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 XVII (Issue No.4) April 1937
Year: 1937
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extracted text: 1*4.00 Per Annum The American High Commissioner Paul Vorics McNutt Editorial: Finesse in Washington Our Plight Compared with that of Other Lands China’s Importance in Philippine Independence OTHER FEATURES AND THE USUAL EXPERT MINING AND COMMERCIAL REVIEWS Canadian Pacific CANADIAN PACIFIC ORIENT-EUROPE CONNECTIONS SHORT SMOOTH ST. LAWRENCE SEAWAY 39 , LESS OCEAN TO EUROPE PACIFIC • ATLANTIC Vie! oria Canadian. 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All Classes of Sperry Flour Fertilizer Sugar Bags Cable Address: “Warner" Standard Codes Manila Office: Soriano Building, Manila IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 gofeoftama Specie $ank —----------------= 1 til. =------------------- a (Established 1880) HEAD OFFICE: YOKOHAMA, JAPAN Yen Capital (Paid Up).........................................................................................100,000,000.00 Reserve Funds................................................... 132,650,000.00 Undivided Profits............................................................................................ 10,708,919.91 MANILA BRANCH 34 Plaza Cervantes, Manila S. Dazai, Manager Telephone 2-35-28 Import Dept. Telephone 2-37-59 Manager Telephone 2-37-68 Remittance 8: Deposit Dept. Telephone 2-37-55 Cashier & Accountant Telephone 2-37-58 Export & Current Deposit Account Dept. Up-to-date Advertising with Up-to-date Uar Cards Any message that street car riders read, as they make their repeated trips on tin* cars, makes a last ing impression and brings favorable results. Advertising inside our street cars and autobuses is read by the thousands who daily use this means of transportation. Advertising on the outside is seen bv the thousands in the streets and plazas. Advertise on Meralco Street Cars and Buses For Rates and Full Particulars Call Up A. B. TIGH, Advertising Manager Manila Electric Company 134 Tel. San Marcelino 2-19-11 Here’s how to get Manila's! Genuine Manila Long Filler Cigars in cellophane are obtain able in your city or nearby! Philippine Tobacco Agent: List of Distri butors furnished upon re quest to— C. A. Bond 15 Williams Street, New York City Collector of Internal Revenue Manila. P. I. MA NILAS made under sanitary conditions will satisfy your taste! (Health Bulletin No. 28) Rules and Regulations for the Sanitary Control of the Factories of Tobacco Products. "Section 15. Insanitary Acts.—No person engaged in the handling, preparation, processing, manufacture, or packing of tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted, any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moist ening agent;....”. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 3 While you are so near... WHY NOT VISIT French Indo-China Where you will find the most marvelous monuments of Oriental Civilization, gorgeous sights, wonderful palaces, curious races and habits. 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Single Copies: 35 centavos WALTER ROBB Editor and Manager The American High Commissioner to the Philippines When they told President Manuel Luis Quezon of the Phil ippine Commonwealth that President Roosevelt had appointed ex-Governor Paul Vories McNutt of Indiana, American High Commissioner to the Philippines, they say Quezon asked, “Is he a scholar?” When they talked with McNutt himself about it, they say he told them he approached his task in Manila “in a spirit of high adventure.” When news paper readers in the Philippines conned over what the report ers gleaned from the two men who arc to cooperate in admin istration of these Islands under the Tydings-McDuffic act, they didn’t get the significance of President Quezon’s inquiry; and if Governor McNutt anticipated high adventure here, wonder was where he would turn it up. But there was point to Quezon’s inquiry. Scholars are not numerous among politicians. President Quezon had undoubtedly heard that McNutt was one, and was check ing up. Commissioner McNutt’6 outstanding scholarship is in law. He began teaching law in 1917, a year after his gradua tion from Harvard, LL. B. Notre Dame and Indiana univer sities gave him Ph. D’s for his work in law in 1933. He has published extensively in the leading law journals; for a number of years he was chairman of the editor’s board of the Indiana Law Journal; he has published a text on Indiana law, and was dean of Indiana University School of Law from 1925 to 1933, when, for four years, he was elected state governor. He is a scholar, Phi Beta Kappa. He is sociable, too, and like the typical public-career man, a member of many organizations: a Mason and an Elk, he is a Methodist, Rotarian, Kiwanian. He was born at Frank lin, Indiana, July 19, 1891; he is forty-six years old, and he married Mrs. McNutt (Kathleen Timolat, of San Antonio, Texas) in 1918 when he was twenty-seven. Mrs. McNutt and their daughter, Miss Louise, their only child, come with him to Manila together with a staff mado up of folk asso ciated with his political career in Indiana. He is a vice president of the American Peace Society, but he is a distinguished 0. T. C. advocate, and former officer, too. His World War service was with the field artillery, with high rank. The most familiar fact about him is that he is a past national commander of the American Legion; but involving more work, and more scholarship, was his long membership in the directorate of the Legion’s publication corporation, of which he has also been the president. He is a high-ranking reserve officer and takes unflagging interest in the peacetime duties his commission imposes upon him. In 1927 and 1928 he was civilian aide to the Secretary of War. In a community of Americans largely made up of the oldest extensive group of veterans of overseas wars, such as the American community in Manila, Commissioner McNutt should soon feel at home. He intends to live fully up to the social and official rank of his extremely elevated office. From the 6taff he has made up, it is evident he also intends to remain a figure, not too distantly removed, in national and Indiana political affairs in the United States. His press tie-ups are those of an old campaigner, and a successful one who is still ambitious: he is not averse to its being known—in fact, well understood—that the Democratic presidential nomination in 1940 is not beyond his ken. Thus in the first high commissioner, Murphy of Michigan, and the second, McNutt of Indiana—the one having cut his wisdom teeth on a state governorship, the other now cutting his by the same means—the Democrats have two scholarly politicians anxious for the party’s favors when the chief they mutually admire, F. D. Roosevelt, steps out of the running. The prescription for success, of both of them, is hard work at the job immediately in hand. As to the high adventure approach, that too may not be far fetched. Frank Murphy’s job as commissioner was never defined, he had to feel his way along in the lack of formal instructions from Washington; and that, certainly, though the public never learned much about it, was most adventurous. But it set the administration going. Commissioner McNutt comes into office under different circumstances. Murphy persisted, it seems, and his successor bears a set of formal written instructions: the scope and authority of his office, no doubt. Getting acquainted, putting into effect a newly based policy, keeping in touch with the home folks; it all calls upon the best qualities of an official and is 6urely charged with persisting, if perhaps quiet, adventure. To J. Weldon Jones, public thanks for extended and able work as acting commissioner. Here as in the insular auditor’s job he has consistently justified his appointment to the Philip pines. 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Our Plight Compared with That of Other Lands • Clouds blowing up from Washington may be dour, yet there must be a silver lining discernible in comparisons between what we enjoy and what others must endure “It is not familiarity that breeds contempt,” says Gilbert K. Chesterton, “it is comparisons.” But at times comparisons breed other emotions than contempt; they breed, among other things, a better contentment with a man’s own lot. Let us indulge in comparisons for the sake of that. For just now, the Philippines have been dealt a fearful blow—'and a fearfully unjust one, that Washington statement raising the ghost of independence that everyone had thought had been laid, for ten years at least, by the commonwealth-independence act. It makes everyone’s lot infinitely harder than it was, it quite changes everyone’s expectations, and for the worse. Granted. But when a calmer moment comes, that same mischief out of Washington sets us to comparing the instability it provokes here with the general instability that marks our times. Are we, even now, as badly off as many other coun tries? As it happens that some reading has been done about Eng land, 6he is chosen for comparison. Her plight is that every man, woman, and child must be provided a gas mask, at public charge, and instructed in its use—against the murky night that may bring an airplane attack on her, without warning or formal declaration of war. Her further plight is, a large reliance on the colonies: their interest-bearing secu rities, their trade, and somehow they tend all the time to be less dependable—even less dependable in resources of defense ' if need be. Yet England is muddling along, and really quite well paying three times the per capita tax in America, and many times the taxes paid here, for the bargain. Incidentally, too, England nourishes quite a fascist movement; and at the same time, no little proletarian complaint. We have such things here, but on much smaller scale. Here they mean little; in England, much more—in England the cabinet has to be on the alert to foil them all the time. England is much inclined to peace. Europe, however, is of rather another mind, and so England is upping both her air and naval forces, at great cost, and against her better judgment. But at least ooe country over on the Rhine is outbuilding England in the air, while no less prudent a man than Stanley Baldwin has said bluntly that the Rhine is England’s first line of defense. It used to be the Channel, but this was long ago, in prehistoric days prior to 1914. If you would know what England is being forced to spend for war, it is $5,000,000 for every work day; and Time says that Neville Chamberlain, the chancellor of the exchequer, avers that this probably does not cover everything. Yet England does not desire war, and tries her extremist best to comport herself as the spouse of peace. So much is England pledged to peace that her young men join up in the military services reluctantly; it is one of Eng land’s minor problems that this is so, 6ince she is truly dem ocratic and dislikes conscripting her citizens. Does all this, about England, most favored of all European countries, place more perspective behind the threat to the Philippines from Washington and bring it into better juxta position with the general state of the world? It shows that if our future has its seamy side, so does even England’s. But it is just the beginning. London, England’s empire capital on the Thames, Elmer Davis tells us in Harper's for March, under the title England's Weak Spot, is the home of nine million Britishers, one-fifth of the population of the United Kingdom, and has come to be within easy gunshot from the Channel coast of Belgium 18 miles away! London is two hours’ flight from Germany, and London harbors one-fourth of England’s wealth. “A fourth of England’s productive capacity is within easy reach of the air fleets, against which there is no longer any effective defense except retaliation.” Imagine the plight of England, with many of London’s power plants shelled into inactivity; or these escaping and the factories mostly intact, means of getting raw materials destroyed. The English are now contemplating a thorough-going report on this situation, the report from which Mr. Davis quotes his data. It finds that England has twenty-five aircraft factories, nine of them in London, five more in the southeastern countries. Not another metroplitan area in the world is so exposed to fatal crippling from air warfare, so small wonder that there is now in the Home Office a depart ment of Air Raid Precautions. In such an atmosphere, the English carry on and muddle their way through the conti nental situation precipitated by the Spanish rebellion. Now the English are dominantly individualists; though their constitution is unwritten, they sense what it is and cherish their liberty under it; they are instinctively opposed to governmental regulation, limitation of personal freedom; yet this is the situation at their capital, a city so significant that every lover of freedom should volunteer ever to defend it; and it is such a situation as to have led Malcolm Stewart, author of the report Mr. Davis uses, to suggest the licensing of industries at London: let founders of additional industrial enterprises prove the necessity of founding these at London, or locate elsewhere—a tremendous incursion into British rights. But there are reasons enough for the suggestion, whether it comes to anything or not. The gravitation of industry and labor to London has told heavily on other British manufacturing centers; other cities tend to go to seed, as London flourishes with hothouse in tensity. And in London, and in all British cities, families diminish. England’s birthrate declines. Continuing to live (Please turn to page 11) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 China’s Importance in Philippine Independence • Complete separation from the United States would inevitably merge the Islands back into the Orient and raise grave new questions Peace, Brother, be not over-exquisite To cast the fashion of uncertain evils; For grant they be so, while they rest unknown, What need a man forestall his date of grief, And run to meet what he would most avoid? Or if they be but false alarms of fear, How bitter is such self-delusion! —From Milton’s Comus. Joint announcement on March 19 by President Quezon and Francis B. Sayre of the state department at Washington of tentative proposals to advance the independence of the Philippines from the United State's to next year or the year after, caused the most widespread misgivings that any poli tical statement affecting the Islands ever created. Nor has the public yet recovered from the shock. Though gold could be expected to be reasonably independent of the Islands’ political status, the news immediately depressed the maiket for shares violently, and the market remains depressed. This was spectacular, but real estate probably took harder blows. The whole range of farming was sicklied o’er with anxious care; the sugar industry in particular beheld a most dismal outlook. Bank credit was affected, of course something that will have reached deeper into the country’s economy than the mere stagnation of demand for real estate or inhibited interest in mining securities. A nation learned over night that the stability assured by the Tydings-McDuflje act founding the tenyear Commonwealth might be subject to star-chamber alternations reflecting the whimsies of a few statesman, of whose credentials were by no nvan* clear-cut. The pall, therefore, cast by the state ment has not lifted: men still blindly plod along through mazes of apprehen sion and discouragement. The only mitigating factor is the actual briskness of commerce and the high prices current for Philippine commodities. If you ask if the apprehension extends, among Filipinos, to doubts that the Islands could begin in 1938 or 1939 carrying on an independent government success fully, the answer is, yes. It is as evident to Filipinos as to others that grave dom estic problems are to be solved here before internal order under independence is reasonably assured. It is further evident to them that assurance of freedom from foreign aggressions is not to be effected in so short a time, with so many other ques tions to be resolved along with this one. Most of all, it is evident to Filipinos, the independent pro ducers of this country, that adequate overseas markets for their surpluses will not be procurable in one or two years, and nothing, in that time, can be planted and matured to sub stitute sugar. The auspices are not favorable, in the judgment of the new business class of Filipinos, for any regime, however national its pride, under which private and public income is bound to decline rapidly, and levies on behalf of the state are bound to increase rapidly. To be faced with this makes them lose confidence in the Commonwealth as a stepping stone to independence. Nor are their fears allayed by the alacrity with which everyone in the United States, who wishes to have America out of the Islands quickly and completely, seized upon the challenge of the statement and made it an occasion to assert their demands anew. It is felt that those who would withdraw from the Philip pines as early as possible arc of larger number and more arti culate and influential in the United States than those who would not; those who would withdraw are in the majority, and the Philippines suffer when they are given opportunity to speak. The incident, however, affords opportunity to reflect on what will be the probable demands of great nations concerned in the future of the Philippines—either now or at any time separation of the Islands from the Unit ed States politically assumes the aspect of finality. It may be counted as certain that England will protest consistently; her sway will not be less because it will bo exerted quietly, but by every possible means she will try to keep America per manently interested in the Far East. To this end she will have considerable American support, and, without ques tion, much Philippine support. But China’s interest is the more significant. When the Philippines leave America they will merge at once into the Orient. They are oriental, despite the fact that dominant cultural and commercial interests here have been western for four centuries; and they can not lift themselves up, being so many islands, like a thousand-legged worm and pitpat into the West—they have to stay where Nature placed them. Being where they are, and the Chinese people and China herself where they are, China has long had a dominant interest in them. So much so that scholars say there is Chinese blood in every Filipino, while it is obviously true that some 200,000 Chinese actually live in the Islands and are bringing up their children here, well cared for. It is not merely as merchants that Chinese lead the field in the Philippines, their manufacturing plants dot Manila and its environs everywhere—a. scope in which their capital and industry are rapidly expanding. Just how the Philippines merge back into the Orient, when America lets go of them, must interest China greatly; and she is hardly so supine, under the new nationalism that in spires Chiang Kai-shek’s leadership, as to permit this interest to lapse by default. What is China’s handicap here as things stand? China labors here under the handicap of the exclusion law. Chinese immigrants are excluded from the Philippines, but Japanese immigrants are admitted. Beyond question, here is something that China will want corrected before she con(Pleaee turn to page 15) . THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Sixty-two Oldtime American Teachers’ Pensions Cut Their association protests the Commonwealth’s action, that contrasts with America’s continuation of Filipi nos’ pensions summing more than $2,000,000 a year Sjxty-two American teachers retired from the Philippine civil service under the teachers’ pension act of 1922 have banded themselves into an association for common action and are making appeals to officials at Washington, and mem bers of Congress, holding that abrogation of the pension act by the Philippine Commonwealth was a breach of contract as well as an injustice. At the same time, one of the Filipino teachers similarly treated, who number thousands, has a case pending in the Philippine supreme court. She hopes for a favorable decision; failing it she plans to appeal to the United States supreme court on grounds that a constitutional point is involved. Under the Tydings-McDuffie act, the commonwealth as sumed the obligations of the govern ment in the Philippines under the Autonomy Act of 1916, from which it took over the Islands’ administra tion. Pensions being paid to teachers under the pension law of 1922 were among those obligations. When they first voiced their pro test, less than a year ago, the Amer ican teachers retired on pension num bered sixty-seven; since then five have died, and the living frankly invite attention to the brief period, in all probability, that many of the pensions would have had to be paid had the law been let stand. When the law was changed at Pre sident Quezon’s instance, the teachers’ pension fund summed 1*21,000,000 and not a centavo of the principal had ever been touched; contingent liabilities loomed large ahead, and this motivated President Quezon, but the teachers assert that repeal was an unnecessary step—the fund could have been kept valid by moderate annual appropriations, when time de manded them, and the contract with the teachers could have been kept. The fund has now been dispersed in part, in part merged into the funds of the general insurance plan instituted by the Commonwealth—this plan embracing army retirement arrangements. The sixty-two American teachers retired from the service prior to the date this new legislation took effect. Some of them elected the pension when they might have retired under the provisions of the American Gratuity Act, whose benefits were generally discounted and taken in a lump sum. (Others retired before this act was passed). A teacher who availed himself of the gratuity, as many did, cleared up with the government in one transaction; what he got is his, the Com monwealth asks him to pay nothing back. In contrast, the Commonwealth has cut the pensions 2% a year for each year or fractional year they have been in force; it has cut the oldest of them 30%, and one of the latest, 4%, counting even a few wepksmore than a year as a full year for discounting purposes. The pensioners ask if it is right, equitable, to take from them and not from the gratuity-beneficiary; he and they alike were retired under the most formal provisions of Philippine law. These laws were the work of the government, contracts, the The American Teacher The American teacher in the Philippines was the primary founder of the American institutions here that touched into being the Philippine middle class without which the Islands’ dem ocracy could not have been bom, could not per sist. It was the teaching family, settling down to work in the provinces, who established here that epitome of democracy, the middle-class home with its attention to the kitchen and the library. Not religious temples, not rich palaces, but communities of these homes of thrifty, fairly well educated folk are America’s mark upon the Islands; and the teachers, in particular, made that mark. Their influence tends to make it enduring. It is regrettable that the Commonwealth’s relations with the American teacher may end on a sour note. The bitterness of Filipino teachers over loss of their hard-earned pensions is, if anything, even more regrettable. Teachers’ salaries are low, these pensions were all counted upon to supplement the meager savings the teachers could manage while maintaining their standard of living. Yet to maintain this stand ard of living has been as much their duty as their actual work in the schoolroom. teachers hold, whose terms they accepted. The teachers say further that the assurance of the pension for their declining years was an incentive that held many of them in the service when they were offered employment out side. The Journal knows this to be true; the sixty-two teach ers were a devoted band of able men and women, to whom, and to their confreres, the real debt of the Philippines and the United States can never be repaid—it simply does not measure in money. The Journal also knows that upon some of the sixty-two, the reduction of their pensions works extreme hardship. Many of them were superintendents with the schools of whole provinces under their administration, others were high-school principals, and some were on yet higher detail at the general offices of the edu cational bureau. The Commonwealth now inquires into their income outside their pen sion, since the new law authoriz s its administrators to suppress the pen sions altogether. The teachers think this gives their pension, esteemed by them a portion of their well-earned remuneration, a sort of dole. It rouses their resentment, and more especially because the gratuity-bene ficiaries escape it—discrimination rises in the law between the teacher taking his retired pay in form of the pension and his colleague who elect ed the gratuity, something those who chose the pension think is highly un fair and unwarrantably humiliating. It is more so in the cases of all those teachers retired under the pension act before the gratuity act was passed. They had no choice. Such pensioners are an old man and his wife who, when the man’s health gave out utterly a few years ago, returned to their home state in the Middle West. He had invalided himself in the service here; he can’t work now and never will be able to earn another dollar. That family needs its pension, but the cut has come just the same, 2% for each year the pension has been running. Another case is that of a teacher who left the Islands and settled in California on a small farm, his main objective being the recovery of his health in outdoor surroundings and the toil of an orchardist. The farm, of course, labored under a mortgage. Under the effort to lift this, during the depres sion, the man’s wife died. His own health shattered, the man lives on—dependent wholly upon his pension, now greatly reduced. This pension is not at all the pension that figured in the bargain, as he renewed, from time to time, his contract with the educational bureau; it is something different, less adequate, that may be cut off completely. Though few will believe that the Commonwealth would ever go so far as actually to suppress a pension in full, such is the misgiving under which every one of the teachers, Amer ican and Filipino alike, must live so long as the law conti nues to carry this threat clause, as the sixty-two teachers style it. Another teacher retired to California supports an invalid (Please turn to next page ) April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 Give Us This Day... Continuous trouble in Nueva Ecija over title and treatment reflects the fact that the agrarian conflicts have not yet been solved. The great majority of laborers in the Philippines are busy raising the staple rice and agricultural export crops. With increasing literacy, more cines, well-stocked tiendas, to invite spending, the peasantry ask a larger share in the product of their toil. According to the recently-promulgated Philippine tenancy law, in the absence of a written contiact between landlord and tenant, the declaration of the latter shall bo given greater weight. This is, of course, gentle persuasion of the hacendeios so that another reaping will not bring a new crop of troubles. For there are enough already. Title to small holdings presents the greatest difficulty. In its attempt to be just, the court must traditionally accept the written document as better evidence than the spoken word. If the records do not fairly present the picture, legi timate claims may suffer. A compensation offer to those who find they do not have legal title to their landholding is that of transplanting to Min danao with government assistance. Naturally, this some peasants are loath to accept. The land they work is to them their home. To tenant laborers, on the other hand, the crop is of first importance. Well-known is the predicament of the laborers in the season of scarcity. Then they mort gage their future returns so that they may have subsistence until the harvest. The report of the Bureau of Labor lists the causes of most tenant conflicts as Advances Farm expenses Rent Eviction Compensation, for improvements made Irrigation charges Lowering of prices by landowners Use of a larger measure when tenants pay Refusal to liquidate tenants’ shares Unwritten contracts. Since the Philippines is largely agricultural, peace among the peasants is fundamental to the national concord. If tenants are seriously dissatisfied, their discontent might grow so much that actual danger to lives and property would follow. A wise paternalism has been shown by some landlords, and the results have more than justified their departure from the more customary treatment accorded tenants. Government remedies vary with the particular causes of conflict. Best are those without compulsion, such as concilia tion and mediation. Here the really peaceful temperament of the people serves as a rock on which agreement can be built. Arbitration presupposes authority to make settlement on the part of the arbiter. Public opinion enters into the enforce ment of any solution so reached. The principle of collective bargaining is advocated by labor leaders. This can readily be an educative means of explaining the fundamental problems to tenantry at large. The basic causes have been attacked from many angles, by means of rural credit associations, the homestead act, usury legislation, cooperative marketing associations, the purchase of friar lands. Problems of administration seem to have handicapped such measures so that their full effect has not yet been seen. Only when the vast number of labor ers have confidence in the helpfulness of disinterested offi cials, will the conflicts begin to subside. And subside they must, not only for the good of the peasantry, but as well for the peace of the land. An ir.grown evil of centuries does not disappear at the wave of the hand. When the agrarian pro bit m is finally solved, the honors will be to many unnamed cogs in the machinery. Their contacts with the sons of the soil are the true means to the goal of just treatment. What years this pro cess may take will require the utmost patience and persistence. For instance, the parceling of purchased friar lands has been going on since early American days. Commonwealth Act No. 32 gov erns disposition of such lands, with a corollary law of the National Assembly appropriating P75,000 for its administration. Preferential right of purchase is given to bona fide occupants, pro viding the holding is not more than 10 hectares. Such an occupant has 30 days, after receiving notice of the existence of his right, to make the 1st of 10 installment payments. Apparently coordination of government loans with these* provisions furnishes a solution for a goodly number of such tenants. The agrarian movement in the Philippines is, after all, a part of the world-wide discontent of working people under the existing economic order. The Scandinavian nations have demonstrated that an orderly and happy result can be secured, by adoption of a viewpoint that recognizes fully the modern situation. In Scandinavia ways have been found to enable young farmers to buy farms, livestock and equipment; and means for their education in the folk highschool, with courses suited to their vocation, have been provided, the consequence being that Scandinavian peasants have been redeemed from indentureship to the landgraves and estates are breaking up into small holdings—with no social disturbances, no confisca tions. In the folk schools and in their practical cooperatives, the peasants learn the advantages of mutual effort to attain a common goal, but it all stems from the steps the govern ments have taken in giving the peasants secure tenure of the land and terms on which they eventually gain title to their acreages. The Philippines, so fortunate in that food and clothing need not be imported, has in her landlord-tenant situation no insurmountable problem. The road may be steep, but it can be climbed without undue injury to anyone along the way. The national spirit seems willing. This year may reveal whether the flesh is weak. Sixty-two Oldtime American Teachers ... wife, and the two have nothing to live on but his pension— which must have been cut at least 20%. The sixty-two American teachers propose no case* in court to validate their claim that the pensions on which they were retired were earned remuneration and as such should be; re stored to them by the Commonwealth. Their method, ap parently, is to enlighten Washington about the matter and reopen proceedings with the Commonwealth on the basis of just grievance. They insist that the $65,000 their full pen sions involve* would be no special burden to a treasury over flowing with 1*3,000,000 surplus,. as the Commonwealth treasury is—as officially reported. But they have a still stronger point in the fact that no pension would probably be paid during many years; at the average age of the teachers, their expectation of life would be counted by life insurance companies as about eleven years. Still more emphatic is the fact that the United States, though lacking a treasury balance and with countless unusual claims upon its resources, has not moved to reduce any Fili(Pleasc turn to page 13). 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 The American Chamber of Commerce OF THE Philippine Islands (Member Chamber of Commerce of the United States) DIRECTORS: Verne E. Milk S. F. Caches E. Schridicck H. M. Cawnde ALTERNATE DIRECTORS: L. K. Cotterman E. M. Bachrach L. D. Lockwood H. Dean Hellis SECRETARY: C. G. Clifford COMMITTEES PUBLICATIONS COMMITTEE: P. A. Meyer, C. S. Salmon Roy C. Bennett EXECUTIVE COMMITTEE: RELIEF COMMITTEE: C. G. Clifford, Citi'mn MANUFACTURING COMMITTE-E:i K. B. Day, Ci.trM. F. H. Hale D. P. O'Brien H. P. Strickler LEGISLATIVE COMMITTEE: C. S. Salmon, Clarrman Judge James Ross L. D. Lockwood C.G. Clifford BANKING COMMITTEE: E. I Lejeune. Cb.,rm^ J?R. Lloyd RECEPTION A ENTERTAINMENT COMMITTEE: E. Schradicck, Ciarr^n H.J. Belden INVESTMENT COMMITTEE: P. A. Meyer. Cbii'mM C. S. Salmon FINANCE COMMITTEE: Verne E. Miller, Chairman E.J. Deymek FOREIGN TRADE COMMITTEE: H. B. Pond, Cbtirm^ N. H. Duckworth SHIPPING COMMITTEE: H. M. Cavender, C4a/r»,an E. M. Grimm Chester F. Slurp FINESSE AT WASHINGTON Somewhere else in this issue of the Journal appears conunent on economic effects of the Quezon-Sayre statement of March 19 that brought forward the jiotentiality of Philippine in dependence from the United States either on December 31, 1938, or July 4, 1939. Here it is desired to discuss other phases of the question, phases that should quiet the mis givings the statement precipitated. President Quezon him self obliged the country with a half-hour discussion of the background of the statement, by radio, Monday morning, April 5. It is here proposed to penetrate that background. President Quezon’s most pungent remark was, “Don’t forget that I am prepared if necessary to get independence for the Philippines even ?'/ I should fail to secure for our products the benefits of the market of the United Slates.” The undersigned believes President Quezon’s statement sincere, but not made without the knowledge aforehand that he does not have to accept independence with no commercial advantages. He knows that should a new bill for independ ence be presented, he could bargain for trade advantages— and get them. However, this docs not modify the sincerity of his statement. The purpose of the Quezon-Sayre statement has not come out. It must be sought. The statement did much harm, is still committing undue mischief, and these effects could have been foreseen, as no doubt they w^re. It must, then, have been thought that these evils would lie shortlived, and that the ultimate good gained by clarifying the question would more than offset them. A situation had developed that was doing no one any good. In the United States, much sentiment was voiced to the effect that America should rid herself of the Islands as soon as possible. It was sentiment, it was feeling—a revulsion of feeling from the imperialism that Kipling hymned America into nearly forty years ago. It came out in editorials. It was heard in Congress. Religious bodies felt it, associations internationally minded debated it. Movement ran in that direction, and men said right along that majorities in both houses of Congress were ready to vote the Philippines free— their viewpoint being the welfare of the United States, dis entangling her in the Far East. This had assumed such volume as to shift responsibility for further delaying independence, from Washington, where it commonly rests, to Manila and Malacanan. Men seeking political advantage over President Quezon promptly capitalized this; they said independence could be obtained at a date earlier than 1945, and began blaming him for not doing so. Had this situation been permitted to persist, Commonwealth politics would have degenerated very rapidly. It would have been impossible to found and build a state designed to be come independent, or even to fulfill the functions of a common wealth as such, with the platform issue in all campaigns re duced to shouts by the out’s that the in’s wore postponing independence because they were cither too cowardly or too venal to demand it. The in’s could only have replied, they were proceeding lawfully under the Tydings-McDuffie act toward independence in 1945 when the country should be prepared for it; and this, however honest, would have seemed weak, the in’s could not have won elections with it, as the history of popular politics here shows with eloquent con sistency. Government would have rapidly broken down, the morale of the. administration could not have been sustained. For instance, every official who should have been disciplined would have gone over to the side of the out’s; he would have been out for revenge, if for nothing else than to throw the public off his own trail, and so he would have emitted reve lations of truckling by Malacanan by the yard. This process would have metamorphosed the Nacionalista party into an American party, and at the same time the false position it would have placed him in would have been intolerable to President Quezon, he could have counted upon defeat at the polls. Dynamic in polities, Quezon never chooses the defensive, always carries the fight to the other fellow. Faced with the situation just described therefore, he threw down the gauntlet at Washington and invited America to translate sentiment into action. It was no vain gesture, no bluff on four cards. Quezon held a winning hand when he made that call, because h * is, wo believe, prepared, himself, to take independence naked of any trade benefits. Further truth is, President Quezon is equally prepared to carry on with the Commonwealth in due faith to his oath of office; his statement cleared the field in that direction, by sweeping it clean in the other: it indeed spiked every cannon that had been aimed toward him, here and at Washington. No out’s, of whatever ability, in the Philippines, can now have either Quezon or his party on the defensive. His own partisans have his own words as the strongest possible party slogan. No Congressmen, however fearful of eastern en tanglements, can say that Quezon has not given him a blade sharpened to sever at a blow the last ties between the Islands and America. Quezon has refused to remain in an equivocal attitude toward independence. He had discerned before ever leaving Manila that, cloyed by this question, the Com monwealth could not proceed. A bit of frank dynamics bleXv the question out of the way. With no preparation for the Quezon-Sayre statement, so much immediate harm was done as to make it seem as if President Quezon had impulsively ruined his own adminis tration—discouragement was sown broadcast. It was hardly possible to avoid this, the element of surprise was necessary; and far from wish’ng real harm to ensue upon his proposal, Quezon took the longer view of it and counted upon permanent benefits. This can be defended, with ease: responsibility for delay of Philippine independence no longer seems to rest in Malacanan—it never did really rest there: it is redeposited in Washington, plain for everyone to see. . April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 Quezon challenged every Congressman who feels he wants the United States free of the Philippines, to vote that way; and to do more, to round up his fellows and get all them to vote with him. Doing so, he challenged such Congressmen to do the impossible. Whatever the feeling, and the under signed shares this feeling strongly, it is not possible to translate that feeling into deliberate action. It is not possible for any Congress and presidential executive of the United States to withdraw America from the Philippines in the Islands’ present umprepared condition. The pressure of international influence is too great, if not on Congre.s itself, then on the White House. Quezon’s action let it be known that none of this decisive pressure derives from the Philippines. Whoever campaigns against him here will have to attack his policies, discuss the state of the Commonwealth and how to better it: harangues for earlier independence will fall of their own weight. Thus the Com monwealth will be able to proceed. And since no bill embody ing American feeling that America should get out of the Islands can become law, for the simple reason that nothing will be done at Washington to help a great Oriental Power wallop the West or any part of it, what does the situation resolve itself into? It becomes a situation well designed for the Philippines to urge upon Congress and President Roosevelt the commercial provisions of the Commonwealth act, the Tydings-McDuffie law of 1934. This is foreseen in the most cogent statement High Com missioner Paul Vorics McNutt has made since his appoint ment to Manila: “. . . economic independence before political independence.” Right there is a plain declaration of policy, and reassumption at Washington of full responsibility for the ultimate date, if ever reached, when Philippine independence will be voted. _ to- n Our Plight.... (Continued from page 6) free, the English live nearby neighbors who have gone on breeding booms to create cannon fodder for strafing purposes: Germany and Italy. Italy’s and Germany’s birthrates rise, England’s falls;, and the English tend to become a race of oldish folk. If. peace were assured the world, little difference this. But that’s the rub, peace is not at all assured. §o the English have more to worry about, were they given much to worry, than the considerable that has been cited. There are a million childless homes in England; in a popu lation, bear in mind, of forty-five million. There are 2,500,000 one-child homes; families in which the generation is not renewed number 3,500,000. In recent years the annual birthrate has dropped by 282,723; nine persons of a genera tion ago have produced but six children; only 120,000 children a year are born. In 1901, births to every 1,000 women in England numbered 28.5 a year; in 1935, only 14.6 a year. Twelve years ago, lives suppressed in England numbered 150,000 a year, they now* total 290,000 a year. The English are faced with doing something about this, as they are concerning all that has been mentioned—much more that might be. Yet English morale is far from wavering. That his capital might be shelled is something the Britisher is willing to shoulder taxes to correct, not something that will take his sleep or foreshorten his week ends. He faces changing circumstances, adjusts himself to them. It is something all the world is doing, under the compunctions of our pyrotechnic times, during which blow ups are to be expected momentarily almost in any quarter. We have not spoken of England’s struggle to keep her markets open, her goods moving, her supplies coming in, her people housed and fed—as little from dole as possible—but these ends are of course her chief preoccupations. If we now turn back to our own situation, it may seem more agreeable. If independence comes, there is to be a trade treaty with the United States along with it. The status of independence is to be agreed upon among the Powers. Should the Islands go over to another country, it would be by means of peaceful penetration; the war establishment, we are assured every day, is never to be large—it is now no great drain on taxation; Manila, our metropolis, hovers over no great proportion of the insular population—she draws people from the provinces but slowly. It will be a long time before the Philippines live in hourly prospect of possible attack; the day never will dawn when gas maks become a part of the regular household furnishings. Independence means death to our sugar, unless the trade treaty takes cart* of it; but the problem even here is no more acute than England’s that involves her heavy industries, or Germany’s in trying to get food enough for 66,000,000 inha bitants while arming a third of them for war. Other coun tries face the problems that masses of urban populations provoke. The Philippines has not a single one of these pro blems, and therefore have moderate taxes. Beside that, whenever a major political calamity threatens these Islands, invariably it blows away on the same ethereal breezes that lumbered it into view. Population increases here, 2% a year. Yet sixty million acres of public domain are yet to be claimed by man. Sixty per cent of the land is still forested; while (Please turn to page 13) FOR PROTECTION AGAINST COMMERCIAL AND PERSONAL LOSSES we provide COMPLETE INSURANCE SERVICE at competitive rates and liberal conditions FIRE -EARTHQUAKE- MARINE—AUTOMOBILE PERSONAL ACCIDENT -EMPLOYEES LIABILITY BAGGAGE—PLATE GLASS—ETC., ETC. CALEDONIAN INSURANCE COMPANY LEGAL AND GENERAL ASSURANCE SOCIETY. LTD. NORWICH UNION FIRE INSURANCE SOCIETY, LTD. Over a Century of world wide experience with reputations and financial security second to none. 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C.A.V.—Bosch.......................................................................................Acton, London IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 More Prose And Poems By Betty Simpson Unbelievab’y enough, for a busy commercial community whose American members are far from their accustomed haunts, Manila can boast numerous excellent private libraries. This month, these have furnished the reading fare on which notes are made here. Warning is now given that some readers of this page may begin the hunt for Life with Father, by Clarence Day Wolf Solent, by John Cowper Powys Covering The Far East, by Miles Vaughn Last Poems, B. A. E. Housman Fathers of families are subject to much goodnatured badinage these days. The younger generation have been reading Clarence Day’s Life With Father. Day’s naively ironic style suits his material perfectly, and th s material is mostly the smack of pater familias. No good book should be called salutary. Rhubarb has been spoiled as a dessert because it is always served with the reminder that it contains needed vitamins Enough that fathers and sons can chuckle together over the yams in this. Father decided that the lads should be musi cians. He pictured with gusto the instrumental trio that would play for him, evening after evening. A more trifle like talent for music, father hardly gave thought to. Clarence, the eldest, must study violin. A mild, old sym phony player was engaged as teacher, and a violin purchased. The lessons began ... in the basement, by request of the neighbors. Who suffered the most, Clarence or his teach er, is a matter for debate. Both were in awe of father’s determination that Clarence would become a violinist. For some weeks, Clarence struggled manfully even though he really couldn’t see the notes on the sheet music. Then he 0^ 1^14(0 ESTABLISHED 1812 ---- - ------------Capital (Paid) --U.S. $ 77,500,000.00 Surplus---- ” 42,500,000.00 Undivided Profits ” 11,991,339.92 (As of Sept. 30, 1936) -------sj? . ------COMPLETE BANKING SERVICES MANILA OFFICE National City Bank Building confided in the instructor that he was short sighted. Fearful that father would consider this fact a rationalization of Clarence’s notable lack of progress, the two entered into a con spiracy that resulted in Clarence’s wearing the teacher’s eye-glasses. Even so, the art of the violin would not succumb to Clarence’s on slaught. It was mother who finally cut the Gordian knot. The violin was transferred to younger David, and the writer leaves him in the basement with wishes for better luck. Day’s narrative-essay books redeem his given name—Clarence—from the limbo of unforgiv able cognomens. A brilliant novel of this decade is John Cower Powys’ Wolf Solent. The gifted English family pronounce their name as the Tagalog po and the Saxon wheeze; this hint is given because names of contemporary writers often puzzle as to pronunciation, and reference books fail to clear up the mystery. In this case, a friend of a friend heard this writer’s lecture in aD American city. Small-town England is pictured not so much in color as interiorly. Wolf is a tormented talent. Having lost his teaching position due to a sudden explosion of his tamped ideas, he accepts the job of ghost-writing the scandals of Dorset county for the eccentric Mr. Urquhart. Wolf’s parents had lived there. In the midst of his own entanglements, Wolf stumbles upon their contributions to the community’s under currents. The novel is wide enough to be reminiscent of Hardy, as critics have pointed out. It is psychologically focussed, too, and in this brings to mind Aldous Huxley. With A. P. Herbert’s touch of hilarious incongruity, it would near perfection. Of interest to his fellow-newsmen of the Orient, Miles Vaughn’s Covering the Far East makes its appearance locally. Some of its better writing is seen in the early pages relating the Middle West attitude tow’ard the Oriente. Gifted with more curiosity than his kin, Vaughn was able to learn appreciation and thus left the Middle West forever. A slight personal nar rative is interwoven with a running account of the big stories he was mixed up in during years at Tokyo and Sbangha. On the whole, he is the antithesis of Vincent Sheehan, and his book is limited in appeal, beiDg for other newshawks and those whose hobby is contemporary history. The last testament of A. E. Housman included an important legacy, his unpublished poems. Greater riches hath no man; the beloved Irish poet was so self-deprecatory that he directed his brother in this fashion: “to destroy all my prose manuscripts in whatever language, and I permit him but do not enjoin him to select from my verse manuscript....” Well has the brother’s choice been made, the book Last Poems printed. Of The Shropshire Lad, the poet once explained that Terence “is an imaginary character, with something of my temper and view of life.” There are more such poems in the new volume, “of a time of life which the author had long passed when he wrote them; but none the less they are characteristic of the lively sympathy which, in the words of the opening poem of this collection, he had for all ill-treated fellows, and more especially for the young. He would have liked 'the laws of God and man’ to be kinder than they are; and a great deal of the anger and bitterness of his verse is due to the fact that they are so much the other way.” His smiling rue must not be left unmentioned, but since it brooks no dissertations, quotation serves best: "Delight it is in youth and May To see the morn arise, And more delight to look all day A lover in the eyes. Oh, maiden, let your distaff be, And pace the flowcry meads with me, And I will tell you lies.” Girl at Rome The Journal would like to know from all its readers about their children in the United States and Europe: where they are in college, their progress, etc., and how they are commencing their careers after graduation. This curiosity comes of the feeling that the average rating of these young persons must be above normal, in many instances, outstanding or even notable. Mrs. John W. Haussermann, Jr. tells of Lura Street as a practicing newspaper woman— journalist, no less—at Rome, Italy, and already handling Italian as familiarly and correctly as if it were her native tongue. Here is a Manila girl, the elder daughter of the late Associate Justice Thomas A. Street of the Philippine supreme court. Her father schooled her in Latin, as well as English literature—and of course, in Spanish. Miss Street repeated at Pomona College, California, her triumphs at Central High School, Manila, and probably went in for post graduate specializing. Two years ago she and Mrs. Haussermann slipped away from Manila for a cruise, of Mongolia. In casual or more serious letters, Lura Street can have nothing but success. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 Growing Upland Rice in Western Negros Two practices prevail in Occidental Negros in the cultiva tion of upland rice; one, by administration, the other the well-known share-cropping system. I shall say nothing of the administration system. Under it, as everyone knows, the planter gets the whole crop except he be leasing the land; if he leases the land, the owner receives a percentage of the crop, and just what this percentage should be has not been determined in the central and noithern part of Occi dental Negros to which my observations are limited. Under the share system the procedure is as follows: The landlord prepares the fields very carefully, plowing them two to three times, usually with gang-disc plows, and harrowing them an equal number of times, pre ferably with a disc harrow. The soil being thus thoroughly prepared, the share-cropper seeds it with seed provided by the landlord, 10 to 12 gantas to the hectare; the cropper plows out the rows and plants them, and takes all care of the crop until it has matured. This is all at the crop per’s expense; the landlord furnishes the fertilizer, but the cropper applies it. Harvesters are extra help, paid a portion of the crop. Less this pay in kind, it is the obligation of the cropper to warehouse all the rice cut in any one day. The day following, this rice is threshed. In this province, threshing is done by trampling; the crews that do this usually receive 1 cavan out of. 15 of the threshed rice. When the rice is threshed and the portion of the threshers is taken out, the rice is usually divided immediately between the landlord and the cropper—two thirds to the landlord and one third to the cropper. Impartial observations during four years have demonstrated that this division of the crop is eminently equitable, as will be seen in the following table based on production of 50 cavans of unhulled rice per hectare: Planter: Cost of Preparation Two plowings with tractor. Two harrowings................... Seed....................................... • Described by Vicente V. Gamboa in The Sugar Cane Planter. Methods of cultivation are thorough Fertilizer, Total, per hectare......................................... Two thirds of 50 cavans (33 cavans and 8-1/2 gantas) at 1*2.50 per cavan........................... Less planters’ expenses, above........................... P16.00 4.00 0.40 25.00 P45.40 1*83.35 45.40 1*37.95 Cropper: Cost of Seeding and Cultivating Seeding............................................ Weeding, etc............................... Applying fertilizer. . . . Cultivating, one time. Transportation.......... Total........................................... One third of 50 cavans (16 cavans and 16-1/2 gantas) at 1*2.50 per cavan Less expenses, above....................... Cropper’s gain 1*12.70 1*41.65 12.70 1*28.95 The landlord’s gain of 1*8 more than the crop per in every 50 cavans, taken as the harvest to be divided between them from each hectare after harvesters and threshers are paid, is justified, we think, by the greater capital the landlord risks and the greater loss he suffers when bad seasons affect the harvest. To the end that the yield respond to the effort exerted by the planter, whether lessee or owner, in the preparation of the soil, it is al ways stipulated that the cultivation, and the quantity of fer tilizer and manner of its application, be under the direction and supervision of the planter. The divers varieties of upland rice grown in Occidental Ne gros are of the first quality; very white, aromatic, and finetasting. They are popularly called bisqya. Being iu demand, the price varies from 1*3.50 to 1*4.50 for the cavan of 44 ki lograms, though as yet there is no general market for their sale to the public and sales are made among the rich families. Our Plight . . . {Continued from page 11) Denmark, who has had to change her modus vivendi completely since 1870, puts a new feather in her cap when she reclothes 3% of her area with forest, to make a total of 9%. Then the comparative productivity of forests. Why, the very minor products of ours would, if exploited, return more by themselves than all that may be gathered from a northern forest anywhere. In short, the more our actual lot is com pared with that of other men in other climes, what may come upon us in 1938 or 1939, or eight years hence when the Com monwealth ends, seems entirely within the bounds of human endurance. Not that what is wrong and harmful should not be vigorously opposed, only that despair should not be countenanced. America will not see the Islands go under, the new High Commissioner says; and adds, economic inde pendence first. This is something very different from, and infinitely better than, most of the proximate political horizons throughout the world. Let us stop now. To go farther would make us feel abso lutely smug. Sixty-two Oldtime . . . (Continued from page 9) pino pension and keeps paying on this account, mainly in the Philippines, more than $2,000,000 a year,: Filipino Scouts, retired................................ $900,000 Naval Personnel, Filipino, retired................... 587,958 Other enlisted Filipinos, U. S. N., retired in Hawaii and the United States........... 100,000 Filipinos retired from the U. S. civil service.. 550,000 To tai per year from U.S. Treasury to Filipinos $2,137,958 So far as is known, the United States has never moved to evade these contractual obligations on any grounds what ever. She keeps paying them as a matter of course, and does not even move to pay them out of any taxes collected in the United States on Philippine products sold and tax able there; on the contrary, she keeps remitting these collec tions to the Philippine treasury, including the excise collec tions on Philippine cigars sold in the United States—-which in a single year are several times the $65,000 tne Common wealth would need yearly to keep the American teachers’ pensions undisturbed. 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 LetteRS James J. Haselina —Duke University Durham, N. C. "I don’t know if the Journal is in the habit of entering gift subscriptions, but jf it should by any chance, I would appre ciate one for the Duke library. In all truth, the primary reason for this request is that Philippine news is always impor tant to me; but there really is a need here for a magazine on economics to fill the appallinggap of ignorance that the average American has about the Islands. “As is usual when we return to the United States there are the inevitable confusions between the Philippines, Hawaii, and Cuba. Anot her usual belief is that, every man, woman, and child in the count ry can speak nothing but the purest of Castilian. And for the college man there is another belief: that all women in the Orient are ravishing beauties. Beyond that, not one in a hundred knows any more about the Philippines that they would about the man in the moon. “This university is the youngest one in the count ry-r-a gift from James B. Duke along with an endowment fund that has in ten years created a group of class rooms, dormitories, and a chapel (at $2,000,000 including carillon) for 3,200 students. Building cost was about twenity million dollars, and the endowment is still thirty-two million. Being so new, its reputation is just beginning to spread, chiefly by means of the news of the extra sensory perception (“mental telepathy”) experiments carried on by the psychology department. “The town of Durham about three miles away is one of the tobacco trium virate: Richmond, Winston-Salem, and Durham, that make most of the nation’s cigarettes. Chesterfield and Lucky Strike have large factories here with almost 100$c negro laborers. Textile mills sur ★John “Jack" Carrigan's Home, Paradise, California round the town. Unionization is rudi mentary in this area, but John L. I^ewis has stated that he intends to introduce the C’.I.O. when he finishes with steel. The total result is a dingy looking group of red brick buildings that makes me sure that I will return to Baguio’s well-painted galvanized iron and frame four years hence.” Jack Carrigan * —Pogad na Buaya Paradise, California “Here are a couple of snaps of Pogad Na Buaya—one of the porch with the swimmin’ hole even as in your youth, but not so far to go. And a path of Madonna lilies that you might easily have a hemorrhage over. And if you drop in about the midst of May you can be a Tahitian and put one behind your right ear. “A letter from Ocsch places him well anchored in Los Angeles. Belike being both in the same state, there should be an easy chance to see each other. But I couldn’t drive that far, even if I had a car that would do it. And for family reasons he seems equally rooted. So we have to take it out in writing about the beauties of the Padada River where he apparently has left his heart. I know so well how he feels. It took three attempts for me to break away from Davao, al though I could answer my family’s pro tests only by the weak assurance that I’d left a sick coconut tree there and had to go back to look after it. “Now what with a swimming hole and a rambling log effect lousy with the dust of years this place is sufficiently Philippinized to make the break less painful. But for some reason you never quite get over wanting to go back. "Has Don Antonio Bosque sufficiently recovered from his bitter disappointment over the perfidy of the Sweepstakes to make good his promise to visit California? If he hasn’t, give him my undying affection and send him on his way hither. “And my sincerest regards to your office force and to all the muchachas and muchachos at 182 V. Mapa. God! how I’d love to step into one of those baby busses and shrill into the driver’s ear “Santa Mesa ’n’ step on it! ! ! ” Christian Gauss —Dean of the college Princeton University Princeton, New Jersey (Author of Primer for Tomorrow) “Your cheering letter which included the very interesting discussion by Miss Simpson’s student, G. del Rosario, comes at the busy time of the opening of college but I do wish to send you my very hearty thanks. Nothing that has come to my desk in the last month has given me any more satisfaction. Please accept my grateful appreciation for your interest in the book and your notice of it. “As a teacher I am, of course, partic ularly interested in young men and the ways in which they face the world. It is for this reason that Mr. del Rosario’s dis cussion gave me so deep a satisfaction. May I say that I was graduated from col lege in 1898. My generation and I spent the next fifteen years in a period of rela tively “good times” and under the illusion that all was well with the world. Looking back now, and I say it with deep regret, I feel that that generation of privileged men, among whom I count all those who enjoyed economic security or the benefits of a college education, did not discharge its responsibility. Our fate, the fate of the world so far as we were concerned, the conditions of life under which we were to live in middle age and after, and in which our children were to grow up, was decided in 1918. “We know that those settlements now were not satisfactory, did not get down to the fundamental human problems. This new generation coming on, as represented by del Rosario, is in the very largest sense facing the same problem that ours faced and that every generation must face. The fate of the world, of the world in which they are to spend their mature lives and into which their children will be born, is bound to be decided in the next twenty years. What is happening in Europe today indicates this only too clearly. “I cannot tell you how reassuring it is to me to find young men so deeply aware of the fundamental nature of their prob lems as del Rosario and so idealistic (I use the word in its best sense) as he. It is therefore a source of satisfaction to me to feel that my Primer has been of interest to him. “Please extend to him and to Miss Simpson, as I extend to you, my very hearty thanks.” Apr< 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 China's Importance .... (Continuedfrom page. 7) Bents to any international agreement protecting the neutrality of the Philippines. Exclusion of Chinese immigrants from American territory is something that America and China have pain fully worked out together. The elements of its stability are not very strong. But it is one thing, while exclusion of Chinese immigrants from the Philippines as another oriental coun try, at the same time that Japanese immi grants would of course continue to be admit ted, would be quite another thing—not at all to be thought of by China. China defers, in dealing with America on this subject, to America’s high wage and living standards; and besides that, no doubt, to Amer ica’s power as .well as the two countries historical friendship for one another. In the case ofthe Philippines, no longer territory of the United States, only the element of friendship would persist: wage differences :tnd living stand ards would not be at great variance, nor differ ences in blood and culture. From the independent Philippines, either Chinese will not be excluded or no orientals at all will be admitted; and the latter alternative is hardly tangible, since the independent Philip pines will of necessity merge immediately into the Orient and seek stability among its oriental neighbors. When China advances her claims along this line, it will be good politics and true friendship for America to support them; she can lend this support without giving just offense anywhere. Also, so far as may be seen, Eng land would take a similar attitude. As to that, Japan will hardly oppose. Japan has much territory dominantly inhabited by Chinese, and Japanese go where Chinese settled long THE COMMONWEALTH OF TH PHILIPPINE ISLANDS DEPARTMENT OF COMMERCE AND COMMUNICATIONS BUREAU OF POSTS MANILA SWORN STATEMENT (Required by Act 2580) The undersigned Walter Robd, Editor, Business Manager, The American Chamber or Commerce Journal, published monthly in Ma nila, P. I., after having been duly sworn in accordance with law hereby submits the following statement of ownership, management, circulation. etc., as required by Act 2580 of the Philippine Legislature: Editor, Walter Robb, P. O. Boe 1638, Publisher: The American Chamber of Com merce of the Philippine Islands. Business Manager, Walter Rods, P. O. Box 1638, Manila. Owners or stockholders: The American Chamber of Commerce of the Philippines. Bondholders, mortgages, or other security holders of one per cent or more of total value: Total circulation—1,550. Manila, I'. I., April 1st, 1937. Walter Robb. Subscribed and sworn to before me this 1st of April, 1937, the declarant having exhibited his cedula F-52379 issued at Manila, P. I., on Feb ruary 26, 1937. Braulio de Vera Supt. Inspection Division Bureau of Posts before them and compete with the. Chinese — as they are doing in the Philippines. The independent Philippines will not, there fore, be the country we know now: a large and fruitful country, sparsely inhabited and growing in population only by the native increment— its culture western and its commerce mainly with America. On the contrary, the independ ent Philippines will have floated loose from the West and anchored to the East. Its major interests will build up accordingly. Its im migration from the other nearby eastern coun tries will be general, and in all probability, heav iest from China but very important from Japan also. It should fill up quickly, and competition for existence should approach what it now is in China and Japan within fifty years. Heavy immigration will change its political complexion, just its similar immigration affected America; more particularly, large cities. The population SUMMER AGAIN!!! THEN GO TO BAGUIO BAGUIO AS THE BEST SUMMER RESORT IN THE ORIENT IS ALREADY AN ACCEPTED FACT FIRST CLASS FARES Manila-Baguio, one way..................................... PIO.28 Manila-Baguio, round trip................................... 18.40 Manila-Baguio, one way, for air conditioned car 11.39 Begin enjoying temperate climate as soon as you get into the air conditioned coach Clean Noiseless Home Comforts Riding Ease IF YOU OWN A CAR Travel by train to save your car and most important of all save yourself from tiresome driving. Let the locomotive engineer do the driving for you. Automobile as baggage, between Manila and Damortis Pl3.80, one way (One first and one third class fares required) THIRD CLASS FARES Manila-Baguio, up trip........................................... P3.72 Manila-Baguio, down trip..................................... 3.32 Manila-Baguio, round trip...................................... 5.71 Fast express trains equipped with large, easy riding coaches will give you very enjoy able trip. Low fares plus travel factors like safety, arrival on time, easy riding and comfort in the coach are offered the public. First and third class buses of the Bcnguet Auto Line which meet the trains at Damortis are powerful, modern and driven by expert chauffeurs. The Benguet Auto Line enjoys a record on NO ACCIDENT on the Kennon Road for more than two decades. For information, inquire or write to Traffic Department Tel. 4-98-61 Information, Local 42 R. E. BERNABE Chief Clerk LEON M. LAZAGA Traffic Manager MANILA RAILROAD COMPANY 943 Azcarraga — Manila will lx:come more mixed, and it is hardly too much to say that the Malay element may be quite submerged. Whether political institutions will remain what they now are, even in broad outline, is something greatly to be influenced not merely by severance of all political ties with the West but by the immigration—of whole families, setting up whole new communities, to exploit new forms of agriculture or acquire or establish whole industries. The new Philippines must of necessity become a Land of Promise to Chinese as well as Japanese. Its laws, of course, may continue to exclude the foreigner from rights to the public domain; yet because the foreigner will be here, ready and anxious to work, conven ient arrangements such as find a place for the Japanese farmer in Davao will find a place to utilize this new immigrant’s young and willing energy. (Please turn to page .(6) City Office. Tel. 2-31-83 City Agent IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, ‘ i937 “I’ll say today’s a Swell Date” USE the motor oil that has proven its value with Admiral Byrd... the motor oil that has fought high-speed, high-heat and won... on the speedways, in the skyways and in millions of motorists’ cars... 100% Pennsylvania at its finest, and made to master any motor heat or speed. Drive in today for a complete crankcase change that will prove to you Veedol’s greater stamina and greater value at no extra cost. Tide Water Associated Oil Co. Associated Div. MANILA—PHILIPPINES When To Stop Advertising When every man has become so thoroughly a creature of habit that he will certainly buy this year the same products he bought last. When younger, and fresher and spankier concerns in your line cease starting up and using the newspapers in telling the people how much better they can do for them than you can. When nobody else thinks “it pays to adver tise.” When population ceases to multiply and the generations that crowd on after you, and never heard of you, come on. When you have convinced everybody whose life will touch yours, that you have better goods and lower prices than they can ever get any where outside of your store. When you perceive it to be the rule that men who never do and never did advertise are out stripping their neighbors in the same line of business. When men stop making fortunes right in your sight, solely through the discreet use of this mighty agent. When you can forget the words of the shrewd est and most successful men concerning the main cause of their prosperity. When you would rather have your own way and fail than take advice and win. When you want to go out of business with a stock on hand. When you want to get rid of the trouble of waiting on customers. LET US HELP YOU WITH YOUR ADVERTISING PROBLEMS Manila Daily Bulletin ADVERTISING SERVICE DEPARTMENT N RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Where the Manila Stock Exchange is now housed the S.J. Wilson Building. Comprehensive Philippine Mining News Up to Date KoppeL FOR THE MINING INDUSTRY: • Kailroad Material Of Every Description • Ruhrt haler Diesel Mine Locomotives • Pennsylvania Air Compressors • Morgardshammar Mine Hoists • Craelius Diamond Drills • Atlas-Polar Diesel Engines • Asea Electrical Equipment • A vesta Drill Steel • Roebling Wire Rope • Etc. Etc. Etc. Your Enquiries Are Solicited KOPPEL (PHILIPPINES) INC. 75 DASMARIXAS MANILA ILOILO A COMPLETE TECHNICAL SERVICE IS OFFERED BY MARSMAN & COMPANY, INC. MINE MANAGERS AND OPERATORS P. O. BOX 297 P. O. BOX 18 MANILA, P. I BAGUIO, MT. PROV. TO PRODUCING MINES MINES UNDER DEVELOPMENT-EXPLORATION OWNERS OF MINERAL CLAIMS FROM THE EXAMINATION OF A PROSPECT TO FINANCING ITS DEVELOPMENT .... FROM A CONSULTING ENGINEER’S REPORT ON MINE DEVELOPMENT OR MILL DESIGN .... TO THE ENTIRE RESPONSIBILITY FOR MINE MANAGEMENT. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 CROSSLEY DIESEL ENGINES CROSSLEY HORIZONTAL LOW SPEED ENGINES sold since 1911 are still giving satisfactory service after 24 YEARS OF UNINTERRUPTED SERVICE IN THE PHILIPPINES Best suited for Ice Plants, Oil Mills and other Plants requiring 24 hours service Sole Agents: SMITH, BELL & CO., LTD. Cebu — MANILA — Iloilo TRY NOW CCECNAS TAEACALERA PHONE 2-25-77 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 °f General Securities & Investment Co. MANILA Room 407 Samanillo Bldg. i st I I E E ■ SC X) ALLIS-CHALMERS (SYNCHRONOUS MOTORS For Power-Factor Correction The Type "AB" Machines are made only in the smaller sizes and are of the self-contained or bracket bearing construction for more or less high speed work. The Type "AI<" Machines are pedestal bearing and cover a wide range of outputs and s)>eeds. The Type "Al" Machines are for- direct connection, the rotor being mounted directly on the shaft of the driven machine and cover an even wider range of outputs and speeds. The effects of low power-factor on a generating system are seen in the reduced power capacity of generators and transmission appara tus, in the discrepancy in the capacity of generator and its prime-mover and in the lower efficiency anti poorer regulation of the system. The Earnshaws Docks & Honolulu Iron Works P. O. Box 282 Tel. 2-32-13 60-118 Second Street, Port Area Manila, P. I. Branch Office Bacolod, Occ. Neg. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 Bailey Willis Submits Fieldnotes on Mt. Province and Abra Read discerningly, these notes give many a clue to men asked to take a stake in northern mining ventures “In view of the public interest in mining it appears desirable to state clearly that the object of our studies is not primarily to search for possible mineral districts. It is on the contrary to learn from the rocks and the features of the landscape the successive changes in form, extent, and character of the islands during geologic periods that cover the last twenty million years of their history, Under the action of forces which very slowly, but very surely lift mountain ranges, the founda tions of the archipelago are dislocated and displaced. Vol canoes and earthquakes are incidental results. Air and water cause exposed rock masses to decay, forming soil, and rivers, carve deep canyons in the rising ranges. He who knows rocks and who under stands how they bend and fracture under enormous pressures may deduce from their present structure the nature of the forces that have acted on them. And this knowledge is important to the mining engineer whose ores occur in fissures opened during the movements of the mountains. “As scientists geologists seek to dis cover the structure of the mountain ranges and to explain why they are mountain ranges. As mining engineers they may apply their knowledge of the structure to the systematic develop ment of a mine. “The Willis party is engaged in studying the structure and the later geologic history of the Philippine Ar chipelago. A better understanding of the force's that have created the islands may result from that study. And that knowledge may find application in the national development of mineral resources. We are not pioneers. A number of eminent Filipino, American, and European geologists have* preceded us. We build on their work and hope to make some advance for the bent fit of science and the Philippine Com monwealth. “Our first problem has been to investigate the structure of the central mountain range that extends from Baguio to the northern coast and lies between the Cagayan and Abra valleys. Geologists recognize that it has been rising higher and higher above sea level during several million years and presumably is still being pushed up. During the uplifting the rivers have sunk their channels deeply, but they have not been able to keep pace with the elevation and consequently have steep gradients. “Has the mountain range which is roughly 80 kms. across from East to West and 300 kms. long from South to North, been raistd as a whole or has it broken into blocks. If the latter be true rocks in the larger zones of fracture should be exjtremcly ciushcd, they would be easily washed away and a river would have grown along each zone of displacement or faulting. “I thought it probable that the Agno Valley was eroded on such a fault zone and if so that the faulting might have some relation to the mineral deposits of the Benguct District. But examination of the valley shows that there is no major fault zone on which it could have been sunk and the inference has been abandoned. “A similar inference regarding a possible major fault ex tending north from Trinidad, between Tublay and Kapangan and along the eastern side of the range that is marked by Mts. Binmaca and Guirayan has proved unfounded. “Further north examination of the country between Mts. Data, Bontoc, and Banaue has also failed to discover any evidence of great faults, such as might have developed in the central range. “On the other hand there is evidence that the range has been arched up. Looking north from some high point that commands a distant sky line one may see smooth in a flat the curve, have been we imagine :-e an older surface, which was a continuous flat. It now appears arched, like the top of a loaf of bread. The curved surface is that which would be produced by squeez ing the deep foundations of the range shortening the east-west width at the bottom while the uplift of the surface would result from the rise of the solid rock thus squeezed up. When com pressed in this manner rocks shear into small blocks that slipped past one another in adjusting themselves to the general change of form. It is readily observed all along the mountain road that the rocks are thus broken up and have been squeezed past one another. “We thus have good reason to con clude that the rise of the actual central mountain range is due to pressure from east and west in the foundations of the mountains: that an arched effect has resulted from the change of form, and that this occurred through intense in ternal shearing, instead of by faulting on a large scale. “This conclusion has a bearing upon the probable continuity of mineralized veins. They are not likely to be wide or conti nuously aligned across the direction of pressure. They may be wider or more continuous if they lie across a direction of elongation. But whatever their orientation they are liable to end abruptly in the intricate maze of fractures in the crushed rock. “From this examination of the central range of northern Luzon we turnccT to study the western flank, west of the Abra Valley. That valley has been described by Warren Smith in his pioneer work, as a fault valley. His observation was correct. It is defined by a fault, by a fault of the type known as an overthrust. The effect is easily observed. Coming from Bontoc to Cervantes, looking west, one is faced by the great height of Mt. Malaya (2352 meters) and other high peaks of the range west of the Abra River. Ravines in the face of the mountain are very shallow, they are very young, much younger than the valley of the Abra. Their youth {Please turn to page 23) 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Mountain Farmers and the Mining Prospects —Letter from Reverend Vincent H. Gowen of Besao, in the Sagada Mission country “I was naturally much interested in your article on Mining in Mountain Province, and in your query as to the local situation. “Besao lies on the extreme western fringe of the pine-forest belt; west of us the mountains taper away into the barren hillsides, such as one sees around Cervantes, until they reach the Abra river at Angaki. These hillsides provide room, however, for extensive systems of rice-terraces wherever there is water—terraces that bear two harvests a year—and they contain many small pockets of tropical hardwood. Im mediately north of us are thick forests extending into Abra province and taking on a tropical aspect as they come into the intermediate zone where the eastern and western rainy seasons coincide. "I have watched our fringes of forest with considerable anxiety during the ten years I have been here, for they provide*, of course, not only the local wood supply, but the regulated drainage essential to the vast area of terraces on which the subsistence of the people depends. Only the rice-terrace makes this region habitable; it would be a tragedy to see it depopulated of its sturdy, self-respect ing inhabitants and the hillsides which have sustained a picturesque group for so many centuries reduced to wilderness for the temporary advantage of people* who are not native to these mountains. “Unquestionably these forests have* been dwindling slowly, but up till now, in this district, we cannot blame* the* mines. The people .themselves have* been chiefly at fault in allowing fires ter de vastate their timber. Many of these* fire's probably are caused by spontaneous combustion in the cogon which clothes the lower slopes and which, as you know from your own experience, warms up te) the temperature of an oven; some? are? said to be set by the cattle-herders, mistakenly believing this will improve*, the quality of the grass instead of im poverishing it; but a large number are* due to the carelessness of charcoal-burn ers in the forest itself. “Furthermore, there is much waste? in getting fuel and cutting down tree's for lumber. The Bureau of Forestry has never had sufficient means to police* this district. In older days, as you wrote, the people were able to preserve? the* ba lance between their timber reserves and their needs. In Besao this balance has been disturbed, by the steady growth of the population, not because of sanitary measures (as one? might think) but because the American regime, by stopping the? head-hunting forays of the neighbouring Bontocs, has allowed the people to branch out into many smaller barrios and so to build terraces in places of which they did not dare take ad vantage when, for safety’s sake, they had to remain near the larger, more compact settlements. They have many more fields than they had a few years ago, more than enough to keep pace with the rise in population, and so have obviated the danger of famine, which they faced as recently as 1917, but they have drawn much more heavily on their forests. “In an indirect way the mines have promoted this defor estation, because a large number of Besao men find seasonal work in the mines around Baguio or at Suyoc—as an indica Sturdy Philipfint Mountainttrs tion of how this number is increasing, I can quote from some of my own figures: each June I canvass, with the help of my Igorot staff, every name in our Register; in 1934 we had 125 temporarily absent in Baguio and its environs; in 1935, 180; in 1936, 260. These men come home with money, and their first act is to build a modern, iron-roofed house instead of the picturesque but uncomfortable huts in which they themselves were born. The old-style hut, often without walls, required little more than a framework of timber; the new houses, even when the walls are iron, take much more lumber; all of it locally handsawn and secured, naturally, from the larger trees. But I believe it will not be long befjore the sawmills along the Mountain Trail will capture this market. “Since coming here I have neglected co chance to promote reforestation, part ly by example, partly by word of mouth. In our school, planting trees is a reg ulation rainy season occupation, and we have converted what was a barren ridge into a flourishing grove. Other private individuals have begun to sec the value of planting their land with trees so that in the immediate neighbourhood of the town we see many more trees than we saw ten years ago, trees wisely allowed to reach a sturdy maturity. This, of course, does not redress the wastage of the forest fires. If mining on a big scale weie begun here, however, it might soon make this district a barren watershed, so small is our margin of safety. “You will gather from this that the mining boom has not affected us greatly. Not in the matter of the forests, at least, but other difficulties, closely relat ed, have caused much trouble. During the stock-market flurry of 1933 there was a rash of claims staked, many of them by Ilokanos, who showed no hesi tation in planting their notices on the dykes of a,ncestral terraces. I was at home at the time; all these notices had disappeared before I got back in April 1934. Just across the ridge, in Fidelisan, near Sagada, the....................... in terests did some exploratory work and encountered much resistance from the Fidelisan people, who are Bontocs, trouble which Mr. Ely, of the Governor-General’s office, did his best to settle. The................, from all I can hear, were very careful to safeguard the interests of the people, but they could not down the opposition. Eventually they withdrew, after crises which came close to bloodshed. Just why they with drew I do not know, but I have heard that the prospects they found did not justify further workings. But claims in that district—whether their claims or not, I do not know—have been advertised by a Filipino company, stocked with impres sive official names, as a basis for soliciting subscriptions, and claims too at Panabungen, twelve miles west of us, which I have visited twice since Christmas without hearing even rumouis of work’s being attempted. “At present an American from Manila is running an explora tory tunnel into the mountain above Agawa, the northeasternmost barrio of Besao, just this side of the ridge from Fidelisan. His engineer, an American, has run into all kinds of difficulties (Please turn to page 22) April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 Base Metal Potentialities As a great industrialized country Japan is constantly hungry for industrial metals and minerals such as turn up quite liberal ly in the ^Philippines. Her location nearby the Islands en ables her to buy these mining products and transport them at inexorbitant freight charges to her cities where they are to be used. Her industrial organization precludes bidding by one consumer against another; no matter what her total demand may be, this competitive bidding docs not occur. But she wants, nevertheless, all the Islands may offer by way of chromite, manganese, copper, iron, etc., and will pay what she must in order to procure them. On the other hand, men interested in developing sources of these basic industrial minerals need not count on getting the prevailing world price for any of them, from Japan, unless that price is high enough to bring in other bidders from other markets. It is not, for example, how much the world pays for iron that indicates what iron may be sold for here; it is only what some user in Japan will bid, because the freight charge into other markets is prohibitive. Iron ore will bring 85 a ton in the United States, perhaps more just now; but the freight is that much, no Philippine iron can be sold in America on that account. Philippine Iron Mines are selling their iron ore to Japan, to one customer there; they are selling 660,000 tons this year, at 1*4 a ton f.o.b. at the mine. This P4 is $2, 40% of the current, or recently current, American price. It is a profitable contract, also advantageous to the buyer. It is a long contract, too, and intermediate market fluctuations do not affect it. Other users of iron in Japan find their ore supplies elsewhere; some are looking up sources here, which if found will be beneficial to the mining industry here. But it is the buyer who suggests the price. So it must be with all mineral supplies for which buyers in Japan can be the only bidders. The world price can only be obtained when world markets can be reached. This is the factor that should not be overlooked in estimating prob .ble returns from base metal and mineral deposits of potential commercial value; generally speaking this commercial value will depend on bona fide offers from Japan. There is much iron in the Islands, but a great deal of it is not of the high grade turned out by Philippine Iron Mines. Thus there is a large quantity of iron in Surigao, in the hands of the government through the National Development Cor poration. Of low grade, it is proposed to smelt this ore into pig for local use and for sale abroad—in Japan of course. One drawback in this plan is that coking coal has not turned up in the Islands; another might be that Japan would prefer just buying the ore and doing the smelting herself. She prefers buying hardwood logs here, rather than lumber; her timber industry is set up for full use of the logs even to the sawdust and slabs, and freight charges work out more ad vantageously. Base metal prices as of April 15 will be found in the United Press report elsewhere in this month’s mining section. They are New York prices showing America’s demands—not what the Philippines can get, unless shipment to American ports is feasible. Time of March 15 gives some encouraging iron figure-?, with steel at its optimum production, 90% of capacity (69,000,000 tons a year): for the first time in eight years Great Lakes ore has upped in price; pig iron is $22 a ton, the highest level since 1923. This shows the world request for iron. With scrap iron, 40% of the base of new steel, scarce because of Europe’s armament demands, in Japan the Phil(Please turn to page 23) Telephones: 2-41-41 2-41-42 2-41-43 Cable Address: ENGINEERINCEQEIIPMENTANDSUPPIYCO. “Rapak’ (INCORPORATED) Cross - section of Hercules Elcctiic Blasting Cap DOWN go blasting costs when the right explosives are correctly used. Talk it over with HERCULES Representatives and see what can be done about getting your blasting costs down. We have available a skilled staff of technical service men to help explosive users to select correct explosives for a particular job and to use them correctly. This service represents another step in a policy to help HERCULES customers to obtain efficient and economical blasting. A complete stock of all sizes and strengths of DYNAMITE—CAPS—FUSE—and a wide range of ELECTRIC DETONATORS and BLASTING SUPPLIES are available for prompt delivery from our Magazines. Our Main Dynamite Magazine is located at San Jose, Bulacan, which is about one hour ride from the city thus, assuring our numerous customers in the Provinces prompt and efficient delivery of Explosives at all times. For the Southern Provinces, we have a Branch Dynamite Magazine conveniently located in Surigao to take care of all Explosives requirements in all nearby provinces. P. O. Box 2128 Hercules Blasting Machine Exclusive Representatives for the Philippines: Engineering Equipment and Suppig Co. ENG INEERS—CONTRACTORS—M ETALLURGISTS—MACHINERY—M ECHANICAL SUPPLIES Thirteenth Street—Port Area MANILA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Santa Cruz-Mambulao’s Position (Notes Submitted by James M. Robb, of the administrative staff) The Santa Cruz-Mambulao Mining Company has not been content to devote all of its energies and capital to the development of its 90-odd claims in the Municipality of Mambulao, barrio of Santa Cruz, Paraeale, Camarines Norte. Besides copper claims in Zambales, chromite claims in Masbate, and nume rous other groups of claims in various portions of the Islands, the Company has acquired all of the Placer claims on the Island of La buy, Province of Camarines Sur, and has financed the acquisition of fifty-two ilode gold claims in the barrio of Padcal, Municipal District of Itogon, sub-province of Benguet. The Treasure Island Mining Company will develop the lode claims on Lahuy Island, leaving the rich Placer to the Santa Cruz-Mambulao Com pany. A new company has been formed to continue the dovlopment of the Benguet claims, Benguet-Itogon Goldfields, Inc. Taking i*s name from the location of the property, Benguet-I‘ogon Goldfields has filed its application with the Securities and Exchange Commission for a permit to sell 1*450,000.00 worth of stock. Reports on the properties by General Management Company, Inc., and by various members of R. Y. Hanlon & Co., consulting mining engineers and geolo gists, consulting engineers for the new company, plus progress reports rendered at frequent intervals by D. L. Finley and Barney Finley, in charge of opera tions, have indicated a real possibility of a commercial mine. Some 1*65,000 has already been spent in development work, and ten main tunnels have been driven, ranging in length from 600 meters to 13 meters. The company's engineers have advised concentrating on 3 of the veins encoun tered, namely, the “C”, “D”, and “Va lentin” veins. It is hoped that the lowest adit, the No. 5 tunnel, if driven about 11 meters further from its present 600 meter length will cut vein “D”, and, if driven 100 meters further, will cut vein “C”. On these veins, assays ranging from a trace to $16.80 per ton, old price, have been obtained by the General Manage ment Company at higher levels than is expected to be reached by this No. 5 tunnel. The Valentin vein has also given high values near the surface, and a tunnel has been driven 90 feet along this vein. If the No. 5 tunnel cuts veins “C” and “D”, it is planned to drift on both of them, and, possibly, winze or sink a shaft from Tunnel No. 3, which is at a higher level. A serious attempt is being made to determine whether the Base Metal .... (Continued from page 21) ippines have a keener customer than usual for their iron ore. But Japan will naturally keep the price below parity with scra]> plus haulage from ports of supply. It is interesting to note that England has abolished her duty on iron and cut the steel duty to 10% ad valorem. She is remote from the Philippines, however. All in all, a real supply of coking coal would be an industrial godsend to the Islands. Pig iron would stand a long-haul freight charge and tend to put ore prices more nearly on a level with world demands. But the coal has not come to light. Ore at the best bargain possible with a Japanese customer is the salable product. Mountain Farmers and the Mining Prospects (Continued from page 20) with the people. They have pulled down his timbering as fast as he put it up. I have not met him, as we live consider ably beyond where he turns off to reach his diggings, but he has stopp<>d off in Sagada frequently, and he apparently thinks he has a good thing. A friend of mine from Balatoc, who visited us last year, took a busman’s holiday by sampling some of the ore which had been dug up in a nearby tunnel, and did not think it worth much. Use your good judgment Choose WHITE HORSE FINE AS A FINE LIQUEUR A blend of finest whiskies, each lending a trace of its own bouquet of peat or heath er or pine; long years of slumber in vaulted darkness while these many flavors and fra grances were mingled and married together; the tongue as smooth as slow music and soft as the falling of dew; a glorious glow that spreads and suffuses and heartens with never a vestige of fire! All that’s in a name when the name is White Horse. All that’s in your glass w h n you name it WHITE HORSE Whisky HANSON, ORTH AND STEVENSON, INC. Sole Agents “The resistance to......... has been raised on the same grounds as against his forerunners, interference with the supply of water to the fields. I inquired closely about this today from an intelligent and educated Igorot. I had assumed that the people feared diversion of their water supply, but I find that what they fear is contamination of the water by chemical changes. They have hoard that this results from mining. My guess is that the results they dread are caused in the mill rather than in the mine. The Igorot to whom I spoke seemed to think the people were acting on unfounded hearsay. But the prejudice is stubbornly ingrained and may well lead to serious trouble. I believe this present enterprise has done all it could to placate the people and, by assigning shares (in just what form I would not care to state offhand) to some of the Agawa people, has enlisted a number of supporters. It seems to be a private enterprise with legitimate aims; whether it will find its claims worth pursuing I doubt. (Please turn to page 38) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 main vein of the Macawiwili MiningCompany, whose properties adjoin those of the Benguet-Itogon Goldfields group extends into 'he property. The General Management, Company also advised of this possibility. There are no so-called e scrow shares set aside for claim owners. The com pany owns in its own right nine of the claims, and will be put to no expense in connection with the acquisition of the other 43 claims. There art' 550 shares subscribed at no par value, while the sales value of the issue has been placed at 1*1,000 per share. The pres ent subscribers will relinquish part of their shares to the claim owners foi the 43 claims, and will also relinquish part of their shares to wipe out th*' 1*65,000 that has been spent in develop ment thus far. Th*' claims will be turned over to the company without charge, the idea behind all of this being to start the new company out as a going concern. The Benguet-Itogon property has just been inspected by Robert Dure, geo logist and mining engineer, a member of the staff of R. Y. Hanlon & Co. Mr. Duce is a University of Colorado man with ten years’ field experience since graduation. He took samples during his inspection from Tunnel No. 3, one from the Valentin vein. The average value of th*' samples was 1*115 new valuation. He recommends driving on the Valentin vein at least to 200 feet in all, and stripping the ore to ascertain consistent assay values over this dis tance; and to raise on the vein in No. 3 tunnel with the same objective in mind. Bailey Willis Submits. . . (Continued from page 19} is due to the recent development of the moun tain face, which has been pushed up several thou sand feet. At the same time the whole mountain block has been tilted toward the west. The move ment which can thus raise and tilt a mountain block is much like that of one hand over the other; the left hand, for instance, palm up and fingers slightly bent, the right hand laid on it palm down and pushed forward. The right hand is the mountain block, and the surface of contact of the two palms is the surface of the thrust or overthrust. But the Abra overthrust originates beneath the China Sea and the displacement of the upper block is an eastward movement of several kilometers at least. “The Abra overthrust is a more superficial effect of the pressure that are squeezing the foundations of the central range. “A series of three parallel overthrusts was observed in driving down the west coast between Tagudin and Bauang. They trend No. 20 to 30 degrees W. Each one defines a valley and lies along the northeastern base of a low range of hills. One runs from Balaoan to Santol and beyond. Another of much greater extent passes near Bacnotan on the coast, past Disdis on the Naguilian road, imderlies Mount Santo Tomas, and is identified below the Zigzag on the Kennon Road in Bued canyon. It is a thrust of very considerable magnitude and is the cause of the dominant height of Mt. Santo Tomas, over looking Baguio. A third, very minor thrust forms the valley between San Juan and Naguilian. This series is pushed up from the direction of west by south and appears to be independ ent of the east-west pressures farther north. “It is desirable to note that the forces which thus appear to have affected the mountain region of northern Luzon are deduced from effects in the existing topography. The forces are now active and have been so during very recent AN INVITATION TO ALL MINING EXECUTIVES • You are cordially invited to investigate the highquality and competitive prices of the products of HUMB0LT-DEUTZM0T0REN A. G. BALL MILLS GYRATORY CRUSHERS JAW CRUSHERS ORE SAMPLERS VACUUM PUMPS BELT CONVEYERS CRUSHING ROLLS FILTERS CLASSIFIERS PLACER MACHINES Complete Cyanide & Flotation Plants Sole Representatives Philippine Engineering Corporation Plaza Sta. Cruz MANILA, P. I. Phone 2-23-05 geologic periods. It is generally true that such forces have acted from time to time, with greater or less intensity and have produced similar results. Fissures appropriate for vein forma tions may thus have originated at any time in the past, may have been mineralized at any later time, and may have dislocated in any subsequent movement, 'l'his makes the task of the mining geologist, in trying to unravel the intricacies of vein structure, a very difficult one and taxes the skill of the most experienced. “This progress report is written in the field, while the studies are in progress and is to be regarded as a preliminary account only.” IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 COMPLETE LIST of Active Mining Companies in the Philippines The following information is compiled from the records of the Chamber of Mines of the Philippines, as of February 28, 1937. Such omissions as may occur are due to incomplete records, and will be corrected in subsequent issues. Each month, new companies registered will be listed, the object being to make file copies of the “JournaFs” Mining Review a complete reference on mining companies in these Islands. Date of Registration Capital Paid to of Property Main Office Address Par Value Names of Mininx Companies A. B. C.............................................. M. Adduru, Pres. 500,000 Abra, Benguet, Camarines Norte Chaco Bldg., Manila .01 Abra-Cervantes Goldfields............... V. J. Alcid, Pres. Mre. F. Morales, Vice-President 11-13-36 500,000 27,000 Abra, Abra 9 Plaza Moraga, Manila .01 Abra Goldfields................................. V. J. Alcid, Pres. Mrs. F. Morales, Vice-President 10-7-36 140,000 7,300 Tineg, Abra 9 Plaza Moraga, Manila .01 Abra Mining...................................... C. Whitney, Pres. P. P. Flood, Vice-President 5-2-33 100,000 100,000 Boay, Abra Heacock Bldg., Manila . 10 Acave Mining.................................... 5-6-36 40,000 3,726 San Jacinto, Pangasinan 411 Arkansas, Manila .10 Acme Gold......................................... E. Clemefia, Pres., R. R. F. Mann, Vice-President 11-28-36 500,000 84,150 Mankayan, Mt. Prov. 125 Escolta, Manila .01 Acop Gold.......................................... S. B. Alberto, Pres. 3-9-34 300,000 270,000 Tublay, Mt. Prov. Padilla Bldg., Rizal Ave., Manila .10 Acupan Gold Mining....................... J. Canson, Pres. H. Sevilla, Vice-President 8-17-34 125,000 100,000 Tuba, Mt. Prov. 456 Dasmarinas, Manila .10 Agno Cons. Gold Dredging............ L. R. Aguinaldo, Pres. J. A. Montilla, Vice-President 6-16-36 1,500,000 300,900 Agno River, Pangasinan Cu Unjieng Bldg., Manila .10 Agno Delta Placers........................... 1-19-37 10,000 Shares 2,500 Labrador, Pangasinan Yutivo Bldg., Manila No Agno Mining Syndicate................... E. del R. Tankiang, Pres. V. Valera, Vice-President 10-9-36 250,000 12,500 Baay, Abra 615 T. Alonzo, Manila .01 Agno Plaridel Placer........................ J. A. Montilla, Pres. J. L. Fernandez, Vice-Pres. 11-6-36 600,000 80,900 Sto. Tomas, Pangasinan 124 T. Pinpin, (Fernandez Bldg.) .01 Agno Venture................. ................ L. Hidrosollo, Pres. P. J. Esteban, Vice-Pres. 1-4-37 150,000 150,000 Pangasinan Heacock Bldg., Manila .01 Agusan Gold Mines......................... K. H. Hemady 3-25-35 500,000 218,075 Agusan, Cam. Norte, La Union P. O. Box 473, Manila .10 Aldecoa Gold Mines......................... J. Canson, Pres. 8-1-34 100,000 100,000 Leyte P.N.B. Bldg., Manila .10 Alegria Surigao Mining Dev........... 11-7-36 500,000 89,000 Surigao Iloilo, Iloilo .01 Amazona Gold Mines....................... R. Macasaet, Pres. C. Sta. Ana, Vice-Pres. 11-20-36 500,000 25,000 Tuba, Mt. Prov. Alberto Bldg., Plaza Miranda, Manila .01 Ambassador Gold Mining............... Wm. Anderson, Jr., Pres. C. Baharrona 9-22-33 1,250,000 542,350 Benguet, Mt. Province 345 Crystal Arcade, Manila .01 Angat Goldfields Epl........................ J. Salgado, Pres. N. Buendia, Vice-Pres. 12-17-36 150,000 7,500 Angat and San Miguel, Bulacan 227 David, Manila .01 HAIR & PICORNELL ▲ GENERAL BROKERS Members of Manila Stock Exchange 5th Floor S. J. Wilson Bldg., Juan Luna Tel. Address: “Brokerage” P. O. Box 1479 Tels. 2-18-44 & 2-18-45 Correspondents: New York; Honolulu <& San Francises: Chisholm & Chapman Dean Witter & Co. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 Xnnies of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Par Value Angelo Mining................................... 10-21-36 1,500,000 577,529 Infanta, Tayabas 118 T. Pinpin .10 L. D. Lockwood, Pres. H. A. Wendt, Vice-Pres. Antamok Goldfields.......................... 8-25-32 3,000,000 1,375,000 Itogon, Benguet, Soriano Bldg., Manila .10 A. Soriano, Pres. J. Fraser Brown, Vice-Pres. Mt. Prov. Antipolo Mining............................... 10-13-35 1,000,000 62,500 Antipolo, Rizal 408 Filipinas Bldg., Manila .10 Associated Mines............................... 8-21-36 1,000,000 700,000 Zambales, Surigao 226 Crystal Arcade, Manila 01 M. Arroyo, Pres. R. Lacson, Vice-Pres. 10-30-33 100,000 43,525 Atok, Mt. Prov. Soiiano Bldg., Manila .10 H. R. Andreas, Pres. Agno Placer....................................... 10-28-33 1,000 000 Atok Kiskis Benguet Ass................ 500,000 Benguet, Mt. Prov. 227 David, Manila F. Halili, Pres. M. Fernando, Vice-Pres. Agusan Tubay Gold......................... 2,000,000 Cabadbaran, Agusan .01 Acoje Mining..................................... 10-14-35 1,000,000 750,497 Sta. Cruz, Zambales 307 Samanillo Bldg., Manila .10 L. Weinzheimer, Pres. R. R. Alunan, Vice-Pres. Anaconda Copper Mines.................. 2-10-37 200 Shares 1,000 No Antique Cons. Mines....................... 2,000,000 100,205 Antique 4 J. M. Basa St., Iloilo .10 P. Regalado, Pres. B. D. Dillow, Vice-Pres. Asbestos Mining............................... 10-30-35 45,000 2,252 .10 Atok Gold.......................................... 9-14-33 1,000,000 1,000,000 Itogon, Benguet, P. O. Box 2126, Manila .10 W. W. Harris, Pres. Mt. Prov. P. A. Meyer, Vice-Pres. Baay Exploration............................. 10-9-35 100,000 12,500 Baay, Abra 217 Regina Bldg., Manila P. A. Meyer, Pres. Baguio Gold Mining......................... P. A. Meyer, Pres. 5-13-30 2,000,000 1,299,450 Benguet, Mt. Prov. P. O. Box 1855, Manila .10 S. GironeLla, Vice-Pres. Balasan Mines................................... 10-20-36 300,000 16,000 Iloilo, Iloilo .01 Balatoc-Lubuagan Mines................. 10-10-36 300,000 125,244 Balatoc, Lubuagan, 416 Arias Bldg., Manila A. P. Navarro, Pres. S. Geronilla, Vice-Pres. Mt. Prov. BALATOC MINING....................... 12-31-25 4,000,000 4,000,000 Balatoc, Mt. Prov. National City Bank Bldg. 1.00 John W. Haussermann, Pres. F. 0. Haussermann, Vice-Pres. Balbalasang-Olympic......................... 9-23-36 200,000 10,000 Mt. Prov. and Zambales 501 Heacock Bldg., Manila .01 M. C. Pena, Pres. F. G. Martin, Vice-Pres. Banao Gold Mining.......................... 7-23-36 1,000,000 • Al bay and Leyte 501 Heacock Bldg., Manila C. H. Sleeper, Pres. J. Posted, Vice-Pres. Batobalani Mining........................... 11-14-35 500,000 200,500 Paracal e-Mambulao, 114 T. Pinpin, Manila .10 H. A. Wendt, Pres. R. J. Ongsiako, Vice-Pres. Cam. Norte Batong-Buhay Gold Mines.............. 11-1-34 1,000,000 86,176 Lubuagan, Mt. Prov. P. O. Box 1206, Manila .01 T. I. Weeks, Pres. E. del R. Tan Kiang, Vice-Pres. Baza Mines........................................ 10-20-36 250,000 12,960 Iloilo, Iloilo .01 Beloy Mining Co.............................. 11-26-35 80,000 14,528 Boay, Lacud, Buneg, Bangued, Abra .10 Isidro J. Beloy, Pres. Abra Benguet Consolidated....................... 6-24-03 6,000,000 6,000,000 Benguet, Mt. Province National City Bank Bldg. 1.00 J. W. Haussermann, Pies. Benguet Exploration......................... 1-27-31 1,500,000 500,000 Benguet, Mt. Province P. O. Box 214, Manila .10 A. W. Ralston, Pres. Wm. Ick, Vice-Pres. Benguet Gold Cave Mines............. A. D. Alvir, Pres. J. V. Bagtas, Vice-Pres. 2-17-37 1,000,000 50,000 Tublay, Benguet, Mt. Province Yutivo Sons Bldg., Manila .01 Benguet Gold Mines........................ 12-16-36 500,000 25,000 Benguet, Mt. Prov. 702 Heacock Bldg., Manila .01 Q. Abeto, Pres. T. Mendoza, Vice-Pres. {Please turn to page 28) A N N O U N C: i n g -g*- A New And Modern Steam Laundry In The City Of Manila JisSll SILVER CROSS STEAM LAUNDRY I 1IibTP*AM11 ( 1346 Arlegui — Manila — Tel. 2-54-35 Oumed and Operated by V WMW / MONSERRAT ENTERP RISES CO., L T D . VWg Modern Scientific Methods and Equipments, Perfect Sterilization Efficient Delivery Service—Reasonable Prices SEAL OF GUARANTY Give us an Opportunity to Demonstrate this Modern Laundry Service •f-AL of guaranty IN RESPONDING TO ADVERTISEMENTS k PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Manila Stock Exchange In Handsom Move comes during low market period but ticker se\ A Journal representative visited thcManilaStockExchangeinitsnew quarters and was shown about the place by Wm. Parker, a fellow crafts man employed there, without com ing to understand just how all the new conveniences work—sensing only that they do, and to the better ment of business. What would be still better for business, if all con cerned could come to agreement about it, would be the merging of the town’s three exchanges into one. The situation that induced establishment of three exchanges— a fourth is spoken of now—is regret table and should be obliterated if practicable means of doing so can be devised. So many exchanges, in a market that after all is only the Philippine market, with obvious limitations as such, affect the re pute of the business to its disad vantage. Before the second exchange was founded, many persons interested in trading thought it was needed. Perhaps, however, it was the Se curities & Exchange Act that was needed; and a prolonged lull in trad ing, to teach the less experienced ” Conditions genEnrique Santamaria President Manila Srock Exchange Melons are what brokers like best to cut. The substantial Manila Stock Exchange celebrated its re moval from its old Escolta offices to its new ones occupying the entire fourth floor of the new Wil son Building on Juan Luna by cutting a melon for the benefit of all its thirty members. Out of accumulated capital, an equity that had lifted the price of seats to a high of P85,000, each member received P22,500—a fund of P675.000 was distributed. The fact that this fund existed shows the liberal patronage the Manila exchange has been enjoying as well as watchful management on the part of its officers. In a moment will follow the Exchange’s author ized explanation of the movement, that had the effect, anticipated, of lowering the price of seats, of which fifteen new ones have been created, to 1*45,000. Before quoting, it is desired to congratulate the Manila Stock Ex change on its choice of permanent headquarters; and to congratulate S. J. Wilson himself, and Manila, on possession of the Wilson Build- . ing—so presentably constructed and conveniently arranged that share values go down as well as up. ________ „ and appointed. New business blocks, apartment houses and • erally prevailing carry one exchange along nicely, hotels in the districts of town best suited to them arc quite Says the Manila Stock Exchange: making Manila over. “Outstanding in a r6sum6 of events was the acceptance Total Record of Transactions Made by the Manila Stock Exchange Year 1936 Shares Aproximate Months................................ Sold Value January........................................... 24,366,576 P 6,110,406 Febniary......................................... 27,125,485 6,913,663 March..................................... 55,603,788 15,706,807 April................................................. 51,956,056 16,780,837 May....................................... 44,093,523 17,322,864 June. 59,991,411 26,615,314 July................................................. 102,194,539 49,849,003 August...................................... 122,052,506 58,089,052 September...................................... 114,885,356 65,873,873 October........................................... 156,263,771 67,705,872 November................................. 98,612,541 42,484,553 December................................ 121,637,002 39,387,918 General Total.. 978,782,554 P477,840,162 Daily Record of Transactions Made by the Manila Stock Exchange Day 1 2 3 4 5 6 8 9 10 11 12 13 14 15 16 March 1937 Shares Sold 14,555,320 12,870,310 7,520,464 • 10,401,570 7,929,170 5,839,990 8,527,050 10,669,450 8,206,920 7,923,640 6,295,660 6,320,910 Approximate Value 1,509,293 1,312,326 1,442,577 1,591,205 1,623 610 826,881 1,134,586 1,338,685 1,097,825 1,478,500 1,907,904 1,127,984 949,828 1,438,822 15,267,630 Approximate Value 1,775,096 1,787,915 1,889,316 1,855,743 1,794,406 1,285,705 1,967,923 2,727,138 2,393,123 2,773,641 2,469,748 1,276,738 1,834,933 Day 17 18 19 20 22 23 24 25 26 27 29 30 31 March Shares Sold 7,564,780 8,029,710 16,424,525 7,780,870 7,792,470 4,673,600 1937 Aproximate Value . 1,025,751 1,261,631 2,658,145 1,151,161 1,294,513 693,601 February 1937 Shares Sold 12,704,427 11,712,300 10,094,515 6,938,800 Aproximate Value 1,899,891 1,407,811 1,388,142 828,083 3,246,700 5,644,600 5,542,300 2,635,909 1,700,260 2,084,600 2,152,553 1,190,466 Totals. 197,312,340 P29,473,76' 312,899,192 P42,750,570 p p April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 i Quarters in New Wilson Building vice and surplus earnings distribution help greatly by the Governing Committee of the application for two new members at a price of P45,000 each. Those new members are Esteban Parellada, Manila stock broker with offices in the National City Bank Building, and MigueJ Simon of the firm of Hess&Zeitlin, Manila stock broker age house in the Crystal Arcade. “Tuesday, April 6, at a general meeting of the Manila Stock Ex change, the membership approved the distribution of 1*675,000 equally between the 30 members of record as of April 3, 1937. The effect of this was to decrease the price of seats to an approximate minimum of 1*45,000 as against the previous approximate valuation of 1*85,000. As explained by President Enrique Santamaria of the Manila Stock Exchange: ‘The distribution by the Manila Stock Exchange among its members of surplus funds accrued through sale of seats and other sources, and establishment of 15additional seats, was designed to decrease the large equity which broker-members have tied up at present in their seat holdings and thereby to bring the price of new seats to a level more consistent as an invest ment with the actual earnings of brokers. This does not by any means indicate any change in the Exchange’s conservative or constructive policies in behalf of public service. On the contrary, it is felt that this action will result in stab ilizing and clarifying the present trading situation.’ “As a result of the action by the membership, the Govern ing Committee on Friday accepted the offers of bids by Messrs. Parellada and Simon, subject to their complying satisfacto rily with the usual membership requirements. “The Governing Committee also constituted a Committee of Publicity and Quotations of which A. C. Hall, treasurer of J. G. Eisbnbbrg Ttchnical Adviier Manila Stock Exchange Some Manila Stock Exchange Rules Some of the rules governing opera tions of the Manila Stock Exchange. Penalties Sec. 3. The Governing Committee may prescribe penalties for violations of rules adopted pursuant to the Consti tution, and for neglect or refusal to comply with orders, directions or deci sions of the Governing Committee, and for any other -causes or offenses where penalties are not specifically prescribed by the Constitution. Corners Sec. 6. Whenever, in the opinion of the Governing Committee, a corner has been created in a security listed on the Exchange, or a single interest or group has acquired such control of a security so listed that the same cannot be obtained for delivery on existing contracts except at prices and on terms arbitrarily fixed by such interest or group, the Governing Committee may postpone the time for deliveries on Exchange contracts therein and may from time to time further postpone such time, or may postpone deliveries until further action by the Governing Committee, and may, at any time, by resolution, declare that if such security is not delivered on any contract calling for delivery—such contract shall be settled by the payment to the party entitled to receive such security or by the credit to such party of a fair settle ment price— Committee of Investigation Article XI. A Committee of Investi gation, to consist of two (2) members, which committee shall have the follow ing powers and duties: (a) It shall be the duty of this com mittee to consider matters relating to the Manila Stock Exchange, is chairman. The two other members of the committee are Max Kummer, of Max Kummer & Co., and A. U. Fox, of Swan, Culbertson & Fritz. The purpose of this committee will be to facilitate the dissemination of market information for broker members and the investing public. “The ticker service of the Manila Stock Exchange, which service is operated by the Stock Quotations Company, Inc., owned by the Ma nila Stock Exchange, functions with remarkable degree of efficiency and timeliness. On the morning of Thursday, April 8, news agencies and market reports from New York and London stated that rumors had been widely circulated in foreign markets that a reduction in the price of gold was contemplated. European and American markets had weakened in face of these rumors. “But in Manila, brokers and investors were fortunate. After the first reports were received through out the city, the Stock Quota tions ticker service transmitted to brokers complete reports from the United States and abroad and the public was thereby able to obtain full information through Manila Stock Exchange broker-members before the opening of the day’s trading here. “The official opening of the Manila Stock Exchange in its new quarters, the entire fourth floor of the S. J. Wilson Build ing, gives the exchange three times as much space as it had in the old quarters. The total membership of the stock exchange is now 30 and with the acceptance of two new mem berships, 32. There are now at the disposal of the Govern ing Committee, subject to specific regulations and formalities, 13 additional seats.” the business conduct and financial con dition of members and their customers’ accounts, and to observe the due course of transactions on the Exchange, with the view to seeing whether resort is being had to improper transactions; (b) With the prior authority of the Governing Committee, it shall have power to investigate the dealings, tran sactions, and financial condition of mem bers, and to examine their books and papers and their customers’ accounts without previous warning or advice. It may confer with members regarding any matter within its jurisdiction and advise the President in respect to any such matters, and it shall report to the Governing Committee any matter which in its judgment requires the considera tion of that Committee. The books and papers of any member or member firm of the Exchange shall at all times (Please turn io page 32) 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 S. Baluyot, Pres. A. Rivera, Vice-Pros. Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of property Main'Office Address Par Value Benguet Goldfields..................... 5-18-33 200,000 98,500 Baguio, Mt. Prov. Soriano Bldg., Manila .10 J. Meyer, Pres. C. L. Brookheim, Vice-Pres. Benguet-Kibungan Gold............ 12-23-36 450,000 22,500 Benguet, Mt. Prov. Ysmael & Sons Bldg., Manila .01 J. A. Angara, Pres. T. Oppus, Vice-Pres. Benguet Mines............................. 10-14-36 300,000 15,000 Benguet, Mt. Prov. 509 Chaco Bldg., Manila .01 A. Pineda, Pres. J. Ma. de Marcaida, Vice-Pres. Benguet-Twin Peaks Mines............ F. Paterno, Pres. R. Borromeo, Vice-Pres. 12-10-36 150,000 14,000 Benguet, Mt. Prov. 334 Crystal Arcade, Manila Big Lode Mining.............................. V. Alberto, Pres. F. Laguiton, Vice-Pres. 9-28-36 200,000 10,000 Mt. Prov. and Zambales 409 Evangelista, Manila Banotan Gold.................................. 11-14-35 500,000 250,000 Paracale, Cam. Norte 114 T. Pinpin, Manila .10 Bokod-Benguet Goldfield................. A. Liboro, Pres. S. B. Alberto, Vice-Pres. 300,000 428 Rizal Ave., Manila .01 Benguet Federated Mines............... G. R. Harvey, Pres. D. Jaranilla, Vice-Pres. 1,000,000 124 T. Pinpin .01 Big Wedge Mining........................... 9-4-31 2,000,000 777,405 Mt. Prov. and Zambales 25th Street, Port Area, Manila .10 E. M. Bachrach, Pres. S. Araneta, Vice-Pres. .10 Binongan Gold.................................. Mrs. D. Harrison Pres. J. P. Fernandez, Vice-Pres. 10-7-36 200,000 40,000 Lacub, Abra 205 B. Roxas Bldg., Manila .01 Bonanza Mines................................. M. Cuaderno, Pres. J. Cojuangco, Vice-Pres. 12-11-36 600,000 30,000 Milagros and Masbate 301 Crystal Arcade, Manila .01 Bonifacio Mining Explo................... 11-14-35 90,000 23,775 Bulacan............................. 180 David, Manila 1.00 Bontoc Explo..................................... C. Ledesma Pres. S. Araneta, Vice-Pres. 7-26-33 200,000 54,996 Bontoc, Mt. Prov. 3 F. Ins. Life Bldg., Manila 10.00 B-P-M Cons. Mines........................ Jos6 J. Roy, Pres. M. M. Kalaw, Vice-Pres. 11-9-36 1,000,000 50,000 Surigao, Benguet, Cam. Norte Cor. T. Pinpin and San Vicente, Manila .01 Bued Mining..,............................... N. S. Schechter, Pres. 11-25-33 200,000 190,000 Mt. Prov., Cam. Norte P. O. Box 1633, Manila .10 Bued Valley Mining......................... A. Kauffmann, Pres. L. B. Monzon, Vice-Pres. 11-27-36 300,000 18,375 Bued, Mt. Prov. 401 Burke Bldg., Manila .01 Bueno Mining................................... 5-12-34 75,000 4-,250 Mt. Prov. 3 Plaza Moraga, Manila .10 Bulakan Mining................................ C. Tuason, Pres. R. Kagahastian, Vice-Pres. 1-25-35 100,000 Angat, Norzagaray, Bulakan 222 Kneedler Bldg., Manila .10 Bulawan Mining............................... V. del Rosario, Pres. S. Baluyot, Vice-Pres. 10-24-36 600,000 49,100 Cam. Norte 601 Cu Unjieng Bldg., Manila Bumalayok Mining Expl................. 3-10-34 120,000 106,244 Buneg, Abra 64 Escolta, Manila 100.00 MINE MANAGERS OPERATORS - - - CONSULTANTS Our Staff of Experienced Technical Men At Your Service Examinations & Technical Services OPISSO & COMPANY, INC. 3rd Floor S. J. Wilson Bldg., j 2-21-12 Juan Luna P. O. Box Tels' | 2-26-46 MANILA 3094 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Address Par Value 4-11-34 100,000 14,963 Luped, Abra Pilar Bldg., Manila .10 Theo. L. Hall, Pres. Buneg Mining................................... Jos6 V. Boylus, Vice-Pres. 3-5-35 100,000 Buneg, Abra Samanillo Bldg., Manila .10 Burawt'.yan Gold............................... F. Villanueva, Jr., Pres. 10-20-30 500,000 25,000 Burgos and Awayan, N.E. 76 Escolta, Manila .01 Batangas Mineral........................... Roy C. Tuggle, Pres.-Treas. O. Frauendorff, Vice-Pres. 9-21-36 250,000 66,963 Batangas 335 Crystal Arcade, Manila 10 Burgos Copper Mines..................... 10-13-36 50,000 5,000 Burgos, Pangasinan 173 Real, Manila .10 Busuanga Mining........................... Ptp Duran, Pres. 2-30-34 20,000 1,000 Palawan 401 Cu Unjieng Bldg., Manila 1.00 Benguet Atok Gold Syndicate... H. H. Buck, Pres. . A. K. Spielberger, Vice-Pres. 1-12-34 500,000 49.275 Mt. Prov., Cam. Sur 227 David, Manila .16 Cadig Mambulao Mines................ S. Capule, Pres. E. G. Salcedo. Vice-Pres. 9-24-36 1,100,000 55,000 Cadig, Cam. Norte Calauag, Tayabas Lack & Davis Bldg., Manila .01 Cagam-is Gold Mines..................... T. Clemente. Pres. Mrs. C. G. Angodung 1-12-37 500,000 59,775 Benguet, Mt. Prov. 304 P.N.B. Bldg., Manila .01 Cagayan de Oro............................. O. E. Hart, Pres. A. D. Alvir, Vice-Pres. 10-8-35 1,500,000 909,930 Oriental Misamis, Bukidnon Yutivo Sons Bldg., Manila .10 Cal Horr Mine............................... Owned by Benguet Baguio, Mt. Prov. National City Bank Bldg. Capsay Mining Co......................... 2-27-37 300,000 15,000 .10 Caramoan Mineral Fields.............. Rev. R. Salinas, Pres. J. D. Mencarini, Vice-Pres. 10-5-36 500,000 25,000 Caramoan, Cam. Norte 312 Samanillo Bldg., Manila .01 Cervantes Goldfields Mng. Synd.. H. Chuidan, Pres. M. Montilla, Vice-Pres. 1,000,000 Ilocos Sur and Mt. Prov. Paterno Bldg. 1.00 Catanduanes Gold Mines.............. A. de la Riva, Pres. A. Chicote, Vice-Pres. 10-21-36 1,200,000 235,100 Baras, Catanduanes Paterno Bldg., Manila .01 Cebu Gypsum and Gold Mines... G. A. Mayhew, Pres. G. R. Pena, Vice-Pres. 4-23-35 120,000 6,000 Compostela and Toledo, Cebu 31 Arguelles Bldg., Manila .10 Ingersoll "Rand semi-portable * AIR COMPRESSOR UNITS Arranged fcr direct-connection or "V” Belt drive to Hesselman Oil Engines. Stocked in 230 and 360 cubic feet per minute capacities. (Actual deli very at 100#). Readily disassembled for those inaccessible locations. Complete Mining Equipment in Manila Stock Sole Agents for the Philippines The Earnshaws Docks & Honolulu Iron Works P. O. Box 282 60-118 Second Street, Port Area Branch Office Tel. 2-32-13 Manila, P. I. Bacolod, Occ. Negros IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 30 THE AMERICAN CHAMBER OtF COMMERCE JOURNAL April, 1937 Corona Manganese........................... Nam"s of Mining Companies Dutc of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Par Value Central Benguet Gold Mines.......... A. G. Cayetano, Pres. P. de Guzman, Vice-Pres. 12-23-36 200,000 10,000 Tublay, Baguio, Mt. Province 331 Carriedo, Manila .01 Central Paracale............................... E. Ricafort, Pres. 9-29-36 100,000 51,335 Paracale, Cam. Norte 226 Samanillo Bldg., Manila .01 Century Gold Mines........................ G. Montilla, Pres. L. del Castillo, Vice-Pres. 8-26-36 1,000,000 587,563 Paracale, Tayabas 609 Cu Unjieng Bldg., Manila .01 Coco Grove........................................ H. P. L. Jollye, Pres. Geo. C. Dankwerth, Vice-Pres. 10-24-35 1,500,000 937,500 Paracale, Cam. Norte P. O. Box 297, Manila .10 Camp Four Cons. Mining............... 1,000,000 200,000 Baguio, Mt. Prov. Nat. City Bank Bldg., Manila .10 Capalonga-Mambulao Mines........... 10-6-36 1,000 700 200 Fernandez Bldg., Manila .01 Columbus Placer Mining................. 6-25-34 30,000 19,300 Mt. Prov. Soriano Bldg., Manila 1.00 Consolidated Mines.......................... C. Whitney, Pres. V. Elicano, Vice-Pres. 11-21-33 5,000,000 3,094,673 Cam. Norte, Zambales P. O. Box 1147, Manila .01 Commonwealth Mining.................... W. A. Chittick, Pres. R. P. Mitra, Vice-Pres. 60,000 10,850 Baay, Abra Baguio, Mt.^Prov. 5.00 Cordillera Exploration..................... 9-14-34 100,000 100,000 Baay, Abra 615 T. Alonso, Manila .01 Cosmopolitan Lode........................... Camilo Osias, Pres. 11-10-36 1,000,000 50,000 Mt. Prov., Zambales 319 Crystal Arcade, Manila .01 Crown Mines..................................... M. M. Karolchuch, Pres. Allison Gibbs, Jr., Vice-Pres. 10-6-36 1,000,000 551,000 Tuba, Benguet, Mt. Prov. Soriano Bldg., Manila .10 Cabaruan Chromite.......................... J. R. Federle, Pres. M. Pujalte, Vice-Pres. 2-17-37 350,000 70,000 Agno, Pangasinan 3 Plaza Moraga, Manila .10 Cagayan Iron..................................... C. A. Uy, Pres. A.' R. Comasura, Vice-Pres. 9-23-36 50,000 8,015 Aparri, Cagayan 4 F. Wise Bldg., Manila .01 Capiz Copper Mines........................ E. Montilla, Pres. 4-27-36 900,000 15,000 Pilar, Capiz 208 Uy Yet Bldg., Manila .10 Chromina Mining............................. A. Fernandez, Pres. J. Pardo de Tavera, Vice-Pres. 9-28-36 600,000 3,750 Candelaria, Zambales 31 Arguelles Bldg., Manila .01 Chromite Development................... 10-1-36 100,000 37,500 2 F. P. B. Bldg., Manila 30 Compania Minera de Cobre Cons... 2-27-37 1,000 200 P.N.B. Bldg., Manila .01 Concepcidn Mining....................... 5-22-35 200,000 50,000 Candelaria, Tayabas 15 Paterno Bldg., Manila .10 J. Concepci6n, Pres. J. S. Sarte, Jr., Vice-Pres. Cons. Chromium Corp..................... T. Lynch, Pres. J. G. Pardo, Vice-Pres. 6-15-35 350,000 Candelaria, Tayabas 404 Samanillo Bldg., Manila .10 Cooperative Mines........................... Camilo Osias, Pres. 9-24-36 1,000,000 50,000 Zambales 302 S. O. Fernandez Bldg., Manila .01 Copper Mountain............................. 2-27-37 120,000 30,000 El Hogar Filipino Bldg., Manila .10 Datu Lahuy..................................... 12-11-36 4,000 Shares 4,000 Island of Lahuy, Cam. Norte China Bank Bldg. No Dayaka Mining............................... C. A. McDonough, Pres. H. B. Pond, Vice-Pres. 9-3-36 1,000,000 300,000 Benguet, Mt. Prov. Insular Life Bldg., Manila .10 Demonstration Gold Mines........... A. W. Ralston, Pres. W. S. Price, Vice-Pres. 10-20-27 1,000,000 1,000,000 Baguio, Mt. Prov. P. O. Box 1466, Manila .10 Dinaguit Mines............................... 2-4-37 200,000 10,000 .01 Divine Mining and Dredging....... A. Kauffman, Pres. 300,000 52,500 Bued Valley, Pangasinan 402 Burke Bldg., Manila .10 Dulangan Mining Interest............ J. Danon, Pres. R. Corpus, Vice-Pres. 12-13-35 2,000,000 279,082 Romblon, Zambales, Iloilo Heacock Bldg., Manila .10 Dulong Mining................................ A. J. Panlilio, Pres.* J. B. Lammoglia, Vice-Pres. 1-24-34 1,250,000 224,190 San Nicolas, Pangasinan 218 Regina Bldg., Manila .10 Dumayop Mines.............................. J. Stevenson, Pres. Wm. L. Penn, Vice-Pres. 2-17-37 400,000 20,000 Solano, Nueva Vizcaya 465 San Vicente, Manila .01 East Mindanao................................ H. Gasser, Pres. & Gen. Mgr. C. J. Martin, Vice-Pres. 10-3-34 1,000,000 1,000,000 Placer, Surigao P. O. Box 407, Cebu, Cebu ' .10 El Tesoro Mines............................. M. A. Santos, Pres. V. Johnson, Vice-Pres. 9-4-36 1,500,000 213,588 Mambulao and Surigao 110 Lack & Davis Bldg., Manila .01 Equitable Exploration.................... A. B. Latham, Pres. A. J. Balls, Vice-Pres. 9-15-33 150,000 115,741 Paracale, Cam. Norte 307 Samanillo Bldg., Manila .10 Extension Mining........................... 10,000 500 Cebu, Cebu 1.00 Esperanza Gold Mining Synd........ 300,000 Albay April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Dale Location of Property Alain Office Address Par Value Pilipinas Mining.............................. A. N. Luz, Pres. 7-30-35 200,000 99,500 Sta. Cruz, Zambales 306 Regina Bldg., Manila Florannic Mining............................. B. W. Cadwallader, Pres. 11-9-29 1,000,000 250,000 Lagonoy, Cam. Sur 315 Nat. City Bank Bldg., Manila .10 Far Eastern Mining Corp............. M. V. Arguelles, Pres. M. Lord, Vice-Pres. 10-22-36 1,000,000 50,000 Mt. Prov., Cam. Norte, Nueva Ecija 416 Rizal Ave., Manila .01 Gabum-Paracale Mining................ J. Cojuangco, Pres. R. F. Navarro, Vice-Pres. 1-22-37 500,000 25,000 Paracale, Cam. Norte 105 Santos Bldg., Manila .01 Golconda Mining............................. S. R. Siguenza, Pres. Fred M. Holmes, Vice-Pres. 10-30-36 200,000 14,500 Nueva Ecija and Pangasinan 207 Uy Yet Bldg., Manila .01 Gold Coin Mining........................... G. M. Icard, Pres. 9-2-33 100,000 Baguio, Mt. Prov. P. O. Box 182, Baguio .10 Gold Creek Mining......................... E. M. Bachrach, Pres. J. A. Wolfson, Vice-Pres. -1-22-32 1,000,000 700,000 Itogon, Mt. Prov. 26th Street, Port Area .10 Gold Nugget Mines................. P. Diaz, Pres. T, Robles, Vice-Pres. 10-28-36 500,000 Pasukin, Ilocos Norte 456 Dasmarinas, Manila .01 Gold River....................................... F. H. Hale, Pres. J. Rice, Vice-Pres. 9-25-33 2,000,000 2,000,000 Baguio, Mt. Prov. Baguio, Mt.. Prov. .10 Gold Rock........................................ T. del Rio, Pres. M. Camus, Vice-Pres. 4-14-36 2,000 Shares 174,055 Paracale, Cam. Norte 225 Crystal Arcade, Manila No 9-29-36 1,000,000 115,150 Benguet, Mt. Prov. 307 Cu Unjieng Bldg., Manila .01 J. Eduque, Pres. F. Feria, Vice-Pres. Gulong Gold Mines........................ C. B. Santos, Pres. F. B. Cruz, Vice-Pres. 11-3-36 100,000 30,525 Angat, Bulakan 227 David, Manila .10 Golden Eagle................................... 10-3-33 200,000 Gold Wave Exploration................. P. A. Lewab, Pres. 8-31-33 400,000 185,500 Atok, Mt. Prov. Soriano Bldg., Manila .10 Gold Star Mining........................... 1-28-37 2,000,000 100,000 314 Carriedo, Manila .10 Gumaos Goldfields.......................... F. Buencamino, Jr., Pres. 9-10-36 1,500,000 258,597 Paracale, Cam. Norte 2 F. Wilson Bldg., Manila .10 Gumaus-Gold................................... F. Buencamino, Jr., Pres. James Ross, Vice-Pres. 50,000 50,000 Cam. Norte Samanillo Bldg., Manila Gatbo Coal and Power.................. N. Macleod, Pres. R. C. Payer, Vice-Pres. 7-27-36 100,000 5,000 Bacon, Sorsogon 501 Heacock Bldg., Manila .10 Grawfus Mining............................... E. M. Grimm, Pres. 5-11-36 2,000,000 273,310 Ilocos Norte c/o Luzon Stevedoring, Manila .10 Hixbar Gold..................................... S. Tait, Pres. W. Ick, Vice-Pres. 10-28-36 1,200,000 60,000 Rapu-Rapu, Albay .10 Homestake Gold Mine................... F. T. Lopez, Pres. J. Montenegro, Vice-Pres. 9-16-36 1,000,000 50,075 Mambulao, Paracale, Camarines Norte 335 Arcade Bldg., Manila .01 Homewealth Exploration................ 2-9-35 50,000 5,050 Papaya, N. E. c/o J. Galang Blanco, Samanillo Bldg. .10 Ibonan Dev. and Mining.............. 12-2-33 2,500,000 2,500,000 Tayabas c/o E. B. Hilario, 25 Plaza Goiti 1.00 Igorot Old Gold Mines.................. V. G. Alberto, Pres. F. V. Laguitan, Vice-Pres. 9-28-36 100,000 5,000 Tublay, Mt. Prov. 409 Evangelista, Manila .01 Ilaw Mining..................................... 11-27-34 100,000 29,000 Baler, Tayabas P. O. Box 2031, Manila .10 Ilocos Norte Mining....................... 10,000 500 1.00 Insular Mining................................. J. A. Montinola, Pres. R. L. Dean, Vice-Pres. 10-7-36 1,500,000 Cam. Norte, Pangasinan, 313 Heacock Bldg., Mt. Prov. Manila .01 Ipo Gold Mines............................... R. T. Fitzsimmons, Pres. D. P. O’Brien, Vice-Pres. 1-18-32 1,000,000 776,500 Ipo, Bulakan Soriano Bldg., Manila .10 Itogon Consolidated........................ 11-20-36 200,000 10,000 Itogon, Benguet, Mt. Prov. 310 Rizal Ave., Manila .01 Itogon Mining................................. J. H. Marsman, Pres. T. J. Wolff, Vice-Pres. 1-30-25 2,000,000 2,000,000 Itogon, Mt. Prov. P. O. Box 297, Manila .10 I.X.L.-Argos Syndicate.................. 2-17-36 300,000 189,000 Balete, Masbatc P. O. Box 214, Manila I. X. L. Mining.............................. A. Soriano, Pres. J. Fraser Brown, Vice-Pres. 5-12-32 1,000,000 1,000,000 Soriano Bldg., Manila .10 Ilocos Manganese............................ Alfonso Sycip, Pres. 4-21-34 300,000 259,971 Burgos, Ilocos Norte P. O. Box 817, Manila .10 Insular Chromium........................... M. C. Pefia, Pres. M. J. Santos, Vice-Pres. 10-8-36 1,000,000 50,000 Batobalani and San Antonio, Zambales 202 Uy Yet Bldg., Manila (Please turn to -page 36) .01 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 '‘Metal & Mineral Markets” Still Bulling Base Metals Tin stocks low, larger quotas released. Copper prices affect England's rearmament program {By the United Press) NEW YORK, April 15.—After registering the widest gains in years during March, non-ferrous metals encountered considerable liquidation during the first half of April on con tinued rumors of impending monetary changes by the United States, France and England. Despite the recent declines, the magazine Metal and Mineral Markets, out today, reported a substantial market for noarly all metals which should make the break m prices only tem porary. The break in copper prices this week left that metal just below its average price for March—15-3/4 cents. Domestic copper was quoted in New York today at 15-1/2 cents. United States mining and refining interests have sought to hold the domestic copper market in line with the general recovery movement, but the exceptional demand abroad, due to high volume munitions manufacture, has speeded up advances. The domestic price level has been lifted seven times in the past eight months to get back on top of the foreign market. Copper has been subjected to terrific speculative interest in London, somewhat to the detriment of the British govern ment’s armament program. The turnover of futures options in London has been at a pace of about 5,000 tons daily. The turnover in New York futures has averaged about 4,000 tons daily for the past two months. Lead prices likewise have fluctuated widely for more than a month and despite a break during the past week, remain near the 1930 level. The average price on New York for March was 7.19 cents, nearly 1 cent above the February price. The advance in lead prices also is blamed by the mming industry on high demand and speculation in Europe. How ever, speculation in lead on the New York Commodity Ex change has increased sharply, almost equalling that in copper. Zinc, while not as active in the past month as lead and copper, has met improved demand and prices have moved steadily higher without the fluctuations of other metals. The average price for March of St. Louis spot was 7.381 cents, almost 1 cent above the previous month. In the general break in commodity prices this week, zinc dropped 1/2 cent. The general industrial picfure continues optimistic, accord ing to Metal and Mineral Markets, and the outlook for con tinued good prices for metals remains the sune. Some traders March Output Breaks P4,000,000-Mark Again IXL Demonstration Suyoc M.ade High Record The P4,000,000-mark in gold bullion production is back again as is shown by the March gold production. The total production reported except Tambis is P4,060,858 as against P3,365,753 of the same month last year and 1*3,658,607 for February 1937, showing an increase of 1*695,105 from that of the same month last year and 1*402,251 from February 1937. Demonstration, IXL Mining and Su yoc topped their product on as of last year, same month, arid of February 1937. Big Wedge had a setback as she pro duced 1*31,648 less than she did last month, showing a drop of 45 per cent. The new flotation unit which was March 1937 Gold Production March 1937 March 1936 Total................................... •Estimate only. Tons Milled Values 1rons Milled Values Antamok Goldfields............ . .. 23,919 ? 513,699 10,616 P 254,528 Baguio Gold Mining............ 5,370 89,284 5,312 96,112 Balatoc Mining.................... 37,721 1,055,538 38,015 1,013,041 Benguet Consolidated.......... . . . 24,867 822.483 24,614 818,011 Benguet Exploration............ 3,477 24,530 2,570 19,450 Big Wedge............................. 2,702 37,302 Cal Horr Mine...................... 5,680 105,308 4,932 82,593 Coco Grove.......................... ... No production 60,472 Demonstration Gold............ 7,210 154,516 5,879 133,539 East Mindanao..................... 2,400 66,000* Gold Creek Mining.............. . . . Included in Antamok 2,384 39,733 Ipo Gold Mines................... 5,350 54,855 5,655 59,778 Itogon Mining Co.:.............. 18,880 269,610 13,069 215,747 I. X. L. Mining................... 7,231 167,560 4,878 129,271 I. X. L. Argos....................... 31,635 Masbate Consolidated......... 40,004 251,422 21,757 138,939 Northern Mining & Dev.. . . 10 72 360 3,964 Salacot Mining................... 4,570 21,477 5,600 39,000 San Mauricio...................... 4,263 175,777 2,725 77,756 Suyoc Consolidated............. 6,732 126,146 4,582 95,410 Tambis Gold Dredging....... . . .Not yet available 22,624 yds. 7,576 United Paracale................... 9,158 93,645 3,806 80,833 210,519 T*4,060,858 156,754 plus P3,365,753 22,624 yds. not operated last month. United Pa racale has an increase of P12,812 from that of the same month last year and a decrease of 1*60,109 from that of her production February 1937. This decrease is due to the closing of one of the sources of ore because of water. Demonstration is higher by 1*20,977 over last year and 1*32,085 over Feb ruary’s production: IXL Mining is higher by 1*38,309 over last year, same month, and 1*15,322 over February. Of the 1*4,060,858 the Benguet Con solidated interests contributed P2,038,183; the Soriano Interests 1*964,316 and the Marsman interests 1*665,250. Some Manila Stock Exchange... (Continued from page 27) be open to inspection by the Governing Committee, Committee of Investigation or any special committee. Conymittees on Publicity and Quotations Article XJ. (a). It shall be the duty of this Committee, under the direction of the President, to keep the public correctly informed concerning matters of public interest having to do with the Exchange; (b) It shall have charge of all matters relating to the collection dissemination and use of quotations; it shall have power to approve or disapprove any application for quotation service to a non-member, or for telephonic or tele graphic wire or wireless connection between the office of a member or a member firm and the office of any cor poration, firm, or individual, not a member of the Exchange, transacting a banking or brokerage business, and it shall have power at any time to disap prove the furnishing of any such quota tion service or any such wire or wireless connection, and to require the discon tinuance thereof. It may inquire into wire or wireless connections of every kind whatsoever between the office of a member and any member or non member, and may require the disconti nuance of any such connection. (c) The Committee shall have the power to. review advertising copy and literature of members and firms of members and to recommend to the Governing Committee such rules and regulations pertaining to advertising and publicity as may appear desirable to maintain the dignity and prestige of the Exchange and just and equitable principles of trade. Failure Due to Unbusinesslike Dealings. Article XVI, Sec. 6. Whenever the Governing Committee shall determine that a member suspended under the provisions of this Article has been guilty of irregularities or unbusinesslike deal(Pleaee turn to page 40) April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 33 regard the present declines as a natural “shake out” after the recent sharp rise of prices. The original cuts in copper, lead and zinc prices were made in Europe where speculation has been much heavier than it has on the American markets. Previously, domestic prices had been steadily advanced to keep pace with the sharp gains on the European markets. When European speculators became frightened at the high price levels they began unload ing, thus forcing prices downward. The price reductions in New York and St. Louis were then scaled down accordingly. Tin has been subject to heavy speculation during the past month due to uncertainties over the actions of the Inter national Tin Committee which met in London. For a time, tin prices soared dizzily in the belief a shortage of available stocks was likely. Then the committee lifted the tin quotas wore inereased to 110 per cent of standard tonnages for the second quarter and tin prices dropped sharply. They later rallied when the belief spread many producing areas would be unable to fill their quotas. Straits tin on New York for March brought an average price of 63.04, up more than 11 over February. Malayan production of tin in February totaled 5,154 tons, or 841 tons under the permitted quota. Stocks of tin ore at Malayan mines on Feb. 1 totalled 4,359 tons as compared to maximum stocks permitted of 21,034 tons. Quicksilver, antimony, cadmium and aluminum all advanced modestly in line with other metals during March. Inter national Nickel Co. of Canada this month reported 1936 net income increased 41.1 per cent over 1935 to a new all-time peak of §36,865,525 as the result of steady gains in nickel, copper and platinum sales. Nickel sales increased 14 per cent, copper gained 14 per cent and platinum sales increased from 128,874 in 1935 to 220,980 last year. The outlook for the present year is even better than the 1936 record, according to Robert C. Stanley, president of the company. Average Metal Prices For March, 1937 {By United Press') Gain or Loss Copper from February Electrolytic, Domestic, Refinery........ 15.775 + 2.348 Electrolytic, Export, Refinery............. 16.590 + 2.762 London, Standard Spot....................... 72.339 +13.114 London, Forward................................... 76.167 +12.154 Lead—New York................................... 7.190 + 0.951 St. Louis..................................... 7.040 + 0.951 London, Spot............................. 33.027 + 4.708 London, Forward....................... 32.979 + 4.651 Silver and Sterling Exchange Silver, New York, per oz....................... 45.130 + 0.380 Silver, London, pence per oz................. 20.677 + 0.594 Sterling Exchange, “checks”................. 488.8412 - 0.4658 Zinc—St. Louis, Spot........................... 7.381 + 0.916 London, Spot.............................. 33.188 + 8.066 London, Forward....................... 33.405 + 8.083 Tin—New York, Straits..................... 63.040 + 11.028 London, Standard Spot............ 282.988 +49.238 Gold, per oz., U. S. price........ $35.00 Unchanged Quicksilver, per flask................ $91,778 + 0.778 Antimony..................................... 16.375 + 1.812 Cadmium..................................... 101.667 + 11.667 Platinum, Refined, per oz. . . . $58.00 - 6.364 Aluminum, 99%......................... 20.00 + 0.50 M anganese Standard Spot, ferro-manganesc, 80% 80 cents Unchanged Chromite 45 to 48%, long ton C.I.F. Atlantic. 85 cents Unchangr d OPTIMUS LANTERNS THE NIGHT SUN Radiant Illumination at low cost The Ideal Lamp for Mines, Centrals and Plantations Sold By All Dealers DYBUNCIO&CO.,INC. Head Office: 191-213 Muelle de Binondo Manila, P. I. Sole Agents: REAL SMOKERS PREFER THEM KEGICS TABACALERA CIGAR TELEPHONE 2-25-77 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Rio Verde Lode Progress J. M. Crawford of Rio Verde, Inc. reports as of February that W. W. Lowry’s findings for Developments, Inc. substantiate favorable reports on the property by Rio Verde’s own engineer ing staff and also James Hopkins: “From Vein No. 1 he took sixteen samples which averaged $13.04 in value, List of Licensed Mining Engineers in the Philippines License No. Name Address 1 Victor Elicano............................ Consolidated Mines, Inc. 2 Leopoldo A. Faustino................(Deceased) 3 Antonio Alvir............................. Consulting Engineer, Manila 4 Ernesto G. Bengson...................Bureau of Science, Baguio 5 James S. Colbath.......................(Not in P. I.) 6 Thomas F. Breslin.....................Crystal Arcade, Manila 7 Ramon Abarques........................Bureau of Science, Manila 8 Leopoldo F. Abad...................... Bureau of Science, Manila 9 Victor E. Lednicky.................... Mineral Resources, Inc. 10 Quirico A. Abadilla....................Director, Bureau of Mines 11 Wm. G. Carpenter.....................Rio Guinobatan, Masbatc 12 John 0. Enberg..........................Marsman & Co., Manila 13 George T. Geringer....................Consulting Engineer, Manila 14 Tatsuya Uewaki......................... 54 Balmes St., Manila 15 Arthur Icard Reynolds..............Baguio 16 Harry W. Evans........................Not in P. I. 17 James Owen Grecnan................Marsman & Co., Manila 18. Alfred F. Duggleby...................Benguet Cons. Mining Co. 19 James B. Stapler........................ Marsman & Co. 20 AJf Welhaven...............................Marsman & Co. 21 James E. Moore.........................Not in P. I. 22 Enrique Ostrca........................... Bureau of Science, Manila 23 George O. Scarfe.........................Consolidated Mines, Inc. 24 Robert Burns Mahan................Not in P. 1. 25 Santos C. Murillo.......................Lone Star Mining Co. 26 Francisco G. Joaquin.................Macawiwili Mining Co. 27 Joseph H. Sampson...................Antamok Goldfields 28 Bernarao R. Cuesta...................P. O. Box 210, Baguio 29 Pedro D. Aguinaldo...................Liguan Coal Mines, Albay 30 Warren T. Graham....................Baguio Gold, Baguio 31 James E. Atkinson.....................Marsman & Co., Manila 32 Muri R. Schrock........................ Marsman & Co., Paracale 33 Abot H. Shoemaker................... Elizalde Mining Interests 34 Luis B. Montero.........................Paracale Dev. Co., Paracale 35 Nestorio N. Lim.........................Kalinga Goldfields Mining Ass. 36 Milton Sutherland......................Philippine Engineering 37 R. D. Winne...............................Agusan Gold Mining Co. 38 George T. Scholcy, Jr............... Nielson & Co., Manila 39 Weaver A. Solomon...................Manila & Box 131, Baguio 40 Adalbert A. Friedman............... Masbatc Cons. Mining Co. 41 John B. Knaebcl.........................East Mindanao Mining Co., Inc. 42 Francis B. Morehouse...............Big Wedge Mining Co. 43 Luther W. Lenox.......................Benguet Cons. Mining Co. 44 George H. Newman..................P. O. Box 18, Baguio 45 Gerald C. Worthington.............P. O. Box 817, Manila 46 Robert L. Loofbourow...............Baguio, Box 249 47 Everett D. Spaulding.................Baguio, Box 192 48 Frederick MacCoy......................Nat. City Bank Bldg., Manila 49 Donald de Cou Smythe............Marsman & Co., Paracale 50 Raymond A: Lindblom............. Soriano Bldg., Manila 51 Victor A. Light...........................P. O. Box 10, Baguio 52 William J. Millard.....................1145 Pennsylvania, Manila 53 James Hopkins........................... P. O. Box 817, Manila 54 Vivian V. Clark......................... 510 PNB Bldg., Manila 55 Walter E. Heinrichs.................. P. O. Box 249, Baguio 56 Lawrence W. Buchanan............Marsman & Co., Baguio 57 Folke Kihlstcdt...........................P. O. Box 626, Manila 58 John Edward Fyfe.....................Paracale, Camarines Norte 59 Churchill G. Scott.....................Marsman & Co., Manila 60 Franklin E. Johnson................. Lagaiigilang, Abra 61 George A. Broomell.................. Balete, Masbatc 62 Russel Yale Hanlon...................P. O. Box 410, Manila 63 Daniel Worth Butner................ P. O. Box 249, Baguio (all values herein aie at the old price of gold). The average width of this vein was 5 feet three inches, and the length exposed and sampled was 16 ft. “From dump and trenches, nine samples averaging $4.98 were taken. “From exposure No. 3, seven samples average value $3.29; width of the vein four feet three inches. The vein was exposed from length of 12 ft. “From Barite Vein, twenty samples average value $5.30; width of vein four feet four inches. Sample length of vein exposed was 76 ft. “From other exposures on this group of claims Mr. Lowry took seventeen samples, all of which showed positive value excepting one sample and three samples which showed only traces of gold. “From the total of seventy samples submitted, values were obtained ranging from a trace to $78.54. All samples carried positive values excepting one which was nil and eight which carried traces. “Mr. Lowry’s general comments on the group of claims was most favorable. He also was favorably impressed with our other lode properties which he visited. “Group 2, of lode claims, consisting of three claims—The operating contract on this property reported on at the last meeting has not been executed. Delay is due to the fact that two of the con tracting parties are out of Manila, one in Iloilo and one in Mindanao. These parties are both expected in Manila during March when we expect to com plete the contract. “Group 3. An American prospector is working on these claims and favorable results are being obtain'd. “This group looks very promising. “Group 4- Operating contract on this group is pending. “Groups 5 and 6. Little work has been done on these groups. We have had definite offers from a reliable com pany to take these groups over on a development and operating contract. We feel that at present we should hold these claims and await results of devel opment of Groups 3 and I. Since our last meeting a favorable contract has been signed for development and opera tion of Group III with Mine Operations, Inc. This company is now installing an assay office, together with other equipment necessary for active devel opment of the property. “We arc well pleased with the ag gressiveness with which Mine Opera tions, Inc. plans to carry on their work. Mr. Lowry has been assigned by Devel opments, Inc. to be in active charge of this development for Mine Operations, Inc.” April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 35 ‘August 31, 1936. Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Address Par Value Island Copper.................................... 2-18-37 1,000 200 .01 Kilometer 73...................................... G. M. Ivory, Pres. A. E. Haley, Vice-Pres. 9-2-36 1,440 Shares 349,200 Kilometer 73, Baguio P. O. Box 245, Baguio No King Solomon.................................... 3-22-33 1,500,000 Labo Gold Mining........................... 5-14-36 500,000 50,000 Labo, Cam. Norte 402 P.N.B. Bldg., Manila .10 T. J. Breenan, tres. A. Trepp, Vice-Pres. Labo Mother Lode Corp................. M. V. Gallego, Pres. L. Brias, Vice-Pres. 9-25-36 843,500 42,175 Labo, Cam. Norte 315 Samanillo Bldg., Manila .10 Labo-Paracale Gold Mines.............. M. G. Virata, Pres. A. Roces, Vice-Pres. 2-25-37 500,000 25,000 Labo, Cam. Norte 103 Tuazon Bldg., Manila .01 Lacub Abra Gold Rush................... D. Villanueva, Pres. A. Valino, Vice-Pres. 2-25-37 300,000 15,000 Langanilang, Abra 100 Echague, Manila .01 Lacub-Alawa Mine........................... W. H. Pickell, Pres. G. N. Fa vis, Vice-Pres. 10-24-36 Lacub-Alawa, Abra 705 F. Torres, Manila Lacub Mining.................................... C. Whitney, Pres. R. P. Flood, Vice-Pres. 7-18-34 200,000 58,000* Lacub, Abra 5-F Heacock Bldg., Manila .10 Lanuza-Surigao Gold........................ 11-7-36 500,000 89,000 Surigao................................ Iloilo, Iloilo .01 Laur Gold Mining.................. 10-10-36 4,200 4,200 Cam. Norte, Mt. Prov. 607 Cu Unjieng Bldg., Manila .01 R. U. Moore, Fres. G. A. Montinola, Vice-Pres. Laur Mineral Enterprises................ 2-26-37 1,000,000 50,000 Laur, N. E. .01 Little Valley....................................... 15,000 3,266 3050 Taft Ave., Manila 1.00 Lone Star Mining............................. J. B. Richey, Pres. P. Caldwell, Vice-Pres. 2-25-35 1,000,000 50,000 Agno River, Pangasinan 207 B. Roxas Bldg., Manila .01 Lake Shore Mines............................. 2-19-37 1,000 200 .01 Lepanto Consolidated....................... C. A. DeWitt, Pres. 9-21-36 1,750,000 350,000 Mankayan, Mt. Prov. 601 Escolta, Manila .10 Liguan Coal Mines........................... Albay 203 Regina Bldg., Manila Luzon Cons. Mines........................... R. Kagahastian, Pres. P. Guevara, Vice-Pres. 2-12-35 2,250,000 332,635 Sta. Cruz, Zambales 318 Kneedler Bldg., Manila .01 Luzon Copper Mines....................... R. Lopez, Pres. N. Concepcion, Vice-Pres. 10-17-36 500,000 30,000 Burgos, Pangasinan 323 Samanillo Bldg ,- Manila .16 Mabuhay Mining Co........................ B. H. Berkenkotter, Pres. N. Baldwin, Vice-Pres. 9-27-33 200,000 25,000 Itogon, Mt. Prov. 3F China Bank Bldg., Manila .10 Macanaoed......................................... 1-20-32 5,000 3,095 Lupao, N. E. 5.00 Macawiwili Gold Mng. and Dev. ... F. Feria, Pres.1 G. La 0, Vice-Pres. 10-30-36 1,600,000 80,284 Itogon, Mt. Prov. 306 Cu Unjieng Bldg., Manila .01 Madiwata Mining............................. 11-25-36 1,000,000 200,000 .01 Maguinto Mining............................. Q. Paredes, Pres. W. Ick, Vice-Pres. 10-14-36 500,000 65,000 Paracale, Cam. Norte 402 P.N.B. Bldg., Manila .10 Mainit Exploration........................... 1,300 200 Iloilo 1.00 Malinao Gohl Mines........................ T. Certeza, Pres. R. Ongsiako, Vice-Pres. 9-8-36 1,000,000 200,130 Norzagaray, Bulacan 208 China Bank Bldg., Manila .01 Mambulao-Bulawan Gold ............. S. 0. Lindogan, Pres. M. C. Pena, Vice-Pres. 11-25-36 500,000 25,000 Mambulao, Cam. Norte 202 Uy Yet Bldg., Manila .01 Mambulao Central........................... J. V. Bagtas, Pres. A. D. Alvir, Vice-Pres. 11-28-36 1,500,000 150,000 Mambulao, Cam. Norte 309 Samanillo Bldg., Manila .oi Mambulao-Dahican.......................... 10-14-36 50,000 7,500 Mambulao, Cam. Norte 615 T. Alonso, Manila .01 Mambulao Consolidated.................. E. Orense, Pres. V. Noble, Vice-Pres. 4-30-36 600,000 51,000 Mambulao, Cam. Norte 932 Padre Faura, Manila .10 Mambulao Gold................................ A. A. Brimo, Pres. J. Vidal, Vice-Pres. 4-23-35 1,500,000 300,000 Mambulao, Cam. Norte 400 Fernandez Bldg., Manila .10 Mambulao-Paracalc Mines.............. M. Kalaw, Pres. A. P. Levista, Vice-Pres. 9-26-36 500,000 150,000 Mambulao, Cam. Norte 408 P.N.B. Bldg., Manila .01 Mambulao-Santa Rosa..................... S. E. Diaz, Pres. Mrs. S. Martinez, Vice-Pres. 2-23-37 165,000 20,750 Mambulao, Cam. Norte 321 Heacock Bldg., Manila .01 Mambulao-Tayabas Mines............. M. Villegas, Pres. A. Garcia, Vice-Pres. 10-14-36 250,000 12,500 Cam. Norte-Tayabas 10R Lack & Davis Bldg., Manila .01 Mandaymon Mining Expl.............. N. Jacinto, Pres. L. R. Aguinaldo, Vice-Pres. 10-5-33 400,000 47,299 Amposungan, Mt. Prov. P. O. Box 2078, Manila .10 36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Names of Mining Companies Date of Registration Authorised Capital Capital Paid to Date Location of Property Main Office Address Par Value Mankayan Gold Mines.................... W. W. Harris, Pres. J. P. Heilbronn, Vice-Pres. 10-25-34 500,000* 119,385 Mankayan, Mt. Prov. 502 Samanillo Bldg., Manila .10 Manubac-Benguet Gold Mines....... 12-23-26 1,000,000 155,625 Benguet, Mt. Prov. .01 Manukatok Mining........................... A. Jison, Pres. C. Cruz, Vice-Pres. 10-13-33 300,000 145,018 North Norzagaray, Bulacan P. O. Box 2747, Manila .10 Mapaso Goldfields............................. J. Ledesma, Pres. F. Buencamino, Jr., Vice-Pres. 1-20-37 1,500,000 300,000 Placer, Surigao 139 Juan Luna, Manila .10 Masbate Consolidated...................... A. Soriano, Pres. J. Fraser Brown, Vice-Pres. 3-1-35 5,000,000 5,000,000 Rio Guinobatan, Masbate Soriano Bldg., Manila .10 Mayak Surigao Gold........................ 10-13-36 1,500,000 84,500 Surigao 706 A. Mabini, Manila 01 Masbate Goldfields........................... S. F. Wittouck, Pres. F. A. Olcaga, Vice-Pres. 1,500,000 900,000 Rio Guinobatan, Masbate .10 Mayon Mining Corp........................ B. D. Cadwallader, Pres. Geo. R. Harvey, Vice-Pres. 10-30-33 100,000 40,000 Labo, Cam. Norte 315 N.C.B. Bldg., Manila Midas Gold........................................ A. von Arend, Press. D. G. Klineffelter, Vice-Pres. 10-11-33 10-26-34* 90,000 90,000 Bangui, Benguet 153 Juan Luna, Manila Million Dollar Mine......................... 9-18-36 1,000,000 62,500 427 Samanillo Bldg., Manila .01 Mindanao Exploration..................... 11-11-35 1,000 50 Iloilo 1.00 Mindanao Goldfields......................... R. Alunan, Pres. J. Zobel, Vice-Pres. 10-19-36 1,000,000 125,000 Cagayan, Or. Misamis 401 Samanillo Bldg., Manila .01 Mindanao-Hamamali Mines............ V. Lopez, Pres. 10-2-36 2,000,000 143,875 Surigao 4F Yutivo Bldg., Manila .01 Mindanao Mining.......... A. M. Opisso, Pres. 1-26-34 300,000 180,332 Curuan River, Zamboanga Crystal Arcade Bldg., Manila .10 Mindanao Mother Lode Mines........ L. D. Hargis, Pres. C. J. Martin, Vice-Pres. 11-11-35 2,000,000 Surigao P. O. Box 95, Cebu .10 Mineral Expl. and Dev................... N. H. Duckworth, Pres. J. Elizalde, Vice-Pres. 12-1-33 250,000 52,789 Davao Soriano Bldg., Manila 1.00 Mineral Resources............................. S. F. Caches, Pres. M. M. Saleeby, Vice-Pres. 11-25-33 2,000,000 790,350 Sta. Cruz, Marinduque Heacock Bldg., Manila .10 Misamis Mining................................ W. D. Clifford, Pres. L. P. Mitchell, Vice-Pres. 125,000 28,950 Misamis Oriental 456 Dasmarinas, Manila .10 Montesuma Consolidated'................ L. D. Lockwood, Pres. H. R. Andreas, Vicc-Pre6. 12-26-33 150,000 75,750 Atok, Mt. Prov. 4 F. Soriano Bldg., Manila .10 Mother Lode..................................... M. Urquico, Pres. M. M. Kalaw, Vice-Pres. 1-20-33 500,000 199,350 Paracale, Cam. Norte 408 P.N.B. Bldg., Manila .10 Moro Mines....................................... 500,000 252,502 Zamboanga, Zamboanga 1.00 Mountain Goldfields......................... Cesar Ledesma, Pres. 1-23-33 100,000 70,000 Mt. Prov. Singson Encarnacion Bldg., Manila .10 Mountain Mines............................... B. Edejer, Pres. S. Geronilla, Vice-Pres. and Mgr. 9-23-36 200,000 98,246 Balatoc, Kalinga, Mt. Prov. 416 Arias Bldg., Manila .01 Muyot River Mining....................... S. N. Schechter, Pres. 12-23-33 1,000,000 100,200 Benguet, Mt. Prov. 675 Dasmarifias, Manila .10 Mandala Mining Corp..................... 11-6-36 1,000,000 50,000 .01 Masinloc Chromite........................... N. Estella, Pres. A. R. Camasura, Vice-Pres. 11-25-36 1,000,000 77,962 Masinloc, Zambales Wise Bldg., Manila .01 Mayon Iron Co................................. 20,000 1,000 401 Cu Unjieng Bldg., Manila 1.00 Minas de Panay............................... 8-7-36 20,000 Shares 20,000 Iloilo No Marsman & Co................................. 10-12-29 300,000 Mindoro Nuggett Placer................. 3-2-34 9,000 450 San Teodoro, Mindoro 207 Crystal Arcade Bldg.. Manila .10 Mindoro Good Luck......................... 3-2-34 10,000 500 San Teodoro, Mindoro 207 Crystal Arcade Bldg., Manila .10 National Cons. Mines...................... J. J. Gonzales, Pres. R. Gonzales Llorct, Vice-Pres. 9-18-36 1,000,000 450,000 Cam. Norte, Surigao 227 David, Manila .10 National Mining Co......................... P. Guevarra, Pres. M. C. Malong, Vice-Pres. 2-18-32 50,000 2,513 Nueva Ecija and Zambales 203 Uy Yet Bldg., Manila .10 Nayak Mining Corp. C. P. Dugan, Pres. R. H. Walker, Vice-Pres. 4-16-36 250,000 182,750 Suyoc, Mankayan, Mt. Prov. Baguio, Mt. Prov. .10 New Paracale Mines........................ J. A. Javier, Pres. W. Q. Vinzons, Vice-Pres. 2-10-37 250,000 12,000 Paracale and Labo, Cam. Norte 208 Cu Unjieng Bldg., Manila .01 *Oct. 26, 1934 {Please turn io page 47) 1] Go round best of spirits. MBS in the Then let the best of spirits go round. BLACK & WHITE (WHISKY) KUENZLE & STREIFF, INC. 3/u" Ojlir. . 343 T. Pinpin l ei. No. 2-39-31 MANILA CEBU ILOILO ZAMHOANGA 44-48 Isaac feral l ei. No. 2-17-62 Far East—Europe RAPID I I XI RY USERS s.s. ( oXTE BIAX'CAMAXO 11 <) X' , K > • Ns i .. MW io. :.,r Venice and Tii.-c M.V. VICTORIA S.S. CONTE ROSSO leave- HONGKONG IUNE for Venice and Trieste Overland to London. Paris, Berlin. Stopover priv optional roiites of'the Afediterranean°servCic the 1J. S. and Round the World at may be continued l\ es. Through Ticket* Reduced Fares. EXPRESS SERVICE via INDIA-EGYPT-ITALY ITALIA LINE LLOYD TRIESTINO Smith, Bell & Co., Ltd., Agents HONGKONG & SHANGHAI BANK BLDG., PHONE 2-31-31 1 - fl pvl Paint That Beautifies—Protects for the Longest Time— SHERWIN WILLIAMS (i(*t years of service and protection from your paint investment. Choose Sherwin-Williams paints for your next paint job. They stand up for years defy sun and rain prevent decay give extra protection. S-W “Home Decorator” The 1937 Edition of this valuable S-W Paint Book is now ready for distribution. Write for a copy. Kind ly enclose S-centavos in stamps to cover mailing expense. Pacific Commercial Company— Distributors IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 37 British Coins to Change in Shape and Appearance From London, March 20th, a Transocean Service telegra phic dispatch reports that, according to a royal decree pub lished on that day, changes are to be made in the shape and appearance of British coins. The latest British Imperial coins of gold, silver, and bronze, issued for circulation, are of the denominations and full legal weight in grains, as follows: Denomination of coins Weight GOLD in grains Five pounds.............................................................. 616.3724 Two pounds............................................................... 246.5489 Sovereign (1 pound or 20 shillings).............. 123.2744 Half-sovereign (10 shillings).................................. 61.6372 SILVER Crown (5 shillings)....................................... 436.3636 Double florin (4 shillings).................................... 349.0909 Half-crown.... (2-1/2 shillings).............................. 218.1818 Florin..............(2 shillings)....................................... 174.5454 Shilling (12 pence or pennies)..................... 87.2727 Sixpence..................................................................... 43.6363 Fourpence (Maundy coin or money)............... 29.0909 Threepence.................................................................... 21.8182 Twopence (Maundy).......................................... 14.5454 Penny (Maundy).......................................... 7.2727 BRONZE 145.8333 87.5000 43.7500 Penny......................................................................... Halfpenny.................................................................. Farthing..................................................................... By Maundy coin or money is meant the minor coins of the nominal value, as above stated, struck annually for the maundy alms distributed in connection with the ceremony on Maundy Thursday in Passion Week, i. e., next before Good Friday. In England, the “royal maundy” is distributed annually on behalf of the sovereign. The British standard gold, with which gold coins were made, are of 22 carats, that is, ll/12ths or 0.916 2/3 fine, and the British standard or sterling silver, with which the silver coins are made, are of 0.925 fine which is also the basic fineness for all London silver market quotations. The silver coins are, of course, only “token coins” and are legal tender up to only a limited amount—forty shillings. The shilling silver coin, for example, contains only 87.2727 grains standard silver 0.925 fine which, at the present London silver price of 20-9/16 pence per troy ounce 0.925 fine (as of London, March 25, 1937), has a silver bullion value of only 3.738+pence, or about 3-3/4 d. as per following formula and calculation: How many pence = 87.2727 grains standard silver 480 grains = 1 ounce troy 1 ounce troy standard silver = 20 9/16 pence (London silver price) 87.2727X1X20.5625 = 3.738+pence (bullion value of shil----------------------------ling coin) 480X1 For the silver shilling coin to be worth its full nominal or face value of 12 pence, it will require a London silver market price of 66 pence per ounce troy 0.925 fine as against its present market price of 20-9/16 pence. The copper, or rather bronze coinage, first issued in 1860, is formed of an alloy of 95 parts of copper, 4 of tin, and 1 of zinc. It will be noticed that in the case of both gold and silver, the values are in proportion to the weights of the coins, but that this is not the case as regards bronze. The Transocean Service dispatch further informs us that something of a novelty for Britain will be the new three penny bit which will be made vf a bronze alloy and will have 12 corners. This is the first time since the Middle Ages when the British mint will turn out coins of this shape. There will also be big issues of five shilling, or crown, pieces. Other coins will retain their present size and shape, but will appear in new designs. Scottish national sentiment is to be satis fied with a one shilling piece with a thistle designed upon it. The farthing will appear with an engraving not of the King’s head but of the wren, the smallest British bird. U. S. Navy Awards Sugar Bid to Philippine Local Refinery Bids for the purchase by the United States Navy supply department of refined sugar, April-June delivery, in the amount of 200,000 pounds (that is, 2,000 bags of 100 lbs. each), were opened at the office of the Cavite Naval Yard at 10.00 a. m., March 19, 1937. The bids submitted and publicly opened were, as follows: Name of Bidder Price Per Lb. Insular Sugar Refining Corpoiation (“Insurefco”).................................................................... P 0.0585 Victorias Milling Co., Inc........................................ .0609 MalaDon Sugar Co., Ltd.......................................... .0625 St. Louis Bakeiy: Domestic sugar................................................... .0780 Foreign sugar........................................................ . 0527 Although the foreign sugar bid of P0.0527 per lb. was but 90.09% of the lowest Philippine bid of P0.0585 by the Insurefco, the bd was finally awarded by the Navy to the Insurefco because its bid was, in effect, P4.72 (per 100 lbs.) lower and cheaper than the foreign sugar bid of P0.0527 per lb., taking into consideration the import duty the Philippine Govern ment should impose on the foreign sugar. The calculations are, as follows: Foreign sugar, c.i.f. Manila, at (per lb.) 1*0.0527, or per 100 U. S. $ Pesos lbs................................................. U. S. $2,635 P5.27 Plus duty: Philippine import tariff (for 99.6 degrees polarization) per 100 lbs............................. ... $2,635 Tare (weight of immediate con tainer of, say, 0.26 kilo, 9.17 ounces, or about 0.573 In variable).................................. $0,015 Total import duty for a bag of 100 lbs. net............................ $2.650 P5.30 Foreign bid, total cost per bag of 100 lbs. net, duty paid.... $5,285 P10.57 Philippine sugar bid by Insurefco......... $2.925 P5.85 Foreign sugar bid (paying import duty of $2.65) exceeds Philippine local sugar bid by (per 100 lbs. net bag)......................................................... $2,360 P4.72 At the time the above bid was opened in Cavite, the United States current price for refined sugar, per 100 lbs., was approximately............................................... $4.80 38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Mountain Farmers (Continued from page “Krom the Bontoc region come many ugly and apparently authentic stories of lowlanders’ staking claims and registering titles to lands which have been tile traditional mainstay of whole villages. I'ntil now the Igorot ha#> not realized that his land could be taken from him by entirely legal processes. He has assumed that because his fathers built and cultivated the terraces they were his; he has not seen the necessity of securing his title by a foolish piece of paper. In consequence' he has been exploited, and—if my information is reliable, which I have every reason to believe it is—by men whose duty w:is to guard his rights. (I could be plainer, but you understand the need of being wary in such statements!) These people will resist their expropriation—and they will be shot down. Other village's, spurred on by their educated younger generation, are taking warn ing in time and registering their holdings. "That is the situation, so far as I can learn. The legitimate, responsible mining companies I have no quarrel with, though my love of the Igorot and rnv anxiety to help him preserve all tile best features of his native lift' make me hope that gold will not be found in paying quantities round Besao. Much that made his life so admir ably distinct has gone beyond the hope of re covery; this includes, I regret to say, his costume'. Perhaps I had better qualify this by saying that his costume is going; vestiges still remain, but the gee-string and the tapis and the beauti fully woven blankets, all of them so attractively designed and coloured and so sensibly adapted to local conditions, are yielding to cheap cotton imports from Japan. The Twentieth Century is in these mountains, whether we like it or not, and I look on it as my job to help ferry the Igorot across the three to four thousand years of human history which he must cover in a single generation or perish. In the process I try to see that he retains the many admirable features of his own culture and shows some discrimination in what ho picks up from the West. “But. the mines, as you pointed out, produce lxnvildering social changes, and the prosperity they bring also fetches a retinue of harpies, whose object is to separate the Igorot from his earnings. I will close with just one instance to show how vulnerable the Igorot’s own customs make him. I refer to the system of trial marriage promoted by what we call locally the ‘ebgan’ though it is lx-tter known by its Bontoc name of ‘ulag’. Whether this system was advantageous in the past I cannot say; I do believe that the lack of adequate and livable homes made it practically inevitable, and I think that the family life which the new and better houses (Please turn to page 52) Non-Status Sugar for Army One bidder for the U. S. army sugar contract this year, May-June delivery, was the Domestic Sugar Administra tion. This is the set-up of the Philip pine Commonwealth for administra tion of domestic-consumpt ion and quota reserve sugar. The army calls for 12,000 bags of sugar 100 lbs. to the bag, a total of 1,200,000 lbs., half to be deli vered May 15, half June 15. Bids were as follows: Domestic Sugar Administra tion (P.I. Government)........ 1*3.56 Juan Ki Cho, foreign sugar, c.i.f. Pier, without sales tax, and without import duty............. 3.83 Victorias Milling Co., Inc........ 5.82 Insular Sugar Refining Corpo ration....................................... 5.75 F-csh Food, Inc., foreign sugar: c.i.f. Pier, with 1/2% cash discount for payment in 10 days......................................... 4.28 The Domestic Sugar Administration’s bid, successful, involves confiscated su gar, not reserve sugar nor domestic con sumption sugar. It. was sugar milled in excess of the quota for export, the quota for reserve.to make up deficiencies in the quota for export, and the quota for the local Philippine market. Con fiscated, it could not enter any regular market; it was non-status sugar neither to be sent to America, held in reserve for that purpose in case quota shipments were short of the allotment, nor sold for local consumption. The army’s requirements offered it an outlet. less 2% cash discount................................................. $0,096 or a not U. S. current price of...........per 100 lbs. $4,704 Philippine sugar bid by Insurefco, equivalent to, per 100 lbs........................................................................ $2.925 Philippine sugar bid lower than the U. S. current net market price (per 100 lbs. not bag) by P3.558, or.........................................................................U. S. $1779 Canadian Pacific The Canadian Pacific liner Empress of Japan that left Manila for Vancouver April 12 via China and Japan took from this port the largest number of passengers ever booked for a single departure, 435, the agents report. The Pacific passenger trade could spell prosperity in capital letters with consistent trade of that calibre. Recipe for Sighting Your eyes need good light. Protect them by always using the economical OSRAM'S LAMPS. SMITH, BELL & GO., LTD. Sole Representatives Manila — Iloilo OSRAM-Q' give more and better light. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 39 A Page from Time March 8, 1937 BUSINESS & FINANCE Shorts Since the stockmarket, lias been rising without a single major setback for more than two years short-sellers have had a pretty sorry time. The last real inning for Bears was the great crash in whiskey stocks in 1933. Last week the New York Stock Exchange reported that its monthly tabulations shower! that the short unterest at the end of January was the heaviest since June 1933, just before that summer’s big break. Relatively, the present short in terest appeared more important than in 1933, because the volume of trading at that time was twice as larte. Since then the short interest has hovered around 1,000,000 shares, hitting a low of 712,000 and ending last year at 1,136,000. By the end of January it was up to 1,314,000 shares.*! Spinner’s Treaty It is no tribute to the lucidity of cotton textile spokesmen that during the last two years the studious New York Tinies failed to acknowledge that the Japanese import menace about which William Randolph (“Buy American”) Hearst seemed perennially over-excited, might actually materialize. One of the first alarms sufficiently well expressed to convince laymen was written for the Times last August by President Claudius Temple Murchison of the Cotton-Textile Ins titute. Last week President Murchison arrived in New York from San Francisco, marched modestly into the Hotel McAlpin to tell a gather ing of U. S. textile men how an excellent formu lation of their problem had led to a solution both surprising and superb. In Osaka on Jan. 24 Dr. Murchison and a deputation of U. S. manu facturers signed a two-year quota agreement with Japanese spinners, ending the Japanese menace just as it began to rumble. U. S. imports of Japanese cotton goods in1933 were only 1,115,713yd. In 1934 they were 16.000,000vd. In 1933 they were 36,000,000 yd. and in 1936, 75,000,000 yd. Compared to the total volume of Japanese exports, 2.725. 109,000 yd. in 1935, this tidy increase was neg ligible. It was also negligible compared to the total annual U. S. production of about 7,000000,000 yd. But underlying these figures were two facts which gave U. S. mill owners cause for uneasiness. The first was that Japanese exports to the U. S. were concentrated in one major cloth classification and two or three minor ones. Japan accounted last year for about half the U. S. consumption of bleached goods, cotton rugs and cotton velveteens. The second fact was that invalidation of NRA had left U. S. mill owners high and dry on a plateau of per manently raised labor costs without the commentWere tAeee ihorti tipietint some action about gold?—Japanese textile imports into the U. S. tend ed to growth rapid enough to up prices, costs, etc., affect world freighting, and business in other mar kets where Japanese textiles were dependably es tablished. The U. S. uses about 9 billions yds. of cottons a year. —Ed. surate tariff protection provided in NRA’s Section 3E. Result of this was that there was nothing, either in Japan or in the U. S., to prevent the trickle of cheap Japanese cottons from be coming a horrid flood. Few men could have been so happily qualified to do something about Cotton’s prospect as was Claudius T. Murchison when he succeeded Claudius Temple Murchison* . . . triumphant from Osaka. George Sloan as president of the Cotton-Textile Institute in November 1935. North Carolinaborn, he understood King Cotton as only a Southerner can, knew well that the U. S. sells more raw cotton to Japan than to any country in the world. After teaching economics for 13 years at the University of North Carolina, he was appointed director of the Bureau of Foreign and Domestic Commerce by President Roosevelt in 1934. He sat in with State Department officials on the drafting of reciprocal trade treaties with Cuba, Belgium, Brazil, Haiti, Sweden, Colombia. Gentle, pipe-smoking Pres ident Murchison saw clearly the impossibility of damming Japanese cottons with further import duties. Restrictions strong enough to affect the Japanese would be absurdly unfair to European exporters, and U. S. policy forbade a sharply discriminatory tariff. Last spring it was evident that a reciprocal treaty with Japan would take a long time to arrange, yet it might not be long before the problem of Japanese imports became feverish. President Murchison left his house in George town one day to smoke a pipe with his old friend, Assistant Secretary of State Francis Bowes Sayre, onetime trade adviser to the King of Siam, later a criminal law professor at Harvard. Level-headed Mr. Sayre and long-headed Dr. Murchison agreed 1) that the Japan Cotton Spinners’ Association, whose members own 98% of Japan’s 11,000,000 spindles, was power ful enough in itself to make a binding agreement; 2) that both the Japanese and the U.S. Govern ments would be delighted by a private settle ment in which the pomps of diplomacy were not involved. Mr. Sayre talked it over with Ambassador Saito at the Japanese Embassy. Dr. Murchison proceeded to organize a com mittee*. At high noon the day before Christ mas, President Murchison, Manufacturers Harry Bailey of New York, Donald Comer of Alabama, Casson Callaway of Georgia and Cotton’s Editor Bob Philip sailed from San Francisco for Japan. "The boat upon which [we] stood was riding the waves buoyantly enough,” said Dr Mur chison bust week, “but I suspect that in the hearts of each one of us we had a feeling of being already sunk. . . . We saw in perspective a nation committed to a social and economic program which made its costs of manufacture emerge from the level of world costs as the tip of Pikes Peak emerges from the surrounding Rockies.... Yet it was a nation engaged in the promotion of trade liberalization . . . We did not know at this time that, within a few days, we would be informed that the Japanese bookings of American business for 1937, had reached a sum total of more than 150,000,000 yd. by the time the year was three weeks old. It is not unreasonable to suppose, on the basis of the most conservative possible estimate that the 1937 Japanese imports to the United States might have reached the colossal figure of 500,000,000 yd. had nothing been done. . . .”' What Dr. Murchison and colleagues did was done with Occidental rapidity in less than ten days. Between entertainments of feudal courtesy and visits to the great clean mills of Osaka, they persuaded the Japanese textile barons to call an immediate halt on U. S. busi ness. establishing as the quota for this year just 155,000,000 yd. of cotton piece goods, exactly the amount, of business booked for U. S. delivery three days preceding the agreement. The surprisingly tractable Japanese further agreed that the situation in 1937 was abnormal, accepted a quota of 100.000,000 yd. for 1938 with the option of transferring not more than one-fourth the 1938 quota to 1937. Having thus trium phantly established quantity limitations as the basis for Japanese-American trade in cotton textiles, the U. S. mission, before sailing for home, agreed to appoint members to a joint standing committee before April 1 to set similar quotas in manufactured goods such as table cloths, bed-spreads, handkerchiefs. Last week elated President Murchison sum med up the accomplishment thus: “The Ameri can side now has security and stability where formerly there existed the threat of limmeasurable and overwhelming competition. They are likewise saved from the expense, the discomfort and the misinterpretations, the recriminations, the bickerings and hazards involved in a campaign of political action. ... On their side, the Jap anese will have for the years 1937 and 1938 a volume of business greatly in excess of any previously enjoyed in the American market. . . They are also freed from the danger of tariff increases or other forms of restrictive legis lation. . . .” Furthermore. Japan had gained a potent friend in hostile business territory. How valuable this friendship might prove was indicated last week when Dr. Murchison urged U. S. importers to handle Japanese quota goods "without hesi tation.” *The Federal Reserve Board announced last week that its adjusted index of U. S.- industrial production (calculated on a 1923-25 “normal”) dropped from 121 in December to 115 in Januaty. Yet except for December, when business was abnormally high for that time of year, the Reserve Board index stood at its highest point for any month since October, 1929. THE AMERICAN CHAMBER OF COMMERCE JOURNAL April 1937 Some Manila Stock Exchange... (Continued from page 32) ings, said member may, by the vote of six (6) of its members, be deelared ineligible for reinstatement. Fraud or Fraudulent Acts Sec. 2. A member who shall be adjudged by the vote of at least six (6) members of the entire Governing Com mittee guilty of fraud or of fraudulent acts, shall be expelled. S,ec. 3. A member who shall be adjudged by the vote of at least six (6) members of the entire Governing Com mittee guilty of making a fictitious transaction or of giving an order for the purchase or sale of securities the execu tion of which would involve no change of ownership, or of executing such an order with knowledge of its character, shall be suspended or expelled as said Committee shall determine. At the close of the week ending April 17 the Manila Stock Exchange prohibited short selling among its mem bers. How this will work remains to be seen, but it seemed to have the immediate effect of stabilizing the market at the opening of business Monday, April 19, when this comment had to be closed. Business and Pleasure Benjamin S. Ohnick, first vice-president and acting manager of Marsman & Co., accom panied Mrs. Ohnick to Hongkong on the Empress of Japan and attended the general shareholders’ meeting of Marsman Hongkong China, Limited. Major A. Beckerleg, vice-president of Marsman & Co., made the same trip. Mrs. Ohnick con tinues on to Seattle where the three Ohnick children are in school and where the Ohnicks recently purchased a handsome country home spaciously provided with thirty-two rooms. Alf Welhaven, vice-president and manager of the Manila division of Marsman & Co., left Manila with Mrs. Welhaven this month for a prolonged vacation to be chiefly devoted to travel beginning in the United States, at San Francisco, with a visit to their daughter Lilibess, and afterward embracing a European tour and a visit among relatives and old friends in Norway. Mrs. Ohnick will remain in Seattle indefinite ly, as present plans are, keeping house for the children who have clamored for a home near school. McCORMICKDEERING DIESEL TRACTORS CUT POWER COSTS McCORMICK-DEERING TracTracTor Model TD-40 4O-6OHP OPERATING on small quantities of low-priced fuel, McCORMICKDEERING DIESEL Tractors bring almost unbelievable economies to their users. The power plant in these tractors—Models TD-40 TracTracTor and WD-40 Wheel Tractor—is a remarkable achievement in Diesel design and engi’ne construction. The McCormick-Deering Diesel starts as a gasoline engine and shifts to Diesel operation automatically, an exclusive feature which eliminates auxiliary engines, batteries, etc. And it is as easy to crank as a gasoline engine of corresponding size. The McCORMICK-DEERING has great lugging ability, is quickly responsive to varying load requirements, idles smoothly, and is economical to maintain. Write us for complete information or visit us to see these tractors in actual operation. The TD-40, weighing over 6 tons, is only It feet long and turns within a circle having a 7-foot radius. This handling the TracTracTor and equip ment in restricted spaces. This is of special value in filling next to brid ges, levee building, work, makingshort lion work, and other places where big-type powerand OXY -ACET Y LENE Welding & Cutting Equipment Philippine Acetylene Go. 281 CALLE CRISTOBAL, PACO MANILA. P. I. International Harvester Company OF PHILIPPINES 154 M. de Gomillas, Manila ILOILO . BACOLOD . CEBU • DAVAO • LEGASPI • BAGUIO IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 41 COPRA AND ITS PRODUCTS By KENNETH B. DAY and LEO SCHNURMACHER Kenneth B. Day The March markets were notable in that for the first time in some months market fluctua tions were not very wide. As far as copra was concerned, the market was a sellers’ marked because copra production was light as it always is in March. From the standpoint of the oil buyer, however, it was a buyers’ marked, because* with large offerings of competing oils the* buyer could take his choice* and buy what and when he liked. Copra—Copra arrivals were a little; bett<;r than those of February, both in Manila anel Cebu. Manila arrivals were doubtless stimu lated by some 97,000 sacks of copra brought to Manila from Cebu and other provincial sliip- Leo Schnurmacher and Coast quotations. At the end of the month while there was an easier tendency in the copra market, yet this tendency was caused by lack of demand for co conut oil at commensurate prices from the United States, and not from any abundance of copra locally. Stocks all over the Islands were fairly low for this time of year, and with prac tically no copra having moved to the Pacific Coast for several months. Pacific Coast stocks must also have been inadequate. Statistics for the month follow: to export had space Manila and Cebu, however, fell short of March, 1936, arrivals, Manila being off 14% and Cebu ping points which would normally have gone* been available. Both showed a slightly firmer tendency, but cverynearly 25%. Thus, our prediction that arrivals would be comparatively light for the first part of 1937 is certainly coming true. The February market closed stagnant with copra buyers offering P19.50 resecada Manila and sellers with small stocks only in hand again looking for higher prices later in the month and not interested in buyers’ ideas sellers' ideas being approximately P21.00 for large lots. The scarcity of copra on the Pacific Coast led to a brisk export demand during the first half month, particularly for April/May shipment and this demand pushed prices up locally to a point where by the middle of the month buyers were paying as high as P21.00, which just about matched export prices. Export prices were so high, however, that copra from Java and Celebes again underbid Philippine copra in the Pacific Coast markets with the result that Philippine copra began to drop and for the full balance of the month there was a sluggish down ward movement to a point where by the end of the month buyers were bidding Pl8.50 and paying P19.00 with sellers disposing of small lots at these figures but not interested in making large sales. The very last day of the month thing pointed to a further decline; in April in spite of the fact that particularly in Manila the prospects for good arrivals in April was dis tinctly poor. As mentioned above, the Pacific Coast market was strong for the first half month, particularly for prompt arrivals, with sales made as high as 5.40 cents. The joker in this market was the fact that space was all but unobtainable, and under these conditions buyers’ quotations were largely nominal, although they served the pur pose of reinforcing copra sellers’ ideas that the market was stronger than it really turned out to be. By the end of the month, Pacific Coast buyers were much less interested and the price sagged to a nominal quotation of 5 cents with a little business done here and there at prices ranging up to 5.10 and 5.15 cents. For the second month in succession, there were no ex ports of copra to the Pacific Coast in March and the only copra shipped out of the Islands in March was a lot of 2400 tons routed out for New Orleans by Procter & Gamble from Cebu. The European market was subject to minor fluctuations, ranging from a low of £19/7/6 for Cebu sundried to a high of £20/10/-. This market was of but academic interest to Philip pine sellers, for it was some P3.00 under local Arrivals—] Sacks Manila........................ 253,744 (includes 39,195 sacks shipped from Cebu) Cebu........................... 250,161 Shipments— Tons Gulf Ports................. 2,437 Beginning End of of Month Month Stocks on hand— Tons Tons Manila........................ 23,593 19,917 Cebu........................... 23.109 27,131 Coconut Oil—It should be definitely un derstood that coconut oil sells in the United States these days at two prices. The first is the base price, which is for forward shipments 90 days or more away, and the second for spot deliveries. These spot deliveries command anywhere from 1/8 cent above the market to sometimes as much as 1/2 cent, depending on the position, and mostly are spot sales for small quantities of stray tank cars. The month opened with buyers of oil in New York at 8 cents a pound c.i.f-, but with a rather weak tendency which brought buyers’ ideas down early in the month to 7-3/4 cents. Owing to the shortage of copra, however, the oil situa tion improved and by the middle of the month it was possible to sell oil anywhere from 8 cents for far forward to 8-1/4 cents for nearby, both c.i.f. New York. During the first half of the month Pacific Coast buyers were not so much interested, but about the middle of the month they in turn came into the market and fixed their price at around 7-3/4 cents f.o.b., for spread shipments over the balance of the year with nearby oil selling at up to 1 /4 cent premium. It (Please turn to page 44) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 42 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 LUMBER REVIEW By FLORENCIO TAMESIS Director, Bureau of Forestry The following statements show the lumber and timber exports, by countries, and the mill production and lumber inventories for the month of January, 1937, as compared with the corres ponding month of the previous year: Statement Showing Lumber and Timber Export During the Month of Japan China Great Britain United States. . Unsawn Timber.. Sawn Lumber......... January, 1936 and 1937 1937 1936 Quantity in Customs DcBoard Feet dared Value Quantity in Hoard Feet Customs De clared Value . Unsawn Timber. . 20 395,672 1’367.626 Sawn Lumber......... 4,240 400 5,560,760 P100.705 .Unsawn Timber.. 957,392 14,491 Sawn Lumber......... 47,912 2,631 319,272 6,874 4 L u m b e r and timber exports in January totalled 23,782,160 board feet, compared with 8,054,728 board feet for the correspond ing month in 1936. Demand in Japan was unusually ac tive; 20,395,672 board feet of round logs, or 851 c <>f the total exports during the month under review, were consigned to that market. Prices of Philippine timber in Japan are reported to have gone up, although this gain is consider ably offset by the recent rise in freight rates. Japanese timber buyers continue to seek for new sources of supply and it is generally ex pected that this year’s exportation of log to Japan will surpass that of 1936. In this con nection, for year we have been calling attention to the wisdom of curtailing the shipment of logs abroad, particularly to countries which buy round logs and none but an insignificant amount of sgwn lumber. Nothing so far has been done about it. In the meanwhile, local lumber manufacturers are feeling the keen competition of Philippine lumber sawn in Japan and re exported abroad, even to the Philippines. This is to the great detriment of not only the saw milling industry of the islands but also to Philip pine labor. Prom present, indications, consump tion of Philippine logs in Japan is bound to increase and it is hoped that some act ion towards its curtailment will be taken before it is too late. China is another large buyer of Philippine round logs but unlike Japan she takes in a considerable amount of .sawn lumber at the same time. During the month under review, this market consumed an aggregate of 1,005,304 board feet of Philippine woods, 957,392 board feet of which were logs and 47,912 board feet sawn lumber, compared with a total of 319,372 board feet for the corresponding month in 1936. This market has manifested considerable strength since last December but as to whether this will be sustained in the next few months to come remains to be seen, as usually the demand from this source is usually irregular. The shipping strike in the Pacific Coast naturally resulted in a considerable falling off of lumber and timber shipments to the United States. Lumber and timber exports to this country in January aggregated 627,096 board feet, which was 1,644,272 board feet below that of the previous month and 498,200 board feet less than the shipments for January last year. There is, however, a large volume of existing orders in producers’ books and prospects for the next few months are bright. Shipments to Australia during the month under review fell off considerably from the previous month but this was offset to a large extent by a comparatively large consumption in New Zealand. Demands in South Africa and Great Britain were comparatively strong. Consumption by these markets in January consisted entirely of sawn lumber. The situation in the domestic market con tinued favorable. Prices were considerably better in January than those prevailing during the corresponding month in 1936. The outlook for this year is bright in view, particularly, of the increasing use of timber in the mines. Mill production during the month under review in creased 3% compared with the figure for the corresponding period last year. Total deliveries was slightly below production. This, however, was merely a reflection of the shipping strike in the Pacific Coast. British Africa.. . . .Unsawn Timber.. ___ Sawn Lumber.......... . Unsawn Timber.. . . Sawn Lumber......... .... Unsawn Timber.. . . Sawn Lumber......... Portuguese Africa......... Unsawn Timber.. . . Sawn Lumber....... . . Unsawn Timber.. . . Sawn Lumber, . . . . . Unsawn Timber.. . . Sawn Lumber......... , Unsawn Timber.. . Sawn Lumber........ Unsawn Timber. Sawn Lumbe Sweden.. . Australia. Ireland.. Finland. Egypt. Hongkong Singapore . Total Grand Total.. . Unsawn Timin' Sawn Lumber.. Unsawn Timber. . Sawn Lumber. . . . Unsawn Timber.. Sawn Lumber....... . Unsawn Timber. . Sawn Lumber....... . Unsawn Timber. . . Sawn Lumber......... .Unsawn Timber. Sawn Lumber.. . 627,096 47,488 21,523,088 6,111,536 1’132,226 2,259,072 1,943,192 113,753 23,782,160 1*566,961 8,054,728 1*245,979 INSURANCE For Every Need and Purpose WORKMEN’S COMPENSATION PUBLIC LIABILITY AUTOMOBILE FIRE MARINE ACCIDENT PLATE GLASS $ ATLAS ASSURANCE CO. LTD. THE EMPLOYER’S LIABILITY CONTINENTAL INSURANCE CO. ASSURANCE CORPORATION LTD. ORIENT INSURANCE COMPANY INSURANCE COMPANY OF NORTH AMERICA General Agents E. E. I I SI I . INC. Telephone 2-24-28 — MANILA — Kneedler Building IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 43 SHIPPING REVIEW By H. M. CAVENDER General Agent, The Robert Dollar Co. From statistics compiled by the Associated Steamship Lines, during the month of February, 1937, there were exported from the Philippines the following:— February brought the* welcome news that the long drawn out strike on the Pacific (’oast had been called oil' and the laid up Fleets would soon be released. The total export movement figure's 199,149 revenue' tons, 26,000 tons le*ss than for the* same' month in 1936. The- shortage* of tonnage* for base com modities was in eviehmee during the entire* month, particularly affecting coconut prealucts, lumber anel ores. The* sugar movement amounteel to 116,530 tons—all went to the* Atlantic se*a-board. There* was no refinee) sugar moved. Four chartered vessels cleared carrying 36,500 tons, two of these vessels flew the* Filipino flag carrying 13,000 and 8,000 tons respectivelv. See far for the season 1936-1937 the total movement is 299,379 tons as against 229,482 tons for 1935 1936. The* present seasem showing a gain of 70,000 tons to elate. Thee movement of coconut products is par ticularly hard hit by the* tonnage situation. De*siccate*el coconut shipments amounteel to 4,450 measurement tons, a gain over .January Were Carried in With American BotMis.cellaneous Of Which toms With To Tone tSailings Tons Sailings Chime anel Japan.......................... 44,642 44 17 1 l’aeifie: Coast -Local I)e*live*rv................. ................. 2,957 7 Pacific (’oast —Overlanel...................... 605 — — Pacific Coast Inte*r-Ce>astal. . None* -— — Atlantic anel Gulf........... ,........... 138,244 31 38,910 5 Europe*an ports............................................. ................. 9,598 13 — — All e>the*r ports.............................................. ................. 3,103 18 — — A Gj<axi> Total of 199,149 tons with a total of 85 sailings (average* 2,343 tons per vessel) of which 38,927 tons were carrieel in American bottoms with 5 sailings (average' 7,785 tons per vessel). of 1800 tons. The movement of oil was very satisfactory, the only buyer, the* United States, took 14,198 long tons. Xe> copra moveal te> any market—a record that we hope* never to record again. Europe took 3,550 tons of copra cake and the United States 781 tons, a total of 4,331 tons. There* were* offerings of both copra anel cake meal for United States delivery but no space, could be* found. There was too much better paying cargo obtainable. Lumber anel logs amounting to over 7 million board feet were shipped. Japan took 4,621,838 feet, China 859,845 feet, Europe* 700,104 feet, South Africa 597,159 feet, Australia 73,900 feet, the United States 287,632 feet. The total, except to Japan, was sawn lumber. Hemp was another disappointment—91,778 bales being shipped as against 124,839 in January and 119,913 bales in February a year ago. The* Uniteel States took 23,785 bales—Japan only 27,187 bales—Europe* 34,258—the* balance* was widely elistributed. The movement of ore*s was sadly upset by lack of tonnage. Japan took only 27,256 tons of iron and could not find tonnage for an addi tional 33,000 tons. She also took a lot of 1507 tons of chromite* or manganese. Molasses was epiet—125 tons in containers went to (-hina—there* was no bulk movement. Quite* a lew minor products show an improve ment : cigars 528 tons, embroieieries 98 tons, rattan furniture* 378 tons, kapok 37 tons, rice 77 terns, rope* f>07 tons, tobacco 807 terns anel vegetable* oil larel and margarine 675 tons arc* more* or le*ss normal movements. There were only 64 terns of gums, 94 terns junk metals and 17 tons e>f rubber moved. Cutch shippers forwarded 350 tons—a trifle* less than normal. PRESIDENT LINERS SAILINGS TO SEATTLE & VICTORIA “The Express Route” via Hongkong, Shanghai, Kobe, Yokohama SS PRES. McKINLEY...................... May 5 SS PRES. JACKSON..........................June 2 SS PRES. GRANT...............................May 19 SS PRES. JEFFERSON......................June 16 TO SAN FRANCISCO, NEW YORK & BOSTON “The Sunshine Route” via Hongkong, Shanghai, Japan, Honolulu, Los Angeles, Panama Canal & Havana *SS PRES. HOOVER.......................... April 28 *SS PRES. COOLIDGE......................... May 31 SS PRES. LINCOLN........................ May 15 SS PRES. WILSON.............................. June 12 ’To Los Angeles only. TO NEW YORK & BOSTON via Straits, India, Egypt and Mediterranean ports SS PRES. POLK................................. April 28 SS PRES. VAN BUREN....................May 26 SS PRES. PIERCE........................... May 12 SS PRES. GARFIELD.......................June 9 For further particulars, apply to AMERICAN MAIL LINE DOLLAR STEAMSHIP LINES Port Area MANILA Tel. 22-44-1 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 44 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Copra............. (Continued from' page. JI) is fortunate that this demand came into the market because New York prices slipped during the second half of the month owing to large offerings of Palm Kernel Oil for future ship ments, said offerings amounting to as much as perhaps 50,000 tons. Large soapers covered themselves liberally with Palm Kernel at prices lower than they would have had to pay for coco nut oil, which spells more trouble for Philip pine coconut oil in the second half year with the market fairly well covered in advance. It is reported that Palm Oil has already been, sold into 1938. Statistics for the month follow: Shipments— Met . Tons Pacific Coast.................................... 1,958 Atlantic Coast................................ 7,493 Gulf Ports....................................... 508 China and Japan........................... 15 Tot al......................................... 9,974 Beginning of End of Month Month Stocks on hand in Manila and Cebu....... Met. Tons Met. Tons 9,139 11,506 Copra Cake and Meal—Copra cake took a good spurt in March. This was rather un anticipated, for usually March-April-May are the bad months for selling copra cake. This year, however, in spite of the fact that the freight rate on copra cake will advance 3 shillings on May 1st, prices have been on the upgrade and the f.o.b. equivalent advanced in March from P40.00 f.o.b. to very nearly P50.00 for ship ments up to and including August. Hamburg prices advanced to $34.00 c.i.f. Copra meal to the United States was also in fair demand, but space was very short and buyers could not get any adequate space cover prior to the second half of May. Meal sold up to $29.50 per short ton c.i.f. for spread shipments D R Y s E A L S Superior Qualify Dependable Service RING UP 2-18-01 the next time you need a Rubber Stamp or Dry Seal and our Salesman will call Tifc/^rrr r tt 1U/K PRINTING COMPANY >---S VvT’-f JL Sales Office: 2nd Floor IOI Escolfa R u B B E R s T A M P S to July. It is likely that May shipments of copra meal to the West Coast will be very heavy, which may depress prices at that time. Statistics for the month follow: Shipments— Met. Tons Pacific Coast................. 2,943 Atlantic Coast.............................. 686 Europe........................................... 3,301 'lot al......................................... 7,663 Beginning of End of Month Month Stock on hand in Met. Tons Met. Tons Manila and Cebu....... 7,814 7,960 Desiccated Coconut—Shipments of desic cated for March were high, totalling 3,938 metric tons. Prices in New York ruled unchanged at 8-3/4 cents, but it is expected that these prices will be advanced the first of April to 10 cents April-June shipments. Ceylon desiccated is being offered in New York markets at the equi valent of around 10 cents or a little more after paying duty, thus reflecting the weak position of Ceylon copra in the world market. Local mills are finding less difficulty in obtaining nuts but. are still short and local production is handi capped accordingly. With prices in the United States tending to increase, and with the copra prices in the Philippines likely to decrease in a month or two, the position of desiccated copra looks better. Vegetable Lard—While it is impossible to obtain statistics regarding the production and distribution of Vegetable Lard in the Philip pines, yet there is no doubt that this business has been on the upgrade for the past two years. During the period of high copra prices, however, the cost of this lard has increased to such an extent that retail prices have been out of the reach of the small consumer, and sales volume has declined radically since the first of the year. It is evident that Vegetable Lard, while a sub stantial business when prices are reasonable, is very much subject to price fluctuation and con sequent increase and decrease in demand. General—Predictions for the future of copra and oil prices are dangerous. We still hold to our belief that supplies will be short for Manila until the middle of the year, but will be consid erably better in Cebu. For the second half year we believe supplies will be adequate in both places, although Manila may be shorter than last year. The very weak tendency of the fats and oils in Europe is having its effect on local prices and we anticipate weak markets from now on to the middle of the year with oc casional little flurries of no particular impor tance. For the second half year, we anticipate low prices all around. Philippine copra producers and oil mills are watching with interest negotiations in Washing ton between the Commonwealth Government and the Government of the United States look ing toward the stabilization of trade relations between the two countries over the next ten years. Coconuts should play an important part in these discussions and the four million people in the Islands interested directly in the coconut industry have the right to have their problems seriously considered and solved in a manner which will allow them to continue to earn a livelihood. THE RICE INDUSTRY By PERCY A. HII.L of Munoz, Nueva Ecija Director, Rice Producer's Association Prices for both rice and palay have stif fened as predicted in last report. The offerings for luxury grades from P5.30 to 1*5.75 per sack of 56.5 kilos, with palay of that grade from P2.40 to P2.60 per cavan of 44 kilos. Macans bring from 1*5.20 to P5.60 with palay of that grade from 1*2.35 to P2.40. It may be that the increase is premature as the crop is pretty well disposed of by sales and deposits. There have been reports of the NARIC re ducing price offerings of palay mainly with the idea of disposing of such Saigon stocks as remain unsold. This taken with the buying of palay in distant regions of low production and high transportation charges, all go t o show that the Corporation faces the same identical problems as those faced by all business concerns engaged in the industry. One of the main problems to be solved by the NARIC is in the nature of the quantity x. This is what recovery can be expected for tne purchased cereal. This knowledge varies with the region of production, the variety of rice and the growing season and harvest—all in escapable factors—and which this year are entirely favorable. Upon the accuracy of the knowledge depends profit, or loss. Five thousand cavans of, say—Inapostol—produced in Tarlac will not yield the same recovery as an equal IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 45 amount produced in Nueva Ecija for example. A favorable seasonal growth in one section is ofteD offset by an unfavorable season in another dealing with the same varieties of palay. Gen eral averages are governed by many factors in attempting to apply general averages in any one ycar-crop, in guaging the net recovery. The variable factors apply in all countries as well as the Islands. In Siam the net recovery is placed as high as 70%, in Saigon, or rather Cholon stocks as 68%, and in the Islands it rarely averages 66% for the best grades falling as low as 52% on poor grades and poor seasons. There is a vast field of unacquired knowledge to be obtained in our foremost domestic industry, which the so-called scientists have simply ignor ed, probably thru sheer inability to realize any thing other than the alphabetical suffix and the monthly payroll. There is no data as to the thickness and thinless of the hull, or the effect of mineral fertilizers on the texture and content of the grain, or the vitamin increase that would seem to follow such application. Nor is any thing thought of but the 100 to 1 shot of pro duction by exotic varieties that rarely thrive under ordinary field conditions which exist here. The silly nomenclature of “rice-breeding” stations, or so-called experimental farms, whose product rarely comes up to that produced on adjoining lands cultivated by “ignorant” farm ers, are just painted mechanisms more or less, serving no useful purpose except for those on the pay-roll. The only remedy for this is to either produce results—or get out—an aphorism we opine that cannot be applied to present usages. Pl,315,939 Quiapo.................... — 152,300 San Miguel............ 16,038 13,640 Intramuros............. 32,500 5.000 Pandacan............... 1,613 — Sta. Mesa.............. — 14,400 1’2,383,287 Specie Bank Nets 7,500,000 Yen The 1936 semi-annual report July-December of the Yokohama Specie Bank, Ltd., shows a year’s net profit of Yen 17,458,920 inclusive of Yen 10,446,652 brought forward from the previous report. Yen 1,750,000 were added to reserve and a 10%dividend absorbing P5,000,000 declared, carrying Yen 10.708,920 forward to the credit of the next account. The report reflects the continuing prosperity of Japan’s marine commerce with which the Specie bankis so intimately associated. That home and garden which you always dreamed of— SAN JUAN HEIGHTS is the best place for it. New Steam Laundry Monserrat Enteq>rises Co. Ltd. are the company who at long last dare establishing a steam laundry in competition with the excellent ly managed one Manila already had, the Sanitary Steam Laundry. Monserrat’s is on the same street, too calle Arlegui. It is described as modern in every respect, the name, Silver Cross Steam Laundry. Monserrat’s main interest has been its Yellow Cab service, which expanded with purchase of the N. & B. Garage and Molina Truck into«a more general service. There’s a deal of service required from a laundry nble to hold the trade. With Manila households it’s always a toss-up whether to “send it out” or consign it to the mercy of the household lavandera. The latter usually wins, often at the household’s cost. No doubt the field for the laundry business expands because of the growing apartment-house and hotel trude. REAL ESTATE By P. D. CARMAN Addition Hills One very large sale in Santa Cruz puts the March total beyond that of any similar month since 1931. Even with out this sale the total exceeds March sales in 1932, 1934 and 1936. The first-quarter totals during the past five years were as follows: 1933 ................................................... P3,085,143 1934 .................................................. 3,223,239 1935 .................................................. 3,769,487 1936 .................................................. 3,604,043 1937 .................................................. 5,143,955 Sta. Cruz................. Sampaloc.................. Tondo....................... B inondo.................... San Nicolas.............. Ermita...................... Malate...................... Paco.......................... Sta. Ana................... Salta City o/ Manila February March 1937 1937 P 165,058 Pl,499,743 43.103 112,517 29,330 51,960 684,236 40,001 1,500 201,912 46,770 160,831 169,182 57,115 87,824 31,430 38,785 42,438 SAN JUAN HEIGHTS CO., INC. 680 Ave. Rizal P. O. Box 961 Tel. 2-15-01 MANILA IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 46 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 TOBACCO REVIEW By P. A. MEYER Rawleaf: The local market con tinued quiet during the month. Ship ments of tobacco scraps to the United States increased substantially. Comparativefigures of March shipments abroad are as fol lows: Rawleaf, Stripped Tobacco and Scraps Kilos Australia.............................................. 17,968 Belgium................................................ 3,665 China.................................................... 28,995 Holland..................... 6,120 Hongkong............................................ 10,140 Indochina............................................ 11,900 Italy..................................................... 596,754 Java...................................................... 420 North Africa....................................... 18,564 Straits Settlements............................. 1,416 United States..................................... 323,989 March, 1937....................................... 1,019,931 February, 1937................................... 2,400,021 March, 1936....................................... 172,792 January-March, 1937........................ 3,780,096 January-March, 1936........................ 4,099,200 Cigahs: Comparative figures of shipments to the United States are as follows: Cioars March, 1937................................... 14,793,718 February, 1937............................... 12,807,019 March, 1936................................... 16,022,918 January-March, 1937..................... 32,546,841 January-March, 1936..................... 38,410,167 MANILA HEMP By H. P. STRICKLER Manila Cordage Company There were some very interesting develop ments in the hemp market during the month under review. The American market was firm practically during the entire month, and the prices for Davao grades aDd for the higher Manila grades advanced steadily, and in some instances very materially. The market closed with the American market still firm, with good demand, especially the grades JI, S2 and above. The London and Japanese markets were quiet and uninteresting during the first half of March, but a steadier tendency and spotty demand became evident tow’ards the middle of the month, which promised a good demand for the medium and lower grades for April, May, June ship ments. Among the local markets, Davao was firm during the whole of the.month, and prices there advanced continuously in response to demand from the American market. The Manila and Cebu markets were quiet, with neither buyers nor sellers showing much interest in operating, excepting on the higher grades. Prices of Loose Fiber in Manila Per Picul February 28th March 31st CE E. >................. P30.50 ............ 26 50 CD E ................P32.00 9.Q on F. ................ 22.50 F.. .............. 24.50 I.. ................ 19 00 I 22 00 S2. ................ 18.50 S2. .............. 19 50 JI. ................ 16.50 JI. ............ 17.25 G. ................ 15.75 G. ............. 16.00 H. ................ 14.00 H.. .............. 14.00 J2. ................ 14.00 J2. .............. 14.25 K. ................ 13.75 K.. .............. 13.50 LI LI L2 ................ 12.00 L2. .............. 12.00 Prices of Loose Fiber in Davao Per Picul February 28th March 31st F. ................ P24.00 F.. .............. P26.50 I.. . . 22 50 I 24 00 S2. ............... 21.00 S2 .............. 23.25 JI. ................ 21.25 JI. .............. 22.50 G ................ 19.75 G. .............. 21.25 H. ................ 16.50 H. .............. 18.50 J2. ................ 19.50 J2. .............. 21.00 K ................ 17.25 K. .............. 19.25 China’s Importance {Continued from page 15) Domestic commerce will grow in propor tion to the growing population. Foreign com merce will grow by variation of products and the ability of the larger population to produce for exportation. America will buy what she requires from the Philippines, which is very much, on terms as good as she offers elsewhere. There will be commercial struggles, long and fierce—such as will be precipitated w’hcn the independent Philippines attempt to establish their own merchant marine. Just as China pays dearly for every step of her own in this direction, so will the independent Philippines. It will be problematical how long they maintain their independence, since they may well be the subject of oriontal war—even world war. Some will like to take their chances in the motley Philippines born of the period of heavy immigration. Some will not. Many, surely, will sell out to the new-comers. For the great mines, for example, there are standing Japanese orders right now. It is in the cards that nu merous other great mines be developed soon, at least to the point of fine promise, and there will be offers for these as well. When Chinese come to the independent Philippines, and acquire citizenship—or thousands now’ here acquire citizenship—planters will have their chance to sell. The only w’ay for the Philippines, as the world know’s them, to continue in w’ays they nowknow, ensconced in western culture and with the West concerned for their welfare, is for them to retain their tenuous political association with the United States. Tenuous as it is, it yet serves to keep the country in the hands of its native peoples; and if the country develops slowly, yet it develops as these people’s own heritage. As to the depression of the stock market and realty values, and the anxiety of business and banking evoked by the Quezon-Sayre statement that the independent Philippines may be upon us next year or the year after, let the depressed count this as quite impossible until China’s will re specting migration of her people to the Philip pines (as an independent country) is satisfied by nondiscriminatory legislation. China’s di plomacy is resilient, but it will never yield so much as to hand over this country to Japan on golden salvers. The moment the Commonw’ealth is abandon ed, the Powers with interests in and around the Philippines gain their day in court. The ques tion no longer remains a question merely be tween Washington and Manila. It becomes eminently international. China’s interest must, naturally, be paramount. No other country’s is so old, large, and socially ingrained, and none so readily asserted and defended under the sheer laws of justice.—Walter Robb. Among The Mines In charge for San Agustin Mines, Inc., permit recently granted by SEC, is Henry B. Parfet whom the secretary manager, Joaquin Herrerias, says had had extensive experience in South Amer ica. The property is 20 Iodo claims at Bakun, Mt. Province, adjacent to Gold Star, Palidan-Suyoc, Suyoc Con solidated. General exploration is in progress and tunnels have been begun. Since August last year the chromite property of Arsenio Luz and associates in the Filipinas Mining Corporation has been under operating contract with Marsman & Co. The property lies in the jurisdiction of Guisguis, Santa Cruz, Zambales. It comprises 180 claims. Of P200,000 authorized capital, P160,000 is paid up. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 47 Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Address Par Value Nieco Mining..................................... L. J. Coote, Pres. S. J. Wilson, Vice-Prcs. 9-29-36 40,000 40,000 Paracale, Cam. Norte 601 Escolta, Manila .10 North Camarines Gold.................... J. A. Araneta, Pres. R. S. Springer, Vice-Pres. 9-25-34 400,000 180,500 Paracale, Cam. Norte 4 F. Soriano Bldg., Manila .10 North East Mindanao..................... N. G. Escario, Pres. A. Borromeo, Vice-Pres. 10-10-36 250,000 73,000 Surigao, Surigao Regina Bldg., Manila .01 North Mindanao............................... M. Borromeo, Pres. A. M. Opisso, Vice-Pres. 800,000 113,250 Agusan and Surigao 51 Escolta, Manila .10 North Star Syndicate....................... F. H. Myers, Pres. 3-1-34 400,000 110,640 Atok, Mt. Prov. P. O. Box 591, Manila A .10 B 1.00 Northern Agusan Mining Dev. . .. G. Z. Villanueva, Pres. F. Quimpo, Vice-Pres. 10-14-36 2,000,000 132,300 Cabadbaran, Agusan 329 Crystal Arcade, Manila .01 Northern Itogon................................ M. C. Pena, Pres. 12-8-36 400,000 20,000 Itogon, Mt. Prov. 304 Samanillo Bldg., Manila .01 Northern Makawiwili Mines........... F. Feria, Pres. J. Eduque, Vice-Pres. 10-13-36 500,000 27,525 Baguio, Mt. Prov. 306 Cu Unjieng Bldg., Manila .01 Northern Mining and Dev.............. J. Canson, Pres.; A. G. Bellis and R. T. Fitzsimmons, Vice-Pres. 1-17-34 750,000 725,000 Cam. Norte, Tayabas P. O. Box 549, Manila .10 Natilis Chromite............................... 10-27-36 250,000 62,500 .10 National Manganese Corp............... A. P. Navarro, Pres. J. A. Stewart, Vice-Pres. 2-23-37 2,000 Shares 2,000 Piddig, Ilocos Norte 702 Heacock Bldg., Manila No Northern Uocos Mining Expl......... V. T. Fernandez, Pres. 8-27-35 250,000 82,500 Burgos and Bagin, Ilocos Norte 51 Escolta, Manila .10 National Gold................................... 2-18-32 50,000 National Iron..................................... J. Salgado, Pres. A. Rivera, Vice-Pres. 3-20-37 100,000 50,000 Island of Manicani Samar 227 David, Manila .10 Occidental Mining and Dev........... 10-22-36 20,000 1,000 1.00 Old Buhi Gold Mines...................... R. Magalona, Pres. P. Esteban, Vice-Pres. 1-12-37 50,000 Shares 12,500 Sta. Cruz, Cam. Norte 322 Heacock Bldg., Manila 50.00 Orion Mining Co.............................. M. P. Lichauco, Pres. J. Eggeling, Vice-Pres. 8-14-36 250,(MX) 1(M),000 Surigao 302 B. Roxas Bldg., Manila .10 Oriental Placer................................... 1-26-34 80,000 Dead Olympic Mining...’........................... 9-21-36 200,000 Padcal Mines..................................... 7-26-33 100,000 80,000 Mt. Prov. Soriano Bldg., Manila 1.00 Palan Mines....................................... C. M. Hoskins, Treas. 9-29-36 3,000 Shares 175 185 David, Manila No Palidan Suyoc Deep Level............. Geo. C. Dankwerth, Pres. A. L. Velilla, Vice-Pres. 7-17-36 1,750,000 500,000 Suyoc, Mt. Prov. Insular Life Bldg., Manila .10 Pampanga Gold Mines.................... Emilio Montilla, Pres. 1,500,000 100,000 Florida Blanca, Pamp. 208 Uy Yet Bldg., Manila .10 Panagma Suyoc Gold....................... John Gordon, Pres. 11-27-36 3,000 Shares 15,000 Suyoc, Mt. Prov. 227 David, Manila No Paracale Amalgamated Mines........ M. V. Gallego, Pres. A. Elizalde, Vice-Press. 8-12-34 500,000 84,288 Labo, Cam. Norte 118 T. Pinpin .10 Paracale Balitok Mining Expl. . . T. V. Gomez, Pres. I. Santos, Vice-Pres. 10-30-36 200,000 10,000 Cam. Norte, Pangasinan Zam bales 308 Fernandez Bldg., Manila .01 Paracale Daguit Gold Mines.......... W. Q. Vinzon, Pres. M. M. Kalaw, Vice-Pres. 9-21-36 1,000,000 165,455 Paracale and Mambulao, Cam. Norte 441 San Vicente, Manila .01 Paracale de Oro Mining Synd. . .. L. C. Moore, Pres. P. Diaz, Vice-Pres. 11-11-36 10,000 500 Paracalc, Cam. Norte 456 Dasmarinas, Manila .01 Paracale Gold.................................... A. Chicote, Pres. J. R. Reed, Vice-Prcs. 7-9-34 1,200,000 525,055 Paracale, Cam. Norte 124 T. Pinpin, Manila .10 Paracale Gumaus Cons.................... W. W. Harris, Pres. P. A. Meyer, Vice-Pres. 1-25-34 500,000 332,272 Paracale, Cam. Norte 4th Floor, Heacock Bldg., Manila .10 Paracale Malacbang Gold............... 12-28-36 250,000 12,500 Paracale, Malacbang, Cam. Norte 213 Cu Unjieng Bldg., Manila .01 Paracale Mining Dev....................... J. Cojuangco, Pres. V. Panlilio, Vice-Pres. 5-21-35 2,000,000 338,157 Paracale, Cam. Norte 64 Escolta, Manila .01 Paracale Syndicate Mines................ Paracale-Tigbi................................... 10-20-36 10-7-36 500,000 1,600,000 25,000 411,500 Cam. Norte Cam. Norte 407 Fernandez Bldg.; Manila .01 .01 Paracale Tumbaga............................ G. Z. Villanueva, Pres. V. Albano Pacis, Vice-Pres. 10-10-36 1,000,000 89,300 Cam. Norte Sta. Cruz Bridge, Manila .01 48 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 Names of Mining Companies Date of Registration Authorized Capital Capital Date cf Property Main Office Address Par Value Paragons Exploration....................... 5-3-34 250,000 A. F. Gonzales, Pres., E. R. de Pascual, Vice-Pres. 30,000 Norzagaray, Bulakan 407 Fernandez Bldg., Manila .10 Payacol Exploration......................... 11-11-35 1,000 50 Iloilo 1.00 Peninsular Mining............................. 1,000,000 50,750 Cam. Norte and Tayabas P. O. Box 1709, Manila .10 Phil. Amalgamated Mines............... 8-28-36 400,000 A. G. de los Santos, Pres., J. Manahan, Vice-Prcs. 304,500 Bontoc, Mt. Prov. 303 Crystal Arcade, Manila .10 Phil. Dorado...................................... 11-13-34 P. Mapa, Pres. S. Araneta, Vice-Pres. 2,000,000 585,000 Itogon, Mt. Prov. 5 F. Soriano Bldg., Manila .10 Phil. Gold Mines............................... 7-14-34 25,000 5,000 Insular Life Bldg., Manila 1.00 Piddig Gold....................................... 12-23-36 F. Varona, Pres., S. Celestino, Vicc-Pres. 300,000 15,000 Piddig, Ilocos Norte 4 F. Arias Bldg., Manila .01 Placer Operating Corp..................... A. W. Ralston, Manager 3-29-33 10,000 10,000 Mt. Prov. 1.00 Pokad Mines..................................... D. Alunan, Treas. 9-29-36 300,000 15,000 4 F Wise Bldg., Manila .01 Premier-Pili......................................... E. Osmena, Pres., J. H. Renner, 10-19-36 Vice-Pres. 1,500,000 125,250 Pili, Sogod, Surigao Juan Luna St., Cebu, Cebu .10 Prosperity Placer.. . .......................... P. D. Dulay, Pres. 10-25-33 40,000 40,000 Mt. Prov. P. O. Box 188, Baguio 1.00 Prudential Mining............................. A. M. Opisso, Pres., J. Araneta, 11-14-35 Vice-Pres. 1,000,000 851,925 Mt. Prov. and Or. Misamis 5 F. Samanillo Bldg., Manila .10 Pugo Mining...................................... 3-8-33 £. Mapua, Pres., J. M. de Santos, Vice-Pres. 300,000 278,663 Bcnguet, Mt. Prov. P. O. Box 3080, Manila .10 Payas Manganese............................. 8-3-35 S. Espiritu, Pres., F. K. Schnitzler, Vice-Pres. 300,000 135,000 Burgos, Ilocos Norte 959 Ongpin, Manila .10 Phil. Chromite................................... B. H. Silen, Pres., J,. Fuentebella 10-28-33 , Vice-Pres. 300,000 50,000 Lagonoy, Cam. Sur 114 T. Rinpin, Manila .10 Phil. Expl. and Dev......................... 1-6-37 50,000 10,000 Masonic Temple, Iloilo 100.00 Phil. Iron Mines............................... 2,000,000 Com. W. J. Shaw, Pres., A. Soriano, Vice-Pres. 400,000 Pref. 2,000,000 C. 400,000 Pref. Cam. Norte 511 Chaco Bldg., Manila Phil. Manganese............................... 1-7-37 R. V. Ramos, Pres., G. Z. Villanueva, Vice-Pres 200,000 10,000 Burgos, Ilocos Norte 323 Crystal Arcade, Manila .01 Phil. Mineral..................................... 4-13-35 A. B. Trinidad, Pres., F. S. Torralba, Vice-Pres. 500,000 132,005 Zambales, I. Norte, Pangasinan 64 Escolta, Manila .01 Philippine-Nippon............................. Pio Duran, Pres. 12-18-36 225,000 11,250 Busuanga, Palawan 210 Cu Unjieng Bldg., Manila 1.00 Pilar Copper....................................... E. Montilla, Pres. 9-20-34 600,000 285,000 Pilar, Capiz 208 Uy Yet Bldg., Manila .10 Pilba Mines....................................... 10-5-36 500,000 25,000 Iloilo, Iloilo .01 Peninsular........................................... 10-29-35 1,000,000 Pennsylvania Oil Co......................... 9-6-35 250,000 Phil. Mines Synd.............................. V. Arias, Manager 19-22-33 100,000 100,000 Arias Bldg., Manila 1.00 Quartz Hill......................................... 9-18-36 O. E. Hart, Pres., T. Pritchard, Vice-Pres. 2,000 Shares 5,000 Atok, Mt. Prov. P. O. Box 559, Manila Non Par Rainbow Exploration....................... 11-11-35 1,000 50 1.00 Rajah Lahuy..................................... 12-10-36 4,000 Shares 4,000 Island of Lahuy, Cam. Norte China Bank Bldg., Manila No Rapu Rapu Cons. Mines................ 9-9-36 2,000 Shares 4,000 Rapu Rapu, Albay Regina Bldg., Manila No Rapu Rapu Gold.............................. A. M. Lustre, Treas. 9-3-36 1,000,000 88,000 Rapu Rapu, Albay 456 Dasmarinas, Manila .10 Rio de Oro......................................... 10-30-36 1,000,000 50,000 .01 Rio Grande Mines............................ C. de Guzman, Treas. 10-12-36 500,000 25,000 178 Juan Luna, Manila .01 Rio Verde........................................... 6-21-34 J. M. Crawford, Pres., H. B. Pond, Vice-Pres. 10,000 Shares 282,850 Iponan Valley, O. Misamis 307 N.C.B. Bldg., Manila No Royal Goldfields............................... 1-8-37 300.000 15,000 Damortis, La Union 202 Uy Yet Bldjr.. Manila .01 Salacot Mining.................................. A. W. Ralston, Pres., Carl Hess, 11-28-33 Jr., Vice-Pres. 2,400,000 2,400,000 Norzagaray, Bulacan P. O. Box 1525, Manila .10 Samar Mining................................... 2-25-37 1,000,000 125,500 Elizalde Bldg., Manila .10 San Agustin Mines........................... C. Revilla, Pres., A. B. Montilla, 12-7-36 Jr., Vice-Pres. 500,000 25,000 Benguet, Mt. Prov. 226 Samanillo Bldg., Manila .01 San Alfredo........................................ 1-21-37 20,000 1,000 212 Regina Bldg., Manila .01 San Andres.................. .................... J. Aligaen, Treas. 11-10-36 4,000 Shares 4,000 405 China Bank Bldg., Manila No San A. de Padua Gold Mines........ 1-21-37 R. Corpus, Pres., L. Weinzheimer, Vice-Pres. 400,000 40,000 Baguio, Paracale and Pangasinan 101 Plaza del Conde, Binondo, Manila .10 San Antonio....................................... 11-4-36 4,000 Shares 4,444 Paracale, Cam. Norte No San Antonio Dev.............................. 11-11-36 100,000 5,000 San Benito Gold Mines................... 1-21-37 20,000 1,000 .01 San Isidro........................................... E. de la Rama, Pres., A. Padilla, 11-14-36 Vice-Pres. 500,000 25,000 Mainit, Surigao Iloilo, Iloilo .10 San Jacinto......................................... 10-7-36 600,000 111,250 Bued River, Pangasinan c/o E. D. Rufino, State Theater Bldg., Manila .01 San Joaquin Abra............................. 10-29-36 J. G. Mondragon, Pres., G. La O, Vice-Pres. 300,000 30,000 Lacub, Abra 915 A. Mabini, Manila .01 San Mateo Gold............................... E. A. Picazo, Treas. 500,000 55,000 San Mateo, Riaal 304 Brias Roxas Bldg., Manila .10 April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 49 6F Heacock Bldg., Manila Names of Mining Companies Relation Authorized Capital Capital Paid to Date Location cf Property Main Office Address Par Value San Mauricio Luklukan... ............. 9-23-36 6,000 Shares 30,000 Paracale, Cam. Norte 503 Samanillo Bldg., No A. M. Opisso, Pres., R. Alunan, Vicc-Prcs. Manila San Mauricio Mining....... ............. 1-24-34 800,000 800,000 Mambulao, Cam. Norte P. O. Box 297, Manila .10 J. H. Marsman, Pres., A. Bcckcrlcg, First Vicc-Prcs. San Rafael Mambulao.. .. ............. 9-29-36 400,000 20,650 Mambulao, Cam. Norte 315 Samanillo Bldg., Manila .01 L. Brias, Pres., M. V. Gallego, Vice-Pres. San Remigio....................................... San Sebastian..................... ............. 9-9-36 2,000 Shares 3,750 Paracale, Cam. Norte 225 Crystal Arcade, No S. A. I’rcsby, Pres. Manila Santa Barbara................... 1,000,000 250,000 Mambulao, Cam. Norte 401 P.N.B. Bldg., Manila .10 M. M. Morgan, Pres. Santa Cecilia...................... ............. 9-18-36 1,000,000 125,000 Ragay, Cam. Sur and 401 Samanillo Bldg., .01 R. Alunan, Pres., J. Araneta, Vice-Pres. Mindoro Manila Santa Cruz Mambulao.... .............. 9-25-36 1,000,000 62,500 Cam. Norte, Zambales 405 China Bank Bldg., .01 Walter Robb, Pres. Manila Santa Mafia Dev.............. ............. 5-24-33 20,000 5,400 Santiago, Isabela Echague, Isabela .01 J. M. de Bonilla, Pres., J. P. Bayana, Vice-Prcs. Santa Monica Goldfields.. ............. 11-20-30 500,000 25,000 Benguet, Mt. Prov. 303 P.N.B. Bldg., Manila .01 E. Gasion, Pres., L. M. Guinto, Vice-Pres. Santa Monica Gold Mines .............. 11-14-36 50,000 55,725 Benguet, Mt. Prov. 407 P.N.B. Bldg., Manila .01 Santa Rosa......................... 6-1-34 1,500,000 500,000 Cam. Norte Encarnacion Bldg., Plaza .01 V. S. Encarnacion, Pres., G. P. Nava, Vice-Prcs. Moraga, Manila Santo Nino......................... 100,000 25,000 Paiacale, Cam. Norte 311 P. Samanillo Bldg., .10 R. Ongsiako, Pres., M. V. Gallego, Vice-Pres. Manila Shevlin Gold....................... .............. 8-31-33 100,000 100,000* Tublay, Benguet Baguio, Mt. Prov. 1.00 E. W. Herold, Pres., E. A. Shevlin, Vice-Pres. Sinibaran Goldfields......... .............. 10-23-36 4,000 4,000 Does not own any Lack AjDavis Bldg., .oi Southern Agusan................ property Manila || Agusan 414 Arias Bldg., Manila .10 200,000 . 100,000 llagan, Benguet Southern Cross................................... 5-24-33 R. P. Flood, Pres., C. Whitney, Vice-Prcs. Southern Luzon Expl. 2-8-34 10,000 525 Southern Paracale............................. 9-4-36 M. M. Kalaw, Pres., F. H. Diehl, Vice-Pres.________________ Southern 73 Gold Hill..................... 11-21-36 4,000 Shares G. Garcia, Vice-Prcs., A. D. Tanner, Pres.__________________ Sultan Lahuy..................................... 12-12-36 4,000 Shares 450,000 c/o H. Fielding, _________________________________521 Penafrancia, Manila 22,500 Paracale, Cam. Norte 408 P.N.B. Bldg., Manila 8,000 Benguet, Mt. Prov. 216 Carriedo, Manila .10 .01 No Surigao Bulawan............................... 1-8-37 A. Camasura, Pres., I. S. Reyes, Vice-Prcs. Surigao Cons...................................... 8-28-35 O. F. Weber, Pres., W. F. Gemperle, Vice-Pre6. Surigao de Oro.................................. 10-15-35 S. Zaragoza, Pres. Jose Ozamis, Vice-Pres._____ Surigao Oriental Mines.................... 10-12-36 C. de G. Alvear, Pres., R. Martines, Vice-Pres. Surigao-Oroc Mines........................... 11-14-36 Surigao-Suyoc..................................... 10-10-36 W. F. Gemperle, Pres., O. F. Weber, Vice-Pres. 4,000 Island of Lahuy, Cam. Sur China Bank Bldg., Manila No 2,000,000 102,375 Masgad, Surigao 1,200,000 800,000 Surigao 1,000,000 75,000 Surigao 1,500,000 382,960 Surigao 100,000 5,000 Surigao 400,000 400,000 Surigao Wise Bldg., Manila P. O. Box 46, Iloilo Insular Life Bldg., Manila 217 Regina Bldg., Manila P. O. Box 46, Iloilo .01 .10 .01 .01 .01 Surigao Wakat Gold............... J. S. Consing, Treas.______ Suyoc Bauko............................ A. G. Reyes, Treas._______ Suyoc Consolidated................. Amos G. Bellis, Pres. Benj. S. Ohnick, Vice-Pres. 11-28-36 9-24-36 9-27-33 100,000 350,000 5,000 Surigao 87,500 Suyoc, Mt. Prov. 1,250,000 1,250,000 Suyoc, Mt. Prov. 212 Ysmael & Sons Bldg., Echague, Manila_______ P. O. Box 297, Manila .01 .01 .10 1,000,000 Suyoc Kula Mines........................... 1-21-37 20,000 Shares H. Sevilla, Pres.. J. Pineros, Vice-Pres. 50,250 Ilocos Sur, Mt. Prov. 322 Crystal Arcade, Manila_______________ 406 P.N.B. Bldg., Manila 5,000 Suyoc, Mt.. Prov. .01 No Suyoc-Marapudo Mining Expl........ 10-27-36 F. Santamaria, Pres., O. B. Clarin, Vice-Pros. Southern Island................................. 5-2-35 E. de la Rama, Pres., A. Padilla, Vice-Prcs. Southern Mines....................... 10-24-36 Sulu Copper... *................................... 9-22-36 Surigao Iron Mines............................... 1-28-37 Jose Ray, Pres., Ong Hin Liong, Pres.______ Solano Oil.............................................. 5-16-35 Sulo Oil............................................... 10-31-35~ Tagumpay Mining................................ 10-3-34 ~J. T. Santos, Pres., T. del Rio, Vice-Prcs. 300,000 500,000 200,000 400 Shares 500,000 15,000 Ilocos Sur, Pangasinan 408 Arias Bldg., Manila 127,000 Calubian, Leyte 10,625 2,000 Sulo____________ 25,000 Hinituan, Surigao .01 Iloilo, Iloilo .10 Kneedler Bldg., Manila 465 Araneta Bldg., Manila .01 No .01 Takip Placer................. Tambis Gold Dredging.................... H. Gasser, Pres., C. J. Martin, Vice-Pres. 9-24-34 10,000 1,000_______________________________________________________ 500,000 209,838 Norzagaray, Bulakan Arias Bldg., Manila 10,000_________________ 400,000 309,505 Tambis, Surigao .10 Pangasinan Lingayen, Pangasinan P. O. Box 414, Cebu City .10 .10 Tangawan Gold Cave Synd............ 600,000 301,000 Mt. Prov. Mrs. L. Ahrendtscn, Pres., C. P. Geronimo, Vice-Pres._____________________________ Tapi-an Surigao Gold Mine. J. Soriano, Pres. 10-30-36 1,500,000 75,000 Mainit, Surigao ‘August 31, 1936—1*60,000 cash; P40.0C0 Property 519 Estero Cegado and 957 Ongpin, Manila 111 A. Flores, Ermita, Manila 5.00 .10 50 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 t WOO cash; ^599,500 in mining claims Names of Mining Companies Date of Registration Authorized Capital Capital Paid to Date Location of Property Main Office Address Par Value Tayabas Gold.................................... 300,000 P. Burgos, Tayabas .10 Tayabas Mining................................ Edie Levy, Treas. 10-13-36 300,000 20,625 Tayabas and Cam. Norte 401 Fernandez Bldg., Manila . 10 Tierra de Oro.................................... G. Z. Villanueva, Pres. 10-23-36 2,000,000 100,000 Abra Ysmael Bldg., Echague, Manila Ti Tigbi Exploration............................. I. Beck, Pres. H. A. Naftaly, Vice-Pres. 9-24-36 350,000 148,100 Paracalc, Cam. Norte 118 T. Pinpin, Manila Tib Tinago Consolidated Mines............ L. R. Nielson, Pres. L. J. Coote, Vice-Pres. 3-9-36 1,000,000 50,000 Masbate 601 Escolta, Manila Tio Tinga Gold......................................... P. D. Carman, Pres. 11-11-35 600,000 600,000 f Paracale, Cam. Norte 210 Arias Bldg., Manila To Tiyaga Mining................................... A. G. de los Santos, Pres. E. Ricafort, Vice-Pres. 12-26-34 250,000 129,402 Mankayan, Mt. Prov. 303 Crystal Arcade, Manila To Treasure Island................................. 12-7-36 2,500 Shares 2,500 China Bank Bldg., Manila No Triple Peak........................................ D. Casitas Diaz, Treas. 40,000 3,100 1570 Arellano Ave., Manila .10 Tuba Exploration and Mining....... Robert C. Peyer, Treas. 1,000 Shares 4,550 Mt. Prov., Cam. Norte 402 P.N.B. Bldg., Manila No Tuban Mining................................... J. W. Ferrier, Pres. 8-28-33 100,000 42,801 Mt. Prov. c/o J. W. Ferrier, Insular Life Bldg., Manila 1.00 Twin Rivers Gold............................. T. del Rio, Pres. V. Aldanese, Vice-Pres. 6-29-36 1,000,000 125,000 Benguet, Mt. Prov. 703 S. Fernando, Manila .10 Tinguran Gold Mines....................... A. de la Riva, Pres. A. Chicote, Vice-Pres. 11-16-34 140,000 41,125 Lacub, Abra P. O. Box 1462, Manila .10 Tres Estrellas Expl........................... A. L. Escueta, Pres. R. E. Northrop, Vice-Pres. 2-19-37 500 Shares 1,000 Labo, Cam. Norte 507 P.N.B. Bldg., Manila No Ukab Mining..................................... C. O. Bohanan, Pres. A. G. Bellis, Vice-Pres. 9-12-34 37,500 37,500 Itogon, Mt. Prov. Wise Bldg., Manila 10.00 Union Mines........................... R. F. Navarro, Pres. P. S. Carriedo, Vice-Prcs. 12-1-34 100,000 100,000 Kalinga, Mt. Prov. 105 Santos Bldg., Manila To United Exploration and Dev.......... 1-23-37 10,000 660 504 Fernandez Bldg., Manila 1.00 United Paracale................................. E. E. Wing, Pres. A. Beckerleg, First Vice-Pres. 10-16-33 1,100,000 1,100,000 Paracale, Cam. Norte P. O. Box 297, Manila .10 Universal Exploration....................... John Gordon, Pres. A. G. Bellis, Vice-Pres. 10-4-33 600,000 596,661 Maliit, Cam. Norte 227 David, Manila ?io Urbano General................................. J. B. Urbano, Pres. G. Goyena, Vice-Pres. 1-6-37 500,000 25,000 Paracale, Cam. Norte 512 P.N.B. Bldg., Manila .01 Union Chromite......... B. Gococo, Treas. 9-4-36 150,000 7,500 Tarlac and Zambales 401 Cu Unjieng Bldg., Manila Ti United States........................ 2-24-37 1,000 200 .01 Valley Placer..................................... T. J. Wolff, Pres. 8-29-36 1,000,000 250,000 Pangasinan Soriano Bldg., Manila .10 Virac Exploration............................. P. A. Schwab, Pres. I. Yaptinchay, Vice-Pres. 10-18-33 450,000 Mt. Prov. .10 Visayan Minerals.............................. B. D. Dillow, Pres. T. V. Vargas, Vice-Pres. 10-5-26 20,000 Shares 15,000 Antique and Surigao Montinola Bldg., Iloilo City ' No Wabig Mining.................... M. M. Morgan, Treas. 12-11-36 200,000 10,000 1.00 We6t Surigao Gold......................... B. Jalandoni, Pres. 10-20-36 1,500,000 75,000 Surigao 706 A. Mabini, Manila .10 West Suyoc...................................... M. F. Occena, Pres. 1-7-37 300,000 15,000 Suyoc, Mt. Prov. 302 Kneedlcr Bldg., Manila .01 Zigzag Gold...................................... J. Canson, Pres. H. Sevilla, Vice-Pres. 8-17-34 125,000 100,000 Baguio, Mt. Prov. 456 Dasmarinas, Manila .10 Zamboanga Mining & Expl........... R. E. Holmes, Treas. 9-11-33 100,000 40,110 Bolong, Zamboanga c/o J. R. Mcfie, Kncedler Bldg. .10 Zambales Chromite......................... H. A. Wendt, Tjeas. 5-16-35 1,000,000 403,200 Sta. Cruz, Zambales 114 T. Pinpin, Manila .10 Zambales Consolidated................... J. C. Sebastian, Treas. 9-28-36 100,000 18,350 Zambales .01 Argonaut Mines............................... A. K. Doe, Pres. A. L. Escueta, Vice-Pres. 1-8-37 1,000 Shares 250 Hinatuan, Surigao 507 P.N.B. Bldg., Manila No April, 1937 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 51 Commodity Canton (Low Grade Cordage Fiber) Cigars (Number)................................... Coconut Oil............................................ Copra Meal............................................. Cordage.................................................... Desiccated and Shredded Coconut. . Embroideries........................................... Hats Number.......................................... Knotted Hemp...................................... Leaf Tobacco.......................................... Lumber (Cu. M.).................................. Maguey.................................................... Pearl Buttons (Gross)......................... Other Products. Total Domestic Products. .. United States Products........ Foreign Countries Products. Grand Total. PRINCIPAL IMPORTS January 1937 Value PRINCIPAL EXPORTS January 1937 Quantity Vniue % Quantity 0.7 10.0 6.2 0.9 0.5 0. 0.7 1.0 0.2 49.6 13.2 P25,603,231 99.6 77,918 " " 20,016 P25.767.765 January 1936 Value 0.3 0. 1 Monthly average for 12 months previous to January, 1937 Value % Monthly average for January 1936 12 months previous to January, 1937 Value % Value % 36,330 12,492,286 4,207 649,999 4,583 .< 2,509,216 • 49,065 73,064,53011 1 7 12 1 0 2 3 0 12 6 2 6 0 6 1 0 1 0 44 10 0 6 2 7 6 7 P22.741.343 CARRYING TRADE IMPORTS 3.2 3.1 0.4 12.6 1.7 1.3 0.8 0.2 45.6 5^3 o'.i Automobile........................ Automobile Accessories.. Automobile Tires............. Books and Other Printed Matters........................... Breadstuff Except Wheat Flour............................... Cacao and Manufactures Except Candy.............. Cars and Carriages......... Chemicals, Dyes, Drugs, Etc................................... Coal..................................... Coffee Raw and Prepared Cotton Cloths................... Cotton All Other............. Dairy Products................. Diamond and Other Pre cious Stone unset.... Earthern Stone and ChinaEggs and Preparation of.. Electrical Machinery.. .. Explosives.......................... Fertilizers........................... Fibers, Vegetables and Manufactures of.......... Fish and Fish Products. Fruits and Nuts.............. Gasoline............................. Glass and Glassware .... India Rubber Goods.. .. Instruments and Appara tus not Electrical........ Iron and Steel Except Machinery..................... Leather Goods.................. Machinery and Parts Of.. Meat Products................. Oil, Crude..................... . Oil, Illuminating.............. Oil, Lubricating............... Other Oils, Animal. Min eral and Vegetable.... Paints, Pigments Varnish, Etc................................... Paper Goods, Except Books.............................. Perfumery and Other Toilet Goods................. Rice..................................... Shoes and Other FootSilk Artificial.................... Silk Goods, Natural. . .. Sugar and Molasses........ Tobacco and Manufac tures of........................... Vegetables.......................... Wax..................................... Wheat Flour..................... Wood, Reed, Bamboo and Rattan............................ Woolen Goods.................. Other Imports.................. 88.533 33,944 93,909 301,866 Grand Total. 1 0 0 7 0 7 0 0 6 2 2 0 1 6 2 7 0 0 2 0 3 3 3 2 1 0 7 0 7 2 0 13 9 9 1 0 4 134,432 133.647 71,855 43,748 153,901 51,242 78,171 1,500,426 P19.040.253 2 0 0 7 0 7 0 0 2 1 0 10 5 3 7 5 7 8 9 8 0 0 2 0 2 2 2 2 2 1 0 0 6 0 2 9 0 0 8 2 0 9 0 0 0 0 2 8 3 1 0 3 0 0 7 3 9 3. 0.9 1.4 0.9 105,575 76,988 ‘ 122,845 87,494 61,904 87,555 377,638 124,928 489,553 54,347 273.320 207,017 70,731 29,487 P16.854.362 0.6 0.4 0.7 2.7 1.0 0.1 9.2 5^9 4.0 0. o:9 2.1 1.4 2.9 0.7 0.8 0.4 1.0 1.0 0.5 0.9 2.2 0.7 January 1937 Nationality of Vessels January 1936 Monthly average for 12 months previous to January, 1937 American. . British........ Chinese. .. Danish........ Dutch......... Fronch........ German.. .. Italians .. .. Japanese... Norwegian. Panaman.. Philippines . Swedish. .. By Freight. Aircraft....... By Mail. .. Total. Value P2,427,983 5,391,000 159,355 624,817 864,660 Value % 35. 40 3 5 1 3 7 9 Value 34.4 31.8 0.8 2^4 5.9 0 0 12 7 0 0 2 2 2 P13,093,339 96 2,462 538,497 3 P13.634.298 965,104 100,483 70,283 5 0 2 5 3 3 9 3 0 1 P18,574,305 97 9 P19.040.253 EXPORTS January 1937 ^Nationality of Vessels American. . British........ Chinese. .. Danish.. .. Dutch........ French........ German .. .. Greeks........ Italians .. .. Japanese. .. Norwegian. Panaman... Philippines. Spanish. .. Value 277,790 248,132 7,506,560 1,686,387 2,819 (k 2 8.8 7^8 1.8 Oil 0.6 6 P16,466,745 99. 8 508 4 387,109 P16.854.362 0.2 Monthly average for January 1936 12 months previous to January, 1937 Value 0.9 0.4 7.9 1.2 1. 690,784 28 19 8 9 2 6 24 11 2 Value 2.0 0.9 0.6 176,119 0 9 149,931 195,571 By Freight.................. . .. P23.609.188 91.6 P19.104.350 99.6 P22.615.251 99.4 Aircraft......................... 21 By Mail....................... 2,158,577 8.4 73,074 0.4 126,071 0.6 Total..................... . .. P25,767.765 P19,104,360 P22.741.343 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES January 1937 January 1936 Monthly average for 12 months previous Countries to January, 1937 Value % Value % Value % 0.4 0.5 7. 1 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES Ports January 1937 January 1936 Cebu............... Davao............. Iloilo............... Manila............ Zamboanga. .. Total. .. . Jost Paflgumb Value Value Monthly average for 12 months previous to January, 1937 Value 0.6 P38.144.613 3.9 16.2 P 5,531,163 14. 1,548,165 3. 7,344,154 18. 43,676 0. 1,100,186 2. 23,663,616 59. 364,745 Q, P39.595.705 United States........... United Kingdom. .. Australia.................... Austria..................... Belgium..................... British East Indies. Canada..................... China........................ Denmark.................. Dutch East Indies. French East Indies. Germany................... Hongkong................ Italy.......................... Japan........................ Japanese-China.... Netherlands............ Norway..................... Sweden..................... Switaerland.............. Other Countries. .. 70 0 2 6 9 9 9 9 9 2 0 0 2 0 0 Total. .. . P39.402.063 P38,144,643 71.5 6 P28.315.102 4 1,133,534 ' 464,308 8,209 291,060 404,824 307,463 011,700 106,206 338,348 443,499 357,289 893,792 198,336 208,263 1,609,567 27,989 761,442 49,089 164,737 391,062 104,123 88,647 317,282 5 7 2 6 0 7 3 9 0 3 9 0 2 3 2 1 0 0 0 0 1 2 3 2 5 P39.595.705 0.7 1.0 0.8 1.5 0.3 0.9 1.1 0.9 2.3 0.5 0.5 9.1 52 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 RAIL COMMODITY MOVEMENTS By LEON M. LAZAGA Traffic Manager, Manila Railroad Company The volume of commodities received in Manila during the month of March 1937, via the Manila Railroad Company, are as follows: Rice, cavanes. 249,354 Sugar, piculs.................................. 837,066 Copra, piculs................................. 27,478 Desiccated Coconuts, cases......... 31.280 Tobacco, bales.............................. 93 Lumber, board feet....................... 150,509 Timber, kilos................................. 1,431,000 The freight revenue car loading statistics for four weeks ending March 27, 1937, as compared with the same period of 1936 are given below: FREIGHT REVENUE CAR LOADING COMMODITIES NUMBER OF FREIGHT CARS tFo’S bDee™a*°T 1937 1936 1937 1936 Cars Tonnage Rice.............................................. Palay............................................ Sugar............................................ Sugar Cane.................................. Coconuts..................................... Molasses...................................... Hemp........................................... Tobacco....................................... Livestock..................................... Mineral Products...................... Lumber and Timber................. Other Forest Products............. Manufactures.............................. All others including L.C.L... . 791 233 1.713 7.768 150 12s 338 147 2.7S9 112 1.112 277 1 10.713 2.882 52,028 133 2/278 2.111 L252 11.091 1.385 3.105 3,788 107 20,225 240 121 1.250 6,656 (375) 13* 17 (GO) (38) 4.104 1.630 37.937 123,562 (2.766) (118) 2.582 (38) 106 570 (1"(37) (415) (3.067) 6.351 |240.769 78,161 7.935 162.608 SUMMARY Week ending March 6...............1 4.324 Weekending March 13............ 4.336 Week ending March 20............. 4.017 Weekending March 27.............. 1.609 2.157 1,71 1 1,308 1,175 74,726 75,006 66,860 24,177 22,118 13,930 1 1,94 7 2,709 434 44,560 5A930 12,230 Total................................... 11 1.286 6.351 240.769 1 78.161 7.935 162.608 NOTE:—Figures in parenthesis indicate decrease. Mountain Fanners (Continued from page 38) (built from money earned in the mines) are promoting is superior. My criticism of the ‘ebgan’ is pragmatic rather than moral, and concerned with the present rather than the past; whatever one may think of its promiscuity— and one can see the subject fairly only through native eyes—it is a system which can endure only where there is no taint of venereal disease. Venereal disease was unknown to the Igorot until very recently (certainly unknown in modem times), and even now its risks are a closed book to much of the Mountain Province. The expected sequence is occurring. We have more and more cases, all of t hem traceable to Baguio—again I should qualify: the Consta bulary has spread its share, and I know of cases contracted in the new training camps. But the majority certainly originate in Baguio, while the ‘ebgan’ is a fertile field for dissemi nating the contagion. The virulence of some of these cases of gonorrhoea (not. surprising, I suppose, in a people who have built up no degree of immunity) is ghastly. When you arid to the picture the fact that the older people look on western theories of germs as arrant superstition and scorn any prophylactic practices, you can see the threat this single group of vencral diseases presents. Fortunately the Igorot can stand blunt speech and has no prudish reticence about the facts of the body—some of my sermon topic in Besao would get. me tarred and feathered at home I "I must apologize for the length and way wardness of this letter. I doubt if I have said anything that can be of value to vou; I have let my typewriter ramble. But you have the same hope which I hold to, that these mountains may continue to be inhabited by the people who, against such formidable obstacles, have made a home on their steep hillside. I wish you could get here one of these days so that we might have a talk; Manila is too bustling— I like the remoteness, the quiet evenings, of Besao. You would see, I am sure, much to interest you.” BUSINESS AND PROFESSIONAL DIRECTORY Kerr Steamship Co., Inc. General Agents “SILVER FLEET” Express Freight Services Philippines-New York-Boston Philippines-Pacific Coast (Direct) Roosevelt Steamship Agency Agents Chaco Bldg Phone 2-14-20 P. O. Box 1394 Telephone 22070 J. A. STIVER Attorney-At-Law—Notary Public Certified Public Accountant Administration of Estates Receiverships Investments Collections Income Ta* 121 Real, Intramuros Manila, P. I. fr & ® * CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description Philippines Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. AMERICAN CHAMBER OF COMMERCE JOURNAL P. O. Box 1638 — Manila — 180 David RATES Philippines - - - 1*4.00 per year United States - - $ 2.00 Foreign Countries- $3.00 ” ” IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL Creosote Is An ‘Antidote’ > Ants White ants simply will not associate with creosote or anything that has creosote in it. Taking advantage of this knowledge it will pay you to use nothing but CRECSCTED II Hill Rot. is another problem that causes large losses. Again creosoted lumber brings a great saving. Actual use of this has proven that it will prolong the life of lumber for many more years. We have ample stocks for all purposes, including piles and ties. ATLANTIC, GULF & PACIFIC COMPANY ELECTROLUX STAYS SILENT... STAYS EFFICIENT BECAUSE OF ITS BASICALLY DIFFERENT REFRIGERATING METHOD I • PERMANENT SILENCE • CONTINUED LOW RUNNING COST • SAVINGS THAT PAY FOR IT • NO MOVING PARTS TO WEAR PLUS Fullest toed protection . . . every worthwhile convenience ... plenty of ice cubes ... modern beauty. THE PERMANENT silence and lasting efficiency of Elec trolux have already won hundreds of thousands of American families to this modern gas refrigerator. We believe they’ll win you, too! Please accept our invitation to come in and learn the whole story about this remarkable refrigerator see the beauti ful Electrolux models for yourself. MANILA GAS CORPORATION Display Room 136-138 T. Pinpin IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL D LEASANT weather is here! And when motoring 1 to Baguio or other places of interest, let SOCONY GASOLINE and GARGOYLE MOBILOIL help run your car smoothly and safely over hill and dale. Friendly service is rendered by the Socony Service Stations along the way. “The Perfect Partners” are stocked at these motoring headquarters. STANDARD-VACUUM OIL COMPANY Mobiloil and Socony The Perfect Partners A carefully-inspected, correctly-lubricated car means a lot to you and your family. Be sure. Drive in to our Service Station at Mabini and San Luis and ask for Certified Mobilubrication and FREE Car inspection Service. It will protect your car against friction and wear—will save you trouble and repairs. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL