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. 10) October 1934
Year: 1934
Language: English
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extracted text: Wealth of Nations in the Phil ippines Official Data, by Nationality Keeping the Peso at Parity with Dollar By Treasurer Lagtlameo More About Philippine Timber Lumber the Vital Thing Quirino’s Plan: Need for Migration Policy Manila Changes Mayors The Typhoon An Impression of a Great Storm Editorials — Development Corporation’s Policy The Farmer’s Outlook Other Features and the Usual Expert Reviews of Commerce How Do Men Judge Cigars? Most men are not tobacco experts; they use the “Smoke and Try ’Em” method of judging. Too often the trial is disappointing. When this happens, that cigar is “off the list” so far as he is concerned. But it is surprising how many smoke, and stay with Tabacalera cigars; there must be a reason. Smokers will tell you they are always good. If you have been disappoint ed in cigars, we urge you to try a COKCNAS STANDARD and HALF Sizes Made by TABACALERA ORIGINATORS OF HIGH GRADE PHILIPPINE TOBACCO PRODUCTS Your Kitchen Is A Manufacturing Plant THE superintendent of this world-wide ‘home industry’ is the Mrs. Are you providing her with modern equipment for this important job? Are you helping to eliminate the waste of spoiled foods? Are you providing the best kind of food for the family? Are you protect ing the home against fire and fumes? If your home is GAS equipped you have answered the foregoing questions to your own satisfaction. a a 1/ Nl| RO Ro r q MANILA For food preserva tion, there is nothing finer, more depend able, more econom ical than the new Air Cooled ELECTRO LUX GAS Refrig erator. Ask the fam ily who has one. For cleanliness, cool ness, greater success in both cooking and baking, and for speed as well, GAS has no equal. And GAS is safer in your home with a modern GAS Range. GAS CORPORATION IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 CHARTERED BANK OF INAD‘AD’ cahuintaralia 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, Here’s how to get Manilas! I Meralco Street-Car Advertising Genuine Manila Long Filler Cigars in cellophane are obtain able in your city or nearby! Interior Car Cards • Back of Fare Receipts • Philippine Tobacco Agents OIVINOS , LA YEBANA Exterior Dash Signs • Bumper Signs List of Distribut ors furn i s h e d upon re quest to— C. A. Bond Business Managers are constantly striving to increase the volume of sales. Street-car Advertising is considered by many to be the best medium in the city of Manila for achieving this end. Include an appropriation for Street-car Adver tising when preparing your next annual budget. For rates and full particulars—call up A. B. Tigh, Advertising Manager Manila 314 San Marcelino Electric Company 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 IS. Insanitary Acts.—No person engaged in the handling, preparation, processing,' manufacture, or packing of tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moist ening agent;....”. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 The spirit of cheer and good will goes hand in hand with a glass of the favorite brew— Its quality, taste, and zest never change the name |)nle|)il5cn NOW’S THE TIME TO BUY A NEW PAIR ESCO is a “Quality” shoe—priced to fit a reduced pay envelope. It’s much more economical—and so delightfully comfort able. Buy a pair today! i 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 ESCO SHOE STORES 615 ESCOLTA and 333 LEGARDA MONTE DE PIEDAD BUILDING Plaza Goiti Tel. 2-12-55 Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Subscription and United States: P4.00 per year Foreign Subscription: $3.00 U. S. Currency, per year Manila Changes Mayors With Advent of New Council Mayor Tomas Earnshaw rounds out long term—Mayor Juan Posadas challenged by changing social conditions Free Press Photo Hon. Juan Posadas Incoming Mayor of Manila Inauguration of the city council chosen in June’s election was made the occasion for retir ing Mayor Tomas Earnshaw from office and appointing in his place Juan Posadas, from the collectorship of internal revenue. Earnshaw is the second business man to have been mayor of Manila. He was appointed by Eugene A. Gilmore in 1927, when, with the portfolio of vice governor and secretary of public instruction, Gilmore was acting governor general of the Philippines. During his long term of office, Earnshaw looked at administrative problems in a business way and tried to the full extent of his powers to give Manila a business-like administration. Often enough he was hindered by contrary opinion in the city council, but he was good at keeping his temper and using his veto. He is to be credited with a number of worthwhile achievements. His practice of singling out the best new residence each year in Manila, and rewarding its owner with public recognition, was excellent. He had foresight when he got Dewey boulevard extended. His relighting of the municipal center is of permanent worth, giving the town much better appearance at night. Long as completion of Taft avenue beyond the city limits was delayed by other authorities, the city did its part in season. Mayor Earnshaw likewise showed keen per sonal and official interest in making travelers welcome in Manila and spreading the fame of the city and the islands as a place to be visited by tourists. Many things have lagged, but they were not altogether in his hands. His successor will find plenty to do. Mayor Juan Posadas differs in antecedents with former mayors, too. He is 50 years old, and since he was 22 years old he has had un interrupted service in the financial department of the government. In 1902 he became a clerk in the provincial treasurer’s office of his home province, Zambales. He has been a tax collector ever since. During the past- 14 years he has been in the internal revenue office; he went there as depute collector in 1920, and got the collectorship when his predecessor in that office, Wenceslao Trinidad, in 1924, resigned to take a lucrative manager’s job in the sugar-mill business. Prior to 1920, Posadas’s tax collect ing was in the treasury-division of the finance department. He worked up through the civil service grades, reached a provincial treasurer’s rank, and served as such in various provinces. Some of his important work was in Davao, where he was both treasurer and provincial secretary—a member of the board making the province’s laws. He was also a member of the government in the old department of Mindanao and Sulu, with Governor Frank Carpenter, and at times was the acting department governor. As collector of internal revenue, he has got for the government about % of its total re venue during the past 10 years: business has expanded, and, save during the depression, paid more taxes as it went along. The collecting has been done without provoking grudges among taxpayers. Courtesy, to the point of suave diplomacy, has marked the service. Posadas was always ready to meet taxpayers, singly or in groups, and talk differences out to amicable conclusions. A large taxpayer himself, on property that must earn its keeping, he knows how burdensome taxes are. (His bureau esti mates the average family income in the Phil ippines at P75 a year, the taxes paid at about 10%). All this has made Mayor Posadas fami liar with some of the business men’s problems; and not merely in one branch, but many. His avocation is farming, diversified farm ing. In Zambales he has rice lands; in Min danao, plantation interests; and out on Laguna he has a country place with truck fields around it, and tries to grow bermuda onions commer cially. From time to time he adds a new exper iment. All this is a very serious effort, with strict bookkeeping behind it. He is proud, for instance, of his Egyptian and American tobaccos; he cures them carefully and finds them in demand. His office as collector of internal revenue made him ex officio head of the tobacco MAYORS OF MANILA Aiisenio Ckuz Herrera, September 19, 1901, to September 18, 1905. Felix M. Roxas, September 19, 1905, to January 5, 1917; or 11-1/2 years, longest term to date. Justo Lukban, January 16, 1917, to March 3, 1920. Ramon J. Fernandez, March 4, 1920, to July 16, 1923. Miguel Romualdez, February 9, 1924, to August 26, 1927. Tomas Earnshaw, December 1, 1927, to October 16, 1934; or 6-3/4 years, second longest term to date. Free Press Photo Hon. Tomas Earnshaw Outgoing Mayor of Manila board, where he helped manage the fate of Philippine cigars abroad, in the American market particularly, and untangled many a difficult knot of contention: sometimes in the industry here, sometimes in the trade in the United States. He had around him in the internal revenue bureau able associates. Some reasons why he takes the mayorship of Manila are obvious. One is his popularity, he finds it pleasant. Another is, the city’s administration requires a tight financial hand. But of greater influence is the social change through which the community is passing. There is unusual unemployment and consequent unrest; there is widespread poor housing, and so much room for improvement. New problems are on the horizon, problems of a nascent indus trial city. They intrigue the ambitious public servant. They intrigue Mayor Juan Posadas, who believes he can solve some of them and is ready to try them all. He has the widest acquaint ance in the business community, naturally. It wishes him the best of luck in his new capa city as His Honor, the Mayor. It is also time to extend greetings to the city council, its old and its new members alike, and Council President Manuel de la Fuente, who announces a reform platform devoted to many obvious needs of the community—“the city government a public service organization.” Let us hope that combined effort of men of good will in the new city government will effect ade quate bridging of the river, and this among its earlier acts. Then decent regulation of traffic and relict of overburdened noble-spirited ponies whose sufferings in hauling rigs beyond their endurance never escape sensitive visitors and give the city and the country' bad repute with them. 4 THE AMERICAN COMMERCE JOURNAL October, 1934 Wealth of Natimis in the Philippines Invested American capital approaches $300,000,000.—Filipino investment largest, on account of ownership of land.—Official data In its official circular on the subject, revised under date growing interest. Certain laws, such as the warehouse act, of July 31, the commerce department at Washington estimates assist Filipinos to insinuate themselves into the rice-milling American capital in the Philippines at §150,000,000, but quotes and rice-trading business. the estimate of the insular affairs bureau at §257,791,000: In the manufacture or the processing of goods for export, American capital, the sugar industry ex cepted, leads all other capital in the Philippines. In other words, the founda tion of Philippine industries is American capital. The accompanying table sets out the capital participation by nation alities in leading Philippine industries. Spanish capital, little interested in tobacco culture in the Philippines, holds the largest interest by far in tobacco manufacturing, cigar and cigarette fac tories. Other European capital in the islands is mainly British and Swiss; British capital is interested in coconut oil mills, Swiss capital in cigar and cigarette factories. Commerce depart ment is discreetly silent about the num ber of Chinese in the Philippines. Un official estimates vary from 70,000 to 200,000. Commerce department says merely that they were here before the Spaniard, that they outnumber all other foreigners together, that they are very active in the retail trade, and that “they handle from 65% to 75% of the mer chandise distribution, their activities rang ing from the management of small vil lage bazaars to large importing houses.” During last year Japan had not yet nosed ahead of America in supplying the Philippines cotton textiles and other cot ton products (but she has tended to do so this year). Summarizes commerce de partment: “In 1933 the Philippines retained their position as the best market for 1. Real estate (1)......................... 2. Bank capital'........................... 3. Bonds........................................ 4. Manufacturing industries.... " Mercantile................................ 5. ________ __________ 6. Farming.. (2)............... 7. Mines............................ 8. Forest and lumbering 9. All other....................... Total.................... Mines. (1) Excluding farmlands under item 6. (2) Includes farmlands only; other real es tate including urban real estate, business and residence property chiefly in Manila and Ba guio, the chartered cities, and the port towns, is included in item 1. “Difference between the two estima tes,” says commerce department, “is due in part to the fact that the compi lation of the Department of Commerce is based upon capital investments of American resident in the United States, exclusive of American citizens perma nently residing in the Philippine Islands; while the War Department compilation is upon the basis of American participa tion regardless of place of residence.” Naturally therefore, the insular affairs bureau’s estimate is the complete one. For were it not.for bonds, the larger share of the total American capital in vestment in the Philippines would be that of Americans residing permanently in the islands. Total invested capital in the Philippines of all nationalities is estimated at §1,500,000,000 to §2,000,000,000—“of which 75% is in land and improvements, chiefly agri cultural. Philippine capital naturally predominates in agricultural investments; and in strictly native enterprises, such as rice and corn cultiva tion, the investment is entire ly Philippine.” Which is, of course, not quite true. Corn is grown extensively by some American planters in Minda nao, rice is extensively grown by American planters on Lu zon. But as a generality the statement may stand, if the influence of Americans on the industries, particularly on the rice industry, be not forgotten, and if it be remembered that capital in rice mills and ware houses is, to 75% or 80% of it at the least, Chinese, who dominate the wholesale and retail distribution of rice—a business in which Filipinos have only a recent, small, but Capital Investment in Leading Philippine Farm Industries Nature of Industry improve ments ^1,000 Mills Refineries, Factories, 1,000 dollars jTotal J?000 Sugar, total................ Philippine.............. American................. Spanish................... All other................ Coconuts, total........... Philippine.............. American................ Spanish................... British..................... All other................ Fibers, total.............. Philippine.............. American................ Japanese................. British..................... All other................ Tobacco, total............ Philippine............... Spanish................... All other................ Lumber and Timber. . Chinese................... British..................... Philippine............... .All other. ............... ' Rice. armin0. Trucklands............ Livestock................ (1) •Vc 1,129,680 770,490 49,110 .200,995 109,085 265,370 210,290 27,865 23,625 3,590 221,215 195,570 13,920 4,710 3,495 3,520 195,065 177,250 9,430 4,420 1,410 2,555 30,245 20,460 6,460 3,325 20,500 10,250 4,100 2,870 1,025 2,255 1,139,980 780,790 49,110 200,995 109,085 Note:—The sugar mills investment under Philippine includes $18,850,000 invested by the Philippine National Bank, reduced from time to time by payments from plant ers interested in the mills originally financed by the bank.—The investment in Native Farming is dominantly Philippine, but the Chinese have an investment of $8,200,000 in the rice industry, chiefly in mills and ware houses.—Corn is milled in small establishments, mainly owned by Chinese general-store traders, and no definite data are available.—Americans have $1,290,000 invested in the Philippine livestock industry. Pudlic Education 1903 1913 1918 1929 1932 2,633 2,934 Certain Essentials of Philippines Economics Number of Schools......... Yearly Enrollment.......... % School Population.... Cost ($1,000).................... Crop Production Sugar, Metric Tons.. .. Abaci, Metric Tons. .. Coconuts, Millions.... Tobacco, Metric Tons. Rice (1,000 Bushels). .. Corn (1,000 Bushels).. Coffee (1,000 Lbs.).. .. Rubber, Metric Tons.. Forest Products Timber, Cut (1,000 bd. Rattan, Split (1,000 lbs.)............................ Mineral Production Gold (1,000 Troy Ozs.). Industrial Output Cigars, Millions........... Cigarettes, Millions. .. Copra (Metric Tons).. Coconut Oil (1.000 lbs.) 180,217 66,756 232 17,010 24,151 4,567 160 117,457 6,759 42 G2 161,906 17,461 1918 1.747 671,400 39 5,050 27-1 1929 1932 7,616 1,121,200 37 16,930 7,641 1,199,980 36 10,452 847,278 213,393 2,156 47,420 106,210 14,145 2,868 317 1.065,330 130,394 1,944 101,958 16,327 2,402 705,764 432,017 5,616 2,818 161 215 298 483,*500 423.371 259 3,847 406.188 300,478 1933 7,679 1,173,735 34.96 1933 4,720 346,656 Note:—Production of principal crops is by crop years rather than calendar Coconut oil is that produced from copra excluded from the statement of the cop> American cotton cloths, gal vanized steel sheets, dairy products, and cigarettes. In the first instance over §7,000,000 worth of cotton piece goods were sold in the Philip pines compared with some what over §3,000,000 in Cuba, the second market (which makes it pertinent to remind America that the Philippines are potentially an incompa rably better market than Cuba for all America’s manufac tures: because they are larger and more populous than Cuba; they are a more healthful country and they produce more varied crops, while they have a much larger educated class pursuing elevated stand ards of living). As an outlet (in 1933) for total iron and steel semi-manufactures the Philippines were preceded only by Canada, while hold(I'lease turn to poije /?) October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 5 Senator Quirino’s Plan: Need of Migration Policy Subsidized colonization practical—a fact proved repeatedly in Britain's experience. Ilokanos must migrate Emigration overseas from Cebu and the Ilokos region, overcrowded provinces, is greatly reduced by abolition of emigration to mainland United States under the TydingsMcDuffie act and by Hawaii’s lesser need now than in the past for Philippine labor. Therefore, an acute interisland migration problem is presented, that the government should solve. Senator Elpidio Quirino, secretary of finance, is an Ilokano who knows his venturesome people and their land needs well. The public is coming to trust his judgment, and he has a plan for settling farmers in Mindanao—a plan in volving a revolving aid fund of Pl,000,000. In detail his plan has not been examined, but a prac tical interisland migration policy for such provinces as those of Ilokos and Cebu needs working out. In 1933 < migration to mainland United • States from the Philippines ' was 637 men, 132 women. J That year 1,079 men and ’ 130 women returned to the islands from the United States, J 442 men more than went away ’ that year to the United i States. In the same year j 3,994 men returned to the j islands from Hawaii, only : 231 went to Hawaii, a net “ decrease of emigration by ' 3,763. Of wpmen, 130 re- J turned from Hawaii, 231 went J there, a net increase of emigra - < tion by 101 women. Since j women in larger numbers are ; going to Hawaii either to i join their husbands there or < to marry and found families, ; Hawaii begins having a larger i supply of labor of her own, requires fewer recruits from • the Philippines even during ! good times. ■ The practice has been, in Hawaii, to take two Ilokanos i for every one Cebuano. But now the tide sets toward the i Philippines. It affects the Ilokos region seriously, since ; average savings sent back ; there from workmen emi grated to Hawaii have been P6,000,000 a year for at least 20 years. Estimate more back to Cebu. These remittances must now be much lower. During the first half of this year 1,268 men returned from Hawaii, only 38 went there, a net decrease of emigration to Hawaii by 1,230 men. In the same period 312 women re turned from Hawaii, only 51 went there, a net decrease in emigration to Hawaii by 261 women. In the same time, January to June this year, 639 Filipino men went to main land United Statues from the islands, 301 returned to the is lands, a net increase of that emigration by 338 men; and 55 women went there from the islands, 33 returned, a net in crease of that emigration by 22 women. Province and eubprovince. In sum, the tide of migration has definitely set ba^k toward the Philippines: Hawaii sends more men home than she draws away, while Filipinos going to mainland United States are sojourners, not workmen. This situation contrasts with the fact that forced emigra tion from the Ilokos region counts at least 20,000 persons a year. The accompanying table shows the population per square mile; a^id the region is by no means the islands’ richest; much of the land is mountainous and sterile, much more has been impoverished by farming. Inheritance has divided and subdivided thousands of the farms, where children now inherit fields too small to be advantageously worked; by family arrangements, some heirs keep the farm together, others are elected to migrate. Mindanao, as the census population table reveals, needs such immigrants. But Min danao can’t be prepared for settlers in a day. Neither may a homestead be made productive there in a season. Senator-Secretary Quirino plans founding communities of homesteading immigrants on large tracts of the public domain there. He would have the government pay their way there, provide them farm animals, surely a work cara bao, and money until they should harvest crops enough to keep them going independ ently—and return their loans from the government with 4% interest in installments. Thus replenished, the million peso fund would serve to establish more such immi grant communities in Min danao. The plan is laudable, the need urgent, but the ob stacles many. The primary obstacle is that Torrens sur veys have not been com pleted, the statute land laws sharply conflict with the cus tomary land laws, and the boundaries of the areas claim ed to be public domain are unknown. Before illustrating the paragraph just written, let a word be said for planned migration generally. Where titles to the lands involved have rested securely in the governments con cerned, t,he policy has been successful in fixing on the land superior communities of farmers. Under Britain, Canada is an outstanding example; in the United States, Utah. If it be asked who abandons the unaided community first, the more desirable pioneer or the less desirable, the answer is, the more desirable: his situation in the old community was less desperate, his ability and connections better; he is more sensitive to the plight of his family in the new community, (Please tur/i to page 16f Population. Total area in square Population to the Bquarc mile 1918 Philippine Islands...................... li Ktanila (city)........................................... Ilocos Sur................................................ Siquijor (subprovince)........................... La Union................................................. Cebu.......................................................... Pampanga........................................ , Pangasinan............................................... Laguna.................................................... Batangas................................................... Albay......................................................... Rizal...................................................... Bulacan..................................................... Uoilo........................................................ Sorsogon.................................................... Bohol.......................................................... Leyte......................................................... Misamia.................................................... Ilocos Norte............................................ Marinduquc (subprovince).................. Sulu............................................................ Antique..................................................... Tarlac........................................................ Romblon................................................... Occidental Negros.................................. Bataan...................................................... Oriental Negros...................................... Catanduancs (subprovince)................. Batancs..................................................... Nueva Ecija............................................ Ambos Camannes.................................. Uugao (subprovince)............................. I.epanto-Amburayan (subprovince)... Cagayan................................................... Zambales................................................... Tayabas.................................................... Bontoc (subprovince)............................ Masbate (subprovince)......................... Benguct (subprovince).......................... Isabela....................................................... Zamboanga............................................... Kalinga (subprovince)........................... Mindoro.................................................... Cotabato................................................... Davao....................................................... Bukidnon.................................................. Palawan.................................................... Agusan...................................................... Nueva Vizcaya....................................... Apayao (subprovince)........................... Basilan............................................................. Tawi-Tawi....................................................... Paragua............................................................ Dapitan........................................................... Paragua Sur . ... ............ ......... ... . . • than P 1,000,000 a year sent 90 1903 G7 32 276 58 37 12 12 2 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Perhaps We Erred: More About Philippine Timber Forestry bureau asks wharfage tax on logs exported: buying our logs, Japan export^ Philippine lumber in competition with Philippine lumber mills Looking into the Philippine timber business last month, the Journal aroused many critics, among them Director Arthur F. Fischer of the forestry bureau, who contend that more stress should be put on the injury the steady exporta tion of timber in the log does our well established lumber industry. This may be true, we may have erred; though the tabulated matter and the narrative together carried every fact essential to the conclusion that the Philippine lumber industry needs more effective backing from the government, it was taken as obvious that if Japan might not buy logs here she would not buy lumber here, but would seek logs in Borneo and perhaps at other sources. The log export trade was taken as supplementary of the lumber export trade. It is now represented to be something more, nothing less than directly harmful of the lumber export trade and of minimum benefit to the government and to loggers. At the bottom of the question lies the Japan ese mercantile marine, and the want of such commercial aid in the Phil ippines. When Japan makes a surplus of lumber for export from Philippine logs, she can deliver that lumber to foreign ports at rates consistently lower than the Philippines are charged. Against this and other disadvantages, the Philippines might have recourse to a wharfage tax. The rate at which Japan is buying logs here is set out in the accompany ing table. Of total Philippine timber exports, Japan now takes nearly 61%, nearly every board foot in form of logs. Last year it was 62%, only 920,432 board feet in form of lumber; it was 49,713,152 board feet out of a total export, logs and lumber together, of 80,244,968 board feet. This year, January to July, it ran proportionately higher, 34,226,552 board feet; for the year, contracts cover a minimum of 70,000,000 board feet, contrasting with the 7-month quota of 14,000,000 board feet allocated to Philippine lumber in the United States. Existing measures governing our timber industry thus permit Japan (or any other country so minded, as China might become) to exploit our forest resources. • Correction in part is sought in a wharfage tax of SI a ton on exported logs, which according to weight of the timber would run, it is explained at the forestry bureau, from Pl.50 to P2 per cubic meter. At Philippine mills, where the whole run of the cut must be sawed, charges being against stumpage, a cubic meter yields about 212 board feet of lumber of which 20% to possibly 30% may be fit for export. In Japan, from selected logs, it will yield at least 309 board feet and 50% or 60% will be fit for export. Japan selects the logs she buys here; in her small steamers of 2,000 to 3,000 tons, she gathers a good many cargoes of them at minor shipping points. The proportion of 85% of Exports of Logs and Sawn Lumber To Japan From 1920 to 1934. Logs Sawn Lumber Bd. Ft. nd. Ft. 1920. . 9,328 6,360’ 1921........................ No record 72.’o281922........................ 13,144 269,664. 1923. 561,SOO 4,007,2241924........................ 6,683,512 5’370*384’ 1925........................ 3,923,696 2,811,544’ 1926........................ 6,10S, 144 5,012,1041927........................ 6,048,360 12,946,416’ 1928........................ 8,306,584 11,(>38^376’ 1929.................... 22,904,480 9,051,128’ 1930. . 21,384,016 4 042 4161931........................ 33,873J«>0 L924J)60‘ 1932...................... 35,755,072 264,576’ 1933.................... 49 620,720 92,4321934 (January to July) 33,305,624 920,928Statement Showing Amount of Lumber and Timber Exports to Japan as Compared with Exports to all Countries. 1 Total Timber and Lumber Total Timber Per Cent Year SS;9 I Board Feet Board Feet r:Tpo?lts 1920........ 15,688 13,862,256 0.1 1921........ 72,928 11,790,168 0.6 1922........ 282,808 18,285,000 1.5 1923........ 4,569,024- 36,949,904 12.4 1924........ 12,053,896 50,746,864 52,216,872 23.8 1925........ 6,735,240 12.9 1926........ 11,120,248 62,709,600 17.7 1927........ 18,994,776 72,034,632 29.1 1928........ 19,944,960 85,897,736 23.2 1929........ 31,955,608 104,275,592 30.6 1930........ 25,426,432 82,351,824 30.9 1931........ 35,798,320 71,333,760 50.2 1932........ 36,019,648 50,628,144 71.1 1933 49,713,152 80,244,968 62.0 1934 (January to July).. 34,226,552 56,949,984 60.9 a shipment must be logs 24 inches or more in diameter, 15% from 18 inches to 23 inches. Philippine mills saw the whole run of logs. Japan pays low prices for logs, t*6 to 1*8 a cubic meter, according to her scale, about 30%* lower than the Philippine scale. In other words, /. o. b. the Philippines, she buys 4,000 board feet of lumber for about P20, and in this quantity finds 600 board feet or more fit either for export or the manufacture of veneers, cream of the whole iumber business. She has this 1,000 board feet of lumber, 600 board feet or more of it prime, for about the manufacturing cost at first rate mills in the Philippines. But the Philippine mill, sawing the whole run of logs, finds in 1,000 board feet no more than 200 to 300 fit for export. The proposed wharfage tax of SI a ton on logs exported from the Phil ippines would add P4.50 to P6, more or less, to Japan’s cost of lumber per 1,000 board feet. Should this cause Japan to stop buvingPhilippine logs and return to buying Philippine lumber, it would aid materially the Philippine lum ber industry and add to the general tax revenues of the government. Japan is buying logs at the rate of 4,757,946 board feet a month. Sawed in the Philippines, the sales tax on this timber would be P26,400. There would also be addi tional sales taxes. The monthly mill expenditure would be about P38,000; the yearly, 1*456,000. The additional employment provided would be for 500 men, a community of 2,500 people. These calculations are by the forestry bureau, where it is not desired to bring an abrupt stop to Japan’s buying of Philippine logs or to the general export of logs, but to curtail the tend ency and to place Philippine mills in better position to hold the markets abroad which their efforts and those of their correspondents and agents have, through many years and at great cost, established for Philippine lumber. These mills got the trade name, Philippine mahogany, establish ed; and they, with the forestry bureau, had a long fight for it in the United States, where one, the Insular Lumber Company, put through the courts a long expensive case. It was an effort of these mills, too, that secured domestic classification for Philippine lumber under the quota law, and an allocation under that classification of 28,000,000 board feet a year in the American market. This meant the salva tion of the industry. Foreign classification would have specified the foreign price, at which Philippine mahogany could not have competed. Yet the export of large quantities of logs from the Philippines works a severe and direct hard ship on these mills, subject to all the taxes the governments lays against their industry and the use of the forests. Il throws back upon the local market, for use in inferior lumber ♦Some authorities reduce this to about 10%. {Please turn to page 17) October, 1931 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 Insular Treasury Maintains Parity of Peso with Dollar Paper read by Insular Treasurer Sal vador Lagdameo before guests at the home of Mr, Robert E. Cecil, Manila ... I wish to refresh your minds about the definition of “the gold standard” because I will refer to that term frequently in my discussion. According to an author, “the gold standard is a monetary system in which the unit of value, be it the dollar, the franc, the pound, or some other unit in which prices and wages are customarily paid and in which debts arc usually contracted, consists of the value of a fixed quantity of gold in a free market.” Now, our present currency system is and is not gold standard at the same time. This statement, however paradoxical or contradictory it may sound to you, is a fact and I shall explain why. It is gold standard because we recognize the theoretical gold peso as the unit of value, it being stipulated that such gold peso is equivalent in weight, fineness and value to the half gold standard dollar of the United States. It ia not gold standard, however, because for our internal circulation we use the silver peso, we do not circulate gold coins and there is no free coinage of gold in the Philippine Islands. While our domestic circulation consists of silver pesos, yet when it comes to the settlement of our international obligations we do it by means of our theoretical gold peso which is tantamount to saying U. S. gold dollar. Ours, therefore, is what we may call a half-breed system to which the devisers have given the name of “gold exchange standard.” Under it the Philippine Govern ment undertakes to guarantee that for two silver pesos de livered to the Insular Treasurer in Manila, two gold pesos or one gold dollar will be given in exchange in New York, and vice-versa. From what I have just said, you will agree with me that, while my statement that our system is a gold standard system and at the same' time is not gold standard, with equal truth fulness we may state that for practical purposes the Philippine Islands is on gold standard basis just the same as a country on strict gold standard, my previous statement having been enunciated only for the purpose of emphasizing the difference between a strict gold standard system and a gold exchange standard. But how is the parity of the silver peso with the gold dollar at two-for-one being maintained, or what is the machinery that has been set up to achieve that result as well as to keep the currency of this country equal only in volume to the de mands of trade? How is that machinery being operated? To maintain the parity of the silver peso with the theoretical gold peso, which as I said, ultimately means parity with the gold dollar of the United States, and to keep the currency equal in volume only to the demands of trade, the Gold Stand ard Fund was constituted. This fund is to be kept in the vaults of the Treasury in Manila in the form of Philippine silver currency and United States currency and may in part be in the form of gold bank deposits with government de positories in the United States. Its size is now fixed to be not less than 15% of the money in circulation and available for circulation with a legal maximum of not less than 25%. This size, however, has been fixed for the purpose of taking care of the probable fluctuations of our external trade. In this connection let me quote what Mr. Kemmerer, regarded as the money wizard, said in this matter: “The size of this fund ought primarily to be determined by the probable variations in the currency demands of the country. If, for example, the currency needs of the Islands during the most active period of a prosperous year were estimated to be 1*55,000,000, and, for a time of extreme depression, say P45,000,000, the reserve fund would need to be such that approximately $5,000,000 could be paid out in New York in case of emergency to enable the retirement of P10,000,000 in the Philippines; and, on the other hand, there would need to be available P10,000,000 in the Philippines to meet the demands for an expanding circulation at the time of most active business. Of course the Fund should be large enough to allow a generous margin of safety over and above all needs that seem reasonably probable. Contrary to popular belief, the size of the reserve fund needed in a country like the Philippines has very little to do with the difference between the bullion value and the money value of the current coins. It is not a question of con fidence in the money, but one of adjusting the supply of money to trade demands so as to keep the country’s currency and its price level in equilibrium with those of other countries.” The Insular Treasurer, in order to accomplish the purposes of the law is authorized and directed to sell, on demand, drafts on his gold reserves pertaining to the Gold Standard Fund in the United States, for Philippine currency delivered to him at the rate of two silver pesos for one gold dollar plus a premium which represents the cost at commercial rates of transporting gold from Manila to New York. He is also directed to in struct his depositories in the United States to sell Philippine pesos for United States currency at a premium equivalent to the actual cost of transporting gold from New York to Manila. In case of unfavorable balance of trade in countries under the strictly gold standard basis, merchants or their bankers ship gold to foreign countries in order to settle that balance, while in countries under the gold exchange standard, no actual shipment of gold is made, but drafts are drawn on the gold reserves abroad in order that payments may be made in gold, to that and other countries. Conversely, countries on the strictly gold standard basis receive payments in gold shipped to them from other countries in case the balance of trade is in their favor and release that gold into circulation. On the other hand, a country which is on the gold exchange standard, instead of receiving gold physically, such gold is deposited with its depository abroad and the government agency in charge of the operation in turn releases silver coins into cir culation. This explains the reason for the premium that the Insular Treasury charges on drafts sold by it in exchange for Philippine pesos offered or vice-versa. That premium represents the cost of the transportation that the merchant would have paid himself for actually transporting gold to foreign countries in settlement of his obligations. You will see, therefore, that the maintenance of the parity of the peso with the dollar is being achieved through the exchange operations of the Gold Standard Fund. Two essential things, however, are very necessary to be taken into consideration and performed in order to make the functioning of the gold exchange standard system a success. There arc: (a) That the money received as proceeds of the sale of exchange against the Gold Standard Fund should not be permitted to be placed again into circulation in the country; it should be kept in the Treasury vaults and remain there until called out in response to the demands of trade, or more plainly, only when an exchange for currency is demanded upon presentation of either United States or Philippine cur rency, as the case may be. In fact the law is very specific (Please turn to page Iff) 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Igorot Mining Methods By Laurence L. Wilson Tradition indicates that the knowledge of gold may have been brought with him by the Igorot when, as the advance guard of the Malay race, he came out of the West, invaded the Philippines, and finally settled in these mountains; possibly about the time that Solomon was getting, gold from Ophir. Traces of his early Hindu culture are seen in such practices as animal sacrifice, augury, and trial by ordeal. The Igorots still treasure an old volume written in the ancient script which they have long since forgotten how to read. This knowledge of gold was no doubt stimulated and in creased by the Chinese who, as pirates and merchants, were visiting the Philippines as far back as the third century. The Chinese did considerable mining here at times—both lode and placer—and traces of their influence are sometimes seen in methods of timbering the shafts, use of tools, and other practices. The Spanish influence was ap parently little felt—as the fierce highlanders ably defended their mountain fastnesses and were unconquered by the Spanish until 1846. Even then, the conquerors got most of their gold from the Igorots and taught them little. The Igorots, who love a practical joke, sometimes led the Spanish speculators to drive quite exten sive tunnels where there was no chance of getting rich. Thus, while learning from others, these industrious people have, through the centuries, developed their own methods, due to their peculiar manner of life and the type of ore in which they find the precious metal. The Americans have brought modern mining methods into these mountains and employ many Igo rots in their rich mines where they have become efficient with jack hammers and dynamite. But I shall endeavor to describe the Igorot processes as uninfluenc ed by modern invention and as still practiced in some local ities. The Kankanai and Nabaloi tribes of Igorots have developed into the best miners; most of the gold being found in their territory. While this attractive metal is found more or less all through these much tangled and tumbled mountains, the main Igorot mining districts are those around the