The American Chamber of Commerce Journal

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Part of The American Chamber of Commerce Journal

Title: The American Chamber of Commerce Journal
Issue Date: Volume XIV (Issue No. 1) January 1934
Year: 1934
Language: English
Rights
extracted text: Mendiola Bridge Would Relieve Downtown Traffic J Practiced Study To the Chase National Bank of New York Matter (or ''The Index" For Suitable Home Architecture Adaptation of Native Materials Gold Mining Situation as Year Opens Field for Operating Companies Year-End Merchandising Pick-Up Industrial Recovery: A Forecast Editorial: An Economically New America Other Features and the Usual Expert Reviews of Commerce Careful Selection; Proper Ageing These are the two most important factors in producing such cigars as are offered by TABACALERA. Ample resources are ne cessary for this .... and we have them. We protect your “smoking investments.’’ TABACALERA A GOOD CIGAR FOR EVERY TASTE ORIGINATORS OF HIGH GRADE I’ 11 I L I P P I X E TOBAC'CO PRODUCTS 1934 Models for Economy GAS Ranges have kept up with the econ omy procession. The “1934 Models’’ more than emphasize this important fact. Improved burners save gas; insulated, ventilated ovens save gas; automatic oven heat control saves gas; and these savings make it an investment to replace the old one with a 1934 model. Many other features help to make these modem GAS ranges the finest cooking de vices ever offered the public. Come in and see them; inspect all the most modern con veniences which they offer for better cooking in your home. Manila Gas Corporation Display Room • Regina Building IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 THE SENSATIONAL NEW 1934 STUDEBAKER 1 Here are strikingly new and different cars with all the remarkable automatic features that made Studebaker famed as the world’s first car which all but drives itself. And new conveniences have been added to these uncanny “mechanical brains,’’ .which eliminate most of the physical effort and mental strain of driving. For instance—a new and exclusive system of ventilation control that ensures draught-free comj fort in temperate climates for every occupant 1 even when the windscreen is raised, and open car comfort in the hottest weather. And new type headlamps for safer night driving in which the light beams are adjustable to three levels, and at any one of the three levels may be deflected to the side of the road by a touch of the foot control. In action, they have every quality desired by motoring enthusiasts. Aluminum cylinder heads and pistons on all models make possible speedway performance on ordinary grades of fuel. Free wheeling with synchronized shifting adds im measurably to the pleasure of driving. They are marvelously roomy, richly uphol stered cars. Inside, wherever you turn, you find innumerable unexpected conveniences for personal comfort. No cars in all of Studebaker’s long history have been built of finer materials or with more painstaking care. Yet they are offered at the lowest prices for which Studebakers have ever sold. The startling new Studebakers of 1934 are available on three chassis—a new Dictator, the world’s utmost in a Six—a new Commander Eight —and a new President Eight. NEW LOW PRICES Manila Motor Co., Inc. 937 Ongpin — Tel. 2-22-95 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 /or BEST RESULTS try Street-Car Advertising are greatly appreciated as Christmas gifts Street-car advertising has become Universally recognized as an adver tising 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 thou sands who daily use this means of transportation. Advertising on the outside of the cars is seen by the throngs of shoppers on the sidewalks and plazas, as well as the thousands of riders in auto mobiles and other vehicles. Street-car advertising costs very little per thousand circulation— much less than most other forms of advertising. For Rates and Particulars—Call Up A. B. TIGH Advertising Manager Manila Electric Company ! Spencer Kellogg & Sons | (PHILIPPINES), INCORPORATED | MANILA, P. I. j Manufacturers of ! COCONUT OIL COPRA CAKE COPRA MEAL BUYERS OF COPRA AT ALL TIMES 134 San Marcelino Factory: Pandacan, Manila P. O. Box 2383 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL „MERICAN~~^ CHAMBER° OMMERCE ® .......... January, 1934 For a Suitable Style of Home in the Philippines “Thinking is easy. Action is difficult. To act in accordance with one's thought is the most difficult thing in the world."—Goethe. Given the depressed condition of the building-materials market and the low current values of real estate, it is obvious that now is an opportune time for the building of homes. Let us, then, take time out to think of what a home in the Philippines should be like. It is obvious that it should not much resemble what most homes already built in the islands are like: if they are comfortable, they are not prepossessing— a home architecturally successful should be both comfortable and of inviting outward appearance. No one has quite struck on just how a home in this country should be built. Those homes will be most successful in catching the ob server’s eye that best utilize native materials. Let that stand as an axiom. If you build where stone is, use stone. Our gray stone, the tuff that abounds in (he hills of our suburbs, goes well with brick. Be sides hardwoods of rich grain and col or, the home builder at Ma nila may buy very cheaply, tuff, which the purveyor will know as guci'lalupe, brick of the best quality, rub ble in many se lected sizes, and cement for mortar and concrete. The failure of our home architecture is not due, then, to dearth of varied material; it is due to the little thought we give the subject. The first failure is with the roof. The rich man has no excuse here, the poorer man is more to be pardoned. Whoever may be at fault, rich mah or poor man, the fact remains that an iron bonnet is not a prepossessing roof; it is incongruous with the materials of the house itself and can never be otherwise. Our houses arc never more than 2 stories high; of even the few that rise to 3 stories, the eye’s first glance is at the roof. There it is, iron, flimsy, thin, artificed iron, baldly glaring in the sun or baking beneath paint. Never mind the rest of the house, the roof ruins the whole effect and there’s nothing to be done about it. No house with an obvious iron roof can ever achieve the dignity of a home, so far as its exterior is concerned; the most to be hoped of it is that it will be inn like, seemingly a sheltered place to house oneself, not a place really to live in and call by the sacred name of home. One of Manila's newest and better residences, the Mapua residence illustrates many points made in the accompanying article; though of course the article was written with residences of moderate cost only in mind, the points made are quite as applicable to richer homes. When you build, you ought of course to submit your hopes to an architect. If you want an iron roof on your house, have it; there are practical reasons for it, it is light and in expensive; but make your architect conceal it—the only way you can make it harmonize with the house itself is to keep it out of sight from the street. Visible iron roofs are bad enough in any climate, in the tropics they are positively insufferable. The wealthy who can afford it should eschew iron and build roofs of tile, a material with which any architect can do wonders—which indeed no architect however inept can destroy the pleasing effect of. Tile your roof and you are perfectly safe, you are past the first hurdle in the strife for a beautiful home. A cardinal rule of successful home architecture is that the house accommo date itself to the comfort of the fam ily, in contrast to the family’s being compelled to ac commodate itself to the shortcom ings of the house. This doesn’t mean the house must be large, it may be small: but what ever there is of it should be adapted to comfort rather than mere appear ance— it is the quality of being comfortable that makes a home liv able. The thatch hut built by the Philippine cottager is, for its size, a model of comfort: its bamboo-strip floor is cool for the sleeping mat, and easily kept clean; its sharp-pitched roof forbids the sun. The typical 2-room log hut of the patriarchal families of the Blue Ridge region of America is similarly a successful type of home, not because of the 2 little rooms but because of the cool open dogtrot between them, where comfort in hickory-bottomed chairs is to be had. There the grandmother sits to knit, there the children play, thence the patriarch casts a wistful eye toward the still, listens for his son’s familiar footfall on the path; and there the cool water and gourd dipper are. At the window of the Philippine cottage, water in an earthen jar evaporates to coolness. Trust unspoiled taste everywhere to ascertain (Please turn to page 12) 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Gold Mining Situation at the Outset of 1934 Projects need the implementation of competent management under unassailable one-man control The mining share market in the Philippines has undergone material deflation, but new proj ects organizing find little hardship in raising capital. This is much as it should be. Pros pects deserve capital for their thorough explora tion, while stocks are a speculation until the mines behind them arc developed and regular dividends, warranted by the present and pro spective richness of the mines, are being paid. It is probably a delusion, even, to believe that • every mine of proved richness will pay share holders well. This because successful mining is an exacting business tiisk over which good management must have unquestioned control. Such a contract made Balatoc the world's prize dividend-yielding gold mine; such a con tract is starting a 150-ton mill at Ipo February 15, thus developing gold lands within 30 miles of Manila; and such a contract may redeem other projects from troubled desuetude. With 40 gold companies listed in November, and many more in the field now, it would seem that opport unities for 0]>erating companies should abound. But no one should toy with • such a company's offers unless its manage ment rested unassailably in a single man; and it would be far less essential to know this man was competent than to know that he was honest, with no personal concern in how your shares might rise or fall on the market while he gave himself to the task of mining your gold. There is now no doubt that’these islands can raise all needed capital for preempting and prospecting gold oroperties, if not for all needs of mining. Nevertheless, the industry stands in need of more adequate implementation. The implementation needed is competent, unassailable management: such management as operating companies could provide. .All other adjuncts to the industry abound, and some, such as shops in which to trade shares, perhaps abound too plentifully. However, the heyday of blind speculation seems to have passed; reference to the share prices as of December 29 shows a moderated interest among speculators at the close of the year. But for every new exploration, purses still open readily; on the whole the industry is in a healthy state. One of the better companies (with first rate mineral prospects, but without a mill) recently had this experience: The manager urged a certain policy, his shareholders voted it down and ordered a policy to be followed directly op posed to it. So there the manager is, unless he can right himself—ordered to carry out a policy his judgment doesn't approve. Such situations may cause many of the companies to come awful croppers, and it will be the misbelieving share holders that take the fall. Naturally, there must be a deal of learning from experience, the one way in which man seems able to learn anything. There will be good mines that should yield dividends but won’t— mines where the management is bothered by quibbling shareholders or meddling directors, Experience with such mines will be costly and effective; and it is therefore a reasonable expecta tion that more than one stock now far above par (on the volume and value of ore found) will slump more than once before reaching the regular, dependable dividend status of a really prime stock. Unassailable management is vital, This can't be impressed too firmly. Secondly, successful mining is a business art. This too can't be impressed too firmly. PHILIPPINE GOLI) STOCKS December 20, 1033 Ambassador.... Antamok.. .. At ok.............. Atok Central. . Baguio Gold............. Balatoc................... Benguet Consolidate Benguet Gord0.™'^1 Big Wedge.. . Fortuna." . .' . . Gold Coin.......... Gold Creek... Gold River......... Gold Wave....... Golden Eagle. Ipo........... Itogon....................... Midns Gold............. Mindoro........ Mountain Gold.. Madavmon. Padenl........................ Placer Mine... Sh"v)in’.\ Southern Cross.. . . States Group............ Suyoc Consolidated. Suyoc Mines___ Universal Exploratio Virac Exploration. Zamboanga.............. United I’aracalc.. .Selle >7 !1 1 3 For the effective implementation of manage ment, it is possible that the voting trust might be used. Groups of shareholders might form such trusts, which in turn could put through airtight contracts with operating companies. For anxious shareholders the device of the voting trust is worth looking into. In every company it should be possible to vote a controlling number of shares as a block: this is what is meant by unassailable management, and the voting trust used to procure it in other corporations could also procure it in mining. Another odd thing heard of, affecting the share market, is the exploitation of names. Men who have built up names for themselves in the mining industry associate themselves with new enter prises. This is good, it will surely benefit the industry. It is better than good if the expe rienced men so employed are given carte blanche and have the business ability to discharge their responsibilities well. But it would be best to let these men be known by their works in the good old biblical fashion. Instead of this, their names are often touted in the market; and this advertising, at a period prior to actual production at the mines, boosts the stock—just as if that might the real purpose of it. In all cases where claims made on the names of these men arc not fulfilled by the event, their professional repute will suffer. Another constant factor in the share market ought to have the effect of inclining the public to subscribe for stocks of development and ex ploration companies as a more conservative speculation than shares actively traded in, shares of companies that have not, or have hardly, reached a definite producing status, 'l'his factor is the inside information about the real facts behind stock flurries, information only obtained by men who follow the market closely; who obtain it ahead of the public, and purchase or sell all the time in zones of safety. Thus when there was a favorable turn in the fortune of a company in the development stage, in the first week of January, men following the market closely knew and took advantage of this before the general public could possibly do so. What seems badly needed in the daily press is a mining gossip column where tips on actualities could be published hot. Such a column ought to balk many unloading schemes, and at the same time keep the public more nearly in step with the market. It is mining that needs encouragement here, the backing of projects with subscriptions to their capital, while the share-traders can well paddle their own canoes. There are now a great many people in the Philippines who own mining shares they have bought more as invest ments than to gamble with. If this comment assists them in any way in protecting their interests it will serve its purpose. Of course, when a man can, he ought to ascertain what may be behind a stock he is inclined to buy. Sometimes he can't, sometimes he can. If, for instance, any reader will turn back to our own description of the mineralized zone of the Philip pines, he will find that it excludes definite dis tricts ivhere gold projects have been floated, where others are contemplated. It was based on the best scientific information obtainable; if you followed it, you could hardly lose much by omitting to back projects in other places in the islands, since even if these places do turn up some recoverable gold they can hardly turn up much of it. More specifically, the mineralized zone is definitely traceable; deposits far outside of it arc accidental. Old miners also go much on whether a mining field was anciently worked or is still being go phered, and whether there were ancient or recent placers; for modern mining is mainly the going over of old workings with better tools, going deeper and milling cleaner. If canny miners prefer projects covering old workings, green horns should prefer them exclusively. So at the outset of 1934 there are at least a few guide posts in Philippine gold mining. As they increase, money is bound to flow more freely into the industry. January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 5 Mendiola Bridge Would Relieve Downtown Traffic 40? Crux of problem is the unimproved condition of Pandacan, whence heavy traffic emerges from warehouses and industrial plants By Frank Lewis Minton It is axiomatic that the best way to relieve traffic congestion on a bridge is to build another bridge. Nowhere is the truth of this statement brought home more forcibly than in Manila, where one recalcitrant carromata pony, or one unhurried carabao, may hold up a line of traffic, however long, on any bridge or at any street intersection. On February 16, 1931, the Bureau of Public Works announced the early construction of a steel bridge across the Pasig river at Mendiola street. According to the Manila Daily Bulletin, Feb. 17, 1931, Mayor Tomds Earnshaw advised J. Cookingham, then acting Direc tor of Pub lic Works, that the necessary funds would be made available from the 1*2,000,000 bond issue, which was a part of the P10,000,000 bonded in debtedness authorized for the city of Manila. The pro posed struc ture was to be a steel bridge, 420 feet long, exclusive of approaches, composed’of three ‘spans each 140feet in length. There would have been two road ways, each 20 feet ed streets, the neglect ed and even dangerous condition of tr/givingli , -J II How the Mendiola Bridge Would Rout Heavy Traffic from the Pandacan Industrial District Around the Dov bridge a l Calle Azcarraga acity ofM clear, the I capacity __ four lanes of traffic, with a six-foot sidewalk al either side. The estimated cost of the bridge was 1*700,000, exclusive of approaches ajid street development. It was pointed out by officials, and others, that—conser vatively speaking—60% <>f the heavy freight traffic, or 35% of all business traffic, would be diverted from the Jones, Sta. Cruz and Ayala bridges to calle Azcarraga via the Mendiola street bridge when the project was completed; that the dis tance to downtown points and roadheads leading to Pampanga, Tarlac, Pangasinan and the Ilocos country would be considerably decreased, thus benefiting the industrial plants at Pandacan, and their many customers and consumers who, having their own trucks or other means of transportation, take delivery of goods, bring copra or other produce to sell, and transact other business in the Pandacan district. Again the point was stressed that the best way to relieve traffic congestion is to build another bridge, and to build it at a point where heavy traffic would certainly and permanent ly be diverted from the other bridges, and also from certain residential and downtown streets. It was shown that the completion of the Mendiola project and the considerable widening of callejon Jesus would greatly reduce traffic on the narrow and dangerous calle Zamora. To the considerable disappointment of Pandacan residents, and to concerns having warehouses or plants in the Panda can district, and to their many cus tomers and consumers, the Men diola street plans seem to have been indefinitely shelved. These peo ple point out the need of short and adequate routes for heavy freight traf fic, the ex pense to them and their custom ers occasion ed by being forced to tra verse long and circuito u s and vercrowd District and Along streets in Pandacan and vicinity, contrasted with their commercial and industrial import ance, and heavy tax burdens. All correspondence concerning (he Mendiola street project in the Bureau of Public Works was destroyed in the recent Intramuros fire, but according to such information as has yet been made available, for publication, the plan was dropped in the interests of economy. A few days after the Mendiola plans were made public another huge project was announced— the great vehicle, tramway and railway bridge over the lower Pasig—connecting Bonifacio drive with calle del Pan. This project was obviously too ambitious at the time. It would have cost over 1*3,000,000 exclusive of street development and the cost of land for the approaches; and it would have forced the Manila railroad to invest considerable sums in rail ex tensions at an inopportune time. The relative merits of the 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 lower Pasig and the Mendiola projects were discussed, some what desultorily, for a few weeks. Then the subject was dropped. The newest project for the relief of traffic congestion is the Ayala Bridge Addition. It is proposed to build another bridge contiguous to the present Ayala structure, with a capacity of three lanes of traffic and 12-foot sidewalk. It is understood that the supports of the proposed structure would be of sufficient size and strength to permit of doubling the width of the new bridge when, and if, necessary. Two esti mates have been prepared: one for a steel bridge to cost P450,000, and one for a concrete structure to cost 1*600,000. It is obvious that neither estimate includes the cost of land for approaches, nor the development of calle Pascual Casal. In order to demonstrate the need of new arteries of traffic, leading directly to Provincial roadheads and downtown dis tricts, rather than the development of circuitous and already overcrowded routes traversing congested districts, the writer has obtained figures which give some idea of the immense and rapidly increasing tonnage of Pandacan freight traffic, the’diversion of which would relieve congestion and make for greater safety of passenger traffic on residential streets, and in the*crowded downtown districts. It is, of cour se, impossible to state exactly the tonnage of street traffic between Pan dacan and Ma nila, but by consistent un derstatement of figures, se cured from the various reliable sources, it is at least possible to arrive at the absolute minimum estimate of such traffic; so the reader may be sure . that the following estimate is less than the actual tonnage. First let us glance at the tables, taken from the reports of the Insular Collector of Customs, covering a period of ten years: A Bulletin Cut Proposed Mendiola Street Bridge: An Urgent Project Already 4 Years Old—while demand grows. Mineral Oil Imports 11,937 1923 . .4,548 1924 . .8,410 1925 . 15,035 1926 . 4,042 1927 . 13,613 1928 . '3,185 1929 . ■6,086 1930 . 13,969 1931 . 0,751 1932 . Fl,676 Total, 1923 ............................... 19,633,063 1924 ............................... 38,878,404 1925 ............................... 48,315,908 1926 ............................... 55,221,007 1927 ............................... 53,860,209 1928 ............................... 86,803,351 1929 ............................... 97,308,532 1930 ............................... 93,382,805 1931 ............................... 145,250,834 1932 ............................... 120,611,582 Total ............................. 759,321,355 Asphaltum, Kilos 1923 ............................... 1,867,608 1924 ................................... 2,421,332 1925 ............................... 1,770,149 1926 ............................... 2,155,005 1927 ............................... 1,289,966 1928 ............................... 3,525,445 1929 ............................... 4,095,278 1930 ............................... 7,397,114 1931 ............................... 7,003,425 1932 ............................... 8,211,087 Total.............................. 39,777,409 Total liters................... 3,887,574,882 Total kilos................... 51,015,548 1923 ............................... 7,194,278 1924 ............................... 10,300,961 1925 ............................... 9,057,243 1920 ............................... 11,025,431 1927 ............................... 9,140,137 1928 ............................... 15,051,711 1929 ............................... 11,533,870 1930 ............................... 14,497,075 1931 ............................... 12,544,842 1932 ............................... 17,060,949 Total............................. 118,012,503 Residuum-. Tar, etc.. Kilos 1923 ............................... 367,840 1924 ............................... 1,549,461 1925 ............................... 1,783,843 1926 ............................... 927,082 1927 ............................... 853,173 1928 ............................... 1,136,607 1929 ............................... 1,174,585 1930 ............................... 925,591 1931 ............................... 2,204,385 1932 .............................. 525,G90 Total............................. , 11,238,317 A liter of gnsoline weighs slightly less than a kilo. For this reason the imports of Napthas, other than Motor Spirits, which amount to about 100,000 liters annually, has been left out of the above tables, and the rough total is taken as 4 billion kilos of petroleum products during the 10 years from 1923 to 1932 inclusive. Analyzing the foregoing figures we find that, allowing for the lighter distillates of gasoline, not listed herein, over 4 billion kilos of petroleum and its by-products have been del ivered in the Philippines during the past decade. Approx imately 2 billion kilos of this amount has been received in Manila. Of the Manila consignments, a half, or a billion kilos have been delivered by truck or lighter carriers, the other half by rail and river. Considerably over 90% of the Islands’ business in petroleum products is handled by the 6 great companies having their storage tanks in Pandacan. This means that over 900,000 tons of petroleum products, alone, have passed through tiny callejon Jesus, and along the narrow and dangerous calle Zamora during the past ten years—an average of 90,000 tons per year. It is estimated that Spencer Kellogg & Sons, and other plants operating in Pandacan add between 20% and 30% to the huge volume of traffic passing over these narrow streets. Thus, adding 18,000 tons to the 90,000 tons of petroleum products, we find that at least 108,000 tons of miscellaneous freight pass through callejon Jesus and calle Zamora each year. Nine thousand net tons of freight per month. But do these figures actually cover the present freight traffic? Let us glance again at the table of imports. In 1932 the imports of motor spirits amounted to 120,611,592 li ters, as against 19,633,663 in 1923; while lubricating oil imports jump ed from 7,194,278 liters in 1923 to 17,006,949 liters in 1932. In other words gasoline dispatches were 6 times greater in 1932 than in 1923; while lubricating oil dispatches had more than doubled. This gives some idea of the tremendous and rapidly increasing traffic tonnage which chokes Jesus and Zamora streets, which might be diverted from the Jones and Ayala bridges and crowded downtown streets by the completion of the Mendiola project and the widening of callejon Jesus sufficiently to accommodate four lines of traffic. To give this portrayal even greater clarity let us contrast the number of truck trips in 1923 with that of 1932. In 1923 there were some heavy trucks and bulk-lorries operating between Pandacan and the downtown districts, averaging 3 round trips per day—48 1-way trips on calle Zamora, ex clusive of miscellaneous freight traffic. Today, between 30 and 35 heavy trucks and lorries carry petroleum products over this street, on an average of 3 times each per day—180 1-way trips daily, or 18 trips per hour, estimating a 10-hour day. Yet Jesus and Zamora streets are the same width, and in about the same condition as in 1923. Obviously, these streets urgently need widening and thorough asphalting. Bear in mind that the foregoing figures indicate only net freight tonnage. Bear in mind also that the flow of traffic is not uniform. One of the largest Pandacan concerns reports freight dispatches numbering from 60 to 120 per day; while an average of 30 customers per day, having their own trucks or other means of transportation, call to take delivery of their orders from the warehouse. It is over-conservative to say that from 300 to 600 loads of freight are dispatched from Pandacan daily, not to mention the produce and miscellaneous stuff that arrives daily. More than one-half of this freight passes over the Jones, the Sta. Cruz, and the Ayala bridges, and through the crowded downtown streets; it is carried in every type of vehicle, from carabao carts to the 5-ton trucks on the oil distributors. Can we blame the police department for the traffic jams at bridgeheads, Goiti and Moraga plazas, and at all street intersections? Would it not be better effectually and permanently to divert from 30% to 50% of this traffic (Please turn to page 14) January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 Addressed to the Chase National Bank of New York How is it that such a bank is so little aware of the rank of these islands in U. S. overseas exports? Woiu.D Tiiai.e: l’roi (Gold Dollars) Gentlemen: You publish The Index, for copies of which we are grateful because it is a first rate publication in its field and often serves to inform and guide the Journal about economic matters. What consistently disappoints us in The Index is its lack of attention to Philippine commerce with the United States. Thus the December issue has a very informative paper on Milk. The Largest Single Source of Farm Income. You say that milk today is 25% of total American farm income, and that during the 1924-1929 period "dairy farmers received a total average annual income of more than SI,900,000,000, an amount greater than the gross value of any other agricultural product.” Obviously then, milk markets are vital to the American farmers as well as to the middlemen who merchandise the milk. This being so, the Philippine milk market is important; it is averaging monthly the value of .$206,500 or $2,478,000 a year. Your total for dairy product values is SI,900 million. This market is an outlet, and that during a worldwide de pression, for $2.5 million for dairy products sold here dur ing a year. That, surely, is worth notice. However small in comparison with the total it may be, it is a large and constant market. You will know better than we the number of dairy farms whose output the Philippine market consumes. Then in December you review with great clarity De clines in International Trade. Here again, we hold, you might have been conscious of the Philippines. We repro duce your tabulation of world trade, because it is interesting and is recorded in gold: our readers can therefore compare it with tables set out in depreciated values. In this paper you quote Farrell, an economist, as saying: "The fact that increasing industrialization abroad may tend to restrict our exports has no foundation in our past experience. Our best markets are those of highly industrialized countries. Although this depression has brought such a sharp decline in our export trade, Europe continues to be our leading market. Nor are our exports to Europe, as some have assumed, mostly crude products and raw foodstuffs. During 1932 more than 40% of our exported manufactured goods were shipped to Europe compared with about 20% to Latin America. Europe also during this period took 47-1/2% of our semimanufactures and 36% of our finished manufactures.” That must be accepted as true. But there is a comparison that would have reflected much credit on the Philippine market, the comparison of total purchases by countries during the depression with their respective purchases prior thereto. This would have shown the Philippine market holding up remarkably. We think it important for great American banks concerned with international trade to be aware of these things respecting the Philippines. So much doubt involves our future trade relations with the United States-that a Philip pine commission now in Washington suggests organization of a joint economic commission to deal with questions as they arise, to counsel the United States and the Philippines intel ligently. Such a precaution this Journal has often advocated, one reason being that ignorance about this market persists even in great metropolitan centers, and in their greatest banks, where enlightenment as to the real facts is most to be expected. Your article on world trade deplores the barriers that hamper it, you should therefore try to see to it that unwarranted barriers do not block this market off; and this whether in dependence for the islands comes or not. We here, speaking generally, concur in the main precept of your article (that barriers to overseas commerce throughout the world have been made absurdly difficult and benefit would result all round from their moderation) without at all disparaging the Roosevelt intranational policy that looks toward more prac tical and mutually beneficial relations in trade with Mexico, Central America and South America. We of course realize here that conditioning factors in the international policy are the Monroe doctrine and the policy that is fundamental to protection of the Panama canal: a waterway through which the bulk of our exports reaches the United States and most of our imports from the United States are delivered. But we do think that any upbuilding of ocean trade, and export-im port trade generally, ought to begin with what is already established; and that the Philippine trade, already large and well established, ought to be conserved. What may be done, for instance, for Cuban sugar—in which we note Chase National is much interested—ought not to pa ralyze Philippine sugar and wipe out trade the United States already enjoys. If, as you logically contend, an in ternational exchange of goods and services is a stable and beneficial influence on industry (in which case it can, and should, be squared with intranational trade), then the more far-flung, the more dispersed, it is, the more its risks will be distributed and the sounder it will be. All of which is ample reason for you to evidence awareness of America’s large trade with the Philippines. Naturally we don’t look kindly upon an isolation policy for America, but are you yourselves fully prepared to defend a non-isolation policy while you remain either uninformed about, or indifferent to, America’s established commerce here, over the widest seas in the world? If, as already said, total American trade by countries, were traced through the depression years, how well the Philippine trade holds up would be revealed. The Philip pines’ relative position in America’s overseas trade through a series of years is appended: Since 1929 Philippine farm commodity surpluses giving rise to purchasing power for imports have been at very low prices, and in this issue of the Journal the International Harvester Philippines Seller to U. S. Buyer From U. S. 1927................ 16th 12th 1928................. 16th 12th 1929................. 15th 11th 1930................ 14 th 9th 1931................. 12th 7th 1932 . 4th 9th 1933 (9 months) 3rd 8th (Please turn to paijc Ki) 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 International Aspects of Industrial Recovery By Willard L. Thorp. Director of the Bureau of Foreign and Domestic Commerce, Department of Commerce, Washington, D. C. It would be most helpful if we could deter mine exactly the importance of foreign trade to the American economic system. The various estimates which have been made in the past— that about 10 per cent of our total production is normally exported—leave much to be desired. Some industries depend upon the foreign markets for their very existence, while others can view fluctuations in foreign exchange with absolute unconcern. A recent study prepared in the Bureau of Foreign and Domestic Commerce shows that more than one million men are unemployed as the result of the decline in foreign trade since 1929. It is impossible to measure the losses due to idleness of capital, equipment, shipping facilities, and the like. This one fact— that one million men are unemployed—seems to me sufficient to answer the question which I posed at the very outset. It gives inter national trade an important place in our econo mic system, deserving our very best thinking and vigorous effort. Records of the past indicate very clearly that fluctuations in foreign commerce correspond directly to fluctuations in general business conditions. Unquestionably, the element in the recovery program of most importance to foreign trade is the suspension of gold payments. This was absolutely essential as a part of the general program. Had we endeavored to continue on the gold standard and raise domestic prices, the inevitable result would have been a con siderable flow of goods into this country. The suspension of gold payments has actually been a force working in the opposite direction up to the present time. The dollar has declined more than one-third, while domestic prices have not increased by an off-setting amount. The result has been actual encouragement to ex port trade and discouragement to imports. The record of our foreign trade in recent months is a further evidence of the fact that the program has not resulted in discouraging ex ports and encouraging imports. Export figures for February, March, and April of this year showed lows ranging from 101 to 108 million dollars in value. The value of exports then began to climb to 3144-million in July. In August, the export total fell to $131 million but the September figure showed a 329-million increase over the previous month’s total, the value of our exports shipped during .September reaching the sum of 8160-million. This exceeds the record of any month since 1931 and is nearly 60 per cent above the low point in February. Imports have likewise advanced. From a low of 384 million in February, the value steadily climbed until in August we imported almost 3155-million worth of commodities. September figures showed a decline to 3147-million, leaving a net balance of exports over imports in mer chandise of 313 million. While the depreciation of the dollar more than offsets the advan'ce in costs under the industrial recovery codes, arising out of the larger payrolls, there was another line in which the recovery program threatened our foreign trade which did not become apparent until a number of codes had already been approved. Under the recovery act, codes of fair competition apply to foreign commerce as well as to domestic trade. Consequently, any provisions included in any code automatically apply to foreign trade unless specific exemption is made. But many of the codes define unfair trade practices, credit terms, conditions of sales and the like. While it is very desirable to use this means to set high standards of economic behavior in the domestic market, it is possible only because the same standards can be applied to all com petitors. Obviously a code set up by the National Recovery Administration cannot define the behavior of all competitors in the foreign market. Among the early codes to be approved three specifically included exemption of foreign trade from the fair practice provisions—the lumber code, the iron and steel code, and the petroleum code. Many others made no such exemption and consequently all regulations set up for the domestic market automatically applied to foreign trade. However, I am glad to say that this threat to foreign trade is being removed. An office order has been issued within the N. R. A. giving the following instruction: “It is proper to exempt exports from any Crovision regarding price or trade practices, ut never from labor provisions.” This same situation is covered in the model code which has been prepared by the National Recovery Administration, providing for similar exemptions. Import trade has also presented its problem. As you know, the law provides that the domestic producer Shan’ be protected whenever his ad vancing costs create such a differential between himself and the foreign producer as to result in a considerable loss of the domestic market to imported goods. For sometime there were no complaints along this line and consequently no action was taken. Then several industries came forward insisting that their advanced wage rates were resulting in loss of markets to foreign producers. Late in October the Pres ident issued an executive order setting forth the procedure to be followed in such instances. It calls for investigation by the National Re covery Administration and by the Tariff Com mission. So far the number of complaints have been surprisingly small and go to support the point which I made earlier, namely, that the depreciation of the dollar has more than offset in most cases the increased cost resulting from higher wages. Foreign nations have been forced to adjust their foreign policies to meet urgent monetary and financial considerations. They have levied new and higher tariffs, often for the purpose of protecting home industry, sometimes to gain revenue, and particularly in recent years to support their financial structures. Un employment on a large scale has lead to wide spread demands for protection from the foreign producer. Debt burdens and declining prices nave made extraordinary methods necessary to control international balances of payments. Whatever the motives, the results have in almost all cases been to curtail imports. There can be little doubt as to the wisdom of a policy directed towards the reduction of the many barriers which restrict the international flow of commodities. American policy in the past has been to consider tariff action almost exclusively from the domestic angle. We have thought of it as a means of protecting our own industries. We have never recognized suffi ciently that curtailment of imports necessarily leads to curtailment of exports. It would rest forever on my conscience, if 1 presented too optimistic a picture of the pos sibility of great accomplishment by the means of reciprocal trade agreements. It is a much simpler problem for countries of small area, where many commodities must of necessity be imported. In this case concessions can be made without serious domestic opposition. But in the United .States, the obstacles are tre mendous. Almost every commodity considered has its particular group with a vested interest. Negotiations must rest upon a clear net gain to the entire nation. While the concessions granted will always be protested by the partic ular groups interested, reciprocal trade agree ments will be satisfactory only when the ad vantages gained by removal or lowering of foreign barriers to American goods will more than outweigh the disadvantages to our eco nomic structure. We can not expect to get something for nothing. But a proper reciprocal trade agreement should result in decided net benefits to both countries involved. In his stimulating volume of essays, Looking Forward, President Roosevelt stated: “Instead of romantic adventurings in foreign markets we expect and hope to sub stitute realistic study and actual exchange of goods. We shall try to discover in every country, in turn, the things which can be exchanged with mutual benefit, and shall seek to further this exchange to the best of our ability. This economic interchange is the most important item in our country’s foreign policy.” This is a direct instruction to the Bureau of Foreign and Domestic Commerce. We hope that, by making this “realistic study” deep enough in its intensity and broad enough in its scope, and by presenting the results as rapidly as possible to those who are vitally interested, the basis of foreign commerce may become in creasingly sound, that the opportunities will become more and more apparent, and that the information underlying foreign trade will pass as far as possible from the realm of guesswork into that of certainty. The Journal Complimented It is felt that many of our readers will ap preciate, as we do, the compliment the Journal receives in the little note of which the cut above is a facsimile. Dr. Richard T. Ely is just founding in New York City his School of Land Economics. He is reckoned among the best economists living; he founded the department on this subject at the Johns Hopkins, and was the professor of political economy at the Univer sity of Wisconsin who had a deciding influence in shaping much of that state’s economic legis lation. In a like capacity he then went to Northwestern, whence he has gone to New York. He was born in 1854, Time rates him as having taught more economists than any other man living. It is in a copy of his book (one of many from his pen), Outlines of Economics, 5th Edition, MacMillan, that the note referred to appears. The Journal has had correspondence with Dr. Ely on matters of economics. He is one of the American authorities interested in our questions here. To make a good job of blowing our own horn while we are about it, let a letter recently re ceived from Wm. H. Taylor appear: “I have just read your article entitled ‘Some Considerations Relative to Our Times’, and wish to congratulate you on your effort. I consider it by far one of the best articles on the present situation it has been my privilege to read. I am wondering if by any chance if a book by Dr. Hazard, on the Vanishing Frontier, furnished you with background for your article, for it seems to be in a logical sequence to the thought therein expressed. If you would be kind enough to send me an extra copy of the October num ber, I would like to send it to Dr. Hazard for his perusal and comment.” Mr. Taylor was for many years the Manila manager for the National City Bank, and is now a banker in San Francisco, 605 Russ Building. Dr. Hazard’s book had not been read in prepara tion of the piece Mr. Taylor praises, but the reviews say it is a good text. Readers will equally like to know what Governor General Murphy thought of the piece, because of their admiration for him: “I consider it one of the most informative and novel statements on the current trend under the R. A. (Roosevelt Ad ministration) that I have thus far read and thank you so much for the generous reference to me.” Happy New year! January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 Year-End Merchandising Pick-Up Bodes Good China Exports to............... Imports from........... 119,360 143,976 837,262 1,038,176 Merchandising in the Philippines picked up markedly toward and during tne holiday season, ran well ahead of last year in Manila but was predicted in Trade Commissioner E. D. Hester's November report to be running behind last year’s quantum in the provinces, where low farm Main Philippine Surplus Crop Exports Abaca..................................................................... Sugar..................................................................... Coconut oil........................................................... Copra..................................................................... Copra cake........................................................... Cigars..................................................................... Leaf tobacco......................................................... Others.................................................................... Total.............................................................. The value of exports in October (exclusive of gold) was P12,063,529 as compered with P10,996,386 in October, 1932. Imports were Fll,820,712 as against 1*13,197,510. The resulting visible balance was + P242.817 as compared with—1*2,201,124. Trade with the principal countries was: 1933 1932 United States (a) Exports to........... Imports from....... Balance............. .. 1*9,496,166 6,489,743 1*8,980,666 8,105,334 . . +3,006,423 + 875,332 Japan Exports to........... 673,489 319,941 Imports from....... 1,907,578 783,514 Balance................. —1,234,080 — 463,573 commodity prices limited purchase of consumers’ goods. However, Christmas must have brought some surprisingly good trade even in the prov inces, which in 10 months had got 1*15,000,000 more for their major crops than they got during the first 10 months of last year. Here is the table: Oct. 1933 1,475,668 3,745,371 1,338.063 1,846,076 196,458 937,583 300,979 2,223,331 Oct. 1932 866,714 3,756,538 1,715,779 1,415,988 232,269 721,901 194,139 2,093,058 Total for 1933 10,723,159 104,750,585 14,499,518 14,303,383 1,699,531 4,883,413 2,908,213 16,947,218 ten months 1932 8,422,401 95,586,463 12,279,820 8,733,655 1,713,420 5,522,921 4,797,102 17,988,190 12,063,529 10,996,386 170,742,020 155,043,972 Iron and steel and manufactures...................... Cotton cloth......................................................... Cotton manufactures, except cloth................... Meat and dairy products................................... Automobiles and parts....................................... Wheat flour.......................................................... Paper and products............................................ Leather and manufactures................................. Others.................................................................... (a) Includes Hawaii, Guam, and Puerto Rico. Balance................. — 717,902 — 894,200 Great Britain Exports to............... 440,053 324,821 Imports from.......... 363,604 709,324 Balance..................+ 76,449 — 384,503 As is customarily the case, the substantial gains in trade with the United States wiped off the losses from Oriental markets, especially Japan and China, and left a reserve in favor of the Philippine Islands. The losses in trade with Japan were 2-1/2 times the losses for October, 1932. The value, in pesos, of the principal imports tor October and the cumulative comparison for ten months: Total for ten months Oct. 1933 Oct. 1932 1933 1932 1,259,218 2,385,508 14,696,755 17,447,882 1,735,171 1,264,743 16,229,737 18,126,431 976,237 1,078,624 10,595,043 10,573,165 503,597 652,246 6,306,669 6,931,258 287,634 820,045 4,579,093 5,423,538 280,614 313,020 3,786,445 4,236,374 318,359 493,718 4,132,994 4,876,618 133,898 101,909 1,497,725 1,555,496 6,325,984 6,087,697 62,202,193 67,183,901 11,820,712 13,197,510 124,026,654 136,354,663 (Please turn to page 20) AGENTS FOR Barber Steamship Lines Inc. Chrysler De Soto Automobiles Barber-Wilhelmsen Line Willys Automobiles and Trucks Dodwell Castle Line E. I. Dupont de Nemours Explosives Wilh. Wilhelmsen (N.A.A. Line) Dupont Duco & Paints Atlas Assurance Co. (Fire, Marine & Automobile Insurance) Frigidaire MACONDRAY & CO., INC. MANILA • CEBU STRACHAN & MACMURRAY ILOILO IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 The American Chamber of Commerce OF TII E Philippine Islands (Member Chamber of Commerce of the United States) ALTERNATE DIRECTORS H. M. Cavender, President C. S. Salmon, Vice Preident DIRECTORS AND OFFICERS Verne E. Miller S. R. Hawthorne F. H. Hale L. D. Lockwood. COMMITTEES John R. Wilson, Secretary James C. Ross, General Counsel PUBLICATIONS COMMITTEE: H. M. Cavender P. A. Meyer R. C. Bennett J. R. Wilson BANKING COMMITTEE: C. M. Cotterman W. K. LeCount J. R. Lloyd RECEPTION, ENTERTAINMENT A HOUSE COMMITTEE: L. M. Hausman LIBRARY COMMITTEE: S. A. Warner SHIPPING COMMITTEE: E. M. Grimm G. P. Bradford E. W. Latie INVESTMENT COMMITTEEH. M. Cavender C. S. Salmon Paul A. Meyer I. L. Headinaton FORECAST OF AN ECONOMICALLY NEW AMERICA “In the old days before the world turned upside down,’’ writes David Cushman Coyle in the December Atlantic Monthly. ‘Public Works: A New Industry,’ “prosperity used to come in riding on some great new industry that rose out of the mist and swept across the country like a tide. At one time it was railroad building, or the settlement of new territory; within our own memory it was the automobile that provided it. The new era that grew out of the automobile was not planned; it just happened. But everything is some what different now. The United States, having run out of the natural kind of prosperity, has set out to supply itself with the synthetic kind. Accordingly, as we might expect, this time the new industry will have to be built to order.’’ Thus begins Coyle’s brilliant paper on our times and the remedy for their anemia. While Coyle’s observations pertain to the United States themselves, all things there affect us here and what he was to say is therefore pertinent here. By profession he is an engineer, by avocation he is a practical economist. When Ellery Sedgwick accepts his papers, you may rely upon it they are good. Here is one of his simple deductions: “The reason .the automobile made good times was that it made the American people spend more money than they had ever spent before, and made them like it.’’ Now what precipitated hard times? It was thrift! “All would have been well if people had gone on spending their money as fast as they got it. Unfortunately, every body felt that, after all, there was something a bit immoral about spending. The bankers, who at that time were still being cordially received everywhere, preached the virtue of thrift without fear and without reproach. The bond sales man walked to and fro in the earth; and our money went to securities.” (Were we saving our money? Men thought they were, but—). “The money was invested, and it went into the hands of steel workers and machinery makers, and became buying power just as if we had spent it on baseball tickets or airplane rides. That was why business went right on during the new investment era. But the office buildings and Peruvian bonds that we bought with our surplus income turned out to be no fun. We could not eat, ride in them, give them to our best girls, or do anything with them. Finally the very thought of them made us sick. . . we stopped spending money for anything, and naturally everybody stopped working and had a depression.’’ The country was still under the delusion that it had been spending too much and that spending was wicked. Bankers’ fallacious dicta made this revulsion of conscience smart: they said the boom years had been years of extravagance, but in fact they had been years of unprecedented saving and the investment of savings in magnificent arrays of cats and dogs. “We invested unheard-of amounts of money. Business thereby acquired an unheard-of mass of liabilities, and, naturally, it collapsed under the load.” The fat was in the fire when America let up spending for trinkets easily broken and quickly worn out or otherwise consumed. Coyle: “The inexorable law of the age of plenty is that hoarding, theater tickets butters no parsnips.” And supplementary: “The automobile had made us rich because it had led us to spend our surplus for things that we could have fun with; afterward we made ourselves poor by spend ing our surplus for productive plant that could not be used for anything, and then getting disgusted and swearing off spending altogether.” Coyle styles the N. R. A. “a mere curtain-raiser.” It can’t fix high wages in the codes, they would bring too many companies to bankruptcy. So the wages fixed will be low, and all thd more efficient companies paying them will make unusual profits: the profits distributed to small shareholders will do good, they will be spent for goods of domestic con sumption, but those that swell incomes already large will do harm. What is the fundamental effect of low wages and high prices (since prices under the N. R. A. have risen faster than wage levels)? The effect is, “less of the proceeds of business goes into small incomes and more goes into large incomes.” The large incomes can’t be spent, at least with out much delay. Could they be spent like the small incomes must be, for things consumed, there would be unequal distri bution of buying power but no diminution of it. “The limitations of the N. R. A. are bound up in this continual tendency of the receipts of industry to leak out into stagnant surplus income. . . . Not all the money business receives and pays out comes back to it again in sales. Wages and small dividend checks mostly come back, but money paid to those who have plenty already is apt to withdraw from circulation.” There used to be eras of city building and developments. Florida was developed 15 years ago, and crashed because industry couldn’t keep up buying power there: but has of late been on the upgrade because new waves of spenders have flowed over her and bought prolifically of goods quickly consumed: unlike the realtors, they have not built and built and built and built on foundations of sand and sophistry. It has been said that America can’t squander her way back to prosperity. Coyle maintains that neither can she save her way back to prosperity: to save and build a new building will make an old building useless; and to save and build a new machine will lay an old machine or two idle. He fears Roosevelt’s effort to restore prosperity may come to grief on the clamors for revival of the capital goods industries, building, machinery, cement, and steel: “Lending money will make speculators able to build new houses, but it will not make tenants able to pay the rent—tenants who live in shabby houses can not afford to pay for better ones. . . . Some way must be found, then, to occupy the major part of the heavy industries in making some product that does not have to be put on the market in competition with existing business. Some method must be found for spending money on building without calling on the hard-pressed consumer to pay the bills. At the moment, the only field where the heavy in dustries can be employed in making a product that need not January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 be sold is the field of public works.” “Before there can be an effective public works programme that will actually produce and maintain prosperity, the sales tax will have to be set aside; the principle of self-liquidation will have to be set aside; the principle of ‘local self-help’ will have to be set aside; and the liigh-bracket taxes will have to be set solidly in the foundation of the whole project. Public opinion is not yet ready for these developments, but the tide of events cannot be stopped. Eco nomic laws enforce themselves. If the social order survives, these adjustments or their equivalent will be enforced by necessity, as the British artillery programme was enforced by necessity. “Public works, however, are only one step toward a satisfactory adjustment to the Age of Plenty. Under the whip of necessity we shall, by one means or another, tax our surplus income and spend the proceeds, on a scale that we do not yet contemplate. Up to that point, our new industry bears no strong emotional resemblance to the joyful outburst of spending that floated the automobile era. At best, Cublic works are a bit cold. And the highracket taxes, on the well-known principle of ‘sympathetic pain,’ hurt the ordinary citizen just as if he had to pay them himself. More over, there can never be enough public works to employ ten million men. And any attempt to push million-dollar post offices into country villages will defeat its own ends. Altogether, while the public works programme is an essential step toward stable prosperity, it has its limi tations. These limitations at present consist in lack of imagination and desire, more than in the physical uselessness of a hundred billion dollars’ worth of soldiers’ monuments. So far we have not learned to think of a public project except as an isolated plant for some particular activity for which we can feel a definite need. Sometime, however, the people of this country are going to begin to plan their cities and their regions, not as instruments for facilitating traffic, but as environments in which to carry on a good life. When that time comes, then public works will become an effective instrument of planned community development. The germs of this new conception of public expenditure were written into the present act; and the first experiments in the technique of influencing the basic environment are already under way. As this technique develops, the possibility of enlarged public expenditure that will truly satisfy the desires of the people will also de velop, far beyond our present expectations. “With all the new conception of how to fit public works to the real needs of the people, there will still be a definite limit to the amount of new physical plant that can be justifiably added to the national equipment each year. And yet, in a country where the national in come on any fairly efficient standard of operation should exceed two hundred billion dollars a year, the recirculation of surplus income will require annual expenditures on a very large scale, in order to keep the business system operating. Something more than public works will ultimately be required—something of which public works are the symbol. There will have to be found ways of spending great quantities of surplus income every year, for purposes that will give the people enough pleasure to keep them in a spending mood. “There are at least two lines of further de velopment that can now be traced. One is the transfer of public spending from the con struction of public plant to the extension of public services. The new public facilities will supply the means ft>r a continuous increase in public expenditure for operation. The new schools and parks and highways will them selves give an opportunity to hire new personnel for their maintenance and operation. Other ferms of public activity, in adult education, public health, scientific progress, recreation, !• nd countless other fields, can be developed and made popular. The mere removal of the self'iquidating feature from existing public services i. nd substitution of income taxes for their maintenance offer a powerful tool for making ousiness prosperous as soon as public opinion is prepared to adopt it. In such measures we find a part of the new industry that can be con tinued on an expanding scale into the indefi nite future. When public opinion becomes adjusted to the fact that these greatly expanded free public services are in reality necessities, we snail have a permanent and highly stable vehicle for the distribution of the buying power on which business depends. Another important element in the new in dustry will be the semipublic services that are carried on by voluntary organizations supported by contributions. The Federal Government, in its capacity of sovereign adjuster and general circulatory organ of society, can pump money into the semipublic activities of the nation in large quantities by suitable exemption features in the income tax. There are very real advan tages in this means of steering surplus income into spending. For one thing, it will soften the hard edges of the income-tax laws and make them easier to swallow. After all, there is no necessity for confiscating all the surplus income of the country in order to make the business system operate. All that is really necessary is to keep most of the surplus income out of ‘investment’ and to force it into some kind of spending for things that can be enjoyed. Contributions to churches and to colleges, and even to country clubs, will serve as well as any thing else. Moreover, the semipublic type of activity is the kind that the public will pay for more readily than any other. These organizations are free and spontaneous; they represent the real desires of large groups of people. If their members can escape most of their income taxes by contributing to their pet organizations, then check writing can become a real pleasure. And anything that makes spending more pleasant than saving helps to make prosperity safe for business. “It should be noted that this latter phase of the necessary adjustment to the Age of Plenty brings to light a fundamental change that has occurred in the function of the large income. The capitalist, as accumulator and investor of large capital sums, has evidently become obsolete. What little investment is needed from now on will be more than taken care of by the savings of those who need to save for t heir own security. There is no further use for the man who saves on a large scale. But the rich man in the role of Renaissance prince, spending a large income on extensive cultural projects, is the type best adapted to an Age of Plenty. Of course if the necessary adjustments are blocked and the social order thrown into chaos, the millionaire is likely to be abolished entirely, since it is mechanically quite a bit easier to run an Age of Plenty with out him than with him. In the large view, however, such an outcome would be highly unfortunate. The mechanical operation of the Age of Plenty is only a temporary problem. Underlying all that is the great historic process now ponderously getting under way—the passage into a new stage of cultural advance. A high culture is made up of something more than pro letarian art. At its best it includes many sorts of cultural enterprise, and the possible role of the large income in carrying certain large-scale experiments in the uses of plenty cannot be lightly dismissed just because some of the existing money kings are not of the type. The necessary adjustments of the economic system to the Age of Plenty, if they are success fully carried through, will inevitably set up an evolutionary process among the holders of large incomes. The accumulative type of financier will tend to become extinct, while those who survive will tend to be those whose idea of the proper use of money is to build art museums or kill hookworms. . “Beyond the public spending of surplus national income for public physical equipment and cultural services, and beyond the corporate spending of surplus income by semip lblic asso ciations supported by contributions, there lies the ultimate development of a soe;al order in which a large part of the surplus income will be spent by the people themselves on their own personal activities. Before that devebpment can occur, there must be a universal guarantee of basic economic security for all members of the social body, quite regardless of age, color, or previous condition of economic ineptitude. Basic economic security will be built up of free education, free public health services, accident and unemployment insurance, and, above all, a generous old-age pension system. The public money spent for economic security will be what the government calls a ‘regenerative’ public worx. Not only will it directly dis tribute surplus income into buying power, but it will also release the people from the cramping fear of personal disaster. No longer will the woraers have to engage in the pathetic, im possible, and disastrous effort to build up a savings account that not only helps to destroy business but vanishes just when it is needed. The people will dare to spend their incomes, and when the people dare to spend their incomes the Age of Plenty will really be at hand. “These, then, are suggested as the most probable forms in which the great new industry is likely to appear. When we come to look at it, we find that it is just what we should naturally expect. The characteristic feature of the Age of Plenty is that the material necessities of life can be produced and distributed without employing very many men or working very long hours. So all the rest of the energies of society can be employed in cultural or quasicultural activities: in education and health, in science and adventure, in recreation and art— in short, in making ourselves civilized. The arts of civilization are the new industry for an Age of Plenty. What else could it be? Seek first after those things that make a great civil ization, and the economic tangle will untangle itself. This is the answer to the riddle of plenty, and the key that will unlock the gate of our new world.” TRADEMARKS REGISTERED From. August, and September, 1933 Reg. No. 11456. Trademark consisting of the words “MERRY WIDOW” for candies, confectionery or other similar articles, regis tered on August 31, 1933, by Mrs. Aimee Alegre, of Pasay, Rizal, P. I. Reg. No. 11457. Trademark consisting of the word “BUDDY” with a design, for cigarettes, registered on August 31, 1933, by Alhambra Cigar & Cigarette Mfg. Co., of Manila, P. I. Reg. No. 11458. Trademark consisting of the word “POPPY” with a design, for cigarettes, registered on August 31, 1933, by Alhambra Cigar & Cigarette Mfg. Co., of Manila, P. I. Reg. No. 11459. Trademark consisting of the word “TIP-TOP” with a design, for ci garettes, registered on August 31, 1933, by Alhambra Cigar & Cigarette Mfg. Co., of Manila, P. I. Reg. No. 11460. Trademark consisting of the word “TRULEMON” with a design, for foods and beverages made with pure lemon juice, registered on September 5, 1933, by La Fabrica de Cerveza de San Miguel-San Miguel Brewery, of Manila, P. I. Reg. No. 11461. Trade-name consisting of the words “PANAY AND NEGROS STOCK EXCHANGE”, for the business of buying and selling stocks, registered on September 9, 1933, by Oscar Ledesma, of Iloilo, Iloilo. Reg. No. 11462. Trade-name consisting of the words “ILOILO STOCK EXCHANGE”, for the business of buying and selling stocks, registered on September 9, 1933, by Oscar Ledesma, of Iloilo, Iloilo. Reg. No. 11463. Trade-name consisting of the words ‘ILOILO-NEGROS STOCK EX CHANGE”, for the business of buying and selling stocks, registered on September 9, 1933, by Oscar Ledesma, of Iloilo, Iloilo. Reg. No. 11464. Trade-name consisting of the words “NEGROS STOCK EXCHANGE”, for the business of buying and selling stocks, registered on September 9, 1933, by Oscar Ledesma, of Iloilo, Iloilo. Reg. No. 11465. Trademark consisting of the word “CELLOPHANE” for sheets and films of cellulose, transparent, opaque, colored or uncolored, metallized, embossed, ornamented, etc., registered on September 13, 1933, by Du Pont Cellophane Company, Inc., of New York City, N. Y., U. S. A. Reg. No. 11466. Trademark consisting of the words “MOTOR CAR BRAND” with a design, for match, registered on September 13, 1933, by Luy Lan & Company, of Manila, P. I. (Please turn to page 16) 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 For a Suitable Style. . . (Continued from page. 3) comfort and provide it. It is when man at tempts more ambitious home-building than the cottage that his taste may not be unspoiled and he will be led away from comfort—to the fatal undoing of his plans for a real home. This leads us to the main aspects of the house. The first requisite of comfort within doors in the tropics is coolness. Many Manila homes are hot because they are jerry-built, either the architect planned wrong or there was no architect consulted. Height of ceiling gives coolness, so does pitch of roof; and so does a tile roof, if one can be afforded, but coolness is to be had without tile—coolness may be planned. Don't make wide windows and doors on one or two sides of a room and shut the other sides in; the breeze through such a room is deprived of sweep, the room will be hot. There are hundreds of dining rooms so planned in Manila, or combined dining sitting rooms. No homebuilder who commits this fault can escape regretting it. The shut-in sides not only confine the breeze, but exclude the light: to suffer your meals in such a room is to grow irritable and dyspeptic. Plan ventilation with the prevailing direction of the monsoons in view; catch the southwest wind, and the northeast—let them play through the house. On the other hand, take decent care that the walls of bedrooms are not articulate; and es pecially, the walls of children’s bedrooms. Let the means of ventilation here be the doors and windows. But a bedroom is, besides a dor mitory, a sanctuary—eschew those loud-speaker grilles at the tops of the partitions around them. What child, building a castle of blocks, wants to be conscious that elders overhear as he tumbles down one Babylon and erects another— overhear and perhaps laugh. And girls at the giggling age, can they be at ease and dignity with each other if grilled walls broadcast their whispered secrets to all the household? Let the bedroom be a lair, where the hinterlander trods softly, whence the world is effectively barricaded. You will find the children getting their lessons letter, their lives sensibly happier— their home the more beloved Ijccausc a spot in it is their very own. Their mother also has the right to a place where she may lay her scissors down and find them again when she wants them, where her needles don’t take mysterious flight, where the things essential to her busy hands are laid about at her will. And you, the children's father, have the right to your particular place; even if it can be no more than a corner of a room and a favorite chair, insist that it be yours inviolable. Now the reception room, the sala. It must l>e as big, open, light and accessible as possible. It too must lie built to this climate. If make shift must be resorted to, to obtain bigness — for the girls will want to entertain at home, as they ought, and will want to dance—make the sala so another room or two may be poured into it by an opening of folding or sliding doors. “Will you walk into my parlor?” said the spider to the fly. Every girl deserves the best parlor that may be afforded her, that better prey may present itself to her wiles. So you see a home architecturally successful is not a simple thing to build. It has to be well imagined, then well planned and put firmly into blueprints lest its intricacies escape the builders. In the Philippines there are few sound precedents to go by. Home architecture, above the cottage, truly indigenous to the country, is still a thing of the future. Our residential streets display Swiss chalets, Spanish country-houses, French town-houses, Indian bungalows, and so-called mission bouses. These houses are seldom at home with their surroundings, therefore they are not homes. There is psychological disaster in all this. Where you find a people with a dominant love of home, the l’l.fipnine cottager. the Englishman, the Swiss, the Spaniard, the eastern-seaboard American and he of the south, you find a people whose homes deserve the name: the persistence of culture is in them, they belong where they have been placed. Yes, they belong there, and they don’t belong in Manila; there is to be worked out here, in homes, with the exquisite cheap materials we have, something 'ndigenous, something that belongs—something that within and without, the eye at once approves. i Let us get on to other features of the house. It is immaterial whether you build porches or not. If you don't have them, build the house porch-like. If you have them, you will live for the most part on them. Therefore, make them wide as well as long. Twelve feet is really too narrow a width for a porch; another three feet is far better and costs but little more. If you think of only eight or ten feet of width for a porch, don't build it at all: it will be an abo mination. The tropical house must have an atmosphere of spaciousness, whether really spacious or not, and the narrow porch destroys all possibility of this. Besides, a narrow porch is simply not usable. If you sit or lie, and relax, the first person that passes disturbs you; you must pull back your feet, or suffer your lounge to be bumped. . . it is far wiser to dispense with such a porch and put up hurdles for the chil dren’s hop-skip-and-jump exercises. To drop off to sleep in your porch chair and let your newspaper or lx>ok or magazine fall, only presently to have it trampled and rustled alxmt—this is no proper utilization of a porch and comes of porches lieing built too narrow. Or you play bridge on a narrow ]>orch, and arc about to rise to your partner's challenge for a slam bid, when your chair is unceremoniously tipped, an ellxnv roughs your hair and an itiner ant dummy from another table murmurs “Ex cuse me, I just wondered how my husband was getting along at the next table.” But. she con soles you when she warns, “I’ll be right back!” You prepare for another encounter. If a porch is built in the Philippines it has but two legitimate purposes, use and the illusion of spaciousness; and -the narrow porch fulfills neither purjjose. The sleeping porch upstairs, connected per haps with bedrooms with doorways wide enough for the beds to be moved in and out, is adapt able to the practical Philippine home. If sunbathing is wanted, there it is to be had; but MAKE YOUR SHOPPING HERE!! YANGCO MARKET BUILDING BAZAR VILLALOBOS BUILDING The most popular markets in Manila where all kinds of goods, native and foreign, are sold; you’ll be met by the proprietors and merchants with courtesy and loir prices STALLS FOR RENT For information........Telephone 2-37-18 BAZAR “SIGLO XX” (de TEODORO R. YANGCO) HARDWARE—MATERIALS FOR CONSTRUCTION and PAINTS 101,-103 Plaza del Conde — Telephones: 4-97-04—4-07-06 BRANCH OFFICE: 542 Azcatraga — Telephones: 4-97-23—4-97-38 the comfort of such porches comes with the evening, and during the dry season, when the temperature there is several degrees below that of the house itself—and the moon may be riding high and the stars out to be counted, old legends of them recalled, the astronomers’ ghostly distances and magnitudes remembered. There is a term of science that is pat, condition as a verb. Environment conditions our lives materially, i. e., influences them arbitrarily, whether we are conscious of it or not. There is no more wholesome environment than the open sky, the heavens that declare God’s glory, the firmament that shows his handiwork, so it is worth-while in planning a home to provide for the open upstairs porch; and it can be made an economy by integrating it with the roof, it can be the roof of the porch below, or of the part of the house below. If when the general outline of the house is decided upon, you will have the architect give his first attention to the roof—that it he comely, since it is the thing that strikes the eye first— the whole appearance of your house will not fail to give satisfaction. The moment you think of it, you realize how esthetically repul sive most roofs of homes in Manila are; and for these monstrous assaults on the senses there is not the slightest excuse. A paper in next month’s issue will address itself to details of building, the genius for taxing pains that the competent builder and architect have. The illustration for the present paper is an engraving of the Mapua home on Taft avenue. The owner is the head of the Mapua Institute of Technology and has honored Manila with one of its most attractive homes. Ex amination of it leads to the suggestion that much may be done with the enlresuelo, the first story. In old days when police protection was deficient, first stories were strongholds. Nowadays, with grilles and windows and tile, they ought to be light and airy and useful—even the favorite portion of the home for lounging and informal ease. Many have been made so, an excellent innovation owed to the American influence on home architecture in the islands. The possibilities of remodeling old places should not be overlooked. It is an expensive pastime, but a delightful one. The most notable instance of what it offers was the re building of Malakanan during the administra tion of Dwight F. Davis. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCES JOURNAL 13 -------------------------------------------------------------------------------------------------------------V---Philip H’s First Law for the Philippines THE KING. That which you, Miguel Lonez de Legaspi, have to do and take account of in the governing, discovery and settlement of these islands of the west, which we have given you in charge, is the following: 1. You will explore said islands and choose sites and places for settlement, having in mind that the land selected may be good and fertile, well watered, with firewood, and pasturage for cattle; such lands as are not occupied or used by the natives, to which end you will establish your settlements somewhat apart from those of the natives in order that quarrels may not arise. 2. Having chosen the site for settlement, you will order houses built, making them some what strong, where, if it should be convenient, it would be possible to defend them and the cattle in case the natives offered offense or made an attack. 3. You will provide that the settlers cul tivate the friendship and good faith of the nat ives, that they treat them well and invite them to establish settlements of their own nearby those of the Spaniards, that they defend and assist the natives, and persuade the recalcitrant, and try, by means of priests and other well-disposed persons, to win them voluntarily to our Holy Catholic Faith and the Christian religion. 4. If there are among the natives persons who interfere with others who wish to hear the preaching of the doctrine and be converted, you will take all means available to restrain them, in order that the evangelization of the islands proceed apace, with benignity and moderation. 5. You will provide that natives who vol untarily come to know our Holy Catholic Faith and make themselves our subjects be absolved from payment of tribute for ten years. 6. You will see to it that the Spanish colonists who settle in the communities you establish live and govern themselves in peace and har mony, chosing the magistrates, councilmen, and police officers temporarily necessary until we otherwise provide. 7. To Spaniards of good character, disposed to peace, you will grant in our name communities of the natives: you will place in my charge the principal capitals and the ports, these being near, and collect, above all, the revenue from the taxpayers in the native communities allotted the settlers, taking into account the ten-vear exemption from tribute mentioned above. 8. You will fix salaries for the magistrates and councilmen, for the lay brothers and the religious, and impress upon all the dignity of the obligations they are to discharge, that every man may understand what he is to do: hold every man to strictest account for his misde meanors or excesses, cither toward his fellows or the natives. 9. The aforesaid being effected, you will establish commerce with neighboring countries, providing them with things they may need and procuring in one country that which is wanting and needed in another. 10. You will send out religious and other good persons to preach the doct rine to the people and persuade them to receive our religion, and if they are scattered you will establish pueblos of them to the end that they may be more readily converted. 11. You will.attend to it that those to whom lands and native inhabitants are assigned be on the lookout for places w here new pueblos may suitably be established, always, as provided in paragraph 1 above, without prejudice to the natives. 12. Houses having been built and fields prepared for cultivation, you will undertake the discovery of mines and other things that may be made use of; have the soil cultivated and supply new plants of vines and arbors of fruit for the colony’s sustenance and advantage. 13. Should the natives defend one of their own places, you will make them understand you do not wish to settle there, do them injury or possess their fields, but to have friendship with them and teach them to live in a civilized manner, that they may know God and his laws by which they shall have salvation. This precaution taken and friendliness exhibited, which shall be done three times during the period which seems right to the person you nominate to undertake it, whom the religious will accompany, and by voice and exhortation implore submis sion, and notwithstanding all that is said the natives still do not consent to the settlement, the colonists may take steps to defend them selves from the natives, without doing more injury than is necessary for their defense, and the founding of the pueblo, taking care in defense of themselves to be as moderate and temperate as possible. 14. The pueblo established, the settlers and the religious who may be there will take pains to effect cordial relations with the natives, make friends of them and give them to understand the objectives of the settlement above defined. 15. If good comportment and persuasion win the friendship of the natives near the pueblo, who consent that the religious may teach and preach to them the law of Our Saviour Jesus Christ, see that it be done and procure that they be converted and attracted to the faith, and that they recognize us their King and Lord. 16. If the natives and their rulers do not wish to receive the religious preachers, after, as above stipulated, their purpose is pointed out, and if they have been requested many times to permit the religious to go among them and manifest to them the word of God, make a report of it AnJ send the report to our Council together w' , an account of all you may have done in th.; matter, to the end that we may order what further to do; and meantime, continue in Super—Mixed _______-----------EXCELLENT GIN SLING SINGAPORE The most intriguing beverage in the world Recommended by con noisseurs from every Royal Soda - only—is used in mix ing our Gin Slings POODLE’DOG CAFE Walter B. Oakes, Prop. 137 T. Pinpin — Manila, P. I. Autobus Service FOR EXCURSIONISTS Try Our New de Luxe Coach of 25 Passengers (Imported from America) it offers the safest and most comfortable means of transportation at a comparatively low cost and take you anywhere in Luzon. Only expert drivers and courteous attendance are placed to your service. For your entertainment while travelling you have in the bus a Radio Receiver which will supply you with music. PASAY TPANSFOfiTATION CO., INC. | Manila Office: Main Office: | 55 Alejandro VI Tambo, Paranaque Tel. 2-26-28 Tel. 5-18-64 Manila Rizal IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 friendly and cordial relations with the natives, and try every possible way to bring them to a knowledge of our religion. 17. If the officials named by us are not sufficient in number, you will choose for each island as many as may be wanting; in order to comply with the instructions and orders you have been given, administer our revenue and effect everything the other officials do in the other provinces of the Indies. Such appoint ments will be temporary and you will give us notice of them that we may provide as may be convenient. Persons who are to have places and offices are to be paid their salaries by our treasury from the fruits of the land, from our mines; they are to be nominated by the proper officials, their nominations certified by the Governor of the Province. 19. You will take with you four religious from among those that may now be in said islands; or, there not being so many, two re ligious who are resourceful and of high character, who are familiar with the doctrine and the ad ministration of the sacrament. 20. You will see to it diligently that the Spaniards do the natives no injury or violence, that they do not wound them or hurt them in any way, or take their lands, but accord them the same good treatment they would accord their own people; and if any Spaniard offends them, you and your captains shall punish him rigorously, without delay; and not doing so, but neglecting to do so, we command you to do so with great rigor—as something we very much desire accomplished, contravention of which we shall take as a great disservice to us. 21. Arriving at that land, you will report to us an account of your voyage and the manner in which you disembarked and were received, of what you find there and learn about the country, and anything else of which you feel we ought to be apprised, with your opinion as to what should be provided, that r.'e/may better give order as to what may best cor. \uence the service of God our Lord and yoursrand so do afterward when you deem it advisable. 22. All which we charge upon you and order you to note and comply with inviolably, as other wise we shall consider ourselves disserved. Dated in Madrid, August 2S, 1569—1 the King— By order of His Majesty: Francisco de Lois. In Europe we study Philip II in his character as a soldier, monarch of a greqt empire in im placable conflict with another, rising under the sovereignty of Elizabeth and the inspiration of a faith Philip believed to be impeachable heresy. In the Philippines we study him as a Christian prince sending missions to the remotest isles of the world to enlighten the inhabitants, and at the same time carefully to protect them. So we see him here in a different light altogether than the sanguinary blaze that, shone over Europe from the stake and the battlefields, the bivouacs of besieging armies, the fires of belea guered cities. \Ve get a better view of him, and it broadens and mellows our understanding. It resembles what the French say of learning another language, it almost gives us another soul. ________ —IF. /?. Mendiola Bridge . . . (Continued from page 6) from the Jones and the Avala bridges and the downtown streets than to widen streets or bridges in the congested sections of the city? In this article only freight traffic is discussed. Every' few minutes a heavy P. I1, passenger tmek rumbles menacingly along calle Zamora, t hrough a maze of pedestrians, carromatas, cyclists and carabao carts. Accidents arc frequent. It is a credit to drivers that so few casualties have occurred. But it is because, realizing t he danger, and speed being practically impossible, the drivers arc more careful in the Pandacan district than elsewhere. The fact remains that about 50% of this passenger traffic would be permanently diverted by the opening of Men diola street and construction of the Mendiola bridge across the Pasig river. The best way to relieve traffic jams on Manila’s bridges and downtown streets is to build another bridge. HYDROGEN Compressed Hydrogen 99.8% pure BATTERIES Prest-O-Lite . Electric Stor age Batteries OXYGEN Compressed Oxygen 99.5% pure ACETYLENE Dissolved Acetylene for all purposes WELDING Fully Equip ped Oxy-Ace tylene Weld ing Shops. Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. The LEADER in STYLE and VALUE on the road today THE NEW FORD V-8 meets every requirement of the careful discriminate buyers Go places with this NEW FORD V-8 and you will, at once, note its INCREASED COMFORT INCREASED PERFORMANCE INCREASED SPEED INCREASED DEPENDABILITY “After We Sell We Serve’‘ MANILA TRADING & SUPPLY CO. Branches: MANILA Main Office Iloilo—Cebu — Port Area (Malecon) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 LUZON SURETY CO., INC. (Incorporated under the laws of the Philippine Islands) f Fidelity Phenix Insurance Co. I GENERAL AGENT FOR AGENCIES: HEAD OFFICE 1 Bacolod, Occ. Negros Cabanatuan, Nueva Ecija Cebu, Cebu Davao, Davao Iloilo, Iloilo Legaspi, Albay Lingayen, Pangasinan Lucena, Tayabas Naga, Camarines Sur San Fernando, Pampanga San Pablo, Laguna Zamboanga, Zamboanga Regina (Roxas) Bldg. Rooms 214, 215, & 216, Sta. Cruz Manila, P. I. P. O. Box No. 2438 L. R. AGUINALDO EULOGIO RODRIGUEZ President Manager RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The volume of commodities received in Manila during the month of December, 1933, via the Manila Railroad are as follows: Rice, cavans.................................... 10,879 Sugar, piculs................................... 27,035 Copra, piculs................................... 28,205 Desiccated coconuts, cases.......... 512 Tobacco, bales................................ 79 Lumber and Timber, B.F........... 33,750 The freight revenue car loading statistics for four weeks ending Dec. 10, 1933, as compared with the same period for the year 1932 are given below: FREIGHT REVENUE CAR LOADING__________ COMMODITIES NUMBEP OF : FHEIGHTCAH 1 FREIGHT TONNAGE I INCB1 DEC <ASE OR REASE | Tonnage j 1933 j 1932 1933 i 1932 Cars Rice.......................... 492 236' 5,123j 2,253! 256 2,870 83 Palav................. 73 871 762| 679; (14) Sugar............................. 1,G1G 1,6081 46,182: 45,3161 8 866 Sugar Cane ............ 11,278 10,564 201,378 188,3561 714 13,022 Copra............................ 1,647 1,206, 12,883 78 948 ! 8,963 1 441 3,920 Coconuts....... 72 716 (0) 232 Molasses ... 237 120 7,046 3,466I 117 3,580 Hemp............ 13 9’ 102 861 4 16 Tobacco................ S; 47 40 (1) 7 Livestock...................... 9 27i 39 136 (IS) (7) (97) Mineral Products.......... 307 3141 4,747 3,964 (783) Lumber and Timber . . 1401 188| 3,821 4,926 (48) (1,105) Other Forest Products 7 46 58 (12) Manufactures. ! 93 1 950 1,329 (17) (379) All others including LCL j 76 ' 3,033) 15,607 22,292 (460) (6,685) ! 18,547 17,578, 299,681) 282,580) 969 j 17,101 •H’MMARY Week ending Nov. 25, 1933............................. Week ending Dec. 2, 4,153 J, 04 3 Lu 1 65,148: ! 110 (414) 1933........................... Week ending Dec. 9, 4,655 4,131 7l'4Wi 65,034 524 9,415 1933 4,899 4,524 81,699. 72,12()| 375 9,579 Week ending Dec. 16, 1933............................. 4,810 4,880 | 78,799' 80,278j ’ (»0) (1,479) 18,547) 17,578 299,681) 282,580 9G9 | 17,101 Note:—Figures in parenthesis indicate decrease. Commercial Museum Planned The commercial and industrial fair which will be the principal feature of the 1934 Manila Carnival is destined to play a bigger role than merely to advertise the commercial, industrial and agricultural pos sibilities of the Islands during the 16-day festival. The fair, in reality, will furnish a rich field for the selection of typically Filipino exhibits for a commercial museum which is planned in connection with the move ment to hold in Manila a Pan-I’acific conference to which all countries bordering on the Pacific will be invited. The idea of a commercial museum, in which permanent exhibits will be kept, was conceived some years ago, but it moved nearer reality after the recent visit of members of the legislature composing a trade commission to China and Japan. Upon the return of the legislative trade commission to Manila, its members secured a space in the legis lative building where the commercial museum may be housed. There will also be an exhibit of rare fishes, to which Wallace Adams of the fisheries division of the science bureau is giving his attention. There is a committee under Garcia Roxas as chairman. Roxas says some specimens of ornamental fish in Manila cost as much as P75. The carnival is anxious to have as representative exhibit as possible, and olTei-s prizes to be awarded by the committee. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Addressed to the Chase ... (Continued from page 7) Company reports the islands’ prime farm com modity, Manila hemp, “unquestionably selling below cost of production.” But despite this, the trade has held up well; in fact, it is to be envied of all trade the United States enjoys overseas. Examine it ever so closely, you will perceive it is a good trade as well as large. It does not much engage the heavy industries, essentially it is trade in goods for immediate use and consumption; it is a trade in those very products of American in dustry that economists agree distribute wealth most equitably and widely: first of all, to thou sands of farmers producing the raw products, then to widely dispersed shareholders in mod erately capitalized concerns. We have es timated here that our demands in these goods keep a city the size of Kansas City, Mo., pro fitably employed at all times. You will see main Philippine imports listed in the back of this issue (as in all issues of the Journal), but Oh Yeah? One Fair One to the Other.— “It’s so long since I’ve been in a taxi I wouldn’t know how to defend myself!’’ —Cut and comment from Judge. GORDON DRY The heart X TVT of a good vj 11N cocktail ROBERTSON’S Scotch Whisky for Good Highballs Kuenzle & Streiff SOLE AGENTS Main Office: Branch Office: 343 T. Pinpin 44-48 Isaac Peral Tel. 2-39-36 Tel. 2-17-62 Branches: Cebu. Iloilo and Zamboanga Also distributors for Alhambra Cigars here are a few typical ones: Cottons, $1,250,372 a month during 12 months; gasoline, $193,816 a month; automobiles, $217,734 a month; meat products, $107,193 a month; coal oil, $86,093 a month; crude oil, SI 14,090 a month; tobaccos (mainly cigarettes), $116,568 a month; electrical machinery, SI55,440 a month; wheat (lour, $186,924 a month; and a total of all imports, S6,160,853 a month. This is but a beginning of what this market can do. But of course, it will not thrive its best unless it is given attention in New York. (Sgd.) IP. /?. DECEMBER SUGAR REVIEW By Geo. H. Fairchild New York Market At the opening of the month under review, the improving tone of the market was reflected in the "futures” quo tations on the Exchange, recording from 4 to 5 points gain over those at the close of the previous month. These quotations remained practically stationary throughout the early part of the month with but slight fluctuations. As a result of the heavy demand by refiners to fill their immediate requirements, large premia were paid for prompt shipment Cubus as compared with Philippine sugar. Lnrge quantities of Philippine sugar were sold during the first week for DecemberJanuary, January-February and February-March shipments at prices ranging from 3.15 cents to 3.20 cents while sales of prompt-shipment Cubas were effected at 1.30 cents. The buying interest shown by refiners lan guished at the close of the first week and this condition persisted for the following weeks and although an improved tone developed in the latter part of the month, the holiday season checked any substantial business being trans acted. Quotations on the Exchange during the second week were from 9 to 10 points lower than the highest auotations recorded during the preceding week, while prices of actual sugar sagged to 3.19 cents for Cubas duty paid as compared with 3.25 cents the previous week. At the close of this week a sale of 2,000 tons Cubas to the U. K. was effected at the equivalent of 0.87 cents f. o. b. The price of refined sugar was reduced on the 8th from 4.50 cents to 4.40 cents per lb. During the third week, holders’ offerings at 3.14 cents and 3.10 cents did not attract buyers. Trademarks Registered [Continued from page 11) Reg. No. 11467. Trademark consisting of the word “NEET" for depilatories, deodorants and anti-perspirants, registered on September 14, 1933, by Neet, Incorporated, of Chicago, Illinois, U. S. A. Reg. No. 11468. Trademark consist ing of the word "DIAL” with a design, for smoking to bacco, registered on September 16, 1933, by Brown & Williamson Tobacco Corporation CHARTERED BANK OF INADiAD gahuintaral 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 Quotations on the Exchange, however, remained practically unchanged, with slight improvement on the 22nd owing to the news that President Roosevelt had ratified the London Silver Agree ment. At the close of the month, “futures" quotations recovered all the losses on the Ex change, while prices of actual sugar remained firm at 3.15 cents, at which level quite large parcels of afloat Philippines were disposed of. During the month it was reported that the Tariff Commission had recommended a reduc tion of the U. S. duty on Cuban sugar from 2.00 cents to 1.45 cents, while reports from other sources mentioned the possibility of increasing the Cuban preferential from 20 to 50 per cent, or from 0.50 cents as at present to 1.25 cents per pound. Futures: Quotations for future deliveries on the Exchange fluctuated during the month as follows: High Low Latest 1.21 1.18 1.19 1.25 1.10 1.19 1.30 1.17 1.28 1.36 1.24 1.33 1.41 1.29 1.37 1.46 1 34 1.43 1.48 1.40 1.48 December, 1933........................ January, 1934........................... March......................................... May............................................ July............................................ September.............................. December................................... Stocks: Stocks in the United domKing, United States, Cuba, Java and European statistical countries as reported on December 20th were 6,773,000 tons as compared with 7,467,000 tons in 1932 and 7,355,000 tons in 1931. Philippine Sales: Sales and resales of Philippine sugar were reported in New York during the month, as follows: Cents per Lh. Long Tons From To Sales..................................... 82,500 3.15 3.20 Resales................................. 10,000 3.15 3.20 In addition to the above, there were sales of 19,000 tons for shipment February to June, price to be average price five days before and five days after arrival. Local Market: A substantial volume of business was done locally during the first week following the activity in the New York market. Exporters' quotations during the week advanced to P7.30 per picul but soon returned to the previous level of P7.20. Throughout the fol lowing week small transactions were steadily made on the basis of 1*7.15—1*7.25. In sym pathy with the declining trend of the American market, local quotations sagged during the last two weeks to 1*7.00 and 1*6.90, at which level only small business was consummated. Chop Prospects: The following data covering the report of 30 Centrals up to December 31st indicates an aggregate production of 449,688 metric tons, constituting 39.10 per cent of the Centrals’ estimates of their 1933-1934 crop: (Export) Limited, of London, England. Reg. No 11469. Trademark consisting of the word “BREVO” for vegetable, animal and mineral substances in their natural state or elaborated, for preparation and manufacture of cosmetics, etc., registered on September 16, 1933, by Daggett <fc liamsdell, of New York City, N. Y., U. S. A. Reg. No. 11470. Trademark consisting of the word “PRESIDENT” with a design, for hair pomade, perfumes, oil or essences, lotions, (Please turn to page 26) ESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 24) . 24: PROGRESS REPORT FOR 1933-34 CROP UP TO DECEMBER 31. 1933 Central Production Pi '• i - Tons Ton 5,429 25,132 3.579 15,697 4,951 28,877 13,354 2.748 4,091 705 28,008 17,837 29,601 34*293 25*604 8J70 3,298 36,976 6,386 5.174 28,347 39,115 21.257 J,. Pt I.- Can 72 09 79 47 74 Senate Bill No, 374, known as the Sugar Limitation Bill, passed by the last legislature was vetoed by His Excellency, the Governor Gen eral on December 9th, mainly on the grounds that said bill does not provide an adequate limitation on sugar production in the Islands. In concluding his veto message, the Governor General stat'd: “* * * I cannot believe it to be for the welfare of either the Philippine people or the sugar industries involved in the American market to sanction a bill whose terms are so inadequate and even contrary to its professed purpose: which contains obvious discriminations and patently extraneous material; and which, in any event, is practically impossible to administer.” Philippine Exports for Calendar Year: Sugar export statistics for the calendar year 1933, compiled from the reports of the Insular exported and the value of same, are shown in the Collector of Customs, showing the quantity following tabulation: PHILIPPINE.SUGAR EXPORT FOR 1933* To United States Per Cent of Total Met. Tons Value Value ,1 1,024,440 P 119,833,717 100. (X) 1 55,188 8,936,708 99.22 39 ............................... 1.079,628 P128.770.425 99 22 58 report by the Insular Collector of Customs. Centrifugals. Raw"' ’. / __ Totals. , _ * Data obtuinedfr ARE YOUR SPECTACLES SO OUT-OF STYLE THAT THEY ARE MAKING A SPECTACLE OF YOU? Attain the distinction of being always well dressed, eyeglassly speaking, by having Clark & Company supply you with glasses that are RIGHT. MANILA, 90-94 ESCOLTA PJ. MASONIC TEMPLE To Other Countries Met. Tons ■ ? 103 1 7,209 1,500 PS,872 ! Total Sugar Export Value Met. Tons Value 1,024,440 Pl 19.833,820 55,227 8,943,979 18 1,500 1.079.64G P128,779,299 Ever the best in quality but never higher in price i WARNER, BARNES & COMPANY, LTD, London • Manila Iloilo Cebu Bacolod NEW YORK AGENTS Ledward, Bibby & Co. 106 Wall Street IMPORTERS & EXPORTERS Shipping Department Agents for: Nippon Yusen Kaisha Cunard Line White Star Line Bibby Line Insurance Department Transacting: Fire Marine Automobile Workmen’s Compensation Miscellaneous Insurance Machinery Department Sugar Machinery, Diesel Engines, Condensing Plant, Shipbuilders and Engineers. Agricultural Department All Classes of Fertilizer Import Department Sperry Flour Co. & Sugar Bags Cable Address: “Warner,” Standard Codes Manila Office: Perez-Samanillo Building Escolta j J IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Material Gains in Our Imagined Portfolio of Commons Quotations Up to Date Sept. Nov Jan. 2 At the end of— Hails— A. T. 4 S.F....... Canadian Pae.. . Pennsylvania.. . . U. P...................... B. 4 0................. BanksChase National. . Empire Trust. . . Irving Trust.... Nat. City............ Bethlehem............ U. S...................... Food Products— 55 46-1/8 56-3/4 13-1/2 13 12-7/8 30 25-3/4 30-3/8 110-1'2 108-7/8 113 27 25-5/8 23-3/8 22-3/8 19 19-1/2 17-3/4 15-1'2 15 ........ 13-3'4 13-7'8 24-3/4 20 -5/8 21-1/2 33 32 3,'8 37-1/8 40-5/8 4C.-5/8 58 28 1/4 31-3/8 35-5/8 53' ' 55-5/8 55-3/4 We began an imagined buying of American common stocks for conservative investment, as one would invest in providing a competence or substance to leave his family, in September. All the stocks then selected appear in the table al>ove. On the whole, from September to December inclusive they register substantial gains in quotation value. As investors for keeps we are only interested in this because it indicates dividends voted or an improving condition promising dividends soon. Among our 5 rails Cal. Packing..................... Corn Products.................. Gen. Foods....................... 33 861/2 69-1/8 31-3/8 TKAVEL LUXUKY cut Lour Cost IN addition to coaches, standard Pullman sleeping cars, and ob servation-club car the NORTHERN PACIFIC RAILWAY now operates new-type, modern Tourist sleep ing cars between the Pacific Coeist and Chicago. Electric lighted upper and lower berths, velour-upholstered seats, large men's and women's dress ing rooms...in fact they are luxurious, yet rates are exceedingly low. ROUTE OF THE FAMOUS cMortk Coast £ united One of America's finest trains, with every modern refinement and comfort in travel equipment. common, Canadian Pacific, potentially about as good as any in the lot, is off 5/8 from Sep tember, and B. & O. is off 3-5/8. On the 5 rail stocks as a whole there was a slight gain in market value as of the opening of the year. Market gains on the other stocks as a whole were more substantial. Are industrial conditions in the United States improving? If so, are they improving rapidly enough to forestall upheavals that might toss all values into the discard? The recovery policy centers upon the millions of wage earners who had been out of work, and prices of farm products below the cost of production. Times in general are picking up in the United States, raids on the federal executive policy gradually abate in intensity; a mild congress, compara tively, is predicted although earlier guesses were that congress would ride the New Deal hard—Roosevelt keeps popular and his popu larity pervades even Wall Street where opinion against his dollar policy is not all adverse. He has put millions of men back to work, the country is falling heavily into debt, but men begin realizing there should be no more objection to this for recovery than for war: war and re covery from slumps are equally grave emergen cies warranting drastic relief and unmeasured use of the public credit. This fact Roosevelt broadcasts frequently> it has reached Europe where his annual message to congress was the better received for it. Fac tually, nearly every indication in the latest Chase National summary is above its compa risons, carloadings, pigiron production, steel output, shares traded, etc., with business failures during 10 months of 1933 17,938 against 27,280 during the first 10 months of 1932. T hese are some of the factors explaining the appreciable gain in the market value of our portfolio of commons. We can still feel con fident we have, in our imagination, invested conservatively. Next month’s general position of our stocks should be still better. The Philippine Coir Products Company has been formed with an authorized capital of 1’50,000 to exploit patents held bv F. W. Bohler on his defiberizing machines and extract and market coir fiber from coconut husks. The Bohler factory consisting of buildings and machinery at New Washington, Capiz, is lieing acquired; it has been in the ownership of Bohler and the Agusan Coconut Company. The capital of the company is being doubled, to a total of PICO,000. Advantages claimed in the prospectus: (1) obtaining Bohler machines at cost; (2) controlling sale of such machines, that nobody may buy them without the company’s consent: (3) influence over the coir market and sale of coir products in this territory; (4) income from sale of machines or patents in other counIndia coir dominates the world market today, but the Philippine company reports good pros pects both in the European and the American markets, while the local demand for coir prod ucts is considerable: “it can be expected that between 5 and 10 tons of fiber can be sold locally per month; prices at present are ranging be tween 1*300 and P370 per ton.” Special appeal to participate in capitalizing this company is made in the prospectus to owners of coconut plantations who have been getting nothing irom their husks; the company is put forth as an opportunity “to find out in a very economical way what values” a planter “can expect from his husks.” Directors of the company are: Paul Baumann, president; T. Yamaki, vice president; J. H. Aliev, secretary; Eitel Baumann, treasurer; F. W. Bohler, N. V. Sinclair, Tomis Gallardo, directors. The Journal wishes this enterprise success; it knows ihow diligently Bohler has worked on his machine, and hopes the machine is now resourceful enough to produce Philippine coir in competition with Indian coir. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 Canadian Pacific Railway Co. “To all Officers and Employees— Although for nearly five years adverse eco nomic conditions have curtailed the revenues of the Company the strenuous efforts of Cana dian Pacific officers and employees to meet the situation without sacrificing o]>erating efficiency deserve all praise and have qualified us to benefit from any improvement which should accompany a renewal of trade. So far as one can judge from reliable statist ical surveys condit ions in Canada and elsewhere have shown signs of improvement wit hin the last few months and if this improvement cont inues we may look forward to a brighter year in 1934 than that which has closed. The trade of Canada is however so much influenced bv the uncertainty of general world conditions that it is wise to continue with prudence and to maintain the practice of rigid economy. Following the direc tions of Canadian National Canadian Pacific I M P O R T A N T N O T I C K REDUCED RATES IN FIRST CLASS FARES ON ALL RAILROAD LINES Northern, Southern, and Branch Lines including fares to and from Baguio Beginning January 11, 1934 BETWEEN MANILA and OLD RATE One Way Round Trip NEB7 RATES One Way Round Trip Malolos..................... P 1.11 P 1.85 P 0.96 P 1.28 San Fernando P.. 1.86 3.10 1.62 2.40 Tarlac................... 3.57 5.95 3.10 5.25 Dagupan................ 5.88 9.80 5.10 9.10 Damortis............... 6.66 11.10 5.78 10.40 Bauang U.............. 7.68 12.80 6.66 12.10 San Fernando U.. 7.98 13.30 6.92 12.60 Baguio.................... .. 12.11 21.10 10.78 19.40 Cabanatuan......... 3.54 5.90 3.06 3.80 BETWEEN PACO and San Pablo.............. 2.40 4.00 2.08 3.10 Lucena................... 3.72 6.20 3.22 5.30 Sta. Cruz L........... 2.64 4.40 2.28 2.84 Pagsanjan............. 2.79 4.65 2.42 2.34 Batangas............... 3.12 5.20 2.70 3.60 ABOVE FARES ARE FOR ADULT PERSONS Passengers over 130 centimeters in height are con sidered adult persons. Passengers from 100 to 130 centimeters in height will pay one half of established fares. Passengers less than 100 centimeters in height will pay no fare if accompanied by responsible person. For further information, inquire from the local station agent or call up Telephone 4-98-61, Central Office, 943 Azcarraga, Manila. Manila Railroad Company Act of 1933 joint committees of the Canadian Pacific and Canadian National Railways have been studying methods of eliminating costly duplication of services which militate against the remunerative operation of both systems. With the appointment by the Government of the new C. N. K. board of trustees which has full power granted under this Act to coo|>eratc with the directors of the Canadian Pacific Rail way Company it is expected that the measures of cooperation which have been recommended by these committees will be extended in the hope of still further improving the financial position of both railways. 1 am gratified to think that the difficult years through which we have been passing have demonstrated so effectively the resourcefulness and loyal co operation of our officers and employees and feel sure that so fine a spirit will enable us to suc cessfully overcome any difficulties that may for the time being hamper our progress. Here with 1 send you my sincere wishes for good health and happiness during the coming year.’’ —Courtesy of General Agent John It. Shan'. Here’s how to get Manilas! Genuine Manila Long Filler Cigars in cellophane are obtain able in your city or nearby! List of Distributors fur nished upon re quest to— C. A. Bond Philippine Tobacco Agenti 15 Williams Street, New York City Collector of Internal Revenue Manila, P. I. MA NILAS made under sanitary conditions will satisfy your taste I (Health Bulletin No. 28) Rules and Regulations for the Sanitary Control of the Factories of Tobacco Products. “Section 15. Insanitary Acts.—No person engaged in the handling, preparation, processing, manufacture, or packing of tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moist ening agent; IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Current Far Eastern Trade Conditions Based on Cables from U. S. Foreign Commerce Officers Japan. Exports during the last 10 days of September were the largest, for anv 10-day period during the year, a condition ejected by larger exports of miscellaneous goods. Develop ments in the American trade and uncertainty as to the outcome of the Simla conference af fecting trade in India influenced immediate future trends. Raw cotton imports September 10 to 20 included 50,000 bales from India, 3,000 only from the United States, 35,000 from EgyptThe August production of cotton textiles ex ceeded July’s by 9-1 2' c. The finance ministry announced there would be no new taxes levied to meet increased public expenditures. Upped exports and lowered imports st rengt hon ed the yen’s exchange position, business was active. The rice crop of 50,000,000 koku (286,064,000 bushels, or 134,710,526 cavans, counting 2.128 bushels 1 cavan and a koku 5.119 bushels', 8.6% above normal. The market is overstocked and a new control law effective November 1 The trip from Pacific Coast (Vancouver) to Atlantic Coast (Montreal or Quebec) is made in four days in the luxurious trains of the Canadian Pacific Railway. ONLY 3 TO 4 DAYS OCEAN TO EUROPE Via St. Lawrence Seaway! Sail from Montreal or Quebec and enjoy 2 days on the smooth St. Lawrence. Then, only 3 to 4 days more to British and Continental ports. Regular sailings: Empress of Britain. size-speed-SPACE marvel. Famous “Duchess" liners for smart economy. Popular “Mont-ships" for solid comfort, low cost. Attractive, low-priced Tourist and Third Class on all ships. YOUR INQUIRIES ARE INVITED CANADIAN PACIFIC WORLD’S GREATEST TRAVEL SYSTEM IN RESPONDING TO ADVERTISEMENTS PLEASE~MENTION came too late to relieve this condition. Flour exports during the first S months of the year equaled last year’s total, rayon exports were 20% above those of the first 8 months of last year, rail receipts were up 10% over the same period last year retail commodity prices advanced 2%, the financial market declined in face of a new flotation of government 4 %’s. China. America furnished China 20% of all the latter’s imports duripg the first 8 months of this year, and bought from China somewhat more than 20% of the latter’s exports, thus becoming first in rank in China's foreign trade. During that period China bought airplanes and accessories valued at Yuan dollars 7,800,000 of which 5,500,000 came from the United States. Interest in the new rail and highway construc tion continues and aviation developments in Central and South China are offering a market for American equipment. The Shanghai cotton milling and yarn trade continue unfavorable and FOR THESE GOOD REASONS... GO EMPRESS Reason 1...Record size. Reason 2...Record speed. Reason 3... Luxury of Pacific and Atlantic standards. More Reasons...? Ask anyone who’s made an “Empress” crossing! Fortnightlv sailings from ORIENT TO VICTORIA AND VANCOUVER Choice of 2 Routes... Direct Express: Empress of Asia and Empress of Russia make trans Pacific crossing from Yokohama in 9 days. Via Honolulu .Empress of Japan (largest, fastest liner on Pacific) and Empress of Canada add but three days to the journey.... First and Tourist Class. Also, Third Class. RAILWAY SERVICE ACROSS CANADA flour sills are operating 50 per cent of ca pacity. Low rice and wheat prices are adversely affecting farmers. Although larger wheat and cotton crops are reported and greater volume of leaf tobacco output is expected, rice produc tion throughout China is likely to be lower that the last season’s large crop. Manchurian soy bean crop is considered large and of good quality. Shanghai cigarette factories are generally operat ing below normal. September trade, in North Manchuria, of American goods are reported hindered by increased prices. The American Consul at Mukden reports improved railway trasportation and extension of air mail and passenger service under Japanese auspices. Japanese cotton interests arc reported organizing an association to encourage planting in Shantung Province of American type cotton. The American Consul at Hongkong reports that increased United States prices are effecting exchange advantage and that the boycott of Japanese goods in Canton continues. Import duties on rice have recently been imposed for the benefit of Canton farmers. The Southwest Aviation Company has been organized for the development of air mail and passenger service. Britain is sending an air attache to China, it is reported, to look after her aviation interests there. Features of U. S. current business in China: the contract to bridge the Pearl river to connect tlie Canton-Hankow and Canton-Samshui rail ways; arrival of a cargo of 11,430 bales of cotton, the first shipped against the cotton and wheat loan, at Shanghai. .Java. Import ordering has been temporarily stimulated by the anticipated tariff increases to be effective January 1 or earlier. The substantial reduction of the current sugar crop failed to reduce the heavy stocks as exports continue equal to production. Singapore, Straits Settlements (Trade Commis sioner Boehringer.) Confirmation of adherence of Indochina and Siam to rubber restriction is lacking but ad herence of certain strong British interests which were formerly opposed to the movement has been reported. There has continued a firm tendency in rubber and tin prices, causing material business improvement. Better wages are stimulating the retail trade and increased tapping activity is expanding demand for estate supplies. French Indochina. The current paddy market is quiet but prices are sustained by small arrivals from the interior. Demand from France for white rice is irregular and sales are small. Ex ports of rice for the first eight months of 1933 totaled 949,000 metric tons compared with 817,000 for the same period last year. Year-End Merchandising.... (Continued from page 9) Cordage exported during October brought 1*205,854 of which 1*123,640 was from the United States. Copra exported during October brought Pl,846,076 of which 1*1,514,953 was from the United States. Copra meal exported during October brought 1*196,458 of which 1*119,088 was from Germany. Coconut oil exported during October brought Pl,338,063 of which 1*1,315,398 was from the United States. Desiccated coconut exported during October brought 1*394,307 of which 1*393,879 was from the United States (and the rest, 1*428, from Japan). Centrifugal sugar exported during October brought 1*3,248,033 of which all was from the United States. (Hawaii took 1*35 worth of raws, Hongkong 1*1,045 worth). Refined sugar exported during October brought 1*496,214 of which all was from the United States. Leaf tobacco exported during October brought P300,979 of which 1*208,131 was from Spain. Cigars exported during October brought 1*937,583 of which 1’883,707 was from the United States. (Total exports of cigarettes brought only 1*3,200, of which 1*2,017 was from Spain). THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL off, in fact lower than for some time. Other items remained about as usual. SHIPPING REVIEW By H. m. Cavender General Agent, The Robert Dollar Co. previous month but the year. Lumber a Total shipments for the month of No vember amounted to 188,952 tons, an in crease of more than 50,000 tons over the previous month and a similar increase over the same month last year. New crop sugar shipments got awav to a good start with a total of 81,500 tons. To China and Japan, hemp was off from the 11 up to the average for log shipments were also To Pacific Coast Ports, there was a very decided falling off in shipments of copra and coconut oil, with an increase in copra meal. There was a heavy movement of refined sugar, and hemp shipments were the best for the year. Cigars were below October but still fairly good. Rope was slow, with other items only fair. To the Atlantic Coast and Gulf, cigars con tinued to move in quite good volume. Coconut oil wjus good, but copra only fair. Hemp ship ments, while off from the previous month, were Ton, Mi,c. Sailing, Ton, Sailing, Cliina and Japan............................ 14,821 with 41 of which 588 were carried in American Bottoms with 9 Pacific Coast Local Delivery.......... 19,813 with 15 of which 12,558 were curried in American Bottoms with 8 I’ncific Coast Overlun.l Delivery. . 810 with 9 of which 506 were carried in American Bottoms with 6 Pucific Coust Inter-Coastal Steamer. 1.702 with 9 of which 1,634 were carried in American Bottoms with 7 Atlantic Const....................................... 93.149 with 25 of which 29,542 were carried in American Bottoms with 9 European Ports ................................... 32,377 with 22 of which 51 were carried in American Bottoms with 2 Australian Ports................................... 917 with 7 of which---- were carried in American Bottoms with - Gi is-ith a total of 86 sailings of which American Bottoms carried 44,879 tons with s total still fair. Desiccated coconut also was fairly good. As noted above, there was a good sugar movement. With the exception of lumber which was very weak, the cargo movement to European Ports was particularly good. Copra shipments amounted to 12,125 tons as against 5,750 tons the previous month; copra cake 10,628 tons against 6,229 tons; and hemp (>6,362 bales against 38,489 bales. From statistics compiled by the Associated Steamship Lines, during the month of November 1933, there were exported from the Philippine Islands the following: THE PRESIDENT LINER WORLD-WIDE SERVICE FLEET AMERICAN MAIL LINE “The Short Route to America” To SEATTLE via CHINA, JAPAN and VICTORIA Pres. Jackson - Jan. 31 Pres. Jefferson - Feb. 14 Pres. Grant----- Feb. 28 Pres. McKinley -Mar. 14 Pres. Jackson - Mar. 28 Traver"President Liner” Tourist Class Manila to Seattle or San Francisco only $200; with private bath, $227. “President Hoover” and “President Coolidge” Special Class at slightly higher fares. DOLLAR STEAMSHIP LINES EAST OR WEST TO NEW YORK Via China-Japan, Honolulu San Francisco Panama Canal Pres. Coolidge - Jan. 24 Pres. Lincoln - - Feb. 3 Pres. Hoover - - Feb. 21 Pres. Cleveland - Mar. 3 Pres. Coolidge - Mar. 21 Via Suez Canal and Europe Pres. Harrison - - Feb. 5 Pres. Hayes----- Feb. 19 Pres. Johnson - - Mar. 5 Pres. Monroe - Mar. 19 Pres. Van Buren - April 2 PHILIPPINE INTER-ISLAND STEAMSHIP CO. SUPERIOR INTER-ISLAND SERVICE S. S. “MAYON” sails Tuesdays at 2 P. M. from Manila to Iloilo Zamboanga, Cebu, Iloilo back to Manila. FUTURE SAILINGS Jan. 23 Jan. 30 Feb. 6 Feb. 13 Feb. 20 FOR BOOKINGS AND INFORMATION APPLY TO: THE ROBERT DOLLAR CO. General Agents Robert Dollar Bldg., Port Area — MANILA — Telephone 2-24-41 87 Escolta IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 Passenger traffic for the month of November 1933 was characterized by heavy arrivals, although departures decreased slightly over totals for October, as shown by the following figures. Declines, however, were shown in Inter-Port business, the movement to the Pacific Coast showing a slight increase. Number of Passengers departing from the Philippines during November 1933: Inter- Third China and Japan............... Honolulu.............................. Pacific Coast....................... Europe via America. ........ Straits Settlements and Dutch East Indies......... Europe and Mediterranean Ports Beyond Colombo.. America via Suez............... Round-the-World............... 76 47 0 139 225 13 23 32 115 8 0 29 3 20 10 1 6 1 0 3 6 0 2 Total for November, 1933.. 188 212 366 Total for October, 1933 .. . . 194 266 438 During the 12 months ending with October, 1933 there were 2,106,684 tons of cargo exported from the Philippines, a total of 528,227 tons in American ships and a total of 1,578,457 tons in foreign ships. Japan took 189,395 tons, Europe 267,013 tons, Australia 10,019 tons, the United States the rest: 288,667 tons to the Pacific coast for local consumption, 8,414 tons for inland delivery at the Pacific coast, 15,341 tons to the Pacific coast for intercoastal shipment. 1,327,853 tons to the Atlantic coast, most of it sugar. In total exports of 2,106,684 tons during 12 months, the average is 175,557 tons a month or roughly 44 cargoes of 4,000 tons each. Passengers numbering 12,843 were accom modated out of the Philippines during the same period. First class: 2,233 to China and Japan, 46 to Honolulu, 405 to the Pacific coast, 181 to Europe via the United States, 545 to the Strais Settletments and Dutch East Indies, 220 to Europe and the Mediterranean beyond Colombo, 206 to the United States via Suez, and 52 to Australia. Second class: 2,850 to China and Japan, 98 to Honolulu, 772 to the Pacific coast, 110 to Europe via the United States, 97 to the Straits Settlements, and Dutch East Indies, 359 to Europe and the Mediter ranean beyond Colombo, 45 to the United States via Suez, and 12 to Australia. Third class (steerage): 3,393 to China and Japan, 404 to Honolulu, 641 to the Pacific coast, 65 to the Straits Settlements and the Dutch East Indies, 78 to Europe and the Mediterranean beyond Colombo, and 1 to Australia.—IP. R. LUMBER REVIEW By ARTHUR F. FISCIIER Director of Forestry Lumber and timber exports during Octo ber, 1933, were very satisfactory insofar jus volume is concerned. There were during the month under review 10,884,504 board feet with customs-declared value of 1*373,683 shipped t o foreign mar kets as against 5,567,968 board feet with customs-declared value of P 166,989 for the corresponding, month in 1932, or an increase of 95%. Even if compared with the previous month, the total lumber and timber exports during October represented an increase of 14' "c. Prices, however, remained still below the 1929 levels. Japan continued its importation of Philippine logs in large quantities. The total amount of lumber and timber shipped to that country was 6,950,208 board feet as against 3,887,656 board feet for October of last year, or an increase of 79%. Lumber shipments to the United States were very active as shown by the fact that, during the month under review there were 3,057,888 board feet exported to that country as against 56,816 board feet for the correspond ing month in 1932. Although no doubt this favorable showing is a reflection of the recovery of the United States market, it may in part be also due to the proposed limitation of Phil ippine lumber importation into that country— increased shipments were made in anticipation of such limitation, it is believed. Shipments to Great Britain also showed an increase of 49% as compared with the corresponding month last year. While the exports to the above three countries showed considerable increases during the month under review, exports to China declined 88% as compared with October last year. This was primarily due to the still unstable conditions in that country. During the month under review, the total production based on 46 mills was 13,338,823 board feet as against 10,374,459 board feet for the corresponding period last year, or an increase of 28%- The mill deliveries registered also an increase of 13%, it being 12,384,306 board feet as against 10,989,990 board feet during October of 1932. It will be noted that the mill pro duction during the month was greater by about 8% than the mill deliveries, which was largely due to the fact that the local markets were quiet. However, despite the above unfavorable condition, the total mill inventories at the end of the month under review was 5% less than that at the end of the corresponding period last year. The following statements show the lumber and timber exports, by countries, and the mill production and lumber inventories for the month of October, 1933, as compared with the corre sponding month of the previous year. ASSOCIATED OIL COMPANY PURE CRYSTAL CLEAR Manila • Cebu • Iloilo • Legaspi IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 Lumber and Timber Exports for October 19c13 Destination Board Feet CustomsDeclared Japan...................... . . . . *6,950,208 Value 1*102,109 United States........ . . . . 3,057,888 206,879 Great Britain......... 578,336 44,044 China...................... . . . . 160,696 10,196 British Africa........ 121,688 8,684 Denmark................ 15,688 1,771 Guam..................... . . . . ----- — Hawaii.................... — — Total............... . . . . 10,884,504 P373.683 Lumber Deliveries from Mills Destination Board Feet Declared Value Japan........................ . . . 3,887,656 1*64,228 United States.......... 56,816 3,949 Great Britain........... 387,536 32,239 China........................ . . . 1,231,296 65,834 British Africa.......... — — DenmarK.................. — — Guam....................... 4,664 724 Hawaii...................... — 15 Total................. ... 5,567,968 P 166,989 Note:—*This represents mostly solid log scale, that is, 424 board feet to a cubic meter. For 46 Mills for the month of October Month 1933 1932 October......................... 12,384,306 JO,989,990 Lumber Inventory Month 1933 1932 October........................... 25,061,085 26,504,582 Mill Production___ Month______________ 1933______ 1932 October........................... 13,338,823 JO,374,459 Note:—Board feet should be used. TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Mfg. Co. 1932 CustomsRaw Leaf: The local market con tinues firm with no important transac tions reported. Ex ports during the month were us fol lows: Rawleaf, Stripped Tobacco and Scrap* Kilo.* Australia. 388 China 57,712 Gibraltar. 12,98') Hongkong. 1,216 Japan. 855,555 Java.................................. 630 North Africa....................................... 2,018 North Atlantic (Europe).............. 73,528 Spain............................................... 2,972,716 Straits Settlements. 1,304 United States . 80,213 Uruguay 4,720 3,163,040 In view of these unusually large quantities exported during Decemlier the total tobacco export for the year 1933 was brought up nearly to the previous year's total, as the following figures will show: Kilos 1933. 17,840,818 1932....... 18,981,821 1931....... 20,526,266 Kilos 1930.. . 20,116,000 1929.. .. 24,287,000 1928.. . 18,811,000 Cigars: Shipments to the United States were as follows: December 1933: 16,154,551, December 1932: 12,498,070. Total during 1933 was 185,056,249 as compared with 176,294,144 in 1932, or 187,360,260 in 1928. REAL ESTATE By P. D. Carman Addition Hills The following shows the monthly and yearly totals of Manila sales since the record was start ed in 1919. The figures are in pesos, fifty cen tavos or over being count ed as one peso, less than fifty centavos disregard ed. The totals are some what less than actual sales since there are oc casional instances of un recorded amounts and one-peso sales. The rather high totals of the depres sion years of 1929, 1930 and 1931 probably can be explained by heavy previous installment sales unrecorded until obligations were liquidated and deeds of sale registered. “Cesiones en pago de deudas," which now appear more frequently than in earlier years, have been included as sales. When comparing the volume of business during the past five years with that of more prosperous BONDS Firearm Ammunition Judicial Contractors Customs Internal Revenue Fidelity and other Bonds INSURANCE Fire Marine Earthquake Typhoon Workman’s Compensation and other Insurance Call or Write for Particulars Fidelity and Surety Company of the Philippine Islands Geo. C.. Dankwerth President P. M. Poblete Sec.-Treasurer E. B. Ford Vice-President A. Santwico Asst. Sec.-Treasurer UROMIL Powerful Urenlc Dissolvent Astonishing cures of the most rebellious ca ses of Gout Rheumatism Arthritis Agents for the Philippines BOTICA BOIE Monte de Piedad Building Plaza Goiti Tel. 2-12-55 Manila, P. I. Vroiroplna 0.051: Benzoato lltlco 0.028; Sales plperaclnlcas 0.048; Fosrato dlsodlco 0.028; Esclpicnta ofcrvescente q. s. para 1 gr n. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 periods, consideration should be given to the lower values and prices during recent years. Notwithstanding these heavy reductions the 1933 total exceeds that of either 1932, 1927, 1923, 1922 and 1921 and is not much lower than those of 1926 and 1924. The heavy increase in the number of titles issued in 1933 is note worthy. If Real Estate can be considered the accurate barometer of general business conditions that it is in the I'nited States and elsewhere, there would appear to be moderate reason for present optimism. Sales City of Manila November December 1933 1933 Sta. Cruz ................... 1* 335,139 P 137,767 Sampaloc...................... 114,653 53,066 Tondo........................... 290,307 95,378 Binondo....................... 97,923 133,034 San Nicolas 44,023 27,500 Ermita......................... 68,770 95,373 Malate......................... 137,085 151,541 Paco............................. 183,603 23,340 Intramuros................... 308,050 68,985 San Miguel 137,340 74,688 Sta. Mesa................... 1,000 Quiapo......................... 186,924 3,250 Sta. Ana....................... 11,162 31,535 Pandacan..................... 4,000 Pl,914,984 P 900,457 The short business month of December shows a heavy reduction from last month but total sales exceed those of February, May, June, July, August or November. Four individual transac tions during December each exceeded P50.000. 191.9 1920 1921 1922 1923 January...................................... P 2,245,966 2,047,351 P 1,796,733 P 1,631.492 P 1,273,713 657,012 P 570,486 1,151,309 February 1,637,883 492,768 March. 1,428,242 1,142,594 855,620 690,826 778,153 April............................................ 1,556,352 1,535,135 401,997 704,789 729,829 Mav.......................................... 1,256,183 1,004,94(> 466,258 694,211 1,381,465 June............................................ 2,136,515 1,609,212 499,569 667,869 1,027,668 July......................................... 1,103,369 882,695 480,105 1,029,019 717,859 August ...................................... 2,357,558 1,886,047 558,491 692,891 504,123 September.................................. 1,651,737 1,321,489 1,022,093 1,040,814 1,153,444 October....................................... 1,483,342 1,186,673 857,446 812,464 550,507 November................................... 1,004,831 803,865 475,699 746,545 863,772 December................................... 3,588,123 2,870,499 486,321 1.071,936 848,833 Yearly Totals............................. 1’21,859,572 1’17,677,811 P 8,227,859 P ft),082,089 1’10,277,448 1924 1925 1926 1927 192S January....................................... P 1,879,030 P 883,818 P 1,128,773 P 1,215,531 P 2,130,915 1-ebruarv..................................... 840,673 972,578 919,150 594,903 1,138,445 March......................................... 1,137,176 689,218 1,673,455 1,373,079 1,733,105 1,216,515 April............................................ 1,196,751 1,298,722 673,760 1,548,792 May............................................ 791,276 1,284,940 749,975 600,547 1,276,579 June............................................ 868,874 749,122 738,503 1,045,121 809,491 July ........................................... 975.450 1,635,527 1,843,931) 894,398 • 1,478,663 August........................................ 795,260 1,295,260 585,519 649,662 2,327,836 September.................................. 1,652,377 1,164,819 1,167,921 722,047 899,079 October....................................... 1,543,486 2,358,825 752,130 1,311,380 1,110,229 November................................... 1,092,858 1,292,416 1,480,889 1,154,166 1,677,678 December.............. 773,183 897,231 672,075 1,400,504 1,270,592 Yearly Totals............. 1’13,038,861 1’15,404,742 1’12,710,666 Pl 1,995,124 P 16,884,814 Number of titles 2,114 2,058 2,533 1929 1930 1931 1932 1933 January ................... P 1,230,935 P 1,373,098 P 4,707,095 P 664,223 P 1,065,529 February............. 1,386,585 1,789,683 966,667 587,229 626,519 March.............. 3,160,865 2,115,873 3,155,215 1,050,531 1,393,095 April. 2,697,947 1,381,126 2,351,803 1,034,158 910,364 768,995 738,469 1,404,518 817,806 1,146,17b 673,350 741,891 ^av . 899,307 640,594 June....... 902,579 July........................ 1,117,692 1,332,375 2,298,796 700,595 797,175 August....... 1,258,277 983,867 885,114 849,938 655,750 September 1,179,905 1,373,838 629,989 1,622,566 1,078,397 October........ 1,003,124 2,028,893 1,511,721 520,370 761,957 November 1,736,304 710,410 701,913 755,339 1,914,984 December .......... 1,055,579 914,926 754,890 749,439 900,457 Yearly Totals.. P18 110,918 P 16,922,288 P 18,523,382 P 9,857,937 Pl 1,755,282 Number of titles 2,449 2,449 2,496 2,183 3,657 SHELL OIL is BETTER Distributed by The Asiatic Petroleum Co. (P.l.) Ltd. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 REVIEW OF THE HEMP MARKETS By L. L. Spellman International Harvester Company of Philippines The following report covers the various hemp markets tor the month of December with sta tistics up to and including December 31st, 1933. Manila Market: The market in Manila opened steady with exporters paying on the average: E, 1*12.25; I1', 1*11.00; (I, 1*5.75; II, 1*5.50; I, P7.75; JI, 1*6.50; .12, 1*5.50; K, 1*5.25; LI, P1.50; L2, 1*1.00; Ml. 1*4.25; M2, P.3.75; DL, P3.75; DM, 1’3.25; 82, P7.75; S3, P6.25. By the middle of the month prices had declined in sympathy with the consuming markets but all offerings found readv buyers at : E, 1*11.50; F, P10.50; G, P5.25; II, Pl.75; I, P7.50; JI, P6.00; J2, P5.25; K, Pl.50; LI, 1*3.50; L2, P3.25; Ml, P3.75; M2, P3.50; DL, P3.25; DM, P3.00; 82, 1*7.50; S3, P6.59. There was very little change during the last, half of the month and at. the close average prices were: E, 1*11.50; F, 1’10.50; G, 1’5.75; H, P5.00; 1, P7.50; JI, P6.00; J2, 1’5.25; K, P-1.75; LI, 1*4.00; L2, P3.50; Ml, P1.00; M2, P3.50: DL, P3.50; DM, 1’3.00; 82, P7.50; S3, P6.50. Supplies from the Bicol region were extremely light owing to continued bad weather. On the other hand Davao arrivals were rather heavy. Prices for Davao hemp ruled from 1’0.25 to 1’0.50 per picul over hemp from the other districts. I’. K. Mahket: The 1". K. market opened quiet with buyers holding off; shippers wore offering to sell at: J2, £13.15; K, £13.5; LI, £12.5; L2, £11.5; Ml, £12; M2, £10.15; DL, £10.15; DM, £10. In addition to the usual grades, a large quantity of Davao hemp was being offered at slightly higher prices. There was a fair amount of business by the middle of the month and shippers moved their prices up to: .12, £14.10; I<, £13.10; LI, £12.5; L2, £11.15; Ml, £12.10; M2, £11.5; DL, £11.5; DM, £10.10. There was practically no change during the last half of the month and the market remained quiet and firm. The dealers bought sparingly but on the other hand the shippers were not anxious to sell and at the close average prices were: .12, £14.10; K, £13.15; LI, £12.10; L2, £12; Ml, £12.10; M2, £11.15; DL, £11.15; DM, £10.15. V. 8. Mahket: The New York market opened quiet with shippers asking: E, 6 cents; F, 5-1 4 cents; (’., 3-3 X cents; 1, 4-1 X cents; .11, 3-7 X cents Full lines of Davao hemp were also being offered at. prices ranging from 1 X cent to 1,4 cent higher. During the first, half of the month quite a few sales were made but prices remained practically unchanged. The market remained quiet and steady during the last half of the month. Notwithstanding a fair amount of business, prices declined and at the close shippers were asking: E, 6 cents; F, 5-1/8 cents; G, 3-3/8 cents; I, 4 cents; JI, 3-5/8 cents. Japanese Market: The demand from Japan was fairly steady but prices were low. Maguey: There is still a very limited demand for Cebu Maguey but no market what ever for Northern Maguey. Production: Production continued heavy averaging better than 27,000 bales a week and there is undoubtedly considerable Davao fiber being held on the plantations. Freight Rates: There was no change in freight rates during the month. General: None of the consuming markets show any signs of being short of fiber and reports do not indicate an increase in cordage con sumption. The expected, and hoped for, advance in prices at the end of the year did not materialize. There is no question but what Abaca is now being sold below production cost and it is just a question of how long this state of affairs can continue. It is generally reported that some houses are buying and storing for an advance. Statistics: The figures below are for the calendar year of 1933 and 1932. It will be noted the total supplies increased more than 350,000 bales and shipments increased more than 386,000 bales, leaving net stocks of 138,160 bales against. 167,007 bales a year ago. 1,249,499 862,558 Manila Hemp Bair* Bab' On January 1st.............. 167,007 111,417 Receipts to date............. 1,220,652 919,669 Shipments to — U. J<............. 290,111 167,256 Continent 186,560 123,130 V. S............................ 324,588 210,941 Japan........................... 377,927 305,263 Australia..................... 18,5X8 13,890 Elsewhere ............... 25 725 15,578 Local Consumption . 26,000 26,500 COPRA AND ITS PRODUCTS By Kenneth B. Day and Leo Sciinurmacher Copra arrivals during the month of December wore unexpectedly heavy and this, combined with the slackening in the American oil market, provided a severe drag on the local situation. Copra: December production of copra in creased heavily in all sections of the Islands, IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 and in such volume as to overload all mills and export houses. On December 1st the market was easy with quotations at 1*4.50 ]>cr 100 kilos for copra Resecada. As the heavy arrivals began to materialize, prices were reduced grad ually until the 20th of the month when not over 1*4.00 was being quoted and sonic mills were entirely out of the market because' of heavy stocks. The month closed with nominal quota tions of I’ 1.00 i>cr 100 kilos with none of the mills anxious buyers. Arrivals in Manila during December totalled 430,0X7 sacks, 7% more than for November and 37% more than for December, 1932. Receipts in Cebu totalled 3X9,466 sacks, an increase of 19rf over the previous month anti of 67% over December of last year. Weather was very good for the making of copra through out the month. The Pacific Coast copra market was easy on the first of December with quotations at 1.40 cents. This market was weak throughout the month with prices dropping and the month closed with nominal prices of 1.35 cents. The European market opened with offers at £S 5 - but declined in sympathy with the American marKCt. ?t the end of December the London quotation had reached the record low price of £7 10 - for F.M.M. copra in bulk. There was considerable copra sold to Europe dining the early part of the month. Shipment of copra during December totalled 38,000 tons, of which nearly 24,000 tons wore shipped from Cebu. 12,000 tons went to the Pacific Coast, of which 2,500 tons was for Mexico. Europe took 1(5,500 tons, the Gulf Coast 6,000 tons and the Atlantic Coast 3,000 tons. Copra stocks on hand December 31st were S3,000 tons, practically identical with stocks on the first of December and on the first of November but ncarlv three times the stocks on December 31st, 1932.' Prices declined slowly throughout the month and quotations at the end of December were 2-5 8 cents per pound .for shipments during the second quarter of 1931 and I /X cent less for prompt shipment. The Pacific Coast market also weakened throughout the month and buyers were offering 2-14 cents at the close of De cember with sellers holding out for 2-3 X cents. Shipments for the month were IX,500 tons, of which nearly 16,000 tons were shipped to the Atlantic Coast and 1,000 tons to Gulf Ports. Milling was normal up to the latter third of the month, with most of the mills closed during the holidays. Coi’KA Cake: Little business was done in this commodity during December, mostly on account of the fact that all mills have disposed of the greater part of their available production for the next few months and are therefore not pressing on the market. The result has been a slight improvement in prices offered by European consumers towards the end of the month and small transactions were made at P14.50 ex warehouse Manila. Shipments of copra cake and meal amounted to 12,000 tons, of which 11,000 tons were shipped to Europe and 500 tons to the Atlantic Coast of the United States. Desiccated Coconut: The market during December was quiet with the usual slackening in business from the season of the year. Milling was fair up to the 20th of the month with shut downs during the holidays so that the average production would worx out about 50% of the normal monthly production. Shipments for the month of December were 1,500 metric tons. Geneual: A forecast of developments ap pears premature as long as the monetary situa tion remains unsettled. It can be said, however, that inasmuch as no typhoons, earthquakes or other natural causes have appeared during 1933 that could impair copra production in 1934, this will most likely be equal if not superior to that of 1933, unless extremely low prices provide some sort of a check. Trademarks Registered (Continued from page 16) perfumed soaps, powder and cosmetics, registered on September 16, 1933, by Masao Matsumoto, of Manila, 1’. I. Reg. No. 11471. Trademark consisting of the word “FORSCO” for cotton and artificial silk thread, made up in balls, on spools, and cones; all kinds of yarns, and hosiery, registered on .September 20, 1933, by Forbes, Munn & Co., Ltd., of Manila, I*. I. Reg. No. 11472. Trademark consisting of the words “SYRUP COCILLA NA COM POUND” with a design, for cough medicine, known as Syrup Cocillana Compound, registered on September 20, 1933, by Parke, Davis & Co., of Detroit, Michigan, U. S. A. Reg. No. 11473. Trademark consisting of the word “KOLYNOS” with a design, for chemicals, medicines and pharmaceutical preparations, registered on September 20, 1933, by The Kolynos Company, of New Haven, Connecticut, U. S. A. Reg. No. 11474. Trademark consisting of the representation of an elderly man in early English costume in the act of walking, for whisky, registered on September 20, 1933, by John Walker <fc Sons, Limited, of London, England. Reg. No. 11475. Trademark consisting of the words “TONG SANG WO” with a design, for ground nut oil, registered on September 21, 1933, by Quan Kee Cheong, of Manila, P. 1. Reg. No. 11476. Trademark consisting of the rectangular panel printed in red belonging to its owner on the center of which is Chinese character pronounced in Chinese “CHEING”, for Chinese medicine in various forms, registered on Sep tember 21, 1933, by Li Tsi Hsien, of Canton, China. Reg. No. 11477. Trademark consisting of the red circular stamp on which is printed in white a pict ure of a globe, for Chinese medicine in various forms, registered on September 21, 1933, by Li Tsi Hsien, of Canton, China. (To be continued} CimoXTT On.. I'll December 1st the New 5'ork market w;i< quiet at 2-7 s cents per |M>und. and loss of energy. Bromural ■■Knoiris the remedy — it is quite harmless, soothes the nerves and induces healthy and invigoKnoll A.-G., Chemical Works, Ludwigshafen-on-Rhine. FORMULA: Urotropina 0-051 —Bonzoato litico 0-028 - Sales pipiracinicas 0-046—Fosfato disddico 0-023-- Escipiente cfervoscente q. s. para 1 gr. A Beverage of Distinctive Quality and Taste! IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER} OF COMMERCE JOURNAL January, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 Commodities Coconut Oil.......................................... Cigar (Number)................................... Embroidery........................................... Maguey.................................................. Leaf Tobacco....................................... Desiccated and Shredded Cooonuts. Hats (Number)................................... Lumber (Cubio Meters).................... Copra Meal.......................................... Cordage.................................................. Knotted Hemp.................................... Pearl Buttons (Gross)....................... Canton (low grade cordage fibre).. . All Other Products............................. Total Domestio Products.................... United States Products....................... Foreign Countries Products............... PRINCIPAL EXPORTS November, 1933 November, 1932 Monthly averaxe for 12 months previous to November, 1933 Quantity Value % Quantity Value % Quantity Value % 79,177,587 15,998,111 17,499,939 27,950,770 20,466,720 659,698 1,139,435 1,973,531 111,092 .3,688 10,791,688 451,372 23,019 78,809 504,484 P 9,877,535 1,601,582 1,893,265 1,516,240 858,798 284,423 41,171 215,701 353,707 186,582 129.745 200,837 111,789 34,350 55,444 31,100 707,805 ,972,771 99.1 140,028 0.8 17,578 0. 1 Grand Total............................................................................................... Pl 8,130,380 100.0 Cotton Cloths................... Other Cotton Goode........ 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 Mattern........................... Cars and Carriages......... Automobile Tires. ...... Fruits and Nuts............... Woolen Goods.................. Leather Goods.................. Shoes and Other FootCoffee ................................. Breadstuff, Except Wheat Flour............................... Eggs.................................... Perfumery and Other Toilet Goods................ Lubricating Oil................. Cacao Manufactures, Ex cept Candy................... Glass and Glassware.. .. Paints, Pigments, Var nish, Etc........................ Oils not separately listed. Earthern Stones and Chinaware..................... Automobile Accessories.. Diamond and Other Pre cious Stones Unset.. .. Wood, Reed, Bamboo, and Rattan.................... India Rubber Goods.. .. Matches............................. Cattle................................. Explosives.......................... Cement............................... Sugar and Molasses........ Motion Picture Films. .. Other imports................... Total. PRINCIPAL IMPORTS Monthly average for November, 1933 Novemoer. 1932 12 months previous to November, 1933 Value % Value % Value % P 1,406,951 803,605 446,633 71,262 235,083 434,027 238,944 42.3’8 98,440 118.093 135,371 18,906 7 1 8 3 5 2 2 7 0 6 2 0 2 7 0 0 1 1 0 1 7 6 0 6 0 3 0 0 7 3 9 9 0 0 2 0 0 6 5 0 0 0.4 0.5 0.2 0.4 1.0 0.1 0.9 3.4 P 1,359,060 991,459 255,726 155,823 279,973 192,391 530,839 454,665 136,316 126,363 92,855 123,565 84,429 92,209 102.0G4 96,012 85,072 65,031 75,929 16,015 12 3 8 0 3 8 5 1 9 0 2 3 9 2 0 0 9 0 0 3 9 1 1 0 6 2 0.9 0.7 0.8 0.2 0.2 0.2 0.2 9.5 P 1,580.331 950,775 248,977 108.947 80,045 103,294 56,455 95,587 97,940 27,934 8 0 3 3 3 7 2 0 2 1 2 1 0 1 1 0 0 9 2 9 0 0 9 7 0 0 9 0 0 0 8 8 0 0 7 2 0 0 0 0 6 2 0 5 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Ports Monthly average for November, 1933 November, 1932 12 months previous to November, 1933 58.9 P17.674.272 7,029,377 3,431,844 197,629 22,708 598,337 450,554 9 0 Total.. P31.274.195 100.0 P24.280.771 100.0 P29,404.721 100.0 58,481,928 10,31.8,349 13,003,503 11,349,108 15,925,111 349,949 714,420 1,270,019 77,198 3,911 6,373,830 226,200 41,230 r 6,931,531 876,625 1,714,216 771,452 508,490 489,191 17,699 203,774 307,134 127,704 45,877 44,065 11,446 367,511 90,057,893 11,002,472 12,109,494 22,062,182 15,871,699 464,616 1,320,936 1,252,073 73,137 4,874 6,836,908 446,136 35,911 122,60.8 391,447 r 9,887,641 925,338 1,450,835 913,684 485,035 314,251 28,687 254,308 271,682 1.536,949 P12.693.229 51,123 18,815 99.5 o: 1 P17.086.710 99.4 93,404 0.5 16,790 0.1 P12,763,167 100.0 P17.197.904 100.0 CARRYING TRADE IMPORTS Monthly average for November, 1933 November, 1932 12 months previous Nationality of Vessels to November, 1933 Value % Value American. . British........ Japanese... Dutch........ German.. .. Norwegian. Philippines. Spanish........... Chinese............. Swedish............. Danish.............. Portuguese.... Panaman......... Italian................ Belgian.............. By Freight. By Mail. .. Total. 663,802 % 34.0 35. ' 6 4 5 10 9 7 S 1 Value % 30.8 34.2 8.4 5.3 9.0 0.5 0.6 3.7 i. 1 60,072 0 5 EXPORTS Monthly average for November, 1933 November, 1932 12 months previous Nationality of Vessels to November, 1933 American. . British........ Japanese... German.. .. Norwegian. Spanish.. .. Philippines. Chinese.. .. Swedish.. .. Danish........ Panaman .. Italian .... By Freight. By Mail. .. Total. Value 337,209 21 % 2G 15 33 2 10 7 9 7 0 2 0.5 4.9 4.2 (L9 Value 83,379 % 0.5 3.7 0 2 2 1.2 P18,130,380 100.0 P12,76.3,167 100.0 P17,197,904 100 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Countries United States................. United Kingdom.......... French East Indies.. . Germany......................... Australia......................... British East Indies.... Dutch East Indies... . Netherlands................... Italy................................ Hongkong....................... Belgium.......................... Switzerland.................... Japanese-China............. Denmark.......................... Other Countries............ Total. 0 Monthly average for November, 1933 November, 1932 12 months previous to November, 1933 Value Value Value 0^ 1 0.2 0.3 0 1 o.. o.: 3.1 7 0 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1934 BUSINESS AND PROFESSIONAL DIRECTORY Kerr Steamship Co., Inc. General Agents “SILVER FLEET” Express Freight Services Philippines-New York-Boston Philippines-San Francisco (Direct) Roosevelt Steamship Agency Agents Chaco Bldg. Phone 2-14-20 Manila. P. I. Myers-Buck Co., Inc. Surveying and Mapping PRIVATE MINERAL AND PUBLIC LAND 680 Rizal Avenue Tel. 2-16-10 INFORMATION FOR INVESTORS Expert, confidential reporta made on Philippine projects ENGINEERING, MINING, AGRICULTURE, FORESTRY, LUMBER, ETC. Hydroelectric 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: 39 Alhambra opposite Elks Club 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. ft ® R 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 6c CO. 8 Muelle del Banco Nacional Manila, P. I. Coal Contractors and Coconut Oil Manufacturers MILL LOCATED AT CEBU P. O. Box 1394 Telephone 22070 J. A. STIVER Attorney-At-Law-Notary Public Certified Public Accountant Administration of Estate. Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. “LA URBANA’’ (Sociedad MOtua de Con.trucci6n y Prt.tamos) Prestamos Hipotecarios Inversiones de Capital Paterno Building, Calle Helios MANILA, P. I. The Earnshaws Docks and Honolulu Iron Works Sugar Machinery Slipways Machine Shops Port Area Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Four Merchants' Opinions One merchant says: “. .. It is difficult to tell what we have learned from our experiences except that, speaking for our organization, we have all learned to be very humble.” An other merchant, as well known, says: “Success is going to be measured by our consistent everyday business, with balanced stocks in wanted staples and styles that are in demand; in the continued promotion of those goods.” A third says: “... the promotion of timely, wanted mer chandise is essential to our continued profit making; in fact, to our very existence.” A fourth says: “...and I cannot too strongly repeat that we in our store are firmly of the opinion that not one peso should be spent on the advertising of goods not in demand —and that not one peso less than what is required to do a thorough job should be spent on the advertising of goods in demand.” When you place your advertising in the MANILA DAILY BULLETIN you are making a direct appeal to the buying power of Manila Luzon Stevedoring Co., Inc. 1 The National City Bank of New York 1 Lightering, Marine Contractors Capital (Paid)------ P248,000,000.00 Towboats, Launches, Waterboats Surplus.........................Pl 52,000,000.00 Shipbuilders and Provisions I ! I Undivided Profits - P 10,889,025.54 (as of June 30, 1932) COMPLETE BANKING SERVICES SIMMIE 8s GRILK MANILA OFFICE Phone 2-16-61 Port Area National City Bank Building IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL GENERAL BLOWOLTPROOE7__y7//Z^BALLOONS Give maximum safety-protection against blowouts-cushion your car against destructive jolts and jars-insure greatest riding com fort, utmost economy. The Blowout-Proof Tire is made exclusively by General. See Your General Tire Dealer for Prices Pacific Commercial Company Distributor /.ISC. META ARSENITE PREVENTS DESTRUCTION OF WOOD FROM ATTACK BY ROT, TERMITES, WHITE ANTS OR ANAY, AND BOK-BOK ME ANS THAT IT HAS BEEN PRESSURE TREATED LI OF EXCEPTIONAL MERIT. A NEW INTERNATIONAL PAINT OR VARNISH AS SATISFACTORILY AS UNTREATED WOOD. LUMBER IS PAINTABLE LUMBER IS ROT PROOF LUMBER IS ODORLESS CURTIN-IIOWE CORPORATION ATLANTIC GULF & PACIFIC COMPANY OF MANILA Sole Licensee 71-77 Muelle de la Industria Philippine Islands Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL