The American Chamber of Commerce Journal Vol. XXVI, No.6 (June 1950)

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Title: The American Chamber of Commerce Journal Vol. XXVI, No.6 (June 1950)
Issue Date: Vol. XXVI, No.6 (June 1950)
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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 Paul H. Wood, President; R. J. Newton, Vice-President; C. R. Leaber, Treasurer; J. H. Carpenter, E. E. Selph, C. H. Hirst, Paul T. Millikin, N. Most, and J. A. Parrish. Marie M. Willimont, Executive Vice-President; I. T. Sa Imo, Secretary Vol. XXVI June, 1950 No. 6 Editorials— Contents The New Import Control Act....................................................................................................................................................................................................... The Proposed New Taxes.............................................................................................................................................................................................................. The Baguio Conference of 1950................................................................................................................................................................................................... The Philippine Association............................................................................................................................................................................................................ Letter to the Chairman of the Intep-ity Board................................................................................................ Paul Wood................................................. Trade Statistics, 1949, compared with 1948...................................................................................................... Bureau of tne Census and Statistics. I. Foreign Trade of the Philippines, Summary.................................................................................................................................................. II. A. Twenty Principal Imports, 1948, 1949.............................................................................................................................................................. II. B. Twenty Principal Exports, 1948, 1949............................................................................................................................................................. III. Foreign Trade by Countries, 1949..................................................................................................................................................................... IV. A. Foreign Trade by Nationality of Traders, 1949............................................................................................................................................ IV. B. Foreign Trade by Nationality of Traders, 1948............................................................................................................................................ Employment Loss, Results of a Chamber Questionaire................................................................................................................................................................ 207 208 210 212 212 214 214 214 216 219 220 220 218 The Business View— Office of the President of the Philippines................................................................................................... Banking and Finance........................................................................................................................................ Stock Market....................................................................................................................................................... Credit.................................................................................................................................................................... Electric Power Production........ .................................................................................................................. Real Estate........................................................................................................................................................ Construction....................................................................................................................................................... Ocean Shipping and Exports........................................................... ........................................................... Land Transportation (Bus Lines)................................................................................................................ Mines............................................................................................................................................ ........................ Lumber.................................................................................................................................................................. Copra and Coconut Oil.................................................................................................................................... Desiccated Coconut.......................................................................................................................................... Sugar..................................................................................................................................................................... Manila Hemp...................................................................................................................................................... Tobacco................................................................................................................................................................ Imports................................................................................................................................................................. Automobiles and Trucks................................................................................................................................. Food Products..................................................................................................................................................... Textiles.................................................................................................................................................................. Legislation, Execution Orders, Court Decisions....................................................................................... Philippine Safety Council............................................................................................................................... Cost of Living Index, 1946-1950 (Table).................................................................................................. The "Let Your Hair Down” Column......................................................................................................... Official Source............................................. 221 R. E. Russell............................................ 222 A. C. Hall.................................................. 222 W. J. Nichols............................................ 223 J. F. Cotton............................................... 223 Antonio Varias........................................ 223 H. H. Keys................................................. 224 F. M. Gispert............................................ 224 L. G. James................................................. 225 C. A. Mitke............................................... 225 L. J. Reyes................................................. 226 H. D. Hellis.......................................... 227 H. R. Hick.................................................. 228 G. G. Gordon............................................ 229 F. Guettinger.......................................... 230 L. A. Pujalte............................................ 232 S. SCHMELKES............ 232 K. E. Gay................................................... 234 C. G. Herdman.......................................... 236 L. W. Wirth.............................................. 237 E. E. Selph................................................ 238 F. S. Tenny................................................ 239 Bureau of the Census and Statistics. 240 .......................................................................... 241 50 CENTAVOS THE COPY '7, 1 f I the far-flung corners of the JL globe—the United States, Europe and Africa—are shipped thousands of tons of coconut oil annually. Playing a major role in Philippine recovery, the coconut oil industry has been trying to cope with world demand through modern, mechanized methods. Here, StandardVacuum Correct Lubrication provides one of the most vital factors in the industry-the use of the right oil, in the right place, in the right way. Here is a line of six hard workers correctly lubricated with Gargoyle DTE oils. These Anderson Duplex Super-Duo Expellers of the Lu Do and Lu Ym Coco nut Oil Mill in Cebu City, are fed a mini mum of 200 tons of copra each day and from them pour thousands of gallons of coconut oil that has put this prominent firm "on the map" industrially. GARGOYLE OILS are used exclusively throughout this new plant. Here the story of Gargoyle supremacy can be heard everyday—from the Engineers who are satisfied with GARGOYLE Performance, from the Management, who are satisfied with GARGOYLE Economy, and from the steady hum of Correctly Lubricated machinery operating continuously and effi ciently, fully protected by GARGOYLE Quality. Standard-Vacuum Collect' Editorials “ ... to promote the general welfare' ’ The New Import Control Law (Republic Act No. 426) which was signed by the President on May 19, became effective on that date. Thanks to the The New prompt action of Secretary of Foreign Import Control Affairs Carlos P. Romulo and Central Act Bank Governor Miguel Cuaderno, the first confusion which resulted from the refusal of Philippine consular officials abroad to issue consular invoices, on formerly uncontrolled goods already ordered or under way, until import licenses were secured, was remedied by authorizing the immediate issue of such in voices. This is a good augury as indicating that responsible officials will do what they can to mitigate the hardships which will be suffered under the Act. Another fact that holds out hope is that members of Congress are already at work on proposed amendments which would correct certain defects in the Act and which may-be acted upon during the special session of Congress expected to be called shortly. The formal American protest lodged last month against the original Bill led to the inclusion of a provision in Sec tion 15 of the Act stating: "Provided, further, that nothing contained in this section shall in any way impair or abridge the rights granted citizens and juridical entities of the United States of America under the Executive Agreement signed on July 4, 1946, between that country and the Republic of the Philippines.” This may be construed as technically meeting the American objection, but the fact is that the Act remains discriminatory, not only against other foreign business interests here, but against the American, and against established Filipino importers as well. This is so because the provision in Section 15 gives “new importers” 30% of the total import quota for the fiscal year 1950-51, this being stepped up to 40% during the next fiscal year and to 50% the fiscal year after that. These over-all cuts in favor of “new importers” are additional to the cuts in imports ranging from “not more than forty per centum” in the case of “prime imports” to “not less than eighty per centum nor more than ninety per centum” in the case of “luxury imports” (Section 7). An “old importer”, therefore, whose imports are first cut say 50%, reducing the business to half, has this remaining business cut another 30%, the next fiscal year 40% and the fiscal year after that 50%, leaving him with from one-third to one-fourth of the business he had before. The discrimination against the “old importers” is in fact discrimination chiefly against the American and other foreign firms which have long been established here, al though not a few Filipino-owned importing firms will suffer from this same provision. Filipino retailers who have established connections with the old firms may suffer even more. * * It has been stated that of around 1100 retail outlets of the Standard Vacuum Oil Company, far more than half are Filipino; 25 of the 27 local dealers of the Inter national Harvester Company of Philippines are Filipino. This is indicative of a sound and natural and unforced "nationalization”. The present legislation will prove to be highly damaging not only to alien wholesale business, but to the Fili pino retailers. It would be quite proper to set aside a small part of all or most quotas, perhaps as much as 20% on an average, for new importers with the aim of preventing monopoliza tion and of allowing for natural changes in the business line-up, but to cut down the business of the old firms so drastically, thus by-passing established and efficiently functioning channels of trade, means a tremendous disloca tion of business, — not of “foreign” or “alien” business alone, but of the national business of which this alien business is an important part. No country can benefit from such dislocation and such wilfull destruction. It will mean loss to all, — to the whole country, to all the people, not the least of which loss is that in employment and wages. One important provision of the Act, the so-called anti-monopoly provision in Section 12, is that— “no importer shall be allowed mere than thirty per centum of the total import quota for any item except when such limitation may, in the opinion of the Impcrt Control Board, be detrimental to public interest.” This ignores the fact that a considerable number of business entities exist which handle most, if not all, of the entire distribution of a given article or commodity, and 207 this provision, and perhaps others in the Act, may prove to be in violation of the “Contract Clause” in the Constitu tion of the Philippines which states; ‘‘No law impairing the obligation of contracts shall be passed”, Article III, Section 1 (10). However, the interpretation currently held of this anti-monopoly provision is that it does not apply to items of trade not listed in the Appendices to the Act. (It is held also that the 30% reservation for new importers does not apply to such items.) Another provision especially open to objection is that which states in connection with “articles, goods, and com modities imported in exchange or bartered with Philippine products”, that— "the Import Control Beard shall determine what Philippine exports shall not be permissible for barter purposes under the provisions of this Act” (Section 8 (4). This invests the Import Control Board with authority over exports in certain circumstances, which, as an import control body, should not be its concern. Since the matter of barter involves the dollar-position, this authority should perhaps be given to the Central Bank. Probably the most impracticable provision in the Act is that of Section 18 which states: “The Monetary Board of the Central Bank shall certify to the Import Control Board from time to time the amount of exchange available for any specified period for import purposes. The Commis sioner shall not issue any import license when the value involved in such importation exceeds the balance of total foreign exchange available for that period as certified to by the Central Bank.” The importation of goods of a type which are more or less constantly available and which have only to be ordered and then can be promptly shipped, will be possible under the conditions set in Section 18, but these same conditions will make the importation of other types of imports, espe cially capital goods, practically impossible. In many cases there are seasonal factors in the manufacturing country which must be taken into consideration. Many of the lower-priced capital goods are mass-produced according to manufacturing schedules laid months ahead of produc tion, and because of the flow of materials, once the process is under way, such schedules are difficult if not impossible to change. In the case of prime commodities, such as gaso line and lubricating oil, the world production and distri bution is planned for a long time in advance and tanker shipping schedules are laid out for as much as a year ahead. In all such cases, orders must be placed many months ahead. Such commerce can not be carried on on the basis of such brief periods of foreign-exchange availability as appear to be contemplated in the Act. Though the new Act, and particularly the discrimina tory provisions embodied in it, are causing great concern both here among the interests affected and in the United States in government and business circles, the necessity of import curbs here was recently admitted by the New York Times. According to a United Press dispatch from New York, dated May 29: “The New York Times said the imposition of import curbs in the Philippines ‘is an extremely unpleasant business’ but that ‘facts have to be faced, and President Quirino’s government is facing them’. “Outlining Philippine economic difficulties, the Times commented: “ ‘It will be an unhappy irony indeed if this action reacts against legislation for further payment of war-damage claims now [tending. Import restriction is the only way to assure that such assistance can actually be plowed into Philippine recovery and not dissipated on luxury imports. “ ‘The United States had not been ungenerous in respect to the Philippines. It has, however, several times insisted that the Philippine economic house must be set in order. “ ‘At this point, the inevitable part of that process is restoring the export-import balance. It may hurt temporarily, but there is no other way out’.” This is an expression of a generous opinion, but it is to be noted that though the Times justified the curbs, it did not defend the new Act in all its provisions. The Philippine Congress took no final action, during the regular session which closed on May 18, midnight, on the twelve separate bills which would The Proposed provide for increases in various internal New Taxes revenue taxes and fees, as proposed earlier in the year by the Department of Finance. The bills were introduced as administration measures and it is to be expected that they will be taken up at a special session of Congress probably to be called this month. Business entities, including the American Chamber of Commerce of the Philippines, were given an opportunity to express their views on these bills on the invitation of the Department of Finance, and the Chamber’s Com mittee on Taxation made a study of them and late in March submitted a 12-page memorandum on the subject to the Department. Later, the Hon. Cipriano S. Allas, Chairman of the House Ways and Means Committee, invited the Chamber to send a representative to a public hearing held on April 12. A representative did attend the hearing, but was unable to make a full statement at the time. Since the close of the congressional session, inter-session hearings on the bills are, at this writing being held by committees of both the Senate and the House. Though it appears to be generally conceded that means must be found to compensate for present losses in government revenues from various causes, including the import and exchange control measures, and though it may be agreed that moderate increases in certain rates and fees are justifiable, the Chamber’s tax committee came to the conclusion that on the whole, the proposed increases are more drastic than the situation requires. In connection with any increase in tax rates, the prin ciple should be taken into consideration that the raising of rates does not automatically result in increased revenues as the higher rates may operate as a deterrent to the activ ities and services or to the production, importation, ex portation, or distribution of the articles which are taxed. “When a tax rate passes a certain point, the law of diminish ing returns comes into effect, and collections are corres pondingly disappointing.” There is always a danger, in increasing the tax rates, of “killing the goose that lays the golden eggs”, or, if the goose is not killed, of causing her serious debility. This Chamber would caution especially against such rate increases as would have a directly deleterious effect on the industrial and business economy and on local capital formation, which is a matter of vital importance in a country still economically so underdeveloped as the Philippines. Among such taxes are those on individual and corporate incomes, inheritance taxes, and taxes on raw materials and other necessities, such as machinery, fuels, etc., required in agricultural development and industrial production. In the explanatory notes to a number of the bills under consideration, comparisons are drawn between the tax rates here and in other countries, particularly the United States, but the United States is a very wealthy country with an already highly developed economy capable of tremendous production. The United States, further more, is at this time engaged in assisting almost the whole world, while the Philippine Government has only the Philippines to look after. Taxes here are not so low as government spokesmen sometimes claim; they are high in comparison with the capacity to pay of those who do pay. In fact, according to the Chamber’s tax committee, they are higher than in any other country in this part of the world with the possible exception of India. And Philippine industry and trade has to compete with the industry and trade of those coun tries. 208 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 209 Td. 2-70-39 Victor H. Bello, Supervisor The American Foreign Insurance Association lias been transacting business in the Republic of the Philippines through its member insurance companies for 32 years. These companies are amongst the largest, soundest and most experienced insurance companies in the United Slates and are represented by the following General Agents carefully chosen for their experience and integrity and who arc authorized to write practically all forms of properly and casualty insurance. Aetna Insurance Company Marsman & Company, lnc« Wise & Company, Inc. The American Insurance Company Gullridgc & Chambers, Inc. The Continental Insurance Co. E. E. Elser, Inc. Fire Association of Philadelphia F. E. Zuellig, Inc. Fireman’s Fund Insurance Co. American Factors (Phil.) Inc. United Underwriters, Inc. Great American Indemnity Ins. Co. J. J. de Guzman R. C. Staight & Co. Inc. A. Soriano y Cia. Great American Insurance Co. Fidelity & Surety Co. of the Phil. J. J. de Guzman R. C. Staight & Co. Inc. Hartford Accident & Indemnity Co. American Factors (Phil.) Inc. Hartford Fire Insurance Co. American Factors (Phil.) Inc« The Home Insurance Company A. Soriano y Cia. The Phoenix Insurance Company Manila Underwriters Ins. Co. Inc. Marsman & Company Inc * United Underwriters, Inc. Spring field Fire & Marine Ins. Co. Kuenzle & Streiff, Inc. St. Paul Fire & Marine Ins. Co. Theo. Davies & Co., F. E., Ltd. Head Office: 80 Maiden Lane New York 17, N. Y. L. C. Irvine, General Managei MISSING PAGE/PAGES June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 211 THE USUAL STEPS OF 1. Calculating 2. Writing and 3. Machine Checking 1. Calculating and writing in one REDUCED TO... operation (in less time than usually required for copying alone). 2. Visual checking of quantities and prices. This new Burroughs machine brings new speed, simplicity and efficiency to your billing operation. Call your Burroughs representative today. Let him show you all the new modern features of this great new Burroughs, the most COMPLETE billing machine bu’lt. He will show you how you can speed up your billing operation ... and at the same time lower your operating costs. Let Burroughs speed you on the way to greater efficiency and lower costs. Phil. Chamber of Commerce Bldg., Manila Tel. 3-20-96 WHEREVER THERE’S BUSINESS THERE'S Burroughs BURROUGHS DEALERS DAVAO CITY —(also for MINDANAO-SULU), Burroughs Sales Office; BAGUIOBaguio General Trading; NAGA, LEGASPI, LUCENA — Gabriel & Co.; CEBU — Valeriano Alonzo; BACOLOD — Warner, Barnes & Co., Ltd.; ILOILO — Warner, Barnes & Co., Ltd. DAGUPAN CITY — Villamil Bldg. Tel. 95. for the actual convening of the Conference and for what was achieved, and it seems that it remains largely up to him what the future developments will be. And it may be that a man of his ability, diplomatic skill, and international influence will be able, now that a start has been made, to push the enterprise a great deal further provided condi tions and events are favorable to it at all, as now to a limited degree they appear to be. There is one outstanding danger,—that what should rightfully become a forward-moving regional association, may, if unwisely led, form merely a bloc, “a combination, usually inharmonious, but temporarily drawn together for a common purpose”. The one, like the Pan-American group of nations, is outward - looking, cooperative, con structive, creative. The other, like the bloc of-Kremlincontrolled states, is narrow, hostile, isolationist, and obs tructionist. There are trends in all of the countries of SouthEast Asia which are modern and progressive, and there are trends which are reactionary and retrogressive. There are therefore germs of both good and evil in the present movement. Increasingly unfavorable publicity in the world press concerning the Philippines, publicity which has, more or less accurately, reflected unfavorable The Philippine conditions here * , recently produced Association an effect locally which holds much promise of betterment,— the organ ization of The Philippine Association. The movement was initiated by Col. Andres Soriano and the Board of Directors is composed of some of the country’s most prominent business leaders, Filipino and •Much of what is being published in the world press about the Philippines is no more unfavorable than what appears in the local press every day, but what is said "among ourselves, within the family”, is never so biting as what is said by out siders. Local news reports and editorial criticism is considered locally within the general circumstances and the conditions obtaining, while knowledge of this back ground is generally lacking abroad, this making conditions appear worse than they foreign. The President of the Association is Secretary of Foreign Affairs Carlos P. Romulo. Judge John W. Haussermann is- Chairman of the Board, with Gil Puyat as Vice-Chairman. The Vice-Pres idents are Colonel Soriano and G. Wilkinson. Members of the Board are Ramon Araneta, W. Hogue, Peter Lim, A. M. Macleod, Aurelio Periquet, R. V. del Rosario, De metrio Santos, Robert Trent, Jose Ma. Tuason, and Paul Wood. There will be two executive committees, one in the Philippines and the other in the United States, composed of businessmen, each with an advisory committee of exper ienced newspaper and public relations men, and a public relations counselor in the United States will also be retained. The dues for charter members are Pl,000, for sustain ing members P500, for subscribing members P250, and for associate members Pl00, a month, indicating that a really serious effort will be made to achieve the objectives of the Association. These objectives are not merely to obtain a better press, which, though it is among the prime objectives, would not by itself be possible of achievement except in a very limited way, but, in the words of the draft of the Ar ticles of Incorporation— “to take steps for the creation and maintenance in the Philippines of a climate favorable to and attractive to capital investment in the Philip pines, and reasonable protection therefor.” In short, the Association aims at establishing better ‘‘public relations” both for the Philippine Government and for business, Filipino and international, and it plans to achieve this principally through a closer and more effec tive liaison,—which, it is hoped, will bring about a better mutual understanding, coordination, and cooperation. And so, out of painful experience, good may come; out of loss, gain. Letter to the Chairman of the Integrity Board June 7, 1950 The Hon. Jorge Bocobo Chairman Integrity Board Manila Dear Dr. Bocobo: PLEASE express to his Excellency, President Quirino, and accept from me the thanks of the American Chamber of Commerce for the assurances provided as of the intent of the Integrity Board, supported by the Government, toward the riddance of any and all officials of the Government, large or small, found to be accepting bribes, graft, or other improper gratuities. We heartily endorse the reported intention of the Integrity Board and assure you of our full support and assistance. Kindly permit me to restate my opinion that few, if any, of the larger legitimate business firms are solicited or, if so, find it advantageous to make illegal payments to influence Government officials. If there are such payments made, and we believe there are, then they are gene rally made by smaller firms and individuals to subordinate officials. We are extremely heartened by the plans of the Integrity Board discussed in our meeting with the President and, particularly, with those of Mr. Periquet to insure integrity among employees of the Import Control Office. We would also like to repeat our suggestion that there be made an aggressive effort to eliminate the large-scale tax evasion, particularly income tax evasion, so widely admitted. It is our opinion that if the Government collected the taxes rightfully due it, there would be no need for increased taxation but that, instead, there would be ample funds available to the Government to raise the salaries and wages of Government officials, particularly subordinate officials, clerks, and policemen, so that there would be' less occasion for the soliciting or the receiving of bribes and illegal gratuities. We have the greatest of faith in the Filipino people and in their inherent integrity. We do feel that many Government employees are substantially underpaid, and that this lends itself to corruption. Please be assured that the President, yourself, and your Board will have the full help of the American business community. Very truly yours, Paul Wood Presiden t American Chamber of Commerce of the Philippines OU may ask why we pour these billions into foreign lands without demanding power, or territory, or special privilege. Is it sheer altruism? Not entirely. It happens that the kind of society we have built in America requires a peaceful, prosperous, progressive community of neighbors to develop to Its fullest degree. We are willing to invest in the con tentment and prosperity of our neighbors because their national health protects our national health from infection.” —Ambassador Myron M. Cowen. 212 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 213 What is Capitalism? The other day a friend said to a businessman: "You ought to stop talk ing about capitalism. The businessman replied: "Capital ism is what we have and what most Filipinos want to keep. The farmer's land and his home, his carabao and his plow, are capital. The cochero's pony and his calesa, the fisherman's banco and his nets, the merchant's market-stall and the goods on his shelves — all are capital. Everything that contributes to the production and distribution of goods is capital from the biggest factory to the smallest newsstand on the street. Almost every body in this young Republic is a cap italist. A capitalist isn't just a banker or a manufacturer. You couldn't throw a stick down any street without hitting a capitalist. We all belong. The peo ple who really hate capitalism are the socialists and communists. But it isn't capital itself that the socialists and communists hate. What they hate is the idea of letting the average man own and control capital. They want to do that instead. Capitalism is the only system that lets everyone own capital, live where he pleases and work at the job he chooses. That's what I believe in." That's what International Harvester believes in, too. □ INTERNATIONAL |Q| HARVESTER Trade Statistics, 1949, compared with 1948 By the Bureau of the Census and Statistics FOREIGN TRADE OF THE PHILIPPINES: 1949 COMPARED WITH 1948 1949 Value (Pesos) Percent TOTAL TRADE. . . 1,645,845,310 100.00 IMPORTS................. EXPORTS................. 1,134,144,606 68 90 511,700,704 31.10 1948 Value (Pesos) 1,774,819,524 1,136,409,068 638,410,456 ^100 * 00 64.03 35.97 1IA. TWENTY PRINCIPAL IMPORTS: 1949 AND 1948 1949 Value JPesos) 1948 Value (Pesos) Country of Origen Cotton and manufactures.. 133,791,804 137,363,424 United States........................ 118,222,688 111,813,252 Japan....................................... 5,504,584 1,536,438 China..-................................... 4,488,942 19.656,188 Switzerland............................ 2,844,236 1,566,550 Great Britain........................ 1,183,610 733,300 1,839,546 Hongkong............................... 179,636 Italy......................................... 230,772 54,298 France..................................... 221,078 447,932 Belgium................................... 215,772 123,026 India........................................ 83,758 Other countries..................... 63,064 146,558 6. Automobile, parts of, and tires.................................................. United States........................ Great Britain........................ Canada.................................... France..................................... Japan....................................... Hongkong............................... French East Indies............. China....................................... Sweden..................................... Germany................................. Italy....................................... Switzerland............................ Australia................................. 62,053,422 63,910,034 61,791,508 63,513,932 186,478 339,020 22,966 14,358 22,240 33,248 10,546 — 7,408 — 7,246 — 4,620 — 236 — 174 — — 5,624 — 2,452 — 1,400 2. Rayon and other synthetic textiles............................................ 96,143,594 105,019,904 United States........................ 95,675,110 104,694,694 France..................................... 93,668 21,882 Switzerland............................ . 92,322 137,134 Japan....................................... 77,756 6,474 China....................................... 59,800 66,044 Belgium................................... 43,096 20,760 Hongkong............................... 38,344 10,236 Canada.................................... 29,602 4,748 Italy......................................... 21,132 39,510 Great Britain........................ 4,832 7,932 108 Other countries..................... 18,314 7. Machinery and parts of, (ex cept agricultural and elec trical) .............................................. 47,940,248 43,170,350 United States........................ 41,200,780 39,910,466 Great Britain........................ 2,379,932 1,323,254 Canada.................................... 1,384,284 662,982 Japan....................................... 1,355,710 36,518 Switzerland............................ 724,694 375,532 Sweden.................................... 300,058 304,500 Belgium................................... 179,912 80,500 Germany................................. 130,720 — China....................................... 75,988 38,572 Australia................................. 61,446 90,994 Other countries..................... 146,724 347,032 Grains and preparations . . . . United States........................ Canada.................................... Thailand (Siam)................... Burma..................................... China....................................... Hongkong............................... French East Indies............. Australia................................. Denmark................................. Great Britain......... ........... Ecuador.............................. Other countries..................... 88,783,500 84,110,422 54,327,370 68,549,862 18,201,230 6,872,646 10,232,688 983,462 4,146,600 1,148,818 — 1,539,788 182,902 23,900 172,800 — 107,580 204,552 97,182 353,232 92,230 500,640 — 5,006,400 74,100 75,940 9. Dairy Products........................... 8. Paper and manufactures.. . . 47,919,780 44,714,054 United States............. 43,598,544 35,734,400 Canada.................................... 1,487,176 1.721,728 Hawaii..................................... 603,198 1,506,382 Spain....................................... 519,858 690,752 Sweden.................................... 495,122 2,154,028 China....................................... 178,432 203,840 Japan....................................... 160,978 6,770 Great Britain........................ 153,692 187,920 Norway................................... 152,464 617,890 Belgium................................... 122,948 306,088 Other countries..................... 447,368 1,584,256 4. Iron and steel and manufactures......................................... 79,539,946 55,888,764 United States................. 50,356,426 45,013,710 Japan................................. 14,764,372 854,650 Belgium............................ 7,755,386 4,175,418 Great Britain................. 1,973,510 1,169,682 China................................. 1,333,320 2,654,050 Italy.................................. 1,019,674 1,206,514 Germany.......................... 1.014,734 72,224 Hongkong........................ 577,048 387,154 137,948 Sweden.............................. 247,746 Luxemburg...................... 222,618 — Other countries.............. 275,112 217,414 5. Mineral Oils (Petroleum Products)..................................... 55,257,244 68,503,810 Indonesia.............................. 31,341,558 28,403,796 United States...................... 13,904,772 18,271,370 British East Indies........... 11,813,286 11,601,316 Arabia................................... 7,489,178 6.578,412 Persia.................................... 675,132 3,644,078 Great Britain...................... 18,928 1,188 Canada................................. 7,948 6,442 — China.................................... — Switzerland.......................... — 3,650 45,824,662 46,834,558 United States........................ 43,907,210 44,075,700 Australia................................. 1,375,318 335,856 Switzerland............................ 642,694 479,422 Netherlands........................... 454,322 406,020 New Zealand......................... 247,720 180,788 Denmark................................. 153,138 181,226 Belgium................................... 22,638 — China....................................... 14,516 60,662 Norway................................... 8,612 — Hongkong.............................. 3,262 1,130 Other countries..................... 5,128 103,858 10. Electrical Machinery and apparatus..................................... 38,527,020 35,258,392 United States........................ 37,293,996 33,882,254 Netherlands........................... 477,540 247,862 Canada.................................... 158,948 188,578 China....................................... 155,840 380,476 Japan....................................... 130,610 13,000 Switzerland............................ 58,278 33,604 Hongkong.............................. 52,172 33,926 Spain....................................... 49,918 214 Great Britain........................ 47,610 68,050 Sweden.................................... 43,716 16,156 Other countries..................... 58,392 394,272 214 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 215 Leading manufacturers choose Reynolds Aluminum Foil for protection and attraction . . . because foil alone seals in flavor and quality, locks out odor and light. 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Chemicals, drugs, dyes and medicines...................................... 36,543,088 28,205,798 United States........................ 35,178,024 26,679,176 Switzerland............................ 441,664 630,716 China................................. 118,902 126,994 Great Britain........................ 110,306 112,260 France..................................... 107,636 206,524 Sweden.................................... 103,964 55,836 Netherlands.......................... 96,510 56,330 Italy......................................... 68,858 30,222 Belgium................................... 63,256 52,256 Japan....................................... 46,664 3,976 Other countries..................... 207,304 251,508 12. Tobacco and manufactures.. 35,490,628 49,391,482 United States........................ 35,448,200 49,315,484 Hongkong............................... 42,252 744 Great Britain........................ 104 148 Canada.................................... 42 75,012 British East Indies.............. 30 — China....................................... — 78 Thailand (Siam)................... — 10 Indonesia................................ — 6 13. Fish and Fish Products......... 32,682,050 28,390,410 United States........................ 30,409,908 23,811,146 Canada.................................... 749,146 2,695,448 China....................................... 745,338 388,956 Portugal.................................. 295,886 84,334 Mexico.................................... 270,990 894,728 Japan....................................... 216,660 28,462 Spain........................................ 115,694 36,126 Norway................................... 53,138 64,342 France..................................... 46,738 3,812 Hongkong............................... 19,032 924 Other countries..................... 29,520 382,132 14. Non-ferrous metals and manufacturers.......................... 25,610,180 32,151,592 United States........................ 23,007,758 31,008,750 Japan....................................... 1,829,400 31,654 China....................................... 196,030 448,066 Great Britain........................ 111,188 189,044 Switzerland............................ 110,854 64,206 Netherlands........................... 107,508 14,510 Sweden.................................... 71,798 87,512 Germany................................. 38,922 — Hongkong............................... 38,030 18,482 Canada.................................... 32,250 46,156 Other countries..................... 66,442 243,212 15. Coffee, cocoa and tea.............. 21,090,718 17,910,270 United States........................ 11,566,840 11,110,042 3,848,810 Brazil....................................... 5,126,318 Costa Rica............................. 1,680,356 900,290 Ceylon..................................... 931,346 651,486 Great Britain ...................... 808,956 293,386 British Oceania..................... 308,246 33,070 Indonesia................................ 273,106 180,098 Hawaii..................................... 208,168 207,596 British Africa.................... 57,976 91,538 China....................................... 50,296 65,460 Other countries..................... 79,110 528,494 16. Vegetables and preparations. 18,696,906 20,452,812 United States............... •. . . . 15,041,314 14,909,858 China................................. 1,797,704 4,060,164 Egypt....................................... 681,420 769,276 Japan....................................... 398,062 17,128 • Australia................................. 304,214 252,106 Mexico.................................... 242,902 192,228 Hongkong.............................. 129,472 19,096 Canada................................... 85,062 199,696 Indonesia................................ 5,210 — Malaya................................... 3,070 — Other countries..................... 8,476 33,260 17. Leather and manufactures.. 18,305,532 20,317,598 United States........................ 17,349,984 19,205,482 Australia................................. 615,160 517,712 China....................................... 191,544 367,932 Hongkong.............................. 75,954 125,858 Great Britain........................ 28,476 5,144 India........................................ 9,916 992 Belgium................................... 9,740 118 Canada................................... 8,428 53,782 Japan....................................... 7,848 10,102 Spain....................................... 2,854 1,166 Other countries..................... 5,628 29,310 18. Glass and glass products. . .. 16,227,664 12,408,356 United States........................ 14,290,674 10,572,292 Belgium................................... 1,051,146 1,025,734 Japan....................................... 252,040 122,182 China....................................... 187,170 427,292 Czechoslovakia..................... 136,846 28,310 Netherlands........................... 70,566 284 Great Britain........................ 67,812 65,244 Germany................................. 53,066 21,938 Hongkong............................... 47,110 12,782 France..................................... 24,248 39,300 Other countries.................... 46,986 92,998 19. Fruits and fruits prepa rations............................................ 15,570,358 26,318,646 United States........................ 14,546,784 25,334,070 Canada.................................... 471,720 117,034 China....................................... 391,120 611,338 Australia................................. 117,148 63,406 Japan....................................... 11,208 — Hongkong.......................... 10,508 9,364 Hawaii..................................... 9,738 157,964 Spain........................................ 6,918 8,104 Great Britain........................ 2,758 12,530 India........................................ 2,050 1,526 Other countries..................... 406 3,310 20. Meat Products............................ 13,701,376 14,303,630 United States........................ 9,055,954 8,238,946 Argentina............................... 2,602,736 2,797,226 Uruguay................................. 694,696 599,906 Brazil....................................... 556,714 1,010,810 China....................................... 377,888 1,182,820 Australia................................. 239,740 352,082 Hongkong............................... 62,982 10,684 Belgium................................... 32,826 — Denmark................................. 21,956 19,706 Canada.................................... 16,736 18,244 Other countries..................... 39,148 73,206 Other Imports.............. P 193,434,990 P 202,794,658 Total Imports............... Pl,134,144,606 Pl,136,409,068 II B. TWENTY PRINCIPAL EXPORTS: 1949 AND 1948 1 9 4 9 19 4 8 Article and Country Unit Value 1 Value Quantity | (Pesos) Quan tity | (Pesos) 1. Copra Total............ Kilo 528,747,360 179,285,818 586,633,362 309,400,124 United States.. . 355,896,665 118,722,094 333,826,462 181,153,992 .Germany............ 28,042,357 10,211,873 17,998.440 8,918,525 Italy.................... 26,990,025 8,911,216 19.857,820 9,327,071 France................. 23,779,020 8,624,195 62,510,851 30,031,385 Denmark............ 13,360,393 4,969,530 20,755,657 10,670,438 Canada............... 14,833,009 9,423 400 4,603,463 15,717,416 8,954,540 Jaoan.................. 3,390,406 28,308,887 13,940,473 Belgium.............. 8,689,814 2 841,623 2,794,000 1,678,198 Norway............... 7,866,000 2,687,232 6,173,752 3,119,515 Netherlands. . . . 7,472,206 2,634,306 8,260,094 4,537,053 Other countries. 32,394,471 11.689,980 70,429,983 272,331,190 2. Sugar, cen trifugal Total............ Kilo 414,982,524 90,464,340 216,770,574 41,580,253 United States... 414,982,524 90,464,340 216,770,008 41,580,077 France................. — — 506 152 Netherlands. . .. — — 60 24 3. Abaca, manu factured (Ma nila hemp) Total............Bale 501,099 57,802,294 592,797 60,294,087 United States... 221,103 27,816,531 267,344 30,377,821 Japan.................. 101,497 11,014,744 4,768,607 127,489 11,548,370 Great Britain... 42,388 62,620 5,031,115 France................. 25,899 2,446,579 8,642 639,697 Germany............ 19,138 2,273,428 18,896 1,903,640 Denmark............ 16,301 1,602,410 23,180 2,217,192 Netherlands. .. . 14,745 1,396,087 6,125 504,013 Canada............... 7,948 1,280,360 6,497 794,607 Hongkong........... 13,808 1,218,654 8,243 653,778 Belgium.............. 8,365 854,573 14,655 1,415,023 Other countries. 29,907 3,130,321 49,106 5,208,831 216 4. Desiccated Coconut 11. Copra meal or cake Total............ Kilo 57,636,664 38,732,640 61,432.545 57,491,099 Total............ Kilo 65.549,338 5,858,769 53,670,638 7,425,325 United States.. . 56,035,807 37,537,398 60,058,156 56,124,011 United States.. . 44,905,809 4,190,475 14,147,009 1,799,210 Canada................ 1.296,119 950,987 1,192,778 1,164,782 Denmark............ 18,293,300 1,506,460 18,029,905 2,472,489 Belgium.............. 205,035 170,375 27,001 27,676 Hawaii................ 1,227,409 100,912 — — Hawaii................ 48,924 35,115 62,091 74,630 Netherlands. . . . 1,117,720 60,222 4,971,870 707,332 Switzerland.... 44,429 33,915 — — Guam.................. 5,100 700 — Italy.................... 4,989 3,740 — — Sweden............... — — 15,681,133 2.300,314 Hongkong........... 1,361 1,110 — — Belgium.............. — — 485,030 90,865 Norway............... — — 92,519 100,000 France................. — — 254,000 101,600 39,100 Italy.................... — — 16,000 5. Coconut Oil Total............ Kilo 61,304,376 35,018,835 47,278,774 40,738,581 French Africa... 91 15 12. Tobacco and United States.. . 49,737,276 27,709,880 44,485,482 38,054,546 manufactures Italy.................... 3,812,593 2,326,640 1,412,544 1,274,432 Total................... __ 4,333,026 __ 2,676,451 Germany............ 2,719,534 1,853,398 — — Spain................... —------- ------- • Switzerland.... 2,319,832 1,577,217 — — — 3,444,821 — 1,575,605 British Africa.. . 1,593,164 834,288 590,047 589,711 United States.. . — 292,293 — 115.536 Netherlands. . . . 656,721 456,175 — — French East In 170,131 140.800 Belgium.............. 385,160 213,741 — — dies .................. — — 64,862 35,694 18,924 17,204 Belgium.............. — 153,539 — 339,287 Guam.................. 10,442 8,574 15,602 15,118 Hongkong........... — 149,856 — 116,978 Hongkong........... 4,774 18 3,214 14 17 16 China.................. Hawaii................ z 31,268 30,423 z 196,587 108,250 Venezuela........... 400,000 445,208 Guam.................. — 28,844 — 6,403 Other countries. __ — 356,158 342,346 Australia............. — 12,054 — 24,705 Great Britain. . — 8,350 — 2,900 6. Base metals Switzerland.... __ 5,775 __ 6,035 Other countries. — 5,672 — 43,365 ores and concentrates Total............ Kilo 629,782,181 16,896,988 311,405,501 8,539,107 13. Gold and concentrates United States.. . 249,943,786 11,360,405 236,488,841 6,719,818 Total.................... — 4,190,669 — 2,827,358 Japan.................. Great Britain ... Canada................ 358,380,475 17,383,760 4,064,000 5,095,045 359,038 82,000 54,872,560 20,044,000 1,463,784 355,500 United States.. . Great Britain... z 3,797,515 393,154 — 2,479,358 348,000 Spain................... Belgium.............. 10,160 500 100 5 14. Rope Total............ Kilo 3,173,456 3,626,524 3,860,478 4.066,577 7. Pineapple, United States.. . 867,648 983 630 697,445 686,997 Malaya............... 652,952 642,658 868,920 903,801 Total............ Kilo 40,429,181 13,675,427 15,339,787 7,648,327 Japan.................... 204,423 318,185 3,185 4,003 Indonesia (DEI)< 193,365 241,165 613,776 660,030 United States.. . 40,429,181 13,675,427 15,339,787 7,648,327 Arabia................. 148,988 210,634 125,533 180,214 Chile.................... 159,128 177,097 261,288 272,209 8. Embroideries Porto Rico......... 181,719 175,013 127,794 116,511 Total.................... — U.969,873 — 13,917,556 French East In United States.. . _ 11,945,262 __ 13,906,187 dies .................. 129,759 154,505 175,191 191,611 Hawaii................ _ 12,387 __ 2,803 Peru..................... 103.828 125,553 42,004 45,717 Guam.................. _ 10,164 __ 7,859 Dutch West In 16,910 Hongkong........... _ 2,000 __ dies .................. 84,211 99,766 15,363 Indonesia (DEI) _ 60 __ __ Siam.................... 101,166 93,734 151,210 133.802 Panama, Canal Other countries. 346,269 404,584 778,769 854,772 Zone................ — — — 580 Australia............. — — — 102 15. Chemicals Denmark............ — — — 25 Total................... — 1,357,572 — 1,279,252 9. Scrap metals United States. . — 1,110,069 865,299 Hongkong.......... __ 97,986 — 148,543 Total............ Kilo 77.672,585 8,132,993 132,425,343 14,181,759 Siam.................... — 77,770 — 16,740 United States.. . 44,759,296 2,985,519 116,446,936 10?574,258 Malaya............... — 71,639 — 111,900 India ‘............... 4,173,494 2,704,270 3,298,131 2,217,379 Guam.................. — 108 — 4,130 Indonesia (DEI) 1,671,913 1,143,141 — — China.................. — — — 53,996 17,807,991 3,158,387 841,610 178,940 __ __ Great Britain .. — — — 73.024 Hongkong.......... 3,151,796 850,541 Australia............. — — — 5,600 Great Britain ... 4,330,000 . 173,200 2,032,000 40,000 India.................... — — — 20 China.................. 1,090,900 38,500 1,608,654 34,153 Canada............... 92,204 22,000 5,419,800 215,000 16. Molasses Belgium.............. 25,400 21,000 420,012 226,602 Total............ Kilo 50,138,125 1,225,626 41,478,153 2,738,965 French East In dies .................. Malaya............... Netherlands. . . . 543,000 20,000 13,813 11,000 Great Britain .. 25,390,856 624,775 12,257,024 603,200 48,014 23,856 Japan.................. Siam.................... United States.. . 19,100,757 5,134,448 512,064 472,892 112,839 15,120 12,623,717 12,375,658 916,245 918,670 10. Logs, lum Hongkong.......... — — 4,221,754 300,850 ber and timber Total........Bd.ft. 43,382,030 6,520,563 25,212,851 5,675j859 17. Shell and United States. . Japan .................. 20,429,201 11,274,080 3,883,150 997.639 19,654,725 1,790,075 4,819,233 122,925 manufactures Total................... - 1,126,817 1,804,718 British Africa. . 1,928,42.3 428,406 146,221 47,143 United States.. . — 1,121,817 — 1,700,698 Hongkong.......... 2,706,791 305,494 30 30 Indonesia (DEI) — 4,600 — — China.................. 1,967,529 297,343 3,143,365 540,145 Switzerland. . . . — 350 — — Korea.................. 3,457,567 264,694 — — Argentina........... — 50 — — Hawaii................ 158,749 54,195 106,350 38,546 Uruguay............. — — — 81,776 Guam.................. 297,918 52,319 — — Spain................... — — — 19,545 Canada............... 355,576 52,047 23,000 2,530 Japan.................. — — — 2,300 Portuguese Malaya............... — — — 320 Africa......... 107,229 43,323 — — Guam.................. — — — 66 Other countries. 698,967 141,953 349,085 105,307 Hawaii................ — — — 13 217 18. Cotton and manufactures (except embro ideries) Total................... — 1,116.478 _ — 75,609 United States.. . — 993,120 — 13,829 Hongkong.......... — 83,568 — 43,841 Japan.................. — 26,146 — — Hawaii................ — 5,943 — 1,910 Guam. . — 4,440 — 16,029 Siam.................... — 1,800 — — Belgium.............. — 1.000 — — British Africa.. . — 461 — — 19. Silver and concen t rates Total.................... — 1,069,683 — 12,733 United States.. . — 1,065,620 — 11,533 Great Britain .. — 4,063 — 1,200 20. Ratan Fur niture Total.................... — 986,757 — 1.3UJ22 United States.. . — 487,203 — 560,012 Hawaii................ — 220,940 — 435,029 Japan.................. — 76,504 — 110,937 Guam.................. — 65,782 — 94,726 Panama, Re public of......... — 54,093 — 20,239 Panama, Canal Zone................ — 38,265 — 76,114 Porto Rico........ — 28,451 — 185 Hongkong........... — 5,837 — 3,367 India.................... — 3,162 — 2,000 Italy.................... — 2,531 — — Spain................... — 1,190 — 1,000 Other countries. — 2,799 — 8,113 Other Exports............................................. 7,271,592 10,958,743 Re-Exports................................................ 21,037,420 43,766,021 Total Exports................................................. 511,700,704 638,410,456 Employment Losses Results of a Chamber Questionnaire THE following is compiled from the reports of 222 chiefly American and European firms in Manila which replied to a questionnaire sent out by the Chamber. (1) To the question, “Do you anticipate an expan sion program in 1950?" 51 answered “Yes” and 158 answered “No”; 13 did not reply to this question. (2) To the question, “Do you anticipate a retrench ment program in 1950?” 85 answered “Yes”, and 112 answered “No”; 25 did not reply to this question. The apparent discrepancy in the answers to these two questions, is explained by the fact that some of the firms planned neither on expansion nor retrenchment; also, in part, by the fact that some firms did not answer both questions. (3) To the question, “How many employees of the following nationalities did you have on January 1, 1950?", the replies showed that (a) 208 of the firms em ployed a total of 51,257 Filipinos; (b) 164 of the firms employed a total of 1034 Americans; (c) 104 of the firms employed a total of 528 Europeans; and (d) 52 of the firms employed a total of 202 persons others than Filipinos, Americans, or Europeans. (4) To the question, “How many employees of these nationalities did you have on March 1, 1950”, the replies showed that (a), 208 of the firms employed 50,287 Filipinos, an average of 245 for each firm; (b) 164 of the firms employed 998 Americans, an average of 6 for each firm; (c) 104 of the firms employed 522 Europeans, an average of 5 for each firm; (d) 52 of the firms employed 198 persons other than Filipinos, Americans, or Europeans. (5) To the question, “How many of your employees have you dispensed with since January 1, 1950?", the replies showed that the services of (a) 970 Filipino employees had been dispensed with, or 1.8% of the 51,257 employed at the end of 1949; (b) 36 American employees, or 3.4% of the 1034; (c) 6 European employees, or 1.1% of the 526; and (d) 4 of the persons other than Filipinos, Americans, or Europeans, or 2% of the 202. (6) To the question, “How many of these employees do you expect to have on December 31, 1950?”, the replies showed that (a) 184 of the firms expected to be employing 41,832 Filipinos, a decrease of 18% for the year; (b) 146 firms expected to be employing 774 Americans, a decrease of 25%; (c) 88 of the firms expected to be em ploying 294 Europeans, a decrease of 45% and 38 of the firms expected to be employing 148 employees other than Filipinos, Americans, or Europeans, or a decrease of 20%. Summarizing the figures with respect to Americans and Europeans combined: Total number of Americans and Europeans employed January 1, 1950....................................................................................................... 1562 Total number of Americans and Europeans expected to be em ployed on December 31, 1950............................................................ 1068 Expected decrease in employment, 31.7% Despite the fact, therefore, that around one-third of the firms which answered the questionaire anticipated an expansion program, the over-all loss in exployment during the year in the firms reporting is expected to reach 18% for Filipino employees and nearly 32% for American and European employees. The questionaire was sent to 620 firms, all being houses which employed Americans or Europeans. As stated, replies were received from only 222 of these firms. Had replies from more of them been received, the total figures would, of course, have been larger, and the percentage figures of discharge would probably have been worse. The loss of employment by so many Americans and Europeans, most of whom may be expected to return to their own countries, — in the main well-paid, liberallyspending, and conscientiously tax-paying people, many with wives and children, means a great human and eco nomic loss to the country, as well as, in many cases, a loss of the know-how of which the Philippines is in such great need. sure that out of the meeting of our minds in this Conference light shall come to illumine the path that we must -i- follow. That the task is arduous, no one doubts. But the stake is great,— it is none other than the maintenance of the freedom and security of our peoples in a darkened world, and is worthy of our greatest sacrifices.” — President Quirino in his welcoming address at the Baguio Conference. 218 Re-Exports III. FOREIGN TRADE OF THE PHILIPPINES, BY COUNTRIES CALENDAR YEAR—1949 Country I Total | Trade T Per Cent 1 Imnorl. I Per Cent i Total I Per Cent I Domestic I | Distribution | p | Distribution | Exports | Distribution I Exports | Totals.................................. .. . P1.645,845,310 100.00 Pl,134,144,606 100.00 P511.700.704 100.00 P490,663,284 P21.037.420 United States............................. 1,283,157,176 77.96 915,586,526 80.73 367,570,650 71.83 364,048,604 3,522,046 Japan........................................... 54,815,724 3.33 32,124,746 2.83 22,690,978 4.43 21,986,571 704,407 Indonesia.................................... 36,904,189 2.23 32,064,594 2.83 4,839,595 .95 1,428,621 3,410,974 Canada........................................ 33,507,109 2.04 26,364,470 2.32 7,142,639 1.40 6,994,420 148,219 China........................................... 22,123,045 1.34 20,440,210 1.80 1,682,835 33 710,934 971,901 Belgium....................................... 17,328,557 1.05 13,039,730 1.15 4,288,827 .84 4,284,202 4,625 Great Britain............................. 16,429,599 1.00 10,061,298 .89 6,368,301 1.24 6,363,291 5,010 Germany..................................... 16,147,746 .97 1,794,862 .16 14,352,884 2.80 14,352,884 — India............................................. 14,124,246 .86 10,584,620 .93 3,539,626 .69 3,499,907 39,719 Italy............................................. 13,843,608 .84 1,831,306 .16 12,012,302 2.35 12,004,757 7,545 France.......................................... 12,505,098 .76 1,168,206 .10 11,336,892 2.22 11,296,627 40,265 Hongkong.................................... 12,464,387 .76 3,019,242 .27 9,445,145 1 85 3,310,624 6,134,521 British East Indies..................... 11,981,496 .73 11,883,850 1.05 97,646 .02 10,313 87,333 Siam............................................. 10,805,040 .66 10,317,026 .91 488,014 .10 321,908 166,106 Switzerland................................ 9,974,247 .61 6,244,804 .55 3,729,443 .73 3,729,118 325 Denmark..................................... 8,440,957 .50 358,022 .03 8,082,935 1.58 8,082,335 600 Arabia.......................................... 7,700,282 .47 7,489,648 .66 210,634 .04 210,634 — Australia...................................... 7,504,401 .46 3,131,442 .28 4,372,959 .85 226,248 4,146,711 Netherlands................................ 6,189,772 .38 1,628,106 .14 4,561,666 .89 4,559,586 2,080 Brazil........................................... 5,678,576 .35 5,677,054 .50 1,522 — 1,522 Spain.......................................... 4,986,263 .31 1,438,178 .13 3,548,085 .69 3,508,524 39,561 Sweden......................................... 4,324,706 .26 2,081,922 .18 2,242,784 .44 2,242,484 300 Burma.......................................... 4,197,260 .25 4,146,600 .37 50,660 .01 600 50,060 Norway........................................ 3,708,789 .23 452,974 .04 3,255,815 .64 3,255,815 — Argentina.................................... 3,473,686 .21 2,623,948 .23 849,738 .17 849,648 90 British Africa............................... 2,582,513 .16 66,820 .01 2,515,693 .49 2,473,948 41,745 Israel............................................ 2,014,439 .12 88 — 2,014,351 .40 1,924,351 90,000 Costa Rica.................................... 1,763,440 .11 1,671,292 .15 92,148 .02 90,250 1,898 Hawaii......................................... 1,749,217 .11 874,862 .08 874,355 .17 769,694 104,661 Czechoslovakia............................ 1,417,890 .09 296,630 .03 1,121,260 .22 1,121,260 — Malaya........................................ 1,353,099 .08 185,154 .02 1,167,945 .23 730,924 437,021 French East Indies..................... 1,160,452 .07 246,944 .02 913,508 .18 339,032 574,476 Persia........................................... 1,154,434 .07 1,154,434 .10 — — — — Austria......................................... 987,374 .06 65,274 .01 922,100 .18 922,100 — Ceylon.......................................... 948,714 .06 945,344 .08 3,370 — 3,370 — Poland.......................................... 911,828 .06 — — 911,828 .18 911,828 — Guam . . 793,523 .05 164 — 793,359 .16 567,325 226,034 Egypt........................................... 701,094 .04 685,494 .06 15,600 — 600 15,000 French Africa............................... 593,450 .04 — — 593,450 .12 593,450 — Mexico......................................... 548,564 .03 535,014 .05 13,550 — 13,550 — Uruguay...................................... 517,926 .03 492,606 .04 25,320 — 25,320 — Syria......................... ............... 474,558 .03 2,742 — 471,816 .09 471,816 — Portugal...................................... 467,073 .03 354,242 .03 112,831 .02 112,831 — Korea........................................... 428,463 .03 —’ — 428,463 .08 426,713 — New Zealand.............................. 420,527 .03 247,724 .02 172,803 .03 172,803 1,750 Colombia.................................... . . 351,225 .02 3,928 — 347,297 .07 347,297 — British Oceania............................ 308,386 .02 308,246 .03 140 — 140 — Porto Rico.................................... 385,235 .02 — — 285,235 .06 285,235 — Panama, Republic of................. 280,320 .02 26,120 — 254,200 .05 254,200 — Luxemburg.................................. 222,618 .01 222,618 — — — — — Chile............................................. 179,977 .01 2,880 — 177,097 .03 177,097 — Dutch West Indies..................... 132,278 .01 — — 132,278 .03 132,278 — Guatemala.................................. 130,656 .01 130,656 .01 — — — — Peru.............................................. 125,553 .01 — — 125,553 .02 125,553 — Ecuador...................................... 82,398 .01 900 — 81,498 .02 81,498 — Venezuela.................................... 68,535 — — — 68,535 .01 68,535 — Portuguese Africa....................... 43,323 — — — 43,323 .01 43,323 — Panama, Canal Zone............... 41,207 — — — 41,207 .01 41,207 — Ireland......................................... 31,850 — 2,214 — 29,636 .01 29,636 — Nicaragua.................................... 31,211 — 28,950 — 2,261 — 2,261 — Finland........................................ 31,143 — 21,218 — 9,925 — 9,925 — Newfoundland & Labrador. . . 22,769 — — — 22,769 — 22,769 — Dutch Guiana.............................. 19,756 — — — 19,756 — 19,756 — Dominican Republic................... 15,225 — 9,920 — 5,305 — 5,305 — Turkey........................................ 10,342 — 342 — 10,000 — 10,000 — British West Indies.................... 4,286 — 4,286 — — — — — Salvador.................................... 3,821 — — — 3,821 — 3,821 — Other U. S. Possessions............ 3,645 — — — 3,645 — 3,645 — Russia............................................ 2,632 — 2,632 — — — — — British New Guinea................... 1,103 — — — 1,103 772 — — 1,103 Cuba............................................. 904 — 132 — — 772 — Greece.......................................... 818 — 818 — — — — — Honduras...................................... 743 — — — 743 — 743 — Cyprus Island.............................. 470 — 470 — — — — — Pakistan........................................ 414 — 64 — 350 — — 350 Portuguese China....................... 61,452 — — — 61,452 .01 468 — Alaska.......................................... 46,478 — — — 46,478 .01 46,478 — 219 IV A. FOREIGN TRADE BY NATIONALITY OF TRADER: 1949 I I Domestic i Nationality | Total Trade | Imports | Exports | Exports | Re-Exports Total..................................... .................... Pl,645,845,310 Pl,134,144,606 P511,700,704 P490.663.284 P21.037.420 American............................. .................... 589,009,361 332,960,986 256,048,375 246,687,749 9,360,626 Chinese................................. .................... 494,732,080 422,547,316 72,184,764 69,848,412 2,336,352 Filipino........................v. .................... 359,749,373 263,317,756 96,431,617 90,264,226 6,167,391 British................................... .................... 90,720,449 64,651,798 26,068,651 26,020,379 48,272 Spanish................................. .................... 46,942,293 5,308,384 41,633,909 41,567,264 66,645 Swiss..................................... .................... 23,796,762 23,527,718 269,044 174,788 94,256 Indian................................... .................... 17,346,867 15,381,212 1,965,655 2,710 1,962,945 Danish.................................. .................... 12,765,091 1,885,240 10,879,851 10,819,851 60,000 French.................................. .................... 4,069,258 415,926 3,653,332 3,149,602 503,730 Dutch................................... .................... 1,749,019 363,820 1,385,199 1,143,597 241,602 Syrian................................... .................... 1,025,736 1,025,736 — — — German................................ .................... 1,013,011 87,960 925,051 901,894 23,157 Argentinian......................... .................... 777,747 766,074 11,673 10,878 795 Armenian............................ .................... 379,766 377,708 2,058 2,058 — Belgian................................. .................... 329,716 329,716 — — — Swedish................................ .................... 294,904 294,604 300 — 300 Indonesian.......................... .................... 177,500 25,386 152,114 — 152,114 Norwegian.......................... .................... 161,244 161,244 — — — Hungarian........................... .................... 160,396 160,396 — — — Czech.................................... .................... 88,090 88,090 — — — Turkish................................ .................... 73,568 73,568 — — — Portuguese.......................... .................... 72,288 2,998 69,290 69,290 — Polish................................... .................... 66,158 66,158 — — — Austrian............................... .................... 56,864 56,864 — — — Jewish................................... .................... 46,816 46,816 — — — Panaman............................. .................... 35,795 35,690 105 — 105 Ecuadorian.......................... .................... 27,810 27,810 — — — Hondurian.......................... .................... 22,898 22,898 — — — Irish (free).......................... .................... 22,510 22,510 — — — Bulgarian............................ .................... 19,832 19,832 — — — Cuban................................... .................... 19,204 19,204 — — — Italian.................................. .................... 18,685 18,054 631 586 45 Greek.................................... .................... 10,076 10,076 — — — Bolivian............................... .................... 8,350 8,350 — — — Slovakian............................ .................... 2,000 2,000 — — — Lithuanian......................... .................... 1,250 1,250 — — — Jugoslavian......................... .................... 708 708 — — — Paraguayan........................ .................... 706 706 — — — Salvadorian......................... .................... 274 274 — — — Siamese................................ .................... 188 188 — •— — Russian................................ .................... 104 104 — — — Rumanian........................... .................... 92 92 — — — British Malayan............... .................... 64 64 — — — Others................................... .................... 50,407 31,322 19,085 — 19,085 IV B. FOREIGN TRADE BY NATIONALITY OF TRADER: 1948 Total............................ .................... Pl,774,819,524 Pl,136,409,068 P638,410,456 P594,644,435 P 43,766.021 American............................. .................... 659,983,109 319,219,012 340,764,097 321,678,796 19,085,301 Chinese................................. .................... 541,322,558 437,799,594 103,522,964 100,399,540 3,123,424 Filipino................................. .................... 383,740,919 259,501,708 124,239,211 108,320,273 15,918,938 British................................... .................... 73,777,645 50,037,898 23,739,747 22,426,342 1,313,405 Spanish................................. .................... 36,603,780 8,046,964 28,556,816 28,422,915 133,901 Swiss..................................... .................... 27,274,004 27,031,392 242,612 201,420 41,192 Indian................................... .................... 13,784,970 13,487,028 297,942 102,978 194,964 French.................................. .................... 8,449,226 2,582,116 5,867,110 4,558,073 1,309,037 Danish................................. .................... 7,447,981 1,049,998 6,397,983 6,397,683 300 Syrian................................... .................... 6,944,327 6,658,536 285,691 285,691 — Panaman............................. .................... 6,087,984 6,064,920 23,064 22,139 925 Dutch................................... .................... 3,220,182 483,830 2,736,352 509,850 2,226,502 Swedish................................ .................... 1,671,714 1,663,230 8,484 2,884 5,600 German............................ .................... 1,175,354 142,212 1,033,142 1,033,142 — 1,064,051 851,168 212,883 211,723 1,160 Turkish................................ .................... 676,620 676,620 Indonesian........................ .................... 354,305 262,586 91,719 — 91,719 Thais (Siamese)................. .................... 274,072 170 273,902 — 273,902 Belgian................................. ............. 235,684 235,684 — — — Jewish................................... .................... 181,685 118,652 63,033 63,033 — Armenian............................ .................... 133,080 131,020 2,060 460 1,600 Norwegian.......................... .................... 95,564 94,864 700 700 — Italian.................................. .................... 77,618 77,118 500 500 — Australian........................... .................... 39,366 3,316 36,050 800 35,250 Austrian.............................. .................... 38,492 38,492 — — — Polish................................... .................... 25,202 22,654 2,548 — 2,548 British Malayan............... .................... 13,890 13,890 — — — Egyptian.............................. .................... 13,132 13,132 — — — Portuguese.......................... .................... 12,613 7,220 5,393 5,393 — Greek................................... .................... 10,232 10,232 — — — Hondurian.......................... .................... 7,752 7,752 — — — Abyssinian.......................... .................... 7,614 7,614 — — — Cuban................................... .................... 5,953 5,953 — — Czech................................... .................... 3,056 2,656 400 — 400 Russian................................ .................... 2,238 2,238 — — — Irish (Free)......................... .................... 1,354 1,354 — — — Paraguayan........................ .................... 674 674 — — — Slovakian............................ .................... 560 560 — — — Indochinese........................ .................... 476 476 — — — Ecuadorian.......................... ................... 100 100 — — — Hungarian.......................... .................... 30 30 — — — Others.................................. .................... 60,358 60,358 — — — 220 The Business View A monthly review of facts, trends, forecasts, by Manila businessmen Office of the President of the Philippines From an Official Source MAY 3 — President Elpidio Quirino signs a joint resolution of Congress extending the effectivity of the President’s import control authority until the close of the regular session of Congress “in anticipation of the passage before the end of this session of more comprehensive import control legislation.’’ May 4 — The President receives Ambassador John Myun Chang, Korean Ambassador to the United States, who arrived in Manila yes terday on his return home from a goodwill visit to Australia and New Zealand. The Department of Foreign Affairs in an earlier press release said that the envoy urged early establishment of diplomatic relations between the Philippines and Korea. May 5 — Announced that the President has disapproved a peti tion submitted by the National Federation of Sugarcane Planters for the condonation of 70% of the real property tax on producing sugar cane land for the current year. Also that he has disapproved a bill sub mitted by the Director of the Bureau of Census and Statistics seeking an appropriation of P250.000 to take a census of Filipinos residing abroad, estimated to number some 100,000; it is suggested that the Bureau cany out the purpose of the bill by securing the cooperation of the Department of Foreign Affairs. On recommendation of Vice-President Fernando Lopez, the Pres ident approves the designation of Lino Castillejo as Acting Chairman of the Board of Governors of the Rehabilitation Finance Corporation during the absence of Governor Delfin Buencamino who will shortly take leave cf absence for reasons of health. He also approves the designa tion of Manuel K. Torres as Acting Under-Secfetary of Public Works and Communications during the absence of Under-Secretary Vicente Orosa who is heading a group of Public Works officials now visiting the United States. At a Cabinet meeting the following are named for the Philippine delegation to the 6th session of the ECAFE (Economic Commission for Asia and the Far East) to be held in Bangkok opening on May 16: Cornelio Balmaceda, Secretary of Commerce and Industry; Amado N. Bautista, Manager of the National Development Company, Dr. An dres V. Castillo, of the Central Bank, and either Dean Jose Velmonte of the University of the Philippines or Trinidad Q. Alconcel of the Department of Foreign Affairs. The Cabinet reiterates its stand in favor of open public bidding for all government contracts in connection with consideration of the construction of the Veterans Hospital and decides that the Depart ment of National Defense shall have jurisdiction over the project under the direction of the President, but that the Department will ask for the assistance of the Department of Public Works and Communica tions. The Department of Foreign Affairs states in a press release that a “swift and thorough investigation” will be made of the reported irre gularities allegedly committed by two members of the Philippine Spe cial Mission in Tokyo and that the two have already been summoned to Manila. A committee from the NACTU (National Confederation of Trade Unions), an organization composed of some 392 labor unions through out the country, calls on the President accompanied by Secretary of Labor Primitivo Lovina and presents a memorial on various labor questions; the committee also offers the services of NACTU in con nection with the Government’s campaign against lawlessness and disorder. May 6 — A press release of the Department of Foreign Affairs states that Ambassador Joaquin M. Elizalde has reported that he has initiated "strong representation” with the State Department for the inclusion of the Philippines among the beneficiaries of United States Government aid in the expansion of abaca production in the Western Hemisphere as proposed in bills sponsored by Senator Tydings and Representative Vinson. May 8 — The President confers with Ambassador Carlos P. Romulo who arrived today from the United States “to assist in the general preparations being made for the forthcoming Southeast Asia Union conferences to be held in Baguio this month.” May 9 — Secretary of Finance Pio Pedrosa announces that the President has authorized the release of another P 5,000,000 for the development of the abaca industry and Pl,000,000 for the tobacco industry, the funds to be made available by the Central Bank to the Rehabilitation Finance Corporation which will make loans to private producers. Last month the President authorized the release of P16,000,000 for the Maria Cristina hydro-electric project and fertilizer plant in Lanao and P10,000,000 for the Ambuklao hydro-electric project. May 10 — The President names Ambassador Romulo Secretary of Foreign Affairs. May 12 — Under-Secretary of Health Regino Padua in a radio broadcast in connection with the observance of Hospital Day urges the construction of more hospitals, revealing that there are only some 7,000 beds in general government hospitals and some 3,000 beds in private hospitals. May 15 — The President signs the deficiency appropriation bill which becomes Republic Act 425. May 16 — The Cabinet authorizes Secretary of Public Works Prospero Sanidad, in his capacity as chairman of the National Power Board, to close a contract with the General Industrial Corporation a local firm, and an Italian firm, the Compagnia Generale Impianti for the installation cf the 25,000 KW hydro-electric power unit at the Maria Cristina Falls and the 50,000 ton fertilizer plant at Iligan involving the sum of $5,750,000, 25% of which would be paid in dollars at the time of the signing of the contract, and 75% later in Philippine products,—$850,000 in lumber, $500,000 in abaca, and the rest in copra, coconut oil, and copra cake. Action on this matter is later suspended following objection by Vice-President Francisco Lopez that the Government Enterprises Council was by-passed and that there had been no public bidding. The Cabinet also decides that pending the final determination of the status of the Philippine Air Lines, the present management contract with Soriano & Company will remain in force, directly under the ad ministrative jurisdiction of the Office of the President of the Philippines, since PAL is not included among the government-owned or governmentcontrolled corporations under the jurisdiction of the Government En terprises Council. The Government now holds 58% of the capitalization. May 17 — The President expresses gratification over the fact that he has been advised by the United States Philippine War Darned Commission that it has been authorized to expend frem Pl5,000,000 to P20,000,000 of obligated funds for public property rehabilitation after June 30, the termination date originally set. He states that he has assured the Commission that all departments of the Philippine Govern ment will work together to assure prompt completion of all projects. May 18 — The Second Philippine Congress adjourns its first 100day session. May 19 — The President receives the credentials of the new Spanish Minister Antonio Gullon Gomez in ceremonies at Malacanan. The President lauds the Congress for “accomplishing a great deal”, but expresses regret over the fact that certain administration measures were not acted upon, including the new tax bills. The President announces that he has extended an ad interim ap pointment to Secretary of Justice Ricardo Nepcmuceno, stating that he has “absolute faith in his integrity and honesty”. The President points out that the Commission on Appointments had neither confirmed or rejected the previous appointment “ostensibly on mere suspicion or distrust” (referring to the Tambobong and Buenavista estates purchase scandal). The President signs the Import Control Bill which becomes Re public Act 426. The President apprises the Cabinet of a directive he has issued to Maj. Gen. Mariano Castaneda, commanding general of the Armed Forces, stating that dissidents who surrender and “who have no criminal records or cases pending against them in the courts”, will be assisted by the Armed Forces in returning to their homes, with protection, if necessary. Those with crininal charges against them, will have to stand trial, but “deserving cases may expect liberal interpretation of the laws”. The President states that the new policy will be— “The essential ingredient of democracy is not doctrine, but intelligence, not authority, but reason, not cynicism, but faith in man, faith in God.” —David Lilienthal. 221 ine rresiaent aiso signs tne coin anti-noaraing Din , rcepuDiic Act No. 427, which prohibits and penalizes the possession of coins in excess of P50 by any person or organization with the exception of banking institutions, fiscal offices, public utilities, and theaters; business houses are also permitted to have such an amount of coins in their possession on pay-days as is necessary to meet the pay-roll. Secretary Romulo dedicates an 8-foot replica of the Statue of Lib erty presented by the Boy Scouts of America to the Philippine Boy Scout organization; the replica stands on the Intramuros wall near the Manila Hotel. May 24 — The President attends the inauguration of the new Pl,200,000 Philippine Military Academy building in Baguio. May 26 — The “Baguio Conference of 1950” opens in Mansion House, with representatives from Australia, Ceylon, India, Pakistan, Philippines, Thailand, and the United States of Indonesia in attend ance. Nominated by the Indian representative, the nomination being seconded by the representative from Australia, Romulo is unanimously elected President of the Conference. President Quirino delivers an address of welcome. President Quirino issues Executive Order No. 319 creating a De- • partment of Economic Coordination, with supervision over the various government-owned and government-controlled corporations and agen cies, and names Vice-President Lopez as Secretary of Economic Coorination. He also issues Executive Order No. 318 creating an “Inte grity Board”,— “to receive and pass upon all complaints against the conduct of any officer of the Government, or for graft, corruption, dereliction of duty, or any other irregularity in office; to recommend to the President the course of action to be taken in each case, and to investigate specific cases there of.” names the Vice-President Chairman of this Board, and issues a third order, Administrative Order No. 119, creating a “committee to study and pass upon the proposal of the Italian firm, Compania Gene rale Impianti of Genoa, Italy, for the furnishing of machinery to the National Power Coporation,” naming the Vice-President chairman of this committee also. The Vice-President states he will request the President to defer the organization of the new department until after the projected gov ernment reorganization, adding that he intends to devote a great part of his time to “house-cleaning” in his capacity as Chairman of the Inte grity Board, and pointing out that the functions of the new department are already being performed by the Government Enterprises Council of which he is the head. Liabilities Currency)—Notes........... P555.576 P541.577 P544.296 Coins................ 74,384 77,966 79,326 Demand Deposits—Pesos 117,682 130,328 139,776 Securities Stabilization Fund................................. 2,000 6,848 6,848 Due to International Mo netary Fund................... 22,498 22,497 22,497 Due to International Bank for Reconstruction and Development.................. 2,389 2,389 2,387 Other Liabilities................ 2,636 6,354 5,719 Capital................................. 10,000 10,000 10,000 Undivided Profits............. 6,464 1,291 2,196 Surplus................................. — 1,616 1,616 P537.948 80,188 141,283 6,848 22,497 2,387 7,565 10,000 2,874 1,616 P793.629 P800.868 P814.664 P813.210 Contingent Account Forward Exchange Sold.. P 6,460 P 6,000 AS predicted in our analysis of the comparative state ments for the previous two months, the International Reserve position has shown improvement during April. The downward movement has been reversed and the reserve now shows an increase of $3,380,000 over the figures for March 31, 1950. Governor Cuaderno of the Central Bank, in a recent speech stated that the Philip pines’ total international reserves, including those of the banking system, stood at $256,900,000 at the end of April, compared with $253,540,000 at the end of March and $259,640,000 at the end of 1949. Loans and advances decreased more than P 14,000,000 as a result of the repayments of P 14,000,000 in loans and P551,000 in overdrafts. Domestic securities increased over P9,000,000, repre senting additional advances to the Government. The Central Bank’s Exchange Control Board has now set up a budget for available exchange. Banks which have formerly been authorized to issue licenses and grant the exchange themselves for certain purposes such as travel, insurance premiums, maintenance of dependents, etc., are now permitted to accept the applications and submit the daily totals required under each category to the Central Bank. They may not actually sell the exchange concerned until certification by the Central Bank that the dollars are available. Under the new Import Control Act it is anticipated that there will be a further slowing down of imports. This will be particularly apparent during the next few months and until the necessary machinery is set up to implement the Act. Banking and Finance By R. E. Russell Sub-Manager, National City Bank of New York COMPARATIVE Statement of Condition of the Cen tral Bank of the Philippines. As of As of As of As of Dec. 31 Feb. 28 Mar. 31 Apr. 30 Assefs (in thousands of pesos) International Reserve... . P460.689 P441,999 P441.792 P448.571 Contribution to Interna tional Monetary Fund. 30,000 30,000 30,000 30,000 Account to Secure Coin age ..................................... 113,306 113,306 113,306 113,306 Loans and Advances... 77,047 85,451 87,198 72,749 Domestic Securities......... 92,197 104,649 106,449 115,501 Trust Account.-Securities Stabilization Fund. . — — 6,848 6,848 Other Assets....................... 20,390 25,462 29,069 26,232 P793.629 P800.868 P814.664 P813.210 Stock Market By A. C. Hall A. C. Hall & Company April 29 to May 27 GOLD shares appear temporarily out of favor with the investing public; in consequence market values of these equities have lost further ground in very quiet trading during the past month. Lepanto Consolidated has proved an exception to the general trend in the mining group. This large copper pro ducer continues to attract good class investment buying and advanced 3 points on substantial turnover during the period under review. A factor in the demand for this stock undoubtedly is the firm copper situation in the United States which has caused two price advances recently. The only feature worthy of mention in the commercial section is the steady demand for San Miguel issues. 222 1948-49 Range High * ' — Lot 60. 32 375 024 Oil 68 32 07 04 75 2 00 5 30 50 0052 05 014 115 08 66 70 021 21 085 39 Mining Shares M. S. E. Mining Share Acoje Mining Com pany .......................... Antamok Goldfields Mining Co.............. Atok-Big Wedge Min ing Co.m................... Baguio Gold Mining Balatoc Mining Com pany .......................... Benguet Consolidated Mining...................... High Low Close 71.23 67.70 67 .018 .018 70 10 018 .37 .32 325 05a 2 00b Change Off .5 Off .01 Off .055 Total Sales 48,000 100,COO 0025 Batong Buhay Gold 016 Coco Grove, Inc........ 0078 Consolidated Mines, Inc.............................. Itogon Mining Com pany .......................... I.X.L. Mining Co.. . . Lepanto Cons. Mining Co.......... Mindanao Lode.......................... Masbate Cons. Mining Co.............................. Misamis Chromite, I nc............................ Paracale ■ Gumaus San Mauricio Mining Co............................... Surigao Cons. Mining Co............................... United Paracale Min ing Co....................... 2.65 2.50 0036 018 60 0036 018 038 025 28 39 02 10 03 105 18 04 1948-49 Range High Low 88. 00 00 11 00 10 75 00 220 00 135 95 0084 0078 0078 075 07 07 075a Mother 65 57 64 46 39 39 02 13 02 13 085a .16 .31 .07 15 15 06 Commercial Shares Off .05 2,190 200,000 60,000 national credit policies, clarification of devaluation clauses, quoting of prices in dollars, and other related topics. There is undoubtedly a great need at the present time for clarification of practices covering business dealings not only with the Government but also with ordinary customers. The problem has been aggravated by the con fusion which has accompanied recent changes in the laws of import control. Business houses are in doubt as to how they should proceed to make quotations, what terms of credit they should extend, and how payment should be effected. Until these matters are straightened out, credit men in general are restricting their credit. Off Off Off Up .0006 .005 .005 Off Off Off .03 .07 .001 .02 Off .01 877,050 22,000 30,000 438,50? 55,000 Electric Power Production (Manila Electric Company System) J. F. Cotton Treasurer, Manila Electric Company 1941 Average—15,316,000 KWH KILOWATT HOURS 1950 1949 January.................................................. 37,661,000 33,745,000 February............................................... 33,828,000 31,110,000 March..................................................... 38,107,000 34,776,000 April. . ................................................... 35,378,000 * 33,048,000 May........................................................ 37,580,000 ** 34,453,000 June....................................................................................................... 34,486,000 July..................................................................................................... 35,726,000 August............................................................................................... 35,394,000 September............................................................................................ 35,763,000 October................................................................................................. 37,461,000 November......................................................................................... 35,856,000 December....................................................................................... 38,673 Total Sales Close Change Bank of the Philip pine Islands............ Binalbagan - Isabela Central Azucarera de Central Azucarera de la Cariota................ Central Azucarera del Pilar ....................... Central Azucarera de Sara Ajuy................ Central Azucarera de China Banking Corp.. Filipinas Cia. de SeMarsman and Co. Pfd. Manila Broadcasting Co............................... Manila Wine Mer chants, Inc............... Philippine Guaranty Co............... . 065 Philippine Oil elopment Co............ Metropolitan InsurPhilippine Racing Club ....................... San Miguel Brewery, San Miguei Brewery. 8% Pfd..................... Williams Equipment Universal Insurance.. 00 51 00 00 00 00 70 35 00 25 200 25 00 00 185 00 " 23 00 50 83.00 83.00 83 00 Off Pl.00 12 ; 1. so 70.00 70.00 50 50 70 00 160 00b 85 00b 85 00a 25. 180.< 00b .00b Total................................................................. 420,411,000 40 30 40 74 .40 26 00b 48 4 00 25 00 2 00 25 00 165 135 00 95 .08 28 00 135 38 00 24 50 103 00 100 00 9 00 7 00 16 00 16 00 50b 2 26 00b 0875 Up .005 00 135.00 135 00 20 29 50 102 16.0 1.20 1 20 28.50 29..00 101.00 7.00 16.00 Over-The-Counter P J 70.1 1. 36.1 100.1 160.1 Demonstration Gold Mines.......... P .01 Compania Maritime....................... 70.00 Manila Jockey Club....................... 1.80 Philippine Iron Mines.................... 36.50 San Miguel Brewery 7% Pfd........ 100.00 Victorias Milling Co....................... 160.00 01 00 50 00 00 Off .50 1,500 559,000 35 22,400 1-.172 225 Credit By W. J. Nichols Treasurer, General Electric (JP.I.) Inc. THERE appears to be a wide variation in the form and contents of standard contracts now in use for business transactions. Some investigation is now being con ducted with a view to simplifying and standardizing or dinary commercial contracts. The Association of Ma chinery Dealers has appointed a committee for this pur pose and its work will include conferences with officials of government agencies in an attempt to have government purchase contracts also simplified. The Association of Credit Men (P.I.) Inc. is also investigating the feasibility of compiling a credit manual which will contain information with reference to inter OUTPUT in May was 3,127,000 KWH or 9.1% over May, 1949. The rate of increase over the previous year has been nearly constant for the past 8 months. Despite increasing unemployment, the number of customers served continues to increase. Since January 1 over 7,500 customers have been added. The second 25,000 kw turbine for the new Rockwell Station arrived at the end of May. * Revised *♦ Partially estimated Real Estate Antonio Varias Vice-President, C. M. Hoskins & Co., Inc., Realtors REAL estate sales in the City of Manila recorded in May are the highest so far this year and were topped during the last 9 months only by the December, 1949, total. Suburban sales, however, dropped to lower than the 8-month average. Sales in Manila proper totalled P5,715,108 for May, as compared with Pl,757,506 for April, P4,253,396 for May of last year, and an average of P3,580,341 for the past 9 months. The high May volume consisted partly of past sales registered only in May, and some delayed negotiations closed and registered only in May. Suburban sales for May were P2,567,044, as compared with P3,176,939 for April and an average of P3,017,426 for the past 9 months. Mortgages placed in the Greater Manila area totalled P8,282,150 for May, compared with P6,317,160 for April. Monthly figures of sales, as procured from the several registers of deeds, are as follows: 223 REAL ESTATE SALES, MANILA AND SUBURBS Monthly Totals September, 1949—May, 1950 Months 1949 Manila Suburbs Combined September.................................... P3,668,662 P3,786,671 P7,455,333 October......................................... 3,032,543 2,872,327 5,904,870 November.................................... 1,861,723 1,883,727 3,745,450 December..................................... 6,037,740 2,047,602 8,085,342 1950 January......................................... 4,486,846 3,554,460 8,041,306 February...................................... 3,002,289 3,703,126 6,705,415 March............................................ 2,660,652 3,564,944 6,225,596 April.............................................. 1,757,506 3,176,939 4,934,445 May............................................... 5,715,108 2,567,044 8,282,152 Cumulative.................................. 32,223,069 27,156,840 59,379,909 Monthly average...................... 3,580,341 3,017,426 6,597,767 ’Suburbs included: Rizal City (Pasay), Quezon City, Paranaque, Makati, Mandaluyong, San Juan, Caloocan, and Malabon. Construction By H. H. Keys Architect TThe prospect of Americans investing money in new buildings in the Philippines, does not look too bright, except in certain specific cases. Some American firms have formed local corporations and are setting up plants for the manufacture of articles previously imported from abroad. They will import only such raw material as may be necessary for the local pro duction of a substitute for the imported articles. This movement will probably continue, but will be largely in fluenced by the amount of returns that can be made to American stockholders and by the conditions under which they may liquidate, if they so desire. ' Other American firms, however, which represent Eu ropean or American corporations and sell here on a retail or a wholesale basis, can not follow a similar policy. Some of the imported articles they deal in are highly specialized in their making and require large plants as well as a trained personnel. There is not a large enough market in the Phil ippines to warrant setting up factories to manufacture -such articles, many of which start from iron ore, copper ingots, etc. Some have subsidiary parts manufactured by other firms in the United States or abroad. Much the same may be said of many food products, clothing, etc. The new Import Control Act provides that within the next three years successively 30%, 40%, and 50% of the total quota is to be reserved for new importers, and with this curtailment of the importations of established firms, it is very doubtful that American importers will see their way clear to erect new buildings for their business as importers, or even to rehabilitate existing buildings. Several American firms have already sent some of their American personnel back to the United States, re duced their local personnel, and contracted the size of their business quarters. One large American firm was considering a rehabilita tion proj'ect which would have cost over Pl,000,000, but has decided that under present conditions the investment would not be justified. Another American firm planned the erection of a seven-story building, primarily for the use of a new firm entering this field, but has now given up the plan. This article is not intended to discourage American investment; it merely points to facts which must be taken into consideration. The Editor American Chamber of Commerce Journal 1. Income Tax. Now 12%—proposed legislation may raise it to 18%. 2. Contractor’s Tax. Now 2% of total value of contract—pro posed legislation may raise it to 3%. 3. Sales Tax. Now 5% on most building materials—may be raised to 7-1/2%. Certain materials such as steel lockers, cabinets, etc. are classed as semi-luxuries at higher rates. 4. Fees for materials under import control, now 1 % of value. 5. The new Bureau of Industrial Safety requires permits for construction which to a large extent duplicate the fees now paid to the City Engineer. Exchange Control Due to the fact that many contractors do not have an exchange history, they are unable to open letters of credit for direct shipments at reasonable cost, and must depend on importation through local importers who are charging 15% to 20% more than if a letter of credit is opened. Import Control According to the new Import Control Act, importers of non-controlled items can only import materials similar to those they imported in the year 1948. As building con tractors normally have to meet very varied requirements, the materials imported in one year are seldom exactly the same as required in subsequent years. If a general classifi cation could be made for buildings materials instead of for specific items, this would assist materially. With specific reference to the import control on nails, I would advise that the local nail factories do not manu facture less than 2” nails. As a consequence prices of 1”, 1-1/4”, and 1-1 2” nails which are regularly required are sold at excessive prices and supply is very short. Bills which have been introduced into the current Congress cover various matters under which contractors will have contingent liability if the bills are passed. (a) Bills have been introduced covering minimum wage rates which are in excess of the current wages paid on contract work. If a bill of this character is passed, it will materially raised cost of labor to the contractor. (b) Revised legislation covering compensation insurance is now pending. We are informed by our insurance companies that this legisla tion would result in increased premium rates which would materially affect the cost to the contractor. (c) Social security legislation is now being considered which if passed would entail payments on the part of both the laborer and the contractor in connection with unemployment insurance, medical insur ance, old-age pensions, etc. If a bill of this character is passed by the present of future legislatures, this would result in materially increased cost to the contractor. (d) There is a bill pending which would make employers liable for payment of full wages to any employee who may be taken into the Philippine Military Service for training. This bill would also require that the employer pay the full wages of employees in the event of the mobilization of the armed forces on reserve status. With particular reference to paragraph (d), a con tractor normally employs men for only short periods during the construction of a job, yet in the event men are taken into the Army for training or in case of mobilization of the reserves, the contractor would be required to pay their full wages during the training period and for an unpredict able period of time in case of mobilization. I trust that the foregoing will give you the highlights of the information required. Signature withheld Ocean Shipping and Exports By F. M. Gispert Secretary, Associated Steamship Lines Dear Sir: ^r^OTAL exports for the month of April of this year With reference to your conversation regarding pres- 1 were less by about 50,000 tons than in April, 1949. ent legislation which may increase cost of construction in Principal reason for this drop seemed to be the small Manila, I would advise as follows: amount of iron ore shipped to Japan during the month, 224 i.e., 9,000 tons as against 43,000 tons last year, and a falling off of sugar shipments from 77,000 tons during April, 1949, to 52,000 for April this year. Most commodities showed an increase, especially ‘logs and lumber. Total exports for April, 1950, were 178,535 tons, as ar-ainst 232,985 tons shipped during April of last year. Txports, by commodities, during the month, as com pared with exports during the same month last year, are as follows:— 1950 1949 Beer................................... 25 tons 80 tons Buntal fiber................... 29 ” 5 ” Coconut, desiccated... 9,845 ” 6,102 ” Coconut oil.................... 5,502 ” 3,951 ’’ Concentrates, copper. . 3,120 ” 2,049 ” ” gold... 430 ” 239 ” Copra................................... 34,939 ” 40,717 ” Copra cake meal......... 4,342 ” 4,542 ” Embroideries ............... 153 ” 89 ” Empty containers........ 382 ” 253 ” Fish, salted.................... 12 ” 3 ” Fruit, fresh.................... 228 ” 324 ” Furniture, rattan......... 766 ” 372 ” Glycerine......................... 127 ” — Gums, copal.................. 70 ” 39 ” ” elemi.................. 10 ” — Hemp............................... 58,980 bales 43,926 bales Household goods.......... 494 tons 186 tons Junk metal.................... 593 ” 2,430 ” Logs................................... 1,594,107 bft. 456,121 bft. Lumber.............................. 3,308,110 ” 847,644 ” Molasses.......................... 4,544 tons 17,915 tons Plywood.......................... 47 ” — Ores, chrome................. 17,725 ” 22,775 ” ” iron........................ 9,131 ” 42,583 ” ” manganese........... 7,859 ” — Pineapples, canned... . 5,153 ” 175 ” Rattan, palasan........... 149 ” 76 ” Rope........................ 195 ” 204 ” Rubber............................. 63 ” — Shells....................... 31 " 17 ” >Jkins........................ 77 ” 3 ” Sugar, raw............. 52,572 ” 76,816 ” Vegetable oil products. 97 ” 11 T »pnsit cargo........ 305 ’’ 192 ” ^rchandise, general.. 1,928 ” 2,226 ” Land Transportation (Bus Lines) By L. G. James A. L. Ammsn Transportation Co., Inc. AJN analysis of the present tax responsibility of various enterprises engaged in public utility carrier service, indicates that the tax picture is one in which the same l^ative percentages are more or less common to all. ^raghe following data are taken from the 1949 records of oHKRrpresentative company which meets all of its obliga tions to the Government, as do all properly operated enter ed Common Carriers Tax—2% of gross revenue (under new projfcsed legislation to be increased to 3%)...................... P70,000.00 ThiKepresents 4.7% of paid-up capital of the corporation. /fe) Gasoline Tax—P.07 per liter (proposed increase of P.03 per liter)......................................................................................................... 237,000.00 TEE represents 6.5% of gross revenues and 15.8% cf paid-up capital ofuhe corporation. ' c) Bridge Tolls............................................................................102,000.00 This represents 3% of gross revenue and 6.8% of the paid-up capital of *he corporation It exceeds by P40.000.00 the net operating revenue .■>( the corporation for 1949. d) Income Tax plus other miscellaneous taxes paid by this cor poration bring the total tax bill to the startling figure of P532.000— 35% of the paid-up capital and 8.4 times net earnings from operations. The proposed new tax schedules which are included in legislation under consideration cover a suggested increase of P.03 per liter on gasoline versus the present rate of P.07 per liter. For the average operator this would result in an increased cost of operation amounting to P.013 per kilo meter. Under the current state of uncertain economy, the majority of operators find that their business is on a margi nal basis. To such companies, the proposed increase in gasoline tax would assure inevitable operating loss. The proposed increase in Common Carriers Tax—from 2% to 3% of gross revenue—in the case of a company with annual revenue of P4,000,000 would augment the tax burden by P40.000. Public utility operators of bus facilities cannot pass on to the public any increase in the cost of operating those facilities. They carry on their enterprises under definite controls as established by the Public Service Commission with respect to rates and schedules. Any increase in tax responsibility must be absorbed by the operator. His ability to effect economies by increased efficiency or to increase revenues by increasing his pay-load factors, is definitely limited by severe and irresponsible competition and by generally unfavorable economic factors. Any increase in the already onerous tax burden carried by the land transportation industry will inevitably result in many of the long established companies being forced to liquidate or to confine their operations to the limited num ber of lines where receipts are sufficient to absorb the in creased cost of operation. The obvious effect upon the general economy of the country would be most serious. The present efficient operations would be absorbed by ir responsible and inexperienced one- or two-unit carriers whose methods and practices are evident to all who use the people’s highways. Mines By Chas. A. Mitke Consulting Mining Engineer Production: April, 1950 Acoje............................................. Atok-Big Wedge........................ Benguet........................................ Balatoc.......................................... Consolidated Mines.................. Lepanto Consolidated.............. Mindanao Mother Lode.......... Surigao Consolidated............... Tons Value 4,250 P126.000 12,727 299,881 Not 1 Reduced produc. reported ) tion, dueto strike 16,500 330,000 16,569 615,370 9,000 274,353 8,353 229,200 THE shrinkage of business generally, prospects of higher taxation, social unrest and lack of peace and order in the provinces, together with the apathetic attitude of local investors toward speculative mining invest ments, as well as a drying up of possible foreign capital due to exchange controls, have created definite hardships for owners of non-producing mining claims, both pre-war and post-war. Mining is recognized as a speculative business, but one which, when it pays off, pays well. We do not have to go further than to the infant Philippine mining industry at the outbreak of the Pacific War for proof. This industry, in a short five or six years, had grown from practically nothing to a production of close to Pl00,000,000 a year and paid handsome dividends. Its workmen were the highest paid in the Islands. This was not done on guaranteed 4% investments, but through the foresight and intelligence of enterprising capitalists who were willing to risk their money in the hope of greater gains. The beginning and nucleus of a profitable mining enterprise, is a mining location, found over a promising outcrop or mineral exposure by some industrious pros pector who braved the hardships of the jungle and the mountains in the search. Rarely does the prospector develop and operate the claims he locates. He gambles his time and energy to find the mineral and perform the preliminary work required by the mining regulations, but he must then look to the capitalist to finance the development and operation, being content with a modest share of the results. 225 Today, the claim-owner finds himself in a position where, unable to secure financial assistance to develop his claims, he stands to lose them unless he can pay bur densome taxes and meet various other onerous require ments intended for a more prosperous period. Prior to the creation of the Philippine Commonwealth in 1935, locators of lode and placer mineral claims were required only to conform to comparatively simple mining regulations, similar to those in force in the United States at the present day. That is to say, a locator, after the dis covery of mineral, performed the required location work and recorded his location in the local mining recorder’s office. So long as he performed P200 worth of assessment work on the claim annually, he remained in possession of the claim indefinitely. He could also, if.he so desired, eventually patent it. His location covered not only the mineral, but also the surface area. All this was changed after the inauguration of the Commonwealth. Commonwealth Act No. 137, commonly known as the “The Mining Act,” became law on Nov ember 9, 1936. The new Philippine Mining Law did away with the granting of patents and in their stead substitutes 2 5-year government leases, renewable for an additional 25 years, and giving locators of mining claims 4 years in which to decide whether their claims justify an application for a lease. If for any reason, financial or otherwise, the locator is unable to apply for a lease before the termination of the 4-year period, he simply loses his claim, which according to the Mining Law, is declared abandoned and open to re-location by someone not associated with him either by blood or business affiliation (Section 68). A fair estimate of the cost of securing a mining lease is Pl,000 per claim; slightly less if two or more claims are included in the lease. This includes the lease survey, affi davits, maps, notarial fees, publication, etc. On the date the lease is granted, and every year there after so long as the lease is in force, the lessee is required to pay a rental of Pl per hectare, “for the privilege of ex ploring, developing, mining, extracting, and disposing of the minerals in the lands covered by his lease”. It matters not that the surface owner may already be paying taxes on this particular (and possibly little productive) area. The claim-owner also must pay. When production begins, graduated royalties are imposed. Failure to pay annual rentals (or royalties) for a period of 90 days after demand causes the lease to lapse and the claim or claims are thereupon open for re location and lease "by other parties. Provided, that nothing shall pre clude the Government from collecting any rental, royalties, or taxes due (Section 79). Section 87 of the Mining, Act states that “all mineral lands not covered by lease shall be subject to real estate tax payable at the same rate and collectible at the same time and manner and subject to the same liabilities and forfeiture, as provided for in chapter seventeen of the Revised Administrative Code, as amended.” Furthermore, the lessee is required to perform annual assessment work at the rate of P200 a claim. Failure to perform such work will constitute an abandonment of the claim or claims (Section 81). On top of this, there is an occupation fee on all mining claims, whether held under lease or otherwise, called for by Section 241 of Title VII, of Commonwealth Act No. 466, entitled “National Internal Revenue Code”, approved July 1, 1939. This requires any locator of any mining claim to pay to the Collector of Internal Revenue, in adv ance, on the expiration of 2 years from the date of registra tion of the claim, and on the same date for the remainder of the 4 years and so long thereafter as he holds the claim under lease, an occupation fee of Pl per hectare. “Failure to pay the occupation fee within 30 days after demand, shall cause the mining claims to be open to relocation by other parties qualified to locate under the Mining Law.” These restrictions and regulations apply equally to' productive and dormant claims. A property that is making a profit can meet such obligations, but holders of claims which are not in operation are often unable to do so; unless the locator has sufficient private funds to pay the ts^es personally, he loses his property. Claim owners, who, under the new law, were faced with the necessity of applying for leases in 1942, were after liberation, afforded relief for 4 years under Republic Acts 81 and 215. These acts, however, applied exclusively to pre-war claims. Since liberation, another group of claims has tfeen created, the post-war claims, the locators of which, be lieving that prosperous conditions were in store for the Islands and that a genuine attempt would be made to revive the mining industry, went out to the jungles and mountains and at their own expense located new mineral outcrops. Many of these are now under the necessity of applying for Government leases and meeting occupation fees, with the threat that non-compliance involves forfeiture. A money stringency exists, local capitalists are investing largely in houses, land, and guaranteed investments. There is no money for new mining ventures, and in many areas, peace and order are lacking to such an extent that no mb neral-land surveyor will venture there to make lease suq veys for fear of losing his life. Some claim owners h&ve been unable to get near their claim for over two years nc%. An occupation tax on mineral land that cannot be occujji&l without danger to life, is not only unjust but ridicu'Jus. There are only a handful of producers now, and ^is physically impossible for them to bring about a revival’of pre-war mining conditions. How can 6 producers do Miat 50 were doing? Moreover, some of them are giving signs of fading out. One has already closed down, and another is on the way out. There is a definite necessity to grant relief to all owners of dormant claims, regardless of whether they are pre\var or post-war. Tremendous help has been given to farming of all kinds. Why not do something for the mines of tomorrow, which will bring in dollar credits? Lumber By Luis J. Reyes Philippine Representative, Penrod, Jurden Company FOR the month of April, Philippine lumber exports totalled a little more than 6,000,000 board feet, 1, |00,000 board feet less than in March, but still better t^Jn in February and months previous. Nearly half of our exjforts went to the United States, the rest to Formosa, Okinawa, and Korea. Of the nearly 3,000,000 board feet shipped to the United States, more than half was in logs, the res$ in sawn lumber. Korea and Formosa took mostly logs, while Okinawa took only sawn lumber. We look forward to Japan, when conditions become more normal, taking.& large volume of logs to feed its veneer and plywood mills, which numbered more than 100 before the outbreak of the Pacific War. Strong efforts are being exerted by the Philippine Lumber Producers’ Association to regain and expand the market for Philippine woods in the United States. This Association is cooperating wholeheartedly with the Philip pine Mahogany Association of the United States. Lately, the Philippine Government has contributed funds to this 226 end. With all these agencies cooperating, and with the low supply of African mahogany in the United States, there seems little doubt that this campaign will be crowned with success. It is already being reflected by an increased volume of shipments abroad during the past two months. There were a number of measures introduced in the last Congress which threatened to nullify these efforts by directly and indirectly increasing the cost of production of lumber, but fortunately they failed to secure the necessary support among the legislators, many of whom are thorough ly familiar with the difficulties which are threatening to destroy the industry. The local market registered another P5 drop as we approach the rainy season. Price at the present time are approximately as follows: Tangile.................................................... Pl 70 ” ” ” Apitong.................................................... P155 ” ” ” White Lauan......................................... P135 to PHO per M Bd. Ft. If the price goes down by around PIO more, this would again cause the closure of marginal sawmills, as only the well placed ones are capable of making a margin even at the present price levels. It will be remembered that last year a considerable number of mills closed down. This is actually the continuation of a weeding-out process among those producers who ventured into the business without the necessary know-how and lacking sufficient capital. Perhaps the industry will be better off without them. As the late President Roxas said in 1947, “They had better close down now as they will be wiped out later anyway.” President Roxas was aware of a good number of sawmill operators who were in the business only for speculation purposes. x The Golden Anniversary celebration of the Bureau of Fo-estry which was organized on April 14, 1900, was well attended by representatives of the lumber industry, all provincial foresters, and many friends of the Bureau. After the benediction by Mons. Gabriel M. Reyes, Archbishop of Manila, Mr. Tamesis opened the program at the Insti tute of Hygiene Building on April 14, 1950. The guest speaker was Secretary Placido L. Mapa of the Department of Agriculture and Natural Resources. The other speakers were the Hon.. Marcelo Adduru and the Hon. Antonio de las Alas. Secretary Mapa presented Service Diplomas to employees of the Bureau who had rendered 25 or more years of service. The speakers were unanimous in their praise of the Bureau for the services rendered to the public in the administration of our forests. On April 19, the foresters also celebrated the 40th Anniversary of the founding of the College of Forestry, University of the Philippines. The principal speaker was the Hon. Pio Pedrosa, Secretary of Finance and Member of the Board of Regents of the University, Dean Tamesis gave the history of the College of Forestry from the time it was founded as a department of the College of Agriculturc/in Los Banos, making mention of the eminent Amercarf .foresters who have rendered invaluable service to the Cortege and to the cause of Philippine forestry. Some of these professors were Dr. H. N. Whitford, Dr. F. W. Foxwoithy, Prof. D. M. Mathews, Prof. Knap, and Prof. H. M. Curran. Undoubtedly, the leading spirit behind the foundation of the College of Forestry was the enthusiastic conservationist, Director George P. Ahern, who realized the need for trained men to carry on forestry work in this country. Lumbermen, most of whom are members of the Philip pine Lumber Producers’ Association, were on hand to join in the celebration of the Bureau of Forestry. Among those we remember seeing were representatives of the Insular, Marsman, Santa Cecilia. Findlay-Millar, Basilan, Santa Clara, Nasipit, Golden Ribbon, and the North Camarines lumber companies and many others. Dahican was represented by Mr. George Evans and Dr. D. C. MacLea, presidents, respectively, of MacLea Lumber Com _ pany of Baltimore and of the Dahican American Lumber Corporation of Baltimore and San Francisco, the latter a sister concern of che Dahican Lumber Company. Copra and Coconut Oil by H. Dean Hellis Manager, Philippine Refining Company, Inc. April 16 to May 15 DURING the period under review, and, again, some what true to expectations, we have seen both the copra and coconut oil markets, particularly the former, remain for the most part fairly steady at only slightly lower prices, subject, of course, to the earlier anti cipated minor -fluctuations referred to in our last month's article. While the period opened with buyers at around $195 /$200 c.i.f. Pacific Coast, with sellers asking $205 /$207.50 c.i.f., it was soon apparent that copra prices must and should work at least a little lower. By the end of April and the first few days of May, a small amount of trading was actually done at levels around $190 /$195 c.i.f., follow ing which the market firmed slightly again, with buyers indicating $195 /$197.50 c.i.f., and sellers asking $197.50/$200. c.i.f., all interest and prices being for immediate or very nearby shipment. As we close, however, buyers ideas now are $185 c.i.f., while sellers have reduced their views to $187.50 $192.50. During the period, however, it is our belief that not a great deal of business has been done to the Pacific Coast, the crushers there being largely uninterested, due to an almost complete lack of coconut oil buying interest, the latter, in turn, being the result of the availability of com petitive oils and fats at cheaper prices. If it had not been for a fair amount of scattered interest for copra from Eu ropean countries, the market here could have fallen off rather more sharply; but according to our best knowledge and belief, a reasonable tonnage of trading was done under f.o.b. terms at $200 down to $193.50, mostly for May ship ment, thus lending some support to what otherwise could have been a much weaker picture. A good many of the oil mills, both in the United States and here in the Philippines, continue to operate only spasmodically, being shut down a good portion of the time due to adverse conditions in marketing coconut oil in the United States. What little buying interest there has been, has been mostly for small bulk parcels of spot oil, or for a few tank-cars here and there. The large buyers, or soapers, appear to be fairly well supplied for the time being, and believing they may see still lower prices in the not too dis tant future, they most likely are awaiting more favorable opportunities to replenish their stocks. Accordingly, the bulk coconut oil market has been mostly a nominal one, with sellers offering unsuccessfully from 15-J^/ down to 15/ c.i.f. Atlantic Coast for June arrivals. All indications point to the fact that this market must work considerably lower before any real buying interest develops. As to copra supplies, the situation is improving very slightly throughout the Philippines which, of course, is to be expected at this time of the year. Within another two to three months, however, there should be a seasonal abund ance, probably resulting in considerably lower prices, as otherwise the demand probably would continue more or less as is, and insufficient. /"> opr a exports during the month of April, 1950, amountcd to only 34,939 tons, as compared to 43,185 tons during March, 1950, and 40,717 tons during April, 1949. The total for the January through April period amounted to 145,870 tons, against 144,988 tons for the same period last year. April, 1950, exports are broken down as to des tination, as follows: 227 228 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 United States Pacific Coast........... 19,416 tons Atlantic Coast.. 3,082 Gulf Ports................................. 648 ” Canadian Pacific Coast . 1,500 ” Europe.............................................. 6,993 ” Palestine.. 1,000 ’’ Venezuela. 2,300 ” 34,939 ” Coconut oil exports for April, 1950, amounted to 5,502 tons, as compared to 3,789 tons during March, 1950, and 3,951 tons during April 1959. The total exports for the period January through April, 1950, amounted to 15,588 tons, against 12,360 tons for the same period last year. April, 1950, exports are broken down as to destina tions, as follows: United States.......................................... 5,128 tons Africa.................... 174 ” Panama.......... 200 ’’ 5,502 " It is interesting to note that of the total exports of Philippine copra, including coconut oil in terms of copra, to all countries of the world during the first four months of 1950, the United States received 75.23%, as compared to only 49.33% during the same period in 1949. This is prob ably accounted for by the fact that the ECA in the United States has not been granting dollar authorizations for European countries to purchase much Philippine copra this year. This trend would seem to indicate further the necessity for lower prices this year, if the United States is to absorb most of the supplies which will become available during July forward. The copra-meal market has improved further, due again to the shortage of supplies on the Pacific Coast, cou pled with the fact that Denmark still has the remainder of its $400,000 ECA allocation to fill. As we close, there are buyers at around $64 c.i.f. Pacific Coast per 2,000 pounds net weight, while business can probably be done at about $76 per long ton c. and f. Copenhagen. Summarizing, and in conclusion, with reference to general market conditions, we again feel that we shall see prices somewhat lower during the month ahead. It may well be that there will be no sharp downward tendency as yet, but it is our firm belief that we already have started on the down-grade over the rest of the year, with every expectation of seeing appreciably lower prices as we get into the season of plentiful supplies. Desiccated Coconut By Howard R. Hick President and General Manager Peter Paul Philippine Corporation THIS report covers the period from April 15 to May 15. During this period nut prices remained high until the latter part when copra took a downward trend. There was also an increase in the selling price in the United States. With the lower prices for raw material and an increase in the selling price, factories that have been shut down may begin operation again. The new Proctor Schwartz dryer at Peter Paul is in operation. This adds another piece of excellent equipment to the industry. Very little or no activity on the labor front is to be ’ reported except the continuation of Peter Paul’s case^efore the Court of Industrial Relations. Shipping statistics for the month of April follow: FOR YOUR NEEDS we have no reason to recommend anything but the right machines and systems . . . REMINGTON RAND, the business that serves all business, makes them all, including . . . Portable, Standard and Electric Typewriters Adding, Calculating and Accounting Machines Record Controls and Filing Systems Carbon Papers and Ribbons TAYLOR PACIFIC (PHILIPPINES) LTD. Atkins, Kroll & to.. Inr. — Gen. >1 £rs. 124 Myers Bldg., Port Area Tel. 3-34-41 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 229 Shippers Pounds Franklin Baker Company........... 4,399,500 Blue Bar Coconut Company.. . . 1,138,080 * Peter Paul Philippine Corp........ 1,748,000 ** Red V Coconut Products, Ltd... 2,434,000 Sun-Ripe Coconut Products, Inc 893,430 Standard Coconut Corporation.. 0 Cooperative Coconut Products, Inc.................................................. 562,100 Tabacalera....................................... 175,460 Coconut Products (Phil.), Inc.. . 0 Luzon Desiccated Coconut Corp.____ 636,300 *** Total......................................... 11,986,870.00 lbs. NOTE: 'Zamboanga Factory production. . . . 528,850 lbs. Lusacan ” 600,230 TOTAL BLUE BAR Shipments .. 1.1’8,080 ” ’’Peter Paul production......................... 1,125,000 " Standard Coconut production.......... 623,000 ” TOTAL Peter Paul shipment,.......... 1,748,000 " ’’’Luzon Desiccated Coconut Corp data taken from freight manifests only; no report received for this month. Sugar By G. G. Gordon Secretary-Treasurer Philippine Sugar Association THIS review covers the period from May 1 to May 31, inclusive. New York Market: The market was steady at the close of April, and this condition carried on into May. Sugar sales for May June and early July deliveries of Puerto Ricos and Philippines were offering at 5.75/ with refiner’s ideas remaining apparently unchanged at 5.65/ and with the indication of 5.70/ for June arrival being possible. On May 2 sales of Puerto Ricos and Cuban for late May arrival were made at 5.70/, and a parcel of Philippines, due about May 23, was offered at the same price. There was considerable sugar including Cuban sugar available at 5.75/, but refiners continued to resist the advance. The market continued quiet but steady, and on May 4 there was a sale of Puerto Ricos for July shipment at 5.75/ to Operators. A parcel of Philippines consisting of 2,000 tons, June arrival, was offered at 5.72/, but buyers remained indifferent. In spite of the firm raw market, the refined sugar market continued easy and it was reported that intense competition, particularly in Southern territory, had prevented any concerted move to raise refined prices, although it was assumed that there would be higher quota tions before the summer is over. On May 8 raw offerings were being held for 5.73/ to 5.75/ for late May/June arrivals. However 2,000 tons Philippines, due June 10, was sold at 5.70/. With the report of a substantial increase over the estimate in the out-turn of the Cuban crop being assured, a somewhat easier tone developed, and following the sale of 7,000 tons Philippines for June arrival at 5.70/ on May 9, refiners indicated on. May 10 that their idea was not above 5.65/. However, on May 18, the figures of United States distribution for the week ending May 13 indicated an im provement in that the figures for 1950 showed that the United States distribution was now ahead of the figure for 1949. This caused sellers to show more resistance, and futures on the Exchange firmed up. The market remained dull and lifeless for several days but on the 17th considerable sales for June arrival were reported at 5.70/. A stronger undertone now prevailed, 5.70/ being obtainable for May arrival with sellers asking 5.75/ for June July arrival. The tone of the market continued to improve and on the 22nd, 2,000 tons Philippines, May arrival, were to the NATIONAL Markets World CLARK FIELD world. THE NATIONAL CITY BANK OF VEW YORK Jirsl in World-Wide dSanking Branches in the Philippines MANILA Main Branch: Juan Luna Street Port Area Branch: 13th Street CEBL 230 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 taken at 5.70/, and on the 24th Philippines, due June 30, and Cubas, for June shipment, were sold at 5.73/. On same date the American Sugar Refining Company announced that its price for refined would be advanced to $7.80 on June 1, which notice however was rescinded two days later, the refined price remaining at $7.70. On the 26th a sale of 2,000 tons Philippines, to arrive August 5, was reported sold at 5.78/, and Cubas, June./July arrival, were sold at 5.74/. Despite the failure to advance the refined price, the raw market nevertheless was still reported to be firm. On the 29th sales of Cubas, for second half June shipment, was reported at 5.75/. Over the whole month the market was definitely steady with an upward tendency, and the month ended on a steady note with 5.75/ being paid for July arrival. As at May 20, distribution in the United States for the year to that date was 2,654,188 short tons, an increase over the same period in 1949 of 42,705 short tons. Cuban Production: Cuban production to May 15 was 5,924,680 short tons, with 136 mills having completed grinding. The latest estimate of final out-turn is 6,083,000 short tons, which represents a substantial increase over the estimate of 5,500,000 short tons. The market appears to have discounted this increase, as the world market Cuban price, after falling to 4.15/ is now quoted at 4.20/. We give below the quotations on the New York Sugar Exchange as of May 25 for Contracts Nos. 4, 5, and 6: Contract Contract Contract 4 5 6 July............................... 4.23 — 5 23 September................... 4.19 — 5 27 November.................... — — 5.31 January................... 3.97n — — March.......................... 3.92n — 5.05n Contract No. 5 seems likely to be discontinued as present trading is being almost entirely confined to Contract No. 6. Local Market: (a) Domestic Sugar.—The market appeared to be somewhat easier during the month, and at the close of the month centrifugal sugar polarizing 97° was quoted by the Bureau of Commerce at F15.50 to P16 per picul as against P16 to Pl6.40 at the close of last month. Washed sugar polarizing 99° was quoted at P18.50 to P19, which is the same as at the close of April. (b) Export Sugar.—In line with the New York market, export quotations were steady during the month from P 13.90 to P 13.95 per picul, with some transactions reported at P14. Philippine Crop.: The latest figures available on the out-turn of the Philippine crop indicate that the pro duction for 1949-1950 will be slightly under the production for 1948-1949. The main factor responsible was the un favorable weather condition,—drought during the early growing months, and damage caused by typhoons later in the year (1949). Manila Hemp By Fred Guettinger Vice-President and General Manager Macleod and Company of Philippines THIS review covers the period April 16 to May 15, 1950, during which time there was general weakness in all terminal markets. The United States cordage industry continued very depressed and heavy production of Davao hemp caused prices to sag. Continued heavy production is likely to force prices still lower. The market ENGINEERING EQUIPMENT & SUPPLY COMPANY, 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 ★ ★ ★ Operating: General & Sales Office MACHINE SHOPS • STEEL PLATE SHOPS 1 74 M. de Comillas Manila Tel. 3-29-21 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 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 231 closed very weak with quotations as much as 1%/ lower than a month ago. New York quotations: Per lb. c.i.f. New York 15 26-1 2i 26 25 May 15 25-1 8^ 25 24-1. 2 Change -1-3 8,5 -1 -1, 2 Year Ago 29,5 28-1, 2 25-1. 2 Davao JI...................... Davao G...................... Non-Davao F............. 27-1.2 26-1 4 -1-1 4 30-3,4 Non-Davao JI............ 24 23-1. 4 - 3 4 27-1, 2 Non-Davao G............. 18-1 2 17-7 8 - 5 8 22-1 4 While during the preceding month a fair amount of business to Europe was done, business was very slow in the current period, with more offering and prices sagging. At the close, prices had declined about $25 per bale on the average, with buyers still holding aloof. The only active market was Japan. Sales to SCAP since resumption of business in April to May 15 are estim ated to amount to 10,000 bales. Prices declined from $1.50 to $3.50 per bale, depending on the grade. With the fiscal year coming to an end June 30 and the funds in the current appropriation practically used up, nothing large can be expected from this source in the immediate future. The downward trend of Philippine provincial prices is shown in the following table; Per Picul—Basis loose is'1 May 15 Change Year Ago P60 00 P56.40 -P 3 50 P64.00 Davao JI...................... 59.00 55.50 - 3.50 62.50 Davao G...................... 53.50 52.00 - 1.50 55.50 Non-Davao F............. P57.50 P55.50 - 2 00 P70.00 Non-Davao JI............ 52.50 50.00 - 2.50 65.50 Non-Davao G............. 38.50 36.00 - 2.50 48.00 Abaca bales pressed in April total 55,703—an increase of 7,580 over the corresponding month last year. As com pared with the previous month, balings declined 7,147, chiefly due to the Easter holidays and April being a shorter month. Davao balings accounted for 26,862, or 48% of the total; Camarines, Albay, and Sorsogon, 15,504, or 28%; Leyte and Samar, 7,933, or 14%; and all other Non-Davao 5,404, or 10%. Bales pressed in the first four months this year total 233,944, which compares with 194,615 for the same period last year. The following tables show comparative figures for balings and exports for the first four months from 1947 to the current year: Batings—First four months 1950 1949 1948 1947 Davao................................... 102,318 73,149 76,921 114,935 Camarines, Albay, and Sorsogon.......................... 66,294 48,055 85,181 80,811 Leyte and Samar............. 39,531 42,751 45,527 23,036 All Other Non-Davao.... 25,806 30,660 46,170 17,182 Total (Bales)...................... 233,949 194,615 253,799 235,964 Exports—First four months 1950 1949 1948 1947 Uni ed States and Ca nada.................................. 91,967 64,935 122,340 145,928 Japan.................................... 35,841 61,487 36,068 — Continental Europe......... 30,414 39,075 40,250 46,770 United Kingdom.............. 26,052 9,742 43,905 5,235 China.................................... 5,315 4,468 3,070 431 India..................................... 3,200 526 — 1,800 Korea................................... 950 — — — South Africa...................... 1,310 1,746 810 1,700 Australia and New Zea land................................... 625 42 All other countries.......... — — 2,453 575 Total (Bales)..................... 195,674 181,979 248,938 202,439 INSULAR LUMBER COMPANY FABIUCA, OCC. NEGROS ---------- 4----------SPECIALISTS IN KILN DRIED LUMBER and MANUFACTURERS OF BOXES OF ALL DESCRIPTIONS M A NILA DI .S' TH IB U TUBS: Norton & Harrison Company 811 Echaguc Manila D. C. Cliuan & Sons, Inc. 11-30 Soler Si. Manila Insular Saw Mill, Inc. 310 Canonigo, Paco Manila MANILA OFFICE-. 401 FILIPINAS BUILDING 232 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 Tobacco By Luis A. Pujalte Secretary-Treasurer, Manila Tobacco Association THERE has been a very noticeable decline in the sel ling price of the last crop and in the new-crop leaf tobacco in the market during May, as well as in the purchase prices for the new crop in the various tobacco producing regions. This is due to the fact that the supply exceeds the demand and that there have been very heavy arrivals of Virginia leaf. Most factories are concentrating on the manufacture of Virginia-type cigarettes. The Senate Finance Committee, under the able chair manship of Senator J. S. Montano, is holding hearings on the administration tax-increase bills which have already passed the House. The different industries affected are being given a fair chance to bring their arguments forward with a view to rendering the increases no more burdensome than is necessary, to give the Government the needed in creased revenue. This objective may be achieved in most industries, but in the tobacco industry high integrity and a lot of police work will be necessary to accomplish it. Doubling the tax on locally manufactured cigarettes would only increase the pro fits of the already lucrative illicit manufacturing which has been going on. This illicit business has spread from the former centers in Bulacan, Rizal, and Batangas, to Cavite and some of the provinces of Central Luzon and the Bicol and to the Visayas as well, and constitutes a grave menace to the legitimate industry. If the Government does not take decisive action against it, as it has several times been petitioned to do by the Manila Tobacco Association, then this illicit movement may grow rapidly in economic and political power and become a cronic ill to the national eco nomy. It is easy to enact revenue laws, but full enforcement is needed to bring about the desired results and avoid a growing evil in the tobacco business. Imports By S. SCHMELKES Mercantile, Inc. A SURVEY of the arrivals in Manila taken from issues of the Robot Statistics during the first trial period of the import controls which were to have ended on May 1, reveals that not only have imports dropped drasti cally in many items, including some not under control, but that due to tardy issuance of licenses, the greatest drops were felt in the first quarter of the year. For instance, sardines, which were fixed at ceiling, arrived in the quantity of only 44,996 cases cartons during the first three months of the year, and in the quantity of 67,684 cartons cases during April, 1950, at which time the long-delayed import licenses were at last taking effect. June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 233 However, the total arrival of 112,680 cartons cases is still only about one-third of the corresponding period in 1949. Another example of this is canned coffee, which is cut 50%. However, only 12,383 cases, cartons of coffee arrived during the first four months of 1950, including “instant” coffee, compared to 93,371 cases during the same period of 1949, the arrivals being only about one-eighth as heavy. Certain items not subject to import control, however, have shown very significant increases. Some of these are leaf tobacco, cigarette paper, soap-making machinery. Leaf tobacco increased from about 6 metric tons during the first four months of 1949 to 1576 tons during the same period of 1950, (while manufactured cigarettes declined from 246,942 units to 97,662). Cigarette paper arrivals trebled. Other commodities also not under control but of vital importance, showed great decreases, such as building materials, hardware, and chemicals. Unlike the controlled items, which reached a low early this year and then climbed as the Import Control Office issued more and more licenses, the drop in a number of uncontrolled goods (curbed only by exchange restrictions) has been worsening. For instance, the arrivals of hardware are as follows (metric tons): Jan uary, 7,074; February, 5,070; March, 6,191; and April, 4,664. Chemical importations averaged 7,723 metric tons per month during the first three months of 1950 and dropped to 4,459 metric tons in April, 1950. A detailed comparison between the four import control trial months and the corresponding period last year, taken from The Robot’s publications, follows: Coffee Canned............................Cts. 93,371 12,383 Coffee Bulk.................................Bgs. 47,358 9,936 Sardines........................................Cts. 344,530 112,680 Soaps.............................................Kg. 545,206 208,735 Clothing and Textiles...............Kg. 19,590,449 8,119,935 Cosmetics.....................................Kg. 1,309,472 312,236 Uncontrolled Building Materials....................Kg. 83,295,982 35,127,213 Hardware......................................Kg. 28,187,074 22,999,855 Machinery...................................Kg. 8,266,626 8,208,971 Metals........................................... Kg. 46,032,815 45,285,339 Medical.........................................Kg. 2,420,263 2,711,316 Leaf Tobacco..............................Kg. 5,711 1,576,283 Cigarette Paper.......................... Kg. 126,080 396,646 Chemicals.................................... Kg. 38,699,305 27,627,831 All figures are in kilos with the exception of those of foodstuffs which are given in package units (excluding the figures for the totals). Commodity Unit Controlled Automobiles................................Pcs. Radios and Equipment........... Kg. Alcoholic Beverages................. Kg. 1949 1950 1,014 315,399 3,178,200 609 172,916 1,309,405 Commodities Automotive (Total)............................................ Automobiles.................................................. Auto Accessories......................................... Auto Parts.................................................... Bicycles........................................................... Trucks............................................................. Truck Chassis.............................................. Building Materials (Total).............................. Board, Fibre................................................ Cement........................................................... Glass................................................................ Plum ing, Misc........................................... Chemicals (Total)............................................... Caustic Soda................................................ Explosives (Total).............................................. Firearms (Total).................................................. Ammunition.................................................. Hardware (Total)................................................ Household (Total).............................................. Machinery (Total).............................................. Metals (Total)..................................................... Petroleum Products (Total)............................ Radios (Total)..................................................... Rubber Goods (Total)...................................... April—1950 1,400,917 258,637 18 291,981 13,336 42,180 414,026 8,997,776 92,434 2,835,577 2,299,755 1,172,029 4,459,444 810,375 216 6 4,663,939 653,569 2,236,498 8,052,317 86,438,559 30,473 815,978 April—1949 2,209,275 681,410 28,941 505,695 29,257 30,205 363,797 30,073,187 133,663 24,122,793 898,574 1,470,164 5,297,962 102,406 87,464 34,388 8,732 7,319,971 2,480,516 1,675,105 12,981,742 99,840,619 77,078 1,095,723 I NOW IN ITS 50th YEAR OF SERVICE ENGINEERS • CONTRACTORS MANUFACTURERS • DISTRIBUTORS Specializing in the Fabrication and Erection of Bridges, Tanks and Buildings — OPERATING — MACHINE SHOPS I-OR CONSTRUCTION AND REPAIR FOUNDRY FOR CAST IRON. BRASS AND BRONZE STEEL PI.ATF. AND STRUCTURAL STEEL SHOPS ATLANTIC, GULF & PACIFIC CO. OF MANILA 234 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 Beverages, Misc. Alcoholic............................. Foodstuffs (Total kilos)................................... Foodstuffs, Fresh (Total)................................ Apples............................................................ Oranges.......................................................... Onions............................................................. Potatoes......................................................... Foodstuffs, Dry Packaged (Total).............. Foodstuffs, Canned (Total)............................ Sardines......................................................... Milk, Evaporated....................................... Milk, Condensed........................................ Foodstuffs, Bulk (Total).................................. Rice................................................................. Wheat Flour................................................ Foodstuffs, Preserved (Total)........................ 9,170 18,608,040 170,421 61,006 15,003 47,961 16,099 15,722 249,001 67,684 68,349 40,498 206,450 34,492 118,612 51 62,326 21,140,604 138,990 39,852 8,340 24,815 11,084 75,394 265,815 14,345 109,792 35,134 305,353 242,310 1,113 Bottling, Misc. (Total).................................... 1,549,572 2,906,154 Cleansing 8s Laundry (Total)........................ 958,347 107,980 Entertainment Equipment (Total)............... 3,001 19,280 Livestock—bulbs—Seeds (Total).................. 15,196 1,133 Medical (Total)................................................... 687,807 618,034 Musical (Total)................................................... 15,543 105,596 Office Equipment (Total)................................ 145,898 175,024 Office Supplies (Total)..................................... 43,117 55,297 Paper (Total)....................................................... 6,052,852 6,222,939 Photographic (Total)......................................... 94,416 37,142 Sporting Goods (Total).................................... 13,816 26,084 Stationery (Total).............................................. 344,865 398,546 Tobacco (Total)................................................... 1,458,507 1,257,800 Whatever the job, Goodyear has a special type of hose to meet your requirements Chucheria (Total)............................................... 97,928 175,532 Clothing 8s Apparel (Total)........................... 87,343 472,110 Cosmetics (Total)............................................... 57,051 221,012 Fabrics (Total).................................................... 844,325 1,569,428 Jewelry (Total).................................................... 105 83 Leather (Total)................................................... 159,385 180,041 Textiles (Total)................................................... 1,268,428 2,859,168 Twine (Total)...................................................... 2,373 70,733 Toys (Total)......................................................... 3,534 49,335 • General Merchandise (Total)......................... 510,510 1,358,496 Non-Commercial Shipments (Total)........... 42,142 43,471 Advertising Materials, Etc. (Total)............. 42,264 101,924 Automobiles and Trucks By Karl E. Gay Sales Representative, Ford Motor Company AIR HOSE WELDING HOSE SPRAY HOSE WATER HOSE STEAM HOSE MILL HOSE FIRE HOSE GAS PUMP HOSE RUBBER TUBING SUCTION & DISCHARGE HOSE p/ut complete stock of couplings and hose connections REPORT OF SALES Accumulated to March 31, 1950 Make Philippines, Total Ford.................... Mercury............. Lincoln............... Prefect................ Chevrolet........... Buick................... Cadillac.............. Pontiac............... Passenger No. % 141 18.29 23 2 98 4 .52 5 .65 286 37 09 34 4.41 1 .13 11 1.42 Trucks Total No. % 258 34 49 335 44.78 No. 399 23 4 5 621 34 1 11 26 27 1 51 .26 .33 40.88 2.24 .06 .72 THE GOODYEAR TIRE & RUBBER CO. OF THE PHILIPPINES, LTD. 11th & Atlanta Sts. Telephones: Port Area, Manila 3-32-16, 3-38-07, 3-38-08 Branches & Warehouses: Cebu, Bucolod, Iloilo MOTOR SERVICE CO, II. AUTOMOTIVE PARTS • ACCESSORIES GARAGE & SHOP EQUIPMENT BATTERIES • TIRES • TUBES 230 13th St., Port Area — Tel. 3-36-21 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 235 Oldsmobile......... GMC................... Chrysler............. DeSoto............... Plymouth........... Dodge.................. Fargo................... International. . . Willys.................. Studebaker........ Packard.............. Reo...................... Nash.................... Hudson............... Bedford............... White.................. Total........... Manila Ford.................... Mercury............. Lincoln............... Prefect................ Chevrolet........... Buick................... Cadillac.............. Pontiac............... Oldsmobile......... G.M.C................. Chrysler............. DeSoto............... Plymouth........... Dodge.................. Fargo................... International. . Willys.................. Studebaker........ Packard. . . Reo...................... Nash.................... Austin................. White.................. Hudson............... Total........... 2 .26 19 2.46 38 4 93 14 1 81 29 3 76 83 10 76 26 3 37 12 1 55 17 2 20 11 1 42 2 26 13 1 68 771 114 17 14 19 2 86 4 .60 5 .75 246 36 99 33 4 96 Nil 7 1.05 2 .30 19 2 86 33 4 96 12 1.80 26 3 91 80 12 03 26 3 91 12 1 80 14 2 10 11 1 65 2 .30 665 2 15 2.00 15 19 16 2.14 54 14 27 3 61 56 9 1 20 9 38 5 08 38 35 4 68 118 3 .40 29 12 9 1 20 9 17 1 13 12 2 13 2 27 2 748 1519 163 31 96 277 19 4 5 222 43 53 468 33 Nil 7 2 11 2 15 11 19 16 3 14 49 12 18 3 53 44 3 59 3 30 5 88 30 33 647 11 3 2 39 28 12 9 1 76 9 14 1 19 12 2 39 2 2 510 11.75 .99 1.25 3.55 92 3 68 59 2 50 7.77 1 91 .79 .59 1 12 .79 13 85 13 23.57 1 62 .34 .42 39 82 2 81 u Fairbanks-Morse 93 1 62 4.17 .102 3 74 .25 2.55 9 61 2 38 1 02 .76 1 19 1 02 .17 .17 ELECTRIC MOTORS Cool, quite, smooth-running! No wonder users like the Fairbanks-Morse QZK Elec tric Motor. Il’s built to stand the wear and tear of difficult operations — a truly dependable motor for those who want the best. It meets the high standards esta blished by Fairbanks-Morse in more than one hundred years of manufacturing elecImportant General References trical equipment, zkvailable from to 60 HP. For full details see us. for your office and home library fA«bahks-MO n.ESEL ENGINES °gen^ * ss light pia^ eS vVMm\gn^s fJmeqgip^ /i 1104 Castillejos, Quiapo Tel. 3-22-51 Exclusive Distributors ATLANTIC, GULF & PACIFIC CO. OF MANILA MERCHANDISE SALES DIVISION Robert Dollar Bldg., Muelle del San Francisco & 23rd St. Port Area, Manila Tel. 3-36-61 (Connecting all Depts.) 236 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 SILVER & JAVA PACIFIC LINES SILVER LINE. LID. London, E. C. 2 JAVA PACIFIC LINE N. V. S. M. "NederlandAmsterdam Koninklijke Rotterdamsche Lloyd, N. V. Rotterdam KERR STEAMSHIP CO , INC. 17 Battery Place New York JAVA PACIFIC LINE. INC. General Agents 25 Broadway MANILA New York ILOILO CEBU VANCOUVER I.DS ANGELES and SAN l'RANCISCO To and From CALCUTTA, BOMBAY and PERSIAN GULF PORTS PORTLAND Provinces Ford.................... 27 25.47 95 39 91 122 35.46 Mercury............. 4 3.77 4 1.16 Mercury............. — — — — — — Prefect................ — — — — __ __ Chevrolet........... 40 37.73 113 47.47 153 44.48 Buick................... 1 .94 1 .29 Cadillac.............. 1 .94 1 .29 Pontiac............... 4 3.77 4 1.16 Oldsmobile......... — — — — — — G.M.C................. — — 4 1 68 • 4 1.16 Chrysler............. — — — — — — DeSoto................ 5 4.72 5 1.45 Plymouth........... 2 1.89 2 .58 Dodge.................. 3 2 83 9 3.78 12 3.49 Fargo................... — — 6 2.52 6 1.74 International. . . — — 8 3 36 9 2.32 Willys.................. 3 2 83 2 .84 5 1.45 Studebaker........ — — 1 .42 1 .29 Nash.................... 3 2 83 3 .87 Bedford............... 13 12 26 13 3 78 Total . 106 238 344 PRINCE LINE, LTD. FROM U. S. ATLANTIC AND PACIFIC COAST PORTS TO MANILA Food Products By C. G. Herdman Director, Trading Division, Marsman & Co., Inc. FROM PHILIPPINES IO HALIFAX and U. S. ATLANTIC COAST PORTS For Particulars See: ROOSEVELT STEAMSHIP AGENCY, INC. AGENTS 3rd Floor, Trade & Commerce Bldg., Juan Luna Tel. 2-82-01 A SMOOTH PERFORMER For Byery Record -- In Any Size WATSON d AMESTOWN , N.Y. FILING CABINETS with the improved •AI L BALL BEARING” SUSPENSION Designer! for those who recognize the overall worth of a quality product. . . built to exact ing standards. . . available in a wide range of styles. ON DISPLAY AT F. H. STEVENS & CO., INC. El Hogar Filipino Bldg. — Du Chin IJu Bldg. MANILA CEBU CITY DURING the month of May there was practically no change in conditions in the Philippine market on imported foodstuffs. Nearly all items are in short supply, with the exception of evaporated milk and canned fish. Retail prices throughout are unduly high, occasioned, of course, by the shortage or semi-shortage which exists throughout the country. Flour arrivals were in sufficient quantity to avoid an acute shortage and action of PRATRA, during the last week of May, in releasing quotas for the two months of May and June, insures sufficiency of supplies arriving in the near future so that there should be no real shortage during June or July. The most important happening of the month with respect to food products as well as other commodities was, of course, the passage of the new Import Control Bill which was passed by the Congress on the last day of the session and promptly signed by President Quirino and made effec tive as of May 19, 1950. However, the Act will not become effective insofar as business in general is concerned until after the new Control Board is able to take over and set up the necessary machinery, and this promises to be some little time yet. Meanwhile the old Import Control Board continues to function, and the controls as specified in the previous control regulations, are still in effect. sun1.I’lLRERTSOU FRITZ. IM’ MEMBER-MANILA STOCK EXCHANGE 701 S. J. WILSON BLDG. 143 JUAN LUNA TELS. | 2-74-55 I 2-80-53 June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 237 There is every reason to believe that under the new Act, imports will be still further restricted and that this will affect particularly the import houses previously estab lished, all of which, both Filipino and alien, will apparently suffer severely in their business. Certain parts of the new Act are somewhat ambiguous, and until it becomes possible to see how it is implemented, it will not be possible accurately to forecast the effects. Textiles By L. W. Wirth General Manager, Neuss, Hesslein Co., Inc. ON May 19 the new Import Control Law went into effect which places various types of textiles in the following classifications: Classification "A”—subject to a maximum reduction of 40%: Used clothing Jute and other fibers Bags Burlaps and baggings Threads and twines Classificarion “B"—subject to a reduction of from 40 to 60%: Fish nets Cotton and rayon yarns Cotton textiles at prices not exceeding Pl.00 per meter Cotton knitted undrewear for men at not more than Pl.00 a piece Cotton underwear for women at not more than P2.00 a piece Silk textiles at prices not exceeding P2.50 per meter Rayon textiles at prices not exceeding Pl.50 per meter Other textiles at prices not exceeding P2.00 per meter Remnants and rummage of cotton, flax, linen, nylon, wool, silk, or rayon Classification “ C”—subject to a reduction of from 60 to 80%: Cotton manufactures Fabrics except umbrella fabrics Khaki fabrics Ready-made wearing apparel, outer or inner Ramie, flax, linen, and rayon fabrics, knitted or otherwise Silk manufactures except yarns and threads Textiles and manufactures of flax and linen Wool or cotton wastes FERTILIZERS SULPHATE OF AMMONIA SUPERPHOSPHATES SULPHATE OF POTASH MENZ1&C0., INC. Iloilo MANILA Cebu J. M. MENZI Bldg. Corner Reina Regente & Soler Streets Tel. 2-79-29 (It is understood that textiles under this classification arc those which exceed the price limit covered by the same articles under classi fication “B”.) Classification " D"—subject to a reduction of from 80 to 90%: Cloth rompers " Nylon, silk, wool synthetic fabrics and manufactures except yarns and threads Ropes and twines For the purpose of fixing the import quotas for each article, goods or commodity, the average annual c.i.f. value thereof for the years 1946, 1947, and 1948 is used as a basis. Local prices — Business during May was exceptionally slow despite the fact that there were limited arrivals against first-quarter licenses. Prices declined sharply after the passage of the new import control law and the price conFor DBUGS and TIIILETHIES Shop at YK I AXSEII DRUG CO., INC. “Your favorite Druggists” 436 Dastnarifias, Manila Free delivery, Cal! Tel. 2-71-19 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 ★ Lizin stevuiiokim; COMPANY, ISC. Manila ★ SERVANT OF THE PEOPLE Reddy is as near as your closest electric outlet. Hardly a dreary back-breaking job will faze Reddy ... a snap of a switch and lie’s ready to work. That’s electric dependability. MANILA ELECTRIC COMPANY trol measures (the latter not yet signed by the President). It is understood that within 30 days after approval of the Price Control Bill, all importers, producers, whole salers, and retailers would be required to submit a com plete inventory of their stock to the Price Administration Board which, eventually, would fix the percentage mark-ups for each of the various classifications. Legislation, Executive Orders, and Court Decisions By Ewald E. Selph Ross, Selph, Carrascoso & Janda IN a case decided by the Supreme Court April 8, 1950 (Ongsiako vs. Gamboa, G. R. No. L-1867), in connnection with the Tenancy Law (Republic Act 34), the Court made some pronouncements relative to the constitutional prohibition against impairment of contracts. The Court said: “Neither said Act impairs the obligation of contracts in violation of paragraph 10, Section 1 of Article III of the Constitution. Corpus Juris Secundum, summarizing the interpretations given by the American courts, says that constitutional provisions against impairing the obliga tion of contracts do not prevent the same from being subject to legisla tion enacted by the State in the proper exercise of its police power. Thus, at pages 701, 702, Vol. 16, it says: nermore, it is very considering House Bill No. 582, it undoubtedly had i istances and conditions surrounding the relations between landlord and tenant. It, therefore, could not have failed to take notice of the existence of contracts which stipulated a division of the crop on the 50-50 basis, and had the Congress intended to except those contracts from the operation of the new law (Republic Act No. 34), doubtless, it would have done so by inserting therein the corresponding provision; but on the contrary, it expressly provided therein that a stipulation whereby 'the tenant shall receive less than 55% of the net produce. . ,’ is against public policy, which is equivalent to a declaration by the Congress that a stipulation in a contract that the division of the crop shall be on the 50-50 basis, is against public policy. “In People vs. Pomar (46 Phil, 440) and in Philippine National Bank vs. Vda. y Hijos de Angel Jose (63 Phil., 814), this Court, citing Article 1255 of the Civil Code, says that the rule in this jurisdiction is that the contracting parties may establish any agreements, terms, and conditions they deem advisable, ‘ provided they are not contrary to laws, morals or public policy’; and while we have searched in vain for a con crete definition of the term 'public policy’, in its treaties on the law of contracts, in dealing with agreements against public policy, American Jurisprudence gives a summary of the doctrines laid down by the Amer ican courts on this matter. It says— and is in conflict war with the interests of society . An agreement either to do anything A lire in the Santa Cruz Building forced us to move. Please note new address. E V E R OLE A N S ER V 1 C ES EXPERT INTERIOR CLEANING Of Offices. Buildings, and Homes East. Complete, Dependable Service ROBERT S. CLARK, Gen. Mgr. <11 Vicente Manila Tel. 3-23-45 June, 1950 AMERICAN CHUMBER OF COMMERCE JOURNAL 239 Philippine Safety Council By Frank S. Tenny Executive Director THE membership of the Philippine Safety Council has reached an all-time record high with 37 company members and 29 individual. Recently joined mem bers include Dr. Luis Vasquez, Earnshaws Docks & Hono lulu Iron Works, Goodrich International Rubber Company Manila Machinery & Supply Company, Philippine Long Distance Telephone Company, Capitol Insurance Com pany, and Pangasinan Transportation Company. At recent meetings of the Board of Directors of the Council, distinguished guests have been present and have discussed with the Council various aspects of safety they are concerned with in their respective positions. These . guests included Mayor Manuel de la Fuente and Judge Francisco Carreon of the New Manila Traffic Court. At the Mayor’s visit, subjects of discussion included support for his program to keep children off the streets by means of providing additional playground facilities; ac cumulating traffic-accident data for the publication of “1950 Accident Statistics”; and a resolution requesting the Municipal Board to appropriate additional funds for the purpose of providing traffic paint to be used in out lining pedestrian cross-walks. At the visit of Judge Carreon, permission was granted the Council to place in the court room appropriate safety materials to be prepared both in Tagalog and English, admonishing safe driving practices and setting forth' recent traffic-accident statistics. The Fire Prevention Board, of which the Philippine Safety Council is a member, is presently considering the problem of providing emergency water supply for areas not having sufficient pipe facilities and also the problem of increasing water pressure during emergencies in those areas which are provided with adequate pipe facilities. CHRYSLER CORPORATION AIRTEMP packaged Air Conditioning and Refrigeration Exclusive Distributors: W. A. CHITTICK & CO., INC. Sales and Service 31 Romero Salas. Manila The Council has initiated a monthly magazine entitled Philippine Safety. This publication will embody all safety-education material formerly issued in separate edi tions. It is felt that this will enable the Council to more effectively pursue its aims of prevention of accidents and protection of life and property in the Philippines. CATERPILLAR STEPS I P PKODl CTIO1N AND STEPS DOWN COSTS DIESEL ENGINES . .. ■■ ■ TRACTORS MOTOR GRADERS EARTH MOVING EQUIPMENT llioir hard-hilling power, their and levied dependability and performance. “Caterpillar" pays off in increased prnDIESEL ENGINES * TRACTORS x MO TOR GRADERS * EARTHMOVING EQUIPMENT KOPPEL—| | (PHILIPPINES) I BOSTON & 2 3RD STREETS INC , PORT AREA • TEL. 3-37-53| I Branches: ^^tlacolod * Iloilo • Cebu • Davao • Colabato • Zamboanga J 240 AMERICAN CHAMBER OF COMMERCE JOURNAL FOR BETTER SERVICE—Call 3-29-05 ALLIED BlillKKRHJU lOltl'Oliiim Maisinan Building Boi l Area 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 items B Cloth ing (0.62) 1947; (100.00) (63.43) (11.96) (2.04) (7.73) (14.48) January........ . 603.4 759.2 236.4 984.0 363.8 434.8 .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............... . 552.7 704.3 236.4 598.9 341.3 364.6 .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 Documents may be delivered Io our represen tative in the branch offices of MACKAY RADIO <f TELEGRAPH COMPANY, Plaza Moraga and Trade <J Commerce Building. Individual attention and competent supervision given lo your customs brokerage requirements. CUSTOMS BROKERAGE 11<EIGHT FORWARDING WAREHOUSING TRUCKING HEAVY HAULING 1948 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 April............. . 387.7 413.3 543.9 269.2 328 9 271.6 .2579 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 THE COLLINS CMMJI Established 1826 Incorporated 1931 COLLINSVILLE, CONNECTICUT 1949 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 4 453.9 281 6 7 .2712 December... .2732 Commonwealth Axes Dayton Pattern also Double Bit Pat terns for swamping and falling 1950 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 December . . . 329 6 335.9 453.9 202.9 259.5 256.2 .3035 January......... 332.3 February.... 336.9 March............. 339.0 The Collins name on any a.xe is your guarantee of high quality Obtainable in all the leading Hardware stores everywhere E.rclusire Agents CHAM SAMCO & SONS, INC. General Hardware 300-308 Sto. Cristo, Manila, P. 0. Box 928 Telephones 2-81-72 & 2-81 76 Private Exchange connecting all department X1.::::::: 331.8 350.2 336.8 453.9 238.0 253.1 269.3 340.2 453.9 233.3 257.8 284.1 341.4 453.9 236.7 257.8 292.6 328.6 453.9 237.7 252.9 301.2 308.6 453.9 244.7 249.7 309.1 AGENTS BROKERS CHARTERERS .3010 .2969 .2950 .3015 .3123 TELEPHONES 3-34-20 3-34-29 American Steamship Agencies, Inc. Manila, Shanghai, Tokyo, Yokohama Cable Address: “AMERSIIIP” 203 Myers Bldg. Port Area Manila June, 1950 AMERICAN CHAMBER OF COMMERCE JOURNAL 241 INVENTORY FIMCING * A Field Warehouse of Luzon Brokerage Company can be of great service in your 1950 financing. * Enquire of your Banker or consult L B C. All enquiries in confidence. Telephone 3-34-31 * The “LET YOUR HAIR DOWN” ■ ----- - .... = Column Mr. John R. Wagner, president and general manager of the Pacific Merchandising Corporation, wrote us a letter a day after the May issue was mailed out, calling our attention to a regrettable error on page 181. The error consisted of the dropping of the final “000” from the figure P800,000,000,—the value of the im ports proposed to be admitted to the Philippines this year. The editor wrote Mr. Wagner stating in part: “We shall make a correction in the next issue of the Journal; meanwhile I am hoping that the nature of the error will be fairly obvious to interested readers. Such errors are just plain hell to me, but I thank you for informing me of it.” The editor was bemoaning the loss of a letter he claims he received from a Journal reader in Davao who said some very nice things about several of the recent editorials. “Of course”, he said, “people are always telling me such things when I happen to meet them in private, but I can’t prove that. You have to have a thing in writing. And here was a signed letter from a prominent busi nessman in Davao. I had it on my desk and was going to run it in the ‘Hair-Down’ column, but it disap peared.” “Mysteriously disappeared?” we asked. “No, I don’t think that . . . Surely no one here would be low enough . . . No, the wind probably blew it off my desk and out of the window. Talk about an unfavorable climate!” We send Speaker Eugenio Perez and in fact all the members of the House and of the Senate, too, copies of the Journal each month, but after sending him the May issue, we were pleased to receive the following acknowledgment from him, addres sed to the editor: “Kindly accept my thanks for your kind ness in sending me a copy of the May issue of the American Chamber of Commerce Journal. I wish to assure you that I have enjoyed reading the articles therein, partic ularly the late President Quezon’s article on Philippine economic policy. “With my best wishes and kindest regards, I am, “ Sincerely yours, "Eugenio Perez." During the month a note came from Mr. James J. Halsema, now Information officer, USIS, with the United States Consulate-General in Singapore, in which he stated in part,— “A copy of the Journal came to me last week via the diplomatic pouch from Manila. Many thanks. It makes excellent reading. I have passed it on to the Consulate trade people.” Mr. Herbert E. Warfel, in thanking us for sending him some extra copies of the May issue of the Journal which contained his article on the prospect for Philippine fisheries, wrote us a short note of thanks in which he stated that he is “proud to have his name associated with your dis tinguished publication”. Mr. Warfel recently resigned from the Fish and Wildlife Service of the U. S. Depart ment of the Interior to. accept the headmastership of the American School, Inc., Manila. Following the cancellation of his firm’s advertising in the Journal, the manager of the Manila office of the firm wrote us in part: “I wish to advise that the suspension is temporary in nature and is the result of a decision not made here in Manila. We are aware of the necessity, particularly in these times, of giving support to the Journal which does perform such unquestioned good service for the members of the Chamber.” Mr. W. J. Nichols, of the General Electric (P.I.) Inc., who has been edit ing the “Credit” column of the Jour nal, wrote in as follows: “Attached is my article for the June ‘ ‘ Inasmuch as I hope to go on home-leave about the end of this month, I have arranged to have the articles written during my ab sence for about six months, by Mr. C. W. Muilenburg of International Harvester Com pany of Philippines. Mr. Muilenburg has agreed to write, beginning with the article for the July issue, if this is satisfactory to you. I may mention that Mr. Muilenburg is President of the Association of Credit men (P.I.), Inc.” Mr. Muilenburg’s assistance will be gratefully received. We wish Mr. Nichols a pleasant home-leave. 242 AMERICAN CHAMBER OF COMMERCE JOURNAL June, 1950 We received the following letter from a prominent importer who asked us to withhold his name: “Dear Mr. Editor, “It does not appear to be generally rea lized that the 1 % charge which importers have to pay to the Import Control Adminis tration on the gross value of goods for which import licenses are issued to them, under the new law, both on controlled and un controlled gocds, is virtually another 1% addition to the present 5% sales tax. Let our legislators remember this when they are considering the proposed increase in the sales tax from 5% to 7% or even lA/z%- In addition to the \% charge on the gross value, I have mentioned, there is also the P2.00 fee charged for each applica tion for each classification of goods ordered, each of which must also be supported by affidavits of “Summary of Invoices, 1948 Arrival”, at P2.00 each plus a 30-centavo documentary stamp. After the new law goes into effect in this respect, the “Sum mary of Invoices” must be for the years 1946-47-48, which is going to require much additional work in all bookkeeping depart ments and of the typists. All this must be paid for and all must be added to the cost of the gocds, which the consumer must pay. Poor consumer I” The NEW MB fully automatic calculator A. Simple to Learn...in less than 15 minutes anyone in your office can be taught to multiply, divide, add and subtract. B. Simple to Operate ... exclu sive touch-one-key operation permits writing answers, while the ne;:t problem is being calculated. C. Simple to Get...just telephone end arrange for a demonstration on your own work. Try before you Buy! SMITH .BELUCOJTD. TRADE AND COMMERCE BLDG MANILA Tel. 2-69-71 *'pERHAPS, after all, things are better here than we think,” said the editor. It sounded like a tricky gambit to us, so all we said was, “How so?” “Well, we have all my grandchild ren from Davao visiting us at the house, five of them, and that with the four we already had there, makes nine, ranging in age from two to ten years old! It’s a houseful, all right. But that isn’t what I was going to tell you. The oldest girl, Penny (short for Penelope), has a little autograph book which she brought along, and last night, when she was asleep, I took a look at it. It is one of those books with blanks to fill out under such headings as “Favorite song”, “Favorite actor”, “What I want to be”, et cetera, and one of the headings runs, “Happiest mo ment of my life”. “Well, some of Penny’s young friends had filled out that last blank with such answers as “My birthday”, “Last Christmas”,- and so on, and Penny’s mother, who had a page in the book, had filled the line in with the word “Liberation”. But on her own page, Penny had written, “Every Day”! The editor emitted a happy chuckle, and, as for ourselves, we were duly edified. But the editor wasn’t through. “While I was musing over what Penny had written, I turned another page, and there another little girl had filled the same blank with what was certainly a more conservation and judicious, yet withal hopeful, ex pression. She had written, ‘Not yet’ ”. C. F. SHARP & COMPANY, INC. STEAMSHIP OPERATORS—AGENTS SHIP BROKERS GENERAL ORIENTAL AGENTS: WATERMAN STEAMSHIP CORPORATION Mobile. Alabama THE IVARAN LINES—FAR EAST SERVICE (Holter-Soremen—Oslo, Norway) PACIFIC ORIENT EXPRESS LINE (DITLEV-SIMONSEN LINES) (TRANSATLANTIC STEAMSHIP CO., LTD.) GENERAL STEAMSHIP CORPORATION San Francisco SIMPSON, SPENCE a YOUNG New York V. MULLER Kobenhavn, Denmark Head Office: 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 offices ' Subscribe to the JOURNAL to keep your files complete 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. 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