barrios of Suyoc, Tabio, Akupan, and Antamok. Suyoc is usually considered to have been the first large mining center and Suyoc miners are still said to be the most expert. Of course in this brief general description of Igorot mining methods, it must be remembered that different customs and modes may exist side by side, that there are all grades of ability, and that not all the Igorots are miners—no more than are the inhabitants of Grass Valley or Virginia City. Many a time we have been guided by some enthusiastic Igorot over steep mountain trails, through runo and bamboo thickets, and up rough, rocky gorges—only to arrive at a barren lode. These mountain men are indefatigable prospectors. Also their other life interests—hunting, fishing, going to distant A RELIGIOUS MINER I have told you something about the physical and social aspects of Igorot mining; but I should not neglect the religious aspect. For the Igorot is a very superstitious person and his daily life is much in fluenced by his religious ideas. The Igorot believes in one supreme being—Kabunian—and in many supernatural beings of various ranks and characteristics. These Anltos have the intelligence and sensibilities of human beings; but have superior abilities and lack a corporal body. They may be good or bad—friend or foe, and one must keep on friendly terms with them, by means of obedience and sacrifice, if he is to succeed in his undertakings. Favored men or women, whom I will call WISE MEN, have the ability of communicating with these Anitos and expect to themselves become Anitos upon their death. I will pass on to you some of the lore of these WISE MEN which has come to me. THE CAN AO Gold has been grown by, and belongs to the Anitos. When it is found in a tunnel the miner must make an offering payment either of blood, by cutting the finger or toe of one of the men, or else a cafiao is made. A cafiao is a ceremonial feast and sacrifice, typified by slaughter of animals, feasting, dancing and usually drinking tapuy (rice wine). Only pigs are killed at caflaos made in relation to mining gold. After they kill the pig the WISE MEN pray: “We would not take this gold if we were not hungry. Please forgive us and accept this pig as payment for the gold." Then the pig is butchered, cooked and eaten. When the ore is taken out the gold must be ex tracted as soon as possible or some will go away. A cafiao should also be made before melting and refining the gold so that none of it will leave. camote patches and rice paddies, gathering wood, attending live stock, and other activities, all lead them to visit every neck of the woods where outcrops, slides, and cuts are in vestigated for gold bearing veins. Thus, while modern Amer ican methods have developed old veins and opened adjacent new ones into among the richest mines in the world, gold has not yet been discovered in localities unknown to the Igorot. He is a gallant gambler, not only in looking for surface indications, but will often tunnel in on a likely looking pros pect until past the hope of developing a paying proposition. Moreover, by his industry and simple living, he is enabled to work many stringers on which an American would soon starve. Gold mining is more or less of a community affair. The allied family in one small barrio may own a combination of the lode and placer mine in a portion of a mountain together with the gold bearing gravel of the stream flowing therefrom. They usually work it individually, each person taking for his own that which he produces. Occasionally, when they feel that they can trust each other, they mine in common —each receiving an equal share of the gold produced; but the head man receiving a larger share for supervision. Often of course, one man will own the mine and employ help on a share basis, or for a daily wage. Much of the mining is seasonal; so that farming and other minor industries go on alternately, and often coincidently, with the mining industry. The primitive tools of these patient miners are: a short, point ed gad made of fire tempered wood or steel—sometimes length ened with a wooden handle, a stone or hardwood hammer, wooden wedges, a short wooden shovel — together with various sized baskets, woven of split bamboo. While most of the iron is imported, the people early learned to work the metal and are good smiths. The bar is heated in a charcoal fire, shaped with a stone hammer, and tempered by plunging into water. The bellows, used to produce an air draft on the charcoal, may be a clever arrangement of wooden pistons working alternately in two or four bamboo cylinders. Sometimes hollowed logs, or boxes constructed of slabs of wood, have been used in place of the bamboo. One box type has a single double-acting piston. An opening is provided in each end for the admission of air during the back stroke and a flap of hide is placed over this to act as a check valve during the down stroke. The simplest bellows is two fans, woven of split bamboo, which are waved alter nately back and forth quite efficiently. For lighting the tunnels a torch may be formed of a bundle of long thin splinters of pitchy pine wood. It has been the custom to start a fire either by striking flint with steel or through friction heat produced by rapidly twisting one bamboo stick in the hallow of another. (Please turn to next page). October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 Using his simple tools the Igorot has made many excavations along the line of the gold bearing veins. He would break down the rock by building a fire against its face and dashing cold water on the heated surface. He carries out the ore in baskets, the gangue likewise; or drags it out in larger baskets or stoneboats made of hollowed logs attached to carabao hide thongs. Many tunnels are necessarily small and tortuous—following the ore in the hard rock; but some creditable shafts, raises, winzes, stopes, and fills are seen. The best Igorot methods of timbering, stoping, and back filling are admired even by American miners. The Igorot worked in and down as far as feas ible; driving tunnels many meters long and putting in raises or shafts until stopped by very bard tock or waterflow. They endured the foul air until their smoky torches refused to burn. All the modern mines are developments of old, partly abandoned, Igorot workings. The Igorot is expert in the recovery of gold from the ore This is the work of the women. At a glance they pick out the pieces containing gold. These are broken, if necessary, to about the size of a pea and then crushed bv being placed on a large, hard, flat rock and rolled with a heavy stone—say fifty centimeters in diameter. This ore is carried to a spring or stream where it is ground to a slime by rubbing. A hard, flat rock, placed perhaps on a wooden frame for convenience, is used for the nether stone; the ore is placed thereon, soaked with water, and rubbed back and forth with a fitted hand stone. There may be as many as a dozen of these rocks in one group or “mill”, the women working sociably together and the small children playing about. The slime is then panned out in a shallow bark, or thin wooden shell—bound with bamboo. It is about seventy centimeters long and thirty centimeters wide—turned up some six centi meters on the sides, being open at the ends— one slightly more flaring. ’ Water is slowly admitted at the opposite end and, accompanied by a certain gentle shaking movement all its own, together with handling, the waste is sep arated and washed off, leaving the glittering gold in the tail. This is removed to a half coconut shell and later stored in a small section of bamboo. Sometimes the juice of the leaf of the aglayan plant or of dampened tobacco, is squeezed in the water while panning. This is to cause the fine floating gold to go to the bottom—the reverse of the modern flotation process. In free milling ores the clever women recover a very high per cent of the gold; but in complex ores, such as the tellurides and pyrites, they are not so successful. Sometimes tney roast the ore before grinding; or they may afterwards set it away in a tunnel with salt, where natural disintegration takes place. They then pan it out each year for a number of years—saying that the gold is growing in the ore. But they have back filled tunnels with waste which assayed as high as $100.00 per ton; and certain of their discarded concentrates have assayed $2,500.00 per ton. When enough gold has been accumulated it is melted in a clay dish, with a charcoal fire, into bullion. It is often purified by means of several heatings: previously wrapping the impure gold together with some flux—salt, tobacco, clay, soda, ground glass, or a certain green leaf— in a piece of pig’s gut; and knocking off the slag each time. Some of the Igorots are very adept at adultering the gold and improving its color by the addition of copper and silver and a final light roasting in salt. Much of the Igorot mining is placer. All the streams flowing from the auriferous regions are regularly worked after each rainy season. The best sections are usually owned and worked by certain individuals, some of whom have built quite intricate, permanent rock walled sluice boxes which eaten the descending gold through out the rainy season. At the beginning of the dry season the men open up and repair or rebuild the sluice boxes— some of which are twenty-five meters long. The rough surface of the bed rock of the river channel serves as the bottom of the sluice box; while the sides are more or less symetrically placed convenient’ boulders. A part of the stream is directed into this “box” and the gravel deposited during the high water, sluiced through; the heavy gold sinking to the bottom and being caught by the natural riffles formed by crevices in the rock bottom. These riffles are then carefully cleaned out and the contents panned by the women in the same manner as related previously. The most characteristic manner of Igorot mining is to start working the gold bearing vein where it outcrops—maybe near the top of the mountain. During the dry season the men dig pot holes and dog holes one above the other. A long ditch is dug along the mountain to catch water during the rainy season or perchance, to conduct it from a convenient stream or spring. This ditch may lead directly to the workings, or to a storage reservoir, according to condi tions. When a sufficient head of water is acquired it is directed into the workings and they are boomed out—exposing the vein for the next season’s work. In this way big cuts and slides are made. At Suyoc the huge Pelidan Slide is half a kilo meter wide; and the rich vein from which half a million pesos worth of gold is reported to have been taken, is covered several hundred feet underneath. In some places where the whole mountain is permeated with free gold and small stringers, the entire mass is being washed down; a part each year as the water is directed into different gullies. In any case, the stream below is worked during the dry season and the gold bearing gravel panned by the women. While of necessity, much of the gold is dis posed of in the form of bullion, the Igorots of course love the beautiful metal for itself and have made ornaments and utensils for their own use. They mould and hammer out ear rings, necklaces, finger rings, carabao and pig figures; and at Tabio they mined the gold which they beat out into gold dishes and even a hat. Jose Fianza, a former rich owner of an Antamok mine, had manufactured from gold a whole set of dishes and numerous other articles. A TIP TO HOUSEWIVES: YCO PREPARED WAX Keeps Old Floors Looking Like New For cleaner, brighter, and more beautiful floors, there’s nothing better! Perfect blending of materials insure true protective polish for your furniture, metal fixtures, tiles, and linoleum. A superior preparation for the economical housewife. Manufactured By ELIZALDE & CO. Formerly YNCHAUSTI & CO. Founded 1854 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 The American Chamber of Commerce OF THE Philippine Islands (Member Chamber of Commerce of the United States) DIRECTORS H. M. Cavender, President K. B. Day, Vice-President John L. Headington, Treasurer J. R. Wilson, Secretary C. S. Salmon J. C. Rockwell E. M. Grimm Paul A. Meyer Verne E. Miller COMMITTEES EXECUTIVE COMMITTEE: H. M. Cavender, Chairman K. B. Day J. R. Wilson RELIEF COMMITTEE: J. R. Wilson, Chairman MANUFACTURING COMMITTEE: K, B. Day. Chairman F. H. Hale John Pickett C. A. Kesstler D. P. O'Brien LEGISLATIVE COMMITTEE: H. M. Cavender, Chairman K. B. Day L. D. Lockwood E. E. Selph J. R. Wilson FINANCE COMMITTEE: Veme E. Miller, Chairman E. J. Deymek S. R. Hawthorne C. E. Casey FOREIGN TRADE COMMITTEE: H. B. Pond, Chairman E. E. Spellman Kenneth B. Day ALTERNATE DIRECTORS E. J. McSorley L. D. Lockwood S. R. Hawthorne F. H. Hale E. E. Selph, General Counsel PUBLICATIONS COMMITTEE: H. M. Cavender, Chairman K. B. Day R. C. Bennett J. R. Wilson BANKING COMMITTEE: C. M. Cotterman, Chairman N. E. Mullen J. R. Lloyd RECEPTION. ENTERTAINMENT & HOUSE COMMITTEE: E. J. McSorley, Chairman J. R. Wilson LIBRARY COMMITTEE: S. A. Warner, Chairman SHIPPING COMMITTEE: E. M. Grimm, Chairman E. J. McSorley G. P. Bradford E. W. Latie INVESTMENT COMMITTEE: H. M. Cavender, Chairman K. B. Day J. L. Headington J. C. Rockwell DEVELOPMENT CORPORATION POLICY J. M. Elizalde of the large oldtime Ynchausti farm, indus trial and commercial interests and of polo fame, is the new head of the National Development Corporation and its sub sidiary, the Cebu Portland Cement Company. Under a stiff tariff, Cebu cement has made money. There is a surplus, if the present company finds use for it, that might either found or aid other industrial ventures. There is wide concurrence in the view that the Elizalde appointment was wise. Honesty, energy and ability are proved attributes of the young appointee, who of course serves without salary. He is intensively pre paring himself to do first rate in the job if he can. He asserts a realization that the commonwealth period will be a trial— almost a trial-by-fire, as it were—of Philippine industrial fitness. His policy will’necessarily be guided year to year by the tariff policy the legislature pursues. Part of the Murphy administration, it will have vision yet prudence. There is a natural disposition, in some quarters, to ask too much of it. There is insufficient realization of the research that must precede the doing of anything. Here is not one industry, but a whole field of them. Bearing on every one of them are the industries of other countries, who import manufactures into this market—and other markets throughout the world. Then there are industries outside the Philippines that are the markets for our surplus raw products, and some of our semi-manufactures. American soap and margarine industries buy our surplus coconut oil and copra, for example. Ex pressing coconut oil here is a well established industry. The suggestion of so-called coconut centrals is a misguided one. Yet Elizalde believes coconuts should be looked to for other possibilities. This means, especially, more use in domestic manufactures: that they may be used more here, to reduce imports of manufactures. An interview with him for pur poses of this comment, revealed his general viewpoint; namely this, industries to supply domestic demands, not industries to compete abroad—no industry to compete with the United States. Cotton offers suggestions. They are under study. Cotton products are the islands’ largest import. But such products are of many varieties, not all enjoying, by any means, market enough here to make manufacture practical. For a few cotton fabrics the market is large enough to warrant local manu facture; here, should the tariff be encouraging, would be pos sibilities. This and all that might follow would be of slow growth, if eventually successful. Similarly with the growing of cotton, if the Philippines had factory use for it. It is not believed exportation could be thought of in competition with America, Egypt, Persia and India; but that, possibly, some cotton for local use could be grown on diversified farms. So small would be the need that in total world production it would not count. For such grand projects as the better industrialization of the Philippines and more domestic use of raw materials, the aphorism holds that Rome was not built in a day. The position of him who is responsible for effecting progress, who knows, and knowing must go slow while others entirely un familiar with the ground urge him to make haste, is one to watch with real interest; and particularly, to watch without envy. THE FARMER’S OUTLOOK Because they sell so much of their larger crops to the United States, the welfare of most of our farmers is affected by the process taxes in America on sugar, 1 centavo a lb., and on coconut oil, 6 centavos a lb. Sugar farmers are also affected by the quota of 1,015,000 short tons of sugar a year that is the maximum they can market in the United States. Making it up to them for growing less sugar, America returns the process tax to them. It is given out that when agreement is reached concerning its distribution, 1*20,000,000 more or less will be distributed. Sugar sales already made cut into the 1935 quota, but from the 1934-1935 crop for which the main milling season is opening, about 700,000 short tons may be sold in the United States. Other sugar money to the tune of millions will return to the islands and spell buying power, when the sugar in bond against next year’s quota is sold. Given a moderate rise of the price, Philippine sugar will be pegged at a point it can well stand. Constant return of the process tax proceeds will maintain planters’ buying capacity. This money may also be used for experimentation, which should raise yields per hectare and lower crop costs. There is salvation, rather than hardship, for the industry in the new federal legislation effect ing its control as to the American market. It still has the bounty of the tariff, Cuba’s is the only non-flag sugar with which it competes. All was done, of course, primarily in behalf of beets. This starts indeed with the high tariff of 14 years ago, 2-1/2 cents a lb. It is American beet sugar, that had to have this tariff, that made our cane provinces rich. Independently of that, however, the Philippines are a good American market; and they are a good Japanese market, and Japan in turn is a good American market. We are in the era of the subsidized consumer; the technique may be awk ward. the experience being novel, but we are in such an era just the same. The United States therefore doesn’t mind, as a matter of business as well as fairness, sweetening the buying power of our farmers a bit. And it is all right with us, too. Leave sugar and go to copra. Competing oils seem to be somewhere in the lurch. Notwithstanding heavy shipments ahead of the 6-centavo tax, demand continues and prices have October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 got high enough to give some value to coconut lands again. To the end of September, America had bought this year 100,000 metric tons of our copra, and about 103,000 metric tons of coconut oil expressed from copra in our mills. On this basis, or approximating it, proceeds of the oil process tax will exceed proceeds from the sugar tax. They should be at least P25,000,000 in a twelvemonth. They too are to be a fillip to business, buying power pumped to the consumer. But they are not to go directly or indirectly to copra pro ducers, or to subsidize the industry in any way. They may go to aid of farming, as with scientific research, coconut grow ing excepted. They may also go toward reducing the public debt, all hangs upon executive decision perhaps mainly at Malacanang; though the President may suggest something, since he approved this tax reluctantly. But unquestionably it was the plan of congress that this money come to the .Philippines and-go into the channels of commerce. No doubt most of it will, and therefore our great copra industry, incomparable in the world, will thrive on the whole demand America has for coconut oil. Finally, the returned taxes involve federal administra tion—set up in cooperation with the governor general’s office. Some federal men are here now, others on the way, still others will follow. Dr. C. S. Rosenquist, who has been here for some time, is from the department of agriculture. Treasury men are coming, and representatives of the comptroller. The whole set-up, perhaps employing 10 or more federal men. will work in association with Malacanang, whose biggest single burden will be the administration of these, for the Philippines, enor mous taxes. Thus the outlook for our farmers is by no means dark, and as they prosper business will prosper. Philippine Economic Conditions—August, 1934 - Summary of official radiograms forwarded to the Bureau of Foreign and Domestic Commerce, United States Department of Commerce, Washington, D.C. Prepared by C. Grant Isaacs, American Trade Commissioner, 410 Heacock Building, Manila, with assistance of Government and trade entities. No responsibility is assumed by this Office for any facts or opinions expressed in this review. (S.R. No. 35/13) GENERAL SECTION Philippine business in August showed little, if any, improvement over July. Business was marked with uncertainty and both the months of July and August were regarded as poor. The seasonal rains and typhoons were an additional hindrance to trade im provement. In July there was a sharp drop in business which continued throughout August, but there ere signs of improvement in September. The actuality of reduced sugar acreages, the mainstay of the Philippine export business, caused a standstill in many lines. With the announcement that the AAA processing tax is applicable to the Philippines and with the possibility that about P24.OOO.0OO will be distributed among the planters, there are signs that confidence is slowly returning. Sugar planters are giving serious consideration to the development of other agricultural crops and in this connection cotton is to the fore. Another encouraging indication is the advance in copra prices in recent weeks. While prices are remarkably low. copra has advanced from P2.80 to P4.50 during the past six weeks. Banks report an increase in the volume of collections on inward bills. Credits and collections are reported discouraging and in many lines arc becoming increasingly worse, especially in the provincial and sugar areas. Importers report a wider request for credit extension. The paramount issue of the month has been the future provisions of the forthcoming tariff bill. The bill is still with the Special Tariff Committee which has sought to equal ize the rates on imported merchandise so as to provide fair competition for American and locally produced goods competing with imports from sources employing low labor and other manufacturing costs. The bill will be considered by the Governor-General and the Council of State,prior to its presentation to the Legislature. American business, in so far as the future is concerned, is largely, if not entirely, dependent upon the passage of this bill. The bill is, therefore, awaited with the keenest interest. Reciprocity continues to be the key thought of many addresses of officials and com mercial leaders, all of which are giving impetus to public opinion on the future trade relations of the Philippines with the United States. A general survey of these state ments easily reveals that the Philippines want to continue reciprocal relations with the United States. The recently organized Philippine-Amcrican Trade Association has now elected its officers and directors with headquarters in Manila. This group is sponsored by both leading American and Filipino business men and will actively undertake a drive for reciprocal trade relations between the Philippines and the United States. It will first undertake to educate the Philippines as to the value of trade relations with the United States. The active program of the association will, in all probability, be held in abeyance until the forthcoming tariff bill is acted upon, and business knows what the future offers. In American textiles, competition with the Japanese is becoming more and more difficult. American importers of textiles are frank in stating that, without tariff pro tection, the market for the product of American mills will gradually disappear. Japan continues to copy the leading brands and, while the poods arc of inferior quality, the buying public follows the style trend and purchases the cheaper cloth. Importers hope for an early settlement of the American textile strike for a continuation will naturally place Japanese textiles in a more strategic position. August ship’s manifests again show heavy arrivals from Japan. Details are contained in the section devoted to textiles. The House of Representatives has practically completed the revision of the 1935 budget. A late resume made by the committee on appropriations reveals that the total net reductions made by the House from the budget submitted by the GovernorGeneral amount to P853.001.74. The general reductions made total P1.149,265.74 but deducting from this amount the increases made in other items, the net reduction is the above amount. The Governor-General’s budget called for P53,997,459 compared with P56.510.338 authorized for 1934. The semestral report of the Philippine National Bank, released September 1, 1934, showed increases in the reserves, surplus, investments, cash and resources of this institu tion for the first six months of the year. The bank's resources increased from P97.776,239.52 to P107,984.385.34 during this period. The favorable situation of the bank is seen also from its obligations to other banks, amounting to only P631,969.65 as against P17,480,172.78 which are due from United States and foreign banks as well as from local banks. The cigar makers’ strike which started August 15 over the question of wages still remains unsettled up to the present writing. The Governor-General has taken a hand in the matter and has created a Fact-Finding Committee in order to bring about an early settlement. There have been indications that the strikers have been instigated by communistic elements and the government is exerting efforts to prevent the spread of this influence. It was believed that the strike will be settled very shortly although considerable difficulty is being encountered due to the fact that the strikers are affiliated with a number of labor organizations. Construction activity in the City of Manila is still at its low level, building permits for August aggregating a total value of only P214.000 as against P380.000 for August last year. The value of building permits issued from January to August totaled Pl,909,000 as against P3,896,000 for the same period in 1933. August power production was estimated at 9.800,000 KWH as compared with 9,900,000 for August last year. Total aggregate production for the first eight months of 1934 was 79,000,000 KWH as against 75,800,000 for the corresponding period in 1933. FOREIGN TRADE SECTION The overseas trade of the Philippines during the first seven months of 1934 amounted to P255,537,669, an increase of 15 per cent as compared with the total trade during the same period of 1933, valued at P222,350.915. Foreign trade of the Philippines showed a decided sump during July as compared with July of last year. July foreign trade was also over Pl,875,000 below the trade of June. According to the Collector of Customs, July registered one of the heaviest negative balances in many years, the net unfavorable balance being P5.674.950. July foreign trade amounted to only P19.395.348 as against P28,679,361 during July 1933, a decrease of 32 per cent. There was a decrease of P7,377,733 in July exports to the United States, with exports amounting to only P4,337,594 and Pl 1,715,327 in July last year. Through the enforcement of the Jones-Costigan Law, curtailment of sugar shipments to the United States is principally responsible for this reduction. Balance of trade.—Despite the reduction in shipments to the United States, the favor able balance of trade with the United States continues in the amount of P73.599.977 for the first seven months of 1934. The unfavorable balance with all other foreign countries was P18.240.532 for the first seven months of 1934 as compared with an un favorable balance of P15.972.132 for the same period in 1933. Summary of trade.—The following table summarizes Philippine overseas trade during the first seven months of 1931 and 1933 on a monthly basis: Summary, Philippine Overseas Trade, First Seven Months, 1933 and 1934 (Values in Pesos: P1.00 equals U.S. 30.50) January . February. March... Ma"1.-.:: July'. '.' Monthly Ave......... Imports 1934 14,360.504 1 18,225,131 15,645,954 1 16,180,094 1 12,037,016 1 11,105,264 1 12,535,149 1 Exports 1934 23,089,225 1 31,061,586 1 33,121,674 2 30,168,872 2 20,991,291 2 10.155,710 1 6,860,199 1 1933 28,496,623 28,323,524 35,261,205 38,437,369 39,526,408 23,626,425 28,679,361 100,089,112 86,441,670 155,448,557 135,990,245 255,537,669 222,350 519 14,298,445 12,348,810 22,206,937 19,415,606 36,505,381 31,764,431 Again, it should be emphasized that the limitation of sugar exports is largely ac countable for the falling oft in exports during the past few months. Despite this curtail ment in the major item of Philippine export trade, exports during the first seven months of 1934 were larger by 14 percent, aggregating P155,448,557 as compared with P135,909,245 for the first seven months of 1933. Import trade.—Total imports into the Philippines for the first seven months of 1934 amounted to P100,089,112, an increase of 16 per cent over imports for the similar period of 1933 when imports totaled P86.441,670 in value. The following table summarizes the imports of the more important items and commodity groups during the months of July, 1933 and 1934, and during the first seven months of 1933 and 1934: Imports, Philippine Islands, Fir (Values in Pesos: P> ' Wheat flour......................................... Automobiles and parts..................... Automobile tires.............................. Chemicals, drugs, dyes and medi Cotton cloth........................................ Cotton manufactures, except cloth . Silk, rayon and mitrs..................... Electrical machy., apparatus and ap plianccs............................................. Fertilizers............................................. Vegetable fibers and manufactures. Fish and products............................... Fruits and nuts................................. Glass and glassware............................ Iron & steel & mftrs.......................... Leather and products......................... Meat & dairy products..................... Mineral oils........................................... Paper and products............................ Tobacco and products........................ Vegetables.............................................. All others............................................... . irst Seren Months, 1933 and 1934 P1.00 equals U.S.S0.50) July Total for 7 months 1934 1933 3,019,165 2,464, 4,132,173 3,092, 1,412,686 990, 1933 558,978 575,065 130,123 207,492 273,722 291,711 302,613 152,392 153,730 1,528,577 154,715 662,241 896,351 418,567 624,404 230,876 2,395,113 Total............................................... 12,535,149 14,581,538 100,089,112 86,441,670 July Philippine foreign trade with Japan showed a balance in favor of Japan of Pl,598,437. Tne Philippines imported from Japan P2,183,541 worth of merchandise and exported to Japan only P585.104. Great Britain likewise held a balance favorable to her in July, exporting to the Philippines a volume valued at P657.616 while she only took goods from the Philippines valued at only P195.508. Other important suppliers to the Philippine market were China, Germany, France, Dutch East Indies and the British East Indies. (Please turn to page 14) 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE TYPHOON From midnight on it lashed the house. Of course it lashed the whole town, and no doubt, the countryside in all the prov inces nearby. But your thoughts were homebound, it raged against your home; and when morning came, there was all the havoc, and the storm still blustering about. But the sun made brave effort too; rain would keep up all day, and the storm renew at gusty intervals, but the worst was over: there would be no more 60-mile winds weighted with sheets of rain. You could take stock. A bus got along the street at 6 o’clock, not good daylight that tardy morning. But folk were already abroad, youg men and young women especially, all in gala groups, often with an older man or two along, gleaning what the storm had harvested. Poles leaned low, trees uprooted lay everywhere, loose wires dangled at the many breaks, but the power had gone off at 4 o’clock, by someone’s good sense, and so there was no danger—beyond the ardent glances shot from every side at the comelier girls among the waders. There is a Malay exclamation that can’t be spelled. But it translates into “Lady, God bless you. Your charms are gracious!” It is just one word, drawn out from a bashful murmur to a bold shriek. Up and down the street it sounded; for as the sightseeing groups passed, the young bucks, already hacking the fallen trees into firewood, knew enough to glance up and spell themselves. Their banter pretended to be from one to another, across the littered street—but it was all intended for burning ears. The vicariously complimented girls tossed their heads and laughed. Then the banter was livelier than ever. The lissome form of Malay young womanhood, clad in dress the rain and wind turn into a colorful integument—in truth a bit of beauty. And at times the sun would shine, and everything, jeweled by the rain, which presently would come hard again, would have a sheen about it. What a magnificent holiday! The houseboy came early, bolo in hand, to make firewood for himself of all the trees he knew must have blown down in the yard. Soon the gardener joined him. It was true, five or six huge acacias were to be cut up. Two, blown down in the neighbor’s yard, had fallen into our yard. They were ours, too—by customary law. All day long, there was no quarrel over the wood anywhere: customary law takes care of such things with utter preciseness. In the street, a fallen tree is the property of the first man who strikes bolo into it; and if he wants help with it, he bargains as an owner. In your yard, the fallen trees are your servants’ property; and if they want to bargain off some of the wood, for help in cutting it, this is their business—the trees were made their property by the storm. Of course, if you too burn wood, they share and share alike with you. ACACIA TREES UNSUITABLE The more serious aspect of the typhoon is that its damage to Manila was enormous, as such losses go here. It counts in millions of pesos, it involves heavily two of the service corporations on whose regular use industry and comfort depend, the elec tric and the telephone services. It is estimated that the cost of repairing the electric service will exceed P200.000. The telephone service will hardly fail of spending at least P50.000 on its repairs. Rates can’t be raised, this extraordinary loss must be borne by the companies; that is to say, more accurately at least, by holders of their securities. Both companies began repairs at once, restoring service with surprising quickness. What caused nearly the whole of this loss, besides costly shut-downs of factories and business through out town, were the trees that blew down and broke the service wires: you only saw poles down where nearby trees pulled them down. But trees were down by thousands. They were acacias almost without exception. The typhoon occurred in the earliest hours of the day the new city government was inaugurated. This government faces the chal lenge of rebeautifying the city with trees—but choosing trees, if possible, that can be trimmed and managed within the height of 20 feet, wires being at 25 feet. At a late day prior to press, the question must be treated thus briefly. But brevity suffices, none being so blind but to see that practically the whole damage is the guilt of the acacia. The new government, if it can, should designate a substitute or substitutes, for this comely tree—for all the new planting, public and private, that should be done at once. Also, whatever the tree, annual trimming should be enjoined in park and private ground alike. There is a place in Pasay that may be observed on this very point. One owner regularly trims his acacias in May, and lost none in the typhoon. Neighbors either side of him don’t trim their acacias, and practically all of theirs went down. It would be simple justice to beautify the city with trees with practical regard to safeguarding the public services from huge dam age provoked by falling trees during severe typhoons. And it would seem entirely possible, too. Some say, place wires and cables underground. With so much of Manila not a meter above sea level, and monsoon rains half the year, this is a poser for science and economy to solve—with nothing done that thorough test doesn't prove feasible. It is doubted that it can be done at all, but certainly the sort of trees to plant and when and how to trim them to safe height can be effected, and then controlled. In general, too, Manila is a city of low horizons; trees of low height would fit the common scene. —W. R. Typhoons are the poor’s friends. Their huts of thatch are usually in sheltered places, but if they blow down, they are soon up again; they are light and cheap and everyone helps with them. But think of all that happens to the rich! What lawful plunder there is for the poor! So the peasants are busy and happy, and even the smallest children can carry home bundles of light branches, good tinder when the sun shall have dried them. It wasn’t so easy about the pomelos, a large basketful of ripe ones blown from the tree. The houseboy and the gardener insisted that at least the smaller ones were theirs. Well, what does any small household want of a whole basket of pomelos at one time? Quick compromise and an end of it. Back the boys go to their chopping. You think it nothing, that every male do mestic in Manila is instantly a skillful woodsman when a typhoon brings the occasion? It is indeed something, it is earnest that the peasants’ love is still with the land. And what are their dreams? Why, of a hut, a field, a wife and a bevy of children. Observe these things, they mean much. One case for the supreme court, that is, the pronouncement of the gardener, was that one of our trees had blown down over a peasant’s rice field. The flood, he said, had probably ruined his rice and all his work would have to be done over, but the tree, fallen over his land, was his. What say you, Justice Gardener? Yes, that is true—the tree is the peasant’s. Now remember, Jus tice Gardener is very poor and works for a pittance; and besides that, he is lately married and his wife has intervention in all things relative to property, and he must take everything home that is possibly his. Moreover, the peasant who farms the rice field is a stranger to him. But law is law, and windfalls, windfalls— without question the tree is the peasant’s. Near noon the car is got out and way is made downtown, lowgear and slow through the deeper flooded places. At the Rotonda is decision to make, calle Aviles, or calle Legarda? Young men here, chilled to the bone in water knee- and waste-deep, and they in shorts and undershirts, work in gangs and earn tips pushing stalled cars. Nevertheless, they say to take calle Legarda—it’s the better chance of getting through. It is accordingly the route, and the car gets through—the good Samaritans earn no tip that time: they could have said to try calle Aviles, and in that way earned their tip—the car would have stalled along with all the rest that tried that way. Downtown there was nothing to do. Stores were closed, services out of order. The typhoon had paralyzed the city, even banks were closed. Half a dozen steamers were aground, (Please turn to next page) October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 up and down the foreshore. Movies were closed, Nature’s decree had made a holiday even for business. Half after 1 o’clock effort was made to start the car and drive home. Useless, but as soon as definitely proved useless, there were young men about, an elevator operator, a doctor’s doorboy, and friends of theirs loafing with them, ready to give any aid called for. “Push then! Tulak!” They pushed with a will, but nothing came of it; and so a chauffeur came along and said he would push the car along with his car, to a garage where it could be dried out and got going. This he did. “Thank you, mighty nice of you.” “You are welcome, sir.” Calle Echague was tried, running into calle Solano and then into calle Aviles; for at noon calle Legarda had been barely negotiable, and here, nearer the river, in spite of what the young men at the Rotonda had said, the flood might be lower. No use, however, at Plaza Antiimperialista, opposite Malacanang—and what ruin there! trees flat all over the lawns, and everything, in the glow of a new moon the eve ning before, ideal outdoor tropical beauty!— the turn-around for calle Legarda had to be made after all. All went well, too, on calle Legarda, though the flood was higher. But a push crew mounted for ready duty, and took hold when the mechan ism flooded and the car stopped on calle Santa Mesa beyond its juncture with calle Trabajo. Instantly the volunteers dismounted and pushed the car forward, and warned not to try to start the engine because, besides water in the car buretor and the distributor, the muffler was under water a foot or so. But clear way was got at the railroad, and fortunately the engine would start; the men with the cold-quivering chins and lithe taut muscles could be paid, thanked and let go. Change had to be made. The man at the right window, who was the boss, took a 2-peso bill to the tienda at the corner and bought a package of Philippine cigarettes, fetching back correct change. They were just the thing, these dhobis, for the domestic tobacco they are made of draws freely in a pipe during typhoon weather, when real pipe tobacco gets too damp and goes over to the side of the match trust. Cigarette? Have a cigarette? None of the young men would have a cigarette—far from salubrious on a chilled wet stomach. As they had pushed the car along, one at the rear had several times argued that they should stick for a tip of 2 pesos. His cupidity wasn’t endorsed; all the others, and the boss—no doubt the oldest of this lot of brothers and cousins out making a lark of hard labor—held that nothing should be said at all, about pay : let the man pay what he will, and if he has nothing, nothing. Among them they got a peso, and gave their polite thanks and stood by while the engine made several false starts and finally a sure one. Then they turned back, then their contract had been fulfilled—a contract over which not a word had been spoken. It was now 4 o’clock, and the strollers were even more jocund than they had been during the forenoon. All day they had been chattering and thinking mischief up. They had been re minded of make-ups in the movie they had liked so well, the movie of a genre quite their own, Hollywood Review and its theme song, Singing in the Rain: under a narrow parasol, dripping away its color, were a midget pair aping Dressier and Moran. Ukelele Ike was their cavalier. Groups of four or five girls might have stepped out of that drippy chorus. Many wore their brothers’ - trousers. The banter was terrific, but the cavaliers were incessantly watchful. Storms the world over are times to play with fire. They have this in common with war, they touch the instinct of generation; they threaten life, the human heart would bravely respond with new life—for the race would live. Of course it is but fleeting fancy, the reaction to storm, and doesn’t go on to realization, as in war; the Philippines have their merry wading in the rain, New England has its bob-sled rides after blizzards. Nascent, all about you, during storm, are racial anthems swelling in gay young hearts. The threat is tKere, Nature’s overwhelming force, but Nature’s mood changes and the threat passes. Deep chords that could sound stern defiance are merely lightly wakened, and the sun sent to hush them. Glorious then are storms. On Santa Mesa a few houses beyond its junc ture with calle V. Mapa, everyone had flocked to see the dead man. He was a Spaniard, it proved, about 60 years old. They thought he had tried to cross from calle Sociego. Any way, peasants out in their dugouts trying to do something to save their flooded rice fields, had found him drowned and had brought his body ashore. It was all right to go and see. The dead are not really dead, leastwise in the East they’re not; and he was old, and seemingly hardworking—now he was asleep, rid of the burden of his lot. The peasants had made a bier of their dug out, pulled it out of the water and got it across the road under shelter of a thorn, where its burden wouldn’t startle passers-by, if they were driving fast. And they had sent for the police, who were getting things out of the man’s pockets and trying to verify who he might have been. The peasants had done all kindly things to remove the manes of death and invite the atti tude of seemly rest. But none knew him, his papers told the police nothing. He was flotsam of tne storm. Around him all this youth, able to give life; and around him the passingly merciless storm, taking his enfeebled life. Not a foot of the street beyond was flooded at all, soon you were snug at home again with a day’s ventures to tell of—and a thoughtfully procured extra candle for the reading you would do that night. Only after dinner would you tell about the drowned man, and then as gently as ever you could, but surely, too—woman’s curiosity and sympathy will have things so. Such was Manila’s typhoon Tuesday after Monday’s midnight, October 16, 1934. The mending will be quick, in three months no one will be able to swear it happened. SAW MILL OF TUASON Y SAMPEDRO, Inc. Office & Yards 801-817 Globo de Oro Manila, P. I. Cable Address “LAG ARI AN” Telephone 2-37-56 GOLD MEDAL Received at the International Panama-Pacific Exposition at San Francisco, California, 1915 We Sell All Kinds of Lumber Wholesale and Retail CONTRACTORS We make windows and the like at lowest prices GOLD MEDAL Received at the Philippine Carnival, Industrial and Commercial Exposition, 1922 Listen to World Broadcasts.... Enjoy your Favorite Records.... mil f/iii Battery sets also available Metropolitan Radio Corporation Metropolitan Bldg. — Tel. 2-34-72 — Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Dee C. Chuan & Sons Incorporated PHONES { titst Office and Yards 18-30 Soler, Manila, P. I. ' Manufacturers and Wholesale and Retail Dealers in All Kinds of PHILIPPINE LUMBER LARGE STOCKS ALWAYS ON HAND Mouldings, Balusters, Scrolls, Customs Sawing and All Classes of MILL WORKS BRANCH: 782-788 Juan Luna Street ----- Phone 4-96-83 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 The National City Bank of New York Capital (Paid) - U.S. $127,500,000.00 Surplus - - - - „ 30,000,000.00 Undivided Profits „ 8,018,665.52 (as of June 30th 1934) COMPLETE BANKING SERVICES MANILA OFFICE National City Bank ’ :ng is the sure sequel to a sleepless night. No concentration; no control over one’s faculties; general depression; painful discontent. If you want to work well you must have your nerves in order; your nerves will be raw if you do not sleep well. Your salvation lies in Bromural Tablets "Knoir. Their world-wide fame is founded on their rapid nerve-soothing action which restores sound sleep thus enabling you to utilise your full working capacity. Vouched for as harm less and not habit-forming. Obtainable from all the leading chemists. Tubes of 20 tablets. Knoll A.-G., Chemical Works, Ludwigshafen-on-Rhine. IN RESPONDING TO ADVEr 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Senator Quirino.’s Plan . . . (Continued from page 5) his wife’s sacrifices, his children’s limited school ing and opportunities; ceasing to give too much sugar for a cent, he abandons the fight with the wilderness, the new community is weakened by his defection. Homesteaders’ aid is therefore, as a general proposition, fully justified. Now, however, it will be shown that aiding Mindanao immigrants is most difficult even with the best of intentions because of the pecu liar land tenure prevailing there and the clash between statute and custom. (Past recreancy to trust of local officials in Mindanao might also be shown, how in a single limited region of Zamboanga no less than 200 bona fide home steaders had been hoodwinked out of their claims by officials and their satraps, who first got from them their carabaos and cash advances, then, when they were thus stripped, the land itself. All this was due directly to doubts about the government’s titles, the sharpers were able to set out prima facie claims of their own—holding water just long enough to get the genuine claimants eased off the land. Tardiness of the Zamboanga land office to the tune of nearly 800 claims, leases and homesteads per haps, might also be cited; and a general survey of the titles and homestead situation in Zam boanga and Sulu, tallying precisely with what has just been said. But as this refers to the past, let it go). By custom in Mindanao, all land is communal. Datus hold Mohammedan lands, are given tribute from the crops, but may not alienate their holdings; and their subjects hold unmo lested possession of land while they put it to use, but when they abandon use of it their possessory rights lapse and another may use it under the same terms of tribute to the datu. To this law, private title to property is abhorrent. The laws of the pagan peoples are similar to the Mohammedan. The general domain is the fiefhold, as it were, of chief or datu; whatever happens, it remains to his right. Plots in this general domain are subject to possessory rights only. Exact boundaries between domains may not be distinctly marked. But in general, practically the whole extent of Mindanao, approximately 39,000 square miles, is definitely claimed; and only a small portion, in the few plantations, town property, farms, pasture leases, homesteads, etc., under statute law and private title. Introduction of this statute law’ has wrought confusion, provoked endless border disputes and much formal litigation. In the tribes, as among the Bogobos of Davao, it has wrought social hardship; as w'hen a Bogobo has been induced by the land officers to accept private title to his domain, ostracism has made him a tribal outcast—from rulership he has fallen to renegade. Other Bogobos have killed, mad dened by encroachments on their domain by plantations and claims under private title. Pagan and Mohammedan alike reckon these private titles morally w’rong. Many datus, as in Sulu, will have nothing to do with them; there are many such datus who now, nominally, have no domains—under Torrens titles they have been adjudicated to others. But custom as cribes them their old domains without regard to these strange titles from the insular courts: their people hold possession under their fiefship and pay tribute as of old. Basically, the new titles must be defended with force. Gradually supplementary influences, as of the schools, will moderate customary law. In time, it may be expected, the statutory law will prevail; unrecognized by the general gov ernment, customary law will be obliterated. But that day is distant. Meantime such utter confusion prevails respecting land in Mindanao that Senator-Secretary Quirino’s plans must go the way of similar plans before them, they must fail or but moderately succeed. They are subject to insular administration, a good pre caution. But in place of the predatory local official will still stand the crafty general store keeper, his eye on the treasury’s cash advances to the settlers and on their widening fields. When at last they have their titles, his will be the cultivated fields, theirs the wild acres still to be subdued; practically they will be just where they began. Therefore, no lump sum ought ever be granted a settler. What he is provided by w’ay of livestock and tools should be charged him at low- interest, and in addition he should draw a small sum each month, say f 5 for actual needs, and in the end have a debt to the gov ernment of no more than 1*400. This has been recommended. If then the government will stand between the settler and dispossession, in limping fashion the colonization of Mindanao may proceed. All said and done, a beginning is very important. Tighe Pleased with Manila On October 2, Harry Tighe, British novelist and playwright, armed with an introduction from the American artist Carl Werntz, spent a brief day in Manila of w’hich he writes: “Thank you very sincerely for mv happy and entirely satisfactory day in lovely Manila. It was a pleasure to meet the men you so kindly introduced to me, foremost among them being the Governor, whom I hojie to meet again. I also much look forward to further talk with you. I will be in closer touch with the feeling of Manila on my next visit, November 4 or 5, and shall be asking all sorts of questions. The town of Manila interests me more than almost any place I have visited. It has the fascinating colour of the East and added to it the charm of an old civilization like Spain’s—this being spiced by modern America. Truly a wonderful combination.” Mr. Tighe is typically a Londoner, though born in Australia; and visiting the homeland for a while, he is making the round trip to Japan via Manila on the s. s. Nellore. His Manila impressions go out in the form of illustrated travel stories for publication in England and Australia. He is a capital companion on a day around Manila. Insular Treasury . . . (Continued from page 7) in this matter by going to the extent of requiring the Insular Treasurer to physically segregate such funds in his vaults and keep them separate and detached from all other funds in the vaults. In case of deposits in our depositories abroad, the law provides that “no portion of the fund shall be deposited in a bank doing business in the Philippine Islands or in any branch or agency outside of said Islands of a bank doing business in said Islands or in any bank doing business outside said Islands which may be controlled by a bank doing business in said Islands thru the ownership of stock therein or otherwise.” (b) That the rate of premium to be charged should be always the actual cost of shipping gold as represented by the prevailing rate of interest, freight, insurance, cartage and other miscellaneous expenses in connection with such shipment. If these principles are ignored, the likelihood is that the system would fail. The system is designed to be as automatic in its regulation of the money supply as the strict gold standard. The present condition of the Gold Standard Fund as reflected in the books of the Insular Treasury on June 30, 1934 is as follows! Excess ever legal maximum... riS.OMi.OOO l0L° aTePSil°u”d,C”L£^ Ti I wish to draw your attention to the fact that of our circulation, on that date, 1*18,400,000 are in Philippme coins and 1’91,900,000-jjre in Treasury certificates. Of these Treas cersecured with silver coins. This fund is called the Treasury Certificate Fund which consists of silver coins deposited in exchange for Treasury certificates issued. It is maintained as 100% reserve of all Treasury certificates in circulation and available for circulation thus backing up the certificates peso per peso. Under this ar rangement, the Treasury certificates are of the nature of warehouse receipts in that they are issued for each silver peso delivered to the In sular Treasury. However, inasmuch as the supply of silver coins may at times be insufficient to meet the demands of trade, the law provides that gold coins of the United States may be substituted temporarily for silver pesos in the fund or, in part, by gold deposits with the de positories of the Philippine government in the United States, pending the purchase of silver bullion for the coinage of silver coins. ''1 his fund should also be physically segregated from other funds in the vaults of the Treasury and should not likewise be permitted to go into circulation unless to meet withdrawals of Treas ury certificates in equivalent amounts pre sented for redemption. The condition of this fund on the same date specified above, in round figures, is as follows: In silver coins................................ 1’17,600,000 On deposit with United States depositories................................. 74,300,000 Total......................................... 1’91,900,000 certificates ;. 1’91,900,000 -------- j ......... —— — these Treas tificates, 1’17,6(X),000 are backed up I coins and P74.300.000 are backed up by gold deposits with our United State.tories. If we add these gold deposits p. to the Treasury Certificate Fund to deposits and gold currency pertainini Gold Standard Fund, we get a total of Pl 12,500,000 which, if compared with our total cir culation and available for circulation of 1*110,900,000 would show that our Government circulation is over 100% backed up by gold. You will agree with me that this is a condition which really bespeaks of the soundness and stability of our currency system at present. THE GOVERNMENT OF THE PHILIPPINE ISLANDS BUREAU OF POSTS October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 Loggers’ View of Log Export Commerce Here For this paper setting forth Philippine loggers’ views in contrast, in some respects, to the stand of the Philippines’ important lumber industry expressed in interviews with Director Arthur F. Fischer of the forestry bureau, a number of men were interviewed to whom the overseas demand for our logs is very important—partic ularly the demand in Japan. Brief effort will be made to combine their views. They begin by saying that except for the overseas trade in logs, the domestic lumber market would be far more depressed than it now is. It would be called upon to take much larger quantities of logs. This would be far from lucky, because, they say, wholesale lumber prices in the islands are already too close to the cost of manufacture. Of the mill run of lumber, 80% or 85% is not exported and comes on the domestic market. Some loggers doubted that logs exported could stand a wharfage tax of SI a ton, proposed either to check the commerce or bring the government more revenue from it. Others say that if the buyer bore the tax, all right; but that more probably buyers would shift the tax to the log gers, and reduce their gains from the business by that much. Some say the price of logs is so low that the tax would kill their business. They add, however, that buyers of logs not accommodated here would procure logs just the same, from Borneo and the Dutch East Indies. Their position, admittedly self-interested, is that it is better for the Philippines to sell timber in form of logs than to sell nothing by way of timber—to countries wanting logs. They cite the plyboard industry, not function ing here, which needs logs rather than boards. Such an industry exists in Japan, also in China and Australia; all 3 markets buy Philippine logs, and the same industry in the United States begins wanting them. Nor did any logger talked with, agree in the opinion that Philippine logs are beyond danger of competition from logs got farther south in the tropics. One said it is true enough that southern timber is softer, but added that some markets for veneer woods prefer the softer timber, or at least don’t dis criminate in price against it. Reports seem reliable, too, of repeated efforts by Japanese timber interests to establish in Dutch Borneo— to date without success. But logs are shipped from 5 points in the Dutch East Indies to Japan. From British North Borneo, shipments of logs to Japan during the first half of this year had the invoice value of nearly a million pesos. The logger citing this fact from a formal trade report, contrasts it with the opinion that logging is not well established in Borneo. Such is the consensus on this question among loggers. Wealth of Nations... (Continued from page 4) ing first place among Far Eastern markets. As a market for steel mill products the Phil ippines fell from 3rd place in 1932 to 6th place in 1933, when they were preceded by Canada and 4 Latin American countries. “The Philippines, however, continued as the first oriental market for steel mill products, as well as for iron and steel advanced manufactures, taking considerably more than twice Japan’s purchase of the former and nearly twice China’s purchase of the latter. “Of dairy products and cigarettes, the Phil ippines consumed nearly 3 times as much as the second markets,- Panama and France, respec tively. “The islands were the first world market for truck and bus tires (casings) and were preceded only by Brazil in the trade in passenger tires. “Compared with other Far Eastern markets for American automobiles in 1933, the Phil ippines were second to Japan, while they ranked first in the Orient as an outlet for meat prod ucts.” (They were 3rd in buying electrical goods, China and India being ahead of them.) Spokesman for commerce department is C. K. Moser, No. 1 in the Far Eastern section of the regional information division of the depart ment. lie reminds America that the Philippines are an important source, and in some cases prac tically the only one, of American imports of certain raw materials: in 1933 all America’s coconut oil imports were from the islands, as they will be indefinitely, and 99% of all her abaci! imports. Under tariff protection, the Phil ippines have taken the desiccated coconut market in America away from Ceylon, selling America 97% of her desiccated coconut requirements; and the islands also sell America 98% of her imported cigars (by value, 92%); 75% of her sawed cabinet woods; 42% of her sugar require ments, only 13% less than Cuba last year. A second of Mr. Moser’s tables is reprinted with our summary because of its bird’s-eye survey of essential economic factors here. His circular is a courtesy from the trade commis sioner, C. Grant Isaacs. Copies sell at 10 cents gold each at the Department of Commerce, Washington. Perhaps We Erred . . . (Continued from page 6) competing with their own, all logs rejected by buyers for the export trade. This depresses an already sluggish market. It is contended at the forestry bureau that the selected logs exported from the Philippines could readily make shift under a wharfage tax of $1 a ton, which would be, as stated, 1*1.50 to 1*2 per cubic meter. That this is true seems reasonable. Besides Japan and Australia, China is now buying Philippine logs and hints of in creasing her use of them. This puts logs vs. lumber squarely before the government. The forestry bureau dismisses the suggestion that if Japan could not get Philippine logs at attrac tive prices she would get logs elsewhere,perhaps in Borneo, she would not buy Philippine lumber. Borneo has no lumber industry worth speaking of, the Philippines are the only part of Malaysia that has. Backbone of such an industry is a steady domestic market, and sparsely settled Borneo has no such market—can develop none. Borneo’s woods of species and varieties iden tical botanically with those of the Philippines, are softer and coarser than those of the Phil ippines: the Philippine product is preferred in the market. It is held that if logs could be got advantageously in Borneo, they would be got there now—Borneo’s logging industry would already engage Japan’s industry and capital. On the other hand, the trade here understands Bornean logs to be in every way inferior to Philippine logs, though they are cheaper. If therefore Philippine logs could be got at no advantage over Philippine lumber, Philippine lumber would be taken even in Japan—as it once was taken. Director Fischer of the forestry bureau con tends that even if his proposed wharfage tax on exported logs caused loss of sales of logs abroad, not at once made up by greater sales of Philippine lumber, in the long run no harm would be done. The demand for Philippine lumber over the world is clearly reviving. The government could well let the timber stand uncut for 10 or even 15 years, while demands expanded and until overseas markets should be willing to be supplied with lumber instead of logs. At the same time, there is, of course, in the veneer industry, a legitimate demand for logs that sawn lumber will not supply. This demand, Director Fischer says, could always be supplied with Philippine logs; and such is their quality that the wharfage would be no burden on their ready sale. Less worthy is the demand of foreign mills, the mills of Japan, for Philippine logs to be sawn into lumber exported to the very markets where Philippine export lumber must be sold—markets effort in the Philippines has with difficulty and many setbacks got estab lished. The government must choose. LUMBER REVIEW By ARTHUR F. FISCHER Director of Forestry The fairly active demand of Philippine lumber and timber in foreign markets con tinued during July. There were 9,493,784 board feet of lumber and timber exported during the month as compared with 8,647,056 board feet for the correspond ing period last year, or an increase of’ about 10%. Shipments to Japan consisted mostly of round logs, as usual. Inquiries and orders continued to be received from China and Aus tralia and Philippine producers seem to be hope ful for increased demands in these markets in the near future. Much, however, will depend on how the first shipments by the individual companies getting the orders will be received in the said countries. The trade with South Africa remained comparatively active, which is a reflection of the favorable economic condiIN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 tions obtaining in that country. It has been reported that great progress is being made of private building and construction works in that country, which are supplemented by the public building program of the South African Govern ment. A slight slackening of the trade with Great Britain was, however, noted during the month under review, but this may be accounted merely to seasonal dullness. In contrast with the comparatively active lumber and timber transactions for foreign mar kets, the local markets remained dull due to slackening of construction activities as a result of the rainy season. Prices are still low but firm and the feeling is that a reaction towards higher price levels is not very far off. Mill production increased 11% as compared with July of last year while the deliveries did not register any increase. As a natural result there for, there were heavier stocks on hand at the end of the month under review than at the end of the same month last year. The following statements show the lumber and timber exports, by countries, and the mill production and lumber inventories for the month of July, 1934, as compared with the corresponding month of the previous year. Lumber and Timber Exports for the month of July 1934 Destination Board Feet CustomsDeclared Value Japan...................... *5,258,024 I* 97,931 United States........ 