrupted it. . . . “My own attitude is one of ‘watchful wait ing’ so far as the formation of any positive opinion as to the probable character of Murphy’s administration is concerned; but of cooperation in the meanwhile, I believe that the Governor-General’s honesty, high charac ter, and good intentions entitle him to this much support from every American, in the Islands or out of them. . . .” In another paragraph, speaking of the char acter of the men Murphy is bringing with him, the same writer says: “. . . I can toll you that they are coming out to do the best job they can, that they have made no commitments, anti that they are all clean, honest, high minded men. Mr. Mills, the Detroit Street Railway man who is coming with them is also a high class man personally, and is known as one of the ablest business executives in the country.” He refers to Xorman Hill and Edward Kemp, and Joseph Mills. “With every agency and instrumentality available to it, the government with all the right and power at its command, with a resolute and unflagging determination that will not be balked by stagnant tradition or narrow prejudice or selfish indifference, it will seek to help the underprivileged, to protect the weak and untutored against the strong and unscrupulous; and it will seek to make education, healthful living conditions, fair and impartial justice, steady employment at a fair wage, adequate care of the sick and indigent, and all the other benefits of civilized society, available to every man, woman, and child. In short, it will be the business of government, while keeping its own house in order, to wage relentless and unceasing war on human exploitation, ignorance, disease, dishonesty, and injustice in every form, whether it be economic or social, political or moral, in order that every man among us may enjoy for himself and his family the full blessings of true liberty and enlightened democracy. Tf in admin istrative and fiscal matters the government succeeds, while social justice in the community fails or remains unsolved, the great task of governmental management is still incomplete. There is, therefore, urgent need in govern ment for administrative ability, an ability in which the worth of integrity should be the dominant strain, but there is also the urgent need for human understanding and sympathy. To look upon government as a mere business problem is to see it only in part. * * * “Another phase of governmental respon sibility, heretofore regarded as visionary and impractical but now being accorded respectful consideration, lies in the field of economic planning. The world has drifted, economic ally speaking, into confusion and disorder. We have come to recognize that unless we intelligently plan and organize our compli cated activities, we shall from time to time be subjected to disturbances or depressions that may have profound and undesired political consequences. Though ours is pri marily an agricultural community, wherein conditions are somewhat more stable than in a highly industrialized community, it is nevertheless important for us to analyze carefully and realistically our situation and our prospects. The government must take the lead, by gathering reliable information as to prevailing tendencies and conditions in matters of production and trade and employ ment, makingitsfindingsknown through public conferences, press reports, and other effective means, and originating collective measures to prevent unbalanced production of goods and over-supply of services, and avoid maldis tribution of wealth and prosperity. This is a function which government may properly assume and must take unto itself if it cannot lie or is not performed by other means or agencies. In this new enterprise of govern ment our great President Franklin D. Roose velt has already led the way. His firmness and courage and practical idealism in trans lating this new social and political gospel into living action have brought to the entire American people a new t hrill of hope and con fidence in the future of their country. We should follow his stirring and inspiring ex ample. In the world of today the consequen ces of inaction and lcaderless drifting are fatal.” 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 The Picture in Occidental Negros Planters with six-guns on their hips, cane-hog ging for free-entry quotas, a concrete-highway project and a million-peso investment company You arrive in Iloilo on the interislander Mayou from Ma nila early enough of a Thursday morning to hurry around the corner from the mttelle and board the airplane leaving Iloilo at 7 a. m. for Bacolod, capital of Occidental Negros. The plane is a 12-passenger triple-motored one operated by Philippine Airways, Inc., and the ride is but 15 minutes long. You rise from the airfield on the port area at Iloilo, fly over Guimaras island at an exciting height you reckon to be no more than 500 or 600 feet, and almost immediately are descending at Bacolod, where the airfield is 3 or 4 kilometers south of town and plenty of autos are at hand to take you to any point on Negros. The plane back to Iloilo leaves Bacolod at 3:30 p. m., you have an hour and a half in Iloilo before the Mayou leaves there for Zamboanga. On Negros, therefore, you have the better part of a full business day. The plane charge between Iloilo and Negros (either Bacolod or Pulupandan, trips alternating during the day between these ports) is 1*5 each way. We had heard complaints about the asphalt on Negros highways, so, at such a cool morning hour, we walked from the airport into town and inspected the road. The asphalt is uneven and reported to have been thinly laid on, but seemed to be standing up well under the heavy motor traffic constantly passing over it. Governor Isaac Lacson discussed the Negros road problem, said the province is solving it by issuing, as it is about to do, bonds to the sum of Pl,500,000 for surfacing main high ways with concrete. “These bonds will be sold in the Philippines,” he said. “The province has Pl,050,000 on deposit in Manila, of which sum we may be allowed to use a part, and the rest of the Pl,500,000 will be got with bonds of the prov ince. Upkeep of our roads is a main problem with us. We have 560 kilo meters of highway, maintenance of which costs us P550,000 a year, nearly Pl,000 a kilometer. Heaviest traffic is between Pulupandan and Victorias, passing through Bacolod and Silay and smaller towns. The distance is 72 kilometers, and the upkeep cost last year was P200,000. We feel that concrete would be a real economy, initial cost more, upkeep far less than asphalt.” He was chided gently, as a friend, about the palatial capitol he is completing at Bacolod. And he had a quick come back: “You Americans taught us to want fine public buildings, fine everything.” It seems a former governor began the capitol, and that the failure of an engineer with the contract added P200,000 or so to the cost, which is expected to reach about P700,000 all told. Lacson is finishing the, job under promise to do so and in order to centralize provincial offices in a single building and convenience the public, the poor especially, in doing business with the government. The grounds around the capitol are spacious, 40 hectares bought for as many thousand pesos when values were cheap. Building generally was active in Negros, the lumber market there was reported brisk. Lumber prices were low. On a Mature Sugar Cane street in Bacolod of secondary desirability for residences, a two-story house was being built under contract and painted inside and outside for P2,500, the posts of hardwood set in concrete bases; and it was said that such a house, painted every 3 years, would last 20 years. Then the termites would have it. Thatch cottage and modern house side by side, Bacolod is in a growing stage in common with other pro vincial centers favored with public and private schools and academies and the business of a provincial capital. But Bacolod boasts an extraordinarily large plaza, well improv ed—almost too well improved, look ing indeed overcrowded with orna mentation—and nearby off the main street occupied by stores of all the nations and branches of Manila busi ness companies, a whopping natatorium adding real pleasure to the place as a student center. Sugar makes Bacolod. Sugar makes all Negros. The civilization is, of course, dominantly material. A statue to Rizal, a poet, a sculptor, a painter, though withal a patriot, stands pro minently in the high-school grounds. A poet could not be heard of, but a painter and sculptor graduated from the University of the Philippines was heard of and his shop, not a studio, at Talisay, was visited. He fashions busts for the dead, from photographs of them in life; and he has agents, as far as Iloilo, drumming up trade on com mission for him. He softens, in model ing, the sternness of a planter’s features as the camera catches them; in snort, he makes shift to live and make a living in Negros. His work is well liked there. His university pieces, studies from life, lean against the benches of his shop and are damaged and smudged by its grime and paint. Negros manages with little art and much sugar, like Kansas, for example, manages with little art and much wheat. The gods of Negros are neces sarily the gods of things as they are. So it could not be learned what would be done there about the Hawes-Cutting bill, because men had not made up their minds what they would have to do about it, if anything, or how what they might do could be made to have the least effect on sugar. Dominant sentiment seemed to be for rejecting the bill. Much interest attached to a meeting with planters Felipe Buencamino flew over to Bacolod to hold that evening. Tall talk was in the air. There are really serious people in Negros, admirable people. Others naturally follow them. Hence it was not surprising to hear that an investment corporation with authorized capital of 1*1,000,000 had been organized, and 1*50,000 paTd into its treasury that the manager, Placido Mapa, had had sent to Baguio where he bought gold stock with it. There was general opinion that gold stocks offer the best venture for surplus capital in the Philippines at present, and there was much confidence in the organizers of this investment company. Men stood ready to meet installments on their shares when called upon to do so. Mapa is head of the TalisaySilay sugar central, the one in Negros that .was first in paying June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 5 off its capital debt at the Philippine National Bank and is now paying its stockholders 20% a year on their shares. The scene at the Talisay-Siiay central, where Vice Pres ident and Manager Ledesma was interviewed, was colorful. At the head of the stairs leading to the company’s offices a group of planters loitering on the verandah were in most animated conversation, about fighting cocks and cockfighting! All were armed with six-guns in holsters hung from belts and in some cases strapped to the leg. You felt like making a hands-up gesture. It could not be ascertained why these guns are habitually worn in Negros, but it is believed it is for mere ornament. Some said it was for protection against workmen in the fields, some said it was for personal enemies, made perhaps in politics and the pursuit of romance and gal lantry. But no explanation seemed to fit. Some planters don’t wear guns, though most do, and those who don’t go through the same dangers, real or imagined, as those who do. A riding crop did very well for the provincial commander, who reported peace in the province as excellent. Negros is not suffering labor troubles. As much as pos sible, the tasks connected with growing cane and getting it to the mills, the centrals, 18 in number, the 1932-1933 crop about 660,000 metric tons, are let to contract: an agreed sum for plowing, for planting, for cutting, etc., and otherwise workmen get from P0.50 to P0.60 a day and find themselves. The labor contractor who fetches them from surrounding prov inces gets P0.10 a man a day while they work. The cen trals pay a little higher, P0.80 to Pl.00 for unskilled men, skilled men more according to their trade and the demand for their work. South of Bacolod the crop has been shortened by locusts, which pest the sugar association believes it can now control or eliminate by spreading corridors sprinkled lightly with sodium fluoride around the fields and sprinkling fallow areas, especially cogon hillsides, with the same cheap insec ticide. It seems to have no noxious effects on warm-blooded animals or on man, but is said to annihilate locusts in the hopper stage; it costs only P0.80 a kilo and 5 kilos will treat a hectare of land. Locusts seem unable to cross a width of two yards of it and live more than 10 hours. Sugar selling at P7 a picul (16 piculs to the metric ton), Negros planters net about P2 a picul, the mills much more on their share, in most cases 40% of the crop. The American tariff would wipe such an industry out, unless sugar doubled permanently in price, and Negros has no other industry worth mention. So it is said a pardonable subterfuge is being practiced, in view of the Hawes-Cutting bill and all other moves to limit free entry of Philippine sugar into the American market. Intensified cultivation, in style for a while, has gone out of general vogue; instead of it, planters are putting into cane as large areas as possible in order, if tariff-free quotas are based on area cultivated, that their central will come off to the best possible advantage; and there is also the hope that hogging the land—hogging it just this once more!—will bring about a big crop, however low per hectare it may be, so that even a quota based on the quantity of sugar milled by their central will not be against them. They are quite out of the adversities of 15 years ago, the centrals brought them out. But other adversities, the ogre of the tariff, the bogey of independence, face them. So they live high, cut handsome figures in society and politics, make Negros good for them to live in, and smile in the prospect of ruin. They know it is Negros money in Manila banks that keeps the Philippines going. They naturally feel their place. The rice planter lives on their largess, the merchant no less. What imports they consume! For who in Negros would buy what he could not boast came from foreign lands and was good on that account, up to date? Well, it is a vanity well indulged, for it makes commerce and does no one hurt so long as there are other places where good Philippine goods recommend themselves and are bought. Spencer Kellogg & Sons (PHILIPPINES), INCORPORATED MANILA, P. I. Manufacturers of COCONUT OIL COPRA CAKE COPRA MEAL BUYERS OF COPRA AT ALL TIMES Factory: Pandacan, Manila P. O. Box 2383 Weekly Service Manila to Iloilo-Zamboanga-Cebu Sails from Pier 3-Manila every Tuesday 2:00 P. M. Enjoy the comforts of a modern luxurious liner on your Interisland trips—Speed—Airy Outside Cabins with real beds—Fresh American Fruits and Vegetables—Spacious Public Rooms - Courteous Service. Philippine Inter-Island Steamship Co. The Robert Dollar Co., Managing Agents Iloilo Cebu Zamboanga Calle Legaspi 108 Magallanes 12 Calle Marahui Manila Port Area and 87 Escolta IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 His Avocation, Astronomy—What’s Yours? Sectional Origins of Philippine U. S. Imports The Journal wishes to ascertain what avoca tions attract men in the Philippines, and write a piece about them, so it has advertised in the Manila Daily Bulletin in hopes that men will send it data about their hobbies and what gains they have from riding them. The piece made up of these data is intended for August, but Charles A. Glunz of Silliman Institute, Dumaguete, writes with such enthusiasm about his hobby, amateur astronomy, that his letter is published below as a separate contribution: Reverend Irving M. Channon, left, and Charles A. Glunz, right, and their telescopes. “I have noticed your request in the Manila Bulletin for information as to avocations in the Philippines. “For a number of years 1 devoted a good deal of my spare time to amateur photography, but about two years ago I changed to amateur astro nomy. This avocation has developed greatly in recent years through the influence of the Scientific American, which devotes nearly a page each month to notes on the making of telescopes, and which has also published a book on the subject, Amateur Telescope Making. “Following the instructions in this book, we (shop students, assistants and I) have completed an eight-inch reflecting telescope. We ground and silvered the eight-inch mirror, and made the complete universal equatorial mounting. The only parts of the telescope that were purchased are two Ford truck ball bearings and two right angled prisms, a one-inch and a two-inch. The eye pieces were taken from an old binocular microscope. “We have also a five-inch refractor. Reverend Irving M. Channon, who used to reside here, purchased the five-inch refracting lens and the rack and pinion for the eye-piece, but all of the remainder of the telescope was made here, mostly out of pipe fittings. “Both of these telescopes are about equal in definition, etc. Sometimes one seems better than the other, for particular objects and weat her conditions. They give a better definition of the details of the surface of the moon than any photo graph I have ever seen, even those taken with the Yerkes and Mt. Wilson telescopes. (This apparently extravagant statement is true be cause for brightly lighted object, vision is better than photography.) The rings of Saturn are a wonderful sight. We have a copy of the American Ephemeris and Nautical Almanac, and find great interest in following the transits, occultations and eclipses of the four moons of Jupiter, sometimes setting our watches by them. Many celestial phenomena such as double stars, clusters and nebulae are a revelation. “Perhaps the chief value is the stimulus to reading along astronomical lines, there being such a wealth of fascinating material, with articles about new discoveries and conceptions constantly appearing in print. “Of this avocation I can only say that it is fascinating. It not only gives personal profit and pleasure, but is a source of similar value to friends, and frequently large groups of students." Astronomy is an avocation pat with this climate. Its possibilities are without limit. Correspondent Glunz and his students are further on a true hobbyhorse road in making their instruments. Yachting associates itself with applied astronomy. Outside the yacht club in Manila, has any educated person in these islands made and sailed a yacht? If they have had the urge, but not followed it, why did they desist? What, in short, is the reason that boating for pleasure has never become popular in the Philippines, where nearly everyone lives near the sea? It would be a pleasure to hear from a man who is an exception to this rule, a man who finds his pleasure in sailing—possibly a man who makes his own boat. “Port of Manila” Out Under Comptroller Lawrence Benton's editor ship, the Manila Harbor Board's Port of Manila booklet of 1933 is off the press. It contains its usual excellent grist, with a few things out of the ordinary. It carries an article by Judge John W. Haussermann on gold mining in the Philippines, one by Cornelio Balmaceda on the commercial growth of the Philippines during the American regime. Choice photographs in colors are another attractive feature, the cuts are those swanky modern ones with the perspec tive running off the edge of the page. Job by the Sugar News Press. Roy Barcal, recently with the Sugar News Press, has returned to the managership of E. C. McCullough & Co., offices at the Philippine Education Co., 2nd floor. The current number of The Index, the New York Trust Company’s financial review, has as its leading article a paper discussing the sectional significance of America’s overseas trade, saying: "There is a tendency in some parts of the country to discount the importance of our export trade because foreign sales amount only to about 6% of our total national volume of business. . In many states, foreign sales of principal com modities account for a large percentage of the total production. In other words, on a sectional basis, the percentage of exports from these states or groups of states to other countries comprises the significant part, often from a third to a half, of the total upon which the pros perity of the section depends.” In a table of America’s 12 principal exports, cited in this paper, cotton manufactures bulk as 1.7% of all 1932 American exports and have a value of 327,356,836. The Philippines are the largest buyer of these American products, bought last year of them to the value of 310,573,798 (by Philippine customs invoice values), or about 40% of the whole amount, by value, exported from the United States. Four items are mineral oil products, the total 1932 exports valued at 3178,117,731, those to the Philippines at 35,836,977. Leaf tobacco exports valued at 364,982,821 are 4th in the list. The Philippines buy little tobacco leaf, though the bulk of what they do buy is bought from the United States. They bought tobacco products from the United States last year to the value of $2,126,968, mainly cigarettes. Only three items among America’s 12 leading exports, cotton, the first, valued in 1932 at 3345,164,559, coal and coke, the sixth, valued in 1932 at 843,381,834, and wheat, the eighth, valued in 1932 at $32,684,313, are products for which the Philippines don’t furnish an im portant market. Though buying no wheat, the Philippines bought wheat flour in 1932 from the United States valued at $1,942,831. Automobiles, parts and accessories valued at $76,273,755 are third in the list; the value of these products bought by the Philippines last year from the United States was $4,029,388, or 1/19 of the total sold abroad. Electrical machinery and apparatus valued at $43,381,834 is seventh in the list; of this the Philippines bought to the value of $1,967,378, about 1/22 of the total sold abroad. The Philippines are fourth in selling to the United States, ninth among America’s best custom ers. They bought 87% of their electrical sup plies from America last year, 97.78% of their automobiles and accessories, 98% of theirtobacco products from abroad, 80% of the flour they consumed, 85% of their mineral oil products requirements, 63% of their cotton goods imports. The Index writer says of his list of America’s 12 leading exports: “Well over half of these exports are crude materials and foodstuffs . . . the proportions of the crude materials in relation to the total export shipments remain fairly stable and fomja^ a substantial foundation for our foreign trade. . . . A striking anomally is presented ovhen it is learned that many such commodities are pro duced in those states where opposition to foreign trade, per se, is the strongest.” He might have added, “and where the strongest opinion pre vails for sacking the Philippines.” For he quotes Peter Molyneaux, of The Texas Weekly, who shows that the United States takes buLA3 bales in 10 of the American cotton crop. How much even this would be reduced without the Philippine market. Since American exports are in the main sec tional in origin, there should be sectional interest in Philippine trade in the United States. The wheat farmer, the cotton grower, the man who works at making automobiles or electrical prod ucts—with the interests of all these men, their bankers and merchants, the Philippines are closely concerned. June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 Foreign Machinery in Philippine Factories The Philippine duty on machinery is 15% ad valorem, that of the United States is 27^%. It seems that neither rate is high enough to exclude from either market certain costly foreign machinery, especially electric generators, etc., in units with foreign-made diesel engines. There are in dustries in the Philippines, the sugar industry notably, selling it£ whole output to the United States, buying liberally of foreign machinery. Some data: A sugar central has bought a foreign 110 h. p. diesel engine, foreign generator with complete switch gear. A sugar central has bought a foreign 175 h. p. diesel engine, foreign alternator with exciter and switchboard. A sugar central has bought a foreign 250 h. p. diesel engine, 3-phase alternator with exciter and switch gear. A sugar central has bought a foreign 140 h. p. diesel engine with switch gear, 3-phase generator with switch gear, 75 h. p. 3-phase motor with starting equipment, a foreign pumping unit of 7500 gallons capacity a minute at an 82-foot head. A sugar central has bought a foreign 3-phase self-starting synchronous condenser, 600 KVA. A sugar central has bought a foreign steam turbine complete with switch gear. A sugar central has bought a battery of six foreign centri fugals electrically driven with self-discharging baskets. Numerous sugar centrals have, together, bought 50 foreign steam locomotives for their railway systems. In November last year, and the figures would now be larger, an agency for foreign diesel engines advertised that 65 of its engines of total 14,200 h. p., stationary and marine, were installed and operating in the Philippines. Director A. D. Williams of the public works bureau formally asks that the flag-products regulation be set aside in order to permit the government through his bureau to buy foreign machinery. The question is now pending. The City of Baguio has bought foreign equipment for its hydroelectric plant. A number of factors contribute to this successful competi tion of foreign machinery in the Philippines with machinery from the United States, on the basis of cost. Mere cost seems to be the principal desideratum, certainly the decisive one. It is also true that longer, more flexible credit can often be arranged for the purchase of foreign machinery than is offered with American machinery; foreign machinery manufacturers have seemed, at least up to the present, to give the Philippine market more attention than their American rivals have given it. The bait, of course, has been our gold. Until the parity law went into effect at the first of the year, fixing ad valorems at the mint par value of the currency in which invoices are written, the depreciation of most foreign currencies was such that the duty of 15% on machinery was a nullity. The parity law corrected this. But America also went off the gold standard, American prices are consequently rising, the dollar and the peso falling; in the general shuffling of exchange American machinery will probably gain no specific advantage here, or at most an insufficient advantage. While the dis parity that has existed between marks or pounds and pesos is closing, rising .American prices tend to offset this favorable movement. The premium, too, whatever it may be, upon our currency over foreign currencies, is a margin by the amount of which lower prices on foreign machinery may be quoted. America, effecting financial reforms, is trying to see that the benefits of these reforms reach labor. The 30-hour week is coming into vogue, without the corresponding,cut in pay; wage-fixing boards are advocated; various precautions are being taken that prosperity, if it revives, shall reach the earners and producers, the workman and the farmer. This argues that foreign machinery will retain its lower-wage advantage. German machinery enjoys the further advantage of a bonus from the government on all that is sold abroad, one gesture in Germany’s struggle with her budget. It has been pointed out that while the principle of giving America the machinery patronage of industries whose product is wholly or chiefly sold in America is sustainable, there is a limit to which it applies. A price difference of 50% in favor of foreign machinery is something that at least can’t be ignored; but the existence of the industry concerned, its existence because of the American market, sets up at once on the other side of this argument. That the market is the fundamental at issue, that the Philippine sugar industry would feel no material change in its prosperity if it bought no foreign machin ery and had to buy or bought voluntarily only American machinery, keeping the American market, is illustrated by Hawaii, whose sugar industry, equipped with American machinery no doubt exclusively, or practically so, prospers in excess of the Philippine industry. Some foreign machinery is inferior in quality to some Amer ican machinery. Often bids submitted to purchasers can’t be reconciled on the basis of quality, though much first rate foreign machinery is imported into the islands to which this criticism doesn’t apply. A first rate American diesel engine rates higher in cost than foreign diesels that have been widely sold in the Philippines by about 40%. (This may indicate what the tariff ought to be). A good deal of machinery selling is linked with the financing of planters. A machinery house, also in other lines of trade, when financing a planter in the making of a cane crop connects this accommodation with purchase of its machinery, also other supplies, and is very successful. There are machinery dealers who have both foreign and American agencies, are able to meet all comers. They don’t neglect to offer foreign diesels, while a foreign locomotive for sugar-mill railway systems has in late years practically sup planted American makes. The factor of probable time in use seems to cut no figure with the sugar centrals willing to buy foreign machinery. They are offered a foreign unit at $10,000, an American unit at $15,000. The machinery should be good for 20 years’ use; practically, such heavy machinery never wears out, demands only new parts from time to time; in the whole useful period, the original cost is an inconsequential item. Such costs, anyway, are written off in periods of 8 to 10 years; in the case cited, the yearly write-off on the American machin ery, had it been bought, would have been only $250 more than that on the foreign machinery. How, for such minor advantages, can the Philippine sugar industry afford to jeopardize the interest of the American machinery manu facturer in his welfare? Some sugar centrals, they include large ones owned by Filipinos, take the view that they should buy as much as possible where they sell; some buy nearly all, some buy all their machinery and equipment from America. Among these centrals are some formerly indebted to the government through the Philippine National Bank. They have paid off their debts, are now paying large dividends to their stockholders annually, and, being independent, manage their buying as they please. The moral standard these Filipino business men thus exhibit in tneir dealings with the United States compliments them as well as their race. But centrals still indebted to the Philippine National appear to be under duress to buy mainly on the basis of price. Maao, Isabela, Binalbagan, all indebted to the bank, all buy foreign machinery. These 3 mills sold sugar in America to the value of about $6,500,000 from their 1932-1933 crop, a sum that created a large basis of exchange advantageous to the business of the bank. While something may always be said for economy, it is no penny-wise economy that puts big enterprises such as sugar centrals on the credit side of the ledger column; else it is a strange anomaly that centrals buying American machinery consistently, with regard to quality rather than to price, excel their rivals who buy foreign machinery sold, for reasons this paper has discussed, at lower prices. The stabilization sugar sales in the United States give Philippine foreign exchange gives a community interest to this question. Opinion grows in the United States that Philippine sugar should be taxed in that market. Everyone in the islands is interested in dissipating this opinion. Friends are needed, men of influence. Many such men, who might be our friends, who potentially are our friends, make American machinery they would appreciate having a market for here without competing on the strictly price basis with foreign machinery enjoying low-wage, subsidies and exchange advantages.—IK. R. THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 The Development ot Philippine Interisland Shipping Compiled by H. M. Cavender, General Agent, The Robert Dollar Company Fernando de Magallanes (Magellan) of Portuguese nation ality, serving under the King of Spain, discovered the Philip pines, a group of 7083 islands, on March 16, 1521, when he landed on the small island of Homonhon, near Surigao. Before the date of discovery, history has no record of any maritime achievement among the inhabitants of these islands, but, at the time of the coming of the Spaniards, communica tion by water was evidenced by the presence of peoples of other races who had immigrated from the Malay Peninsula, and foreign trade by the presence of Siamese junks trading in the islands. Geographical conditions and the law of neces sity would naturally bring about communications by water, and primitive trade by barter must have been in practice. This would seem to be borne out by the great similarity between the dialects spoken in the island of Luzon and those spoken in the Visayas and Mindanao. During the Spanish occupation, from 1521 to 1889, apparently no interest was given to interisland shipping. Legaspi, who was sent here in the year 1565 by King Philip II to take possession of the archipelago as a colony of Spain, made no reference to domestic shipping in his reports to His Majesty. However, as soon as Legaspi founded Manila, June 24, 1571, and established himself there, he directed that a shipyard be provided for the care of vessels and building of Naos, the ships of war, and Merchant men for foreign commerce, but, due to lack of competent engineers and ship builders, the ships that were built were clumsy and defective, ranging from 1200 to 1500 tons burden and resembling a frigate with a battery on the upper deck. When one of these ships crossed the ocean safely and arrived in port with out a mishap, the feat was considered a miracle, and there was an official celebration. During the first two centuries after Spanish occupation, Dutch, Portuguese, and English pirates infested the South Seas and frequently visited the Philip pines, and all efforts bent on the improve ment of this foreign trade proved to be unsuccessful. In 1742 the English Admiral Anson captured the Nao Covadonga, coming from Mexico with the siluado, government funds amounting to Pl,500,000. The capture was made near Cape of the Holy Ghost, island of Samar. In 1762 the English corsair, Drake, captured the Nao Trinidad with a cargo valued at 1*2,000,000. The first encouragem it to local shipping was given in 1789 when Manila was made a free port for the importation of all kinds of Asiatic products, and later in 1814 when the English j government forced Spain to open to foreign trade certain ports in the Islands and to allow foreigners to establish themselves and become residents in these ports. Further encouragement was given by the construction of armadillos, small squadrons or fleets, fitted out to protect the trading vessels and the coast towns from the pirates in both the inland waters and the high seas. During the four centuries of Spanish occupation, this was about all that Spain did in behalf of such an important industry as interisland shipping. The advent of American occupation in 1898 appears to be the beginning of the present-day Philippine shipping industry. Operations were commenced immediately to remedy the existing lack of water inter-communications. Literally speak W. Cameron Forbes An early governor general whose efforts improved interisland shipping conditions. ing, scarcely had Admiral Dewey’s gun sounded the battle of Manila Bay than the Manila Customs House was established— August 20, 1898, seven days after American occupation. Shipping conditions had been neglected, and something had to be done immediately to improve the situation. It was considered imperative that there should be more ships in the coastwise service to strengthen the newly established civil government and to better conditions for the farmers with improved shipping facilities. On March 2, 1902, 196 coast wise and subports, legally available for interisland traffic, were opened. Subsidizing a steamship line to connect the Visayas with Luzon was considered, but there were no government funds available, and, as no local remedy could be found, in view of the hesitancy of capitalists and merchants to invest in shipping, on November 12, 1902, Philippine Act No. 519 was passed throwing coastwise trade open to all foreign vessels without re strictions until July 1, 1904. After July 1904 the tendency was to nationalize the shipping industry. This policy found support from the conserv ative elements of the Filipinos which stood firm for the preservation of water communications for citizens. Finally on March 16, 1923, Act No. 3084 was passed, which provides that only vessels of domestic ownership can engage in the interisland shipping. Domestic ownership means ownership vested in some one or more of the follow ing classes of persons: (a) citizens or native inhabitants of the Philippines; (b) citizens of the United States resident in the Philippines; (c) any corporation or company created under the laws of the United States, or of any State there of, or of the Philippines, provided that some duly authorized officer thereof, or the managing agent, or master of the vessel resides in the Islands. Act No. 3084 defined “domestic ownership” as meaning that at least 75 per centum of the capital stock of the said domestic corporation shall be wholly owned by citizens of the Philippines or oj the United States or both, and not subject to any trust or fiduciary obligation in favor of any person not a citizen of either of these countries or to any agreement the control of which is vested in the hands of foreign citizens. A further requirement of the law is that in order that it can be considered “domestic” the president or managing directors thereof must be citizens of the United States or of the Philippines. During the ten years prior to 1926, there was considerable loss of tonnage engaged in the coastwise service, due.to ship wrecks or otherwise, and in 1926 there arose a strong movement in the Legislature toward repealing the law which prohibited foreign shipowners, engaged in local shipping prior to 1904, from adding new ships to their fleet or replacing their old vessels with new ones. However, no action was taken. During the Spanish sovereignty, the law required that a master of a vessel must be a Spaniard but permitted the em ployment of foreigners, residents of the Islands, in the absence of Spanish sailors, with this restriction—that the number thereof should not exceed one-fifth of the total crew. At the advent of American occupation, an Act was passed by the Philippine Commission on May 29, 1903, which provided that from August 1 of that year every applicant for a license as master, mate, or engineer on a coastwise vessel must be a June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 citizen of the United States or of the Philippines, with the qualifying clause, however, that any citizen of any other country who may already be engaged as master, mate, or engineer on any coastwise vessel could continue as such officer on condition that he take an oath acknowledging the sover eignty and authority of the United States in the Islands. Subsequently, this law was amended to read that vessels in the trade should not be permitted to have on board more than one master or one mate or one engineer who were not citizens of the United States or of the Philippines, unless such vessel paid additional tonnage taxes. In 1916, the Philippine Citizenship Law was passed, the present governing law on the subject; providing that the master and all the officers aboard any interisland vessel must be citizens of the Philippines or of the United States, and foreign masters and officers, desiring to remain as such, must renounce their foreign citizenship; also, that no foreigner could be a member of a crew unless the vessel paid fifty centavos (I*.50) per net ton per month. It is evident that the present law excludes a foreigner from be coming a member of the crew (crew as distinguished from officers). The tem porary employment of a. foreigner is only justified in case of evident necessity, and the continuance of such is considered an infraction of the law. One of the prime requisites in the de velopment of this shipping industry, so indispensable in the economic life of a maritime country such as the Philippines, richly endowed by nature with waterways connecting each and every island, is the improvement of ports—the con struction of quays, seawalls, docks, piers, break waters, and the dredging of harbors. During the Spanish occupation, piers, as they are known today, were apparently never even dreamed of—no construction in this direction was undertaken, and very little port improve ment was made. There was only the construc tion of seawalls and small wooden docks in Manila, Iloilo, and Cebu. However, from the establishment of civil government in 1901 up to the present, the program of portworks con struction has received generous support from the Government. There are at present 53 projects, embracing all important seaports from Aparri in the north to Cagayan de Sulu in the south, which when completed will involve an outlay of public funds amounting to P72,095,000. The total sum spent from 1901 up to December 31, 1932, has amounted to 1*47,997,905. The ’Bort of Manila naturally received the lion’s share, about 1*30,000,000 in round figures—Cebu 1*7,727,000—Iloilo 1*2,753,705—Pulupandan Pl,005,000—Zamboanga P864,200— Tacloban P617,000—Aparri P610.000—Legaspi P570,000. ______ ______ ______ ___ ________ ,______a _____ Due to the decrease of public revenue, however, an appro- craft). According to the annual report of the Insular Col' ' 1 <•- xl. ]ector of Customs for the fiscal year ending December 31, 1931, there were 1638 vessels (including propelled launches, scows, lighters, cascos, and sailing vessels) of 93,262.12 net tons in the coastwise service only (bay and river craft ex cluded—in this service there were 1776 vessels of all sizes of 47,128.05 net tons). In the coastwise service in 1932, according to the unpublished report of the Insular Collector of Customs, there were 1509 vessels with a net tonnage of 85,925.96. The increase in the volume of trade is also Hon. E. A. Gilmore Acting governor of the Philippines in 1926, he cooperated with the legis lature in depriving the utility com mission of its authority to fix inter island shipping routes and minimum rates (See text). strictly enforced, and any infraction subjects the ship to an immediate fine. In addition to this Government supervision, there is also a law regulating the complement of officers and crew. On December 7, 1927, Act No. 3418 was passed by the Legislature divesting the Public Utility Commission of the power to fix the route of a vessel. It provided that any vessel may ply between ports being served by other lines, regardless of the service given by those lines. A survey of conditions before the passage of this law would indicate that there must have been an agreement among shipowners to do away with competition in the operation of their ships in cer tain sections of the country. It will be remembered that be fore 1927 one line was in actual control of Northern Luzon, another of the Zambales Bay ports and Capiz run, another of Manila-Cebu-Zamboanga route, and still another of the Bicol regions. Interisland service was very desultory. Ex cept on the main lines, no fixed schedules were maintained with the result that service was most un certain and unsatis factory. Even when schedules were an nounced, they were not lived up to. Only in the past few years have interisland steamers announced and carried through accurate sailing schedules, and this has done much to stimulate the normal growth of trade. The passage of Act No. 3418 was an impor tant step forward for of shipping obsolete. Philippine shipping. Since American occupation, a heavy interisland commerce has been constantly and increasingly carried on. The increase in foreign trade and in the num ber of tourists and passengers coming to Ma nila—thanks to the energetic efforts of the Philippine Tourist Association—has necessarily been accompanied by a corresponding growth in interisland commerce. In 1899, the foreign commerce of the Islands amounted to P68,100,000. In 1901 it increased to P 109,300,000 —in 1910 to P180,700,000—in 1920 to P401,100,000—and in 1928 to P579,400,000. This colossal increase in foreign trade was the prin cipal factor in bringing about the banner years in local shipping, which ended in 1929, in which year foreign commerce began to decline. By 1932, the foreign commerce of the Islands had dropped to P349,466,331, due to present world wide depression. There are no records of the quantities of mer chandise or of the number of passengers carried from island to island. They are, however, indicated by the number and tonnage of vessels engaged in the coastwise trade. In 1902, there were 175 steam vessels of 29,621.29 tons (mention is not made in the Philippine Census of 1903 as to whether or not this number included both coastwise, and bay and river priation of only 1*813,000 for these projects was made for the fiscal year 1932. Another element that has not been overlooked, and which also contributes to good shipping conditions, is that which refers to inspection and examination of vessels. Before a ship is given a license to navigate, it must be proved to be seaworthy in every respect. And after the license is issued, the vessel is still subjected to an annual inspection by the Bureau of Customs. It must not exceed its passenger and cargo limit. For a few years prior to the shipwrecks of 1926, these regula tions were not very carefully observed, but now they are 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 The American Chamber of Commerce OF THE Philippine Islands (Member Chamber of Commerce of the United State*) DIRECTORS AND OFFICERS H. M. Cavender, President C. S. Salmon, Vice Preident JohnL. Headington, Treasurer Leo K. Cotterman W. L. Applegate J. C. Rockwell Kenneth B. Day E. M. Grimm P. A. Meyer ALTERNATE DIRECTORS Verne E. Miller S. R. Hawthorne F. H. Hale L. D. Lockwood. John R. Wilson Secretary E. E. Selph, General' Counsel KXXCmiVK COMMITTEE: H. M. Cavender C. S. Salmon Paul A. Meyer RELIEF COMMITTEE: J. Gordon J. R. Wil.on MANUFACTURING COMMITTEE: K. B. Day F. H. Hale F. N. Berry LEGISLATIVE COMMITTEE: H. M. Cavender Paul A. Meyer E. E. Selph J. R. Wilson FINANCE COMMITTEE: C. S. Salmon Verne E. Miller FOREIGN TRADE COMMITTEE: H. B. Pond Paul A. Meyer L. Spellman COMMITTEES PUBLICATIONS COMMITTEE. H. M. Cavender K. c. Bennett J. R. Wilson BANKING COMMITTEE: C. M. Cotterman W. K. LeCount J. R. Lloyd RECEPTION, ENTERTAINMENT & HOUSE COMMITTEE: L. M. Hausman LIBRARY COMMITTEE: S. A. Warner SHIPPING COMMITTEE: E. M. Grimm G. P. Bradford E. W. Latie INVESTMENT COMMITTEE: H. M. Cavender C. S. Salmon Paul A. Meyer J. L. Headington The American Chamber of Commerce and the Journal wel come Governor General Frank Murphy to the Philippines with the utmost good will, wish him a successful administration, pledge him all possible cooperation. UNDETERMINED Though the sugar-cane stalk is the prop of what prosperity the Philippines have kept, sugar being 63% of 1932’s exports, 22% more than it was of 1931’s exports, it is dogmatic to say sugar will be ruined in the Philippines if the United States gives Cuba a tariff differential of 40%. When the duty was 2 cents a pound, Cuban sugar paid 1.6 cents a pound and Philippine sugar found its annual market in the United States. Sugar was then higher in price than it is now, but experience has never determined that Phil ippine sugar duty-free can not be sold profitably in the United States if the duty on Cuban sugar is no more than 1.5 cents a pound, or no more than the differential of 40% would make it. Economies effected of late in producing Philippine sugar more than overcome this proposed favor to Cuban sugar in the American market. There is nothing we see in it that is deadly to the Phil ippine sugar industry. It is supposed besides that depreciation of the dollar will benefit sugar prices along with those of other products (it seems already to be doing so); let Cuban sugar pay what duty it may, this rise of the market is likely to offset any tariff differential conceded Cuba. What threatens our sugar is the pros pect in the Hawes-Cutting bill and other proposals that the amount allowed duty-free in the United States will be limited, and to much less than the annual crop. It is not the lower duty Cuban sugar may pay, it is the duty much of our sugar may have to pay. To this problem, how to produce duty-paying sugar in the Philippines, our sugar men should address their attention. Unfortunately, few of them do so. The Hawes-Cutting bill set the centrals and the planters attached to them racing with one another for freeentry quotas. Intensive production on the optimum basis has been set aside, yields per hectare have therefore declined. A few planters are to be excepted from this generalization. These, who have yields of 250 piculs or more per hectare, should be singled out and publicly rewarded. In their hands our sugar industry will never perish. It is their example, and their example only, that is wisely followed. AMERICA FOR INFLATION There is a striking parallel between America’s condition now and France’s in 1715 at the end of Louis XIV’s reign of 75 years: farming prostrated, commerce paralyzed, huge public and private debts, heavy taxes, bank bankruptcy in America’s case, bankruptcy of the lords of estates in France’s case. A parallel even in details, such as prosecution of alleged tax evaders, from whom, in France, much less was got than was expected. Into France’s situation stepped John Law, a Scotch banker, who introduced the theory of credit by use of paper money and monopolization of specie, anti-hoarding laws: inflation of the currency, payment of the public debt with fiat money. Noailles, finance minister, compares with Carter Glass, a strong dissenter. Law’s bank, presently the Royal Bank, is a very good prototype of the R. F. C. and the Federal Land Bank. His India Company does well enough for a stock exchange of that period, into which all France poured savings in orgies of the wildest speculation. Fortunes were garnered, as we now hear daily of spectacular profit-taking on ’change, but eventually Law’s greenbacks got far beyond human control. France then had her John Law, America today has her Professor Irving Fisher. It was said prosperity in France could be turned on like a water tap. St. Simon’s memoirs quote this very expression, current in American bourse parlance today; only in America, it is also said it may be turned off. Continue the parallel. Law began about 1717. In less than 4 years, less than a presidential term, his scheme collapsed— not by his fault, either, but because human nature overstepped its prudent advantages—and ruined the whole speculating class in France. Then France went painfully back to specie. It re pudiated the paper from its printing press (closed down once for want of paper!) and now would take only specie, which for a time the people had been forbidden, by criminal law, to hold. But despite all excesses, which in a democracy would never have been so gigantic, certain results were good; namely, commerce, industry and farm ing were revived, such wealth as was left was more equitably dis tributed. While America plumps therefore for inflation, we note that the stock market is as sensitive to it as are farming, commerce and industry. Men are waiting to burn their fingers in this new flame, to shove other men’s hands in and have them burn their fingers too. Inflation is a palliative, no panacea, of which for man’s ills in this world there is none. But President Roosevelt is likely to go very slow in using his powers over the currency. It is a bark congress has trained him into, to make Europe hear, make her beware. But it is no bluff, there can be a real bite behind it. It supports that financial prin ciple that is for currencies of universal and fixed value, whether based on gold or not. If the London and later conferences fail of this, then it is a reasonable guess that some day the United States will return to gold as her one safe refuge in time of storm— and there will be no doubt of the storm. PRAUTCH RETIRED The Journal notes with regret the retirement of A. W. “Deacon” Prautch from his place as chief of the rural credit divi sion of the plant industry bureau. Such a public servant is poorly compensated with a gratuity of 18 months’ pay, a month for each year he has been in the service, though of course, in his age he will no doubt be grateful for any crust the government sees fit to throw him. Getting him out seems to have been a star-chamber pro ceeding, the public was certainly not aware of the government’s, intention to shelve him. His services can’t be dispensed with with out loss to the public welfare. Outstandingly he is rfie man who has seen all along that successful rural credit associations must grow of their own strength. He is an old crank. Yes, elderly now and set in his views, though studying and observing with the eye and mind of youth: the view he holds most firmly is that usury here will yield only to the slow process of educating its victims away from it. So he spurned the million-peso rice-and-corn fund, so he disesteemed credit associations whose directors and their friends and relatives borrowed their funds and froze them into inactivity; he estimates there may be 40 associations managed right, getting along well, among 500 or thereabout. Against his urgent counsel, so many were organized. So too was he fearless and aggressive in his work; and so, of course, the public who valued the services he rendered it, learns too tardily that he has been sacked. It is hoped Governor Murphy will find a way of undoing this mischief, of putting this preacher of a square deal for the tao back where he can preach and act to some effect. June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 Leading Imports Itemized: 1931-1932 Lamp and candle wicks................ United States............................... China............................................. Japan............................................. 13,607 5,335 5,351 2,671 Table 1.—Value of Philippine garment imports, 1931 and 1932, by principal sources. Item and Source Value in Pesos 1932 1931 Table 3.—Quantity and value of Philippine imports of cotton-upper footwear, 1931 and 1932, by principal sources. Nets, fishing..................................... United States............................... Japan............................................. Plushes, velvets and velveteens. United States........................... Great Britain........................... 68,889 106,871 4,567 63,884 101,514 Ready-made knitted wear: Cotton hosiery............................. United States........................... China......................................... • Japan......................................... 435,015 519,325 237,798 293,610 166,207 190,849 30,748 32,026 Item and Source Quantity in Value in thousands thousands of pairs of pesos 1932 1931 1932 1931 Germany.. . Sacks, empty................................... United States............................... 78,073 9,789 14.227 16,876 34,298 21.228 20,007 78,305 3,601 10,003 19,803 44,186 26,616 25,945 Undershirts and drawers.......... United States........................... Germany................................... China......................................... Japan......................................... 2,942,797 74,731 84,467 514,791 2,252,016 2,816,808 104,209 169,523 99,073 2,425,017 All other knit goods.................. United States........................... Japan......................................... 123,700 102,980 73,943 85,979 41,831 13,607 Leather soles............... China ....................... Dutch East Indies. Japan......................... Rubber soles................ United States.......... China........................ British East Indies. Japan......................... 3,309 1,595 1,059 1,116 13 215 21 275 653 21 208 8 160 139 66 102 2,482 1,200 765 725 Thread................ United States. Great Britain. Germany........ Netherlands... Switzerland.. . 1,782,162 1,984.900 1,016,236 1,345,183 277,125 235,934 359,782 263,326 12,031 14,831 25,283 43,484 41,613 28,361 45,812 50,057 Other soles. 57 53 Men's apparel: Coats, trousers and vests......... United States........................... Japan......................................... 11 3 2 (a) Twines................ United States. Japan.............. Collars, cuffs and shirts............ United States........................... Japan......................................... 77,349 84,697 72,011 79,613 4,379 4,340 Total............................. United States.......... China......................... Japan......................... British East Indies. Other countries.. . . 3,372 1,6261,068 1,129 13 215 21 275 661 31 211 13 2,5351,211 770 727 160 139 66 102 3 30 (a) 12 Other men’s wearing apparel... 113,678 United States........................... 104,700 Japan......................................... 8,726 85,720 69,708 15,525 Table 4.—Value of Philippine imports of special fabrics, 1931 and 1932, by principal sources. Waste cotton U. S.......... China........ Japan........ (Quantity in kilos) (1932 1931) 182,489 254,659 15,673 31,710 57,477 68,693 104,832 151.521 Mercerized u.ysrn::.-: G. Britain. France.... 33.470 1,067 1,772 812 29,361 49,887 303 49,577 188,131 185,165 2,729 278,947 248,879 29,947 31,949 6,316 8,294 51,042 1,774 2,920 4,407 40,570 52,918 12,064 3,310 36,872 109,177 Women's apparel: Dresses, skirts and waists........ United States........................... Japan......................................... 44,827 53,586 42,010 48,087 796 1,932 _ . _ Value in Pesos Item and Source 1932 1931 Other women's apparel............. United States........................... 49,247 47,842 737 Knitted piecegoods......................... United States............................... China............................................. 242,660 20,060 4,522 218,007 308,381 3.248 70,276 234,845 Allotheryarn 1,441,236 U. S.......... 1,822 G. Britain. 483,808 Germany.. 2,631 Switzerland 3,810 China........ 837,316 Japan........ 107,868 1,386,504 9,234 204,891 10,076 22,115 930.923 204,699 977,515 1,067,134 2,488 12,370 471,586 265,735 3,074 12,553 3,715 32,353 415,894 507,710 78,604 231,180 Waterproof garments..................... United States............................... China............................................. 48,849 30,099 13,077 91,319 77,121 11,017 1,509 881 550 337 All other cotton manufactures... 278,209 United States............................... 246,453 Great Britain............................... 2,834 China.............................................. 9,782 Japan.............................................. 13,709 295,646 265,751 4,813 5,268 12,493 All other garments......................... United States......... .................. Great Britain............................... China............................................. Japan............................................. 73,765 112,400 42,770 80.944 4,010 1,756 2,773 1.746 20,191 22,591 Total garments. United States. Germany.......... Other countries. 3,930,157 3,930,350 745,615 900.799 2,360,411 2,516,396 696,848 302,685 84,467 169,523 42,816 40,947 Rags or remnants... United States........ Tulles........................... United States........ Great Britain........ Belgium.................. Germany................. Switzerland............ Total special fabrics. United States........ Japan....................... Other countries .. . 2,682,842 1,482,971 2,682,738 1,482,906 94,128 8,090 10,692 15,997 39,820 6,122 12,965 105,219 2,832 19,373 17,034 37,375 11,128 15,798 3,021,139 1,897,121 2,710,888 1,488,986 218,007 235,182 92,244 172,953 Table 2.—Value of Philippine imports of garment acces sories. 1931 and 1932, by principal sources. Table 5.—Value of Philippine imports of household cotton goods, 1931 and 1932, by principal sources. Item and Source Value in Pesos 1932 1931 Item and Source Value in Pesos 1932 1931 Embroideries..................................... United States............................... Switzerland................................... 130,209 162,310 7,484 20,874 117,190 134,892 Gum elastic textiles and manu factures ...................................... United States............................... 30,720 28,815 1,059 37,760 35,460 618 Handkerchiefs.. . United States. Great Britain. Switzerland.. . China............... Japan.............. 245,096 85,364 38,408 17,148 289,941 52,172 73,306 Blankets............................................. United States............................... Japan............................................. Counterpanes and quilts............... United States............................... Pile fabrics, in pieces..................... United States............................... 106,179 61,594 44,429 261 261 97,113 42,280 54,300 168,667 15,361 6,663 141,562 3,880 3,561 47,597 55,113 18,722 40,940 101,431 United States............................... Great BfltaiiUo........................... France..............*.......................... Germany....................................... China............................................. 113,921 16,295 19,024 41,198 13,452 13,633 141,044 21,449 50,155 38,911 19,312 5,685 United States............................... China.............................................. Japan............................................. 219,500 256,577 111,207 135,661 53,248 64,532 54,459 56,139 Total household cotton goods... 451,532 526,237 United States............................... 201,028 196,863 Japan.............................................. 170,643 252,316 China............................................. 77,043 71,195 Other countries........................... 2,818 5,863 Shoe and corset laces. United States.......... China........................ 12,931 19,764 9,249 7,556 2,053 1,563 11,412 Table 6.—Value of Philippine imports of industrial cotton goods, 1931 and 1932, by principal sources. Total industrial cotton goods. United States......................... Great Britain......................... France..................................... China....................................... Japan....................................... Other countries..................... Below will be found detailed tables of classified items of Philippine imports of cotton piecegoods from the United States and principal competing countries for the years 1931 and 1932: Item and Source Quantity in thousands of square meters 1932 1931 Value in thousands of 1932PeS°31931 Unbleached.............. 11,806 United States.. .. 10,858 Great Britain.... 10 Switzerland.......... 6 China.................... 378 Japan................... 554 8,766 1,377 1,205 3,775 1,276 632 7 3 3 2 3,097 39 321 1,886 56 249 Bleached................... United States.. .. Great Britain.. .. Belgium................ Germany.............. Switzerland.......... China.................... Japan.................... Dyed in the piece or woven with dyed 34,589 26,645 2,618 2 1 33 2,016 425 2,847 6,246 4,763 641 1 1 8 495 60 276 Trimmings, ribbons, braids, tapes, United States............................... Germany....................................... Total garment accessories............ United States............................... Great Britain............................... Switzerland................................... China............................................. Japan............................................. . Other countries........................... 38,606 45,387 15,653 23,564 12,127 11,429 3,794 6,170 Item and Sources Value in Pesos 1932 1931 United States.. .. Great Britain.. .. Ireland................... Belgium................ Germany.............. Italy....................... Netherlands......... Switzerland.......... British E. Indies.. Dutch E. Indies.. 37,145 16,563 1,696 11,228 1,173 571,483 696,206 162,860 161,075 57,432 123,461 134,338 153,614 63,283 46,625 61,529 119,631 92,041 91,800 Raw cotton (Quantity 1932—). . 102,443 77,781 United States (304,856 kilos)... 102,443 23,543 British East Indies(1931—).. .. 5,840 Japan (162,637 kilos).................. 48,398 Belting, canvas............................... United States............................... Germany....................................... 5,497 1,904 2,354 5,135 1,163 3,557 Printed...................... United States.. .. Great Britain.. .. Switzerland.......... China.................... Japan.................... 26,410 18,992 546 17,801 6,758 410 Ink ribbons........ United States. 21,650 18,275 20,608 18,226 Total................... United States. Great Britain. Switzerland.. . 826 52 5,992 23 567 177 9,863 4,636 3,588 93 2 3,876 1,726 133 1 226 9 718 4 203 28 1,779 122,406 88,065 5,203 3,897 94,676 46,875 4,249 2,595 20,490 11,228 1,795 791 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 fcz ~ -8 -8 -5 5 i 1 ? "gg VI 1 1 'IE i g I I ■=== 'Tin b5,45 32; i 1 1 1 i 1 li^vl 1 1 1 srv 1 I 1 1 1E111 11 : & }i I ■■ ” j = Wl i 1 1 ill! 2 3 8 S MaiEv ? 1 i m i i 11 (a) Leas than F400. ==g?S“=?5£S U.m and S.o,«.'ffe ’"Si !S T^al—:::: ISg » ^“E:E:: S « n'un^udtSutes..'.’ .’.' 265,589 531,331 "'T“b' W » ££:::! S® 'Ki 11 li 11 If Hs^;- v v i;is?s i:s THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 <■> l~4110 June, 1933 R'SdK....:. ir •’er"Be 2 278 845 Dutcli »ies T 9 *fc:: 21^°' From Judge. Judge.—Tsk, tsk! You louldn’t have shot him just r trumping your ace. Prisoner.—But that wasn’t all, Judge—he reneged when he did it! GORDON DRY ™e heartA rTM of a good G1JXI cocktail ROBERTSON Scotch Whisky for Good Highballs Kjuenzle & Streiff IMPORTERS 343 T. Pinpin Tel. 2-39-36 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Round-Tripping on the Interislander May on ONE WAY ADULT PER CAPITA PASSENGER FARES—IN PESOS SUITE Manila to Iloilo................................. Manila to Zamboanga...................... Manila to Cebu via Iloilo and ZamPersons 160 2G0 SINGLE CABINS DOUBLE CABINS With Bath 55 85 With Bath 80 Without Bath 65 Iloilo to Manila................................. Iloilo to Zamboanga......................... Iloilo to Cebu via Zamboanga........ Iloilo via Manila (round trip).. . . Zamboanga to Cebu......................... Zamboanga to Iloilo via Cebu.. . . Zamboanga to Manila via Cebu and Iloilo......................................... Cebu to Iloilo..................................... Cebu to Manila via Iloilo.............. 300 160 120 200 288 120 160 260 80 180 105 85 95 55 45 50 45 35 40 65 55 60 99 81 90 45 35 40 55 45 50 75 40 30 50 72 30 40 65 20 45 Complete circular round trip Manila to Iloilo—Zamboanga—Cebu—Iloilo and return to Manila. This fare applies from any port for complete circuit back to starting point not including maintenance on board the S. S. MA YO.V while in the port of Mnnila. Stopovers allowed at any ports. 400 135 110 125 100 popular and was worth taking advantage of. A full cargo of oil, which the Mayon burns, keeps her well ballasted; she plows her speedy way along through midsummer seas without roll or tremor, and probably she rides rough seas well. Under the new schedule the ship leaves Manila Tuesdays at 2:00 p. m., spends Wednesdays from noon to 5 p. m. in Iloilo, Thursdays from 8 a. m. to 5 p. m. in Zamboanga, Fridays from 8 a. m. to 5:00 p. m. in Cebu, Saturdays from 7 a. m. to 2 p. m. in Iloilo, making two calls there in each round-trip, and arrives in Manila again at 11 a. m. Sundays. The air plane trip of 15 minutes from Iloilo to Negros may be made during either stop at that port, but the stay in Negros can not be so long as under the old schedule. The airplane fare is P5 each way, landings alternately at Pulupandan and Bacolod. To make this page as convenient a reference as possible for our readers, we include in it the new Mayon schedule. SCHEDULE No. 11 S. S. MAYON ISSUED MAY 20, 1933 To make the southern islands trip on the interislander Mayon is an unexceptionable pleasure, much in little in a brief vacation. In the ship herself you have every accom modation of the ocean liner, with one thing, if you wish, added that many oldtimers in the Philippines prefer, a cot on deck for your bed at night. In the schedule you have night voyages for the most part between ports, maximum daylight for business and pleasure ashore; and underway you have speed, 17 to 19 miles an hour. In Captain Wm. H. Weaver, jr. you have a commander par excellence who keeps his ship as feckless as a cruiser. The meals may be measured by the luncheon menu reprinted on this page. (Read, and think back to days before the Mayon: meals beginning with an anonymous soup gulpable only with vino Unto as a saponifying agent, ending with an anemic banana and guava jelly scooped from the tin with your coffee spoon. Rubber chicken; gummy beef, butchering aboardship—such were the nauseations of an interisland trip, to be undertaken only upon compulsion and to be remembered with horror). A card reproduced on this page gives Mayon rates. The rate of P46.50 during April and May, deck-sleeping with otherwise first-class accommodations, for round trips proved CHILLED CONSOMMfi IN CUI’ RELISHES Pearl Onions C. & B. Chow Chow Queen Olives Ripe Olives SALAD Lettuce Sliced Tomato Fruit Cucumber Potato Combination Cabbage Slaw FISH Imported Sardines Alaska Salmon Crab Finkes Pickled Herring Wm. II. Weaver, Jr., Commander VOYAGE 131 LUNCHEON Queen Olives Mixed Pickles Spring Onions Young Radishes Cream of Celery Consommi Clear Baked Fresh Fish, Tomato Sauce Gallina a la Cat&lnna Curry of Lamb with Rice American Pot Roast, Jardiniere Pork Cutlet, Tomato Sauce Spinach Turnips in Butter Baked Jacket Potatoes Boiled Rice French Fried Potatoes COLD BUFFET SALAD:—Sliced Tomatoes Mango Sherbet Pinenpple Pic Apples Oranges Maxwell Tea Fresh Milk Coffee Sunday, May 21, 1933 STEAKS & CHOPS TO ORDER ALLOW TEN MINUTES STEAKS Tenderloin Sirloin CHOPS Pork Mutton Lamb'5’ COLD 5UTS Roast Beef Roast Leg of Pork Salami Sausage Smoked Ox Tongue Premium Ham Roast Lamb Roast Turkey SANDWICHES Chicken Ham Mayon Special DRESSING:—Tartar Sauce Mayonnaise Thousand Island ICED:—Tea Coffee Fresh Milk Roquefort French CHEESE:—Imported Swiss Roquefort American June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 Gold and the Dollar (This page is from the London Chamber of Commerce Journal) The abandonment of the Gold Standard by the United States may have been earlier than most people expected, but it hardly came as a surprise to those who have been following the situation closely. The article that appeared in last month’s Journal on the American crisis pointed out that unemployment relief on a very large scale is inevitable in the near ffuture. And if a prospective deficit of SI,619 million •was sufficient to cause the recent panic, it is not difficult to see what would happen if, with the payment of doles, that deficit were multiplied by four. There would be a heavy efflux of gold, and it would be imperative to stop that efflux lest the panic should increase. “When this happens,” the article added in conclusion, “America will have been knocked off the Gold Standard for the second and last time. It is incon ceivable that two such experiences within the space of a year or less would not finally disillusion her with this archaic system.” This was on the assumption that the United States would not abandon the Gold Standard until again forced to do so, and that the causes already mentioned would produce that effect in “a year or less.” Mr. Roosevelt has, however, preferred to anticipate events and take the step voluntarily. But when this vast and apparently unavoidable deficit, due to the necessity for providing doles for the army of unemployed, is realized, it will still be possible, under the existing monetary system, for American citizens to sell dollars and buy other currencies, unless exchange restrictions are imposed by the United States Government. In that event the dollar may fall to very low levels, which would clearly make it possible for American exporters to undersell other nations in the markets of the world, a development that appears to be regarded in some quarters in the States as eminently desirable. Its advocates overlook the fact that it will be quite impossible for them to obtain payment. At present the United States is not taking enough imports to pay for existing visible exports, much less interest on investments and war debts. If, there fore, it exports more owing to a depreciated dollar, and for the same reason is able to take less, the Republic will simply be making a present to the world of its surplus real wealth. Admittedly, under the present system this is exactly what every nation is trying to do, and in such circumstances it is evident that the problem can easily be solved by exporting all surplus production to the middle of the Atlantic and dumping it there. America being off the Gold Standard, it is probable that France will not be able to remain indefinitely the only great Power adhering to it; when France has abandoned it and all are engaged in a race to depreciate the external value of their currencies so that they may undersell their com petitors, the absurdity of the whole business will perhaps dawn at last on the world. The nations, or at any rate the units of the Empire, may then be ready to accept the proposals put forward by the London Chamber of Commerce nearly a year ago, and fix unalterably the exchange value of their various currencies by agreement. All transactions between nations would then be carried out through bills of exchange. Trading in money would have ceased, and in its place there would be a sane and reasonable interchange of commodities and services represented by those bills. British Oversea Trade Although the Board of Trade returns for March show an encouraging increase in exports of British goods as compared with March of last year, they are not nearly so favourable as appears at first sight, for in 1932 Easter fell in March so that the corresponding month this year had two working days more. Imports were valued at £56,346,447 and showed a reduction of £4,834,087 as compared with March, 1932. The most important decrease occurred in the raw materials class which declined by £2,379,925 to £14,131,009 largely on account of smaller supplies of American cotton and undressed hides and skins. Exports of produce and manufactures of the United King dom increased by £1,354,422 to £32,550,721, and towards this larger total manufactured goods contributed £25,388,439, the improvement in this class amounting to £1,226,266. Exports of raw materials and articles mainly unmanufactured rose by £389,502 to £3,847,694; coal, which is by far the most important item in this class, advancing by £331,615. Food, drink and tobacco exports were down by £396,212 to £2,269,113, all groups being affected. The re-export trade for the month fell by £1,441,057 to £3,983,020. Empire Trade It is satisfactory to note that in the import trade in food stuffs a much larger share of the British market has been secured by Empire producers. Canadian supplies of wheat for the month were practically double those of a year ago, and there were larger imports of Empire butter and meat, while teas from India and Ceylon have gained considerably at the expense of foreign supplies. Imports of Empire wines also showed a marked increase. On the other hand, there were larger purchases by certain Empire countries of such British goods as pottery (Australia and New Zealand), asbestos manufactures (India and Australia), cotton piecegoods and motor-cars (South Africa and India), textile machinery (India), tinned plates and sheets (Canada and Australia took much larger quantities), and there was a larger export of wrought iron and steel and copper manufactures to Australia; while British cutlery has been in good demand throughout the Empire as a whole. For the first quarter of the year imports have fallen by £34,200,761, as compared with the corresponding period of 1932, the total value being £159,240,699. The heaviest decreases occurred in food and drink, iron and steel manu factures, non-ferrous metals and manufactures, machinery, chemicals and drugs, and leather and its manufactures. Ex ports of United Kingdom produce and manufactures for the quarter were down by £2,624,662 to £89,706,260, but there were several notable increases. Shipments of motor-vehicles improved to the extent of nearly £500,000, or about 30 per cent, and among other groups showing increases were non ferrous metals and manufactures, electrical goods and appara tus, cutlery and hardware, and manufactured oils, fats and resins. In the raw materials class coal showed a small in crease in value, but declined in quantity, and wool and woollen rags increased by £105,702; total exports of this class were up by £386,199 and amounted to £11,006,104. Exports of food, drink and tobacco were less by £1,237,831, and amounted to £7,043,684, decreases occurring in all groups. The re-export trade for the period declined by £3,494,289 to £12,621,183, the chief classes contributing to the decrease being food, drink and tobacco, and manufactured goods; non ferrous metals and manufactures were down by more than £500,000. On the other hand, wool, waste and rags—the largest group in the re-export trade—increased by as much as £465,735, to £3,903,132. The apparent adverse trade balance for the three months amounted to £56,913,256, which shows a decrease of £28,081,810, as compared with the first quarter of 1932. 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Zamboanga As Seen During a Day’s Visit Net profit from its hydroelectric plant—Active small industries —An undeveloped hinterland When the interislander Mayon leaves Iloilo at 5 p. m. and gets underway at 17 knots an hour, her usual sailing speed, for Zamboanga, she arrives at Zamboanga about 7 o’clock the next morning and you have a day in which to see the town and its environs. At 4 o’clock that afternoon you are off for Cebu. Zamboanga, which may have 10,000 inhabitants, is the most attractive town south of Manila. It is compact and substantially built on a narrow plain, an alluvial peninsula, back of which lie the hills of an undeveloped and immense territory making up the greater part of a large province with its fortune very obviously still to be made. Northward along the coast there is a surfaced highway 35 kilometers long, passing through San Ramon penal colony; a highway in the opposite direction is about 60 kilometers long and has made opportunity for planters and homesteaders. San Ramon penal colony is covered with coconut groves and pasture lands and dotted with homesteads of prisoners, called politely colonists, breeding farm animals and fowls and seeking moral regeneration—such is the theory, which in practice seems good— through contact with the soil. The colony has had various superintendents during the American regime, but dates into Spanish times. The present superintendent is Manuel Liwanag, a husky military man who seems intelligent and capable. Dr. Horatio Palisoc is the surgeon. In’the midst of the reserva tion is colony headquarters, a modern prison housing safely but hygienically prisoners who are confined at night. Other prisoners, trusties who have cottages, have their wives with them—a privilege earned by good behavior no doubt. San Ramon has not always been the well kept place it is today. It is said that the superintendent who really made San Ramon is Joseph E. Cooley. (Mrs. Cooley’s shop in Zamboanga is where you buy specimens of genuine Moro art. Everyone speaks most highly of it). Health conditions at San Ramon are such as would be expected, excel lent because of the easy outdoor life the prisoners lead. Dr. Palisoc said there had been 4 deaths last year, all from tuberculosis contracted by the prisoners before they reached there, and 2 deaths from accidents. There are 637 prisoners at San Ramon now. The place is, of course, self-supporting. When you reach the end of the road beyond San Ramon, you jog off into the woods towards the mountains and come upon Joseph Johnston’s portable sawmill, with a caterpillar tractor that brings logs enough to it in a day to make 5,000 to 6,000 board feet of dimension lumber in brisk demand at Iloilo and Negros. Over an extensive concession, this sawmill is moved as convenience dictates. Back in town Johnston has a much larger sawmill completely equipped, saws, planers, tongue-and-groove machines; and at another point he has another mill, all the timber coming from his own concessions. Zamboanga thrives on small industries. Between the town and San Ramon is the desiccated coco nut factory managed by Frederick Worcester, son of the late Dr. Dean C. Worcester of Philippine Commission fame, mountains A Mohammedan Chief Arrayed in All His Glory and nearby it a kutch factory extracting tanin from mangrove bark. The kutch factory, the desiccated coconut factory and the lumber mill are all working 20 days in the month and giving employment to several hundred men besides scores of others busied at collecting the mangrove bark for the kutch factory. The company has a ship for collecting parcels of this bark. It is cut in meter lengths, crushed, elevated into huge wooden vats and, from one to the other, scientifically treated and leeched of its tanin content. From this the water is extracted until, when it is finally drained off into gunny bags lined with Manila paper, it is of the consistency of New Orleans molasses in dead winter. Before it is shipped it is quite solid. It was supposed when the factory was built at Zamboanga that the mangrove swamps of those coasts would supply all the bark re quired, but now the company is preparing to go to Palawan and Borneo for other sup plies until the Zamboanga mangroves recoat themselves, or perhaps until new growth matures. The desiccated coconut is of course sold in the United States. Johnston’s lumber finds a market in the Bisayas, where he operates yards. Grazing is an industry at Zamboanga, because a well distributed rainfall keeps pastures green the year around. Many Zamboangans have ranches and coconut plantations. Basilan island is 2 hours by launch from Zamboanga and politically joined to the province. Dr. J. W. Strong manages the Basilan rubber plantation of the American Rubber Company, a place 5,000 acres in area, and has just begun tapping again and employed for this purpose 300 men. Rubber is up a bit, 9 centavos a pound laid down at Singapore. The Basilan Rubber Company, owning the plantation Dr. Strong first odeveloped, is not tapping. “We can afford to wait,” they say, “rubber is still too cheap.” The Basilan Lumber Company, headed by P. A. Meyer, has a mill at Port Holland on the southern coast of Basilan able to produce 1,250,000 board feet of lumber a month; running, but not at capacity, and exporting a of lumber. Dr. T. Short lives on Basilan, retired from medical practice in Zamboanga. There is a story, especially of -adventure and quaint philosophy, in many a Zamboangan’s career. John Hackett, still getting out the vivid little Mindanao Herald, his daughter Miss Bessie Hackett home from college in America and throwing her youth into the work, is fully capable of committing Zamboanga to literature. Zamboan gans (in our case it was Mrs. A. Broad, on whose time we imposed) show you Pettit Barracks, Pershing’s and Wood’s oldtime headquarters, point out the comandancia they lived in, still the commanding officer’s residence, and the well built and well kept old Spanish post built about the historic citadel, La Fuerza de Nuestra Seiiora del Pilar, or Fort del Pilar, where the image of the militant virgin in the port gate is a shrine at which candles are always burning. June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 The patroness of this fort, in early Jesuit times, saved it from a night attack by Moros by appearing miraculously to the sentry, who called out the warning, then fell dead. The Moros were repulsed with great slaughter. Zamboangans like the school for boys the Jesuits have there, but in general the town is well provided with schools for both girls and boys and it is only for college that children must be sent away. Some of the higher schools are public schools, some religious; the missions you hear of arc Episcopal and Roman Catholic. The Moro village, as such, is no more; but Moros are there, the Moro girls diving for coins are your first wel come—lithe nymphs that they are. You visit Pasonanca park, 10 minutes into the beautiful green hills. It is spacious, excellently chosen and provided with driveways, and has a large natural swimming pool below a waterfall. Manila has no such recreation point, lacking the hills and streams. Zamboangans patronize theirs con stantly, undoubtedly to the advantage of their health. NearHead-on View of a Vinta The Development of Philippine... (Continued from page .9) reflected in the following table which shows vessels in the coastwise trade cleared from the ports of entry: 1906 1910 1920 1931 1932 Vessels................... 7,569 9,306 16,685 20,900 20,512 Net Tonnage........ 774,032 1,053,426 1,637,542 3,691,030 3,758,613 Records of coastwise movements for all kinds of cargoes through the ports of Iloilo and Manila were available for a limited period. For the port of Iloilo, the volume of trade in 1924 was 10,854,269 kilos which was increased to 39,146,622 kilos in 1926. For the port of Manila, there were 11,454,670 kilos transported in 1922, with 54,009,047 kilos in 1926. From the foregoing, it can be seen that the volume of foreign commerce, from 1899 to 1929, increased over 800% and was followed by nearly 500% increase in tonnage of coastwise vessels from 1902 to 1931, and by a little less than 500% increase in the coastwise movement of products on vessels that cleared from ports of entry between 1906 and 1932. This means an increase of over 16% each year in the tonnage of vessels and in the quantity of cargoes shipped. Another interesting point is the change from steam to in ternal combustion engines. This, of course, is the trend of the day, but it has done much to lower operating costs and to provide a cleaner and more desirable service. There are no available records of passenger traffic, but there is no doubt that it has increased by leaps and bounds, many times greater than the increase in freight traffic. Until recent ly, passenger service except on a few lines was a secondary consideration. However, as time progresses and freight traffic requires new and faster vessels, so are passengers even more particular in this respect. Today, even the small steam ers are catering more and more to the comfort of passengers. We have still in the trade many vessels that should have been scrapped and disposed of long ago, but records show that some shipowners are meeting the demands of progress with modern and fast vessels in the Philippine interisland service. Compliments of PARSONS HARDWARE GO., INC. 805 Echague, Manila, P. I. by is the publicly owned hydroelectric plant. The insular auditor said the charge is 5 centavos a kilowatt, the total revenue last year was I* 103,500 and the net profit 1*65,800. Zamboanga province had a tax revenue of 1*291,000 last yeaf, with 1*38,300 from the insular government for schools, 1*44,500 for roads and bridges, 1*85,000 for public improve ments other than roads and bridges. Its whole land tax collections were but 1*65,893, its poll tax collections 1*54,100, internal revenue 1*24,594. The province spent Pl 13,800 on the upkeep of roads, 1*166,209 for new roads and bridges. The bill for provincial Employes’ and officials’ salaries was 1*145,360, for teachers 1*43,000, for health officers 1*28,000. The governor’s pay is 1*5,year, the treasurer’s 1*4,800 a year, minus of course the deductions in force because of the depression. The club library at Zamboanga exhibits many of the best and latest books, showing the marks of thorough use. The departure of the Mayon was colorful. Worcester was leaving, for a vacation in the United States. His employes had sur prised him with a band and farewell demonstration. Moros were there in full tribal regalia. Yes, it was Zamboanga, not just another town, but one rememberable for some distinctions of its own, among these a forthright and resourceful attitude of its people and their real attachment to the place. For a long afternoon’s motoring let Joseph Johnston be thanked. Joe, thank you. Complete Stocks of Builder’s and Sanitary Hardware Carriage and Auto Accessories Paints, Oils and Varnishes Shipchandlery, Galvanized Iron Roofing Bar Iron, Tools, Mill & Miner’s Supplies Automobile Topping & Upholstering Materials Rubber Goods Musical Instruments & Accessories Polydor Records & Phonographs “Bogs & Voigt’’ Pianos Kitchen Wares & Household Articles Linoleum Floorcoverings & Rugs Autos <fc Trucks Hardware------ 2-22-75 Telephones Musical Goods- 2-22-76 I Motor Cars - - 2-12-88 [ Manager------- 2-12-89 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 No Business Can Escape Change (From “Nation’s Business”) A new thin, flexible insulating material consists of kraft paper faced on each side with waterproofing compound and bright metal foil. It’s said to insulate to the same extent as 20 to 40 inches of concrete, to be fire-retardant, wind and vermin proof. . . . Another new building paper consists of creped paper which is asphalt-cemented to a heavy plain sheet. It’s said to be espe cially adapted to conditioning concrete. . . . Zinc pigments are now offered for use in loading and coating paper. Imparting opacity and brilliant white qualities, they’re expected to make the ust of lighter, thinner paper practical, with resultant postage savings to catalog mailers and others. . . . An asbestos base is combined with a phenol-formaldehyde type of resin in a new, light material for use in acid-resisting equipment. It’s said to be resistant to many acids, solvents and other chemicals. . . . A new cast synthetic resin requires no seasoning, can be worked in the same fashion as wood or metal, polishes and finishes to a permanent high luster. It is available in many color effects. . . . A new protective and decorative coating for aluminum, applied through an electrolytic method, makes possible either a plain finish or a wide range of lustrous colors. . . . Roofing manufacturers are offered a new cellulose base for asphalt shingles and pre pared roofings. Strength, long life, extreme flexibility, tighter nail grip are claimed for it. . . . A rubber-base enamel has been developed for undersurfaces of automobile fenders, etc. It’s said to offer protection against corrosive action of salt, moisture and acids. . . . A new paint for traffic zone marking, etc., dries rapidly, is nonbleeding over asphalt. Ap plied to a wall after plaster patching, it’s said to permit application of a final coat of wall paint within 40 minutes. . . . Even power shovels are being dressed up nowadays. A new line of excavators is distin guished by a “stream-lined” all-steel cab, grouping of all machinery back of the center pin, other innovations in design. . . . * y g 1 B h b Si 1 1 F Convention speeches, etc., are permanently recorded by a new electrical recording machine. A company’s convention proceedings can thus be recorded and reproduced later for the bene fit of employees in the company’s branches and agencies. . . . Temperatures in the garage, nursery and other rooms can be read from your arm chair by dialing this device rs oxygen and Mild and low carbon steel up to eight inches thick is said to be cut accurately to drawing or template by a new flame cutter which employe coal gas. Sharp, square-edged cuts are said to be made by the machine. . . . A new adjustable vest-pocket gauge registers thickness measurement on a dial which is graduated in thousandths of WHATEVER the general business level, there is no halt in the march of new things to market. Be times good or evil, men push on in their restless quest of newer and better products, processes and methods an inch. It permits speedy measuring, gives readings un affected by variances in the users’ touch. . . . A new turbine oil is said not to deteriorate or to form sludge, is guaranteed to last as long as the turbine itself. . . . A process for permanently shrinking washable fabrics, intro duced some months ago, is now being extended from shirts to all types of washable outerwear and underwear. . . . A new combination of materials is being used in the vici method of treating skins. It produces a new soft-surfaced leather which, used in shoes, is said to be practically scuff proof, to require no dressing. Only rubbing is needed to preserve the polish. . . . Buckhorn and other tall lawn weeds are mowed along with the grass by a new lawn mower. Hook-like rakes, set on the reel between the blades, draw the weeds into the cutting knife. . . . Discarded truck tires supply raw material for a new link rubber doormat. Links are stamped out of the cotton-fabric sections and strung on copper and galvanized wire. . . . A new line of wall-plate wiring devices per mits three units—switches, outlets or pilot lights, or any triplex combination of these—to be installed in a single gang box. . . . A new device which fits the flue collar of gas kitchen ranges passes escaping gases over a water-containing cup. The water’s said to absorb dirt and other undesirable matter. . . . Kitchen enamelware, said to be chip-proof and stainless, is being produced under a hew process. The ware is described as being three times as heavy as ordinary enamelware. . . . Brushes and dirt container of a new carpet sweeper can be removed for cleaning. Lower ing the handle of this sweeper causes the brush to bear more heavily on the rug. . . . Absence of after-odor distinguishes a nev garlic sauce. Even your best friend can’t tel you’ve used it, it’s said. . . . Another helpful new food product is non skid spaghetti. Its corkscrew shape is said t< keep it from slipping off the fork. . . . —Paul H. Hayward. Editor’s Note—Material for this page is gathered from thi many sources to which Nation’s Business has access an<from the flow of business information into our offices in Wash ington. Further information on any of these items can b~ had by writing Nation’s Business. June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 1932 Provincial Tax Collections Down But Little The executive bureau has been subordinated into a division of the interior and labor department; has made, for 1932, its last annual report. The most vital part of the report concerns tax collections in the 40 provinces under supervision of the bureau, so the table of realty tax collections is made a part of this comment. The table shows realty tax collections (in the 40 prov inces) last year to have been 4*8,615,500.12, against 4*9,1)37,893.34 in 1931. The de crease was but little more than 4*400,000. Everything considered, this is good; cir cumstances combined last year to make taxes hard to pay, they even included a distinct slackening of bank loans against provincial real estate: when such loans are made, taxes against property taken in security are paid up to date and kept paid during the term of the loan. It is not surprising that the table shows delinquent taxes to have doubled in 1932, over 1931, jumped from Fl,703,928.12 to 4*3,607,007.32. What happened,then, to bring actual payments of realty taxes to within a little more than 4*400,000 of what they were in 1931 was a further registration of pri vate titles to land. This amounted to some 45,000 par cels. The 40 provinces had last year 4,327,526 taxable parcels o’ real estate valued for taxes at Fl,536,902,785, and 424,126 parcels valued at F247,418,970 exempt from taxation. Total tax collections of all kinds that accrued to the credit of the 40 provinces in 1932: Insular fund................................................................................... P7,964,352 Provincial General Fund.............................................................. 5,784,003 P. Road and Bridge Fund............................................................. 9,460,551 Municipal General Fund............................................................. 11,702,362 Municipal School Fund............................................................... 4,503,752 Miscellaneous................................................................................ 2,000,634 Total........................................................................................... 1*41,415,654 COMPARATIVE STATEMENT OF REAL PROPERTY TAX COLLECTIONS AND DELINQUENCY IN 1932 AND 1931, IN PROVINCES UNDER THE JURIS DICTION OF THE EXECUTIVE BUREAU Collections Province From January 1 to December 21, 1932 Abra........................... Albav and Cat....... Antique..................... Bataan....................... Batanes..................... Batangas................... Bohol......................... Bulacan..................... Cagayan.................... Camarincs Norte... Camarines Sur........ Capiz......................... Cavite....................... Cebu.......................... Ilocos Norte............ I locos Sur................. Iloilo.......................... Isabela (♦)................. Laguna...................... La Union.................. Marinduque (♦).... Masbate.................... Mindoro.................... Misamis Occidental. Misamis Oriental.. . Negros Occidental.. Negros Oriental... . Nueva Ecija............ Palawan.................... Pampanga................ Pangasinan............... Rizal.......................... Romblon................... Sorsogon................... Tayabns.................... Zambales................... Total. This is a little more than a million pesos, from tax ation, for each province; it is only Fl, 167,788 below the 1931 figures. It is noted that the total realty tax collections set out in the table were about 1/5 of all taxes col lected. The report states that the collection of taxes in many provinces was very poor; con versely, in many it must have been very good. Overdrafts incurred by 12 provinces amounted only to F 180,270; 53 loans totalling F923,638 were recommended for build ing 10 markets, slaughter houses and tiendas, 9 for building waterworks systems, 16 for municipal buildings, 5 for school houses, 13 for other buildings and construc tion of a permanent sort. What always favorably affects tax collections in the Philip pines is the growth of pop ulation by natural increase of about 2% a year, im migration being immaterial; addition of 250,000 inhabit ants year by year to a population of some 13,000,000 will of course favorably affect not taxes alone but business as well—a factor of buoyancy less pronounced in most countries than here. From Janunry 1 to December 31. 1931 P 57,115.52 123.947.68 68.948.28 69.635.98 15.353.98 282,634.65 198,979.44 452.203.31 165,570.49 51,776.17 97.390.75 135,104.21 163.612.83 637.276.35 234.878.84 226.550.69 565,043.21 318,233.42 172,377.64 174,365.26 64,761.92 61,157.71 101,716.72 132,946.80 674,936.93 121.353.31 472,039.34 25,182.16 486,965.13 514,638.08 546.441.52 46.647.75 P 61,295.48 143.144.78 73,112.49 75,856.33 15,153.56 287,276.87 223,310.72 467,793.83 191.166.78 45.603.13 102,659.97 136,521.30 161,078.07 672.234.35 237,962.65 237,131.68 554,974.29 331,/0^.4'J 178,670.55 143,365.71 68,720.23 52,579.08 108,576.09 148,756.69 643,867.57 187,461.39 549,186.01 25,048.85 492,739.20 571,970.64 534,209.44 58,590.75 Outstanding Delinquency (Provincial and Municipal) 1932 1931 74,796.45 70,268.65 441,278.71 442,271.10 67.100.14 79,694.05 72,214.08 451,125.10 578.640.99 74,448.11 P 6,987.30 179,999.60 24,592.26 16,594.94 75,070.11 64,939.01 75,664.07 56,494.56 40,759.48 219,089.40 137.181.85 20,600.61 112,436.08 42.588.06 13,410.63 125,031.27 207,040.43 39.453.43 207,223.27 38,009.08 63.162.44 79.446.44 121,163.53 145.635.39 45,619.68 259.851.86 17,418.29 58,296.97 231,067.87 109,745.80 49,745.67 153,418.47 90,073.87 98,358.53 392,541.37 28,295.70 P8.615.500.12 P9.037.893.24 Pl,703,928.12 ■Reports from Isabela, .Marinduquc uid Samar not Back Copies Wanted Fifty centavos each, and postage, will be paid for copies of the following Journal numbers: 1922—January, February, March, April, August. 1925—February. 1927—November. Such copies may be mailed to Walter Robb, P. O. Box 1638, Manila. At the same time, you might state what other copies you have you may be willing to dispose of. They are needed from time to time in making up complete sets. Compliments of We Earnshaws Docks and Honolulu Iron Works Sugar Machinery Slipways Machine Shops Port Area Manila, P I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Current Far Eastern Trade Conditions Based on Cables from U. S. Foreign Commerce Officers Shanghai. Orders for American goods showed moderate activity following the improvement in the exchange situation. General export trade was unimproved. Political disturbances in northern provinces made trading in staple lines sluggish there. Hongkong importers were cautious because of the uncertainty of the foreign exchange situation. Japanese goods still enjoy ed fair sale in Shanghai because of their low cost combined with heavily inflated currency. Up ping of 14 tariff schedules is announced in the Sino-Japancse convention. Radio communica tion between Shanghai and San Francisco was formally opened May 19. Tariff increases from 100% to 200% on 14 important schedules forced adjustments in many business lines. London proposes intensifying trade with Hongkong and South China, markets in South China being quiet with very orders in spite of the more favor able American exchange. Wheat remains duty free, while the duty on flour is upped, a condi tion made to expand flour milling in South China. China. In spite of internal difficulties, in cluding famine and political dissensions, the Chinese Government is making active efforts towards extensive rehabilitation. New High ways are under construction and a loan from the British Boxer Indemnity Fund has been ap proved for the construction of the CantonHankow railway and for the purchase of tele graph equipment and electrical works. The winter wheat crop was reported favorable. Trading in the Shanghai area was basically unsatisfactory although slight activity was noted in American products due to the higher value of silver. Numerous industrial mills have reduced operations and employment and interior trade has been curtailed. Hankow trade is again suffering from renewed activities of communist bandits. Heavy declines were report ed in trading with Japan. Business conditions in Tientsin was greatly curtailed by the military situation and uncertainty of the exchange market. Competition is again encountered in North China from Soviet merchandise, partic ularly petroleum. In South China, March business declined compared with March last year although tinplate and chemicals were more active. Several construction projects in this area are scheduled to take place soon. Improve ment in communications was noted in Man churia and slight advances were made in retail business. Japan. The decline in business activity since early March together with the uncertainty regarding the trend of the yen exchange con tinued to deter business conditions during April. Stocks in warehouses continued to accumulate and commodity prices were declining although prices of securities were well maintained. Raw silk exports declined with New York buyers holding up orders. The demand for cotton textiles was considerably under production and stocks are increasing although shipments to India and China were being pushed in antici pation of higher duties. Import trade was reported falling off and the decline in industrial activity is expected to be more pronounced. The Export Control Law, effective this month, was designed to restrict excessive shipments of low priced commodities. The advance in the value of the yen did not affect Japanese industries but security prices showed a radical drop. Iron and steel industries anticipate continued activity for the next six months. Cement operations were on a satis factory basis. Exports of raw silk were un satisfactory and the industry is endeavoring to reduce production costs and decrease cocoon output. Bangkok. General business conditions have slightly improved but fluctuating exchange handicaps transaction with the United States. To better the lot of farmers the government proposes extending land ownership, storage and credit facilities, cooperative movements. Singapore. Commodity prices rising, business feels more optimistic. Improved exchange con< ditions reacted favorably for American goods. Bataria. Import trade has been declining, wholesale transactions are all but suspended because of the fluctuating dollar exchange which has reduced confidence. India. With increased prices for native products, a better feeling was evident but busi ness continues slow, particularly in bazaar lines. The cotton textile industry continues to encounter considerable difficulty and the pressure for the levying of higher import duties has been increased. Jute growers have been urged to restrict plantings of the new crop. It was reported that new sugar mills have been established and it was estimated that the total number to operate during the coming season will probably be double that of the previous campaign. Abaca Tax Suppressed A letter from England says “the Government have taken off the 10% duty imposed on abaci. It was a mistake from the start. The rope makers just won t use sisal from South Africa.’’ ' ~ ' I ! “APO” CEMENT IS A PRODUCT OF PHILIPPINE INDUSTRY |. I Patriotism— Patriotism is a deep and abiding love of country and of race—not merely a i fickle passion that flares in the heat of political dispute or at the threat of j war, only to be forgotten with the passing of a national crisis. [ Thoughtful and patriotic Filipinos do not need to be told of the importance of i supporting Philippine Industries—manufacturing and industrial projects that j supply food and comforts for thousands of Filipino laborers and artisans, j and which could be made to support many thousands more. I “Apo” Cement is a product of Philippine Industry, efficiently and economically i manufactured by Filipinos, and sold at prices suited to economic conditions. i Specify "APO” in Your Next Job I CEBU PORTLAND CEMENT CO. Insular Life Building, Manila Telephone 2-14-89 Plant: Naga, Cebu “APO” CEMENT IS A PRODUCT OF PHILIPPINE INDUSTRY i IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 ILYRIC STARTING June 21st THE BIG CAGE with CLYDE BEATTY The Greatest Animal Trainer of all Time Income Settlement Options for Endowment and Life Insurance Policies By John M. Aaron Manufacturers Life Insurance Company (Concluded from May) June 27 MARILYN MILLER in HER MAJESTY LOVE June 30 DOUGLAS FAIRBANKS In MR. ROBINSON CRUSOE COMING BE MINE TONIGHT The Great Musical Romance OXYGEN Compressed Oxygen 99-5% pure HYDROGEN .. MB Compressed fWBIi Hydrogen 99.8% pure 1 iBS' ACETYLENE Dissolved Acetylene for all purposes WELDING Fully Equip ped Oxy-Ace tylene Weld ing Shops. *iw| f BATTERIES Prest-O-Lite < Electric Stor age Batteries Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. Schemes can be worked out to provide for almost any contingency such as an income for an orphan son or daughter to terminate with a lump sum when the beneficiary reaches a mature age, either to start in business or as a marriage portion. The variety of programs which can be worked out and definitely accom plished by the use of settlement options is end less and are circumscribed only by the amount of funds provided. The beauty of all these arrangements is that the insurance company administers the funds as a guaranteed and irrevocable trust which cannot possibly be abrogated through any process of law, or by the wishes or even demands of a beneficiary who is usually incompetent to judge wisely when investing large sums. A summary of the options usually provided as follows: (1) The interest option which guarantees 3% or 3*/>% interest compounded an nually. The guaranteed rate of in terest varies with different companies but the rate of 3J^% predominates. This interest can be paid at regular intervals either annually, semi-annually, quarterly or monthly as selected by the insured. This means that a 3>£% company guarantees that an income of $350.00 a year would be paid on a sum of 810,000.00 left in trust. To this would be added excess interest, if such is declared annually by the company. This excess interest in some companies may be as high as 1*4% per annum thereby increasing the income to $500.00, while all the time the principal sum is retained for future use or distribution as predetermined by the insured during nis lifetime. The excess interest rate of a 3% company is usually higher than that of a company so that the net result to the beneficiary is usually about the same. A guaranteed income of a definite sum monthly, quarterly, etc., for a guaranteed period, this amount based on an amorti zation of principal plus the guaranteed rate of interest. This income can be increased or the period lengthened, Compliments of MARIANO UY CHACO SONS INC Importers—Ship Chandlers—Hardware—Iron and Steel—Roofing—Paints, Oils and Varnishes UY CHACO BUILDING—MANILA Telephones 2-24-78—2-24-79 Cable Address: “UYCHACO’ COMPLIMENTS of MADRIGAL & CO 8 Muelle del Banco Nacional Telephones: 2-19-61 2-18-26 2-19-61 2-19-60 4-99-78 RIZAL CEMENT COCONUT OIL PRODUCTS COAL DEALERS, WHOLESALE STEAMSHIP OWNERS PHILIPPINE COTTON MILLS Patronize Philippine Made Goods and Industry IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 according to prior selection, by the use of excess interest. (3) A guaranteed life annuity, usually on a monthly basis, for the beneficiary with or without a specified period of years of payment (5, 10, 15, 20 years and so on) if the original beneficiary does not live to complete the guaranteed period. In such cases the remaining payments are usually made to surviving children or other heirs as originally designated in the income settlement. All of the above options may be used separately or in any combination that will effect the results desired by the insured or beneficiary or both, and, also, the beneficiary has the right, under vir tually all policies, to utilize the above “Settle ment Options” even though the insured over looked, during his lifetime, the splendid service offered thereby. In making up agreements whereby the various settlement options are used, care should be taken that the arrangements do not run counter to law. However, legal assistance need not be retained as the legal departments at the head offices of the insurance companies stand ready to assist in drawing up, or entirely draw up, the necessary agreements given the requisite details by the insured or beneficiary. Further, any reputable life insurance agent is only too willing to advise and assist in such service, although he may not have been instrumental in placing the policies. Where possible, it is advisable to call in an agent or call at the nearest office of the company in which the insurance is placed as in such cases the representative of the company would, in general, have a more intimate knowl edge of the details of the settlement options of the company he is representing although in the main, the differences between companies would be merely a matter of small detail. It is pos sible, and advisable, to have only one indivi dual assist in the arranging of the program even though the policies of more than one company may be included therein. It is obvious from the above that the uses of life insurance funds are both wide and various either for a living policyholder or for his bene ficiaries in case of his death, but the fullest advantage can be obtained only by the advice assistance of an insurance agent who knows his business and is, therefore, competent to assist in drawing up these settlement options. Any unselfish life insurance underwriter of expe rience could advisedly be intrusted with the handling of these confidential affairs. Ups and Downs in Prices Data in the current, 1933 issue of the Port of Manila, annual booklet of the Manila Harbor Board, turn up some figures on Philippine over seas trade that show clearly how gravely some leading farm industries of the islands have been affected by the depression, how others have been hurt but slightly, sugar not at all. Total exports of sugar in 1899 were valued at P6,919,420, sugar sold to the United States that year at 1*1,778,910. The export value of Philippine sugar has risen until last year it was Pl 19,603,769 for 1,016,568,150 kilograms, that sold to the United States being 1,016,265,983 kilograms valued at Pl 19,584,586—within a few tons of the whole exportable crop. This favorable history of sugar in the Phil ippines during the American period to date contrasts presently with the history of the hemp industry. The United States bought Manila hemp to the value of 1*6,031,452 from the islands in 1899, and only to the value of P2,963,152 in 1932. The total value of hemp exported from the islands in 1899 was P15,987,148, and only 1’10,031,201 last year. In values, cigar exports to the United States have been much steadier during the depression; since 1930 their value per year has been below P7,GOO,000, and was P6,486,682 last year, a decline of less than 1’500,000 in 3 years. The value of hemp exports to the United States reached the max imum of P65,468,402 in 1918, 10 times the value of all Philippine hemp exports last year. Cigars have had no such falling off; the maximum value of cigars exported from the islands to the United States was 1*22,133,305, in 1920, not much above 3 times the value of last year’s cigar exports from the islands to the United States. Desiccated coconut has similarly held up well compared with hemp. The American market for this product was given the Philippines by the tariff of 1921, too high for Ceylon to scale. The maximum value of desiccated coco nut exported from the islands to the United States was 1*7,436,537, in 1928, and the value last year was 1*3,230,891, nearly half the max imum. Last year’s production was, in quan tity, nearly 4 5 of the maximum, the real decline was in price. Maximum production of coconut oil in the islands was during 1929, 190,519,204 kilograms valued at P58,369,883. The United States bought 188,687,627 kilograms, valued at 1*57,801,174. Last year’s quantity of coconut oil exported was 114,672,757 kilograms, valued at 1*15,302,287. The United States took 110,259,160 kilograms, valued at P14,671,659. Thus last year’s production of coconut oil for export was about 60% of the highest figure ever reached. But the highest value reached was in 1919, P73,719,504, roughly 5 times last year’s value; and 1929’s value was nearly 4 times last year’s. Manila hemp employs more labor when markets are active than any other Philippine farm industry, so the slight bettering felt in the hemp market is encouraging to business. Teodoro R. Yangco 421 M. de la Industria MANILA STEAMSHIP OWNERS REAL ESTATE T RY-TRAN Transportation Dept, 546 Azcarraga LAND AND WATER TRANSPORTATION Telephones: 2-19-56—2-19-57—2-19-58 Compliments of CHAM-SAMCO & SONS 300-308 Sto. Cristo MANILA Hardware Dealers Paints and Oils Plumbing Supplies Building Supplies Ship Chandlers TELEPHONES 4-95-02—4-95-38 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 Roosevelt’s Farm Powers Time, May 8, summarized President Roose velt's powers under the new farm bill: “He could fix and collect a processing tax on wheat, cotton, corn, hogs, dairy products, tobacco, rice, sugar beets and cane with which to pay producers of these commodities to reduce their output.” (Delegated power here consists in the power given the president to fix the pro cessing *tax, merely to collect it, if fixed by con gress, would be a regular executive duty). “He could rent an unlimited amount of farm land to take it out of production.” (No dele gated power here). “He could let cotton growers speculate on a rising market by giving them free options on government cotton in return for reduced acre age.” (Again no delegated power). “He could issue 82,000,000,000 worth of Federal Land Bank bonds to refinance farm mortgages at 4^%”- (No delegated power here, either; mortgage companies get the bonds, with mortgages for collateral to the F. L. B., a step in scaling down farm overhead cost). “He could compel the Federal Reserve to absorb ‘3,000,000,000 worth of U. S. secu rities.’” (Huge but still not delegated power). “He could issue 83,000,000,000 worth of paper money, backed only by the good name of the U. S. He could cut the gold content of the dollar to 50 cents.” (Congress delegates power in this instance by not stipulating precisely what the cut shall be, effecting the cut is an executive function). “He could order the free coinage of an un limited amount of silver at a gold ratio of 16-to-l or any other ratio he chose.” (In not fixing a silver limit and in not fixing the ratio, congress delegated powers). “He could cut war debts about 30% this year by accepting payments up to $200,000,000 in silver worth 50 cents an ounce.” (Delegated power). “He could do all these things but his spokesmen assured the country that he would not do them unless absolute emergency required it.” Since Time of May 8 appeared, or on May 27, Roosevelt started the machinery in congress to take America off the gold standard by statute, which has been done accordingly. Manila Museums The science bureau has sent Manila publica tions a folder of 4 pages on the museums under its administration: Natural History, science bureau proper, Herran and Taft, archeology, ethnology, birds, fishes, shells, corals, mammals, reptiles, insects, rocks and minerals, mineral products, plants, organic products, preserved fruits, fishing appliances, mine models, etc., hours from 8 a. m. to 4:30 p. m., Sundays 9 a. m. to 12:30 p. m., closed on Good Friday and Christmas, admission free. Industrial Museum, 25 St., Port Area, near the Manila Hotel: Lumber, bamboo, rattan, resins, gums, other forest products, products and by-products of sugar cane, coconuts, rice, tobacco, abac;!; the embroidery, hat, leather, distillery, textile, pharmaceutical industries, etc., 8:30 a. m. to 5 p. m., Sundays and holidays 9 a. m. to 12:30 p. m., closed Good Friday and Christmas, admission free. Manila Aquarium: Living fishes, birds, mam mals, reptiles, amphibians, etc., every day in the year, 8 a. m. to noon, 1 p. m. to 5 p. m., adults 20 centavos, children 10 centavos, teach ers and their primary pupils free, half rates to other teachers and their pupils or students. The aquarium occupies the old bastion at the southern entrance to the walled city on calle General Luna; steps ascend to the top of the wall, where there are walks and seats making twilight a good hour to devote to the aquarium and its quaint setting. Philippine Tourist Topics Aleko Lilius, who knows the art of the picture story, salutes Manila in a new role as editor of Philippine Tourist Topics associated with Don Kneedler as editor of the aeronautics section, A. L. Valencia on hotels and travel, Dr. W. A. Norris, Jr., on transportation, John Clayton in charge of ads, Jose G. Azaola as business manager. The Insular Press has done a whop ping job on the first issue, which announces a subscription rate of 1*3 a year and Pl.60 for six months, publication being monthly. Picture story describes the contents. The pictures are first rate, finely set off by arrangement and superior engraving. James King Steele tells about Pagsanhan, Percy A. Hill about Sta. Clara convento, Eugene Starck about a Bellancaplane trip to Baguio from Manila, a thrilling hour, Percy Warner Tinan about a time-beating Hupmobile trip to Baguio in 1911 in 2^ days. There are notes on society and fashions. An award to traffic cops is announced. The maga zine seems well supported and is to be compli mented on its workmanship. Tomis Diaz drew the cover design, a formal treatment of the Ifugao rice terraces. “The editors are fired with the ambition of making this magazine the finest in the orient.” Compliments of the Philippine Advertising Corporation JOHN W. MEARS, General Manager Manufacturers of PACOR NEON SIGNS Light, beauty of form, economy - the triple motif of modern advertis ing are most efficiently combined in PACOR NEON SIGNS. PAINTED BULLETINS POSTER DISPLAYS GOLD LEAF WORK TRUCK PAINTING LIGHTED DISPLAYS, SIGN PAINTING, HOUSE TO HOUSE DISTRIBUTION OF CIRCULARS AND SAMPLES Telephones: 2-29-45 and 2-29-44 Do as I do: Take Bromural Tablets "Knoir. I sleep soundly, I wake up bright and fresh f<R* the day’s work: Bromural soothes your nerves so that they do not keep you awake in the night; sound sleep strengthens them and these mutually helpful and constantly alternating events will soon restore your vigour. You will have no nerves. Bromural Tablets, harmless and not habit forming, are obtainable from all good class chemists in tubes of 20 and are prepared by Knoll A.-G., Chemical Works, Ludwigshafen-on-Rhine. FORMULA: Urotropina 0-051 —Benzoato I itico 0-028—Sales piperacinicas 0-046—Fosfato disddico 0-023—Escipiente efervescente q. s. para 1 gr. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Compliments of Mori Bicycle Store 732 Ave. Rizal—MANILA Trademarks Registered From March to April, 1933 “FUJI” BICYCLES Racers, Diamond Arch Bar, and Other Models. Spare Parts and Tires Telephone 2-28-64 Reg. No. 11315. Trade-name consisting of the words “KASHMIR SILK STORE”, for the business of a silk store, registered on March 23, 1933, by Gehimal Hemandas, of Manila, P. I. Reg. No. 11316. Trademark consisting of the words “JUAN DE LA CRUZ” with a design, for all kinds of textiles, registered on March 24, 1933, by Susana P. de Madrigal, of Manila, P. I. Reg. No. 11317. Trade-name consisting of the words “BOMBAY SILK BAZAR”, for the business of selling and purchasing cloth, wearing apparel, dry goods and the like, registered on March 28, 1933, by G. Assanmal & Company, of Manila, I’. I. Reg. No. 11318. Trademark consisting of the word “STEMCOL”, for chemical, medicinal and pharmaceutical preparations, cough medicines registered on March 28, 1933, by Stanco Incorporated, of Wilmington, Delaware, U. S. A. Reg. No. 11319. Trademark consisting of the words “WEST POINT” with a design, for khaki, khaki drill, soft starched collars and other fabrics, registered on March 30, 1933, by L. R. Aguinaldo, of Manila, I’. I. Reg. No. 11320. Trademark consisting of the words “WHITE ROCK CHINA”, for chinaware, plates, dishes, dinner sets and other earthen products, registered on March 30, 1933, by L. R. Aguinaldo, of Manila, P. I. Reg. No. 11321. Trademark consisting of the word “URISALVE”, for medicine, registered on April 1, 1933, by Juan R. Carandang, of Tanauan, Batangas, P. I. Reg. No. 11322. Trade-name consisting of the words “AUTOCALESA” for the business of buying, selling, dealing in, importing and exporting auto-calesas, motor cars, automobiles, motor cycles, motors, engines, etc., registered on April 4, 1933, by The Aucal Auto-Calesa Co., of Manila, P. I. Reg. No. 11323. Trademark consisting of the words “MANILA CITY IIALL” with a design, for knitted, netted, and textiles fabrics, register ed on April 7, 1933, by Tan Chin Eng, of Manila, P. I. Compliments of Kinkwa Meriasu Co. (P.O ---------------- INCORPORATED----------------IMPORTERS MANUFACTURERS You Can't Beat Our Prices... They Can't Equal Our Work JOE BUSH DYER Ai CLEANER Over Thirty Years at the Same old Stand Textiles— Undershirts Manufactured Goods We Must Be Good Or We'd Be Gone OFFICES: 451 Juan Luna FACTORY: Felipe II Tel. 4-98-12 MANILA Tel. 4-86-96 GOODS CALLED FOR AND DELIVERED 129 Plaza Sta. Cruz — Phone 2-32-73 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 R^g. X >. 11324. Trademark consisting of the word “NUHUB", for met.al soil pipe and fittings, registered on April 1933, by The Central Foundry Company, of Xew York City, X.Y., V. S. A. Reg. Xo. 11325. Trademark consisting of the word “GRUNOW” with a design, for domestic electric refrigerators, parts and refrigerant of the same, registered on April 7, 1933, by the Grunow Corporation, of Chicago, Illinois, U.S.A. Reg. Xo. 11326. Trademark consisting of the word “AXTELOPE" with a design, for undershirts, jersey, socks, gloves and sweaters, reg istered on April 10, 1933, by Kong Tai Hosiery Factory, of Shanghai, China. Reg. Xo. 11327. Trademark consisting of the words “KXIGIIT ERRAXT" with a design, for undershirts, jersey, socks, gloves and sweat ers, registered on April 10, 1933, by Mitsui Bussan Kaisha, Ltd., of Manila, P. I., and Kong Tai Hosiery Factory, of Shanghai, China Reg. Xo. 1132S. Trademark consisting of the words “COCONUTS GIRLS" with a design, for undershirts, jersey, socks, gloves and sweat ers, registered on April 10, 1933, by Mitsui Bussan Kaisha, Ltd., of Manila, P. I., and Kong Tai Hosiery Factory, of Shanghai, China. Reg. Xo. 11329. Trademark consisting of the word ‘'AMOR” for No 8-Cent Margarine Tax Hearing plenty for butter but little for butter-eaters at the hearings he held on California's bill to tax margarine S cents a pound, which would have affected the Philippine copra market by adding another pop ulous state to the group that lias surrendered to the dairy cliques and taxed margarine heavily to benefit butter prices, Governor .James Rolph vetoed the margarine-tax bill. Arsenio Luz, President of the Chamber of Commerce of the Philippine Islands, had talked with Governor Rolph by telephone about the bill; numerous arguments against the bill had been filed from Manila, and Governor Rolph concluded Cali fornia trade would be hurt by the bill if it were made law. But it was probably that S-cent upping of butter he most feared. The’ Phil ippine copra-oil trade is naturally pleased with Rolph's decision. Director Kenneth B. Day, who writes the Journal's coconut industry review, says the reaction on the industry will be favorable. Twenty-two per cent of coconut oil used in the United States last year went into mar garine; this portion is enough that any curtailment of the market in the margarine trade would be felt by the coconut oil market. The California bill, it is understood, would not have taxed margarine made with other fats than coconut oil, lard or cottonseed oil, for example. Beautiful/ —and well protected against the air—the sun—and—THE RAINS if you’ll but have your buildings—painted with YCO PREPARED PAINTS YNCHAUSTI & CO. 348 Tanduay — Tel. 2-27-50 UROMIL Powerful Urenic Dissolvent Astonishing cures of the most rebellious ca ses of Gout Rheumatism Arthritis Agents for the Philippines BOTICA BOIE Uroiroplna 0.051; Benzoato litico 0.028; Sales piperacinlcas 0.046; Posfato dlsodico 0.028; Esclpiente ofervescente q. i. pafra 1 erm. Compliments of ILDEFONSO TIONLOC (INCORPORATED) ♦ Customs Brokers Forwarding Agents Land and Water Transportation ♦ TELEPHONES 4-90-16—4-90-17 ♦ Always At Your Service IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 Compliments of C. TUASON e HIJOS 1174-1188 Agno Manila, P. I. Telephones: 5-71-29, 5-41-20 Manufacturers of: TILES, BALUSTERS, GRANOLITHIC MARBLE PRODUCTS, AND “MAYON” STOVES Help to build an economically sound Country by using Philippine made goods and industrial products Our Products Are Made By Filipino Laborers and Artisans cotton shirts, cotton handkerchiefs and cotton hosiery registered on April 10, 1933, by Qua Kah, of Manila, P. I. Reg. No. 11330. Trademark consisting of the words “ORIGINAL BRUIIN’’, for taximeters of all kinds, registered on April 10, 1933, by Asiatic Commercial Corporation, of Manila, P. I. Reg. No. 11331. Trademark consisting of the word “MAYON", for canned fish, canned sardines, canned salmon, canned crabs, canned shrimps and canned milk, registered on April 11, 1933, by Daido Boeki Kaisha, Ltd., of Manila, P. I. Reg. No. 11332. Trademark consisting of the word “LEON” with a design, for ham, registered on April 15, 1933, by Agapito Yulak, of Manila, P. I. Reg. No. 11333. Trademark consisting of the words “LORO CIGARETTES” with a design, for cigarettes, registered on April 18, 1933, by Alhambra Cigar and Cigarette Mfg. Co., of Manila, P. I. Reg. No. 11334. Trademark consisting of the center row of diamonds with square bosses nd triangles and two outer rows of pyra mids and triangles, registered on April 18, 1933, bv The Goodyear Tire and Rubber Company, of Akron, Ohio, U. S. A., pneumatic and cushion tires, etc. Reg. No. 11335. Trademark consisting of the representation of a Sailing Junk, for cotton and linen handkerchiefs, registered on April 19, 1933, by Chung Tack Hing, of Victoria, Hongkong. Reg. No. 11336-A. Trademark consisting of the words “FOX CIGAR ETTES”, with a design, for cigarettes, registered on April 21, 1933, by Alhambra Cigar and Cigarette Mfg. Co., of Manila, P. I. Reg. No. 11336-B. Trademark consisting of the words “LION BRAND MARGARINE” with a design, for butter, registered on April 24, 1933, by Chung Liu & Co., of Manila, P. I. (To be continued) Trade-Mark, Designs, Registration Copyrights—Trade Names—Patents (Zn Philippines or United States) Reasonable Service Charges GRANITE & MARBLE MONUMENTS, MAUSOLEUMS FRANK LEWIS-MINTON Telephones 2-54-22—2-11-26 We carry in stock a complete line of every type of saw—circular, band, hand—as well as all other tools for sawmills, carpenters, mechanics, shops, motorists and general use. TORO TOOLS will outlast any of the so-called “cheap” tools many times over. When you invest in TORO TOOLS you make certain of satisfaction. Dee C. Chuan & Sons, Inc. Office and Yards 18-30 Soler, Manila, P. I. PHONES|£^8J P. o. Box 474 Manufacturers and Wholesale and Retail Dealers in All Kinds of Philippine Lumber Large Stocks Always on Hand TORO Mouldings, Balusters, Scrolls, Customs Sawing and All Classesof MILL WORKS Viegelmann, Schroeder & Co., Inc. 456-466 Dasmarinas P. O. Box 767 Manila, P. I. Tel. 2-26-64 BRANCH: 782-788 Juan Luna Street Phone 4-87-36 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 COPRA AND ITS PRODUCTS By Kenneth B. Day and Leo Schnurmacher The firmness which developed in April in coconut markets was further accentuated during May by a pick up in demand for both copra and coconut oil in the United States. For a few days considerable pressure was put on all markets, but along towards the end of the month, with offerings heavy and sup plies steady, the excitement petered out and we entered June with fair demand and good supply at prices considerably more favorable than those of April. Copra: Starting the month with an average price of from P4.80 to P5.00, the copra market improved rapidly until it touched a high point of P5.80 along about the 20th of the month. Thereafter it eased off a bit, due to very heavy arrivals and, at the close, buyers were paying anywhere from P5.50 to P5.60, with possibly a few centavos more for special parcels. All buyers were interested in purchasing because, for the first time in several months, there was a real possibility of selling oil. Large arrivals were expected under any conditions, but the improvement in prices certainly had its effect and as a result May showed the very high total of 365,432 sacks received in Manila. This was compared with only 142,393 last year, an in crease of over 150%. Cebu too had a tremen dous month, one of the biggest in its record, with arrivals of 351,256 sacks, almost equal to Manila receipts. Although better prices stimu lated receipts, yet receipts themselves prevented prices from going higher and did much to stab ilize the market, which was in good condition at the end of the month. Export markets improved consistently until about the 20th, when they steadied off and have remained practically constant ever since. On the Pacific Coast buyers jumped prices from 1.60 to 1.70 and even above, but later on dropped to 1.67Very evidently the exchange situa tion was operating in a manner which made Phil ippine copra more attractive than that from other countries, and this accounts for the large volume of business done. The European market also improved from £9/15/0 to £ll/2/6d. and, together with this, the exchange rate improved as well. Even so practically all of the business done was with the United States. Shipments for the month were a bit lighter than in April, totalling only 18,477 tons, but much forward business was taken on. As usual, Pacific Coast buyers were the heaviest and took out just over 11,000 tons, with the Atlantic Coast accounting for 5,600 tons, Europe for the small amount of 1,744 tons and Japan 130 tons. Also, as usual, practically half of the copra was shipped out of Cebu. The large receipts naturally stimulated the stocks on hand in Manila and Cebu, which were much greater than in the previous month and were between two and three times as much as a year ago. These heavy stocks caused some apprehension, for with all indications of large quantities of copra coming in later in the year, it will be difficult to absorb all arrivals without affecting market prices more than general conditions warrant. Coconut Oil: As in the case of copra, the oil market, starting with a price of 3 cents per lb., gradually advanced until, at the end of the month, sales were made in New' York at 314 cents, with rumors of the possibility of doing business at 1/8 higher for future position. Buy ers came into the market more freely than for some months and in several instances were willing to take nearby oil although their pre ference was for future position, ranging through the last quarter of the year. It is thought that the increase in the price of coconut oil about equals increases in similar commodities. Ship ments during the month totalled 8,000 tons, which is not a great deal. Of this amount approximately 5,000 tons went to the Atlantic Coast, 1,500 tons to the Pacific Coast, 1,500 tons to the Gulf and 111 tons to China, most of the shipments originating from Manila. Copra Cake: The copra cake situation on the Continent, which was so much upset in April by the German monopoly tax, began to straighten itself out in May and a considerable volume of business was done by local mills, at prices, however, which were only approximate ly 2/3 of those pertaining a year ago. The month commenced with buyers offering cautious ly at slightly over P17.00 ex-w’arehouse. At the end of the month business was done as high as P18.25. Copra cake is a perishable commodity and therefore sellers felt that it was worth their while to get rid of their stocks even at these low prices rather than carry them indefinitely with a very drab picture ahead of them. Almost all cake sold was destined for Swedish or Danish consumption, although by far the greater part w’as routed through Hamburg. Shipments for the month totalled 6,175 tons, all of which was destined for Europe with the exception of 400 tons of meal shipped to the Pacific Coast. This is twice as much cake as was shipped in April, but even so, stocks on hand increased by over 2,000 tons. At the end of the month pros pects indicated a continued demand, particularly for the Fall when prices for cake are always at their best. Desiccated Coconut: There is very little to say about the desiccated market in May. Desiccated prices did not advance in the same manner that other commodities improved. Business on the whole was slow, but sales were made at around 7 cents per lb., c.i.f. New York, The Mark That Means LIGHT at LOW COST USE GENERAL ELECTRIC MAZDA LAMPS AND GET ALL THE LIGHT YOU PAY FOR A complete line of MAZDA Lamps made and tested in our Nela Park Laboratories, Cleveland, Ohio, always available GENERAL ELECTRIC APPLIANCE CORPORATION OF THE PHILIPPINES 24 Escolta — MANILA, P. I. — P. O. Box 1822 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 with all mills in the Philippines operating at reasonable, but not at forced, capacity. 'Phis is the dull season of the year and not very much movement is ordinarily expected. Shipments for the month totalled over 1,500 tons, an in crease of 500 as contrasted with April. No great change is anticipated in the market in the very near future. Gexeril: On the whole all coconut markets were in a much better position at the end of May than at the beginning; producers were getting more for their copra, manufacturers were selling their oil to better advantage and what is more important, were really disposing of fair quantities. A steadier demand had set in for copra cake, although prices were undeniably very low. The hysteria of the earlier part of the month was over and the coconut business looked forward to June with the expectation of steady but not increasing prices, large deliv eries of copra and fair movement of all commo dities. TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Mfg. Co. lots have been produced Rawleaf: There has been very little change in the activ ities of leaf tobacco except that one firm bought about one mil lion pounds for export . The outlook for the present crop is none too promising. Owing to the decline in cigar consumption and a greater demand for locally manufactured Virginia leaf cigarettes in the Islands, the cul tivation of such tobac co is being encouraged. Some very good small at the experimental sta tions of the Bureau of Plant Industry and farm ers are becoming more interested to change to the cultivation of Virginia type tobacco. Exports during the past month were as follows: A'iZos China............................................... IS, 601 Gibraltar.......................................... 2,161 Hongkong........................................ 29,202 North Africa................................... 163,034 North Atlantic (Europe)................ 19,810 Spain................................................ 1,176,46.8 Straits Settlements......................... 476 United States.................................. 36,260 , 17446,012 Cigars: The export to the United States, though larger than during April, is still consider ably below last year s figure. There were ship ped during the periods mentioned below. May,7'1933....................................... 12J167,402 May, 1932....................................... 15,221,530 January-May, 1933....................... 50,269,813 Januarv-May, 1932....................... 66,323,220 REVIEW OF THE EXCHANGE MARKET By Richard E. Shaw Manager, National City Bank During the first week in Mav there were general sellers' of U.S. S T. T. at 1, 4% discount and buy ers at. 3 4% discount. As the banks’ cash position became easier, a keener interest was displayed in the purchase of bills and T.T. with the result that rates firmed until on May 31 sellers were quoting U.S. S T.T. at 3/8% premium while there were interested buyers of T.T. at 1/4% discount and 60 d/st D, A bills were commanding a rate of 1-1/4% discount. Rates were distinctly firm at the close. During the period from April 22 to May 13 the Insular Treasurer sold U.S. $ T.T. to the extent of U.S.SSO.OOO. On May 2 there were sellers of sterling T.T. at 2 6-1 16 and buyers at 2/8-1 16. In sym pathy with the New York-London cross-rate local rates firmed and at the month end banks were selling T.T. at 2 5-3. 8 while buyers were offering 2 6-7/8 for ready delivery. The New York-London cross-rate stood at 386 on May 1, which was the low point for the month, touched a high of 401-1,2 on May 8 and was quoted at 400 at the month end. The London bar silver quotation on May 2 of 20-1/2 ready and 20-9/16 forward was high for the month. The market dropped to a low of 18-3 16 ready and 18-1/4 forward on May 17 and closed at 18-15/16 ready and 19 forward on May 31. New York bar silver dropped from the high of 36-1/4 on May 2 to a low of 32-1/8 on May 16 and recovering, rose to 34-1/2 by the end of the month. Telegraphic transfers on other points were quoted as follows on May 31: Paris................................. 10.25 Madrid............................. 105-1/4 Singapore......................... 96 Japan................................ 50-1/2 Shanghai........................... 52 Hongkong......................... 57-1/2 India................................. 161-1/2 Java.................................. 102 IMPORTERS & EXPORTERS INSURANCE & STEAMSHIP AGENTS Mitsui Bussan Kaisha, Ltd. National City Bank Bldg., Manila BRANCHES CEBU ♦ ILOILO ♦ DAVAO Established 1876 Capital Paid Up..............¥100,000,000.00 Head Office in Tokio IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 SHIPPING REVIEW By H. M. Cavender General Agent, The Robert Dollar Co. Total shipments for the month of April were again very heavy, amounting to 229,376 tons, this being mainly due to a decided increase in sugar ship ments to the Atlantic Coast which reached the record total of 157,813 tons. To Japan and China, hempshipments were good, amounting to 37,146 bales. Logs also moved in quite good volume. There seems to be an increasing volume of copra shipments— during April amounting to 853 tons. To the Pacific Coast, coconut oil continued to move, while copra shipments, amounting to nearly 6000 tons, were the best for some time. Hemp shipments both to the Pacific Coast and for overland movement showed a very satis factory increase. There was considerably more lumber shipped during April than the total for the preceding three months. Movement of both centrifugal sugar and refined sugar was good. To the Atlantic Coast, in addition to sugar mentioned above, it is pleasing to note that coTans )fisr. Sa China and Japan............... 12,973 with Pacific Coast Local Delivery 22,554 with Pacific Coast Overland Delivery........................... Pacific Coast Inter Coastal Steamer............. Atlantic Coast.....................1 European Ports.................. Australian Ports................. Grand Total..............!. 486 with 429 with . 184,908 with . 7,569 with .____97 with .229,016 tons conut oil, copra, and hemp moved much more freely than during the previous month. Desic cated coconut shipments also showed some im provement. To European Ports, hemp shipments were about the same as for March, while other items, especially copra cake and meal, fell off very considerably. From statistics compiled by the Associated Steamship Lines, during the month of April there were exported from the Philippine Islands the following: ich 777 carried in American Bottoms with 9 ich 15,942 carried in American Bottoms with 9 211 carried in American Bottoms with 3 7 of which 37 of which 13 of which _2 of which_____ _____ __________________ ____ __ 88 of which 61,455 carried in American Bottoms with 17 290 carried in American Bottoms with 44,162 carried in American Bottoms with 73 carried in American Bottoms with — carried in American Bottoms with 9 T HE PRESIDENT LINER FLEET WORLD-WIDE SERVICE AMERICAN MAIL LINE “The Short Route to America” To SEATTLE via CHINA, JAPAN and VICTORIA Pres. Cleveland June 21 Pres. Jackson - - July 5 Pres. Jefferson - July 19 Pres. Cleveland - Aug. 9 Summer round trip fares Manila to Seattle, San Francisco and port of Los Angeles. ^Available for all sailings from Manila up to July 31st, 1933. Return limit Sep tember 30th, round trip for one and one-fifth of the one way fare. Return limit December 31st, round trip for one and a half fare. Through tickets from Manila to London, Havre, Bremen and other European ports issued in pounds sterling at attractively low fares DOLLAR STEAMSHIP LINES EAST OR WEST TO NEW YORK Via China-Japan, Honolulu San Francisco Panama Canal Pres. Taft - - - July 2 Pres. Hoover - - July 15 Pres. Grant - - July 29 Pres. Coolidge - Aug. 12 Pres. McKinley Aug. 26 Via Suez Canal and Europe Pres. Harrison - June 26 Pres. Hayes - - - July 10 Pres. Pierce - - July 24 Pres. Monroe - Aug. 7 Pres. Van Buren Aug. 21 PHILIPPINE INTER-ISLAND STEAMSHIP CO. SUPERIOR INTER-ISLANO SERVICE S. S. “MAYON” sails Tuesdays at 2 P. M. from Manila to Iloilo Zamboanga, Cebu, Iloilo back to Manila. FUTURE SAILINGS June 20 July 4 July 11 July 18 July 25 FOR BOOKINGS AND INFORMATION APPLY TO: THE ROBERT DOLLAR CO. General Agents Robert Dollar Bldg., Port Area — MANILA — 87 Escolta Telephone 2-24-41 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 The number of passengers leaving Manila during April shows an increase, particularly in first class, over the figures for March —March departures being 383 first class, 579 intermediate, and 511 third class—and April departures also show considerable increase over April of last year in first and intermediate classes. A large proportion of departures in April was the annual Army and Navy traffic to the China Coast. The following figures show the number of passengers departing from the Philippine Is lands during the month of April, 1933: First Inter- Third mediate China and Japan..................... 483 Honolulu........................ 1 Pacific Coast............................. 24 New York................................. 0 Europe via America................ 30 Straits Settlements and Dutch East Indies............................ 57 Europe and Mediterranean Ports beyond Colombo....... 35 503 307 9 54 87 46 2 0 32 0 0 3 26 8 WARNER, BARNES & COMPANY, Ltd. London • Manila • Iloilo • Cebu • Bacolod NEW YORK AGENTS Ledward, Bibby & Co. 106 Wall Street IMPORTERS AND EXPORTERS Shipping Department Agents for: Nippon Yusen Kaisha Cunard Line White Star Line Bibby Line Machinery Department Sugar Machinery, Diesel Engines, Condensing Plant, Shipbuilders and Engineers. Agricultural Department All Classes of Fertilizer American via Suez................... 31 7 0 Australia.................................... 3 0 0 Round the World.................... 7 0 0 Total............................. 671 666 418 Map Publications Received The Journal has received and acknowledges with thanks road maps of the Philippines from the Texas company and the Standard Oil com pany. The first is a folder copyrighted and published by Percy Warner Tinan and dis tributed by Bachrach Motor company; it covers highways in south central Luzon, to northern Luzon. The other is a booklet of road maps of the various provinces of the islands. Both publications are valuable, carry adver tising, are apparently for free distribution, and ought to be available at filling stations. Insurance Department T ransacting: Fire Marine Automobile Workmen’s Compensation & Miscellaneous Insurance. Import Department Sperry Flour Co. Sugar Bags LUMBER REVIEW By ARTHUR F. FISCHER Director of Forestry The improvement shown in the January exports was not main tained during February. On the contrary, the total amount of lumber and timber shipped during the month under review declined 28%, as compared witn Feb ruary of last year. The bulk of the shipments went, as usual, to Japan. The United States mar ket was very dull. Act ive buying in that market has, evidently, not been resumed. China’s importation of the Phil ippine products registered considerable increase during the month under review, as compared with February of last year, but the demands of this market are usually very irregular and, therefore, this increase may not necessarily mean a revival of the trade with that country. From the tables below, it may be noted that 211,152 board feet were shipped to Australia during February. These shipments consisted of selected lumber only. Under present con ditions of high tariff in Australia, exportations to that country will be very limited. As a matter of fact, practically only one lumber company is interested in shipping Philippine lumber to the above market at present. Lumber and timber exports to Great Britain during the month under review declined 34%, as compared with February of last year. The demand for all woods in Great Britain was, however, dull due largely to uncertainty regarding exchange. The local trade continues to slightly improve. Prices at the present time are about 5% to 10% higher than those prevailing three or four months ago for a number of species, particularly the hard woods. For the first time, producers are showing real optimism with regard to the lumber situation, both foreign and local. This is chiefly due to several recent developments, i.e., the United States going off the gold standard, the slight improvement noted on prices of the is lands’ principal agricultural crops and the pres ence of several inquiries from foreign buyers. The depreciation of the United States dollar in foreign exchange as a result of the gold em bargo is expected to affect the Philippine cur rency. The lowering of the value of the peso, will favor particularly the islands’ trade with China and Japan, which has heretofore been considerably hampered by unfavorable exchange. The slight improvement on sugar, abaca and hemp prices naturally will increase the pur chasing power of the people and this is bound to stimulate trade. Producers are also looking forward in the near future to the resumption of active demands from the United States and Great Britain particularly, in view, among other things, of the report that available stocks in those countries are now at very low levels. The following statements show the lumber and timber exports, by countries, and mill production and lumber inventory for the month of February, 1933, as compared with the corre sponding month the previous year: Lumber and Timber Exports for Feb^ppry 1933 Cable Address: “Warner,” Standard Codes Manila Office: Perez-Samanillo Building Escolta Destination CustomsBoard Feet Declared Value Japan................................ Australia........................... Great Britain................... United States.................. China................................ Hawaii.............................. Italy................................. Canada............................. British Africa.................. *2,523,648 1*41,435 211,152 8,606 167,056 13,095 166,632 11,509 17,384 1,661 8,480 1,329 4,664 372 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 Ireland............................. Dutch East Indies.......... Spain................................. Japanese Oceanica.......... Note:—*This represents mostly solid log scale, that is, 424 board feet to a cubic meter. Total ................. . . . 3,099,016 1’78,007 1932 CustomsDestination Board Feet Declared Value Japan.......................... Australia..................... . . . 3,029,056 1’67,788 Great«Britain............. 251,856 17,834 United States............ 814,080 65,808 China.......................... 3,816 228 Hawaii........................ 10,600 755 Italv........................... 18,232 3,028 Canada....................... 80,984 5,707 British Africa............ 57,664 6,280 Ireland........................ 27,136 1,754 Dutch East Indies.. . 25,016 2,707 Spain........................... 2,544 220 Japanese Oceanica... 2,120 141 Guam.......................... 1,272 183 Total................... . . . 4,324,376 1’172,433 For .'fi mills for the month of February Lumber Deliveries from Mills Month 1933 1932 February................... 9,571,713 10,961,393 Lumber Inventory Month 1933 1932 February................... 25,189,993 34,061,251 ___ Mill Production_____ Month 1933 1932 February................... 9,334,749 11,590,386 Note:—Board feet should be used. REAL ESTATE By P. D. Carman Addition Hills Sales City of Manila April lll.i.i Sta. Cruz.... P 95,803 Sampaloc.... 144,469 Tondo............ 101,015 Binondo........ 106,600 San Nicolas.. 36,550 Ermita.......... 151,500 Malate.......... 43,985 Paco.............. 193,685 Intramuros... 2,000 San Miguel. . 170,200 Sta. Mesa.... 46,250 Quiapo.......... 24,784 Sta. Ana....... 27,057 Pandacan.... 2,280 1*1,146,178 E. E. ELSER INS URANCE OF ALL KINDS Kneedler Bldg. — Manila, P. I. — Phone 2-24-28 THE YOKOHAMA SPECIE BANK — . ■ LTD. ------(ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up) - - - - 100,000,000.00 Reserve Fund - - - - 119,750,000.00 Undivided Profits - - - - 5,859,464.04 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager Telephone 23759—Manager Telephone 23755—Account & Cashier Telephone 23758—Export 4 Import Dept. Telephone 23768—Deposit 4 Remittance Dept Sta. Cruz”.. Sampaloc... Tondo......... Binondo....... San Nicolas. Ermita........ Malate........ Paco............ Intramuros. San Miguel. Sta. Mesa.. Quiapo........ Sta. Ana.... Pandacan... Sales City of Manila May, P 62,952 127,677 58,214 2,896 61,700 98,236 56,727 23,998 600 155,500 22,500 2,350 1*673,350 Quality Printing is as essential to your business as well-tailored clothes are to the successful salesman. Attractive letterheads, bill heads, cards, envelopes, labels, etc., are silent but powerful salesman. Why not let them carry your message in the most effective way? The McCullough Imprint ensures quality printing and all that it implies. McCullough service means expert supervision and the intelligent hand ling of your printing problems. Whatever your printing needs may be, you are assured the utmost satisfaction when McCullough does the job. May we serve you? McCullough printing co. Division of Philippine Education Co., Inc. 101 ESCOLTA Phone 21801 MANILA, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE MANILA HOTEL MAY SUGAR REVIEW By Geo. H. Fairchild Provides every Western convenience combined with every Oriental luxury Designed and constructed to secure coolness, sanitation and comfort under tropic climatic conditions LEADING HOTEL IN THE ORIENT EMPRESS FROM THE ORIENT EMPRESS of JAPAN EMPRESS of CANADA EMPRESS of ASIA EMPRESS of RUSSIA Sailings Every Two Weeks From MANILA To Honolulu-Victoria-Vancouver Via IHongkong - Shanghai - Kobe • Yokohama Finest Dance Orchestra in the Far East HUBERT C. ANDERSON NEW REDUCED SUMMER ROUND TRIP FARES COAST and HONOLULU to the PACIFIC “Empress of Japan” “Empress of Canada” “Empress of Russia” “Empress of Asia” HONOLULU PACIFIC COAST First $462 Tourist $276 First $370 Tourist $224 $456 $276 $365 $224 $432 $240 _ _ $432 $240 — — Tickets on sale commencing with the “Empress of Japan” sailing June 12th until the “Empress of Russia” sailing July 22nd. Return tickets good until September 30th, 1933. CANADIAN PACIFIC WORLD’S GREATEST TRAVEL SYSTEM. New York Market: The advance in sugar lues on the 29th of the evious month as the <ult of heavy buying • speculators was main tained up to the first week of the month under reiew. Although there was pause in the market at the opening of the month, the upward trend of the mar ket continued as the week advanced, small sales of present-shipment Cubas having been made at 1.40 cents c. and f., while May-June shipment Philippines was sold at 3.38 cents, as compared with the price of 3.33 cents obtained for P. I. sugar in the same position on April 29th. Owing to buyers' retiring from the market, however, the week closed weak with sellers but no buyers at 3.35 cents. The market was inactive during the second week due in part to the eli mination of sugar from the Farm Bill and the rescinding of the refined ad vance announcement from 4.50 cents to 4.60 cents. Quotations on the Exchange sagged in the middle of the second week 9 to 10 points from the opening quotations of the month, but these picked up again somewhat on the 13th owing to favorable news from Washington regarding inflation. Prices for actual sugars likewise suffered a reduction, Puerto Ricos having been sold 3.30 cents as compared with a price of 3.35 cents obtained the previous week. Uncertainties as to the out come of such important Administra tion projects as inflation, tariff and allotment resulted in depressing the market. It was announced that the quantity of 700,000 tons to be with held from the market by Cuba until July 1st, or until the establishment of a price of 1.50 cents c. and f. had been changed. It was later ascertained that the change consisted in 350,000 tons of this sugar now being withheld until January 1st or until the market reached 2.00 cents c. and f. price. During the third week, the market remained very quiet with a downward tendency, present shipment Puerto Ricos having been sold at 3.27 cents on the 18th, although at the end of the week May shipment Philippines was sold at 3.30 cents with option to dis charge at New Orleans. Quotations on the Exchange remained at the levels of a week previously. During the last week, the market for actual sugars continued to be very quiet, with prices on the downward trend. Small sales of June shipment Puerto Ricos to Gulf refiners were made at the previous low level of 3.27 cents. Quotations for futures, however, advanced from 9 to 12 points (luring the week as a result^ of the heavy buying by speculators influenced bv the Introductory Bill cancelling gold clause in all contracts. During the week, V. K. buyers purchased 70,000 tons June-July shipment Cubas at the equivalent of 0.82 cents to 0.88 cents f. o. b. as compared with the base price of 1.32 cents obtained by Cuba in the Xew York market, indicating an excess of about 47 points of the Xew York market over the parity of the world market. During the last 2 trading days of the month, quotations on the Exchange advanced 3 to 5 points and from 8 to 13 points over those at the opening IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 33 of the month. On the 31st a sale of JuneJuly shipment Philippines was made at 3.46 cents, while Cubas in the same position was sold to operators at 1.48 cents. Cuban sugar commanded a premium over duty-free sugar during the month due to the possibility of in creased preferential for Cuban sugar or reduction in the import duty on Cuban quota for American market and “the demand for Cubas to tender against Exchange sales, for which duty-free sugar is not accepted." Futures: Quotations for future deliveries on crop year, from November 1, 1932, to May, 1933, tire as follows : Long Tons Centrifugals......................................... 895,205 Refined................................................ 39,956 Total to date..................................... 935,161 As it is estimated that approximately 75,000 tons is consumed locally, of the exportable surplus of 1,065,000 tons, approximately 935,161 tons has been exported to the United States, leaving a balance of about 129,839 tons for shipment during June-October. the Exchange fluctuated a Julv.................................... is follows: Iliqh L .. 1.50 ,ow Latest 1.33 1.50 Septerflber......................... . 1.54 1.37 1.54 December........................... . 1.61 1.42 1.61 January ............................ . 1.64 1.43 1 64 March................................ . 1.69 1.48 1.69 May (1934)... ..........,. . . . 1.75 1.52 1.75 Stocks: Stocks in the U.K., U.S., Cuba, Java and European statistical countries as reported June 1st were 8,147,000 tons, compared with 8,044,0(M) tons last year and 8,233,000 tons in 1931. Philippine Soles: Sales and resales of P. I. centrifugal sugar were reported in New York during the month as follows: Long Tons Cents per lb. Prom To Sales................................. 40,500 3.30 3.46 Resales............................. 10,000 3 30 3.45 Local Market: Since very little present crop sugar remains unsold, holders were un willing to sell at current prices, hoping for an advance to 1*8.00, although buyers’ prices increased during the first week from P7.40 to 1*7.70. During the second week, the market was practically at a standstill, exporters reducing quotations to P7.60. In the following week, the market continued inactive in sympathy with the New York market, although exporting houses’ quotations again went up to 1*7.70. Chinese buyers paid as high as 1*8.25 per picul for highcolored centrifugals for local consumption. The last week saw no new feature in the local market , holders waiting for a rise in prices to 1*8.00 per picul. Crop Prospects: With the advent of the hot season, locusts have again appeared in the various sugar districts, particularly Negros and Cebu, the swarms having come from the endemic areas in Mindanao and Bohol. Efforts are being exerted by the government in controlling the locust in vasion into cultivated districts, while precautions are being taken by Centrals and planters in fighting the pest in their respective districts. Of the 44 Centrals, 28 have already finished grinding, the production of which is tabulated below: Hacolod-Murcia Million Co. ..' Binalbagan Estate, Inc........ Central Bearin......................... Central Leonor......................... Central Palma......................... Central San Isidro.................. Hawaiian-Philippine Co........ ’ bola Sonar Co., Im-.......... .... Cariota Sugar Central... Ma-ao Sugar Central Co.. .. San Carlos Milling Co ........ Talisay-Silay Milling Co . . .. Calamba .Sugar Estate.......... Central Azucarera de CalaCentral Azucarera de Tarlac . Central Azucarera Don I’cdro. Central Luzon Milling Co... Hind Sugar Company............ Luzon Sugar Company.......... Mount Aravat Sugar Co. ... Pampanga Sugar Development Pagapanga Sugar Milla.......... Philipljiue Sugar Estates Development Co................. Asturias Sugar Central, Inc. . Central Sara-Ajuy.................. Pilar Sugar Central................ Philippine Milling Co............ Cebu Sugar Company........... Total ................................ ~ Philippine Exports: Export statistics for the month of May, 1933, as reported to us from private sources are as follows: 1. g' 7. ... 8. is, 9. It 24. 25. 26. 27. 28. l.( Long Tons Centrifugals......................................... 180,869 Refined................................................ 5,006 Total for month................................ 185,875 Exports of these two grades of sugar from the Islands for the first seven months of the current CHARTERED BANK OF inadJad’ chuintar ali a Capital and Reserve Fund..........................................£6,000,000 Reserve Liability of Proprietors............................... 3,000,000 MANILA BRANCH ESTABLISHED 1872 SUB-BRANCHES AT CEBU, ILOILO AND ZAMBOANGA Every description of banking business transacted. Branches in every important town throughout India, China, Japan, Java, Straits Settlements, Federated Malay States. French Indo-China, Siam, and Borneo; also in New York. Head Office: 38 Bishopsgate, London, E. C. C. E. STEWART. Manager, Manila. Luzon Brokerage Company, Inc. Derham Building P. O. Box 591 Port Area Tel. 2-24-21 Manila, Philippines ▼ Licensed Customs Brokers Foreign Freight Forwarders Warehousemen Heavy Trucking Contractors IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1933 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 RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The volume of commodities received in Manila during the month of May, 1933, via the Manila Railroad are as follows: Rice, cavans.................................. 138,105 Sugar, piculs................................. 523,396 Copra, piculs................................. 162,625 Desiccated Coconuts in cases. . . . 14,270 Tobacco, bales............................... 12,269 Lumber and Timber, Bd. Ft. . . . 137,700 The freight revenue car loading statistics for five weeks ending April 29, 1933, as compared with the same period for the year 1932 are given below: FREIGHT REVENUE CAR LOADING COMMODITIES NUMBER OF FREIGHT CARS FREIGHT TONNAGE INCREASE OR DECREASE 1933 1933 1932 Cars Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE & GRILK Phone 2-16-61 Port Area Rice................................. Palay............................... Sugar............................... Sugar Cane.................... Coprax............................ Coconuts......................... Molasses......................... Hemp.............................. Tobacco.......................... Livestock........................ ■ Mineral Products.......... Lumber and Timber. .. Other Forest Products. . Manufactures................. All others including LCL 785 109 1,388 1,783 698 140 156 4 2 35 372 315 7 146 3,226 25 22 549 (1,598) 156 (108) 31 (15) (3) (1) (45) (32) (7) (75) (472) Tonnage (10,633) Total 10,739 SUMMARY (1,573) Week ending April 1, 1933.............. 3,051 3,048 49,956 45,777 3 4,179 Week ending April 8, 1 1933............ 1,978 2,884 29,085 41,648 (906) (12,563) Week ending April 15, 1933.. 1,235 2,066 16,327 26,978 (831) (10,651) Week ending April 22, 1933.. 1,359 1,403 18,055 15,539 (44) 2,516 Week ending April 29, 1933............ 1,543 1,338 19,106 13,220 205 5,886 Total..................... 9,166 10,739 132,529 143,162 (1,573) (10,633) Note:—Figures in parenthesis indicate decrease. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL jUP' Ttt&iA&ERICAN CHAMBER OF COMMERCE JOURNAL 35 Commodities Coconut Oil.......................................... Cigar (Number)................................... Embroidery........................................... Maguey.................................................. Leaf Tobacco....................................... Desiccated and Shredded Coconuts. Hats (Number)................................... Lumber (Cubic Meters).................... Copra M«al.......................................... Cordage.................................................. Knotted Hemp.................................... Pearl Buttons (Gross)....................... Canton (low grade cordage fibre).. . All Other Products............................. Total Domestic Products... United States Products......... Foreign Countries Products. Grand Total. Articles 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 1 Chinaware..................... I Automobile Accessories.. !' Diamond and Other Pre■ cious Stones Unset.. .. Wood, Reed, Bamboo, and Rattan.................... India Rubber Goods.. .. Soaps................................... Matches............................. .Cattle. ............................ ExpJosives.Tr. .~ '"Cement............................... Sugar and SSalasses........ Motion Picture Films. .. Other imports................... PRINCIPAL EXPORTS April, 1932 Monthly average for 12 months previous to April, 1933 Quantity Value % Quantity Value % Quantity Value % 78 2 2 5 0 0 0 0 0 0 0 0 0 0 0 3 P25.451.483 99 83,461 0 7,405 7 3 134,712 24,676 63 62 P25.542.349 100.0 2 2 0 6 0 0 0 0 0 0 0 1 7 5 5 3 3 3 0 2 6 0 3 2 0 0 0 0 0 0 2 7 2 3 1 9 2 7 1 P17.913.465 100.0 P15,618,831 100.0 Notx:—All quantities are in kilos except where otherwise indicated. PRINCIPAL IMPORTS CARRYING TRADE April, 1933 April, 1932 Monthly average for 12 months previous to April. 1933 IMPORTS Value 257,098 173,329 367,116 54,921 93,715 150.273 269,777 24,798 186,754 168,407 81,106 57,052 127,048 70,089 61,720 96,787 96,795 % 6 0 3 8 5 1 3 1 3 9 2 5 6 1 0 8 5 3 1 2 0 1 2 0 0 1 2 0 1 3 0 0 7 6 0 1 0 0 0 8 0 0 6 5 0 0 7 7 0 0 0 0 0 3 1 3 11 3 6 Value 375,645 1,071,240 453,989 86,440 185,223 107,027 144,889 36,997 82,802 89,708 113,896 30,277 84,939 67,074 99,463 56,114 % 12 6 0 P 11 0 8 2 2 2 1 8 2 4 7 2 0 9 7 7 2 2 2 0 0 0 7 0 1 2 0 0 7 9 0 0 2 0 0 5 7 0 0 5 7 0 2 0 0 0 0 5 4 6 0 3 0 0 7 Value 325,372 186,979 242,469 273,719 142,471 93,179 83,951 113,760 95,678 116,548 39,577 80,704 80.554 100,769 21,795 % 13 7 2 6 0 3 9 1 5 3 2 8 6 4 3 2 6 1 9 2 2 3 2 8 9 5 1 0 0 0 0 0 7 9 0 3 6 0 0 0 0 0 0 0 0 0 17 Total. TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES April, 1933 Monthly average for April, 1932 12 months previous Ports , to April. 1933 Value % Value % Value % 0 0 Manila........ Iloilo.......... Cebu.......... 1 Zamboanga. Jolo............. 68 18 11 0 1 0 2 Nationality of Vessels April, 1933 Value % Value Monthly average for 12 months previous to April, 1933 American. . British........ Japanese... Dutch........ German.. .. Norwegian. Philippines. Spanish.. .. Chinese.. .. Swedish.. .. Danish........ Portuguese. Panaman . . Belgian.. :. P 3,490,600 a oon 4,928,835 904,996 723,959 678,912 1,633,455 21,694 8,733 55 28,375 % P Value % By Freight. By Mail. .. Total. Nationality of Vessels American. . British........ Japanese... German.. .. Norwegian. Spanish.. .. Philippines. Chinese.. .. Swedish.. .. Danish........ Panaman .. 5.4 5.1 12.4 0^2 0.2 EXPORTS April, 1933 Value 760,730 74,856 485,780 445.588 % i6:. 3.0 0 0 2 1 3 3 1.0 6.5 5.7 5.6 7.6 C.4 2.9 1.6 , Monthly average for April, 1932 12 months previous to April, 1933 Value 65,489 79,104 1,150,216 537,052 % 0.3 0.' 6.4 3.0 0.5 3:9 1.4 1 5 2 7 7 6 By Freight................... By Mail....................... .. P25.420.768 99.6 P17.619.302 98.4 P15.454.474 99.0 121,581 0.4 294,163 1.6 164,357 1.0 Total..................... .. P25.542.349 100.0 P17,913,465 100.0 P15.618.831 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Countries April, 1933 April, 1932 Monthly average for 12 months previous to April, 1933 Value % Value % Value % United States................. United Kingdom............ Japan................................ China................................ French East Indies.. .. Germany........................... Australia........................... British East Indies.... Dutch East Indies......... France............................... Netherlands..................... Italy. ............................... HongkonE........................ Belgium............................ Switzerland...................... Japanese-China............... Denmark.......................... Other Countries............ P31.523.342 856,035 1,807,976 1,013.401 85,484 547,252 341,063 175,480 426,885 299,618 519,539 101,738 55,095 48,523 162,910 131,315 11,299 21,994 59,481 71,974 19.264 7,610 16,416 153,675 0.2 0.2 0.4 78 1 6 0 3 2 8 8 5 0 1 4 3 2 0 0 77 2 5 6 1 0 2 2 5 4 7 0 9 0 2 5 0 0 0 0.2 Total. Total. P38,437,369 100.0 P33.210.303 100.0 P28.076.896 100.0 36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL June, 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 reports made on Philippine projects ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric projects OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON CO. Cebu, P. I. Cable Address: "YPIL,” Cebu. Manila Wine Merchants LIMITED 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. fr ft ft * 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. Agricultural Machinery MADRIGAL & CO. 8 Muelle del Banco Nacional Manila, P. I. Coal Contractors and Coconut Oil Manufacturers MILL LOCATED AT CEBU P. O. Box 1394 Telephone 2J070 J. A. STIVER Attorney-At-Law-Notary Public Certified Public Accountant Administration of Eetatee Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. “LA URBANA” (Sociedad Mutua de Construcci6n y Pri.tamos) Prestamos Hipotecarios InvGrsiones de Capital Paterno Building, Calle Helioa 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 Four Merchants’ Opinions When you place your advertising in the MANILA DAILY BULLETIN you are making a direct appeal to the buying power of Manila META ARSENITE Stop ANAY With OF WOOD PREVENTS DESTRUCTION FROM ATTACK BY ROT, TERMITES, WHITE ANTS OR ANAY, INTERNATIONAL ZMA prevents : titrofhzVMAO?sn ZMA does AND BOK-BOK Is. reSLSs.sH ATLANTIC GULF & PACIFIC COMPANY OF MANILA 71-77 Muelle de la Industria Sole Licensee Philippine Islands Manila, P. I. ANNOUNCING To the Public in general and the Motorists in particular, THE APPOINTMENT OF L. A. Cooper Sole Distributor in the Philippines The New Home of Sei her ling Tires Opposite Osaka Bazar of the famous New Shipment Just Received! You will find the Seiberling Most Economical/ Invitation is cordially extended to all Seiberling users, and motorists in general, to visit our premises where we shall always be glad to prove to them that the high quality of SEIBERLING merits their confidence and patronage. L. A. Cooper Sole Distributor in the Philippines P. O. BOX 2323 335 Echague — MANILA — Tel. 2-38-30 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL