The American Chamber of Commerce Journal Vol. XXV, No.12 (December 1949)

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Title: The American Chamber of Commerce Journal Vol. XXV, No.12 (December 1949)
Issue Date: Vol. XXV, No.12 (December 1949)
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extracted text: Published monthly in Manila by the American Chamber of Commerce of the Philippines Fourth Floor, El Hogar Filipino Building — Telephone No, 2-95-70 A. V. H. Hartendorp Editor and Manager Entered as second class matter at the Manila Post Office on May 25, 1921, and on December 10, 1945 Subscription rate: P5.00 the year; $5.00 in the United States and foreign countries Officers and Members of the Board of Directors of the American Chamber of Commerce of the Philippines: Frederic H. Stevens, President; R. J. Newton, Vice-President; C. R. Leaber, Treasurer; F. C. Bennett; J. H. Carpenter, C. H. Hirst, N. Most, J. A. Parrish, and E. A. Perkins, Marie M. Willimont, Executive Vice-President; I. T. Salmo, Secretary Vol. XXV December, 1949 No. 12 Editorials— Contents The Election — "The Spirit of Legality”.......................................................... The Central Bank’s Selective Credit Control Order ..................... The New Import Control Order............................................................... Chamber Representation in Import Control........................................ “Traders”...................................................................................................................... Consul General Ward and Diplomatic Immunity........................................... Trade Statistics, First Half of 1949, Compared with First Half of 1948 I. Foreign Trade of the Philippines, Summary..................................... II. A. Twenty Principal Imports.................................................................. II. B. Twenty Principal Exports.................................................................. III. A. Trade by Countries, First Half, 1949....................................... III. B. ” ” ” ” " 1948........................ ............... IV. A. Trade by Nationality of Traders, First Half, 1949............... IV. B..................................................................................... 1948.............. V. A. Trade by Ports of Entry, First Half, 1949............................... V. B. ....................... ........................ ” 1948............................. Gross Sales (Ten Leading Business Firms, 1937-1949)................................... Bureau of the Census and Statistics.. Page 511 513 514 514 514 516 518 518 518 520 522 523 524 524 525 525 525 The Business View— Office of the President of the Philippines.................................................................................................. Banking and Finance................................................................................................................... Stock and Commodity Markets.................................................................................................................... Credit................................................................................................................................................ Real Estate...................................................................................................................................... Real Estate Sales in Manila, 1940-1949 (Table)............................................................................ Electric Power Production............................................................................................................................. Ocean Shipping and Exports (October)..................................................................................................... Inter-Island Shipping....................................................................................................................................... Air Transportation........................................................................................................................ Mining.................................................................................................................................................................. Lumber................................................................................................................................................................. Copra and Coconut Oil.................................................................................................................................... Desiccated Coconut.......................................................................................................................................... Manila Hemp..................................................................................................................................................... Sugar...................................................................................................................................................................... ‘Tobacco................................,............................................................................................................................... Imports (October)............................................................................................................................................. Food Products................................................................................................................................ Textiles................................................................................................................................................................. Automobiles and Trucks................................................................................................................................. Legislation, Executive Orders, Court Decisions...................................................................................... New Import Control Order (Executive Order No. 295) ............................................................... Selective Credit Control Order (Circular No. 19) ....................................................................... The “Let Your Hair Down” Column.................................................................................................................. Cost of Living Index, 1946-49 (Table)............................................................................................................... Journal Index, Vol. XXV, 1949............................................................... ......................................................... Official Source........................................... R. E. Russell......................................... A. C. Hall................................................ W. J. Nichols....................................... C. M. Hoskins........................................ Bureau of the Census and Statistics. J. F. Cotton............................................ F. M. Gispert.......................................... D. M. Cameron...................................... H. E. Umber............................................ C. A. Mitke............................................. L. J. Reyes............................................... M. Igual and K. B. Day.................... H. R. Hick................................................ F. Guettinger....................................... G. G. Gordon.......................................... Conde de Churruca............................. L. S. Kraemer......................................... C. G. Herdman....................................... J. Traynor................................................ K. E. Gay................................................ E. E. Selph................................. ............. President of the Philippines......... Central Bank........................................ Bureau of the Census and Statistics. . 526 527 527 528 528 529 529 530 530 531 532 534 534 535 536 537 539 541 541 542 544 548 551 553 554 50 CENTAVOS TIIE COPY | ANOTHER GOODYEAR PERFORMANCE RECORD J— ------7 GOODYEAR emeraid CORD AIR For ''SM. medium 8 Times from Emerald Cord Air Hose! ar>d heavy du I A big road contractor always bought • air hose on price — and the ulti mate cost was always high. Covers wore off, tubes flaked and clogged, insuffi cient power reached the toolheads — and new hose followed new hose — until Goodycar’s Emerald Cord Ain Hose was recommended. Allhough its price was higher than that of the other makes, it outlasted them 8 and 10 to 1 — and its far longer useful life meant considerable savings in time and money. Here is one more proof that Goodyear Industrial Rubber Products — Hose, Belting, Molded Goods and Packing — are Highest in Quality, Lowest in Ultimate Cost. MOLDED GOODS HOSE and all * INDUSTRIAL RUBBER PRODUCTS THE GOODYEAR TIRE & RUBBER CO. Baco,od Manila Editorials “ ... to promote the general welfare” The Election— The “Spirit of Legality.’’ Latest figures as to the voting in the November presi dential election have now been announced which show that President Quirino won by a very con siderable majority. While it is unfortunately true that frauds were committed in various parts of the country and intimidation, and violence was resorted to in a number of places, partisans of both of the' two principal parties were, and remain, guilty of this. And in view of the large majority obtained by the President, it appears that this illegality can not have affected the over-all election outcome, though it has served to discredit the country abroad and to dishearten the people’s democratic spirit. This is the more regrettable as the President’s victory is to be regarded as largely a personal one. The vote for Laurel was as big as it was probably chiefly because of the corruption which has plagued the Government ever since liberation and of which the people have become more and more resentful. It is easy to exaggerate the election scandals and also the evidence of discontent and such an instance of open disorder as that in Batangas, which followed the election in a number of provinces. But there can be no question that general corruption in government is to be associated in the mind with fraudulent elections, and there lies the danger of great disillusionment, bitterness, and despera tion. The Administration coming into office must clean up, and we believe that the President will bend his every en deavor to that end. As for the people, we, of this Journal while we would certainly not condone government corrup tion, would counsel both patience and hope. Pblitical corruption can be put in its frame, seen in relation to other conditions; its course and its causes and remedies can be pointed out. The remedy certainly is not to be found in uprisings or in South American “palace revolutions”, whether merely attempted or even successful. We would refer to a paragraph in a great book, “The American Commonwealth”, by James Bryce, which runs as follows: “That corruption should exist under a democracy is no doubt a reproach to a government which holds up, and needs for its safe working, a higher standard of virtue than any other. Remembering, however, that it was rife in the English Parliament a century and a half ago, in English constituencies thirty years ago, and that it pre vails under the despotism of Russia today, while not uncommon in some other European monarchies, we shall be in no danger of con necting it with the form of the American government. There are diseases which attack the body politic, like the natural body, at certain stages of growth, but disappear when the nation has passed into another stage, or when sedulous experimentation has discovered the appropriate remedy. The corruption of Parliament in Sir Robert Walpole’s days characterized a period of transition when power had passed to the House of Commons, but the control of the people over the House had not yet been fully established, and when, through a variety of moral causes, the tone of the nation was comparatively low. The corruption of the electorate in the English boroughs ap peared when a seat had become an object of desire to rich men, while yet the interest of the voters in public affairs was so feeble that they were willing to sell their votes, and their number often so small that each vote fetched a high price. The growth of intelligence and inde pendence among the people, as well as the introduction of severe penalties for bribery, and the extinction of small constituencies, have now almost extinguished electoral corruption. So in America it may be expected that there more active conscience of the people and the reform of the civil service will cut down, if they do not wholly eradicate, such corruption as now infests the legislative bodies, while better ballot and election law may do the same for the constituencies.” Lord Bryce’s great two-volume work was first pub lished in 1888. In the same chapter from which we have quoted, writing on the “strength of the American Democracy”, Lord Bryce alluded to a really close and contested pres idential election in the United States,—the Hayes-Tilden election. He said: "...So when a serious trouble arises, a trouble which in Europe would threaten revolution, the people face it quietly, and assume that a tolerable solution will be found. At the disputed election of 1876, when each of the two great parties, heated with conflict, claimed that its candidate had been chosen President, and the Constitution supplied no way out of the difficulty, public tranquility was scarcely disturbed, and the public funds fell but little. A method was invented of settling the question which both sides acquiesced in, and although the decision was a boundless disappointment to the party which had cast the majority of the popular vote, that party [the Democratic Party] quietly submitted to lose those spoils of office whereon its eyes had been feasting.” In another paragraph Bryce referred to those cases in which it is notorious that officials have come into office only by the grossest fraud and told of how the American people conduct themselves under such circumstances, this conduct, he stated, being based on the American “spirit of legality”. He said: 511 512 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 .4 Symbol of friendly Personalized Service T1IE past year has been one of epochal progress in world and local aviation. During this period, Philippine Air Lincs has enlarged its staff, augment ed its international schedule by adding new luxury-type equipment, providing for straight-line routes from the United States through Manila to Europe, and implemented its inter-island service hy completely remodeling present equipment. We take this occasion to thank the public for their patron age and look forward to the coming year, pledging our selves to continue giving them the efficient, friendly per sonalized service that has been always a tradition with Philippine Air Lines. To all our patrons and friends, a very Merry Christmas and a Happy and Prosperous New Year. Philippine air lines inc A. Soriano y (Jia. — General Managers Main Office: Telephones: M.R.S. Bldg., Plaza Cervantes, Manila 2-79-66 — 2-79-67 — 2-79-68 Manila Hotel Office — Telephone 3-35-40 “...The same spirit of legality shows itself in misgoverned cities. Even when it is notorious that officials have been chosen by the gros sest fraud and that they are robbing the city, the body of the people, however indignant, recognize the authority, and go on paying the taxes which a Ring levies, because strict proof of the frauds and rob beries is not forthcoming. Wrong-doing supplies a field for the dis play of virtue..." Bryce accounted for this spirit of legality as follows: "...Feeling the law to be its own work, the people is disposed to obey the law... It is the best result that can be ascribed t-o the direct participation of the people in their government that they have the love of the maker for his work, that every citizen looks upon a statute as a regulation made by himself for his own guidance no less than for that of others... Such a temper can exist and bear these fruits only where minorities, however large, have learned to submit patiently to majorities, however small. But that is one lesson which the Amer ican government through every grade and in every department daily teaches, and which it has woven into the texture of every citizen's What we need in the Philippines, in and outside of the Government, is this same spirit of legality, respect for the law. And there must also be that prevailing assump tion that tolerable solutions will be found for all problems. However, such political unrest as has been manifesting itself, whether legally and morally justified or not, is not without its constructive value for it should serve as a grave warning to corruptionists who would try the people’s patience too far. The Central Bank’s Selective Credit Control Order ments were made, no Though the Selective Credit Control order of the Central Bank* is both sweeping and severe, it was issued on the day of the date it bears, November 17, and was not only declared “effective immediately”, but was and remains retroactive in effect. No previous announcelearings were held, there was no public discussion, and the move came without a day’s warning to the business community or even to the banks.It is natural, therefore, that there was an immediate outcry against the order in the press and protests from businessmen and business organizations, especially from Filipino importers who, in the main, lacking the credit connections of other business elements here, are the hardest hit by the order. Though the banks" were the most directly touched, as the order affects their chief business of extending credit, the Bankers Association of the Philippines registered no formal protest, but requested modification aimed at remov ing the retroactive features of the order; specifically, that the banks be allowed to extend the customary credit accom modation in connection with: (1) shipments of merchandise on the Central Bank’s control list which are made under import credits established prior to November 17, and (2) D P (demand payment) collections covering merchandise on this list shipped under bills of lading dated prior to November 17. The Monetary Board of the Central Bank came only part of the way in meeting the first part of the request and denied the second entirely. Under the modification agreed to, banks are now permitted to grant the customary credit accommodations relative to shipments of merchandise on the control list made under import credits established prior to November 17 and covered by bills of lading show ing al^o that actual shipment was effected prior to that date. The retroactive effect of the order, therefore, has not been entirely eliminated, but it is believed in banking circles that further steps may still be taken toward that end. In the meantime, the order is tending to great con fusion in the import business and is seriously interfering with the orderly flow of trade. as to the more general aspects of the Selective Credit Control, it is to be observed that this is in augmenta tion, rather than in lieu of the quantitative control exer cised by the Import Control Board since the first of this year (1949). However, the law under which the present Import Control Board is operating will expire at the end of the year (1949) and it is to be anticipated that, until the enactment of new legislation, there may be a period of weeks or months when there will be no direct import control.* It is possible, therefore, that government authorities look upon the new credit control as a stop-gap measure. But present indications are that despite growing public dissatis faction with import control, this control may be even stricter under the new legislation than it is at present. One thing is to be said in favor of direct, quantitative import control, as against credit control, and that is that when the importation of certain goods is limited or entirely prohibited, then this affects all importers alike (unless there is also a discriminatory quota system). But a control working through the restriction of credit falls most heavily on those who need credit the more and favors those who have funds at their own command, and is therefore in effect discriminatory and inequitable. It would in the end drive all the weaker importers to the wall. The difficulties being encountered by the agencies of the Government concerned in import control in both the formulation and the execution of their various measures, the unexpected intricacies and involvements which appear, the unfairnesses,—often wholly unintentional, the con fusion, the resentment aroused, all apart from the generally unpredictable economic effects not only on trade but on investment and on economic progress as a whole, these all are only to be expected when political authority, even with the best intentions, interferes in economic processes. We are only beginning to repeat here what has been ex perienced in all those countries where governments have set out on such control policies. We believe, as we have said before, that in turning to a policy of government trade control this Government is on the wrong track. So great an authority as Eugene R. Black, President of the International Bank for Recon struction and Development, said recently in an address delivered on the presentation of the fourth annual report of this institution: “To my mind, one of the most essential steps toward solution of the dollar problem is for the dollar-deficit countries to start clearing away the wilderness of bilateral arrangements, special currency controls, quotas, and similar restrictions, both internal and external, which have grown up over the past 20 years to protect inefficient production and trade practices. I don’t suggest that this can or should be done over night. The important thing is to begin now to move — and to move rapidly—toward a freer, more competitive exchange of goods.” We in the Philippines are just starting out on policies on which these other governments set out twenty years ago and which have been found bad, bad through and through. They will not prove wholesome for us, we may be sure. It seems that it can not be too often stated that the imbalance in our exports and imports since the liberation was and still is entirely natural and even fortunate. Im ports have been great because of the need for reconstruc tion and replacement of what was destroyed, lost, or con sumed during the war and well as for the immediate cur rent needs of the population. Exports have been compara tively small because of these same war losses; our industries naturally need time to re-establish themselves. If we must discourage the importation of certain luxu ries,—and we do not deny this is advisable, it would prob ably be best to do so by increasing the luxury taxes. That ♦Secretary of Commerce and Industry Cornedio Balmaceda has subsequently been quoted in the newspapers as "explaining that the Control Board had obtain ed legal opinion to the effect that termination of the Republic Act establishing import control will not in itself terminate or invalidate the orders or regulations issued under it. ‘This’, he said, 'should make clear to all concerhed that the new Executive Order is really meant to remain in force after December 31 until specifically revoked or changed’."—Manila Bulletin, December 5. This Journal submits that this is neither logical nor clear, and questions that it is legal. 513 would definitely discourage such importation and at the same time would probably add to the government revenues. That, in fact, is the classical recourse,—simple, direct, unobjectionable, easy of administration. Mr. Black, already quoted, ended his address with a statement with which we may well close this editorial since his reference to a “shortage psychosis” seems very descriptive of some of us here: “I believe the world is somewhat in the grip of a ‘shortage’ psy chosis. If only — and it is no small ‘if’ — if only we can start on the way toward equilibrium**, wc may find the effects of returning confi dence highly cumulative and our difficulties dispelled more quickly than we dared hope.” ‘‘Sumptuaiy law or regulation. A law to pre vent extravagance in private life by limiting expen diture for clothing, food, furniture, etc. Such laws were common in Greece and Rome, and in the 13th and 15th centuries”.—Dictionary. The foregoing editorial on the “selective credit con trol” order of the Central Bank was written a few days before the publication of Executive The New Order No. 295, effective December 1, Import Control which supersedes former directives Order and rules and regulations on quantita tive import control, changes the base period from July 1, 1947-June 30, 1948, to the calendar year 1948, adds many new classifications of goods to the list “declared to be luxury and non-essential articles”, and inflicts further cuts from the previous percentages of around 40'; to cuts in most cases of 80% to 90', and in some cases 95%, meaning that only from 20% to 5% of what was imported during 1948 may be imported during 1950. These small percentages amount almost to total prohibition. While such goods as automobiles, cut 80'; (as against the former cut of 40%), metal furniture, etc., are included in the list, as well as such goods as are undeniably luxury goods, like jewelry and precious stones, perfumes, toilet preparations, ornamental articles, etc., the list is in the main,—and strikingly so, sumptuary, being composed largely of foodstuff and textile items and including prac tically everything that, if not the very poor, at least all people of the “middle class” eat and wear. Grains and preparations (bakery products, macaroni, breakfast foods, etc.) are cut 80-90% except only wheat flour which is cut 15%. Canned meat products are cut 80% and fish and fish products, fresh, frozen, canned, or dried, are cut 80% except only sardines which are cut 50%. Milk “in any form with sugar added except condensed,” is cut 95%; butter and cheese, 60%. Vegetables and preparations, fresh or canned, are cut 90% except potatoes and onions which are cut 40%. Canned fruits, jams, marmalades, etc. are cut 80%, fresh and frozen fruits 60%. To realize what all this means, one must know the conditions prevailing in the Philippines. Production of all but the most .staple articles,—and not all of them, is wholly deficient, and in the ordinary family, half of the daily market money, and often more, is spent for imported foods. There is not enough meat, or poultry, even eggs, or fish' or vegetables, or fruit produced to meet more than a small fraction of the demand. People have to buy the imported items, or do without. The causes for this are deeply imbedded in the general conditions of soil and climate as well as human labor and enterprise. Regrettable as such a dependence on foreign importation is, desirable as it is to bring about a less dependent state, this could not possibly be achieved except over a considerable period of time. me8n’ fr°m Wh8t The order cuts textile imports of practically every kind 75% and even remnants are cut 50%. Yet what has been said about food holds true of clothing, too. It will be years, if ever, before the Philippines will be in a position to supply itself in this respect. In fact, with textiles as cheap as they are produced in some other countries, it would not be economically advantageous for the Philippines to bring about such a state, although certain cloths might well be manufactured here to a greater volume than at present. But that, too, will take time. One can not study the lists appended to the new Import Control Order without coming to the conclusion that it is wicked thus to bring about such a fall in the standard of living. It has been our pride for many years that the standard of living in the Philippines is considerably higher than it is in other countries in this part of the world. But under the present so-called import control (control gone mad!), we shall soon be reduced to ways of life and to a dietary insufficiency which will bring about a serious lowering not only of morale but of health. We shall see that what it took the Japanese invasion and conquest to do here, will soon be rivalled by our own Import Control Board,—all with the best of motives. Chamber Representation in the Import Control one representative The creation by the new Administrative Committee of the Import Control Board (which committee is com posed of the Executive Officer of the Board, a representative of the Depart ment of Finance, and a representative of the Central Bank) of a six-man com mittee composed of these officials and each of the Philippine, the American, and the Chinese chambers of commerce, these latter to act in an advisory capacity in the implementation of the new import control order, is a wise move under the circum stances and will be appreciated as more than a mere courtesy by these organizations and by the business community as a whole. However, the representation of the three leading chambers of commerce on this committee should not be interpreted as indicating that they “support” the new control measure. Under an orderly system of government, no man has the right to refuse to obey a law or to advocate such dis obedience, but nothing can oblige him to approve of it against his will or better judgment. The American Chamber of Commerce is grateful that a place has been made for its representative on the new com mittee. Honest businessmen and respectable business organizations will obey the law and the regulations in this, as in other matters, and will “cooperate” with the author ities in their implementation to their best ability, but they maintain their protest against the scope and the severity of the new measures not only in their own interests but in what they believe to be the best interests of the economy as a whole. A word has been creeping into the controversy being waged over the Government’s import and credit control policies,—the word trader, and there is “Traders” generally an implication of detraction in the use of the word. It is not industry, or business as a whole, which is opposing these policies, it is said, but only the traders, the dealers, the merchants, who oppose them in defense of their own selfish interests. Traders make a business of buying and selling, rather than of producing or manufacturing, and, as such, the connotation of the word is not an entirely happy one. They “buy cheap and sell dear,”* whenever they can, and producers, as well as aristocrats, artists, poets, etc., look 514 December, 1949___________ AMERICAN CHAMBER OF COMMERCE JOURNAL 515 • ..sX' fra"5” ya* . .. i i li/h’1*9’ L______ WHEREVER FIGURE PROBLEMS ARE TOUGHEST YOU U FIND BURROUGHS Whenever calculating problems are tougher, you'll find Burroughs. Tin- universal language of figures is spoken fluently by Burroughs machines. That's why you find them in so many government offices, leading hanks, ex changes, stores and other business around the world! With machines recommended by Burroughs for your specific needs, record control gets done faster, more accurately. Employees find their work less tiring, more pleasant. Office operat ing costs come down. Around the world, Burroughs is recog nized as a leading counselor on the right office systems, ami as a builder of the right machines to make them work best. Look Io Burroughs for better counsel— better machines . . . and better service to keep muchincs in peak operating ADDING * CALCULATING ACCOUNTING BILLING AND STATISTICAL MACHINES CASH REGISTERS BURROUGHS LTD. PHIL. CHAMBER OF COMMERCE BLDG. — MAGALLANES DRIVE MANILA— TEL. 2-61-26 down upon them if they do not actually despise or hate them! Traders are the “middlemen” and are regarded with but middling regard. But their importance lies precisely in the fact that in the economic scheme of things they do constitute the mid dle, which is as important as the middle of anything. There could be no one end or another, if there were no middle. Traders constitute the link between the producers and the consumers. They take charge of the marketing. The functions of marketing have been classified as follows: “(1) The adjustment of the place at which good are offered for sale to where they are desired by purchasers (transporting, assemb ling, and distributing); “(2) The adjustment of the time at which goods are offeied for sale to that desired by purchasers (storing); “(3) The adjustment in the quality of goods offered to that desired by purchasers (grading), and “(4) The adjustment in the quantity of goods offered to that desired by purchasers (assembling or dispersing).” All this takes labor and capital and management and enterprise to no lesser an extent than does productive industry itself. The consumer is as dependent on those who make goods available as he is on those who produce the goods. Anything that hurts the traders inevitably hurts both the producers and the consumers,—the whole economy. The prosperity of trade as registered in sales is the best economic barometer. The prosperity of a country and a people is reflected in the prosperity of its traders. They are equally deserving with the producers of ap preciation and honor. They should be looked upon as as valuable an element as any other economic group, and as no more “selfish” than any other. Consumers should meet the trader with the same pleasure the trader meets a cus tomer. When a man wants to buy something and he conveniently meets a man who will sell it to him, he should realize that he is lucky. We shall find this out to our cost and our grief before the present control mania in the Philippines runs its course. "In international law and comity certain privileges and immunities are granted to diplomats, their immediate families and staffs. Such immunities include personal inviolability, independence of action, freedom from arrest in civil and most criminal actions. Technically, the diplomatic staff is subject to the jurisdiction of its home government, not the govern ment to which it is accredited. In time of stress, the immun ity of the consulate or embassy makes it a refuge of residents of its nationality."—From a textbook on Political Science. The personal inviolability of foreign envoys and am bassadors is conceded not only by all civilized nations under the international law of modern Consul General Ward times, but is as old as history and Diplomatic and rests on immemorial cusImmunity tom, based on the very nature of the necessary intercourse between nations, peoples, clans, and tribes. We read of it in the Greek dramas written four hundred years before the opening of the Christian era, and we read of it in the ethnographic descriptions of the customs of still savage peoples in the most backward regions of the world. It is, in fact, the most important as well as the most ancient right extended to diplomatic agents; and it is maintained even after the outbreak of war. It is prejudiced only by a crime of violence or of plotting against the state to which a foreign representative is accredited, and even then only to the extent that the “necessary restraint” may be placed upon him until he can be expelled from the country. This is because the maintenance of relations between politically independent groups becomes virtually impossible unless there is a mutual respect for and a safeguarding of their diplomatic agents. When a state of war arises, some diplomatic contact is still preserved through the good offices of the diplomatic representative of some neutral state. Were the inviolability of diplomatic agents not gen erally observed in the intercourse among nations, total dis trust would follow and ultimate chaos. It is the most basic tenet in the practice and the ethics of diplomacy. The maltreatment of the American Consul General and members of his staff at Mukden by the Chinese Com munists and the generally hostile treatment accorded to foreign diplomatic representatives accredited to “commu nist” countries, is one of the most damning proofs of the basically unethical and inhuman nature of the autocracies in power in these countries. Consul General Angus I. Ward, 56 years old, and his entire staff and their families have been under house arrest for over a year, unable to communicate freely with their Government, and since October, the Consul General and four members of his staff have been imprisoned and held incommunicado. According to Red news reports, he was first charged with “spying”, then with having “beaten” a Chinese employee, and more recently (after American pres sure for his release became greater) with “plotting against the Peoples’ Provincial Government”. Even if these charges were true, which is highly doubt ful, he should have been merely expelled from the country, — not imprisoned or even placed under house arrest for so long a period. But though the United States Government notified the Chinese authorities in May that it wished to close the consulate, the Consul and his staff have not been permitted to depart. Official American protests have not been answered or even acknowledged. On November 17, President Truman stated at a press conference in answer to a question that he thought the imprisonment of Ward was an “outrage”. A few days later, George Craig, Commander of the American Legion, demanded that the United States Govern ment resort to force if this was necessary to rescue Ward. He said: “In the interest of the safety of all our people outside the conti nental limits and to salvage some portion of our dearly won prestige abroad, the American Legion calls upon the Government to serve notice on the communist leaders of China that Ward and his asso ciates must be released unharmed by an early specified date or armed forces will be dispatched to obtain their release.” Certain members of Congress have called for the use of a “big stick”, others have talked more specifically of a blockade. But one “high-ranking American” was reported as having said: “Use force and all you get is Ward’s corpse”. That is the barbarism we have to deal with. Now the American State Department, “disdaining the use of force”, has sent a long message on the subject to thirty foreign governments, including Russia, asking them, —as the matter is “of direct and immediate concern to all countries interested in diplomatic intercourse”— “as a matter of urgency, to express to the highest Chinese authorities in Peiping through such channels as may be available to you the concern which your Government undoubtedly feels over the treat ment of the American consular staff in Mukden ...” Once again the American Government is appealing to reason and world opinion, rather than resorting to force, and while the one may be less satisfying to the passions, it may prove to be the more effective. Indeed, we are con strained to believe so, as human beings must, on the whole, be fundamentally reasonable and good to have arrived at the point they have reached intellectually and morally. In dealing with the so-called “communists”, we may take some solace in reminding ourselves that we have to do On December 9, the Central Dunk of the Philippines issued CircularNo.20 which “restricts sales of exchange by the Central Bank and subjects all transactions in gold and foreign exchange to licensing by the Central Bank”. The Journal’s printing schedule left no time either for printing the Circular in this issue or for analysis and comment. (Continued on page 525) 516 December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 517 MAKE YOUR PRODUCT LOCALLY of REYNOLDS ALUMINUM This modern metal opens up a whole world of new products for far-seeing manufacturers. Whether you make pots and pans, step ladders, stools and chairs —nuts and bolts—windows or blinds —look to aluminum! PIG, INGOT WIRE, ROD, BAR TUBING, PIPE Aluminum is usually easier to process than other metals, yet it offers so much more! Ilt has a naturally attractive surface, yet is also subject to a wide variety of finishes. 2 It never rusts or rots, is highly corrosion resistant—always looks well. 3 Several Reynolds Aluminum alloys are stronger than structural steel but weigh only ’/s as much. 4 Other aluminum characteristics important to certain types of manufacturing are its high thermal and electrical conductivity, its efficient light and radiant heat reflectivity. It is also non-toxic, non-magnetic and non-sparking. Reynolds Lifetime Aluminum is available as: pig; ingot; plate; plain, embossed and perforated sheet; circles; plain and printed foil for protective and sales appealing packages; wire; electric cable; rod; bar; screw machine stock; struc tural; extrusions; architectural shapes; pipe; tubing; and powders for paint pigment, chemical processing, explosives and pyrotechnics. These various aluminum forms are made in alloys, tempers and sizes to meet every requirement. Among the fabricated parts made by Reynolds are: Building Products, which include corrugated and 5-V crimp roofing and siding, nails, gutters and downspouts, windows, reflective insulation, and prefabricated utility buildings; also Cooking Utensils, Golf Clubs, Boats, Truck and Trailer Bodies, and semi-fabricated and assembled aluminum parts for consumer products sold by other companies. PLATE STRUCTURAL AND EXTRUDED SHAPES REYNOLDS METALS COMPANY EXPORT DIVISION • 19 EAST 47TH STREET, NEW YORK 17, N. Y„ U. S. A. . CABLE: FOILWAX NEW YORK Representatives throughout the world REYNOLDS /ifef/me ALUMINUM THE COMPLETE ALUMINUM SERVICE FROM MINE TO FINISHED PARTS Trade Statistics, First Half of 1949 By the Bureau of the Census and Statistics I. FOREIGN TRADE OF THE PHILIPPINES: FIRST HALF YEAR, 1949, COMPARED WITH FIRST HALF YEAR, 1948 First Half Year 1949 First Half Year Per cent 1948 Per cent TOTAL TRADE.. P896.222.875 100.00 P955,200,806 100.00 IMPORTS............... 623,335,508 69.56' 606,135,260 63?40 EXPORTS............... 272,887,367 30.44 349,065,546 36?60 II A. TWENTY PRINCIPAL IMPORTS FOR THE FIRST HALF, 1949, AND THE FIRST HALF, 1948 Article and Country | First haff year I 1949 ____ I First haff year 1948 I. Cotton and manufactures Total...................................... P65.649.350 P75.187.038 United States............................... 59,178,064 63,455,078China............................................. 3,038,362 9,441,372 509,682 Switzerland................................... 1,609,554 Great Britain............................... 725,208 778,884 Hongkong..................................... 395,402 207,514 25,720 Italy............................................... 7,970 Japan 179,204 507,262 Belgium......................................... 173,380 92.676 France............................................ 93,736 233,754 India.............................................. 21,648 — Other countries........................... 29,278 137,640 !. Grains and preparations Total...................................... P54.386.790 P42.874.906 United States............................... 31,036,282 32,528,368 Canada.......................................... 9,681,114 3,917,906 Siam............................................... 9,588,730 80,550 Burma............................................ 3,106,596 — China.............................................. 604,684 832,124 Hongkong..................................... 107,106 2,538 Denmark....................................... 97,182 31,970 Japan.............................................. 50,490 30 Australia........................................ 50,126 166,340 Great Britain............................... 43,568 303,772 Ecuador......................................... — 5,006,400 Other countries............................ 20,912 4,908 1. Rayon and other synthetic textiles Total...................................... P52,473,332 P60,133,860 United States............................... 52,241,366 60,000,906 Switzerland................................... 44,678 38,314 China.............................................. 35,118 32,602 43,406 France............................................ 4,728 Hongkong..................................... 31,512 24,926 5,656 Canada.......................................... 3,634 Japan............................................. 23,834 6,406 Belgium......................................... 23,802 12,376 Italy............................................... 11,490 13,404 Great Britain.............................. 2,612 1,132 Other countries........................... 1,392 3,898 1. Iron and steel, and manu factures Total...................................... P42.103.862 P30.173.814 United States............................... 28,050,234 25,287,140 Belgium......................................... 6,400,434 1,764,134 Japan.............................................. 3,407,028 682,462 Great Britain............................... 1,197,098 626,096 Italy............................................... 935,304 73,818 China .. ."...................................... 721,988 1,532,312 Germany....................................... 548,934 8,288 Hongkong..................................... 251,172 10,386 Luxemburg................................... 222,618 — 'France............................................ 81,242 4,620 Other countries........................... 287,810 184,558 5. Mineral oils (petroleum Products) Total..................................... P37.283.652 P31.343.642 Dutch East Indies..................... _ 15,244,004 A 9,273,654 T [ 12,434,842 United States............................... 11,253,766 British East Indies..................... 7,425,032 3,749,164 Arabia............................................ 2,817,650 3,223,262 Persia.............................................. 517,520 2,658,036 Great Britain............................... 19,238 1,034 China............................................. 6,442 Switzerland................................... — 3,650 6. Automobiles, parts of, and tires Total. .................................... United States............................... Great Britain............................... France............................................ Canada.......................................... China.............................................. Hongkong..................................... Italy............................................... Switzerland................................... 7. Paper and manufactures Total...................................... United States............................... Canada.......................................... Hawaii........................................... Sweden........................................... Spain.............................................. Norway.......................................... Great Britain............................... China.............................................. Belgium......................................... Japan.............................................. Other countries........................... P36,870,742 P33.323.2 40 36,756,658 60,860 22,240 20,758 8,460 1,766 33,162,546 124,794 27,570 254 5,624 2,452 P27.194.732 P22.839.322 24,585,804 1,103,560 356,642 320,512 132,558 110,304 86,628 77,850 68,928 49,834 302,112 17,510,044 906,738 899,978 1,524,766 344,038 433,474 71,484 102,276 241,094 160 805,270 8. Machinery and parts of, (except agricultural and electrical) Total..................................... P26.540.040 United States............................... Great Britain............................... Japan.............................................. Canada.......................................... Zwitzerland................................... Sweden........................................ Germany....................................... Australia....................................... China............................................. Other countries........................... 9. Dairy Products Total...................................... United States............................... Australia....................................... Netherlands................................. Switzerland................................... New Zealand................................ Denmark....................................... Belgium......................................... China............................................. Norway.......................................... Sweden.......................................... Other countries.................. 10. Tobacco and manufactures Total..................................... United States............................... Hongkong..................................... Great Britain............................... British East Indies.................... Canada ......................................... China............................................. 11. Electrical machinery and P20,443,736 22,826,096 19,328,368 1,098,916 629,408 940,198 — 711,514 38,236 570,146 201,134 206,542 154,990 49,896 33,732 42,330 — 27,978 13,802 27,598 9,804 43,826 34,262 P22.239.134 P24.025.870 22,404,540 828,506 255,234 241,856 132,580 128,768 20,636 4,696 3,514 2,780 2,760 21,495,788 89,372 141,886 233,106 75,320 162,914 37,234 3,514 P22.943.832 P23.509.412 22,901,722 23,509,028 41,970 258 104 36 30 — 6 12 — 78 apparatus Total...................................... P21,297,308 P18.465.408 United States............................... 20,749,158 17,597,356 Netherlands............................... 146,770 126,196 Canada.......................................... 139,552 130,618 China............................................. 95,394 533,854 Japan............................................. 36,040 3,960 518 FIRST IN QUALITY! MOBILOIL USED IN LINDBERG -|xX:IM<:;i lk,x.;iu;<:?i ------- ir4.i!ij[i;i<-- ■■ r.\ “..’nr . ir.; NEW YORK-PARIS NON-STOP FLIGHT ,11 'I LINDBERG FLIES NON-STOP ACROSS ATLANTIC... and made history — an achievement that amaied and thrilled the world. In the annals of aviation, Lindberg's non-stop flight from New York to Paris in 1927 will live forever as one of the greatest feats II '.I. /‘.i of the air. Here again (as in Byrd’s flight to the North Pole) Mobiloil was used exclusively by Lindberg in his Ryan monoplane, "Spirit of St. Louis." Another milestone in the colorful Mobiloil saga, proving once more Mobiloil's place in the march of time—always FIRST IN HISTORY. Behind these Mobiloil performances Is the Mobiloil fame for quality. Through continuous research the makers of Mobiloil have, for 83 years, kept pace with advances in automotive engine design and manufacture, recently rewarded with the development of the New Triple-Action Mobiloil. An oil that has all three modern qualities—ANTI-ACID—DETERGENTHIGH V. I.—to satisfy the challenging require ments of today's and tomorrow's cars... a great step forward in the history of Mobiloil, the oil that's FIRST IN QUALITY. -----------------------At the Sign of Friendly Service! Sweden.................................... 34,860 7,220 Great Britain.......................... 27,376 57,068 Switzerland............................ 23,308 3,240 Hongkong............................... 20,572 1,316 Spain........................................ 13,250 — Other countries..................... 11,028 4,580 12. Chemical drugs, dyes and medicines Total...................................... P18.764.028 P14.454.866 United States............................... 18,119,420 13,832,214 Switzerland................................... 184,530 267,482 Netherland................................... 77,904 31,106 Great Britain............................... 74,602 61,032 Italy............................................... 48,220 16,996 China.............................................. 48,042 56,512 Belgium......................................... 40,920 26,516 Spain.............................................. 34,720 19,606 Sweden........................................... 31,084 28,768 France............................................ 29,808 94,542 Other, countries............................ 74,778 20,092 . 13. Fish and fish products Total...................................... P17.083.118 P19.986.544 United States............................... 16,038,780 Canada........................................... 357,514 China.............................................. 276,864 Mexico........................................... 170,128 Portugal......................................... 137,224 Japan....................................... 23,306 Norway.......................................... 22,448 France............................................ 19,652 Great Britain............................... 11,406 Hongkong..................................... 9,188 Other countries............................ 16,608 17,612,306 1,186,800 316,178 463,522 23,314 8,632 54,474 1,406 291,078 28,834 14. Non-ferrous metals and manufactures Total...................................... P14.371.346 P19.849.590 United States............................... 13,728,932 Japan.............................................. 291,946 China.............................................. 128,292 Netherlands.................................. 48,742 Sweden........................................... 43,238 Switzerland................................... 42,272 Great Britain............................... 38,718 Canada........................................ 18,864 Italy............................................... 6,378 Germany....................................... 5,698 Other countries........................... 18,266 19,372,772 13,700 226,902 42,840 20,758 85,376 2,868 16,714 67,660 Czechoslovakia............................ Great Britain............................... Germany....................................... Netherlands.................................. Hongkong..................................... Italy............................................... Other countries........................... 18. Leather and manufactures Total...................................... United States............................... Australia....................................... China.............................................. Hongkong..................................... Great Britain........................ Belgium......................................... Canada.......................................... India.............................................. Japan.............................................. Italy............................................... Other countries........................... 19. Fruits and preparations Total...................................... United States............................... Canada.......................................... China.............................................. Australia.....................................> . Hongkong..................................... Hawaii........................................... Dutch East Indies..................... India............................................... Spain.............................................. Great Britain............................... Other countries........................... 20. Fertilizers and fertilizing materials Total..................................... United States............................... Canada.......................................... Belgium......................................... France............................................ Hongkong..................................... China............................................. Norway.......................................... Other imports.............................. Total Imports............................... 54,476 10,674 46,350 44,196 42,614 14 39,434 916 25,554 664 9,622 16,198 11,372 84,180 P 8,854,222 Pll,222,922 8,417,436 10,920,600 263,238 96,986 96,186 168,432 34,246 7,490 17,540 1,132 9,740 26 8,314 60 5,502 2,562 1,254 5,248 300 756 466 19,630 P 8,656,104 P17.649.544 7,836,798 17,261,248 448,278 17,750 246,404 233,186 107,988 8,526 5,778 10 5,562 121,902 3,584 1,024 1,058 486 5,210 188 14 654 P 5,770,390 P 1,353,604 2,111,968 859,044 1,998,088 1,603,520 488,262 40,590 — 8,806 — 7,418 6,130 — 168 108,436,428 114,459,700 623,335,508 606,135,260 15. Vegetable and preparations Total...................................... United States............................... China.............................................. Australia..................................... Egypt.............................................. Mexico........................................... Canada.......................................... Hongkong..................................... Brazil............................................. Dutch East Indies..................... Malaya.......................................... Other countries......................... 16. Coffee, cacao and tea Total...................................... United States............................... Brazil... .•..................................... Ceylon............................................ Great Britain............................... British Oceania........................... Costa Rica.................................... Hawaii........................................... Nicaragua..................................... Panama, Republic of................. Dutch East Indies..................... Other countries........................... 17. Glass and glass Products Total..................................... United States............................... Belgium......................................... China.............................................. Japan............................................. PlO.915,966 P10,763,292 8,983,916 8,578,506 1,055,930 1,746,900 283,092 65,634 279,040 170,842 174,968 89,022 78,318 101,678 29,244 880 21,398 28 4,570 — 3,070 — 2,420 9,802 P10,502,066 P 9,065,622 6,093,588 5,706,352 2,619,940 2,003,080 539,206 361,514 363,656 83,640 308,246 17,086 233,602 343,324 182,166 207,596 28,148 8,668 26,080 — 26,078 3,432 81,356 331,030 P 9,212,330 P 6,796,064 8,315,462 5,595,834 480,154 659,736 124,976 249,672 62,316 133,980 II B. TWENTY PRINCIPAL EXPORTS FOR THE FIRST HALF, 1949, AND THE FIRST HALF, 1948 Unit FIRST HALF YEAR ________ 1949________ «_________I Value Quantity | (pesO3) FIRST HALF YEAR _________ 1948_______ „ I Value Quantity | (pegO8) 1. Copra Article and Country Total............Kilo 209,337,149 75,145,868 332,144,592 179,007,651 United States.. . 109,511,541 37,520,747 190,908,689 104,833,114 France................. 23,779,020 8,624,195 35,430,891 18,902,508 Germany............ 20,615,397 10,226,023 7,817,271 4,892,040 2,498,273 Denmark............ 3,966,904 18,215,657 9,376,310 Italy.................... 7,880,120 3,347,461 10,104,190 4,818,778 Japan.................. 5,511,800 1,994,878 16,828,089 8,262,742 Norway............... 5,334,000 1,936,053 1,623,060 965,635 Sweden............... 5,435,600 1,811,544 2,865,540 1,483,972 Belgium.............. 3,457,400 1;139,354 1,778,000 1,090,198 Palestine............ 3,068,967 1,080,302 711,200 203,000 Other countries. 14,517,281 5,907,159 48,787,236 26,573,121 2. Sugar, centrifugal Total...........Kilo 550,404,449 75,041,782 118,680,079 22,032,386 United States.. . 550,404,449 75,041,782 11,868,019 22,032,362 Netherlands. .. . — — 60 24 3. Abaca, unmanufactured Total...........Bale 290,054 34,402,095 363,446 35,280,130 United States.. . 110,118 Japan.................. 85,982 Germany............ 19,070 Great Britain ... 17,277 France................. 15,189 Denmark............ 9,221 14,350,250 164,960 17,772,377 9,578,396 76,978 . 6,660,687 2,268,478 11,412 1,108,519 2,102,131 47,570 3,397,042 1,532,413 16 1,024 986,721 13,320 1,239,702 520 Netherlands.... 6,680 688,269 2,275 190,755 Hongkong........... 6,510 589,138 2,732 203,299 Belgium.............. 3,900 436,229 11,170 1,092,195 Norway............... 2,550 335,611 12,168 1,479,617 Other countries. 13,557 1,534,459 20,845 2,134,913 4. Desiccated Coconut Total............Kilo 27,874,658 20,111,768 30,044,967 31,396,367 United States.. . 27,368,930 19,702,598 29,708,947 30,977,892 Canada............... 466,947 374,367 303,362 375,731 Belgium.............. 21,382 19,674 — — Hawaii................ 17,399 15,129 32,658 42,744 5. Coconut oil (Inedible and edible) Total............Kilo 25,011,457 15,653,642 19,920,109 17,876,850 United States.. . 17,803,152 10,756,025 18,258,690 16,276,526 Germany............ 2,719,534 1,853,398 — — Switzerland.... 1,623,872 1,165,017 — — Italy.................... 1,671,510 1,105,490 1,012,544 935,016 Netherlands.... 656,721 456,175 — — British Africa.. . 513,080 295,874 590,047 589,711 Japan.................. 9,782 9,720 5,010 6,143 Belgium.............. 10,160 8,415 — — Guam.................. 3,646 3,528 810 1,680 Arabia................. 52,991 67,758 Hongkong........... — — 17 16 6. Embroideries Total................... — 5,787,848 — 5,057,372 United States.. . 5,763,505 5,057,336 Hawaii................ — 12,185 — 36 Guam.................. — 10,158 — — Hongkong.......... — 2,000 — — 7. Pineapple canned Total............Kilo 17,768,035 5,323,997 1,867,590 1,126,614 United States.. . 17,768,035 5,323,997 1,867,590 1,126,614 8. Scrap metals Total............Kilo 55,616,310 4,869,471 28,107,051 3,904,701 United States.. . 40,748,643 2,456,313 25,352,806 2,737,933 India.................... 2,618,376 1,862,318 552,147 349,918 Great Britain... 4,330,000 173,200 — — Argentina........... 6,056,000 170,720 — — Hongkong........... 634,787 114,420 1,386,932 578,908 China.................. 1,090,900 38,500 395,154 11,340 Canada............... 92,204 22,000 — — Belgium.............. 25,400 21,000 420,012 226,602 Malay................. 20,000 11,000 — — 9. Chromite Total............Kilo 161,749,069 3,784,688 114,819,581 2,253,726 United States.. . 147,667,309 3,495,900 105,691,481 2,105,721 Great Britain... 10,017,760 206,788 9,128,000 148,000 Canada............... 4,064,000 82,000 — — Belgium.............. — — 100 5 10. Logs, Lum ber and Tim ber Total. . . Bd.Ft. 16,847,474 2,918,279 7,779,437 1,829,482 United States.. . 8,893,269 1,974,290 6,953,752 1,672,091 Japan.................. 4,996,066 347,121 — — China.............. . 1,211,754 217,111 764,305 137,575 British Africa... 299,311 118,940 — — Hongkong.......... 694,770 81,628 30 30 Dutch East In dies .................. 113,375 39,155 — — Portbguese Afri ca .......... 67,280 28,977 Canada............... 155,576 28,067 Uruguay............. 211,000 25,320 — — Great Britain... 88,000 22,678 — — Hawaii................ 29,496 10,700 61,350 19,786 Other countries. 87,577 24,292 — — 11. Copra Meal or Cake Total............Kilo 28,630,041 2,859,943 30,005,151 4,489,056 United States.. . 23,979,145 2,415,992 1,850,081 275,850 Denmark........... 4,605,136 440,708 9,239,366 1,439,340 Hawaii................ 45,760 3,243 _ Sweden............... — — 14,157,133 2,071,654 Netherlands. .. . — — 4,171,850 595,332 Belgium.............. — — 485,030 90,865 Italy.................... — — 101,600 16,000 French Africa... — — 91 15 12. Copper con centrates Total............Kilo 11,018,873 2,823,439 — — United States.. . 11,018,873 2,823,439 — - 13. Tobacco and manu factures Total.................. — 2,126,780 — 1,520,645 Spain................... — 1,605,097 805,664 United States.. . — 242,243 — 102,686 French East In dies .................. — 74,764 — — Belgium.............. — 65,253 — 297,097 Hongkong........... — 61,365 — 51,257 China.................. — 30,908 — 153,187 Guam.................. — 15,212 — — Hawaii................ — 14,000 — 101,400 Great Britain... — 8,350 — 2,900 Australia............. — 5,804 — 480 Other countries. — 3,784 — 5,974 14. Gold and concentrates Total................... — 1,909,662 — 1,606,549 United States.. . 1,516,508 1,606,549 Great Britain. .. — 393,154 — — 15. Iron ore Total............Kilo 124,922,500 1,748,915 — — United States... 124,922,500 1,748,915 - - 16. Rope Total............Kilo 1,489,506 1,682,387 1,946,597 2,058,237 Malaya............... 412,695 420,371 524,550 550,145 United States.. . 268,084 303,586 492,342 465,605 Chile.................... 114,252 128,453 7,231 7,001 French East In dies .................. 85,600 92,880 94,368 116,164 Arabia................. 65,012 92,429 67,192 98,193 Peru..................... 74,019 92,324 7,067 8,092 Puerto Rico.... 73,072 81,022 44,494 38,778 Dutch East In dies .................. 62,318 78,713 228,127 240,875 Japan.................. 30,041 48,517 — — Alaska................. 41,319 46,478 — — Other countries. 263,094 297,614 481,226 533,384 17. Molasses Total............Kilo 43,703,105 1,078,487 17,490,002 1,394,776 Great Britain... 25,390,856 624,775 — — Japan.................. 14,349,249 354,637 6,730,192 529,936 Siam.................... 3,963,000 99,075 7,868,000 629,440 Hongkong........... — — 2,891,810 235,400 18. Silver and concentrates Total.................... — 1,047,530 — 1,898 United States.. . — 1,043,467 — 1,898 Great Britain... — 4,063 — — 19. Mangoes fresh Total............Kilo 1,085,084 915,798 103,280 94,876 Hongkong........... 1,085,084 915,798 103,280 94,876 20. Chemicals Total................... — 733,885 — 281,959 United States.. . 613,680 — 106,714 Hongkong........... — 78,225 — 11,465 Siam.................... — 22,980 — 12,240 Malaya............... — 19,000 — 60,500 China.................. — — — 17,996 Great Britain... — — — 73,024 India................... — — — 20 Other domestic exports.... 4,405,091 7,054,385 re-exports........................ 8,516,012 30,797,886 Total exports 272,887,367 349,065,546 Ill A. TRADE OF THE PHILIPPINES, FIRST HALF, 1949, BY COUNTRIES Country 1 Total Trade 1 Value 1 (Pesos) 1 Per 1 Cent Distribution | Imports | Per I Cent Distribution | Total Exports | Per 1 Cent Distribution I Domestic Exports | Re-exports Total..................................... . . 896,222,875 100.00 623,335,508 100.00 272,887,367 100.00 264,371,355 8,516,012 United States.............................. . . 697,924,978 77.88 507,891,420 81.47 190,033,558 69.65 187,972,390 2,061,168 Japan............................................. 23,332,283 2.61 8,330,614 1.37 15,001,669 5.51 14,624,675 376,994 Canada.......................................... 16,829,395 1.89 15,302,852 2.45 1,526,543 .56 1,473,215 53,328 Dutch East Indies....................... 15,962,461 1.79 15,540,706 2.49 421,755 .15 122,468 299,287 China......................................... 13,718,840 1.54 12,993,724 2.08 725,116 .27 602,317 122,799 Germany....................................... 12,812,737 1.43 863,998 .14 11,948,739 4.38 11,948,739 Belgium........................................... 11,295,360 1.27 9,5/6,084 1.54 1,719,276 .63 1,719,276 — France............................................. 10,929,750 1.23 551,584 .09 10,378,166 3.80 10,369,866 8,300 Siam................................................. 9,897,909 1.10 9,651,708 1.55 246,201 .09 182,645 63,556 Great Britain................................ 8,669,595 .97 5,120,972 .82 3,548,623 1.30 3,544,448 4,175 Hongkong....................................... 7,718,063 .86 1,452,056 .23 6,266,007 2.30 2,011,280 4,254,727 British East Indies...................... 7,530,674 .84 7,494,958 1.20 35,716 .01 4,809 30,907 Italy................................................. 6,266,304 .70 1,526,004 .24 4,740,300 1.74 4,732,800 7,500 India................................................ 5,780,628 .64 3,515,630 .56 2,264,998 .83 2,225,318 39,680 Denmark......................................... 5,703,937 .63 308,338 .05 5,395,599 1 98 5,394,999 600 Switzerland.................................... 4,927,708 .55 3,289,304 .53 1,638,404 .60 1,638,079 325 Burma............................................. 3,156,676 .35 3,106,596 .50 50,080 .02 20 50,060 Sweden............................................ 3,076,934 .34 1,215,010 .19 1,861,924 .68 1,861,624 300 Arabia.............................................. 2,910,549 .32 2,818,120 .45 92,429 .03 92,429 — Netherlands................................... 2,737,424 .31 737,782 .12 1,999,642 .73 1,997,642 2,000 Brazil............................................... 2,635,704 .29 2,634,182 .42 1,522 — 1,522 — Norway........................................... 2,586,528 29 314,864 .05 2,271,664 .83 2,271,664 — Australia......................................... 2,077,472 23 1,885,824 .30 191,648 .07 124,598 67,050 Spain................................................ 2,032,896 .23 356,938 06 1,675,958 .61 1,654,333 21,625 Argentina....................................... 2,010,380 .22 1,834,480 .27 175,900 .06 175,900 — Costa Rica..................................... 1,322,888 .15 1,230,740 .20 92,148 .03 90,250 1,898 Czechoslovakia............................. 1,173,710 .13 162,350 .03 1,011,360 .37 1,011,360 — Palestine......................................... 1,170,390 .13 88 — 1,170,302 .43 1,080,302 90,000 British Africa................................ 985,189 .11 26,372 — 958,817 .35 934,469 24,348 Austria............................................ 968,098 11 45,998 01 922,100 .34 922,100 — Hawaii............................................. 919,532 .10 565,472 .09 354,060 .13 318,151 35,909 Poland................................ ............. 911,828 .10 — — 911,828 .33 911,828 — Malaya............................................ 840,353 .09 52,662 .01 787,691 .29 452,371 335,320 French Africa...........:................... 593,450 .07 — — 593,450 .22 593,450 — Ceylon.............................................. 570,787 06 569,080 .09 1,707 — 1,707 — Guam............................................... 531,081 .06 164 — 530,917 .19 333,431 197,486 Persia.............................................. 518,966 06 518,966 .08 — — — — French East Indies...................... 490,167 .05 33,290 .01 456,877 .17 167,644 289,233 Mexico............................................ 368,111 04 358,988 .06 9,123 — 9,123 — British Oceania............................. 308,246 03 308,246 .05 — — — — Egypt.............................................. 298,114 .03 283,114 .05 15,000 .01 — 15,000 Panama, Republic of.................. 240,495 .03 26,080 — 214,415 .08 214,415 — Luxemburg.................................... 222,618 .02 222,618 .04 — — — — Portugal.......................................... 189,661 02 158,370 01 31,291 .01 31,291 — Uruguay.......................................... 155,390 .02 130,070 .02 25,320 .01 25,320 — New Zealand................................. 132,584 01 132,584 .02 — — — — Guatemala..................................... 130,656 .01 130,656 .02 — — — — Chile................................................ 128,979 .01 526 — 128,453 .05 128,453 — Puerto Rico................................... 104,346 01 — — 104,346 .04 104,346 — Peru.................................................. 92,324 .01 — — 92,324 .03 92,324 — Panama (Canal Zone)................ 99,214 .01 — — 99,214 .03 99,214 — Turkey............................................ 83,354 .01 142 — 83,212 .02 73,600 9,612 New Zealand................................. 81,568 .01 75,320 .01 6,248 — 6,248 — Venezuela....................................... 68,387 .01 42,388 .01 25,999 .01 25,999 — Peru.................................................. 50,406 .01 42,314 .01 8,092 — 8,092 — Dutch West Indies...................... 49,048 — — — 49,048 .01 49,048 — British West Indies..................... 48,232 — 48,232 .01 — .— — __ Dutch Guiana............................... 45,221 — — — 45,221 .01 45,221 — Dominican Republic................... 39,716 — 36,728 .01 2,988 — 2,988 — Paraguay........................................ 30,352 — 30,352 — — — — — British Honduras......................... 25,972 — — — 25,972 — 25,972 — Finland,.......................................... 25,390 — 25,390 — — — — — Ireland............................................ 21,986 — 7,714 — 14,272 — 14,272 — Adon................................................ 17,941 — — — 17,941 — 17,941 — British Oceania............................ 17,086 — 17,086 __ — — — __ Nicaragua....................................... 11,993 — 8,668 — 3,325 — 3,325 — Chile................................................ 7,001 — — — 7,001 — 7,001 — Salvador......................................... 2,411 — — — 2,411 — 2,411 — Haiti................................................ 1,186 — — — 1,186 — 1,186 — Azores and Madeira Islands. . . 1,004 — 1,004 __ — — — — Liberia............................................. 872 — — — 872 — 872 — Honduras....................................... 747 — — — 747 — 747 — British Guiana.............................. 180 — __ __ 180 __ 180 __ Jugoslavia....................................... 34 — — — 34 - 34 — Ill B. TRADE OF THE PHILIPPINES, FIRST HALF, 1948, BY COUNTRIES (Continued from bottom of next page) Country 1 Total Trade 1 Value 1 (pesos) | Per Cent Distribution | Imports |I Per Cent I Distribution | Total Exports | Per Cent Distribution | Domestic | Re-exports Total....................................... . 955,200,806 100 00 606,135,260 100.00 349,065,546 100.00 318,267,660 30,797,886 United States................................ 730,641,814 76.49 511,749,410 84.43 218,892,404 62.71 211,788,208 7,104,196 China............................................... 25,184,417 19,746,330 2.64 23,048,458 3.81 2,135,959 .61 784,411 1,351,548 Japan............................................... 2.07 2,188,132 .36 17,558,198 5.03 16,107,099 1,451,099 France............................................. 19,723,975 2 06 805,392 .13 18,918,583 5.42 18,903,678 14,905 Dutch East Indies....................... 19,143,102 2.00 9,996,372 1.65 9,146,730 2.62 242,908 8,903,822 Canada............................................ 16,359,772 1.71 8,010,556 1.32 8,349,216 2.39 8,246,594 102,622 Denmark........................................ 12,461,621 1.31 255,224 .04 12,206,397 3.50 12,203,177 3,220 Poland............................................. 8,597,503 .90 — — 8,597,503 2.46 8,597,503 — Great Britain................................ 8,563,891 .90 4,929,674 .81 3,634,217 1.04 3,634,217 — Belgium.......................................... 7,499,155 .79 4,667,940 .78 2,831,215 .81 2,831,005 210 Italy............................................... 6,822,159 71 819,928 .14 6,002,231 1.72 6,002,231 — Sweden............................................ 6,441,911 .67 2,690,992 .44 3,750,919 1.08 3,750,919 — India................................................ 5,951,302 .62 4,587,066 .76 1,364,236 .39 1,292,716 71,520 Netherlands................................... 5,069,373 .53 527,286 .09 4,542,087 1.30 4,542,087 — Ecuador.......................................... 5,019,780 .52 5,018,968 .83 812 — 812 — Argentina....................................... 4,236,224 .44 1,718,964 .28 2,517,260 .72 263,189 2,254,071 Germany......................................... 3,869,839 .41 75,724 .01 3,794,115 1.09 3,794,115 — British East Indies...................... 3,830,227 .40 3,819,442 .63 10,785 — 4,386 6,399 Korea.............................................. 3,407,350 .36 — — 3,407,350 .98 — • 3,407,350 Arabia............................................. 3,389,213 .36 ■ 3,223,262 .53 165,951 .05 165,951 — Hongkong...................................... 3,239,861 .34 240,294 .04 2,999,567 .86 1,344,511 1,655,056 Switzerland.................................. 3,081,162 32 2,118,344 .35 962,818 .28 962,818 . — Norway........................................... 3,070,228 .32 624,976 .10 2,445,252 .70 2,445,252 — Brazil............................................... 3,032,025 .32 3,027,680 .50 4,345 — 4,345 — British Africa................................ 2,951,838 .30 86,998 .01 2,864,840 .82 2,210,740 654,100 Persia.............................................. 2,658,242 28 2,658,240 .44 — — — — Hawaii............................................. 2,565,931 27 1,466,114 24 1,099,817 .32 735,634 364,183 Austria............................................ 2,384,712 2,245,328 25 312,112 05 2,072,600 .59 2,072,600 — Spain................................................ .24 1,397,754 23 847,574 .24 840,044 7,530 Cuba................................................ 1,454,932 15 1.454,932 .24 — — — — Australia......................................... 1,400,814 15 996,602 .16 404,212 .12 11,739 392,473 French Africa................................ 1,187,715 .12 — — 1,187,715 .34 1,215 1,186,500 Siam................................................. 1,058,253 885,046 11 121,618 .02 936,635 .27 738,527 198,108 Czechoslovakia............................. 09 305,046 .05 580,000 .17 580,000 — Malaya............................................ 826,961 09 57,680 01 769,281 .22 693,733 75,548 French East Indies...................... 816,942 775,126 09 — — 816,942 .23 116,164 700,778 Mexico............................................ 08 755,110 13 17,016 — — 17,016 Panama, Republic of.................. 716,466 08 12,000 — 704,466 .20 704,466 — Uruguay.............•........................... 616,300 07 594,982 .10 21,318 .01 21,318 — Columbia........................................ 509,634 .05 210 — 509,424 .15 509,424 — British New Guinea.................... 438,131 05 — — 438,131 .13 — 438,131 Russia.............................................. 421,388 04 421,388 .07 — — — — Ceylon.............................................. 361,414 .04 361,414 06 — — — — Portugal.......................................... 345,829 04 117,040 .02 228,789 .07 228,789 — Costa Rica..................................... 343,324 04 343,324 06 — Palestine......................................... 332,000 04 — — 332,000 .10 203,000 129,000 Puerto Rico................................... 246,375 03 19,306 — 227,069 .07 227,069 — Portuguese China........................ 227,000 02 — — 227,000 .07 — 227,000 Egypt.............................................. 170,966 02 170,966 .03 — Guam............................................... 148,604 02 — — 148,604 .04 76,715 71,889 Portuguese China........................ 61,452 .01 — — 61,452 .02 468 60,984 Venezuela....................................... 47,914 01 — — 47,914 .02 47,914 — Alaska............................................. 46,478 01 — — 46,478 .02 46,478 — Nicaragua....................................... 30,882 — 28,950 — 1,932 — 1,932 — Portuguese Africa........................ 28,977 — — — 28,977 .02 28,977 — Newfoundland 8s Labrador. . . . 22,769 — — — 22,769 .01 22,769 — Finland........................................... 15,954 — 15,954 — — — — — Sto. Domingo, Republic of. . . . 15,225 — 9,920 — 5,305 — 5,305 — Dutch Guiana............................... 14,646 — — — 14,646 .01 14,646 — Dutch West Indies...................... 10,798 — — — 10,798 — 10,798 — Panama, Canal Zone.................. 8,307 — — — 8,307 — 8,307 — Columbia........................................ 7,840 — 3,928 — 3,912 — 3,912 — Ecuador.......................................... 5,248 — — — 5,248 — 5,248 — Salvador.......................................... 3,821 — — — 3,821 — 3,821 — Syria................................................ 2,742 — 2,742 — — — — — Ireland........... •............................... 2,010 — 2,010 — — — — — British Guiana.............................. 1,103 — — — 1,103 — — 1,103 British West Indies..................... 888 — 888 — — — — — Cuba................................................ 768 — 122 — 646 — 646 — Honduras....................................... 743 — — — 743 — 743 — Greece............................................. 442 — 442 — — — — Pakistan.......................................... 414 — 64 — 350 — — 350 Turkey............................................ 306 306 — — Slovakian....................................................... 128 128 Egyptian......................................................... 50 50 Ecuadorian.................................................... 40 40 Hungarian..................................................... 30 30 Others............................................................. 7,550 7,550 523 Nationality IV A. FOREIGN TRADE BY NATIONALITY OF TRADERS, FIRST HALF, 1949 Total.............................. American........................................................ Chinese........................................................... Filipino........................................................... British.......... .............................................. Spanish........................................................... Swiss............................................................... British Indian............................................... Danish............................................................ French............................................................. German........................................................... Syrian............................................................. Armenian....................................................... Dutch.............................................................. Belgian........................................................... Swedish.......................................................... Norwegian..................................................... Hungarian..................................................... Argentinian................................................... Turkish........................................................... Portuguese..................................................... Polish.............................................................. Austrian......................................................... Malayan, Dutch.......................................... Jewish..................................................... Panaman........................................................ Czech............................................................... Hondurian..................................................... Bulgarian....................................................... Irish (Free).................................................... Italian............................................................. Greek............................................................... Cuban.............................................................. Lithuanian..................................................... Jugoslavian.................................................... Paraguayan................................................... Salvadorian................................................... Siamese........................................................... Russian........................................................... Romanian................. ..................................... Others............................................................. Total Trade Imports (Domestic th Domestic Re-exports I I Re-exports) I j P896.222.875 P623.335.508 P272.887.367 P264,371,355 P 8,516,012 308,312,471 183,218,330 125,094441 122,274,789 2,819,352 258,951,724 226,494,534 32,457,190 31,294,442 1,162,748 211,738,543 155,355,654 56,382,889 54,084,947 2,297,942 51,219,588 30,501,372 20,718,216 20,680,568 37,648 30,865,264 2,903,056 27,962,208 27,932,813 29,395 12,907,446 12,785,076 122,370 59,735 62,635 10,290,490 8,749,112 1,541,378 1,616 1,539,762 6,423,409 1,032,500 5,390,909 5,390,309 600 2,621,365 295,694 2,325,671 2,043,413 282,258 606,121 65,458 540,663 538,623 2,040 440,700 440,700 — — — 378,566 376,508 2,058 2,058 — 362,594 139,926 222,668 366 222,302 172,182 . 172,182 — — — 136,462 136,162 300 — 300 122,216 122,216 — — — 88,760 88,760 — — — 78,931 78,756 175 — 175 73,280 73,280 — — 67,090 — 67,090 67,090 — 66,158 66,158 — — — 55,600 55,600 — — — 43,479 3,814 39,665 — 39,665 35,886 35,886 — 32,229 . 32,124 105 — 105 28,308 28,308 — — — 21,448 21,448 — — — 19,832 19,832 — — — 10,642 10,642 — — — 8,624 8,038 586 586 — 7,638 7,638 — — — 3,884 3,884 — — — 1,250 1,250 — — — 708 708 — — — 706 706 — — — 274 274 — — — 170 170 — — — 104 104 — — — 92 92 — — — 28,641 9,556 19,085 — 19,085 IV B. FOREIGN TRADE'BY NATIONALITY OF TRADERS, FIRST HALF, 1948 Nationality | Total Trade | Import! | Exports | Domestic | Re-exporta Total................................................ 955,200,806 606,135,260 349,065,546 318,267,660 30,797,886 American................................................. 340,221,505 168,405,856 171,815,649 159,749,173 12,066,476 Chinese..................................................... 307,618,647 242,758,328 64,860,319 63,020,227 1,840,092 Filipino..................................................... 210,701,842 136,382,928 74,318,914 61,106,893 13,212,021 British...................................................... 37,922,080 23,225,728 14,696,352 13,947,603 748,749 Spanish..................................................... 21,970,224 4,454,622 17,515,602 17,479,412 36,190 Swiss......................................................... 15,289,481 15,198,014 91,467 57,754 33,713 British Indian........................................ 5,781,074 5,640,768 140,306 97,234 43,072 Syrian............................ ...................... 5,454,565 5,254,136 200,429 200,429 — Dutch....................................................... 2,703,390 91,524 2,611,866 509,850 2,102,016 French...................................................... 2,498,102 1,383,304 1,114,798 528,400 586,398 Panaman................................................. 1,337,662 1,337,662 — — — German.................................................... 768,811 68,756 700,055 700,055 — Danish...................................................... 736,945 2,926 714,058 734,019 733,819 200 Swedish.................................................... 714,058 — — — Turkish.................................................... 625,338 625,338 — — — Argentinian............................................ . . 330,417 262,032 68,385 67,225 1,160 Siamese..................’................................. 121,372 170 121,202 — 121,202 Dutch Malayan.................................... 91,349 89,300 2,049 — 2,049 Jewish....................................................... 87,983 24,950 63,033 63,033 — Armenian................................................. 64,872 62,812 2,060 460 1,600 Italian.».................................................. 48,718 48,718 — — — Norwegian.............................................. 45,890 45,190 700 700 — Austrian................................................... 20,934 20,934 — — — British Malayan................................... 13,890 13,890 — — — Portuguese.............................................. 12,613 7,220 5,393 5,393 — Polish....................................................... 3,580 1,032 2,548 — 2,548 Hondurian.............................................. 2,342 2,342 — — — Greek........................................................ 1,712 1,712 — — — Czechoslovakian................................... 1,344 944 400 — 400 Belgian..................................................... 1,000 1,000 — — — Russian.................................................... 1,000 1,000 — — — Irish (Free)............................................. 268 268 — — — (Continued at bottom of preceding page) 524 VA. FOREIGN TRADE OF THE PHILIPPINES, BY PORTS OF ENTRY, FIRST HALF, 1949 Port | Total Trade | Imports J Exports 1 (Domestic 1 Re-exports) 1 Domestic | Re-exports Total.............................................. .... 896,222,875 623,335,508 272,887,367 264,371,355 8,516,012 Manila................................................... 640,893,120 557,003,652 83,889,468 75,605,806 8,283,662 Cebu....................................................... 111,259,694 48,534,538 62,725,156 62,538,327 186,829 Iloilo....................................................... 76,947,638 13,148,586 63,799,052 63,755,536 43,516 Davao.................................................... 24,111,412 1,306,850 22,804,562 22,804,562 — Tabaco................................................... 7,676,016 6,320 7,669,696 7,669,696 — Jolo....................................;................... 2,631,743 162,886 2,468,857 2,468,857 — Zamboanga........................................... 8,849,246 324,216 8,525,030 8,525,030 — Jose Panganiban................................. 4,596,030 213,268 4,382,762 4,382,762 — Aparri..................................................... 51,500 — 51,500 51,500 — Tacloban................................................ 12,962,414 — 12,962,414 12,960,409 2,005 San Fernando, U. (1)........................ . . 6,244,062 2,635,192 3,608,870 3,608,870 — (1) Opened August 1948 V B. FOREIGN TRADE OF THE PHILIPPINES, BY PORTS OF ENTRY, FIRST HALF, 1948 Total ...................... ............................. 955,200,806 606,135,260 349,065,546 318,267,660 30,797,886 Manila............................. ................. 693,924,785 562,188,320 131,736,465 101,739,609 29,996,856 Cebu................................. ................. 131,811,529 32,979,072 98,832,457 98,806,352 26,105 Iloilo................................. ............... 36,355,682 8,293,146 28,062,536 28,061,186 1,350 Davao.............................. ............................. 26,853,159 959,588 25,893,571 25,893,571 — Tabaco............................. ............................. 27,072,178 3,138 27,069,040 27,069,040 — Jolo................................... ............................. 5,375,820 768,076 4,607,744 4,557,809 49,935 Zamboanga..................... ............................. 24,848,080 943,106 23,904,974 23,902,334 2,640 Jose Panganiban........... ............................. 3,998,370 558 3,977,812 3,977,812 — Aparri............................... ............................. 248 248 — — — Tacloban.......................... ............................. 4,980,955 8 4,980,947 4,259,947 721,000 GROSS SALES (TEN LEADING BUSINESS FIRMS) 1937-1949 Bureau of the Census and Statistics (1937 100) 1937 1938 1939 1940 1941 1945 1946 1947 1948 1949 January....................... ........... 95.1 75.5 88.8 106.7 104.8 — 49.6 160.9 225.2 213.5* February..................... ........... 102.5 71.6 80.3 99.8 95.9 — 34.6 228.9 228.3 241.3 March.......................... ........... 105.9 85.2 87.1 104.3 107.2 — 61.1 218.8 257.5 289.6 April............................. ........... 107.5 81.4 79.8 100.3 105.6 — 75.1 155.3 254.0 231.2 May.............................. 100.4 76.9 80.1 97.5 113.0 1.6 117.5 216.0 273.8 261.3 June.............................. ........... 100.3 76.6 107.7 103.5 117.0 5.4 85.3 249.4 308.7 278.9 July............................... ........... 105.7 72.0 90.8 98.8 110.0 8.4 89.7 240.4 313.2 238.2 August......................... ........... 97.4 75.2 90.8 98.3 109.8 10.4 118.9 202.8 272.2 223.9 September.................... ........... 83.4 76.8 103.3 93.1 114.0 110.7 116.4 219.2 261.1 238.9 October........................ ........... 97.0 80.1 103.4 85.8 100.1 10.8 147.0 222 9 252.5 — November................... ........... 100.4 104.2 110.1 105.6 97.7 21.4 165.1 278.7 215.8 — December.................... ........... 104.3 88.6 119.4 119.1 64.8 27.9 184.4 291.8 253.4 ~ * Revised figures for January, February, and March. Consul General Ward... (Continued from page 516) with an aberration, a deviation from the natural state and the moral standard,—a departure from the norm which we may rationally believe will, in the end, be corrected even by the very people themselves who are now in such a grievously disordered and unsound state. The truly faithful democrat must believe that, ulti mately, the world will recognize not only the inviolability of the diplomat, but the inviolability of every human being, wherever he may be. 'J1 he day after the writing of the foregoing editorial, the press reported that Ward and his four aides had been convicted by a communist court of "beating a Chinese” and given sentences of from three to six months’ imprison ment (six for Ward himself), but that these sentences had immediately been commuted to deportation, the men being allowed to return to the Consulate compound. “Ward telephoned this information to the American Consul in Peiping and reported that all five were ‘up and about’. The State Department immediately ordered Ward and his entire staff to leave Mukden ‘forthwith’.” — November 23, United Press. There can hardly be any doubt that the American appeal to other governments, the mounting world interest in the case, and the general indignation aroused brought about this issue, which is, at least, more satisfactory than other possibilities which were feared. And the world will hardly be taken in by the belated "trial”, the "conviction”, and the continuing Red villification of the American offi cials. The State Department course in the matter has been vindicated. 525 The Business View A monthly review of facts, trends, forecasts, by Manila businessmen Office of the President of the Philippines From an Official Source NOVEMBER 1 — President Elpidio Quirino holds a breakfast con ference with Ambassador Myron M. Cowen who leaves tomorrow on a trip to the United States. A severe typhoon devastates the Visayan islands. Later reports indicate that deaths number over 500 and that the property damage runs into millions of pesos. The Weather Bureau is criticized for its inadequate warning system. Nov. 3 — Announced that United States Secretary of the Treasury, John W. Snyder, with a group of high Treasury officials, will visit Manila soon "to determine further United States assistance along the lines promised by President Truman to President Quirino”. Nov. 8 —General elections arc held throughout the Philippines, later reports indicating the victory of Ouirino over the two rival candi dates, Jose P. Laurel and Jose Avelino, and with control won also in the House and the Senate. Nov. 9 — The President swears in Solicitor-General Felix Bau tista Angelo as acting member of the Commission on Elections im.mediately after approving Judge Francisco Enage’s request for retire ment, last filed in October, 1948, and previously in 1941 and in 1946. Nov. 10 — In. the first meeting of the President with the Cabinet following the elections, the “following points were brought out”: “1. That the Administration's food production and other economic measures will be intensified. "2. That special care will be taken to strengthen the fiscal position of the Government through more stringent execution of an austerity program. "3. That in view of the magnitude of the task ahead, an atmoaphere of closer national unity will be sought and utmost efforts will be exerted to enhance op portunities for everybody to contribute his talents or service to the national weal." With the concurrence of the Cabinet, the President authorizes the allocation of P250.000 for the relief of typhoon victims in the Visayas. Nov. 11 — Another destructive typhoon sweeps the Visayan islands. Nov. 15 — The President sends a message of condolence to the family of Dr. Murray Bartlett, founder and first President of the Uni versity of the Philippines, who died at Geneva, New York, on the 13th. Nov. 16 — The President observes his 59th birthday anniversary. Nov. 18 — The President urges the Cabinet to take all possible economy measures including the suspension of all pending government projects which are not urgent and all appointment of additional person nel. Secretary of Finance Pio Pedrosa and Budget Commissioner Pio Joven informed the President at the meeting that “ordinary govern ment expenditures to date fall within the authorized appropriations and that reports of deficits probably were based on the fact that revenue collections this fiscal year were falling behind original estimates (though these are) still expected to be sufficient to meet the ordinary fiscal ex penditures of the Government.” The Cabinet authorized the allocation of Pl00,000 from the Philippine Charity Sweepstakes fund for the physical education program of the Bureau of Public Schools, including expenses for transportation and equipment in connection with the Interscholastic Meet to be held in Davao City in March, 1950. It also authorized the sending of Leoncio Cifra and Crescente Mejia of the National Development Company to Japan for advanced technical training in paper manufacture. The Department of Foreign Affairs announces that Great Britain, through the Philippine Legation in London, has offered the Philippines a L73.426 (P411.185) share in the 1,500,000 tons of rice reparations exacted from Thailand as an ally of Japan. Nov. 19 — Secretary Pedrosa, replying to criticism of the Central Bank order requiring an 80% cash deposit on all letters of credit ap plied for in the importation of certain “luxury and nonessential” goods, states that the measure was not suddenly determined up>on but that it was— "exhaustively discussed not only by the Monetary Board but by the Monetary Board with the President and by the President with his advisers and it was issued only after unanimous decision was arrived at that the measure was both necessary and urgent that release was authorized. This measure, along with others of similar purpose, has long been under consideration and its issuance at this time was made regardless of whether Secretary Snyder would have come or not." The President extends the effectivity of the Executive Order re stricting the carrying of firearms, expiring on November 20, to the end of 1949. Nov. 20 — The President receives U. S. Secretary of the Treasury, John W. Snyder, who arrived from Japan today. Earlier in the day he received a courtesy call from Loy W. Henderson, U. S. Ambassador to India, who is on his way to New Delhi. Nov. 21 —The President receives U. S. Ambassador Cowen shortly after his arrival from the United States. In the evening he confers for two hours with Secretary Snyder who was accompanied by the Ambas sador. Among others present were the secretaries of finance, agriculture and natural resources, and commerce and industry, the Budget Com missioner, and the Central Bank Governor. Nov. 22 — The President during a Cabinet meeting directs Secre tary of the Interior S. Baluyut to take to the courts as soon as possible all cases of violation of the election law during the last elections, regard less of the party affiliation of the persons involved, calling attention to the “continuous propaganda” in the press against “alleged terrorism and election frauds”, and reminding the Secretary of his standing order to investigate all complaints and to take “stern measures against the culprits”. The Secretary informs the President that so far no direct complaints have been filed with his office and states also that of reported election violence the “victims in most cases were Liberal Party ad herents”. The Cabinet refers to Secretary of Public Works P. Sanidad the proposal of the Cebu Portland Cement Company to authorize the im portation of 20,000 tons of cement to meet the local demand pending repairs to the Cebu cement plants damaged by the recent typhoon. The President gives a state dinner in honor of Secretary Snyder. Nov. 23 — The President confers with the Philippine army and Constabulary heads regarding the peace and order situation in the provinces and in Manila, particularly the situation in Batangas [where early in the morning of the 19th, a group of several hundred men, said variously to be “students” and "disgruntled voters”, raided the Con stabulary and police establishments.] Secretary of Finance Pedrosa issues a statement as follows: "The conversations between Philippine officials. Secretary Snyder, and Am bassador Cowen, which came to a close last night, explored the varied phases of Philippine economy and the country’s fiscal position. Secretary Snyder made known the continuing interest of the United States in our economic and financial problems and in the progress we are making in the implementation of our plans for meeting them. He was very sympathetic with the measures our Government is taking to conserve its dollar resources, — the imposition of import and credit controls on the one hand to lessen the great disparity that exists between our imports and exports, and the rehabilitation of the pre-war export industries on the other hand, together with the accelerated tempo of our abaca, tobacco, coconut, lumber, rice, and corn production work. The efforts being exerted to increase the dollar - producing assets of the economy, their schedules of execution, their dollar and peso needs, the effects they will exert upon our economic position, the possibilities they hold in helping place the economy in a position to stand on its own when American disbursements in the Philippines will have ceased and the graduated tariffs on Philippine exports will have begun to take effect,—all these figured very promin ently in these discussions. No specific agreements on United States assistance were made. All speculation that hand-outs from the United States are forthcoming as a result of Secretary Snyder's visit will remain as speculation. The conversations paved the way for specific proposals to be presented to enlist American assistance and sympathy toward them. Our immediate need for technical help in the various lines of the work we are doing was amply discussed." The Department of Foreign affairs issues a statement discounting Hongkong press reports quoting Consul Jose Rodriguez as saying that he "secured his Government’s permission for a substantial capital from Shanghai to enter the Philippines to develop enamel and coconut-oil industries.” “The matter involves high policy and deserves careful, sober study before any definite stand on entry of Chinese capital could be made... While as a general policy the Philippine Government welcomes all foreign capital for productive enterprises in the Philippines without distinction, as announced by President Quirino...the Philippine Government would probably subject China venture-capital to certain restrictions like (1) restricting the outflow of earnings and profits...(2) provisions for such capital to employ Filipino labor...Bids from Sino capitalists in Hongkong and Shanghai envisaged investments in Philippine agriculture, mining, import and export, and industrial investments.” Nov. 24 — The President gives a luncheon in honor of Senator and Mrs. W. F. Knowland who arrived in Manila on the 22nd after visiting Japan, Korea, Okinawa, and Chungking, Kunming, and other parts of China. Nov. 25 — The President at a Cabinet meeting directs Secretary R. Nepomuceno of the Department of Justice to assign a staff of special prosecutors to devote their full time to the investigation and prosecu tion of all election anomalies. The Cabinet rejects a request to allow a refugee at Guiuan to serve as radio engineer at Silliman University “in order to avoid setting a precedent which might tend to nullify the enforcement of Philippine immigration laws”. The Cabinet authorizes the granting of temporary visitors’ visa to a group of Chinese capitalists from Hongkong who have requested permission to survey local condi tions for investment purposes. According to a release of the Depart ment of Foreign Affairs, such investment would be “limited to the purely ‘industrial’ field.” “The original request of the Chinese businessmen was for large-scale invest ments in the ‘industrial, mining, and general export and import business’. However, the Constitution inhibits aliens from engaging in agriculture and mining enterprises while national policy also bars aliens from getting a stranglehold on export and import business to the prejudice of Philippine nationals, hence these fields will be closed to the prospective Chinese investors. Three basic restrictions will be required Sino investors in the Philippines in accordance with President Quirino’s decision. They are: (1) That the Chinese investments in the Philippines should give priority to employment of local Filipino labor; (2) That remittances of these investors to their homeland or other foreign countries will be subjected to rigid exchange controls as a hedge against excessive outflow of dollar resources; and (3) Thorough screening of prospective investors to ascertain their political affiliations, technical knowledge, 526 Amount ofcapital available for investment, and other factors which may bear upon their status when allowed entry into the Philippines.” Following the death on the 23rd of Commissioner Filemon Cosio of the Securities and Exchange Commission, who was at the same time Under-Secretary of Commerce, the President designates Secretary of Commerce C. Balmaceda to assume the duties of Securities and Ex change Commissioner, Secretary Balmaceda thereupon detailing Direc tor S. Mendinueto of the Bureau of Commerce to assist him in the Department. The Chief of the Division of Standards of the Bureau will temporarily assume the duties of the Director. Nov. 26 — The U.S. Congressional group, headed by Rep. John Miles, members of the Public Lands Sub-committee on a tour of United States Trust Territories, arrives in Manila and makes an official, call on the President, accompanied by Ambassador Cowen and several members of his staff. The Department of Foreign Affairs announces that the Govern ment has rejected a request from the International Refugees Orgpnization (IRO) for a further extension of stay for some 1000 refugees still remaining of the 5000 who were quartered at Guiuan, Samar. Some 4000 have already been resettled in various countries. The Govern ment stated that it desired to use Guiuan immediately in connection with its economic development plans. Nov. 27 — Another American group of the Senate Sub-Committee on Appropriations, headed by Senator A. J. Ellender, arrives in Manila from Batavia and calls on the President, accompanied by the Ambas sador. “Among the points taken up during the one-hour visit of the American solons was the question of expediting the negotiations on the American-held naval and army bases in the Philippines, particularly Clark Field and Subic Bay. The Senators expressed satisfaction when they learned from the President that the Philippine Government is giving utmost cooperation in strengthening defense bases in the Philippines. The President took occasion to urge the American officials to continue the development of the naval base at Guiuan which has been abandoned for some time. Matters affecting the peace and order situation in the country were likewise touched upon during the conversation, with the President assuring the visitors that the sporadic uprisings are well under control and that in general there should be no hindrance to the investment of foreign capital in the Islands. The stability of the Philippine budget and the stepping-up of the country's agricultural production were likewise taken up during the informal talks.” In the evening, the President gives a cocktail party at Malacanang in honor of the visiting American senators and representatives who arc scheduled to leave Manila tomorrow for other places in the Far East. Banking and Finance By R. E. Russell Sub-Manager, National City Bank of New York COMPARATIVE Statement of the Central Bank of the Philippines: ASSETS International Reserve . Contribution to Interna tional Monetary Fund. . Account to Secure Coinage Loans and Advances............ Domestic Securities.............. Due from Treasurer of Phil ippines .................................. Other Assets.......................... As of As of As of January 31 September 30 October 31 (In thousands of pesos') LIABILITIES Currency: Notes.................. Coins.................. Demand Deposits: Pesos. . Dollars Securities StabilizationFund Due to International Mone tary Fund. . .•.................... Due to International Bank for Reconstruction and Development...................... Other Liabilities.................... Capital..................................... Undivided Profits................. P714.969 P558.136* P527.652* 30,000 30,000 30,000 113,106 113,306 113,306 — 50,569 85,521 — 20,033 38,729 19,320 20,320 20,529 P677.395 P792.364 P815,73 7 P621.521 P533.957 P581.357 73,035 73,784 73,729 169,351 139,132 115,357 — 148* 226* 2,000 2,000 2,000 - 22,499 22,499 2,392 2,392 1,488 3,507 2,635 10,000 10,000 10,000 — 4,945 5,543 P877.395 P792.364 P815.737 I NOTE: The Demand Deposit liabilities in U.S. Dollars are deposits of the Treasurer of the Philippines which temporarily are being kept in foreign currency. These amounts are included on the Asset side as part of the International npHE Central Bank has been obliged to draw against its 1 International Reserve for over $15,000,000 (P30.484,000) during October, continuing for another month the steady drain on this Reserve. It is to be noted that the currency in circulation now exceeds the International Reserve. The increase of Pl8,696,000 in Domestic Securities are advances to the Philippine Treasury, secured by govern ment bonds, to supply funds for government projects. The authority for these advances, and the purposes for which they are used, are found in Section 137 of the Central Bank Act. t*y its Circular No. 19 of November 17, 1949, the Central Bank of the Philippines imposed its “Selective Credit Control”. One purpose of this control is to limit the use of credit for the importation of a large number of luxury items such as automobiles, tobacco, wines and liquors, and tex tiles. The Central Bank hopes to curtail further the im portation of luxury items by this type of control, thereby saving dollars for more necessary imports. It is too early to tell how great will be the reduction in luxury imports through the implementation of these new regulations. Stock and Commodity Markets By A. C. Hall A. C. Hall Company October 22 to November 25, 1949 New York Stocks.—The Dow Jones Industrial and Utility averages reached new three-year highs during the past month, but the Rail average tended to drag. Over the period of this review, the range of the daily closing averages was as follows: Low Nov. 25 Change 186.20 192.78 Up 6.58 47.47 47.97 Down .54 38.34 39.51 Up 1.16 Oct. 21 High Industrials. . . 186.20 193.62 Rails................ 48.51 49.55 Utilities........... 38.35 39 51 The principal strength has been in automobile issues, which were helped by General Motors’ record year-end dividend. However, some individual high quality issues, aided by good earnings’ reports and year-end extra dividend declarations, have done exceptionally well. For instance, Allied Chemical at 203, Eastman Kodak at 47-3/8, Proctor and Gamble at 81, and U. S. Gypsum at 108, show gains respectively of $11, $4 ex-dividend $7-3/4, and $8-1/4 ex-dividend. Chemical issues also acted well, while Tobac cos appear to be consolidating their previous advance. Mail Orders and Oils were slow. The Rails were disappoint ing and probably reflect the current uninspiring earnings outlook. The overall market position is interesting. While strikes appear out of the way, other factors loom on the horizon. With the approach of 1950, the sober question of possible congressional action on taxes has to be faced. Still further ahead lies spring, and the chance of disturb ances in the international field. As far as the outlook for business is concerned, most investment advisory services are bullish on the whole, and see little possibility of any serious decline in industrial activity for 1950. With Industry’s post-war plant expan sion and modernization program largely completed, cor porations will be able to disburse a larger portion of earnings in the form of dividends than has been the case during the past three years. This should provide good support for stock prices, which, at present levels, provide excellent yields. However, in markets, it is always the unexpected that we must be on the look-out for. From a technical view point, the sluggishness of the Rail average suggests that all may not turn out to be as rosy as it appears in the market place at the moment. After five months of more or less uninterrupted advance, it is quite possible that a corrective phase could develop at any time, and stocks may have to sell lower before the main forward movement is resumed. 527 Commodities.—The stimulation of the loan program has dragged somewhat due to slow demand for wheat and flour: Chicago December Wheat was quoted at $2.16 compared to $2.13-3 4 last month. In Corn, price support policy seems intended to lift prices to higher levels: Chi cago December Corn advanced from $1.16-3 4 during the month to close at $1.28-1 2. Trade buying has lifted Cotton futures from a month ago, with New York December Cotton closing at 29.91 compared to 29.75. Sugar has been a slow market as trade circles speculate on the size of next year’s quota. New York No. 6 March was quoted at 5.15, off 7 points over the .month. Manila Market.—Early in the period under review there was a sharp revival of interest in non-producers, and some sizeable price gains were registered. The reason for this activity stemmed from reports that some of the Marsman-managed properties may get back into production during the next year or so, also that non-producers might receive some consideration from the Government in the matter of taxes. With the exception of Lepanto, which was firm on the dividend declaration, leading issues did not follow the bullishness in the low-priced stocks. Subse quently, President Truman’s statement on gold brought sharp weakness in American and Canadian gold shares and caused repercussions here. Since then, the Central Bank’s action on import credits caused buyers to withdraw tem porarily in anticipation of increased offerings. Although the credit regulation has since been modified, prices have shown little recovery as market circles are concerned at the moment with the political situation in Batangas. As the latter clarifies, prices should move ahead, as reports from the mining properties are generally most constructive. In the Commercial and Industrial section an easier tendency developed in quiet trading. 1948-49 Range High Low 122. MINING SHARES 3 1 48 60 375 P 028 95 075 75 2 0072 05 015 115 0775 85 26 275 M.S.E. Minin'g Average.... Acoje Mining Company ... Antamok Goldfields Mining. Atok-Big Wedge Mining Co. Baguio Gold Mining Co. .. . Balatoc Mining Company. . High Lc 80 I P . Close 69 85 70 11 P 13 F 13 2 013 01< 041 05 Change off Off . 19 015 Total. Sales Off 26 43 043 015 11 04 Coco Grove, Inc.................... Consolidated Mines, Inc....... Itogon Mining Co.................. IXL Mining Company......... Lepanto Consolidated Mining Mindanao Mother Lode Mines Misamis Chromite, Inc......... Paracale Gumaus Cons......... San Mauricio Mining Co.. . . Surigao Consolidated Mining Co...................................... Suyoc Consolidated Mining Co...................................... United Paracale Mining Co... .0035 03 008 08 05 62 56 .11 OS 165 Up Up Up Up Up Up Up Off Up Up Up .26 02 .07 COMMERCIAL SHARES Off Up .035. 225,000 382,000 620 00 500 00 168 00 — " 81 00 116 00 80 00 70 00 30 00 61 24 00 00 40 00 22 00 8 1 00 30 5 00 115 .40 .35 00 36 Over-the-counter business in mining shares included about 15,000 shares Benguet Consolidated from P5 to P3.90, closing at the latter price; also small business in Demonstration at 1 centavo, and 1,500 shares Philippine Iron Mines Common at P30 ex-dividend. Business in unlisted Commercial shares included 350 Credit Corpora tion of the Philippines at P7.30; Kabankalan Sugar Co. at P90; 6,500 Manila Jockey Club at Pl.60; 60 Philippine American Drug Co. at P135; 420 San Miguel 8% Preferred at P102: and 380 Victorias Milling Co. at P180. Credit By W. J. Nichols Treasurer, General Electric (P.I.) Inc. CIRCULAR No. 19, dated November 17, issued by the Central Bank of the Philippines, outlines new selec tive credit controls. The regulation requires a cash deposit of 80% for all letters of credit and/or authority to purchase for the importation into the Philippines of certain classes of merchandise considered to be non-essential to the economy of the country. The ruling further provides that proceeds of bank loans and overdraft facilities cannot be used to cover the 80% cash deposit. At the time this is written, it is still too early to deter mine the ultimate effect of the new regulations but they obviously, if continued, will have a very definite effect on the credit situation. There are relatively few business firms which import merchandise without using local credit faci lities of one kind or another. Those companies which operate entirely on their own capital are not affected by the ruling. Since the provisions of the selective credit control have been made retroactive to cover existing import orders for importation of goods, one effect may be that collection of current credit accounts may become slower. Merchants forced to obtain cash immediately to cover commitments made in foreign countries may find it necessary to with hold payments on other accounts in order to obtain funds suddenly required by the Central Bank’s ruling. We can only hope, at the present time, that our normal collection will not be too greatly dislocated by this new control. Real Estate By C. M. Hoskins (Of C. M. Hoskins &• Co. Inc., Realtors) SALES of real estate recorded in Manila for November totalled Pl,861,723 as compared with P3,032,542 for October, and P5,386,241 for November of 1948. Sales in the suburban towns for November totalled P 1,883,727, as compared with P2,872,327 for October. Cumulative sales totals for Manila proper during the first 11 months since 1946 were as follows: January-November Total Sales 533 High Low Close Change Bank or the Phil. Is. P76 00 P75 00 P76 00 Up P 2 00 China Banking Corpora tion.............................. 185 00 185 00 185 00 Central Azu. de Bais.... 590 00 590 00 590 00 Up Central Azu. de la Carlota.............................. 160 00 155 00 155 00 Off Central Azu. del Pilar .. 115 00 115 00 115 00 Off Central Azu. de Sara Ajuv............................ Central .Azu. de Tarlac Filipinas Cia. de SeInsular Life Ass. Co. Manila Broadcasting Co............................... Manila Wine Merchants Inc............................... Marsman and Co. Pfd. . Marsman and Co. Com . Metropolitan Insurance Co............................... Pampanga Bus Com pany.............. 065 Philippine Oil Co............................... Philippine Racing Club .. San Miguel Brewery, Williams Equipment Co. Pfd.. . ................... WiUiams Equipment Co. 61 00 60 00 — 90 00a — 60 00 15 00 30 10 142 16 463 24 00 24 00 Up 5 50b 2!7 2 00 1 08 1 04 10 3.170 93.1 3 00 40 .35 50 4.275 3,000 5,000 1946 ............................................................................ P41,511,990 1947 ............................................................................ 65,054,518 1948 ............................................................................ 54,301,653 1949 ............................................... 33,869,692 40 305 42 50 100 00 10 00 Mortgage transactions continue at about the same level, with P9,494,225 recorded in Manila and suburbs for November, as against P10,742,418 for October. The decline in sales in November is attributed by brokers to the uncertain financial picture. Many transac tions have been held up by investors until the effects of import and credit controls are seen. The possibility of commercial vacancies due to closure of some import firms and residential vacancies from unemployment are making 40b 00 50 75 00 7 00 * Adjusted to ex-stock dividend. 11 1.20 26.00 25.50 26 00 85.00b 7.00b 6,572 528 REAL ESTATE SALES IN MANILA, 1940-1949 Prepared by the Bureau of the Census and Statistics Note: A large percentage of 1945 sales and a diminishing percentage of 1496 sales, represent Japanese Occupation transactions not recorded until after liberation. January,. February. March... April.... May........ June........ July......... August.. . September October.. November December Total... 1940 P 6,004,145 918,873 1,415,246 883,207 403,866 542,187 1,324,861 • 1,905,828 1,141,114 993,103 938,416 1,504,004 1941 P 962,970 779,783 1,532,104 988,380 1,129,736 598,431 559,742 1,239,414 815,112 1,182,678 858,235 (?) 1945 P 7,943,605 1,337,830 (?) 213,262 962,008 1,212,780 1,123,565 699,740 1,870 670 2,096,893 2,555,472 2,874,408 1946 P 4,385,011 2,267,151 2,622,190 1,916,293 3,684,937 3,637,956 4,974,862 4,438,510 4,698,896 5,545,800 3,340,384 4,025,926 1947 P 6,030,012 7,217,317 7,166,866 8,611,076 4,618,181 3,988,560 4,097,183 5,627,572 7,437,213 6,083,486 4,177,054 3,205,584 P17.974.844 PlO.647,285 P22,890,133 P45,537,914 P68.260.104 1948 P 3,644,734 3,879,633 4,243,719 5,021,093 3,129,799 8,019,246 5,146,529 6,192,876 4,737,581 5,350,376 3,046,287 5,386,248 P57.798.121 1949 P 3,965,420 2,701,668 3,362,635 3,677,630 4,253,395 2,793,217 3,019,784 4,924,841 3,668,662 3,032,542 1,861,723 P37.261.517 buyers of investment properties cautious. Business in private dwellings for owner use continues very active. Despite the November decline, 1949 totals to date are double the 1940 sales, and triple the 1941 sales. Electric Power Production (Manila Electric Company System) J. F. Cotton Treasurer, Manila Electric Company 1941 Average—15,316,000 KWH KILOWATT HOURS 1949 1948 January.......................................................... 33,745,000 27,301,000 February........................................................ 31,110,000 26,021,000 March............................................................. 34,776,000 26,951,000 April................................................................ 33,048,000 26,871,000 May...........................•.................................... 34,453,000 28,294,000 June.................................................................... 34,486,000 29,216,000 July................................................................. 35,726,000 . 31,143,000 August................................................................ 35,394,000 31,993,000 September......................................................... 35,763,000 32,012,000 October.......................................................... 37,461,000* 33,943,000 November...................................................... 35,770,000** 32,661,000 December............................................................. — 35,104,000 Coconut oil................................. Concentrates, copper................ ” gold..................... Copra................................... Copra cake meal............. Embroideries...................... Empty cylinders.............. Food, canned..................... Furniture, rattan............. Glycerine............................. Gums, copal....................... Hemp................................... Household goods............... Junk metal......................... Kapok.................................. Logs...................................... Lumber................................ Molasses.............................. Ores, chrome..................... ” iron............................ ” manganese............... Pineapples, canned........... Rattan................................. Rope..................................... Rubber................................. Skins..................................... Vegetable oil products. . . Transit cargo..................... General merchandise.... 7,065 ” 8,633 2,845 ” 1,429 452 " 137 55,445 ” 37,837 7,135 ” 2,119 191 ” 117 •600 ” 314 25 " -----541 " 992 136 ” -----77 ” 61 39,140 bales 32,775 141 tons 113 771 ” 8,855 28 ” — 1,878,024 bft. 1,814,525 2,764,095 ” 982,001 3,333 tons 2,200 4,000 ” 22,108 33,401 ” — 1,795 ” 1,600 3,641 ” — 181 ” 86 177 ” 295 137 ” 51 66 ” 10 41 " 29 194 ” 142 2,654 ” 29,687 Total.......................................................................... 361,510,000 * » Partially estimated Output in November was 3,109,000 KWH, or 9.5% over November, 1948. The decrease from October is normal because of the shorter month and the holidays. The shorter days of December will throw an increased demand on the system between the critical hours of 5 to 7 P-M. Some outages must be expected unless users continue to cooperate by decreasing their load during this period. Ocean Shipping and Exports • By F. M. Gispert Secretary, Associated Steamship Lines OTAL exports for the month of October showed increase over exports for October last year, namely 151,071 tons and 143,352 tons. This increase, howtons of iron ore an ever, was in whole attributed to 33,401 shipped to Japan. Exports of the main commodities during October, 1949, as compared with exports during the same month last year, are as follows: 1949 1948 Alcohol.......................................... 54 tons 110 tons Beer................................................ 162 ” 637 ” Buntal........................................... 19 ” 63 ” Desiccated coconut.................. 11,125 ” 9,823 ” Inter-Island Shipping By D. M. Cameron Vice-President and General Traffic Manager Everett Steamship Company THE year 1949, now closing, has seen a number of changes in the pattern of service supplied by the various inter-island operators. It has seen the with drawal of the De la Rama flag from inter-island operation (in May) and the purchase by the Williams Lines of the three vessels,—the Cebu, Panay, and Luzon for their own operation. It has seen the re-delivery by the Philip pine Steam Navigation Company to the U. S. Maritime Commission of two vessels,—the Nothern Hawker and the Northern Wanderer, the latter having been rechar tered by the Maritima which also chartered the M.V. Carrick Bend. The Maritima furthermore added a new ship to its fleet,—the Mindanao, which is a rebuilt C-l MAV-1 vessel. All in all, there was a net loss of 4 vessels chartered by inter-island operators from the U.S. Maritime Com mission under the Philippine Rehabilitation Act. Innumer able vessels of the FS-type changed hands and traderoutes, and some were returned to the Philippine Shipping Commission for lay-up. A good deal of concern is felt by inter-island operators over the prospective effects of the new import control regulations which, it is believed, will appreciably decrease the volume of general cargo moving from Manila to the out-ports. This leg of the inter-island voyages is extremely 529 important to the operators as the inward cargoes are too insufficient in volume and carried at comparatively too low rates to warrant regular service unless the outward cargoes are sufficient. Those operators who will provide the most satisfactory service and will most carefully watch their expenses should be able to maintain moderately pro fitable enterprises, but it appears inevitable that some of the marginal operators will fall by the way-side. When the law under which U.S. Maritime Commission vessels are chartered by Philippine operators expires on June 30, 1950, the 8 vessels involved will, unless some new arrangement is made, be returned to the Commission. Some of the operators of these vessels are interested in pur chasing them, but under present United States laws this is not possible, and favorable amendment of these laws and, in that case, the prices at which the vessels might be pur chased, would determine whether they will join the owned fleets of the inter-island operators. At present-day building-costs, it is unlikely that any operators will be able to undertake to build vessels which could profitably be operated in the inter-island trade, yet it is the opinion among operators that generally profitable operation will not be possible unless vessels suitably design ed for the peculiarities of the trade will become available at reasonable cost. Air Transportation By H. E. Umber Station Operations Manager Pan-American Airways, Manila AVIATION progress in the Philippines during the year 1949 continued to be that of building on planned projects as well as training Filipino manpower to handle and work the installations. Under the United States Civil Aeronautics Adminis tration Rehabilitation program, the following projects were completed: 1. New runway, taxi-ways, and apron area at Manila International Airport which are capable of handling any aircraft weighing up to 200,000 pounds gross. This is the most important development in making the Philippines a link in the chain of countries served by the most modern heavy aircraft equipment in the air. 2. The Overseas Foreign Airways Communications Station (OFACS) at Manila, consisting of a transmitting station, receiver station, and control station. The comple tion of this project provides the Philippines with one of the most modern and well-equipped communications stations in the world; a vital need for both international and domestic airline operations. 3. A new Control Tower at Manila International Air port to control the increasing amount of traffic within the airport control-zone. 4. Field lighting at the Manila International Airport to afford the Philippines with 24-hour airport availability at Manila. Preliminary survey and construction work has been started on a 10 kilowatt high-powered homer. This navigational,radio-aid will be audible for well over 1300 miles and when completed will be the most powerful en route naviga tional aid in the Orient. Surveys have also been completed for the relocation of the simultaneous adcock-type range and for the placement of a V. H. F. omnidirectional range, which will reduce the airport weather minimums at Manila to the lowest possible commensurate with safety. The training afforded groups of pensionados in pre vious years was put to practical test when on July 1, 1949, the Philippine Civil Aeronautics Administration was given the full responsibility for operating and administering the communications network and air traffic control. In addi tion, all American aid, except advisory, was withdrawn from the Philippine Weather Bureau. The result in both cases was extremely successful and these all-important units are now operating on a sound and efficient basis com pletely manned by Philippine nationals. Three additional pensionado groups of approximately 30 each have been sent to various parts of the United States for training and they will all assume responsibilities in the future. Outside of Manila, the Inter-Island Airways Commu nications Station at Cebu, consisting of a homer, a trans mitting station, and combined receiver and control station was completed. Thus another step forward in improving domestic aviation facilities for a well-rounded air trans portation industry in the Philippines. Mining By Chas. A. Mitke Consulting Mining Engineer DURING recent months, a number of meetings have been held between officials of mining companies and of the Government to. discuss the problem of the rehabilitation of the mining industry. Suggestions were invited by both groups as to the most effective way of stimulating greater interest in the discovery of new mines, and also as to the improving the position of the mines already in operation. It was the consensus that one of the most effective methods of creating greater interest in min ing would be the reduction of taxes on operating mines, so that they might expand their facilities and .thereby increase production and give more employment to workers. It was also suggested to suspend taxes altogether for two years on new properties, and eliminate taxes for three years thereafter, while they are building up their produc tion. Some of the improvements contemplated by the pro ducing companies, which would utilize the funds thus saved are enumerated as follows: The Benguet-Balatoc Mining Company produced 56,930 tons in October, averaging P12.73 per ton, or a gross value of P724.710. Plans are now underway to raise this production to 2400 tons daily by the middle of 1950. Much of the necessary machinery has already been pur chased from the Masbate Consolidated Mining Company, as well as new equipment from the United States. Since this company is mining what is considered low-grade ore, and must, therefore, incur large expenditures for mine development and mill expansion, it is believed that a very substantial reduction in taxes may be allowed. Atok-Big Wedge Mining Company was the first gold mining company to begin operations in the post-war period. About 80% of the mill was intact, and it was only required to re-open the mine and equip it with machinery in order to begin production on a 400-ton per day basis. The grade of the ore is approximately P30 to P34 a ton. During the last 3 months, the company has embarked on an underground development campaign to thoroughly prospect the present horizons. It has been successful in finding several new veins and hopes to encounter the “Desert” vein within a month or two. The company financed its own rehabilitation and is now a dividend payer, but, as yet, has received no War Damage payments. The Lepanto Consolidated Mining Company is in the enviable position of mining copper ores which carry sub stantial gold values. The gold and silver production for October amounted to P505.300. The mine is now pro ducing 500 tons a day. This will be increased to 1000 tons a day in about 6 months. The company was fortunate in being able to largely finance the rehabilitation of its mill through the sale of concentrates mined and treated by the Japanese, but left on the ground at the time of the libera tion of the Islands. 530 Mindanao Mother Lode is producing 300 tons of ore a day. The following table indicates the increase in grade during the 3 months, August to October: Value Average Month Tons at 970. per ton August.................................. 9,900 P304.636.76 P30.77 September......................... 8,500 329,720.00 38 79 October................................ 8,200 322,827.00 39.37 The average grade for some time prior to September ranged around P30 a ton. The company has opened up the deeper, 850-foot level, which is the lower part of the high-grade ore shoot originally encountered on the 700-foot level in 1941. It will be remembered that much of that ore had gross vrlues as high as P90 a ton, and, as a consequence, the production at that time was almost equal to Benguet. During Sept ember, some of the benefits of mining this higher-grade ore were realized, as the grade jumped from P30.79 to P39.37. The reduced production is due to the fact that certain changes are being made in the mill which will eventually result in a much better recovery. Sinking is now in progress below the 850, to the 1000foot level. This level should be opened up in the next 3 to 6 months. Surigao Consolidated’s October production was a post-war record for both tonnage and value. Mon th August.................................. September........................... October................................ Value at AverageTons 970. per ton per ton. 9,371 P167.333.00 Pl 7 86 8,935 184,731.00 20 67 10,392 224,350.00 21.59 Production is nearly 400 tons a day and the grade of the ore has increased from approximately P14 in the early part of this year to P 21.59 a ton. Like Mindanao Mother Lode, the grade of the ore has materially increased with depth. Much of the gold and silver is associated with lead, and for this reason, the concentrates are shipped to the. Selby Smelter in San Francisco. The Taysa'n Gold Mining Company’s September output was 2,004 short tons, from which was recovered a gross of P38.203. Information regarding one of several new discoveries has recently been made public. The property, which is owned by Elizalde & Company, is situated in South Minda nao, and is being developed by Panaminas. The deposit con tains mixed ores, the primary one being gold, and the values are said to be fairly high. Recently, Mr. J. Ward Williams, Vice-President of Panaminas, accompanied by Mr. Ira Joralemon, well-known consulting mining engineer of Cali fornia, made a trip to Davao to inspect the property. It is anticipated that development work will start early in 1950 and that ultimately the property will be equipped with a power plant and mill. This is the first of the Mines of Tomorrow to be opened up. Other discoveries have already been made, but the owners are not yet prepared to make announce ments. Lumber By Luis J. Reyes Philippine Representative, Penrod, Jurden &• Clark Company GREATER optimism is noticeable among lumber pro ducers not only because of improving local wholesale prices but also because of the more active export trade. Shipments during the month of October reached a total of 4,741,545 bd. ft. of which 2,843,859 bd. ft. were in sawn lumber and 1,897,686 bd. ft. in veneer logs.* Ship ments to the United States consisted of about 70% sawn lumber and 30% logs. It is to be supposed that about 70% of these went to the West Coast and the rest to the East and Gulf ports. A number of mills are fully booked for the next few months and are not taking further orders. SCAP continued to be a heavy buyer of Philippine timber for Japan during the month of October. A total of 762,371 bd. ft. of logs were shipped to Korea, while Okinawa and Guam took nearly 1,500,000 bd. ft. of sawn lumber of merchantable grade. There are indications that Japanese timber importers will be allowed by SCAP to deal directly with producers as they used to do before the War. There were four shipments made to South Africa, consisting of 113,414 bd. ft. of sawn lumber and 180,174 bd. ft. of logs. South African importers buy sawn lumber graded in accordance with the National Hardwood Lumber Association (U.S.A.) rules. Hongkong, Guam, and Hawaii purchased about 700,000 bd. ft. mostly in sawn lumber. tn the local markets, lumber prices took another rise of about P10 per M. About the end of October, white lauan was selling at P145 to P150 per M; apitong, P155 to P160 and tanguile, Pl65 to Pl70. Indications point to a prob able rise of P10 to P15 by January and February of next year. The supply in the local markets can hardly meet the demand for construction which has taken a good start since last month and is expected to last up to June. t ast month the writer accepted the kind invitation of Mr. George H. Evans, Manager of the Dahican Lumber Company, to visit its new mill erected at Da hican, Camarines Norte. This mill, which is designed to produce between 25,000,000 to 30,000,000 board feet a year, will no doubt be an important factor in the lumber industry of the Islands. It incorporates certain new fea tures not heretofore seen in the Philippines. The mill is manu factured by Peters Company of Portland, Oregon, and consists of a circular mill with two 60-inch saws powered by a 200 H.P. motor. Unlike most circular saws, these turn in the same direction. The carriage, which is 20 feet long, has 54-inch head-blocks. The setworks is a hydraulic pre determined set, and both dogs are operated from the same unit that powers the setworks. This makes a compact oneman carriage, as compared with the three- or four-men carriages in older installations. The feedworks in the car riage is hydraulic and has a 50 H.P. motor powering it. This controls not only the feedworks but also pulls the carriage and furnishes power for the log-turner. Cants from the head-rig are transferred to a pony which is an Allis-Chalmers 54-inch band mill, with a Pe ters’ 20-foot light carriage. This carriage has three 54-inch head-blocks and has hand-set works. Here again the car riage is pulled with a Peters’ hydraulic feed. All boards to be edged, from both the head-rig and the pony, are transferred from the roll cases to a Peters’ 6-inch by 48-inch edger with four 30-inch saws set by hydraulic power. This is a fast edger powered with a 100 H.P. motor and the feed-rolls are run by a fluid motor and can be re versed, as necessity arises, ‘ or run slow for thick cants. Behind the edger is a 20-foot roll-case which came in with the Peters’ mill. From here on, the mill was built by the Company’s own engineers. There are four trim saws to handle all the lumber coming out of the edger or down the two roll-cases from the head-rig and pony. The other installations are conventional for a mill of this type and size. This mill was installed in the heart of the timber con cession of the Company about 10 miles from the loading port. The officials of the Company believe that the present location will be good for at least 5 years. The transfering of the mill to another place will not entail great expense ‘Figures are based on the quantities of lumber actually by the personnel of the Bureau of Forestry. inspected for export 531 as it is a semi-portable affair, designed in units which are easily re-assembled. The Dahican mill is an important addition to the lumber industry of the Islands. The lauans and tanguiles of this region are relatively harder and heavier than woods of similar class elsewhere, and are preferred in the furniture trade. We were highly impressed by this new mill, which easily produced 20,000 bd. ft. per 8-hour shift during the first few days’ trial run. I shall not be at all surprised if this amount is doubled after the men get better acquainted with the new machines and when these are limbered up. We welcome the Dahican Lumber Company in the local lumber fraternity and wish it success. Copra and Coconut Oil By Manuel Igual Executive Vice-President, El Dorado Oil Works and Kenneth B. Day President, Philippine Refining Co., Inc. October 16 to November 15 AT the beginning of this period, October 16 to November 15, 1949, American oil buyers, doubtless influenced by the pre-war fact that during a good many ye&rs. the price of coconut oil more or less followed the pattern of other domestic oils and fats, and convinced that the situation surrounding the edible and inedible animal fats showed no signs to encourage the belief that high prices could be maintained in the face of overburdening supplies, evidently concluded that the ruling prices of copra at the beginning of this period—around the levels of $160 to $165 depending on position, per short ton c.Lf. Pacific Coast—were entirely too high, with the result that con siderable buying resistance was manifested throughout. the second half of October, and while prices eased off some what, there was sufficient demand to hold the market oscillating between $160 to $162.50, until the beginning of the fourth week of October. The possibility of Japan coming into the market, together with additional demand from South American countries, gave the market an ap pearance of steadiness although the main consuming buyers did not move. European buyers were also interested, but exchange difficulties restricted business to a relatively small volume. During the fourth week of October, reports that the business with Japan, involving some 5,000 tons of copra, had been concluded, even though reports were con flicting as to whether copra was coming from the Philip pines or from the Sterling area, the fact remains that sellers became firmer in their ideas and succeeded in closing some business at $165 for prompt shipment, but buying resist ance manifested itself again, and by the end of the month buyers held their views at the $160 level. Thus, it can be appreciated that the spread of copra prices during October 16 to 31, was $5.00 only. The story during the first half of November, is quite different. Several factors contributed to tighten the supply situation during the first half of November, and this greatly contributed to the sharp advance in prices. In the first place, there were the two religious holidays at the end of October during which time there was hardly any copra work done. Shortly after, a typhoon crossed the Islands around the 10th parallel, and while damage to crops was considered rather nominal from the overall point of view, the heavy losses in life, native craft, and other property, had the psychological effect of stimulating buying interest on the part of Pacific Coast crushers. As usual, the typhoon was followed by heavy rains and in this case, for several days afterwards. The 8th of November was election day and, it is reported, this day and a few days before it, political activity took away from ordinary farm work quite a few farmhands, with the result that copra production was further reduced. Another typhoon crossed the Islands on the 12 th of the month, between the 9th and the 10th parallel—a rather unusual course—with the resultant exaggerated reports as to damage, although up to the present writing the damage cannot yet be accurately determined. The sum and sub stance of all this is that during the first half of November local sellers had a one-way market. It was gradual, but it was up, up, and up, with the result that beginning with $160, copra was recorded sold at the close of this period at $185 short ton c.i.f. P.C. The amazing part is that during this period, copra could at no time be bought against sales of coconut oil at the corresponding value, and we have seldom witnessed such stubborness in meeting that gap. It would seem evident to us that the trend of thought in the fats and oils trade in the United States has been greatly influenced by the apparent unfavorable statistical position of domestic oils, completely overlooking factors which could very well counterbalance all others in forming the price trends. J^arge coconut oil consumers continued throughout this period completely indifferent to the situation, and to our knowledge, the little business which was done, was all to small consumers and speculators, or for stock piling purposes. During the latter half of October, oil sold at $0.12-5/8 down to $0.12-1/2 f.o.b. tank cars Pacific Coast, with more or less the usual deductions of 18** per pound for each month forward through to January/ March deliveries. A few Pacific crushers seemed to be eager during this fortnight to take on any business that came along for either prompt or forward deliveries, and while trading was not heavy, nevertheless it appears to have been moderate. The fancy spread that ruled earlier in the year between spot oil and future delivery, had completely disappeared. During the first half of November, apparently as a result of the stubborness of the copra market, even the most opti mistic Pacific Coast crusher was forced to modify his ideas, although to a very small extent. With sales at $0.13 Nov ember/December and $0.12-1/2 January, other sales were recorded at $0.12-3/4. By the middle of November, sellers were generally asking $0.13-1/2 for nearby positions but this fortnight was one of very light trading. Consumers, on the other hand, big and small, reported that they were comfortably supplied, and held off in anticipation of lower prices, which in the face of present local indications seem somewhat remote. Tocally in Manila and Cebu, copra prices followed the trend of outside markets but were always a little ahead of American oil equivalents. Sellers as usual were in the driver’s seat because supplies were very small, partic ularly in the Luzon area where they were inadequate for the local consumption of Manila mills. This could well develop into a serious situation for Manila crushers if copra does not become available to them before too long on com petitive terms with Coast crushers. Copra hung rather quietly between P29.50 and P31 during the last half of October; it advanced sharply in November until, about the 15th, it was in demand at P34 to P35, with Cebu markets about on the same level. ("'opr a exports for October were satisfactory, totalling 55,445 tons as against 55,473 tons for last month, and 37,837 tons for October a year ago. These shipments were distributed as follows: United States Pacific Coast............ Atlantic Coast.......... Gulf Ports................. Canada — Pacific Coast Europe Africa. 35,613 4,563 3,907 ------------- 44,083 ------------- 950 ....................................................................................................... 10,210 ....................................................................................................... 202 55,445 532 December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 533 Oil exports were substantially higher than last month. They amounted to 7,065 tons, as against 5,631 tons in September and 8,633 tons in October, 1948. Oil shipments were distributed as follows: U. S. Atlantic Coast............................................................ 5,015 Europe...................................................................................... 1,666 Africa........................................................................................ 384 J7.065 Combined copra and oil shipments in terms of copra approximated 66,750 tons, as against 64,500 tons for Sept ember. The feeling is that copra supplies for the rest of the year are likely to continue rather light. Meal and cake markets remained quiet for the last half of October but showed a firmer seasonal tendency by mid-November, the price-range being from around $44 to BABCOCK & WILCOX BOILERS illustrated here are providing many hundreds of sugar mills through out the world with dependable, low-cost steam generation. Each design has distinctive features that make it the best choice for certain require ments. Yet all three of these modern units have compiled a long record of highly satisfactory ser vice in the industry because of their efficient per formance, operating and maintenance economies, and high availability with any fuel or firing method. EARNSHAWS DOCKS & HONOLULU IRON WORKS MANILA, P. I. Every B&W Boiler is soundly engineered to the specific conditions of each installation, thereby assuring users of maximum service satisfaction with long-term economy. Designing and building boilers for sugar mills is an 80-year-old activity at B&W. Why not take advantage of this unequalled experience the next time boilers are needed for new plants or for modernization? Just call our exclusive representa$47 c.i.f. P.C. Lack of dollars made it impossible for Eu ropean buyers to bid for copra cake and meal. the close of this period, we find that coconut oil is doubtless the highest-priced item in the list of oils and fats. Tallow, the factor that for a good many years before the war mainly governed coconut-oil prices, sells now at around $0.06 1 4 per pound. Cotton-seed oil, which for a good many years was almost invariably higher than coconut oil, is now available at $0.09-1. 4 for nearby positions and slightly less for futures. On the other hand, coconut-oil sellers’ ideas for nearby are around $0.14 tank cars, Pacific Coast, or around $0.15, New York, which with the $0.03 excise tax, brings it to the American con sumer at $0.17 $0.18 per pound. Obviously, judged by world prices, we have to conclude that American domestic oils and fats are priced too low, and conversely copra, or coconut oil for that matter, much too high. Fortunately for the Philippine producer, the facts that America virtually' depends entirely on the Philippines for its supply of coconut oil and that, at least for the present, apparently the Amer ican demand is greater than the local supply, seem to account for the present disparity. How long this condition will continue, we dare not prophesy, although indications are that for some time to come the supply picture is likely to remain on the low side, but up to how much local sellers can force the situation, only time will tell. On the other hand, there is no question that consumers, when confronted with abnormally high prices, will make every effort to find substitutes, thereby reducing consumption, and it could well happen that if sellers succeed in forcing prices up to much higher levels, they may find themselves overnight greatly disappointed when consumers turn to a cheaper substitutes or evolve some other solution that will permit them to withdraw almost completely from the market. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period from October 15 to Nov ember 15, 1949. During this time the copra market was bullish and due to this and a seasonal shortage of nuts, prices of coconuts advanced from P60 to P70 per ton. At the close of the period the copra market weakened, but nut prices remained the same because of the raw material shortages experienced by all desiccated coconut manufac turers. In addition to decreased season supply and foreign price increases of copra, the raw nut market was affected by holidays and the national election. Planters and contrac tors were not inclined to harvest nuts, rather waiting until things were more normal and laborers willing to work again. Labor relations were satisfactory during the period, but an interesting settlement of the Standard Coconut Corporation case warrants attention. The Court of Indus trial Relations took a firm stand on the issue of a union demand that a management official be dismissed, by refusing to grant the request or to make certain other settlements, indicating that the Court, though wishing to parallel working conditions, salaries, etc. so far as it can do so in each industry, will take into account such factors as the location of the factory and local conditions there. The industry generally is running full capacity, limited somewhat by raw-material shortages. Blue Bar opened its Lusacan factory to resume operations after a 9-month shutdown. Red V’s operations in Oroquieta are progressing well and additional equipment is being added to increase its production in that area. The following statistics cover the shipments for Octo ber, 1949: Shippers Pounds Franklin Baker Company...................................... 4,072,900 Blue Bar Coconut Company................................. 411,390 Peter Paul Philippine Corp.................................... 2,191,000 Red V Coconut Products, Ltd.............................. 2,503,000 Sun-Ripe Coconut Products, Inc........................ 662,020 Standard Coconut Corp.......................................... 376,100 Cooperative Coconut Products, Inc.................... 562,400 Tabacalera................................................................... 207,000 Coconut Products, Inc.............................................. 331,200 Luzon Desiccated Coconut Corp........................ 312,390 11,629,400 Manila Hemp By Fred Guettinger Macleod and Company of Philippines THIS review covers the period from October 16 to Nov ember 15, 1949. The New York market opened quiet but with a firm tone which prevailed throughout the period, with sellers offering sparingly. Prices moved to higher grounds and closing quotations were up to 2-1/2/ higher than at the beginning of the period. New York Quotations Per lb. c.i.f. New York October 15 November 15 Change Davao I........................... 26-3 40 28-112* + 1-3 40 Davao JI........................ 26* 27-3 40 + 1-3 4* Davao G........................... 23-5 80 24-7, 80 + 1-1/40 Non-Davao JI............... 22-3’40 25-1/40 + 2-1 20 Non-Davao G................ 18-1 :u 20-3/40 + 2-1 40 Non-Davao K................ 15t 16-1/40 + 1-1 40 A fair amount of business was done with Europe, particularly France, which helped to strengthen the market. Business with Japan was practically nil, and it is not expected that an improvement will take place before December. In the Philippines, the provincial markets were firm and prices advanced approximately from P2 to ?4 per picul. Philippine Provincial Quotations Per picul, basis loose October November Change 15 15 Davao I........................................ F59 P62.50 + 3.50 Davao JI...................................... 57 60.50 + 3.50 Davao G........................................ 48.50 52.50 + 4. Non-Davao JI............................ 49 53 + 4. Non-Davao G............................. 38.50 42.50 + 4. Non-Davao K............................. 24 26.50 + 2.50 Production in October was 40,967 bales, or 2,066 bales more than in the preceding month, and 4,686 bales more than in the corresponding month last year. Davao balings for October were 19,553—up 3,029 bales from September, and up 5,136 bales from October, 1948. Non-Davao balings for October totaled 21,414 bales—down 963 bales from September, and down 450 bales from October, last year. The first 10 months of 1949 show a production of 428,800 bales, or 81,641 bales less than in the corresponding period last year. This year’s total production will probably come close to the 500,000 mark, which would mean roughly 75,000 bales less than in 1948 and 285,000 bales less than in 1947. Here is a bit of news as it appeared in a London market report: "The production of Borneo fiber is making a welcome recovery and regular shipments to the United Kingdom were resumed recently. The quality and grading have been greatly improved and recent ship ments show better standards of quality and grading than anything previously produced.” 534 December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 535 Sugar By G. G. Gordon Secretary-Trea s urer Philippine Sugar Association THIS review covers the period from October 28 to Nov ember 25. New York Market: There was an easier tone in the raw market at the end of October. On October 28 there were offerings at and sales at this price were made on October 31. The beginning of November found more sugar available at 6t but the market was reported as apa thetic. The situation continued easier, the market being influenced by the pressure of Hawaiian sugar of which it was feared there might be a deluge in December. By the middle of the month excess-quota Puerto Rican sugar for December shipment was being sold at 5.900. On November 16, it was reported that the warehouse strike at the Cali fornia & Hawaiian Refinery in San Francisco had been settled and that the refinery was preparing to resume opera tions. Despite this news, the tone of the New York market continued to be easy. Hawaiian sugar for early December delivery was offering at 5.95^ and no buyers. New-crop Philippine sugar was reported on November 17 as offering at 5.950 for November/December shipment, 5.750 for January/February, and 5.700 for February/March and March/April. On November 18 it was reported that refiners’ ideas for nearby sugar were not above 5.850, the market being influenced by there being a considerable quantity of sugar due to arrive which had been sold on the average-price basis. On November 23 Hawaiian sugar was sold for arrival in December at 5.850. A sale of 6,000 tons new-crop Phil ippines for March/April shipment was reported to have been made at 5.680. Hearings in regard to the quota to be fixed for the year 1950 will take place shortly in Washington, but it is not likely that the figure for the new quota will be announced until late in December. Until that time there is not likely to be much activity in the market. The progress of the market will be largely contingent upon the amount of the quota to be set by the Secretary of Agriculture following the hearings. 536 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 The United States distribution of sugar showed a total to the end of October of 6,494,946 tons, against 6,230,450 tons to the nearest corresponding date of 1948. Price of refined sugar remained unchanged at 8.05^. We give below the quotations on the New York Sugar Exchange as of November 22 for contracts Nos. 4, 5, and 6: Contract No. 4 Contract No. 5 Contract No. 6 December................. — 5.46 — January................... — 5 43 5.33 March..................... 4 12 5 24 5.16 May......................... 4 13 5.24 5 17 July.......................... 4.14 5 25 5 18 September.............. 4.14 5.25 5 18 November.............. — — 5.20 January.................. 4.19 — — Local Market: (a) Domestic Sugar: The typhoon weather experienced in November has caused delay in Philippine milling and this has affected the amount of sugar available for the local market. However, it is believed that no real shortage has existed and now that production is increasing, there will no longer be any possibility of a shortage. Domestic sugar is currently quoted at Pl7.50 per picul. (b) Export Sugar: There was little doing in export sugar, exporters being still willing to pay a premium for sugar for November shipment. For delivery in the early months of next year, the nominal quotation is P13.50. General: As a result of the typhoons which occurred in November, there may be some reduction in the crop estimate. The earlier estimates of the damage caused may not be borne out when actual milling results begin to come in. The heavy rains, however, have undoubtedly affected the quality of the cane which continues to be much below average in sucrose content. Tobacco By the Conde de Churruca President, Manila Tobacco Association THIS, in all probability, will be my last article on To bacco for this Journal, as, on December 8, I shall leave for Madrid where I am to represent the Compania General de Tabacos de Filipinas for an indefinite period. So I am taking the liberty of writing this intro duction to bid you, Mr. Editor, my colleagues, and the readers who may have been interested in the information I have presented from month to month, a sincere and heartfelt goodby and to wish you all good luck in your activities. Since July, 1947, I have cooperated with the Journal and it has been a pleasure to do so. I always had the feeling that I was doing something constructive, if only by stating the facts as accurately and as fairly as I could. I congratulate you, in the first place, for having been able to obtain for the Journal generally such objective and accurate information through the cooperation of our businessmen themselves, and, in the second place, for having achieved such a striking continuity,—hardly to have been expected under the difficult circumstances under which business in general has been and still is developing. You have proved yourself as much of a diplomat as an editor; a miracle, for newspapermen as a class, in their frank quest for truth, are usually anything but diplomats. But you have done it. Every achievement accomplished seems easy and matter-of-fact, and the ignorant will say, “Anybody could have done it”, but just let him try! It is like a golf-swing; you see a champion hit the ball and noth ing looks easier, but what happens when you hit it? ATLANTIC, GULF & PACIFIC CO. OF MANILA I’OR 48 YEARS THE GREATEST NAME IN ENGINEERING & CONSTRUCTION December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 537 W^ell, I must at least say something about tobacco, just to keep up the tradition. I need not go into details as business is practically the same as last month, but I will try to say something from my personal point of view about the future of the tobacco business here. In the first place, I hope and believe that the cost of living will be progressively reduced and that this will permit a pricing of local tobacco which will compare more favorably than at present with prices in the world market where there will always be a demand for Philippine leaf even at a slightly higher price than that of other similar tobaccos. On the other hand, I doubt very much that crops will reach the pre-war volume, as undoubtedly the tobacco farming population is smaller than before. The import of foreign cigarettes will diminish very substantially, but for quite a number of years this will be compensated for by imports of foreign leaf tobacco of the Virginia type. Our factories will produce more and probably new factories will be established, thus giving more work to the people. There will be more dollars kept in the country when this is achieved. The leaf tobacco imports will reach a level where they will be stabilized, depending on new legislation, and will continue thus until, and if, a Virginia type of leaf can be locally produced, or until economic conditions will oblige the Government to employ more drastic measures to make the Islands self-supporting in tobacco, compelling the public to smoke only what can be produced here. In the long run this is bound to happen, but not probably for quite a number of years, thus giving ample time for foreign manufacturers to establish factories here and for foreign leaf tobacco dealers to produce their own leaf. Under these circumstances, the local tobacco business will reach a level far higher than pre-war and probably will become one of the leading businesses of the country, if not the leading one. With a little foresight, nobody will suffer; new invest ments will be made by foreign capital; everyone will have time to prepare himself for a future that is bound to come. All in all, I am optimistic and frankly believe that the recovery of the tobacco business is only a matter of time, depending on international and local political and economic factors. I am sure that many thousands of people will benefit by this recovery both in the farming and in the industrial fields, and we businessmen will be working for their welfare, for that is the real basis for complete recovery. These views, as I have stated, are purely personal and may be I am wrong in my conclusions; I don’t pretend to be and I would dislike to sound like a prophet. I just think, and as I have caught a little of the contagion of this newspaper business, I am thinking out loud. Farewell, all of you, or better au revoir. Imports By Louis S. Kraemer Vice-President, Mercantile, Inc. THE Pacific Coast shipping strike started on September 2, 1948, and by the end of September practically all vessels from the major ports of the Pacific Coast which had sailed before that date had completed their unloading at Manila. During October, the only shipments arriving in Manila from the Pacific Coast emanated from the open port of Tacoma, Washington, and as a consequence, Digging Today - Handling Materials Tomorrow The^e Are Just a Few of the Manv P&H Added Values It's flexibility that makes this P&H Exivator such a favorite among experienced sers. Actually many machines in one, it is quickly converted by changing simpli fied front end attachments. Thus, it can be used as a shovel or dragline for dig ging. . . as a crane for lifting. . . as a trench hoc for ditching. . . or as a pile driver. This means users cun handle a wider range of work—and profits through the years, local P&H distributor. •All-welded construction of rolled alloy steels . •True tractor-type crawlers • Smooth hydraulic control With various front end attachments, P&H Cxcavalors can be U6ed for many types of service. SHOVEL DRAGLINE BACKFILLER CRAWLER CRANE MAGNET CRANE TRENCH HOE FILE DRIVER TRUCK CRANE —---------- ----------------------------------------------------------------------------- P&H DISTRIBUTORS -----------------------------:---------------------------------------------------------------THE EARNSHAWS DOCKS & HONOLULU IRON WORKS Corner Taroma & Second Telephone: Branch at BACOLOD. Street.. Port Area. Manila 3-35-41 Occidental Negro. 538 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 our comparisons between October, 1948, and October, 1949, are not a true reflection of the demands of this market insofar as Pacific Coast merchandise is concerned. It is interesting to note, however, that many items which were not influenced by the Pacific Coast shipping strike have shown substantially greater arrivals this October in spite of the import control regulations which have been in effect. We point, for example, to the large increase of textiles which for the most part originated from the East Coast, although this year, substantial quantities are arriv ing from Japan. For example, whereas the Robot shows 148 metric tons of miscellaneous cotton goods as coming from the United States, Japan shipped 152-1, 2 tons. On other items in the textile group, Japan is not so strong a factor; however, of the 4,019 tons of textiles which arrived in Manila during October, Japan was responsible for 371 tons, and it is apparent through watching incoming mani fests and hearing comments of the trade on the street that Japan will continue to be an increasingly important factor in this field as well as in several others. Readers will note in the accompanying tabulation that there has been a very large increase in the imports tion of toys, and of the 212 tons imported in October of this year, 146 tons originated in the United States as against 57 tons from Japan. All figures are in kilos with the exception of foodstuffs which are given in package-units. Commodities Automotive (Total). Automobiles . Auto Accessories. Parts. . . . Bicycles............ Trucks . Truck Chassis. October 1948 1,625,939 587,800 8,982 152,679 19,872 16,682 190,591 October 1949 2,172,293 195,797 24,772 314,429 54,435 5,357 654,069 Building Materials (Total). . . . 6,323,872 Board, Fibre............................. 1,239,235 Cement, Misc............................ 3,221,423 Fixtures, Bathroom & Kit chen.......................................... 147,967 Glass, Misc................................. 396,099 Plumbing, Misc........................ 1,437,772 Chemicals (Total)....................... 4,422,481 Caustic Soda............................. 1,010,463 Explosives (Total)...................... Firearms, NOS (Total)............. 10,067 Ammunition.............................. 15,788 Hardware (Total)........................ 4,006,257 Household (Total)....................... 1,634,000 Machinery (Total)...................... 896,057 Metals (Total).............................. 4,889,401 (Including structural steel and G.I. sheets, etc.) Petroleum Products (Total). . . 52,024,837 Radios (Total)............................... 49,896 Rubber Goods (Total)................ 400,316 6,626,353 562,031 33,724 227,349 1,334,327 1,546,526 3,404,596 583,327 55,281 3,748 13,693 4,213,779 1,815,719 2,496,483 24,887,074 Beverages Misc. Alcoholic..................................... Foodstuffs (Total)....................... Foodstuffs, NOS (Total)........... Foodstuffs, Fresh (Total)......... Apples............ Oranges....................................... Onions......................... Potatoes..................................... Foodstuffs, Dry Packaged (Total)........................................ Foodstuffs, Canned (Total). . Sardines...................................... Milk, Evaporated................. ” Condensed................. Foodstuffs, Bulk (Total)........... Rice............................................. Wheat Flour............................. Foodstuffs, Preserves (Total) 70,608,360 68,447 574,794 21,767 18,438 46,027,565 50,489,645 kilos 56,170 13,727 184.127 282,618 27,339 40,745 6,309 21,732 65,298 77,066 21,550 21,530 16,261 92,542 156,127 401,805 15,246 104,230 58,800 91,639 36,300 27,000 787,851 1,030,740 61,445 264,958 507,849 713,859 3,462 4,641 2,959,488 Bottling, Misc. (Total).............. 1,346,570 Unit — 109,503 (1948) ” — 288,632 (1949) A N N O U N C E M E N T > THE IIIIIIE PIPE 4 1SBEST0S Cl. j S IS PLEASED TO ANNOUNCE TO ITS FRIENDS I ■ THROUGHOUT THE PHILIPPINES THAT J i IT NOW HAS AMPLE STOCKS ON a —HAND OF HIGH GRADE ASBESTOS - CEMENT SHEETS I_________________ ______________ PLAIN FOR SIDING AND CEILING I ■ CORRUGATED FOR ROOFING ■ I AT NEW COMPETITIVE PRICES ! I FOB FURTHER INFORMATION, SEE YOUR DEALER OR THEO. H. DAVIES & CO., F. E., LTD. j 6TH FLOOR, AYALA BLDG. TELEPHONE 4-79-41 December, 1949 _______ AMERICAN CHAMBER OF COMMERCE JOURNAL 539 Christmas Decorations (Total). Cleansing and Laundry (Total) Entertainment Equipment (Total)........................................ Livestock-Buds-Seeds (Total). Medical (Total)............................ Musical (Total)............................ Office Equipment (Total)......... Office Supplies (Total)............... Paper (Total................................. Photographic (Total)................. Sporting Goods (Total)............. Stationery (Total)....................... Tobacco (Total)........................... 1,587 14,834 394,143 466,184 17,647 18,382 1,505 2,211 261,962 449,202 55,253 106,938 127,581 156,395 60,788 51,837 2,579,668 4,782,732 65,981 94,555 21,990 45,015 258,508 469,958 1,275,880 837,610 76,242 248,194 109,984 510,316 229,124 113,484 1,751,462 1,230,541 558 874 166,310 199,761 2,443,077 4,018,949 11,158 42,733 140,184 233,556 632,481 618,892 18,455 56,971 688,179 754,317 - Robot Statistics. Chucheria (Total)....................... Clothing Apparel (Total).......... (Including men’s, women’s and children’s) Cosmetics (Total)........................ Fabrics (Total)........... Jewelry (Total)............................ Leather (Total)............................ Textiles (Total)............................ Twine (Total)............................... Toys (Total)............................. General Merchandise (Total) Non-Commercial Shipments (Total)........................................ Advertising Materials, Etc. (Total)........................................ Food Products By C. G. Herdman Director, Trading Division Marsman & Co., Inc. THERE has been very little change in the Philippines during the month of November in stocks of food products on hand. There have been very heavy arri vals of canned fish, wheat flour, and canned milk, and present stocks of these three items are well in excess of current demand. Stocks of canned and fresh fruits, canned meats, and most other imported foodstuffs are in ample supply. Stocks of canned vegetables and other vegetable products, however, are on the short side and the shortage threatens to become acute in the near future. This item has been under import control since last July and importa tions have been far below normal. The new government regulations are very drastic and are a very serious threat to the local economy. The first of the regulations referred to is the regulation issued by the Central Bank to all local banks on November 17,—the Selective Credit Control. Under this regulation local banks are not permitted to open letters of credit to cover pur chases of commodities included in the import control estab lished last July unless the purchaser makes a cash deposit to the extent of 80% of the amount of the letter of credit. In the past, local banks have been opening these letters of credit with a marginal deposit generally of from 10% to 25%.. In some cases when dealing with well-established reputable firms, letters of credit have been opened without marginal deposit. The local banks are further prohibited from releasing shipping documents covering shipments of such merchandise to the purchasers unless the draft is paid in full, 100%' cash, thus eliminating trust-receipt facilities which customarily are granted responsible importers by their banks. This was a very severe blow to importers in general, as nearly all of them finance their operations to a large extent on bank-credit facilities customarily extended to them. Under these new regulations they are forced to operate on a strictly cash basis and do not enjoy any credit facility whatsoever beyond the 20%. of the purchase cost, which credit is extended to them, but only for the period between the time the order is placed and the merchandise arrives. ENGINEERING EQUIPMENT & SUPPLY CGMPANY, Inc. MACHINERY • MECHANICAL SUPPLIES • ENGINEERS • CONTRACTORS AIR CONDITIONING For Offices, Theatres, Hospitals, Stores, Restaurants, Hotels, Clubs and Homes ★ ★ ★ Suppliers of MACHINERY, EQUIPMENT and INDUSTRIAL SUPPLIES For Sugar Centrals, Mines, Sawmills, Power Plants, Machine Shops and All Industrial Plants ★ ★ ★ ENGINEERING - DESIGN — APPLICATION — ESTIMATES INSTALLATION — MAINTENANCE — SERVICE — REPAIRS General & Sales Office 1 74 M. de Comillas Manila Tel. 3-29-21 ★ ★ ★ Operating: MACHINE SHOPS • STEEL PLATE SHOPS STRUCTURAL STEEL SHOPS • WELDING SHOPS • BLACKSMITH SHOPS • SHEET METAL SHOPS • MARINE RAILWAY Engineering Shops No. 1 Calle L. Segura & Pasig River Mandaluyong, Rizal Tel. 6-65-68 540 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 • On November 29 the President signed Executive Order 295, effective December 1, extending to a very marked degree the commodities under import control. Items pre viously under import control were still further restricted as to the quantities of such merchandise which could be imported in the future. Many additional items were placed under control and the restriction on them are severe. Fu ture importations will be limited in a large number of cases to 5rc only of importations of the same merchandise during the year 1948. The act of the Philippine Legislature establishing the import control specifically provided that it was to apply to luxuries and semi-luxuries. Unfortunately Executive Order 295 goes much further and includes among the items under control many commodities which are of prime neces sity in the daily life of the Philippine people. If the re strictions on many commodities appearing in Executive Order 295 are enforced, an acute shortage of many essential commodities will develop very shortly, inevitably a black market will spring up, and the cost of living of the average citizen will advance sharply. This is particularly true as concerns those in the lower income brackets and will un doubtedly lead to widespread discontent and possibly to serious repercussions. Coupled with the fact that living costs will be materially increased, will be the serious condi tion arising from increased unemployment. Enforcement of these import controls will force many importing houses, particularly those of weaker financial structure, to go out of business. Others, although they may be able to continue their business, will be forced to curtail their operations very materially and inevitably will have to greatly reduce their staffs of employees and laborers. The effects will be very widely noted. For instance employment of stevedores may be reduced 50% or more and there will, of course, be a similar reduction in the warehouse staffs of importing com panies and the personnel employed by custom brokers and drayage companies, and so on all along the line. The effect, of course, will be most strongly noted in the ports of entry of foreign merchandise and particularly in Manila. As an example, take the item of Fish. Under Executive Order 295 the importation of sardines is restricted to 50% of the quantities imported during 1948. All other varieties of fish and sea-food, whether fresh, canned, or otherwise prepared, are reduced to 20% only of the previous importa tion. Fish is the main item of the Filipino diet and is con sumed daily in practically every household. Supplies of local fish are and have at all times since the war been woe fully inadequate to meet demand, even though supplement ed by large quantities of imported canned fish, and the cost of fresh fish is higher than that of imported canned fish. Supplies of local fresh fish are constantly becoming less and less in the market due to the very serious depletion of available fish resulting from the constant and widespread use of dynamite in fishing throughout the Islands. Limit ing, as is proposed, the importation of canned fish, will make the cost of fish so high that laborers and other lowincome groups simply will not be able to buy fish which is such an important item in their diet. Already although Executive Order 295 was only signed a few days ago, the price of fresh fish in the local markets has advanced sharply and this in spite of the fact that stocks of canned fish actual ly held in the Islands are far in excess of immediate re quirements. The case of fish is probably the most extreme and the most serious of various items on which import is to be re stricted, but there are many other items of very consider able importance to the average consumer. On flour, for instance, it is proposed to restrict imports to 85% of 1948, which would mean a cut of approximately 33-1/3% below the average importation in 1949. Flour has supplanted rice December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 541 to a certain extent in the Philippine diet. It is certain that, within the year 1950 at least, the Philippines will not pro duce sufficient rice to satisfy the present demand even though the latter is supplemented by flour importations as at present. As flour importations are decreased by onethird, the rice shortage will be aggravated just that much and additional importations of either rice or wheat flour will be made necessary. The Philippines do not produce anywhere near the quantity of fruits and vegetables that are needed for daily consumption and the very severe restriction of imports of such commodities from abroad will not only work a hard ship on people in that sufficient quantities of this necessary food will not be available, but will very sharply increase the prices of that which is available. The Government is faced with the very serious prob lem of conserving dollar exchange and must take steps along that line, and curtailment of imports of luxuries and semi-luxuries and non-essentials undoubtedly is desirable, but restriction of other imports, and especially restriction to such a drastic degree, of commodities which are actually essential in the daily life of the people, should be given further study; if these restrictions are not relaxed or removed, this will undoubtedly lead to very serious consequences. Textiles By James Traynor THE market was slightly less active during the month of November as compared with October. The differ ence in activity was not great however, and prices remained at about the same levels. Arrivals here also were at about the same level as for October. The New York market continued to be extremely strong with prices rising all along the line and American mills reporting some sales 6 months in advance of delivery. This has placed the Manila importers of textiles in an unusually favorable position in that practically all orders arriving in Manila from now on will be at prices well below replacement costs. At the end of the month Executive Order No. 295 was issued placing all textiles under import quota restrictions. The effective date was made December 1, 1949. This ex ecutive order together with the Central Bank’s credit re strictions, laid down about the middle of October, slowed down the flow of textiles into the market places. Importers are now forced to pay cash for all imports and find it im possible to handle their normal commitments, which results in the banks having to store the shipments in warehouses until such time as the importers can find the cash to pay their incoming bills. It might take several months for im porters to liquidate these accounts, whereas in the ordinary course, they would have been liquidated immediately upon arrival through credit facilities of the banks. Automobiles and Trucks By Karl E. Gay Sales Representative, Ford Motor Company SALES reports in the Philippines reported for the month of September, 1949, show that a total of 327 passenger cars and 408 trucks of all weight classes were sold. A further breakdown of these figures shows that 199 or 60.9% of the passenger cars were in the low-price class; iuu REMINGTON ELECTRIC Typewriter EXCLUSIVE REPRESENTATIVES 124 MYERS BLDG. TAYLOR PACIFIC [Phil.] LTD.telephone port area ATKINS KROLL & CO., INC. Gen. Mgrs. 3-34'41 542 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 113 or 34.5rt were in the medium-price class; and 15 or 4.6% were in the high-price class. Of this total number of passenger cars sold, 5 were of other than United States manufacture. Based upon 80r( of the passenger-car sales, the dis persion of units shows that 158 were sold in Manila and environs, and 106 were sold in the provinces. Based upon 73r( of the truck sales reported, 132 were sold in Manila and environs, and 168 in the provinces. During this period the 1950 model Studebaker and Nash cars were displayed, and the 1950 model Ford is ex pected in the near future. Pan American Announces New Low Excursion Fare ° CHICAGO NEW YORK WASHINGTON While the coal and steel strikes have cut production in the United States, the import licenses covering passenger cars for 1949 have been for the most part filled. The recent move on the part of the Central Bank regarding the 80f ( coverage prior to obtaining a letter of credit will cause all importers of automotive vehicles to study their capitalization with a view toward increasing their cash position and maintaining sufficient reserves to cover outstanding commitments. Legislation, Executive Orders, and Court Decisions By Ewa'.d E. Selph Ross, Selph, Carrascoso &1 Janda A DECISION of interest to any business man who may become involved in a lawsuit is that of Material Distributors (Phil.) Inc. vs. Natividad, et al . G. R. No. L-1716 which covers the interpretation of the Rule of Court (Rule 21, sec. 1) which gives the court power to order production by one party for inspection, copying, or photo graphing by another party of documents, papers, books, accounts, letters, or other things which constitute or contain evidence material to the pending case. Objection was made that the plaintiff was only on a fishing expedition and that defendant was protected by the constitutional provision against unlawful or unreasonable search and seizure, and also by the constitutional provision that privacy of com munication and correspondence shall be inviolable except upon lawful order of the court or when public safety and order require otherwise. Although the documents the Court in this case ordered produced included considerable correspondence and telegrams over a period of several and most points in U.S.A. $1,348— r?rT GOOD UP TO 60 DAYS • Now you can fly from Manila to most any city in the U.S.A, and return for only SI,348.70. Ion have a generous 6ixty days for the round trip! You fly by swift Pan American double-decked Clipper* —via the Sunny Southern Route — to Los Angeles or San Francisco. From there you fly by connecting airline to your destination in the U.S.A. All on one Pan American ticket! For full information on routes and destinations included in Pan American’s Special Excursion Fare, call your 1 ravel Agent or ... Manila Hotel • Phones 3-20-97, 3-35-01 Downtown Office 270 Plaza Cervantes Phones 2-82-61, 2-68-69 Pam AlfERLCW 4^-3 World Airways \ J • lradc Mark. Pan American Airway,. Inc. °Sr tXPtP^ ^ohbav Greetings from tfje ftoufie of Jfamous J^ameG... + U.S. Motors WITTE Diesel Engines—ATLAS Diesel Engines— HOOPERWOOD Canvas —MACWHYTE Wire Rope— CUTLER-HAMMER Electrical Con trols—BYRON-JACKSON Pumps—JEN KINS Valves—FILTROL Filtering Clays— COLEMAN Textile Machineries—BALDWIN Locomotives—IIARDINGE Ore Grinding and Reduction Mills — LONGYEAR Drilling Equipment — STEPHENADAMSON Conveyors and Elevators—ELLIOT Steam Turbines and Generators and many others from ____________ the house of service____________ I lTklVS, KROLL & (IL INI . | Myers Bldg. Port Area Manila Telephone 3-34-41 December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 543 months without any reference to particular items by date or otherwise, except the name of the person or company, and required production of “all” such letters and cables between certain dates covering a period of about 6 months, the Supreme Court held that the trial judge had not ex ceeded his jurisdiction or abused his discretion. The Supreme Court said: “The orders in question, issued in virtue of the provisions of Rule 21, pertain to a civil procedure that cannot be identified or confused with the unreasonable searches prohibited by the Consti tution. But in the erroneous hypothesis that the production and inspection of books and documents in question is tantamount to a search warrant, the procedure outlined by Rule 21 and followed by respondent judge places them outside the realm of the prohibited unreasonable searches. There is no question that, upon the pleadings in the case, Sarreal has an interest in the books and documents in question, that they are material and important to the issues between him and petitioner, that justice will be better served if all the facts pertinent to the controversy are placed before the trial court. “The constitutional guarantee of privacy of communication and correspondence will not be violated, because the trial court has power and jurisdiction to issue the order for the production and inspection of the books and documents in question in virtue of the constitu tional guarantee making an express exception in favor of the dis closure of communication and correspondence upon lawful order of a court of justice.” 'J’hat there is still the necessity of carefully investigating titles to real estate before making a purchase, is in dicated by the decision in the case of Director of Lands vs. Martin, G. R. 8037. While an application for a title was pending the applicant sold his rights to another. In due course, the decree was rendered as applied for and a certifi cate of title issued to the purchaser, but later on the decree was set aside. The vendee claimed to be an innocent pur chaser for value, but the Court overruled his plea. The Supreme Court said: “... Martin, therefore, is a transferee pendente lite and without the necessity of joining him as a party, he stands exactly in the shoesof the transferor and is bound by any judgment or decree which may be rendered for or against the transferor. (Rule 3, Sec. 20, of the Rules of Court; Fetalino v. Sanz, 44 Phil., 691; and Rivera v. Moran, 48 Phil., 836). Had the purchase been made after the decree was issued in favor of Lumantag then nothing that may vitiate the valid ity of such decree may affect the purchaser Martin if the latter had acted in good faith. Since, however, Martin acquired the property while the litigation was pending anything that may affect the vendor will also affect the vendee, the latter’s good faith being immaterial. The good faith protects the purchaser when it rests mainly upon a decree. “Furthermore, the following words of this Court in Rivera v. Moran (48 Phil. 836, 840) are perfectly applicable in the instant case: ‘The contention that the petitioners must be regarded as innocent purchasers for value within the meaning of section 38 cannot be sustained. They acquired their interest in the land before any final decree had been entered; the litigation was therefore in effect still pending and it appears that they were aware of that fact. In these circumstances, they can hardly be considered innocent purchasers in good faith.’ “For all the foregoing, the judgment appealed from is reversed and appellee Maximiano P. Martin is ordered to surrender to the trial court the transfer certificate of title issued in his name on Lot No. 2931, which is hereby declared null and void, with costs against said appellee.” stat? m'nt of the principle governing damages for wrongful attachment, appears in the decision of the Supreme Court in Case No. 48494, Banque Generale Beige, et al vs. Walter Bull & Co., Inc., et al. T*he Supreme Court said: “The errors assigned by the defendants are directed to the failure of the trial court to award damages in favor of the defendants as a result of the preliminary attachment obtained by the plaintiffs at the commencement of the action. The defendants have made an elaborate discussion tending to establish the amount of alleged dam ages which the trial court found to be too speculative. We are never theless convinced that the plaintiffs, in obtaining the preliminary attachment, acted in good faith, and this circumstance is fatal to any award for damages. It is true that the defendants have been ab solved from the complaint, but, this does not go to show that the plaintiffs acted with malice in attaching defendants’ properties. The result of this action cannot affect the bona fide belief of the ■ plaintiffs in the justness of their claim against the defendants.” AMERICAN INTERNATIONAL UNDERWRITERS FOR THE PHILIPPINES, INC. ARTHUR H. HENDERSON President Seventh Floor, Wilson Bldg., Manila Telephone: No. 2-98-86 Cable: "Underiters" Managers in the Philippines for:— AMERICAN INTERNATIONAL ASSURANCE CO.. LTD. COMMERCIAL CASUALTY INSURANCE COMPANY THE EAST AND WEST INSURANCE COMPANY FIREMEN’S INSURANCE COMPANY THE FULTON FIRE INSURANCE COMPANY GRANITE STATE FIRE INSURANCE COMPANY THE HANOVER FIRE INSURANCE COMPANY MILWAUKEE MECHANICS’ INSURANCE COMPANY NATIONAL UNION FIRE INSURANCE COMPANY NEW HAMPSHIRE FIRE INSURANCE COMPANY PACIFIC NATIONAL FIRE INSURANCE COMPANY SECURITY INSURANCE COMPANY Fire and Allied Lines CASUALTY — AUTOMOBILE — MARINE REINSURANCE FOR BETTER SERVICE—Call 3-36-07 ALLIED BROKERAGE CORPORATION Marsinun Building Port Aren Documents may be delivered Io our represen tative in the branch offices of MACKAY RADIO $ TELEGRAPH COMPANY, Plaza Moraga and Trade Commerce Building. Individual attention and competent supervision given to your customs brokerage requirements. CUSTOMS BROKERAGE FREIGHT FORWARDING WAREHOUSING TRUCKING HEAVY HAULING 544 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 Afraid of Color Photography? f you don't have to be!) Ansco Color Film is easy to use thrilling to work with! Here is a true color film that gives you superb transp i " ”PrOd"CeS y°“ subjects as they are! Get acquainted with Ansco Color Film today! We have it in 120 and 620 rolls, and 35mm cartridges for cameras having f6.3 or faster lenses. BOTICA BOIE, Inc. Photo Department On the Escolta, Manila CEBU • ILOILO • LEGASPI • DAVAO New Import Control Order BY THE PRESIDENT OF THE PHILIPPINES EXECUTIVE ORDER NO. 295 REVISING THE RULES AND REGULATIONS ON THE CON TROL OF IMPORTS OF NON-ESSENTIAL AND LUXURY ARTICLES INTO THE PHILIPPINES AS PROVIDED FOR IN REPUBLIC ACT NO. 330. BY virtue of the powers vested in me by Republic Act No. 330, entitled “AN ACT AUTHORIZING THE PRESIDENT OF THE PHILIPPINES TO ESTABLISH A SYSTEM OF IM PORT CONTROL BY REGULATING IMPORTS OF NON-ES SENTIAL AND LUXURY ARTICLES, CREATING AN IMPORT CONTROL BOARD, AUTHORIZING THE ISSUANCE OF RULES AND REGULATIONS TO CARRY INTO EFFECT SUCH CON TROL AND PENALIZING VIOLATIONS OF THIS ACT,” I, ELPIDIO QUIRINO, President of the Philippines, do hereby order: Section I. From and after the date of effectivity of this Order, no article included in the list referred to in Section 3 hereof shall be imported into the Philippines without an import license duly issued by the Import Control Board in accordance with the provisions of this Order. Such license shall be signed “By authority of the President: Chairman, Import Control Board.” Sec. 2. There is hereby created an administrative committee in the office of the Import Control Board, composed of the Executive Officer of the Import Control Board, a representative of the Depart ment of Finance and a representative of the Central Bank of the Philip pines. This committee shall administer the rules and regulations pro mulgated by the Import Control Board and recommend such changes to the Board as from time to time may be found necessary to improve the administration of import controls and to achieve the purposes for which the controls were established. Sec. 3. The articles included in the accompanying list, marked Appendix A, are hereby declared to be luxury or non-essential articles and to be subject to the provisions of this Order. The quantity or value of such luxury or non-essential article that may be imported beginning with the date of effectivity of this Order shall be established by the Import Control Board in accordance with the percentage reductions shown in the accompanying schedule, marked Appendix B. Sec. 3-a. In the case of cement, the Import Control Board may grant a special permit to the Cebu Portland Cement Company to import such quantities of this article as may be deemed necessary to prevent shortage thereof. Sec. 4. The Import Control Board may, from time to time and as circumstances warrant, make recommendations to the President for additions to, or changes in, or deletions from the list established in Appendix A, and or for increases, decreases, or other alterations in the percentage reductions established in Appendix B. Sec. 5. The Import Control Board shall allocate the quotas estab lished in accordance with Appendix B only among the importers regis tered for such article on the basis of the respective quantities or values of their import of the article during the year 1948. The Import Control Board shall not permit importers to transfer quotas from one article to another, but may permit the transfer of quotas from one importer to another provided said importers are duly registered with the Import Control Board. Sec. 6. Notwithstanding the provisions of the preceding section, the Import Control Board shall set aside not more than 20 per cent of the quota established for each article in Appendix B for allocation to Filipino importers who had no importation during the base period 1948, but have been registered subsequently as importers of such arti cles: Provided, that aliens who, after the base period, actually im ported and still continue to import any controlled article may apply as new importers of such article. The Import Control Board shall deter mine the manner of allocating the quotas to new importers. Sec. 7. An import license shall remain valid during the quota period in which it was issued. If, for justifiable cause satisfactory to the Import Control Board, the shipment does not arrive in the Philippines during the period in which the license was issued, the expiry date of the license may be extended by the Board. If the Board finds that the importer has failed or has not taken the proper steps to import the article covered by the license, the Board may cancel the license. Sec. 8. No person, firm, or establishment may be granted an import license unless: (a) He is a duly registered importer in the Securities and Exchange Commission or in the Bureau of Commerce; (b) He is duly licensed to do business in the Philippines and has paid all lawful taxes and fees due from him; and (c) He is registered with the Import Control Board for purposes of the Import Control Law. Sec. 9. Before an import license may be issued, the applicant shall file with the Board a written application under oath containing the following information: (a) The name and address of the importer or his duly authorized agent or representative; (b) The name and address of the exporter; (c) The port or ports of origin of the articles to be imported; (d) The port of destination; and (e) The description of the articles to be imported and the quantity and declared value thereof. December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 545 Sec. 10. For every registration of an importer, a filing fee of ?2 shall be charged. Upon issuing a quota or a license, the Import Control Board shall collect a fee of P10 per P1000 of the c.i.f. value of the article, and Pl for every Pl00 or fraction thereof. Sec. 11. Shipments covered by payments made by the importer prior to the date of efTectivity of this Order, or by irrevocable letters of credit or authorities to purchase issued prior to said date, and so certified by the issuing bank, shall be permitted to enter the country but shall be charged to present and or future quotas of the importer for the same or other articles; however, the importer shall first obtain and import license and pay the appropriate fees before the shipment may be made or released by customs. Similarly, goods in inland transit from point of origin, or on dock, on lighter, or on exporting vessel, on the date of effectivity of this Order, if such circumstance can be proved by the importer to the satisfaction of the Import Control Board, shall be admitted into the country but shall be charged to present and or future quotas of the importer for the same or other articles; however, the importer shall first obtain an import license and pay the appropriate fees before shipment may be made or released from customs. Goods ordered or contracted for prior to the date of effectivity of this Order by virtue of existing valid licenses and or quotas shall be allowed to enter the country but shall be charged to present and or future quotas. Sec. 12. Importers must obtain an import license for every foreign order placed after the date of effectivity of this Executive Order unless the articles to be imported are not subject to restriction under the pro visions of this Order. Articles ordered after said date without an import license shall not be released by customs to the importer and shall be confiscated by the Import Control Board. Sec. 13. From and after the date of effectivity of this Order, every consular invoice issued for the importation into the Philippines of articles subject to restrictions under the provisions of this Order shall show the Import License Number in respect to such importation and the quantity and value thereof. Sec. 14. The bringing of controlled articles for personal use, and not for resale, and of articles brought in by, or sent to, importers or indentors as samples, and not for resale, shall be subject to special rules and regulations to be issued by the Import Control Board. Sec. 15. Articles imported in violation of these rules and regula tions shall be subject to forfeiture in accordance with the procedure established under Chapter 39 of the Revised Administrative Code and to the penalties prescribed by Republic Act No. 330, otherwise known as the Import Control Law. Sec. 16. All previous Circulars, Directives, Rules and Regulations of the Import Control Board which are inconsistent with, or contrary, to, the provisions of this Executive Order are hereby repealed. Sec. 17. For the effective enforcement of this Order, duly author ized agents or representatives of the Import Control Board shall be permitted to examine shipments and pertinent documents. Sec. 18. Executive Orders No. 193, dated December 28, 1948, No. 206, dated March 16, 1919, No. 209, dated March 30, 1949, and No. 231, dated June 28, 1949, are hereby repealed. Sec. 19. This Order shall take effect on December 1, 1949. Done in the City of Manila, this 29th day of November, in the year of Our Lord, nineteen hundred and forty-nine, and of the Inde pendence of the Philippines, the fourth. (SGD ) ELPIDIO QUIRINO President of the Philippines By the President: TEODORO EVANGELISTA Executive Secretary ONCE AGAIN ITS KODAK CAMERAS FOR CHRISTMAS No gift will be more appreciated on Christ mas Day - - - and all year around - - than a fine Kodak Camera. The popular Kodak Duaflex Camera costs but ^29.50, and is a great favorite with women and youngsters. For the folding camera user, we have the brand-new line of Kodak Tourist Cameras; and, for the miniature camera fan, be sure to see the Kodak Flash Bantam Camera -?113.50. They’re all designed for color and flash picture taking. Stop in and Look them over. TWO CONVENIENT LOCATIONS TO SERVE YOU THE KODAK STORE I38E3C0LTA MANILA KODAK PHILIPPINES, LTD. 104 I 3 th S T R E E T, PORT AREA, MANILA 546 AMERICAN CHAMBER OF COMMERCE JOURNAL ★ LUZON STEVEIIOKIU COMPANY, INC. Manila ★ 75% December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 547 FERTILIZERS SULPHATE OF AMMONIA SUPERPHOSPHATES SULPHATE OF POTASH MENZI & CO., INC. Iloilo MANILA Cebu J. M. MENZI Bldg. Corner Reina Regente & Soler Streets Tel. 2-79-29 ♦ ♦ 548 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 Selective Credit Control Order CENTRAL BANK OF THE PHILIPPINES CIRCULAR NO. 19 November 17, 1949 2. No such letter of credit or authority to purchase for the im portation of goods, merchandise and. or commodities of the kinds in cluded in said list shall be issued or opened except on a sight basis. 3. Proceeds of bank loans and discounts and unused overdraft lines shall not be used and shall not be permitted to be used, in the same bank or in any other bank, in providing for the cash deposit or margin requirement of eighty (80%) per cent required by this Circular, in paying or liquidating drafts covering imports of goods, merchandise and or commodities included in said list, or in using such proceeds to pay or in making remittances to pay and or to cover orders for such goods, merchandise and or commodities. 4. No bank shall grant or permit the use of trust receipt facilities by their customers, directly or indirectly, for the purpose of facilitating the release of any goods, merchandise and/or commodities included in the list and covered by D P collection bills. The provisions of this Circular shall apply to all credit lines, of every kind and form, in force and outstanding in the books of the banks as of the date of this Circular, and to all such credit lines which may now or hereafter be granted and or extended by the banks. (SGD.) M. CUADERNO. Sr. Governor FOR RE WINDING OF GENERATORS—MOTORS CALL E. J. MIHM ELECTRIC CO., INC. THE EDWARD J. NELL COMPANY 1450 Arlegui Street Tel. 3-21-21 Address : 170-2 M. de Comillas Tel. 3-21-85 December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 549 LIST ATTACHMENT TO CIRCULAR NO. 19 AUTOMOBILES (PASSENGER CARS) AND OTHER VEHICLES Automobiles, passengers cars Station wagons Jeeps Motorcycles JEWELRIES, PRECIOUS METALS AND STONES Real (gold, silver and platinum) — Not plated Plated Imitation (made of other metals) — Costume jewelry and trinkets Stones, precious, semi-precious or imitations thereof (set or unset)— Pearls Diamonds Other precious stones Metals, Precious (gold, silver, platinum, and sterling silver) Not plated — Tablewares or Hollowares (plates, center pieces, coffee sets, cocktail sets, drinking sets, bowls, flower vases, picture frames, etc.) Silverwares or Flatwares (cubiertos) Other wares and articles Metals, Precious (gold, silver, platinum, and sterling silver) Plated — Tablewares or Hollowares (plates, center pieces, coffee sets, cocktail sets, drinking sets, bowls, flower vases, picture Irames, etc.) All other wares and articles except silverwares (cubiertos) PERFUMES AND TOILET PREPARATIONS Perfumes, lotions and toilet waters Petroleum jellies (vaseline) Pomades Creams and balms Rouges and lipsticks Face Powders (including perfumed talc) Hair Tonics Shampoos Brilliantines Nail Polish BEAUTY CULTURE EQUIPMENT Beauty Parlor equipment and accessoric Manicure apparatus and accessories GAMES AND AMUSEMENTS (EXCEPT ATHLETIC EQUIPMENT) Dice Mahjong sets Playing cards Fronton equipment Other game equipment BEVERAGES, WINES AND LIQUORS (EXCEPT EXTRACTS, FLAVORS, AND SYRUPS FOR LOCAL BOTTLING PURPOSES) Fermented Liquors — Cider Malted liquors Alcohol, ethyl Brandy Cordials Gin Other distilled spirits (Blackberry, ginger, brandy, etc.) Whiskey — Corn (Bourbon) Malt (Scotch) Rye All other whiskey Wines — Sparkling Other wines BEER Beer and ole FIREWORKS AND FIRECRACKERS Fireworks and firecrackers TOYS, MADE OF Celluloid Glass Porcelain Rubber Metal Wood Other materials MOTOR SERVICE CO, 11. AUTOMOTIVE PARTS • ACCESSORIES GARAGE & SHOP EQUIPMENT BATTERIES • TIRES • TUBES 230 13th St., Port Area — Tel. 3-36-21 SUPERIOR GAS & EQUIPMENT CO. Q Z MANUFACTUHERS OF: • Highest Quality OXYGEN <t ACE TYLENE GASES For All Welding Purposes • SUPERFLAME Bottled & Tank Gas for all Cooking Purposes — Complete Installation & Service facilities • CARBON DIOXIDE In liquid form for bottled drinks • CARBON DIOXIDE “Superfriz” Solid form for Frozen Food preserva tion • CARBON DIOXIDE In liquid form for Fire Extinguishers • HYDROGEN GAS For Balloons & Underwater cutting of Steel • Distributors of NATIONAL CAR BIDE, WELDING EQUIPMENT & SUPPLIES —“STOODY” Welding Rods For hard surfacing of imple; ments — Machinery parts — TAPPAN AUTOMATIC GAS RANGES TELS. 6-83-02 & 6-75-29 P. O. BOX 2507 MANILA 550 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 YOUR SECURITY SEAL For FIDELITY & SURETY BONDS See The Philippine Guaranty Eil.Jhc. Fire, Marine, Motor Car, Workmen's Com pensation, and Miscellaneous Insurance Mortgage Loans 3rd Floor Insular Life Bhlg. Tel. 2-81-12 Plaza Cervantes Manila CEBU BRANCH Uytengsu Bldg. Cebu City ILOILO AGENCY Ally. Juan Grino ■ Iloilo City DAVAO AGENCY A. M. l'iinlM.1 Davao Ci tv Completely Equipped MACHINE SHOP For Installation And Repair of Any Equipment or Machine Sold by Us MARINE REPAIR SHOP A Specialized Department For Repairs of All Marine Jobs INDUSTRIAL MACHINERY DISTRIBUTORS Diesel Engines, Ice Plants, Saw Mills, Rice Mills, RCA RADIO Transmitters, etc. + PHILIPPINE ENGINEERING CORP. 936 Raon — Tel. 3-29-71 Manila — Cebu — Iloilo — Bacolod — Davao — Colabato YON, kMIE, FLAX, LINEN, fHETIC MATERIALS AGENTS BROKERS CHARTERERS TELEPHONES 2-34-20 2-34-29 American Steamship Agencies, Inc. Manila, Shanghai, Tokyo, Yokohama Cable Address: 203 Myers Bldg. “AMERSIIIP” P^t Area December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 551 C. F. SHARP & COMPANY, INC. STEAMSHIP OPERATORS—AGENTS SHIP BROKERS GENERAL ORIENTAL AGENTS: WATERMAN STEAMSHIP CORPORATION Mobile, Alebeme THE IVARAN LINES—FAR EAST SERVICE (Holter-Sorensen—Oslo, Norway) PACIFIC ORIENT EXPRESS LINE (DITLEV-SIMONSEN LINES) Norway (TRANSATLANTIC STEAMSHIP CO., LTD.) GENERAL STEAMSHIP CORPORATION Sen Frencisco SIMPSON, SPENCE * YOUNG New York V. MUELLER Kobenhevn, Denmark Head Olfice: 5TH FL., INSULAR LIFE BLDG. MANILA, PHILIPPINES TEL. 2-87-29 2-96-17 Branch Offices: SAN FRANCISCO—SHANGHAI SINGAPORE-PENANG TOKYO—YOKOHAMA NAGOYA—OSAKA SHIMIZU—FUSAN (KOREA) Cable Address. "SUG ARCRAFT" all oilices The “LET YOUR HAIR DOWN” EVERETT STEAMSHIP CORPORATION GENERAL AGENTS AMERICAN MAIL LINE To and From Portland Seattle Vancouver Tacoma PACIFIC TRANSPORT LINES To and From California Philippines BARBER-FERN LINE Service to U.S. Atlantic Via Straits, Suez, Mediterranean FERN LINE To and From North Atlantic Ports Gulf Ports—Philippines EVERETT ORIENT LINE Serving the Orient Philippines to China, Japan, Korea, Straits and India Ports PHILIPPINE STEAM NAVIGATION CO. Serving the Philippine Islands 223 Dasmarinas St., Manila Tel. 2-98-46 (Priv. Exch. All Lines) This morning the newspapers carried the full text of a new Import Control order with plenty of import quota cuts galore. Thinking back over the day’s activities, my thought went something like this: At six o’clock I woke up to the ringing of the alarm clock (cut 80%), stretched, turned over on the mattress (cut 95%), and finally got up. After stripping off my pajamas (cut 75%), I took a brisk shower with some nice toilet soap (cut 90%). It was nice to dry off with a big soft towel (cut 75%), but it was when I started to brush my teeth with toothpaste (cut 50%) that I heard the baby crying. My few remaining hairs had been a little unruly lately, so I decided to put on some vaseline hair-tonic (cut 90%), took a little extra time to comb and brush (both cut 90%) my hair into place. Whoops I I forgot to shave. Now that’s going to be tough because I think I can only shave every five days because shaving cream (cut 80%) will be pretty hard to get. Time- was running short. I took a quick look at my wrist watch (cut 80%), lit a cigarette (cut 80%), and started to slip into my shoes (cut 80%). As I puffed, I turned on the radio (cut 80%) to listen to the newscast. As I got dressed, I picked up my belt, wallet, notebook, and portfolio (all cut 90%) to be sure I had everything. Breakfast was already set on the table as I gulped down some water from the glass (cut 80%). There was some coffee (cut 90%) and a nice dish of breakfast food (cut 80%). It was time to go to the office, so I stepped into my automobile (cut 80%) and relaxed on the plastic seat covers (cut 95%). It was a pleasure to get out my cigarette-lighter (cut 95%) and light up a cigarette (cut 80%). In the office I stared at the rubber-tile floor ing (cut 95%) and then happened to notice that my Secretary’s metal desk (cut 90%) and comfortable secretarial chair (cut 90%) needed dusting. Soon it was close to noon, so I signed my letters with my lifetime desk-pen (prohi bited) and wondered if I should pick up some playing cards (cut 80%) for the bridge game tonight. My wife had lunch ready for me when I got home. She had some frozen fruits (cut 60%) and some sandwiches with delicious bread with butter (cut 60%) and jelly (cut 80%). The ice-cream dessert (cut 95%) cer tainly was good. She told me that it looked as if we needed a new refrigerator (cut 50%) and that the men had been up to repair the electric stove (cut 50%). The typhoon that morning had knocked over and . broken one of the table lamps (cut 95%) and had bent the blades on several electric fans (cut 30%). Also in the afternoon, those cuts kept running around in my mind and it wasn’t until I got home and saw the children playing witV-their toys (cut 85%) that I realized we should have some new sporting goods (cut 50%). My neighbor invited me over for a cocktail (liquor cut 90%) before dinner. He was proud of his new radio-phonograph combina tion (cut 80%) and wanted us to hear the latest records he had brought in from the States (cut 60%). Later, we had a quick supper of some frozen meat (cut 30%), frozen vegetables (cut 90%) and potatoes (cut 40%) with gravy. The ----- - Column cheese we had for dessert (cut 60%) was my favorite kind, so I felt like turning in for a long sleep. As I stretched down on the clean sheets (cut 75%) and stared up into the darkness, I began to wonder what the day would be like three or four months from now. Well, tomorrow is another day. —Harassed Householder IN the Tobacco column in this issue of the Journal, readers will read, by way of an introduction to what he has to say on tobacco this month, the adios of the Conde de Churruca. He is shortly going to Madrid for an indefinite stay (he will represent the Tabacalera there), and must therefore give up his column, and we, alas, must give him up. He has written very faithfully for the Journal almost every month (and almost always on time) since July, 1947, and we in the Office here and the readers of the Journal are under great obligation to him for the valuable knowledge and informa tion he has made available and al ways in a very readable form. He himself says that he has taken a pleasure in this work and has felt that he was doing something con structive,—“if only by stating the facts as accurately and as fairly as I could”. As for us, we have come to know the Count not only for an able businessman, but for a man of public spirit and for a gentleman through and through. Not the least of his estimable qualities is his sense of, humor, somewhat rare in men of his achievement and standing, and there fore all the more taking. For instance, he complimented the Editor,—for holding the Journal writers together so consistently, on his diplomatic as well as his editorial abilities (such as they are), but who could fail to meet the Count’s fine courtesy without at least an attempt at some approxima tion? The Editor refuses to read more into the word diplomatic than this, for he swears he has never made any attempt at such diplomatic shifts as wheedling, cajoling, flat tering, to gain his end in putting out a good, informative Journai . He would not so insult the intelligence of the men who voluntarily and more or less cheerfully take part in the work. He has never done more than just put the need for their service up to them and they have responded. That is all. The result has been and is magnificent,—everybody says 552 AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1949 Automatic Calculators To all who need accurate figures in a hurry, •• PHONE OR WRITE US FOR DEMONSTRATION ON YOUR OWN WORK SMITUBfU^COim. TBADE AND COMMERCE 8LDG. MANILA Tel. 2-69-71 PHOTOSTAT COPIES O F Legal documents Accounting papers Tax Receipts Immigration Certificates Plans—Blueprints Personal Papers and Anything Written.. COPYCAT EL IIOCAR BUILDING Phone 2-67-50 & 2-70-79 For Messengers Open from 7:00 A.M. to 7:00 P.M. so, but the editor only lights the matches that keep the great fire works going. And so, Count de Churruca, we all thank you for your part, so ably and so willingly done, and we wish you Godspeed and future happy return. ■piR. Gilbert Perez, Superintendent U of Vocational Education in the Bureau of Public Schools, sent us during the month a 32-page pamphlet entitled, “From theTransport Thomas to Sto. Tomas—The History of the American Teachers in the Philippines,” of which he is the author. It is dedi cated to J. Scott McCormick, “one of those who will hot return home again”. Superintendent McCormick was murdered by the Japanese in Jolo on the day the enemy landed there. One regrets that the “history” is not longer and more detailed. It deals mainly with the earlier groups of teachers “who answered the call of their Government for service over seas” and who were destined to 'do a piece of work that is unparalleled in the history of education”. The first group of teachers, some 600, came on the famous old army trans port, Thomas, toward the end of 1901. Before two years were over, 27 had died, 3 of them women. Seven died of cholera and 2 of dysentery; 5 of smallpox; 1 of appendicitis; 6 were killed by “ladrones”, 1 was drowned, and 1 committed suicide. These were only the first of some 5,000 American teachers who served in the Philippines during the past 48 years. There are still a few of them left in the Philippines and 8 are still in the service. Dr. Perez states that the “great est contribution which America made to Philippine progress has been in the sphere of education”, but though the work of the American teachers “was crowned with success”, they have been “treated with un heard-of forgetfulness and neglect by the American Government which sent them out to the Orient and which they served so long and so faithfully”. “Never before in the history of the world had any country sent out an army like this... Like soldiers, they were scattered all over the Islands, each one fighting his own battle with the meager equipment which had been given him. Upon the faithfulness with which each one of them performed his task depended the efficiency and success of the whole enter prise... “Other armies have gone overseas to fight battles for a few months in the trenches, and when the survivors returned home they were met with the blare of trumpets—with shiny brass medals to be pinned on their uniforms and with bonuses thrown into their pockets by a grateful people. This army, however, has remained unrecognized and forgotten and the few gray-haired survivors have been treated as no expeditionary force has ever been treated...” There is a plan now to introduce a resolution in the United States Congress which would authorize the President to award a “Bronze Medal of the American Teachers in the Philippines” to each one of those who served in the Philippine public schools, including the University of the Philippines, from the earliest days until 1941. That, certainly, would not be too great a reward. We received a genial letter during the month from Mr. H. Lyman Smith, Director of the Foreign Trade Bureau of the puissant St. Louis Chamber of Commerce which our mailing clerk had innocently placed in Mississipi instead of Missouri in his abbreviation of the state name. Addressed to the editor, it read: “I always look forward with pleasure to the receipt of your Journal and go through it carefully. Just as an item of interest, George Mora, whom you may remember as a young lad with you in Santo Tomas prison during the war, having taken a journalistic course in a Missouri university, is now a member of the group here in the St. Louis Chamber in an office adjacent to mine. Need less to say, he always enjoys seeing the Journal too. “The occasion for this letter is a request from the St. Louis Post Office asking that I remind you that St. Louis is in Missouri and not in Mississippi. Not that St. Louis isn’t well known, as we had letters addressed to St. Louis, U.S.A, received here, also letters addressed to St. Louis, French West Africa delivered to us.” We were impressed by the letter head of the St. Louis Chamber. In addition to a Chairman and a Vice-Chairman of the Board and a Treasurer, there is a President and General Manager, a Vice-President and Assistant General Manager, and a Secretary, an Executive Committee of 10 members, and no less than 56 other businessmen are listed under the heading “Directors”; under the heading “Staff” 8 other men are listed as directors of various “bu reaus”, — as follows: Agricultural Bureau, Foreign Trade Bureau, In dustrial and Research Bureau, Legis lation and Tax Bureau, Membership Bureau, Publicity Bureau, Sales Man agers Bureau, Transportation Bureau; finally, three more, — a Director of the Junior Chamber of Commerce, a Field Representative, and an Auditor. That, certainly, is organization. December, 1949 AMERICAN CHAMBER OF COMMERCE JOURNAL 553 Index, Vol. XXV (Continued from page 554) Electric Power Production (Meralco), J. F. Cotton, pp. 23, 66, 111, 155; R. J. Baker, 203,243,291,339,389; J. F. Cotton, 441,488,529. Real Estate, C.M. Hoskins, pp. 23, 66, 110, 154, 203, 244, 290, 339, 389, 441, 488, 528. Port of Manila, E. W. Schedler, p. 24; R. L. Bary, pp. 67, 111, 155; M. Brown, p. 442. Ocean Shipping, F. M. Gispert, pp. 25, 67, 111, 156, 203, 244, 291,340; 390, 444, 488, 529. Inter-island Shipping, G. F. vender Hoogt, pp. 25, 68, 113, 156, 245, D. M. Cameron, 529. Land Transportation (Bus Lincs), L. G. James, pp. 25, 68, 113, 156, 204, 392. Lumber, E. C. Von Kauffmann, pp. 26, 115, 157, 206; L. J. Reyes, 248, 294, 344, 394, 446, 491, 531. Mining, C. A. Mitke, pp. 68, 114, 157, 204, 246, 292, 342, 393, 445, 489, 530. Copra and Coconut Oil, M. Igual and K. B. Day, pp. 26, 70, 115, 158, 206, 250, 294, 345, 394, 447, 493, 532. Desiccated Coconut, H. R. Hick, pp. 28, 71, 116, 160, 208, 252, 297, 348, 396, 450, 495, 534. Sugar, S. Jamieson, pp. 29, 72, 116, 161, 209, 253, 298, 349, 396, 451; G. G. Gordon, 496, 535. Hemp, H. Robertson, pp. 31, 74, 118, 162, 211, 254, 299, 350, 397, 453, 496, Tobacco, Conde de Churruca, pp. 32, 75, 118, 163, 212, 255, 300, 352, 398, 454, 498, 536. Imports, L. S. Kraemer, pp. 498, 537. Food Products, E. A. L. Best, p. 33; C. G. Herdman, pp. 76, 120, 165, 213, 256, 302, 362, 499, Textiles, J. Traynor, pp. 34, 76, 120, 165, 214, 257, 304, 357, 399, 450, 500, Machinery, L. M. Hausman, p. 119. Automobiles and Trucks, C. H. Helling, pp. 164, 213, 255, 303, Karl Gay, 5. Chemicals, H. Fischer, p. 455. Legislation, Executive Orders, Court Decisions, E. E. Selph, pp. 34, 77, 122, 165, 214, 257, 304, 355, 399, 456, 500, Philippine Safety Council, F. S. Tenny, pp. 35, 78, 122, 216, 262, 306, 401, 502. Other Chambers of Commerce, Manila Chamber of Commerce, p. 123; Chamber of Mines of the Philippines, G. Garcia, p. 260. United States Government Agencies in the Philippines, U.S. Informa tion Service, U.S. Coast and Geodetic Survey, p. 81; F. C. Turner, U.S. Public Roads Administration in the Philippines, p. 124; J. G. Planas, Ports and Harbors and Philippine Recovery (MA NED), p. 307; U.S. Information Service, U.S. Maritime Com mission, p. 404; U.. S. Information Service, U.S. Civil Aero nautics Administration, p. 405. Weekly Changes in Retail Prices, Bureau of Commerce, pp. 41, 85, 129, 172, 217, 408. Cost of Living Index, Bureau of the Census and Statistics, pp. 43, 87, 131, 174, 219, 263, 311, 359, 410, 459, 504, 553. Gross Sales (Ten Leading Business Firms, 1937-1948), Bureau of the Census and Statistics, pp. 154, 290, 339, 402, 525. Trend of Real Wages by Occupations, 1941-48, Bureau of the Census and Statistics, p. 175. Miscellaneous Exports by Products and Countries, 1947 and 1948, F. M. Gispert, p. 11 The Ten Principal Imports and Exports 1947 and 1948, Bureau of the Census and Statistics, p. 113. Foreign Trade of the Philippines, Bureau of the Census and Statis tics, By Countries, 1948, p. 196 By Nationality of Trader, 1948, p. 197 Ten Principal Exports, 1947 and 1948, p. 197 Ten Principal Imports, 1947 and 1948, p. 198 Foreign Trade of the Philippines, Bureau of the Census and Sta tistics, January to June, 1948, 1949, p. 342. Philippine Exports, First Half of 1949, Associated Steamship Lines, p. 391. • Foreign Trade of the Philippines, First Half, 1949, compared with First Half, 1948, pp. 518-525. Import Control Orders, Office of the President and Import Control . Board, pp. 37, 82, 167, 309 The “Let Your Hair Down” Column, pp. 44, 88, 132, 176, 220, 264, 312, 360, 411, 460, 505, 551. American Internee Committee, A. J. Hill, p. 506. CLAVECILLA RADIO SYSTEM Telegrams Between MANILA, CEBU and ILOILO Fast Accurate Dependable Tel. 2-83-12 COST OF LIVING INDEX OF WAGE EARNER’S FAMILY1 IN MANILA BY MONTH, 1946 TO 1949 (1941 = 100) Bureau of the Census and Statistics Manila■ 1946 I AH Food (59.15) UmT) Cloth ing (0.62) Fuel, Light and Water (13.94) Misccl- Purchaslaneous ing Power (17.86)|of a Peso January.......... 603.4 759.2 236.4 984.0i 363.8 434.8 .1657 February........ 547.2 656.3 236.4 940.3 369.5 460.5 .1827 March............. 525.9 631.0 236.4 940.1 340.4 445.2 .1902 April................ 556.2 684.1 236.4 910.3 345.5 435.9 .1798 May................. 545.1 675.6 236.4 762.5■ 342.3 409.6 .1835 June................. 538.7 666.4 236.4 737.9' 343.3 404.2 .1856 July................. 552.7 704.3 236.4 598.9i 341.3 364.6 .1809 August............ 477.9 590.0 236.4 384.7 320.9 346.3 .2092 September. . . 477.9 591.3 236.4 378.7 314.5 347.2 .2092 October.......... 487.4 587.2 236.4 382.7 405.8 342.7 .2052 November... . 484.8 607.8 236.4 406.4 346.5 305.2 .2063 December.... 461.9 570.8 236.4 371.9 344.7 302.1 .2165 1947; (100.00) (63.43) (11.96) (2.04) (7.73) (14.48) January........ . 426.2 368.2 453.9 381.9 326.2 282.5 .2346 February.... . 418.5 454.9 453.9 356.2 344.8 281.4 .2389 March........... . 406.8 440.1 453.9 295.2 334.7 279.4 .2458 May.............. . 381.0 404'4 453^9 250^9 325.4 269'4 .' 2625 June.............. . 386.3 414.4 453.9 236.8 316.6 268.6 .2589 July............... . 393.4 426.8 453.9 217.7 309.3 269.9 .2542 August......... . 387.4 419.8 453.9 210.2 292.0 269.1 .2581 September. . . 368.9 392.1 453.9 216.4 283.3 266.8 .2711 October........ . 358.7 376.3 453.9 212.7 280.5 267.7 .2788 November... . 358.4 376.3 453.9 215.1 280.5 265.3 .2790 December... . 371.9 395.8 453.9 219.1 298.2 262.9 .2689 1948 January........ . 391.2 428.3 453.9 224.5 304.6 249.9 .2556 February.... . 368.5 392.0 453.9 223.8 301.1 254.4 .2714 March........... . 349.4 361.0 453.9 214.6 308.1 255.9 .2862 April............. . 356.1 374.1 453.9 209.4 289.7 254.8 .2808 May.............. . 349.8 360.2 453.9 214.2 289.7 271.6 .2859 June.............. . 354.3 370.4 453.9 205.2 283.2 262.9 .2823 July............... . 356.4 374.2 453.9 201.3 281.6 262.4 .2806 August......... . 363.6 385.7 453.9 199.8 281.6 261.7 .2751 September. . .. 370.6 397.2 453.9 199.2 279.6 260.6 .2698 October........ . 374.9 404.0 453.9 204.8 283.2 257.9 .2668 November... . 368.7 394.4 453.9 202.0 281.6 258.7 .2712 December... . 365.9 389.9 453.9 202.0 282.4 258.9 .2732 1949 January.......... 363.8 386.8 453.9 202.0 279.0 258.9 .2750 February....... . 343.8 355.5 453.9 203.0 277.5 258.9 .2909 March............ . 346.3 358.2 453.9 202.0 276.3 258.5 .2896 April............... . 348.7 362.6 453.9 197.6 287.5 257.1 .2868 May................ . 348.8 362.8 453.9 197.2 287.5 257.1 .2867 June................ . 349.0 362.9 453.9 203.9 287.5 257.2 .2865 July................. 351.7 374.0 453.9 194.2 265.8 240.5 .2844 August........... 337.5 351.2 453.9 196.3 266.6 241.2 .2963 September. . . 333.6 345.1 453.9 190.3 264.8 243.1 .2998 October......... 332.9 343.3 453.9 199.9 264.8 245.0 .3004 November .... 339.6 356.1 453.9 191.1 258.4 239.8 .2945 1 Average number of persons in a family = 4.9 members. ’ Revised in accordance with the new survey on the “Levels of Living, in Manila” by Department of Labor and the Bureau of the Census and Statistics conducted in December, 1946. SWAM, (TLBERTSON & FRITZ, INC. BROKERS IN LOCAL AND FOREIGN SECURITIES Member—Manila Stock Exchange / New York—San Francisco Correspondents < Honolulu—Uruguay \ Shanghai—Hongkong 701 S. J. WILSON BLDG. TELS I 2 74-55 143 JUAN LUNA ’ ( 2-80-53 Editorials Index For 1949 Volume XXV Abaca "Monopoly”, Our........................................................................... Abaca “Monopoly”, Additional Note on our..................................... Alien Land Ownership, "Confiscation — Forfeiture” (See also “Tanada”)...................................................................... American Goodwill (Private gifts to the Philippines). Atlantic Pact and the Marx Opium Dream, The.... Atomic Age, The.................................................................... Bank Deposits, Japanese Seizure of American............ Bell Act; the Taylor Bill, Tinkering with the............. Bell Act and “Selective Free Trade”, The................... Central Bank, Hail to the................................................ Central Bank’s Selective Control Credit Order.... Chamber Board, New.......................................................... Chamber Board, New Members of................................. Chamber Representation in the Import Control. . . China......................................................................... ........... China, Wanted, Another John Hay................................. Clubs, The 4-H...................................................................... Communism and Communist Parties............................. Corruption in the Government......................................... Crime, The Nameless.......................................................... Congress, A Warning Growl from................................... Cowen, Ambassador Myron Melvin............................... Cowen, Ambassador Myron Melvin............................... Czechoslovakia, Another Curtain Pulled Down............................... Declaration of Human Rights, Nationalistic Discrimination and the....................................................................................................... Demagoguery, The Broadening Base of Government..................... Devaluation, European Currency.......................................................... Election, The — "The Spirit of Legality”........................................ Engineers' Licensing Bill, Stupidity Thrice Compounded........... Formosa......................................................................................................... Formosa, Correction on................. ....................................................... Fourth of July, The................................................................................... Government Control, The Dead Hand of........................................... Government Control, The Dam Breaking?........................................ Hongkong Makes Its Bid......................................................................... Page 185 234 98 ... 321 139 470 426 144 227 3 . . 513 54 324 514 .6 and 467 139 280 141 97 183 321 95 227 . . . 469 Immigration Bill and the “White Australia Policy”, The Re 370 424 419 511 184 186 234 271 422 147 185 ciprocal....................................................................................................... 185 Import Control, Candy — though a Luxury................................. 469 ” ” We Have....................................................................... 3 ” ” Step One, Step Two — Step Three?................. 183 ” ” Order, The New......................................................... 514 Industrialization in the Philippines....................................................... 273 Individualism, New and Old.................................................................... 322 Indonesia, The "Southeast Asia” Bloc and........................................ 53 Investment Risks, Natural and Otherwise.......................................... 141 Investments, Government Loans versus Private............................... 51 Israel, Meaning of Reborn....................................................................... 97 Israel............................................................................................................... 186 Leaders and Bosses, Political.................................................................. 142 Mail Delay in Manila................................................................................ 54 Murder and Justice.................................................................................... 278 Murphy, Frank............................................................................................ 322 Natural Resources, Real and False Conservation of....................... 365 Nehru, Pandit.............................................................................................. 467 “People”, The “Broad Masses” and the............................................. 236 Petroleum Act of 1949, The.................................................................... 276 Philippine Chamber of Commerce and the Government, The... 98 Political Activity of Aliens Illegal......................................................... 324 President Quirino’s American Visit....................................................... 365 President’s Rose-tinted Glasses, The.................................................... 51 Quirino, President....................................................................................... 467 Romulo, World Assembly President..................................................... 419 Russia, Eyes on the Target...................................................................... 95 Samar Exile.................................................................................................. 53 Southeast Asia Union, The Proposed................................................... 319 Tanada Alien Land Disposal Bill, The................................................ 146 Tanada, Letter from Senator.................................................................. 234 Taxation by Local Governments, Excessive....................................... 369 Trade-mark Infringement........................................................................ 469 “Traders”.'.................................................................................................. 514 Travelers, Official Gouging of................................................................. 232 Unemployment in Manila, American................................................... 100 War Claims Commission, Appointment of the................................. 369 War Damage Payments............................................................................ 369 Ward, Consul General............................................................................. 516 Wall Street Journal Articles, The Fortune and.......................... 271 Work and Wealth....................................................................................... 6 Articles Aiding Underdeveloped Areas, Truman Plan for....................................................... U. S. Information Service...................... 236 Address to the United States Congress... Jawaharlal Nehru.. . 472 “All Feasible Assistance” to the Philip pines ..................................... .......................... White House StateAmerican Aid to the Philippines, Past, Present, and Future............................... Myron M. Cowen. . . American Capital in the Philippines (Quoting Gerald Wilkinson).................................................................. American Chamber of Commerce, 1948 Annual Report of the President of........ American Investment, Recommendations re-Memorandum to President Quirino. Frederic H. Stevens. Committee of the American Cham ber of Commerce. Bank Deposits in the Philippines, Claims Arising from the Seizure of Allied Credits and................................................... F. J. Gibbs.................. -Bankers, Story of the Manila — As told in the Santo Tomas Internment Camp A. V. H. Hartendorp Bus Terminal Proposal, The Manila. . . . Frank S. Tenny........ Capital Goods? What are............................ C. M. Hoskins........... Central Bank, Speech at the Inaugura tion of the..................................................... Elpidio Quirino......... Central Bank, Speech at the Inaugura tion of the...............................................,. . Miguel Cuaderno. . . Central Bank, ECAFE Reference to Phil ippine .............................................................. ............. Civil Code, The New Philippine................ Robert Janda............ “Confidential Agreements” with Japan, 1943.................................................................. A. V. H. Hartendorp Economic Development of the Far East................................................................. Myron M. Cowen... Economic World, Philippine Position in the............................................................. Eugene H. Clay......... Economy, Favorable Aspects of Phil ippine ............................................................................................................ English Language in the Philippines, Importance of.............................................. Frederic H. Stevens. Export Control................................................ Vicente E. Bunuan.. Foreign Policy, Philippine............................ Felino Neri.................. Glass Plant, The New San Miguel............ Andres Soriano......... Gold and Recovery, With some Observa tions on a Managed Currency................ J. S. Lawrence........... Industrial Development, Speech on Phil ippine.............................................................. Gil J. Puyat................ Industrial Development, Speech on Phil ippine .............................................................. Andres Soriano......... Industrial Safety, New Bureau of............. Frank S. Tenny........ Industrial Unrest, Minimizing.................... Ricardo C. Galang. Investment Opportunities in the Phil ippines............................................................ S. R. Mendinueto .op. Meralco, The Story of................................... A.V.H. Hartendorp. Metropolitan Water District, The 1948. . Manuel Manosa. . . . Mining Industry, Recommendations re Philippine...................................................... Chamber of Mines of the Philippines Mining Opportunities in the Philippines.. Charles A. Mitke... . Philippine American Chamber of Com merce of New York, Extracts from Annual Report of........................................ C. A. Richards........... Philippine Chamber of Commerce Pro gram ................................................................ Aurelio Periquet. . . Tax Exemption of New Industry, Appli cation of Republic Act No. 35 on......... Pio Pedrosa................. Trade Promotion, A Jaycee Recom mendation on................................................ Ernesto Escaler......... Trade-mark Infringements and Unfair Trade Practices....................................... L. G. Wagner........... Traffic Authority, Need for a Central.... Frank S. Tenny........ Veterans Administration and Recent Legislation, The U.S.................................. W. F. Brumfield. . . Vocational Education..................................... Gilbert Perez. ...... Year, 1948 Good Business............................ Bernardo Ronquillo The Business View 374 376 60 56 372 430 426 62 474 10 12 12 238 326 102 434 282 188 381 482 384 194 149 148 283 105 292 484 192 332 15 127 436 331 334 478 17 284 8 13 Office of the President of the Philippines, Official Source, pp. 20,63, 106, 151, 199, 241, 286, 336, 386, 437, 485, 527. Banking and Finance, F. C. Bailey, pp. 21, 64, 108, 152; C. V. Grant, 201, 242, 288, 337, 387, 438, 486; R. K Russell, 527. American Stock and Commodity Markets, R. Ewing, pp. 22, 65, 108, 153, 201. Manila Stock Market, A. C. Hall, pp. 22, 65, 109, 153, 202. Stock and Commodity Markets, A. C. Hall, pp. 242, 288, 338, 388, 439, 486, 527. Credit, W. J. Nichols, pp. 23, 66, 109, 153, 202, 243, 290, 339, 440, 487. 528. Insurance, Chairman, Manila Insurance Association, p. 110; V. H. Bello, pp. 338, 389, 440, 487. 554 3. F. Goodrich Tires GIVE LONG MILEAGE • Inside and out, B. F. Goodrich tires are built to give long mileage. Note the broad, flat tread that grips the ground and spreads the weight of your car over a wider road surface. A tough extra layer under the tread protects against road shocks. For longer, safer mileage, buy B.F. Goodrich tires. AVAILABLE AT YOUR GOODRICH DEALERS GOODRICH IHnUTIOHI. RUBBER 10111'111 n t $ Access to the Markets of the World... NATIONAL CITY BANK offers quirk access to world markets through 48 overseas branches of its own—more overseas branches than those of all other American banks together. In addition it has long established correspondent relationships with important banks throughout the world. THE NATIONAL CITY BANK OF NEW YORK First in World-Wide Banking Branches in the Philippines MANILA Main Branch: Juan Luna Street Port Area Branch: 13th Street CEBU Tel. 3-20-31