1,764,688 134,439 Australia.................. 769,136 30,185 China. ...... 690,696 34,527 British Africa.......... 324,784 23,298 Great Britain.......... 268,816 20,476 Portuguese Africa... 234,472 14,610 Netherlands............. 140,768 1,963 Denmark.................. 25,016 2,738 Hongkong................. 16,536 694 Italy......................... 848 59 Hawaii..................... Guam...................... Total............... 9,493,784 P 360,920 1933 Destination Board Feet CustomsDeclared Value Japan........................ 5,033,456 P 77,940 United States.......... 1,384,360 77,640 Australia................... 22,473 1,124 China........................ 1,488,664 15,353 British Africa.......... 303,160 21,161 Great Britain.......... 362,096 20,782 Portuguese Africa... 43,248 3,386 Netherlands.............. Denmark.................. Hongkong................. Italy......................... Hawaii...................... 8,480 1,282 Guam....................... 2,120 365 Total................. 8,647,056 P 219,033 Note:—*This represents mostly solid log scale, that is 424 board feet to a cubic meter. For JJ) Mills for the month of July Lumber Deliveries from Month __________ Mills_________ _____________________ 1934________1933 July........................... 14,480,857 14,752,135 Month 1934 1933 July........................... 28,951,859 23,428,675 Mill Production Month ----------------------------------_____________________ 1934________1933 July........................... 16,382,570 14,689,646 Note:—Board feet should be used. COPRA AND ITS PRODUCTS By Kenneth B. Day and Leo Schnurmacher In September price advances in copra and coconut oil which started in August were con tinued. All American oils, fats and foodstuffs advanced sharply during the month which made copra and coconut oil more attractive to Amer ican buyers. The fact that many copra ex porters had sold short earlier in the season made it impossible for buyers to obtain their require ments except at constantly increasing prices, and this fact was largely responsible for the upturn. Copra : September arrivals were far more satisfactory than those of August. In Cebu receipts were almost the same as those for Sep tember, 1933 and in Manila the decline was only approximately twenty per cent. If direct ship ment from outports is included, undoubtedly the combined Island receipts would exceed those of 1933. The month records a steady price increase, ranging from P4.40 per hundred kilos Resecada at the first of the month to a maximum of P6.10 at the end of the month. The buying interest was largely represented by the Pacific mills for copra and the local mills who were buying for oil purposes. European buyers were not interested at competitive levels and although some business was done through charters 6ut of Cebu, it was. decidedly an American month. Prices on the Coast rose from 1.35 cents to 1.72-1/2 cents c.i.f. while the European market advanced from £6/15/0 to £8 0 0 with slightly higher prices occasionally available for fancy parcels. Toward the end of the month it was evident that the market had advanced too rapidly and was due for a reaction, and the first of October found sellers much more anxious to do business and buyers gradually reducing their ideas. The statistics for the month follow: Arrivals— Bags Manila............................................... 413.469 Cebu................................................... 357,182 Shipments— Tons Pacific Coast and Mexico.............. 13,400 Atlantic Coast.................................. 961 Gulf Ports......................................... 2,575 Europe............................................... 24,952 China and Japan.............................. 926 Total....................................... 42,814 Stocks on Hand in Manila— Beginning of Month....................... 28,958 End of Month................................. 31,734 It was the general feeling that large stocks of copra had been accumulated in the provinces and that any price weakening would reflect itself at central shipping points. Coconut Oil: The coconut oil market improved gradually throughout the month. Commencing at 2-1 2 cents c.i.f. New York, the market advanced to 3-1 8 cents and it was reported that a few small parcels were sold as high as 3-1/4 cents. The demand was fairly narrow, however, and most of the buyers were small consumers for edible purposes, the large soapers on the whole holding back. Any large offerings would undoubtedly have broken the market, but sellers were afraid to offer because of the uncertainty of the copra situation. Pacific Coast demand was very fair and buyers were interested for once more in prompt than in future shipments. European buyers were not a factor. Local prices ranged from 9-1/4 cents up to 11-1/2 cents per kilo. Statistics for the month follow: Shipments— Tons Pacific Coast................................... 996 Atlantic Coast.................................. 3,050 Gulf Ports......................................... 1,730 Europe............................................... 610 China................................................. 66 Tbtal....................................... 6,452 Stocks on Hand in Manila and Cebu— Beginning of Month....................... 11,736 End of Month................................. 16,143 Copra Cake and Meal: Interest in meal shipments from the Philippines continued on the Pacific Coast and prices remained firm through out the month at from S22.50 to $23.50 per short ton c.i.f.—October to December snipment. Toward the end of the month it was evident that prices had reached their peak and that importa tions of other foreign foodstuffs, plus a netter local situation, would likely tend to ease off the market in October. Hamburg buyers of copra cake increased their quotations to a certain extent but were still anywhere up to P3.00 or P4.00 below meal equivalents. There were no sales of copra cake to Europe during the month that we know of. The following statistics cover these products: Shipments— Tons Pacific Coast..................................... 2,528 Atlantic Coast.................................. 274 Europe............................................... 4,866 China................................................. 51 Total....................................... 7,719 She.—So you came home and found your wife in the arms of your best friend—who is he? He.—I don’t know—I never saw him before in my life! —Cut and comment from Judge. GORDON DRY The heart T XT ° g°°d vrliXI cocktail SPECIAL MCNISH’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 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JO URNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 Stocks on Hand in Manila and Cebu— Beginning of Month....................... 5,805 End of Month................................. 5,187 The comparatively large shipments to Europe were all in fulfillment of contracts made earlier at much lower prices. Desiccated Coconut: During the month of September desiccated factories were operating at good capacity. The improvement in the copra market meant a higher cost for nuts to desiccated plants which was not fully compensat ed by price increases for desiccated coconut in the United States. It was reported that a new desiccated plant would be in operation at Calamba before the end of the year. Shipments for the month were rather better than normal, totaling 2,168 metric tons. General: The stimulation of copra prices in September was a great fillip to the producers. At September levels copra was again a profitable crop and the harvesting of nuts and making of them into copra came back to normal for the first time in several months. This will un doubtedly affect crop estimates for the balance of the year. Local mills were able to buy con siderable copra, thus improving their productive position. At the end of the month it was felt that mills both here and in the United States were in an easier position and that a price reac tion was almost bound to set in. It was not felt, however, that this reaction would be very severe and the consensus of opinion was that November and December markets would still offer reason able prices unless the production of copra far outstrips all present estimates. Reports from the United States continue to prove that although prces are comparatively high, an absence of the excise tax would have made them still higher, and nothing has as yet been advanced to disprove the theory that in the long run under present conditions the Philippine copra market will be the cheapest copra market in the world, unless through some act of God production is very severely curtailed which seems most unlikely. | Objects to Wheat A reader in Albay writes as follows: “In a recent Daily Bulletin it was reported that Mr. Eulogio Rodriguez has a scheme for sowing wheat on an enormous area, government subsidized. To my mind this means but a great waste of public money; unless it has been proved by experiment over considerable areas and a period of 4 years, it is farce to squander labor on productive soil. “Many years ago an agriculturist, since dead, sowed Spanish seed wheat on two acres of land in the Batanes islands. His first crop was excellent. His second harvest from seed of the first crop was poor, and the third crop from se cond year seed was not worth harvesting. He told me that fresh seed from the United States or some other wheat growing country was essential for each sowing. Native grown wheat degen erates, just as. tomatoes degenerate. I think that in England wheat rotates with potatoes every third year, as without rotation or fallow ing the soil is soon exhausted. “Please agitate for full inquiry, and results of past experiments, before such a rash scheme is adopted.’’ In our view, our reader’s concise comment is sufficient agitation of this question. It raises all doubts which should be definitely laid before planting beyond the experimental scale should be undertaken.—Ed. INSURANCE For Every Need and Purpose FIRE WORKMEN’S COMPENSATION AUTOMOBILE MARINE ACCIDENT BAGGAGE PLATE GLASS Atlas Assurance Co., Ltd. The Employers' Liability Continental Insurance Co. Assurance Corporation Ltd. Orient Insurance Company General Agent E. E. ELSER, INC. Telephone 2-24-28 • • Kneedler Building THE YOKOHAMA SPECIE BANK — ... .-■■■■—= LTD. .............................= (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital {Paid Up) - - - - 100,000,000.00 Reserve Fund - 124,250,000.00 Undivided Profits - . - - 8,256,944.77 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager Telephone 23759—Manager Telephone 23755—Account 4 Cashier Telephone 23758—Export 4 Import Dept. Telephone 23768—Deposit 4 Remittance Dept. D R Y s E A L S Superior Quality Dependable Service RING UP 2-18-C1 the next time you need a Rubber Stamp or Dry Seal and our Salesman will call fljrc^TTT r ryujCi / ■/> PRINTING COMPANY >--V IF-f. uuLi^vyu vjtJl 1 Sales Office: 2nd Floor 101 Escolfa R u B B E R s T A M P S IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL "20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Philippine Economic Conditions... L5) See for Yourself The way this revolutionary riding improvement takes you gently and smoothly over the roughest roads. Prove to yourself that Chevrolet’s claim is really and truly the first major Car improvement in 20 years. We invite you to..................... Pacific Commercial Company Bacolod — Baguio — Cebu — Iloilo — Manila — Zamboanga IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 Port Lamon Lumber Co. Dealers In All Kinds Of Philippine Hardwoods EXPORTERS YACAL, TANGILE, RED and WHITE LAUAN Mills At Port Lamon, Surigao, Mindanao, P. I. • Address All Inquiries To MADRIGAL & COMPANY Managing Agents MANILA P. O. Box 254 • Tel. 2-19-63 Presenting The INDECO PRODUCTS INDECO General Paint INDECO Cement Paint INDECO Oil Paint INDECO Floor Wax INDECO Asbestos Board INDECO Varnish INDECO Liquid Soap INDECO Printing Ink INDECO Writing Ink Industrial Development Co. P. O. Box 21 — 129 J. Luna — Tel. 4-90-67 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 6.25 5.25 4.25 3.50 6.50 5.50 4.50 3.75 7.25 7.75 J-l. J-2. K. . L-l. G................................................. The committees organized in July in connection with mapping out tion ir ‘u- ------ -J----------------- U-’J:---------l—‘ u---------------- - tion of the industry and an appropriation of P5,000,000 by the government from profits on Philippine gold deposits in American banks. TOBACCO Buying of the 1934 tobacco crop in the Cagayan Valley was reported to have started near the end of the month under review. Prices offered were reported to be conservative. flour is placed at further disadvantage. Also the present shortage of wheat in the United States and probable reduced interest in export, importers doubt if it would be possible to restore the subsidy. Estimated arrivals in bags were as follows: 7.25 6.875 . . program of limitai in the abaca industry are still holding sessions but have not ns yet formulated definite plans. One bill proposed in the present Legislature calls for industrializaUnited States.... Canada.................. Australia................ Total for 8 months 1934 1933 i 1,328,062 1,390,11 1 220,880 280,71 281,381 323,48 1 71,650 19,62 1 12,600 2.5C The Manila market continued quiet, especially after the middle of the month, due prin cipally to the cigar makers' strike. Exports of rawlcaf, stripped tobacco and scraps were very low, the greatest portion of w?iich were to the Spanish Monopoly. Alham bra’s estimate of August exports follow: United States................... Australia............................. Czechoslovakia................. Great Britain................... Gibraltar............................ Hong Kong...................... Japan................................. Java.................................... North Africa.................... North Atlantic (Europe) Spain.................................. Straits Settlements.......... Uruguay............................. Total.................. 25.745 052,512 357 2,380 370,986 1,724,51.6 Cigar exports to the United States during August was estimated at 14.822,897 units as compared with total exports of 13,547,510 units (Customs final) during July and 15.595.179 units (Customs final) during August last year. Only low-priced cigars are in demand in the United States. On August 15. the cigar makers of all factories in Manila and suburbs declared a strike which, at this date, still remains unsettled. Press reports indicate that the movement was instigated by radical elements who tried to induce laborers in other industries to join the strike, but without success. The strike was being carried along peaceful lines and to dflte no serious clashes have occurred. Settlement has been hampered by lack of unity'among the strikers who are affiliated with a number of different organizations. RICE Nothing of importance disturbed the quiet condition of the rice market during the ' month under review with the exception of slight price declines in both hulled rice and palay. Quotations per sack of 57 kilos ranged from P4.35 to P4.55 for luxury grades and P3.85 to P4.10 for ordinary grades of rice. The palay price range was from Pl.60 to Pl.85 per sack of 44 kilos, cars, Cabanatuan. Although prices are normally higher during September, this does not seem to be the case at present due to the weak market and lack of sustaining demand. The new crop promises favorably on account of ex cellent growing conditions but it is still too early to predict what the volume of the crop will be. Rice receipts in Manila during August totaled 143.260 sacks as compared with 171,610 for the previous month and 207,100 for August last year. AUTOMOTIVES There was a marked increase in the sales of passenger cars during August as compared with July. New passenger car registrations during August amounted to 243 units as against 189 in July and 202 in August 1933. There was likewise a marked increase in the sale of trucks, registrations for August amounting to 329 units against 202 units in July and 116 units in August 1933. A decrease occurred in the sale of midget cars. August registrations of midgets amounted to 27 units as against 63 in July. In August. 30 owners’ cars we^e brought in as compared with 12 in July. Importers be lieve sales will be larger this year than in 1933. According to ships' manifests, pas senger car arrivals amounted to 351 units in August as compared with 333 in July; truck arrivals amounted to 127 in August as compared with 152 units in July. Automotive distributors believe the distribution of the processing tax to sugar planters as provided for under the AAA act will be helpful in so far as passenger cars are concerned, but with reduced acreage little, if any, expansion in sales of trucks is anticipated. Spare ports and accessories.—Business in spare parts and accessories during August was slightly better than in July, with sales indicating an upward tendency. July is the lowest month in the sales curve of this equipment. Japanese competition continues and Japanese manufacturers are resorting to extensive advertising and circu larization campaigns, frequently copying the sales promotion schemes of American firms. The Japanese, in an effort to enter the Philippine market, are selling their parts and accessories at less than manufacturers’ costs. American dealers report that Jap anese parts arc poor in quality and the result was many dissatisfied customers. TIRES Tire sales in August were generally fair with some importers reporting larger sales than during July. One of the larger importers reports an increase of at least three percent in sales for the first seven months of this year as compared with a year ago. Prospects in the sugar areas are unattractive, but it is believed the distribution of the AAA proces sing tax will be helpful in so far as passenger car tires are concerned. In the truck tire field, little increase is anticipated. Importers expect to raise prices in January 1935 in line with the advance in the United States. The outlook for the remainder of the year is fair. Collections are reported from bad to worse, and some importers plan to reduce credits. Importers are much concerned with the proposed gas bill taxing gasoline from four to ten centavos per liter and the proposed bill providing a tax of five centavos per pound on pneumatic tires, interior and exterior, ana a tax of ten centavos per pound on solid and semi-solid tires. These taxes will be borne by the consumer, thereby causing an increase in sales prices and making the competition of American tires more difficult. Total................................................ 380,200 305,388 1,914,573 2,016,435 Sardines.—Market unchanged with continued heavy arrivals from Japan. Prices remain unchanged with American offered at P5.50 to P6.50 as against P5.00 for JapMackerel.—Market remained unchanged as compared with July, stocks fair, prices unchanged at P5.60 to F5.70. Salmon.—American stocks are being resumed and shipments of the new catch are expected shortly. During the month, large arrivals of pink salmon were received from Japan which are offered for P7.80 versus P10.00 for American. Apples.—U.S. arrivals, new crop, small, demand good, prices F3.90 to P4.50. Oranges.—Arrivals small, demand good, quality good, prices P10.00 to P12.00. Lemons.—Arrivals normal, demand good, prices P8.50 to P9.00 for half boxes, P16.00 to F17.00 for full boxes. Grapes.—Arrivals small, demand fair. Some arrivals in bad condition and command from P3.00 to P3.50 per box of 34 pounds, P4.50 to P5.50 for good qualities. Onions.—U. S. arrivals small and were for Army and Navy posts only, Japanese arrivals heavy, market overstocked, price range Pl.60 to P2.00 per crate of 90 pounds resulting in loss to importers. Potatoes.—U. S. arrivals limited and were for Army and Navy consumption only, Japanese arrivals heavy, market overstocked, price rhnge P2.50 to P2.60 per crate of 100 pounds, resulting in loss to importers. Cabbage.—American cabbage sells for 13 to 20 centavos per kilo, arrivals small, demand good. It was reported that northwestern cabbage shipped from Seattle was of good quality while California cabbage shipped from San Francisco was of poor quality. Baguio cabbage sold for 12 to 15 centavos per kilo, arrivals small on account of the rainy season. Canned milk.—Large importations of secondary brands caused July prices to decline 30 centavos per case. There was a further slight decline in August. Evaporated milk was quoted at P4.80 to P5.50 per case of 48 large size tins; condensed milk- P10.50 to P13.50 per case of 48 tins. Japanese importers have flooded the market with propa ganda for condensed milk but thus far the competition is not serious and the efforts have been unsuccessful. Japanese condensed milk prices are P7.00 to P8.00 per case. As reported by ships’ manifests, arrivals in August of condensed milk were 9.660 cases, evaporated 43,715 cases, sterilized 2,017 cases as compared with arrivals in July of condensed milk of 16,087 cases, evaporated 31,152 cases, and sterilized 2,075 cases. TEXTILES American textile business during August continued at low levels. Throughout the Islands there was verj little improvement. Unfavorable rains, and typhoons, as well as the low buying power in the sugar areas, seriously affected sales. In indent businesss dealers placed very small future commitments on account of the higher American pricet and the competition of low-priced Japanese goods. The ships’ manifests for Augus. explain themselves and show that Japanese textiles continue to flood the market. Im" . porters of American textiles are much concerned with the possibility of tariff protection' for without such, it will be increasingly difficult to do business in the Islands. In stock business, August sales were slightly better in a few lines. The increasing competition of Japanese textiles is clearly shown in the following arrivals into the Philippine Islands during the month of August, 1934, in packages as . reported by ships’ manifests: P5.70. s.—Business in spare parts and accessories during August July, with sales indicating an upward tendency. July Cotton piecegoods . . .. Cotton duck................. Cotton towels.............. Embroidery cloth........ Threads and yarns.... Shirts and underwear. Hosiery and socks .. .. Linen goods.................. Rayon and silk............ Woolen goods............... Japan Shanghai Hongkong Europe 8 6,058 49 406 77 206 32 22 97 107 114 230 22 74 40 202 32 9 19 2,197 6,539 317 122 665 LEA THEE Prices of leather made further declines in August. The slaughtering of cattle in the United States because of the drought will cause prices to further decline. August business continued fair as cbmpared with July. American leather continued to dominate the market and exchange difficulties continued to keep Australian leather out of the Philippines. FOODSTUFFS August shipments of American flour and other foodstuffs were fairly heavy due to the resumption of shipments following the Pacific Coast longshoremen's strike. Competi tion with Japanese canned fish goods, particularly sardines and salmon, is becoming more severe, with Japanese prices being considerably less than American. During the month, two bills were introduced in the Legislature prohibiting the importation of can ned and frozen meats from foreign countries as a health measure. The bills would protect American canned meats and the local fresh beef trade but would hit the importa tion from foreign countries like Great Britain, China, Australia, Argentina, Uruguay, Italy, Germany, Denmark, Switzerland, Spain and the Netherlands. Four.—While no flour was imported from the United States during July, August ar rivals amounted to 247,000 bags. American flour is receiving keen competition from Australian and Canadian flour. Grade for grade, Australian and Canadian flour are underselling American. It is predicted that the sales of Australian flour will materially increase, and there will also be an increase in the sale of Canadian. Present stocks of American flour were imported under subsidy. With the subsidy discontinued, American Total . . Grey sheetinos.—No orders, arrivals light, stocks light, offtake better, prices unchanged prospects at replacement costs impossible. Bleached sheetings.—Conditions unchanged from those reported in July. Prospects for American goods are now almost non-existent except for lightweight nainsooks used by the embroidery industry. These nainsooks are not locally consumed for they are re-exported to the United States as embroidered work. Grey drills.—Unchanged from July. Orders nil, arrivals light, offtake fair, stocks light, prices unchanged and prospects at present price levels impossible. Some small orders made at from 8 to 10 percent below replacement. Colored yarn drills.—Arrivals from the United States negligible, offtake slow, orders nil with few stock lots sold at low prices, stocks nil, prospects nil, arrivals from Japan very heavy and offtake Japanese good with prices low. Importers see little chance to compete with the Japanese. Heavy chambreys.—Arrivals from the United States seasonally fair, offtake fair, stocks fair^ prices unchanged, prospects doubtful at present replacement prices for American Light chambreys.—Unchanged from July. Local stocks of American goods light but due to cheap Japanese prices, prospects for United States most discouraging. No im provement in prices Percales.—United States arrivals small, offtake fair, stocks fair, prices unprofitable, Japanese imports heavy. Japanese imports of printed goods represent about 90 percent percales and prints. Khakis.—United States arrivals small, offtake slow, stocks fair, orders small, prices low and impossible to replace at present levels, Japanese arrivals heavy. Japanese underselling American considerably, reported seven to ten bales Japanese sold to every bale American. Denims.—Arrivals light, stocks low, prices slightly firmer, small ordering at prices below replacement. Plain voiles.—Seasonably slow, prices very low on account of Japanese imports. Printed voiles.—Seasonably slow, fair ordering for stock lots, no sale of special printings on account of high prices. Broadcloth.—Small arrivals of better qualities, stocks heavy, prices low, no sale of low qualities due to Japanese competition. Rayon and silk.—United States imports negligible, business continued to be controlled by Japanese, especially rayon. October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 Thinks “Sunrise” Classic Dr. P. R. Verzosa, Iloilo publisher, writes as follows: “Under separate cover we sent you a copy of The Commonwealth in which was reprinted your article Sunset at Manila. As you will see, we were compelled to cut the original a bit, for lack of space. I want to thank you just the same for kindness in giving us the privilege to reprint. “We are also reprinting your Sunrise in Manila, which is, according to my opinion, another classic.” ALL-WAVE RECEIVER This new six-tube AC superhetero dyne manufactured by Pilot Radio Corporation covers all fre quencies from 15 to 540 meters by means of a switching device. “Filipinas Compania de Seguros” “FILIPINAS BUILDING” 21 PLAZA MORAGA, MANILA Fire Insurance Motor Car Insurance Mortgage Loans FOR FURTHER INFORMATION CALL AT: Central Office, 2nd Floor FILIPINAS BUILDING Tel. 2-22-42 • MANILA • Post Office Box No. 745 The Journal guesses from the way in which its patrons, both subscribers and advertisers, have stood by it during the depression, that it must have a number of readers who would appreciate personal copies of the small volume containing both the Sunset and the Sunrise and a bit of description of a sunset over Tabaco bay. It will be recalled that these pieces try to go beyond their immediate subject and explore the char acter and psychology of the Philippine people. One copy, with the author’s autograph, will be sent to each reader interested while the supply lasts that was left over when copies enough had been sold to return the cost of printing. The job was by the Kriedt Printing Company. The text is illustrated with Garcia cuts, and set by hand.—Ed. Price............ — pi 7o.oo DownPayment—P 20.00 monthly Instalments P 10.00 Sole Importers Jose Oliver Succ. Co. 317 Carriedo — Tel. 2-15-37 MANILA (Fire Arms BONDS Fidelity and I Surety I manufacture all kinds of Awn ings, Bags, Bases, Covers, Curtains, Flags, Haversacks, Hose, Cot Covers, Paulins, Life Belts, and Preservers, Tarpaulins, Tents, Tops, Sails, Etc. BEST WORKMANSHIP IN THE FAR EAST P. DUQUE Sail Maker. Canvas Dealer &• Manufacturer Tel. 2-13-25 342 Raon and Rizal Ave., Sta. Cruz Manila OXYGEN Compressed Oxygen 99.5% pure HYDROGEN Compressed Hydrogen 99.8% pure ACETYLENE Dissolved Acetylene for [ all purposes WELDING Fully Equip ped Oxy-Ace tylene Weld ing Shops. BATTERIES Prest-O-Lite Electric Stor age Batteries Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 193+ No Business Can Escape Change (From “Nation’s Business’’) Sound improvements on the old ways and means of doing things always have a sellers’ market A new refrigerant, frozen sodium chloride brine, is offered for use in refri gerated delivery trucks, etc. Made in small flakes or in blocks, the frozen brine’s said to melt at -6° F., leaving no sludge or solid residue, onlj brine... Now comes an “air-conditioned” telephone booth. Its electric ventila tion system goes into action automatically when the door's closed, expels smoke and heat.... Then there’s a new device which air-conditions your bed. It consists of an electric air-conditioning cabinet and a canopy which hangs over the bed from arms fixed to the cabinet. .. . Closer temperature control (within X degree in most cases) is said to be afforded by a new regulator for oil burners. Heat from the electric current passing through it, as well as room temperature changes, actuate the thermostatic element. ... A versatile new kitchen appliance slices, dices or cuts in strips potatoes, cucumbers, apples, etc., chops or shreds vegetables for soups, salads, crushes ice at turn of a crank.. . . Simplicity, positive results, ease of opening are said to feature a new all-glass preserving jar for home use. A high vacuum seal is effected by cooling of the contents.. . . A new washing machine eliminates gears, clutch, reversing mechanism, can be set to stop automatically when the washing’s done, squeezes clothes dry by city water pressure... A new rubber household glove has curved fingers for a more natural fit and a roughened finislr for a firmer grip.... A new non-inflammable, non-poisonous cleaner and polisher for metals, glass, porcelain is supplied in powdered form. It's made ready for use by merely adding water and shaking.. .. New decorative notes for modern interiors are afforded by “foil pictures.” They’re made on aluminum foil by a facsimile process, said to reproduce faithfully etchings, photos, etc. . . . Flowers are said to keep longer if cut with a new device which slices the stems off cleanly and at the proper angle.... A new vanity case also serves as a door-key container. A small knob slides the key out ready for use without removal. . . . Finding the burnt-out Christmas-tree light’s simplified by a new bulb which glows after it goes dead. There’s also a new multiple-burning lamp, used with a multiple-burning string, which leaves other lamps unaffected when it bums out. . . . A new device, quickly attached to the dash of your car, holds 12 cigarettes, feeds, automatically lights, and serves a smoke at the press of a lever. . . . Space is conserved by a recently developed shower bath which folds into the wall and is concealed by a door. . . . A new shower attachment for fire hydrants tempers hot weather for city kids. Equipped with volume control (0 to 125 gallons a minute), it sprays up to a 60-foot semicircle. ... A more economical sewage disposal method is expected to be provided through a new centrifugal separator which is said to de-water sewage to a point permitting its incineration. . . . A new precision spring scale embodies helical springs said to be substan tially unaffected by temperature, creep effect, hysteresis. They’re made A new stretchable paper permits typewritten copy to be aligned evenly on right-hand edges, allows lithographic production of books, briefs, etc., closely resembling printing, but cheaper of a new alloy of virtually constant elastic characteristics. Many other uses are foreseen. . .. A new aluminum paint which is said not to stiffen canvas or other fabrics has been developed for awnings, tents, etc. . .. New display materials: a corrugated cardboard, said to be strong, durable, readily tailored, made in 15 brilliant colors; a bright, non-tarnishing chromium-plated metal in sheet form and offered in a variety of thick nesses, patterns.. . . A new profile gauge aids in matching or duplicating moulding, etc. It consists of a set of thin metal strips which, pressed against the moulding, slide on each other to take its shape. .. . Old newspapers, magazines, waste paper are reduced to paper excelsior by a new machine. It cuts curling strips of various widths, at rates up to 1,200 pounds an hour. . .. A recently developed bomb shell for blowing out clogged oil wells is housed in a synthetic plastic, rather than metal, case. Increased safety, complete disintegration are claimed. . . . Protection for revenue stamps on liquor bottles is offered b> new trans parent cellulose bands. Moistened, they're put over the neck after the stamp’s affixed, shrink tight as they dry. . . . A new, simple accounting system for small businesses is contained in one loose-leaf book, is said to be self-prov ing, to eliminate general ledger posting, to show periodic balance sheet and profit and loss statement, to facilitate tax returns. . . . A new, light, non-warping, non-splitting tennis racket has a frame made of strong aluminum alloy tubing. . . . Squeaking and wearing of moving parts, sticking of drawers, windows, doors, etc., are said to be stopped by a new water-proof lubricant in pencil form. It’s said to contain no graphite, grease, wax or oil. . . . A weapon against starlings, polluters of eastern buildings, is claimed in a new compound. Placed on cornices, ledges, its odor’s said to be offensive to the birds, inoffensive to man. . . . —Paui. H. Havward Editor’s Note:—This material is gathered from the many sources to which Nation’s Business has access and from the flow of business news into our offices in Washington. Further information on any of these items can be had by writing to Nation’s Business. October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 SHIPPING REVIEW By II. M. Cavender General Agent, The Robert Dollar Co. 116 ft. BM, we Due mainly to the resumption of the sugar movement, total ship ments from the Philip pines for the month of August, amounting to 161,53s tons, were very considerably in excess of those for the previous month. To Oriental Ports, hemp shipments were again very heavy. The movement of logs and lumber, totalling 6,S25,established a new high record. There were two shipments of molasses amounting to 2,650 tons. Copra and general cargo items both showed decreases. To the Pacific Coast, copra shipments picked up somewhat, but copra meal dropped very considerably. Hemp was also off. Lumber shipments were fairly good. 17,712 tons of centrifugal sugar and 720 tons of refined sugar went forward. To the Atlantic Coast, sugar shipments amounted to 39,000 tons. Coconut oil dropped from the previous month but was still up to the average for the year. Copra, hemp, and lumber shipments all showed reductions. Desiccated China and Japan............................. Pacific Coast Local Delivery........ Pacific Coast Overland Delivery.. Pacific Coast Inter-Coastal Steamer Atlantic Coast................................... European Ports ............................... Australian Ports............................... A Chand Total of................. 161,538 with 92 of which 32,769 were carried in American Bottoms with 13 coconut was off somewhat but with still quite a satisfactory movement. To European Ports, copra shipments jumped to 24,843 tons, an increase of over 100 per cent. There was a good movement of copra cake, also hemp and lumber shipments were the heaviest for many months. We note an increased lumber movement to South Africa, the total for August amounting to 340,664 ft. BM. From statistics compiled by the Associated Steamship Lines, during the month of AUGUST 1934 there were exported from the Philippine Islands the following: Wise. Tons Sailings Tons Sailings 26.976 with 55 of which 1,376 were carried in American Bottoms with 9 29,347 with 17 of which 12,437 were carried in American Bottoms with 8 2,238 with 9 of which 680 were carried in American Bottoms with 6 997 with 9 of which 671 were carried in American Bottoms with 6 58,997 with 24 of which 17,503 were carried in American Bottoms with 7 41,140 with 25 of which 102 were carried in American Bottoms with 2 1,843 with 16 of which 00 were carried in American Bottoms with 0 Make Your Home-Leave Plans Now S Spring sailings from Manila are generally crowded. Desirable space is now available on President Liners, and we urge our patrons to permit us to make tentative reservations at this time when we can accommodate them more satisfactorily. AMERICAN MAIL LINE DOLLAR STEAMSHIP LINES IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Passenger traffic during the month of August showed an increase in both first and intermediate classes. Of particular interest is the increase in traffic to the United States and to the Medi terranean ports where substantial gains were shown. Round-the-world tourist traffic declined slight ly during the month, but, when it is realized that this tourist traffic has filled ships to capacity since January, it will be seen that tourist traffic has been unusually heavy this year. The following figures show the number of passengers departing from the Philippine Islands during August 1934: The biggest boon to the Philippine Sugar industry AMERICAN SWEETS, INC. Manufacturers of MICKEY MOUSE BUBBLE GUM and BLONY BUBBLE GUM (Mail in your wrappers for prizes) 311 Soler — Manila — P. O. Box 2057 China and Japan................ Honolulu.............................. Pacific ('oast....................... Europe via America.......... Straits Settlements and Dutch East Indies......... Europe and Mediterranean Ports beyond Colombo.. America via Suez................ Australia............................... Buenos Aires....................... Intermediate First classes Third 66 167 174 7 0 4 75 125 8 6 3 0 19 7 2 12 28 0 3 5 0 1 0 0 0 6 0 Total non August. . . 189 341 188 Total fob July....... 157 303 199 THE RICE INDUSTRY By Percy A. Hill of Mufloz, Nueva Ecija Director, Rice Producer’s Association Prices have declined in response to weak demand. Luxury rices are quoted at P4.10 to 1*4.30 per sack of 57 kilos, macans from 1*3.55 to P3.75, inferior grades 1*3.50 to 1’3.60. Palay at buying centers is 1*1.55 to 1*1.75 per cavan of 44 kilos. Crop condi tions are favorable, gen erally, but large areas have been attacked by a kind of rot that may be due to excessive moisture; con stant heavy rains during two months made the fields sodden and lacking aeration. There seems no checking of the disease; the islands want the experts to know about such things and until they have them they will have to rely on outside information. Of the brusone disease that attacked rice 3 years ago, all information that was got. about it came from the agricultural institute in Rome, via Germany. So far our scientific experts are not domestic, whether we support the bureaus or not. Opposition in the United States to importation of Philippine rice has been noted. It will in crease of course should shipments attain mag nitude. The American market for any surplus of rice is illusory at best. Our main problem in the near future lies in trying to eliminate sub marginal rice lands, only to be effected by prices and demand. As every farmer faced with GO ON LEAVE BY DUTCH NEDERLAND LINE Royal Dutch Mall ♦ MAILS ROTTERDAM LLOYD Royal Dutch Mall 4 DUTCH MAILS AND Java-China-Japan Line VIA BALI & JAVA OR VIA HONGKONG SINGAPORE 0 EASTERN & PHILIPPINES SHIPPING AGENCIES ESCOLTA 8-12 (CORNER JONES BRIDGE) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 restriction of export crops will grow his sub sistence first, this would also appear to be il lusory. World rice prices are still low, due to surplus stocks in the orient; like sugar, rice has reached an impasse respecting production; there ensues decline of better methods, fertilization of lands, irrigation, which themselves connote crop progress. North Atlantic (Europe)............ 25,281 Spain.................................................... 1,253,298 Straits Settlements............................. 476 United States..................................... 33,083 TOBACCO REVIEW By P. A. Meyer Alhambra Cigar and Cigarette Mfg. Co. 1,382,684 Cigars: The cigarmakers’ strike continued until the end ot the month, with one serious disturbance at the La Minerva Factory. Settle ment of the strike was prematurely announced by the press at various intervals, but actual work was only resumed on October 1st. Shipments to the United States amounted to 5,324,874 cigars against August shipment of 14,822,897 cigars and .July shipments of 13,095,110 cigars. Tondo.....................#....................... Binondo........................................... San Nicolas..................................... Ermita.............................................. Malate.............................................. Paco.................................................. Sta. Ana.......................................... Quiapo.............................................. San Miguel..................................... Intramuros....................................... Pandacan ........................................ 34,281 110,000 24,317 20,500 35,756 112,494 13,535 1,479,386 20,000 12,000 2,950 Pl.991,257 Raw Leaf: Buy ing of the new crop in the Valley con tinued t hroughoutthe month at slightly in creasing prices. The quality of the to bacco has suffered somewhat on account of humidity. Total Valley crop is esti mated at 400,000 quintals. Exports were insignificant ex cept a heavy ship ment to the Spanish Monopoly. They were: REAL ESTATE By P. D. Carman Addition Hills St-i. Cruz. Sampaloc . 1933 January to August inclusive total was P7,099,487; during the same period this year it is P7,185,785, showing a slight increase. There is a considerable increase over the 1932 total of P(>,210,223 during the same period. The September total shows a staitling in crease over the business of any month since •July of 1931. This, however, is the result of four unusually large transfers in Binondo and Quiapo. Sales City of Manila September 1931 ............. P 66,400 ................ 59,638 Sales City of Manila May, June. July & August 1034 Sta. Cruz......................................... Sampaloc......................................... Tondo............................................... Binondo........................................... San Nicolas..................................... Ermita.............................................. Malate.............................................. Sta. Ana. ' ’ \\ / Sta. Mesa........................................ Intramuros....................................... Quiapo.............................................. Pandacan ....................................... San Miguel..................................... P 796,121 664,443 348,636 90,950 181,260 169,722 273,850 148,836 132,783 43,074 29,000 37,350 9,885 39,263 Total. I 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 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 Foreign Consuls of Manila Bk,Kpte^r1’212 Marq,,e3 <le C®^eK^3C° Ye^J: £X ° , Consul, 61 DS?F£l73G ^a^i4COn8Ul’ MUC,,C “e n“ FSFnr^^o^^^e^’p!;OnB^n.^rcz GSAM IJns»^^ Do your friends a favor! Direct them to The Manila Hotel the leading hotel in the Orient where they will have LUXURIOUS COMFORT at MODERATE RATES Provides every Western convenience combined with every Oriental luxury American or European Plan Management—H. C. Anderson CEBU G. Walford, Acting Vice-Consul. ILOII.O A. T. Kay. Acting Vice-Consul. ZAMBOANGA J. D. McLaren. Acting Vice-Consul. DAVAO W. C. Naismitb, Acting Vice-Consul. LEGASPI A. K. Macleod, Acting Vice-Consul. CANADIAN PACIFIC ITindgPho^-M6^' A,ting C,,nsu1' 1Iear°'k Davao'. Toyofi Kaneko, Acting Consul. LIBERIA —It. Summers, Consul, 70S Sta. Mesa. Phone IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 Tagum Trading Co., Inc. Sellers of Philippine Timber * c/o Mitsui Bussan Kaisha Ltd. Manila — National City Bank Bldg. — P. I. BAGUIO Vacation Center of the Philippines.... City of Untold Wealth an! Beauty Unsurpassed! make it a point to travel by the When going to BAGUIO MANILA RAILROAD It will pay you to investigate what the Company has to offer in the way of travel, comfort, safety and service, either by train or motor bus. Always buy a round-trip ticket. It saves you trouble and money. FIRST CLASS FARE now re duced to F19.40 round trip includ ing bus transportation, good for 120 days. THIRD CLASS FARE P8.36 round trip. Manila Railroad Company 943 Azcarraga, Manila • Tel. 4-98-61 AIR CONDITIONED CAR now added to our equipment—in the service with Baguio-Ilocos Ex press, leaving Manila at 6:55 a. m. and San Fernando, La Union, 2:50 p. m. It is specially built and fitted with the latest known device insuring Comfortable Temperature, Clean, Healthful Air, and also Quiet and Restful Travel. Avail able for first class passengers. AIR CONDITIONED CAR seats are limited and Reservations must be made in advance. SEPTEMBER SUGAR REVIEW By Geo. II. Fairchild New Yopk Market: On the 5th of the month under review the Cuban President signed a decree fixing the price of sugar for export to the United States at 2.29 cents c. and f., the equivalent of 3.19 cents duty paidThe sugar market prac tically throughout the month was uninteresting in view of the uncertainty regarding the Cuban price-fixing program and the means to be adopted by the U. S. Government in controlling distri bution in 1935. As a whole, insignificant trans actions were made in actuals, Cuban holders obtaining the fixed price of 2.29 cents c. and f. for prompt-shipment sugar, while ex-store sugars were available at 2.86 cents and 2.87 cents duty paid, these prices advancing to 2.94 cents and 2.95 cents during the last two days of the month. Quotations on the Exchange fluctuated but slightly throughout the month, closing at prac tically the same levels as those for the previous month. Futures: Quotations for future deliveries on the Exchange fluctuated during July as follows: Latest High Low September............. 1.89 1.83 1.85 December............. 1.97 1.90 1.95 Januarv................. 1 93 1 86 1.92 March................... 196 1.88 1.91 Mav...................... 1.98 1.92 1.95 Julv....................... 2 03 1.97 1.98 September............. 2.04 2.01 2.03 Stocks: Stocks in the United Kingdom, United States, Cuba, Java and European statis tical countries as reported September 26th were 6,009,000 tons as compared with 6,541,000 tons in 1933 and 7,001,000 tons in 1932. Philippine Sales: As the result of uncer tainty regarding deliveries, no business in Phil ippine sugars was reported in New York for the month under review. Local Market: During the first week of the month under review, there were buyers for export of centrifugals at P6.00 per picul. How ever, owing to the waning interest of both buyers and sellers, very little business was done during the month. Buyers for local consumption in creased their prices to P6.20 per picul during the latter part of the month. On the 13th of the month, Governor General Frank Murphy announced the Presidential proclamation applying the A.A.A. to the Phil ippines as of September 12. The necessary rules and regulations governing the payment of the processing, floor stocks and compensating taxes on sugar processed and consumed in and/or exported from the Islands are being awaited by the industry and trade. Philippine Exports: The sugar exports for the month of September as reported to us by private sources amounted to 90,994 long tons of centrifugal sugar and 1,745 long tons of refined sugar. The aggregate exports for the eleven months of the current crop year follow: Long Tons Centrifugal........................................... 1,194,472 Refined................................................ 60,412 Total .............................................. 1,254,884 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 T V A S O N TILES ARE TESTED TILES Also Rimaiz, corn flour, Rinaroz, rice flour, Richuela, bean flour, RIMONGO, RINAGKIT, Etc. Free Recipes for native cookies. BRILLO FLOOR WAX MAYON STOVES O C. TUASON E HIJOS 1178 Agno — Manila — 512 Azcarraga Manufacturers Luzon Stevedoring Co., Inc. Lightering, Marine Contractors Towboats, Launches, Waterboats Shipbuilders and Provisions SIMMIE & GRILK Phone 2-16-61 Port Area American Chamber of Commerce Journal MONTHLY Philippines.. ?4.00 the year and United States. $2.00 the year i Foreign Countries................................................ $3.00 the year 180 David St. — Tel. 2-11-25 j UROMIL S % *0* Powerful Urenic Dissolvent Astonishing cures of the most rebellious cases of KIRINMBEER Rheumatism Arthritis Agents for the Philippines BOTICA BOIE The Oldest Establishment in Japan. The Best Beer Brewed in the Orient. Urotropina 0.0 51; Benzoato litico 0.0 2 8; Sales piperacinicas 0.046; Posfato disodico 0.028; Escipiente cfervescente q. s. para 1 grm. kirin mr| breweries:*8®2 YOKOHAMA- SEMDAlKAMzakiInear ojaka)(0,112. offices: YOKOHAMA- TOKYO-O/AKA’ NAGOYA-FUKUOKA- KtTJOSENDAISole Importers TAKAHASHI & CO., INC. MANILA 753 Tabora — P. O. Boi 220 — Tels. <] IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 Commodities Coconut Oil.......................................... Cigars (Number).................................. Embroideries......................................... Maguey.................................................. Leaf Tobacco....................................... Desiccated and Shredded Coconuts. Hats (Number)................................... Lumber (Cubic Meters).................... Copra Meal.......................................... Cordage.................................................. Knotted Hemp..................................... Pearl Buttons (Gross)......................... Canton (low grade cordage fibre).. . AU Other Products............................... Total Domestic Products. .. United States Products. .. . Foreign Countries Products. Grand Total............................................................................................ Cotton Clothe................... Other Cotton Goods........ Iron and Steel, Except Machinery..................... Rice...................................... Wheat Flour..................... Machinery and Parts of.. Dairy Products................. Automobiles....................... Vegetable Fiber Goods... Meat Products................. Illuminating Oil............... Fish and Fish Products .. Crude Oil........................... Coal..................................... Chemicals, Dyes, Drugs. Etc................................... Fertilizers........................... Vegetables......................... Paper Goods, Except Tobacco Manufactu res.................................... Electrical Machinery.. .. Books and Other Printed Matters........................... Cars and Carriages......... Automobile Tires............. Fruits and Nuts.. ......... Woolen Goods.................. Leather Goods.................. Shoes and Other FootBreadstuff, Except Wheat Eggs, In natural Form.. Perfumery and Other Toilet Goode................ 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................... PRINCIPAL EXPORTS Monthly average 'for 12 month* August, 1934 August, 1933 previous to August, 1934 Quantity Value % Quantity Value % Quantity Value % Note:—All quantities are in kilos PRINCIPAL IMPORTS August. 1934 Value % 185,512 443,378 125,739 96,220 365.653 94,359 25,734 87,183 130,364 189,874 97,215 87,058 183,485 12 3 1 2 0 2 0 0 0 0 0 0 0 68,526 0 If-.435 0 94,548 0 IS,106 0 198,594 1 6,163 16,847 0 13,849 0 1,366,849 9 36 14 14 <090 70 0 0 0 1 0 0 0 2 2 5 2 1 2 6 5 7 9 5 0 1 2 1 9 P12,183,574 111,107 26,899 99.1 0.8 0.9 P23,821,264 159,600 27,027 99.6 0.7 0.1 P12.321.580 100.0 P12.215.188 100.0 P24,007,891 100. □ except where otherwise indicated. Monthly average for August, 1933 12 months previous to August, 1934 Value % Value % CARRYING TRADE IMPORTS Monthly average for „ August, 1934 August, 1933 12 months previous Nationality of Vessels to August. 1934 7 9 5 3 4 7 5 0 7 8 0 2 9 8 7 2 0 6 8 0 5 5 6 2 6 5 1 7 7 6 1 2 Pl,132,258 1,036,563 277,175 129.259 433.172 129.918 67.354 170,556 150,932 55,984 103.431 151,147 102.486 179,911 67,091 65.383 72,061 36,404 155,773 84.083 121,442 25,268 8 7 7 9 11 0 2 5 8 2 3 2 2 1 1 0 0 6 3 0 8 3 8 1 0 0 0 5 6 0 1 3 7 0 0 9 0 2 0 0 0 0 0 2 0 9 12.2 6.0 9.4 0.4 2.7 4.3 3^5 2.9 1.3 1.6 1’4 1.0 American.. British........ Japanese... Dutch........ German.. .. Norwegian. Philippines. Spanish . .. Chinese.. .. Swedish.. .. Danish........ Portuguese. Panaman . . Value % Value % Value % 336,808 188,134 254.736 176,148 494.256 373,464 410.978 123.259 235,717 197,554 75,424 180,456 41.971 77.417 86.079 29,809 59,940 133,307 19,328 L8 1.3 <6 2.9 0.9 1.6 1.4 0.4 0.5 0.7 0.2 0.9 0.7 0.4 1.0 0.9 0.4 0.2 o:0.' 0.5 Total........................... P15.634.564 100.0 P12.861.725 100.0 P14.378.374 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES 9 0 0 5 1 6 30. 31. 10. 4. 4. 9. 5 5 2 9 6 1.2 2.4 1.7 0.1 68,318 396,975 16.815 204,961 1.6 3.0 1J 275.988 2.4 By Freight....................... P15.358.289 98.3 P12.689.548 98.6 P14,180,780 98.1 By Mail........................... 276,275 1.7 172,177 1.4 197,594 1.9 Total......................... P15.634.564 100.0 P12.861.725 100.0 P14.378.374 100.0 EXPORTS Nationality of Vessels August, 1934 Monthly average for August, 1933 12 months previous to August, 1934 Value % Value % Value % American. . British........ Japanese... German.. .. Norwegian. Greeks . . .. Dutch........ Philippines. Chinese.. .. Swedish.. .. Panaman .. Italian _ ___ P2.917.840 24.0 2,567,880 21.1 1,945,241 15.9 420,998 3.2 2,404,656 19.7 31,971 0.2 1,012,591 8.2 P4,673,621 38.2 2,568,138 21.4 2,727.661 22.7 262,388 2.2 1,045,853 8.7 P6.916.168 5,461,159 6,225,570 277,065 3,461,902 426,073 1.8 149,687 1.1 720,565 5.8 6,675 232,540 572,677 138,939 157,005 1.0 2.5 0.5 0.6 By Freight....................... P12.178.104 99.0 P12,095,109 99.0 P23,850,917 99.4 By Mail........................... 143,476 1.0 120,079 1.0 156,974 0.6 Total......................... P 12,321,580 100.0 P12,215,188 100.0 P24.007.891 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Monthly average for August, 1934 August, 1933 12 months previous Countries to August, 1934 Value % Value % Value % United States................. United Kingdom............ French East Indies.... Germany........................... Spain................................. Monthly average for August, 1934 August, 1933 12 months previous Ports to August. 1934 Value % Value Value % Manila........ Iloilo.......... Cebu.......... Zamboanga. Legaspi.. .. 65.0 P16.211.044 15.0 3,315.794 11.6 3,852,775 1. 1 220.240 0. 1 34,928 3.6 719.101 3.6 723,026 64 1 P23.820.540 13.2 9.734.123 15.4 3,298.761 0.9 192.393 0. 1 25,808 2.8 939,763 2.9 374,877 64.0 24.0 0.5 0. 1 6^9 British East Indies.... Dutch East Indies......... Netherlands..................... Italy.................................. Hongkong......................... Belgium............................ Switzerland...................... Japanese-China............... Norway............................. Denmark.......................... Other Countries............. P17.757.680 1,034,711 3,068,282 737,224 43,812 1,151,369 215,929 191,478 316,748 355.055 1,054,787 298,988 256,008 67,174 259,221 149,850 87,769 21,264 145.034 131,160 33.967 7,716 357,870 213,048 63.5 PIG,044,876 3.8 827,159 11.0 2,273,120 2.7 1,193,782 0.2 GO,070 4.1 696,618 0.8 436,102 0.7 440,658 1.1 531,481 1.2 209,469 3.8 924,148 1.0 223,962 0.9 278,692 0.2 63,296 0.9 204,562 0.5 89,895 0.3 143,114 0.1 11,256 0.5 63,391 0.4 121,087 0.2 17,077 11,381 1.3 9,255 0.8 202,462 64.2 P30,437.129 80.0 3.3 715,961 1.7 9.1 3,008,759 7.8 4.7 634,913 1.5 0.2 50,445 0.1 2.7 634,812 1.6 1.7 159,223 0.4 1.8 240,019 0.6 2.1 445,061 1.1 0.8 189,991 0.4 3 7 483,504 1.2 0.9 208,848 0.5 1.1 70,511 0.2 0.3 172,892 0.4 0.8 229,434 0.6 0.3 69,544 0.2 0.6 67,684 0.2 22,610 0.1 0.3 102,560 0.2 0.5 126,354 0.3 0.1 25.997 0.1 2,639 26,881 0.1 0.8 261,594 0.5 Total........................... P27.956.144 100.0 r25,076,913 100.0 P38,386,265 100.0 Total........................ P27.956.144 100.0 P25.076.913 100.0 P38.386.265 100.0 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL October, 1934 RAIL COMMODITY MOVEMENTS By M. D. Royer Traffic Manager, Manila Railroad Company The volume of commodities received in Ma nila during the month of September 1934, via the Manila Railroad Company are as follows: Rice, cavanes................................ 140,719 Sugar, piculs................................. 17,486 Copra, piculs................................ 170,561 Desiccated Coconuts, cases....... 17,972 Tobacco, bales.............................. 1,565 Lumber and Timber, board feet.. 445,500 FREIGHT REVENUE CAR LOADING COMMOD.TIES FREIGHT 1 Increase or Decrease 1934 1933 1934 1933 | Cara Tonnage Rice..................................................... 550 692 6,947 8,267 (142) (1,320) 50 564 6 18 ^JrGanc.::.: 97 43 2,663 1,130 54 1,533 909 1,502 7,149 12,075 (593) (4,926) Coconuts............................................ 150 139 1,811 1,865 (54) 179 402 (9) (223) iien‘p8r’.'.'.:::::: ? (27) Tobacco............................................ Livestock.......................................... 67 39 735 (63) (696) Ki 17 78 (1) 6 Mineral Products............................ 170 291 1,909 4,031 (121) (2,122) Lumber and Timber...................... 143 147 3,928 (4) (302) Other Forest Products.................. 7 7 57 67 93 852 1,019 (26) (167) All Others including L. C. L.... 2,350 2,533 15,792 16,100 (183) (308) Totai............................................. 4,519 5,594 41,666 50,2471 (1,075) (8,581) >ur weeks ending September 29, 1934 as compared with the same period >r the year 1933 are given below: SUMMARY The freight revenue car loading statistics for Week ending Sept. 8. 1934 .......... Week ending Sept. 15, 1934........ Week ending Sept. 12, 1934........ Week ending Sept. 29, 1934........ 1,052 1.165 1,136 1.166 1,482 1,287 1,301 1,524 9,931 10,703 9,690 11,342 13.868 10,855 10,745 14,779 (430) (122) (165) (358) 1 (3,937) (152) (1,055) (3,437) Totai......................................... 4,519 5,594 41.666 50,247 (1.075) (8,581) >'igures in parenthesis 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. P. O. Box 1394 Telephone 22070 J. A. STIVER Attorney-At-Law-Notary Public Certified Public Accountant Administration of Estates Receiverships Investments Collections Income Tax 121 Real, Intramuros Manila, P. I. It ft a * CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description Myers-Buck Co., Inc. Surveying and Mapping PRIVATE MINERAL AND PUBLIC LAND 680 Rizal Avenue Tel. 2-16-10 D. B, Santos Commercial Artist CUTS PRINTING TEL. 2-27-05 320 Bustos PHILIPPINES COLD STORES Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. 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 International Harvester Co. of Philippines formerly MACLEOD & COMPANY Manila—Cebu—Vigan—Davao—Iloilo Exporters of Hemp and Maguey The Earnshaws Docks and Honolulu Iron Works Agents for INTERNATIONAL HARVESTER CO. Agricultural Machinery Port Area Sugar Machinery Slipways Machine Shops Manila, P. I. N RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL A PICTURE OF SECURITY ^140.00 of A-1 Assets to Every F* 100.00 of Liabilities Statement of Assets of The Insular Life Assurance Company, Limited, as of August 31, 1934 Mortgage Loans................................................... 1’2,604,501.91 Policy Loans........................................................... 2,305,488.81 Stocks (Book Value)........................................... 2,021,701.62 Accounts Receivable........................................... 252,466.79 Bonds...................................................................... 255,297.04 Building ............................................................... 689,000.00 Cash........................ 1,603,364.02 TOTAL 1’9,731,820.19 A Statement of the Investments of the Insular Life Assurance Company, Limited, by Nationalities as of August 31, 1934 TOTAL................................................................ 1’9,731,820.19 Where Can Anyone Obtain A Better Investment Than An Insular Life Policy? Vicente Sinftson Encarnacion Francisco Ortift.ts J. McMickinft C. S. Salmon Edmund VV. Schedler Isaac Barza The insular Life Assurance Company, Ltd. MANILA, P. I. Complete GARDNER— DENVER SERVICE Purchasers of GardnerDenver Products in the Philippines will never need experience the in convenience, and ex pense, of having ‘orphan’ equipment through lack of complete service. We have a full stock of spare parts for all Gardner-Denver Equip ment in actual use in the Philippines and can supply these parts immediately from stock in Manila. This assurance will be another decisive reason why the purchase of Gardner-Denver equip ment will prove profit able ... that of constant, dependable service for which Gardner-Denver is noted. ATLANTIC, GULF & PAGIFIC GO. 71-77 M. de la Industria • Manila IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Calamba Sugar Estate Manufacturers of: Sugar—Copra Products Canlubang, Laguna 1 ■ i Philippine Islands i I Pampanga Sugar Hills I I Manufacturers of Sugar i i Del Carmen, Pampanga Philippine Islands I Manila Offices: i G. de los Reyes Bldg. 6th Floor Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL