Journal. [1923]
American Chamber of Commerce of the Philippines.

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Page  1 X.. FZ~e c..American Chamber of Com erce Journal PU LISHE:D MONTHLY B Y THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS ENTERED AS SECOND CLASS MATTER MAY 25, 1921, AT THE POST OFFICE AT MANILA. P. I. LOCAL SUBSCRIPTIOK-P6.00 PER YEAR. FOREIGN SUBSCRIPTION $3.50, U. S. CURRENCY, PER YEAR. SINGLE COPIES-FIFTY CENTAVOS NORBERT LYONS. Editor W. N. BARTHOLOMEW. Advertisisso Manesger EXECUTIVE: C. H. Cotterman, Chairman E. E. Elser S. F. Gaches PUBLICITY: C. H. Cotterman, Chairman E. E. Elser H. B. Pond A. W. Beam FINANCE AND AUDITING: C. W. Rosenstock B. A. Green HOUSE: Vacant STATISTICS AND INIFORMATIC B. A. Green. Chairman J. C. Patty BOARD oF DIRECTORS C. M. Cotterman, President (absent) H. B. Pond W. E. Olsen E. E. Elser, Vice-President B. A. Green S. Feldotein (absent) S. F. Gaches, Treasurer C. W. Rosenstock A. W. Beam H. I. Hozingo, Secretary E. H. Selph, Generoal Counsel COMMITTEES INSURANCE AND FIRE PROTECTION: FOREIGN TB. H. H. Elser, Chairman H. Forst, C A. Nelson Thomas Brantz H. I MANUFACTURING AND LOCAL INDUSTRIES: SPEAKERS: F. H. Berry, Chairman George H. I F. H. Hale H. B. McCol Leo. K. Cotterman Walter Robi B3ANKING AND CURRENCY: MARITIME A Stanley Williams, Chairman R. H. NeCr W. G. Avery Victor C. E Carlos Young H. B. HcCo~ J. F. Haria RECEPTION AND ENTERTAINMENT: W. J. Shaw C. W. Hosenstock, ChairmanAFIAT Ray W. Berdeau F LIT A Col. Gordon Johnston ZATIONS Walter Rtobb W. E. Olser H. M. HcCr( LEGISLATIVE: C. W. Hosei C. H. Cotterman, Chairman RELIEF. F. C. Fisher )N: Frank B. Ingersoll George Seav, James Ross W. J. Odonr Thomas Carey Welch A. Schipsil,.ADE.: '!hairman Bryan Fairchild, Chairman )y.ND HARBOR: rory. Cheairsnan tall AND SUBORDINATE ORGANI. sn, Chairman rory notock ver, Chairman Agent MANILA CONTENTS FOR JANUARY, 1923 VOLUME III P. I. NUBR1. Page Page Prominent Americans in the Philippine Islands.....5 Real Estate (by P. D. Ccarmanc).......... 12 Manila, the City of Churches (Illustrated), by Norbert Lumber (by Arthur F. Fischer)..........33 Lyons I.-The Walled City............. 7 Autolotifttve (by Griffith M. Johc)........33 The Development of Philippine Minor Products, by F. Sliiv.NTS A. Whitney.10....SHIP....IN.....NOTES:. 1 Selecting a Site for a Coconut Plantation in the Philip- Local Shipping (by E. i. Brown)..........34 pines, by Chatrles H. Mcllvcaine...........12 U. S. Shipping Notes (by A. G. Henderson)....35 A Provincial Banking System in the Philippines.....13 New Shipbuilding Rules.............36 Annual Election Takes Place January 27........15 U. S. Trans-Pacific Mlail Payments.........37 New Members....................15 With the Chamber's Special Sections..........37 Hausserman Describes U. S. Situations.........16 Chamber Notes...................38 From the Custome-rs Point of View, by Percy A. Hill. 17 With the Board of Direcetors.............41 Trade Opportunities.................17 Fee on Bond Extensions...............44 Despedida For Avery................17 Recent Incorporations................. 44 Schedule of Meetings................17 Current Decisions of the Supreme Court Relating to EDITORIALS: Commerce and Industry, Edited by Ewald E. Selph, On the Upward Grade..............18 G3enerctl Counsel of the American Chamber of CornAn Appreciation.................18 U.c......................49 Amo, Pssbl Mrkt...............18 U.S. Advertising Shows Big Growth..........50 AOy, Labo Prossblem Marke.18 New York Court Rules on Quality of Manila Cigars.. 50 Our Labor Problem.19........... World's Cotton Crop.................52 Government in the Tobacco Business........19 Manila as a Tourist Port............19 STATISTICAL REVIW: REVIEW OF PHILIPPIN4E BUESINESS FOR, 1922: Consolidated Bank Reports............54 Exchange (by Stanley Williatns).........20 Circulation Statement..............54 Tobacco (by P. S. Frieder)...........21 Principal Exports.................55 Sugar (by George H. Fairchild).........22 Principal Imports................55 Hemp (by H. Forst)...............26 Carrying Trade, Exports and Imports......55 Copra (by E. A. Seidenspinner).........26 Foreign Trade by Countris........5..... Rice (by Percy A. Hill).30.Forein.Trade.b.Ports.5 Retai Trae (b Samel FGaces)31 Business and Professional Directory.5 The American Chamber ot Commerce is ready and willing at all times to furnish detalled Information to any American Manufsacturer, Importer. Exporter or other Americans who are interested in Philippine matters. Address all esmmunications and requests for such intormsation to the Secretary of the Chamber, No. 2 Calls Plnpln, Manila, P. I. T3he American Chamber of Commerce of the PhIlippines is a member at the UNITED STATES CHAMBER oF CommERCE, and is the largest and moot adequately financed American Chamber at Commerce ontalde the continental botandaries of the United states. The, organization has Twelve Hundred mesa; hers, all Americans, scattered over the Philippine Archipelago from Tawi Tawi to the Batanes. The organization of branches in all the American communItied of the Asiatic Coast is being stimulated. #DWf The AMERICAN CHAMBER oF COMMERCE OF THE PHILIPPINE ISLANDS should not he confused with other organizations bearing similar names such as the Chsmber ot Commerce of the Phiiippinues, the Philippine Chamber of Commerce, the- Philippine-American Chamber of Commerce and the- Manila Chamber of Commerce. 4 i -1 4.

Page  2 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 192: l; 7 a8ioP.I. CUTTING FORD UPKEEP!,44 I,ks ' f I I....l I D.. F~q>96W-RGWO:THE REASONS FOR THE SURPRISING M "i W ECONOMY OF GARGOYLE "E" 6EIXX9 OBYti' a The Body of Gargoyle Mobiloil "E" is scientifically corr(aily ight Body) i rect for Ford Cars. VAhU.clL CMPA The surprising efficiency and economy shown by Gargoyle Mobiloil "E" is due to its ability to meet the mechanical conditions in the Ford engine. E1:_ - |(1) Ford lubricating system. (2) Ford piston clearance. (2) Ford ignition system. (4) Ford bearing design. (5) Ford clutch and transmission design. aWHAT "BODY" OIL FOR FORDS? A mistake sometimes made by Ford owners is the use of an oi! heavier than Gargoyle Mobiloil "E". Every one of the five factors mentioned above demands an oil of the body and character of Gargoyle Mobiloil "E". It is readily atomized and distributed by the lubricating system-it gives proper piston ring seal- it reaches all the close fitting bearings-it eliminates the dragging of clutch and transmission bands caused by heavier oils. Gargoyle Mobiloil "E" will give you superior engine results. If you want superior engine results, a 5 gallon can of Gargoyle Mobiloil "E" will introduce them to you. Ford owners the world over are discovering- (1) That rapid wear of bearings can be prevented. (2) That frequent carbon cleanings are not necessary. (3) That frequent overheating should not be tolerated. I...... ' liGI b Mobiloil Make the chart your guide LOCAL BRANCHES: MANILA ILOILO CEBU C VACUUM OIL COMPANYAiW&- I NEW YORK, U. S.A. 1 CVACUUM OIL COMPANY^ o:'::::'':WVORK, U.S.^.: P -1 -- -. --- — - --- - -66 - - -— ' --- - ~ - - -

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Page  4 -- --- ---- --- -. — -- - - --- I i I I I I I. iI i! I i I i i I i i i i I I I NluB Hrar' (ir tring T THIS time we desire to express TV4 our sincere appreciation for the generous patronage which we have received during the past year from the people of Manila and our numerous customers and friends throughout the Philippines. It has been a pleasure for us to have had the opportunity to serve you. May the New Year be a happy year for you. EXPENDIO TABACALERA MIRA PEREZ, Agent 37 ESCOLTA PHONE 10. I i i. I i I i I I! i I i i I. ii i! I I iI i I 1 1 i i I -1 i - -- -

Page  5 Ja (_ anuary, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL PROMINENT AMERICANS IN THE PHILIPPINE ISLANDS CARSON TAYLOR Carson Taylor, publisher of the Manila Daily Bulletin, was born in Flat Rock, Ill., Dec. 5, 1875. After attending Central Normal College, Danville, Ind., he taught school in Illinois for five years. At the outbreak of the war with Spain he enlisted in the First Colorado U. S. Infantry Volunteers and came to the Islands in August 1898. On his discharge from the army in July 1899, Mr. Taylor became circulation manager, then business manager, of the Manila American. Selling out his interest in that paper within a few months, he entered the ~ a R. A. McGRATH Richard A. McGrath, head of the United States Shoe Company, the largest shoe manufacturing plant in the Far East, was born in Missouri on November 5, 1866. He began his business career as a salesman for a wholesale grocery concern, covering the middle western and southern territories. When the Spanish-American war broke out he enlisted in Battery D, First California Heavy Artillery, U. S. Volunteers, and came to the Islands with this outfit. Mr. McGrath served through his enlistment, and on being discharged here in July 1899 and seeing the possibilities of the shoe business in the Islands, he opened a small shop on Plaza Goiti. His vision proved prophetic, and the business grew steadily until it is now the largest of its kind in the Orient. Hike shoes are found wherever shoes are sold in this part of the world. Mr. McGrath has recently returned from a trip to the States with his family and expects to remain here a year before starting back again. He is an Active member of the American Chamber of Commerce and also belongs to the Manila Elks, Golf and Polo clubs. custom service. While there he founded the Bulletin, a small sheet devoted exclusively to shipping. In October 1900 he resigned from the government service and devoted his time to the Bulletin, which in 1912 branched out as a regular daily newspaper. Mr. Taylor was disbursing officer of the Philippine Exposition Board at the St. Louis Fair, in 1904, having charge of the insular exhibit and winding up its affairs. He returned to the Islands in 1905 after an absence of about a year and a half. Mr. Taylor is the dean of American newspapermen in the Islands. He is an Active member of this Chamber, a Past Exalted Ruler of the Elks, a 9hriner. and a member of the Army and Navy, Golf, Tennis and Tiro al Blanco clubs. A. T. SIMMIE Albert Tait Simmie, president of the Luzon Stevedoring Company, was born in San' Francisco in 1879. From the time he was fifteen years old, he heeded the call of the sea and served his marine apprenticeship on various and sundry vessels, sail and steam, up and down the West Coast and across the Pacific, until in 1900 he entered the United States transport service as a Fourth Officer. He steadily rose in rank until in 1912 he became Chief Officer. His brother, George W. Simmie, in the meantime had established the Luzon Stevedoring Company in Manila, and in 1912 A. T. Simmie joined the firm in a subordinate capacity. In 1914 the younger brother ac-, quired an interest in the firm, of which he is now the directing head. The company' is the largest of its kind in the Islands and recently took over the contract of handling the cargo plant of the Bureau of Customs at the government piers, in which, work it is giving greater satisfaction to the business community than the government ever did. Mr. Simmie is a prominent member of the local lodge of Elks and also belongs to the Baguio Country, Manila Golf and Manila' Polo clubs. I I I i i i i I I I i — ~~~~~~~~~~~~~~~~~~~~~~~, ~~~~~~~~~~~~~~~~~~~~~~~~ As IA A5s A4n Economical, Serviceable Truck, None Can Compare With a FORD THE UNIVERSAL CAR I. i I One Ton Truck P1250 We Carry in Stock a Complete Line of American Made Bodies PHILIPPINE DISTRIBUTORS MANILA TRADING & SUPPLY Co. r 4 9. ff~L,1 W=175 _ _ = - --- - e- 3 ---- ~ ~ ~ ~ ~ ~ ~~~~~~~~~~~mm~

Page  6 January,1~923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL I I *, _ = f mm I I I i i i i i i I I 11 I!I:i i I.I i i i i i I i I I WHAT IS IT WORTH TO BE SURE? Behind the Goodyear Tire you buy today is a tire-making experience that is perhaps unequaled in all the world. Over a period of nearly a quarter of a century millions of Goodyear tires have been put to test by the public. The reputation that is Goodyear's today could have been won by nothing less than extraordinary quality in Goodyear Tires. The sales could be the result of nothing else than a product of indubitable worth. That product has never been so good, never so serviceable as now. You are sure of utmost mileage, comfort and freedom from trouble when you buy Goodyear Cord Tires. Yet you get these things in Goodyear Cord Tires for no more than you are asked to pay for many ordinary tires. You get them in larger measure now than at any previous time. You get them at lower cost than ever before. LAST SHIPMENT ARRIVED BY S.S. "EMPRESS OF ASIA" DECEMBER 20th. I I i I i I i, I 1I II I.1 i I.. l Asg — f i "V. 4 qqlipw I —,lap ---

Page  7 7 I 1 I I I I I,i *i 1 i. ---- - 1 I I1 11 Manila, the City of Churches I.-THE WALLED CITY By NORBERT LYONS F_ ~~~~~, I If there is one feature that stands out among the many that arouse the interest of tourists in the City of Manila it is the many old and beautiful churches that have been erected by the Spaniards in all parts of the city. Under a local government in which the Church was the controlling factor, it was only natural that much time, money and effort were expended in the erection of pretentious religious edificies. This is true not only of Manila but also of the provinces. Throughout the Islands, the priests and the monks of the Spanish orders have put up stately piles, often out of all proportion to the size of the communities and the wealth of the people. Some of these architectural creations would do credit to old world capitals and their mere physical construction with the limited means and resources at the disposal of their builders is little short of miraculous. In Manila, the oldest and largest churches are situated in the Walled City which until comparatively recent times was Manila proper, the country outside of the walls having been incorporated in the municipal district within the last century. All these churches, except the Roman Catholic Cathedral, are administered by the different religious orders, whose members are everywhere in evidence-brown-clad and bearded Capuchins, blue-gowned Franciscans, whiterobbed Dominicans and Agustinians, and Jesuits clad in somber black. These priests and brothers are all well-educated, cultured men, who spend a good deal of their time in their conventos (monasteries) adioininl their churches, engaged in study and research of various kinds. The University of Santo Tomas, the oldest educational institution in the Islands, and one of the best, with a history that antidates that of any American university., is administered by the Dominican fathers. Many of these monasteries are quite as interesting as are the churches. AGUSTINIAN CHURCH AND CONVENTO First in point of antiquity and interest is the Augustinian church, situated at the intersection of Real and General Luna streets. The first building, erected in 1571, was destroyed by fire. In its place was erected another church built of firmer material, but this was destroyed by an earthquake. Finally, in 1599, Juan Macias, a noted architect, began the present structure. On his death, the work was continued by the lay brother Juan de Herrera, son of the famous designer of the Madrid Escorial, the second largest church building in the world whose beauty was such that its architect had his eyes put out so that he might not duplicate the work. Young Herrera in Spain got into trouble over a woman and was condemned to death. Influential friends and relatives interceded for him and his sentence was commuted to banishment. He came to the Philippines and followed his father's profession. Herrera also built the old bridge of Spain and the church at San Pedro Macati, where he was killed by a stone falling on his head during the construction work. Architecturally, the Augustinian church is of the peculiar Romanesque-Renaissance style so common in Spain and her colonies of that period. It has no special artistic appeal, aside from its antiquity, and what little it has is depreciated by the absence of one of the twin towers that originally adorned the structure. The east tower was demolished in an earthquake and has never been rebuilt. The body of the church is built to withstand the heaviest seismic shocks, with its great low arches that span the entire breadth of the building. The interior of the church is chiefly notable for its mural decorations, made by Alveroni, an Italian painter, about 60 years ago. On either side of the two side naves there are five chapels, each named after a saint and decorated appropriately. The dimensions of the building are 231 feet long, 84 feet wide and 42 feet high. Beneath the beautiful hardwood floor lie the remains of some of the most prominent Spanish and native residents of the Islands, including those of Legaspi, Salcedo, Ronquillo, Lisarraga and other Governors General. Archbishops Guerrero, Serrano, Zamudio and Garcia are also buried here. The Augustinian monastery, the largest in the Islands, occupies a space of six square blocks interspersed with six patios or open spaces. Of most massive construction, with walls in places twelve feet thick, this convent is practically immune to earth shocks At one time it housed hundreds of friars; now some twenty odd occupy the huge struc-. ture. Its endless halls are lined with oil painting of saints and martyrs, made by Filipino artists for the most part. Some of these are interesting, but none are what might be considered distinguished works of art. They are poorly preserved and are rapidly falling to pieces. One of the sights of the convent is a huge well which on several occasions has saved the population of old Manila from drought. It also was used by the. American troops during the early days of American occupation. Its capacity is estimated by the Augustinian fathers at 65,000 gallons. CHURCH OF THE CAPUCHINS Two or three squares up General Luna street, just beyond Victoria street and close to the Delmonico Hotel, stands the Capuchin Church of Our Lady of Lourdes, the most modern of the Walled City churches. The Capuchins did not come to the Islands until 1886, when they established a mission and built a chapel in Pasay. In 1892 Brother Bernardo M. de Cieza had an image of Our Lady of Lourdes made by a Filipino artist, Manuel Flores. This work of art, because of its beauty and religious significance, aroused much enthusiasm among the parishioners of the church, especially the women, and immediately became the objective of pilgrimages and devotions, being credited with the power of curing bodily ailments. Finally, in 1897, it was decided to build a new church on the present site and Federico Soler, the architect, and Jose Garcia Mor6n, the engineer, were commissioned to begin work on the. edifice. The following year the American troops came to Manila and there was great consternation among the populace, the people fearing a bombardment. The Superior of the Order, Brother Alfonso M. de Morentin, at the time the excitement was at its highest pitch, took a solemn vow that the new church would be dedicated. to Our Lady of Lourdes if the bombardment did not take place. The bombardment did not eventualize and on September 24, 1898, the church was completed. It is of a Romanesque style of architecture, in the main, with touches of Renaissance and other orders of decoration. While small, it is very impressive, and when fully illuminated presents a brilliant appearance. It is a popular church among the ladies and its 10 o'clock mass is largely. attended on Sundays. It is also the scene of many fashionable weddings, having a wealthy and exclusive congregation. - - -I. A,

Page  8 ___ _ _I_ I _ _ __ _ THE AM) Interior of RECOLETOS CHURCH A short distance away, at the intersection of Recoletos and Cabildo streets, is the Church of the Recoletos or San Jose. The Order of Recoletos is one of the oldest in the Islands, its first representatives, 13 in number, having come here in 1606. They settled in what was then the barrio of Bangumbayan and on September 10, 1606, founded the first church, a crude structure, in which they placed the image of San Nicolas of Tolentino, now patron saint of the city of Manila, which they had brought from Spain. Here they also established their first monastery. They struggled on amid great hardships and in most abject poverty. Don Bernardino del Castillo, the leading Spanish executive of Manila, and his wife, Doina Maria Enriquez de Cespedes, moved by the poverty-stricken state of the good friars, bought the present site and erected a church on it at a cost of ~100,000. In 1645 an earthquake destroyed most of the original building and it had to be reconstructed as funds became available. The present facade dates from 1781. The earthquake of 1863 destroyed the roof which had to be rebuilt. The facade is rather more elaborate than that of the other churches, being adorned with Doric pillars and niches holding statues. The bell tower, with its numerous openings and niches, makes a picturesque feature of the exterior. It has five bells. The architectural style of this church is Spanish Romanesque with touches of Renaissance. The interior is typical of the Spanish churches of Manila, except that it has a large distinguishing cupola. The reredos, or altar screen, is particularly noteworthy because of its numerous sacred paintings and statues and its beautiful and intricate carvings. To the left of the high altar is a large chapel surmounted by a cupola. An old and quaint organ in the choir loft is worthy of inspection. In this church are buried Captain General Fajardo, who died in 1617, and his wife, as well as other distinguished Manilans of the early days. VRICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Cuyapit, a Filipino, who had it standing on a small stand mounted on wheels. In 1645, so the story goes, the city was shaken by a series of earthquakes beginning on Novem-er 30. Soon after the seismic disturbance began, tradition says, this image of its own accord moved from its accustomed place to a window facing Manila and began to shed tears. Four times Sr. Cuyapit brought it back to its place and four times it returned to the window and wept copiously, until the earthquakes ceased. This is set down in the Franciscan annals above referred to. Since then the event is celebrated annually on December 4. The organ in this church is over 200 years old and has always been considered a gem by antiquarians. There is nothing of very great interest in the Third Order church or chapel, its exterior being a rather bizarre mixture of Italian Renaissance and Greek styles, though the effect as a whole is quite pleasing. Only the lower portion of the facade is of old construction, the upper portion being modern. This chapel is popular among the people of the district as a place of special devotion. DOMINICAN CHURCH Proceeding down calle Solana, we come to the Dominican Church and Convento, in front of which is a spacious and wellPhoto by Denniton, Inc. kept yard planted with trees and shrubs. Jesuit Church. At the side of the church is the beautiful Santo Tomas Plaza. We at once note the fact that this is the only Gothic church FRANCISCAN CHURCH AND MONASTERY building in the Walled City, and it is of In close proximity is the Church of San a particularly pure Gothic type. Francisco with its tChapel ofthe Third Or- This is the fifth building of the DominiFrancisco with its Chapel of'the Third Or-e c a rch. The f was put up in 1675 can Church. The first wa s put up in 1675 der of San Francisco, both facing a large and was of wood. It was destroyed by fire stone court. The two churches are separ- and in its place was erected an edifice of ated by the convent, one of the largest in strcng material, which, in turn, was dethe city. The front of this square is stroyed by an earth quake. It was succeeded located at the intersection of Potenciana stroyed by an earthquake. It was succeeded cantrd ema bi the intersecnd aon fTaes uan by a third building at the beginning of the and Solana streets and also faces San last century, which was also demolished Francisco street. Thisoe First Franciscan monks to reach by an earthquake. The same fate visited Mani rs tare iFr ai aland mreteks to reasp the fourth structure, erected in 1863. The Manila arrived in 1577 and erected a small present church was finished in 1888 and nipa house of worship. This was destroy- is probably t he second largest in Manila, ed by fire in 1583 and another of wood was the first being the Catholic Cathedral. constructed at the expense of Marshal de One of t he noteworthy features of this Rivera and Don Martin de la Rea. In Church is an image of the Virgin on the 1602, Marshal de Rivera built a rubble center facade over the entrance, in front of church and convent, donning the gown Of which a light is kept burning nightly. This the order shortly afterward. In 1739 this i a s kt hr fo hi image was brought here from Mexico in group of buildings was destroyed by an 1587 and has been in the same position earthquake and the present structurein was ever since, with the light burning in front erected. The tower Mwas demolished in of it. The groined arches, sculptured ca1824 and rebuilt. The southern part of pitals, stained glass windows and rich but the main chapel and the roof of the church simple decorations combine to give the inalso suffered severe damage from an earth- terior a very artistic and yet deeply reliquake in 1863. gious atmosphere. This church owes much of its popularity This church has one of the finest organs and repute to a miracle which is reported in the Islands. It is a double instrument to have occurred on October 3, 1603, when with a full set of orchestra stops and was during the Chinese uprising Saint Francs brought here from Spain, having been speis said to have appeared upon the city cially constructed. walls, defending the capital with a sword The chapel of Our Lady of the Rosary of flame. So impressed were 400 of the is the most famous and most beautiful porChinese prisoners by this miracle that they tion of this church. The image is considerimmediately asked to be baptized and each ed a rare work of religious art and is held and every one of them assumed the Chris- in high reverence as the Patron Saint of tian name of Francisco. This story is the Islands. This statue is reputed to have taken from the annals of the Franciscan saved the Islands from a Dutch invasion in fathers published in 1863. 1646. The annual fiesta of Our Lady of The'Franciscan Church is of rather mas- the Rosary as celebrated at this church is sive outside appearance, the architecture said to be the greatest in the Philippines. being of a mixed style, with the Roman- It takes place in the month of October. esque and Renaissance elements predomi- When the present church was erected the nant. Greek pillars of the Ionic and Corin- site was little more than a swamp, the moat thian orders embellish the front. The ef- surrounding the wall at that time being fect is to make the church look larger than close to it. The fathers who inspected the it really is. The altar screen, resplendent site had to make their way in boats. in silver, is truly impressive. The whole Adjacent to the church is the Dominican interior effect is one of massive simplicity. monastery, from which the feminine sex is One of the images in front of the high al-a strictly barred. This institution derives tar, that of San Francisco de las Lagrimas, particular importance from the fact that has an interesting history. It was origin- it is the central headquarters of the Order ally in the suburban home of one Alonso in the Far East. Educational work appears I I IS I

Page  9 . January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9.. -,..1. t I I. r ^. CAPUCHINS CHURCH JESUITS CHURCH I,, I, 'i CATHEDRAL OF /MANILPA - Z i - i' t FRANCISCO CI a NTO DO CHURCH OF THE THIRD ORDER OF SAN FRANCISCO. Photo by Denniston, Inc. Churches in the Walled City, Manila.

Page  10 10 THE AME to be the specialty of the Dominican fathers, Who, as has already been mentioned, administer Santo Tomas University, as well as many other institutions of learning such as San Juan de Letran College for boys and Santa Catalina College for girls in Manila. They also have very strong representation in the more important provinces. THE CATHOLIC CATHEDRAL Walking around the front of the Dominican church, through the beautiful Santo Tomas plaza and past the Ayuntamiento (Insular government building), we reach the Cathedral of the Immaculate Conception, the largest and most imposing church edifice in the Islands. It fronts on Plaza McKinley, in the center of which is the statue of Don Carlos de Bourbon. Its architecture is of Byzantine style, with numerous modifications. The three large arched doorways are reminiscent of St. Mark's, Venice. It has a large dome, whose gilt top is one of the first sights that attract the eye of the traveler as he approaches Manila on board ship. The high arched interior with its groups of quadruple columns, elaborate decorations, exquisite chapels, beautifully painted dome and spacious nave is very impressive. The sacristy is especially beautiful and contains some of the richest vestments and religious paraphernalia to be found anywhere. The present Cathedral is the fourth since the dedication of the first building on December 21, 1581. This was destroyed by an earthquake in 1600 and was succeeded by a new building, which was opened in 1614. An earthauake destroyed this edifice in 1645 and a third structure was dedicated nine RICAN CHAMBER OF COMMERCE years later, only to be razed to the ground by a seismic shock in June, 1863. The present Cathedral was completed in December, 1879. JESUIT CHURCH Close by, on calle Arzobispo and near the Archbishop's palace, stands the Jesuit Church, a gem among the many beautiful churches of the city. Owing to the close proximity of other buildings and the narrowness of the street, its exterior architectural beauties are not as apparent as they would be were the church viewable from a distance. However, it is its interior that constitutes its main attraction and a most beautiful and pleasing effect does it produce. In style this church is Graeco-Roman of a late date and much credit must be given to the architect, Don Felix Roxas, for his exquisite design. The work of construction was begun by Sefior Roxas in 1878 and completed by Father Francisco Riera in 1889. The interior is a most harmonious blending of countless artistic features and the effect is very pleasing. To the writer, this is the most beautiful church in Manila, so far as the interior effect is concerned. A number of good paintings by Spanish artists are hung at different points and there is an excellent painted wooden statue of Christ on the Cross executed by a Filipino artist which has been placed in the church recently. The carving in this church is of particular excellence, the pulpit being the best exemplar of this species of craftsmanship. To the rear and one side of the altar is an underground crypt in which are stored the remains of all the Jesuit fathers who JOURNAL January, 1923 have died in the Islands. A marble floor slab bears the names of the most of the departed and a new slab will be placed in the wall for additional names. Access- to the crypt is gained by lifting a floor slab and descending a stairway. The remains are stored in walled-up niches along the sides of the crypt. In this church can also be seen a fine collection of antique and modern vestments of genuine cloth of gold and silver, as well as many highly artistic and valuable sacred vessels. A monstrance of solid gold studded with precious stones is valued at P30,000 alone. The first Jesuit church was built in 1727 on calle Palacio, then calle Real. It was destroyed by an earthquake in 1852. It was succeeded by the present church. Like the Dominicans, the Jesuit fathers are educational specialists and the Ateneo de Manila, next door to the church, is a famous secondary institution, now headed by Father Francis X. Byrne, an American member of the Order, who is assisted by a staff of American teachers of the Order. Father Byrne is also rector of the church. The museum of the Ateneo is reputed to be the best in the Islands and is well worth a visit. This completes the round of Walled City churches and they should be visited in the order named if economy of time and effort are desired. The antiquarian or student, however, can find a veritable treasure house of church annals, history, tradition and theology in the libraries of the monasteries connected with most of the churches and the good fathers are only too pleased to furnish whatever information is desired, or assist in its gathering. The Development of Philippine Minor Products By F. A. WHITNEY, President and General Manager, Tropical Food Products Cannpany, Manila.,..,, 11 11 1 --,il, __1,,,,,,,,, The writer, being greatly interested in any work that tends to build up the undeveloped industries of the country, and in furthering this work-which no one seems to have in mind or, having it in mind, does not place it before the people-believes the time opportune to try and create an interest among those on whom falls the responsibility of arousing the people to action and of placing the country on a sound financial basis. I am no authority on this question, but it doesn't require a sage to know that the real progress of the Islands is going to depend to no little extent on the working up of our minor products, which at present are receiving but little, if any, attention. Times are indeed hard. The farmer feels that he is harder hit than others but, in reality, everybody is affected. After all, the Philippines is an agricultural country and what affects the farmer does affect all. Matters should be remedied. But how? Are we going to try to reduce taxes that are absolutely essential to the existence of the government, or are we going to do some good, hard thinking and devise ways and means of improving conditions by constructive work? We know that the government is short of money and is having a hard time to exist, as well as the people. It certainly cannot exist without money; neither can the;neople; and, therefore, the only solution would seem to be to make the country more productive. so as to get the needed money. The question is, how are we going to get it? Most anybody can have ideas and I am outlining mine in the following paragraphs. DEPEND TOO MUCH ON STAPLES. Just what is the cause of the present crisis? We should know this before taking intelligent action. Some will say that it is due to the careless handling of the peoples' money. Others will say that it is due to the after-effects of the prosperous years of 1918-1919, and this would probably come as near to the truth as anything. Money was coming rather easy during those years and, since the people acquired 'the habit of spending, it is hard for them to get back to pre-war standards. As a matter of fact they cannot, or at least they do not want to. They have acquired numerous wants that are now indispensable to them. This means that these wants, needs, desires, or whatever they may be called, are growing faster than the purchasing power of the people. We simply must have more money, and there is plenty of it to be had if we will but take advantage of the opportunity. It would seem that we are depending by far too much on the staple products such as sugar, tobacco, hemp, copra, etc., and when there comes a slump in, prices, like at present, the country feels it very much. The prices of these products are very low and, in any case, one cannot say that the wealth derived from them is equally distributed. I am looking at this question from the point of view of the smaller farmer. I contend that there is no real excuse for these hard times. They could have been avoided. The Philippine Islands are potentially one of the richest countries of the world and would be in fact if we once got cown to real business. We have given but little thought to economic matters and we cannot expect to see real progress made until we do give this question some of our time. We need economic leaders but they are slow in coming to the front. It certainly would be a good thing for the country if our present leaders were more concerned in this matter. What progress have we made during the past number of years, as compared to what we ought to nave made, in what we may call the productive life? It is true that the production of the staple products has increased, but what have we done to build up our minor industries? It certainly has rot been very much. We haven't begun to build up an export business as yet, for if only a portion of these minor products were worked up our business would be several times as much as it is now. We haven't given this matter much thought, or otherwise we would have taken some action. The question is of vital importance to the country and the subject is worthy the consideration of our best minds. PRODUCTS WITH GOOD MARKETS. The United States, China, as well as the many other northern countries, use immense quantities of tropical products that we now produce, or can easily produce as well as any other tropical country, and we can afford to sell them as cheap. The products we have here are far too numerous to mention and I know but a very small portion of them. However, I would like to submit the following list for which I know there is a market either in the United States or China: Paper Pulp Papain: The States imports several hundred tons each year. Tanning Materials.,j I i tA

Page  11 .a a i ii r ~r r c;r s a 3 1 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 Leather: Imagine the number of skins of goats, sheep, cattle, etc., that are obtainable in the Islands each year. How many of these are properly prepared so as to be made into leather? Vegetable Dyes. Such as annatto, tumeric, sapanwood, etc. There is a market in both the States and China. Starch: It is stated that Java has numerous factories turning out starch from cassava (camoting cahoy). We import this from China when, with a little instruction, the people could at least provide for their own needs. Medicinal Plants: Just get a bulletin from the Bureau of Forestry and the Bureau of Science and note the numerous medicinal plants. The United States imports these and so also does China. Vegetable Oils: There are numerous kinds of commercial value. Rubber Rattan: We have enormous quantities ef rattan and it will compare with the best, although it now has a hard name, mostly due to the fact that it was not properly prepared or handled. Rattan Core: There are tons and tons of this valuable product being wasted in stripping off the skin for bundling up to. bacco, tying on nipas, etc. It is in great demand by dealers in the States in the round and half-round form from 1 to 7 millimeters in diameter. It simply requires a small steel plate with holes to work this up. Guano Window Shells Pearl Shells: China uses very large quantities. Sponges Kapok: There is a big demand for this commodity in the United States and China. I sent a sample to Shanghai recently and orders came for 30,000 kilos. It can be a 4 very large industry. A full bearing tree will produce 5 kilos of cotton and 10 kilos of seeds, which are also salable. Kapok sells in New York for about 11.00 per kilo. Fresh and Dehydrated Fruits and Vegetables: Manila and the greater part of the provinces are insufficiently supplied. China can handle immense quantities of fresh tropical fruits. There is a great desire to handle dehydrated tropical fruits in the United States and other northern countries. Just look up the food products in any country having its industries developed. Ginger: We are importing this product from China when it will grow in most any part of the Islands. Our article compares with the best. The United States, Australia and Canada, not to mention the other northern countries, import something like 4,000,000 kilos each year. Jamaica ginger sells for P1.50 per kilo in New York and the African, the cheapest, sells for about 44 centavos per kilo. A hectare will produce at least 7,000 kilos. Gum-chicle: This product, taken from the chico tree trunk, is a valuable product. The United States imports something like 10 million pounds per year and uses a like amount of substitute chicle, as they cannot get the good chicle. Other countries are also beginning to use it since the war. One could depend on averaging a kilo per year per tree. It is worth about ~2.00 per kilo. Brooms: China, especially Canton, is shipping thousands of cheap bamboo brooms to the States. They can be made much better and cheaper here where the material is plentiful. Basketry: The United States uses immense quantities of cheap bamboo baskets each year for confectionary, etc. China ships large numbers. If the business were organized so as to sell at reasonable prices, the States would take millions. Mats and Mat Material: China, especially the northern part, could use millions of cheap Philippine mats, if the business were organized, and also a large number of the more expensive ones. The raw material could be shipped at a good profit. Cacao: The importation of cacao products into the U. S. amounts to about e100,000 annually, the greater part coming from South America. This plant grows well in many parts of the Islands and could easily be produced in quantities. Peanuts: During 1920 the U. S. imported something like P40,000,000 worth of peanut products, a goodly part of which came from China and Japan. With the tariff favoring us as it does, is there any season why we should not capture part of this trade? Our product appears to be as good as that produced by the above mentioned countries. Beche de Mer: It is a food product that China will bake any quantity of, and at a good price if properly dried. It is found along every coast. Basta Material: For cheap bath and door mats, cushions, etc. Wood Material: For canes, matches, shoes, combs, meat blocks, box material, etc. All is imported. Lumber Betelnut: China and States import large quanties. Bamboo Shoots: Dried, pickled, fresh, for China and other countries. Bamboo Cigarette Holders: Millions used in China each year. Suit Cases, rattan Rice Cleaners Coconut Coir or Fiber: A big industry in itself. Used for mats, ropes, etc. Cordage and Cordage Fibers: Thousands of junks in China use cheap ropes. The raw material could be shipped at a good profit. Fans, miscellaneous: China imports millions each year. Hats, cheap: The Chinese are beginning to use hats more and more. A good cheap hat would be in demand. Better ones will sell. PREPARING PRODUCTS FOR MARKET. I repeat, there are numerous minor products of great commercial value, and were we to work these up, we would have an export business amounting to many millions of pesos each year. As a whole the revenue that might be produced would be several times what our present exports bring in. However, there is one great point to be considered. The people are lacking in knowledge and experience in preparing products for the market. The greater part of the minor products now exported drift into Manila through the hands of numerous middlemen and, since no care has been taken in preparing and handling them for market, they are mostly condemned as being inferior to articles of similar nature produced in other tropical countries. There is really no reason why we shouldn't be able to prepare these things as well as others. It simply requires a little instruction or advertising. If we have a business of any size we are bound to do great deal of advertising. At least we would if we expected to do much business, For the purpose of this writing let us suppose that the government is in business selling what the Islands can produce. It is a businas and a very big one. Just what advertising are we doing to teach the masses what we have of a commercial value and the proper manner of handling and preparing these products for market? The majority do not have the faintest idea as to the worth of the greater portion of the minor products. I know that I do not. What use are we making of the enormous amount of very valuable data on file in the Bureaus of Agriculture, Science, Forestry, and Commerce and Industry, for which the people have paid millions of pesos during the pest twenty-four years? What methods are these bureaus taking to see that the people are advised of the resuits of their labor? Of course the government is poor and there is no money available for publishing these things for free distribution, etc., but this is one of the things that should be remedied. How many of us have visited the Manila markets and noted the numerous articles that have been imported from China? It is rather interesting, but it really makes one feel ashamed if he has the good of the country at heart. We are importing products that grow to perfection a few miles from Manila and along a good railway, and other manufactured articles that cannot be compared with what can be made right here in the Islands. It would not be so bad if we were exchanging, but this, in most cases, we are not doing. Take the question of food products as an example. We are importing millions of pesos worth each year without making the least effort to build up our own supplies. Isn't it logical to believe that these northern countries, many of them with great purchasing power, are as anxious to buy our tropical products as we are to take theirs? MUST PRODUCE IN QUANTITIES. We cannot hope to accomplish much until we build up and organize our provinces, where the greater portion of the wealth of the country lies. There is a demand for our products, but no dealer is going to pay any attention to us for little driblets of any article. We must have these things in commercial quantities and they must be properly prepared for the market. We can sell them if we have the supply and they are decent. Conditions will continue as they have for the last number of years and we never will have our minor products in commercial quantities unless the country is organized and the people shown that there is a market for what they may produce. They simply will not plant much more than their own needs, just trusting to luck for some one to come along and buy the surplus; a:.d if they do not sell it, they let it go to waste. They want to see a market and they canndb be blamed for this. As the case stands now, we cannot have a business because we cannot get the supply and the people will not produce the supply until they see an organized business to handle their products. It means that someone will have to give way-and it won't be the people. The only solution is for firms to start in small and work up with the business, or take steps to organize cooperative firms. What are we going to do? Are we going to let things continue as they are, or are we going to organize? We read of the government confiscating millions of pesos worth of good land on account of the people not being able to pay their taxes. This is very regretable, but where does the blame fall? As before remarked, the government must have the money. We may say that the people are the government and in that event the masses are to blame. However, we must re(Continued on page 45.)

Page  12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Selecting a Site for a Coconut Plantation in the Philippines By CHARLES H. MCILVAINE, Superintendent, Celebes Plantation Company. Inc., Saub, Cotabato, P. I. The recently perfected art of manufacturing palatable food products from the oil of the coconut, at a time when the world's human population had outgrown its lard supply, proves again that necessity is the mother of invention, and the new product being such a welcome stranger, one wonders why it was not discovered earlier. Vegetable ft- madl from coconut oil, in the form of shortening for pastry and frying and as a palatable table butter, are now coming into general use and by their very nature promise to supersede animal fats which have heretofore been used exclusively for those purposes, and although considerable preiudice has always existed against substitutes for lard, the manufacturers of vegetable fat products are educating the public in the use of them. Their great popularity where they have been given a fair trial proves that they have come to stay. Vegetable fat, being a manufactured or synthetic product, can be kept at constant quality. It is more wholesome, economical, and efficient than animal fat for kitchen purposes and, besides, is absolutely free from the danger of disease that is sometimes contained in animal fats. INCREASING DEMAND FOR OIL As our wives become acquainted with this tasteless and wholesome fat, the demand for it will increase enormously and it is safe to predict that before long many factories will compete for our first class copra from which to manufacture this odorless necessity. Coconut fat is also kosher, which means that the millions of Jews, Moslems, Buddhists, and others whose religious faith includes dietary laws prohibiting the use of animal fats as an article of food, can use this fat with impunity and it does not require much of an imagination to predict that, if this market is ever developed, it will consume all the copra the world's present groves are capable of producing. As a food, copra is entering on a new era. The manufacture of soap is ever increasing its demands for more copra as are also the myriad other uses for this oil in commerce. Thus, in view of the wonderful future market the coconut is destined to enjoy, we cannot possibly plant too many trees, and as an investment there is no tropical crop that can compare with coconut planting today. It is undeniably safe, lasting and, if properly managed, very remunerative. SELECTION OF SITE IMPORTANT For the profitable cultivation of the coconut there exists no place on earth more favorable than certain sections of the Philippine Islands. Coconuts can be raised profitably on all the Visayan Islands, in the southern provinces of Luzon, Laguna, Tayabas and Mindoro, the Sulu Archipelago, and on the island of Mindanao, the lastnamed island being more favorable than any of the other places mentioned. The outstanding fault to be found with the majority of our Philippine coconut groves is that proper care in the selection of the location has seldom been given the attention it deserves. Most of the American planters have started groves in the province and locality in which they happened to find themselves as a result of military or civil service. Coconuts grew well at the place where they happened to be, and at the completion of their service they engaged in the industry. It speaks wond ers for the vitality of the coconut tree to find it li;ving in some of the places it is planted and at the same time actually providing a living income for its owner. FIVE FUNDAMENTAL POINTS It is true that coconut trees will grow almost anywhere in the Philippine Islands. However, we are not interested in proving this but are concerned only with those favored places where coconuts can be grown with the maximum profit to the planter. To select such a place we must give attention to five fundamental points, which by their presence assure a profitable investment or by their absence doom the venture to failure. These five points are: 1. Soil. 2. Rainfall and Climate. 3. Topography. 4 Transportation Facilities. 5. Labor Supply. The greatest success will obtain where all five of these essential points are in evidence. The soil should, first of all, be deep. It should not be underlaid with gravel, rock or hardpan near the surface. Alluvial soils are the best medium, of course, but coconuts also thrive in rich loams, sandy loams and many clays. Seashore sands should be avoided. The rainfall should be well distributed throughout the entire year. At any place where there are distinct dry and wet seasons coconuts should not be planted. The coconut tree can live through droughts that would kill abaca and most of the annuals, but it would merely live during this dry time. It would not grow nor would it produce fruit. This tree requires a great deal of water at all times and it must have its supply constant or it will suffer and cease to fruit. Therefore a locality where there is a sufficient precipitation, and that well distributed throughout the entire twelve months of the year, is the only locality to be considered when looking for a site for a coconut plantation. SHOULD AVOID TYPHOON BELT There is probably no other single factor that causes so much loss to the coconut industry as the destructive baguios (typhoons) that tear their way through the Philippines almost yearly. Yet one of the greatest coconut regions of. the Philippines is situated on the south-east coast of Samar, where every baguio that visits the Islands feels obliged to leave its card. The people there are very poor. Had they planted their trees on Mindanao, where baguios are unknown, they would be rich. While the Philippines afford vast areas of excellent land below the baguio belt, it seems rather poor business to establish a grove in the ba.quio belt where great losses are inevitable. The topography of a site, judging by some plantations I have visited, does not seem to interest prospective investors a particle. Some plantations are located on a number of steep hillsides where it is difficult for a man to keep upright, let alone try to cultivate the trees. The object in selecting such places as these was to avoid clearing the land of trees, as these lands were covered with cogon grass. Not only does this class of topography preclude the use of machinery, but the transportation of the nuts to the drying sheds will be very expensive. Besides, the cogon grass roots poison the soil and retard the growth of the trees. The ideal topography of a coconut-grove should-be as flat as good drain age will permit. This will facilitate cultivation, roads and transportation, a good layout, and make possible many catch crops with economy. Transportation facilities are of vital consideration to a coconut plantation. The produce is heavy and bulky and long transport by land or transhipment by sea will make expensive inroads in the income of the plantation. The mere fact of the plantation being located on the seashore does not mean cheap water transportation, unless it lies on the direct route of some regular steamship run. HANDLING OF NATIVE LABOR If the plantation must be inland, it should be near a navigable river. A plantation that can load steamers from its warehouses direct for Manila will have a great advantage over one that is obliged to transport its produce over land or river to the ship. Many localities are ideal for coconuts in every respect except that inaccessibility and isolation would cause them to operate at a loss, due to excessive costs of putting the copra on the market. The logical place, then, for a coconut plantation is on or near the seashore along the route of some steamship run that would not have to deviate far from its regular course to serve the plantation. Local labor is always preferable when possible. In Mindanao, where there are many pagan tribes, a location where there are many people living not only insures a supply of local labor trained in the art of clearing forest land, but also is indicative of the healthiness of that place, as the pagan people have long ago learned to shun the fever-ridden localities. The pagan people make excellent plantation laborers, but for work requiring some degree of intelligence it will be necessary to import some Christians. The point is that the more local labor you have at the place, the less expense you will have in importing laborers. There are many losses connected with the importation of Filipino laborers that experience only will convince you of. NOT A GET-RICH-QUICK GAME These five points cover the natural conditions that must obtain at a coconut plantation if the maximum results in profits are desired. They are so evident that it seems superfluous to mention them, but a superficial inspection of the groves of the Philippines will reveal how badly they have been neglected. Once the plantation work has been conmmenced, none of these natural conditions can be changed. Cultural mistakes can be rectified, managers can be changed, but the person who selects the site for the plantation will be the responsible party for the success or failure of the venture. A coconut plantation is not a "get-richquick" scheme. It will require from six to eight years before there will be any income whatever. On the other hand, if properly managed it is the surest and safest investment in the world, and once established it will yield more than satisfactory returns and be a permanent source of income for life. And aside from the intrinsic value of the plantation, you are entitled to that soul-inspiring knowledge that you are "doing your bit" by your adopted country in helping her to be the garden spot of the world, at the same time pushing her one step forward in the direction of economic independence, without which political independence is impossible. I

Page  13 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL IA Provincial Banking System for the Philippines. I -........... _ _ _,,. "Provincial Banking in Relation to Economic Problems in the Philippines," was the subject of an interesting address by Attorney E. G. Turner of Pangasinan at the weekly luncheon of the Chamber on Wednesday, November 8. Mr. Turner presented a plan for a provincial banking system which aroused the interest of the numerous bankers present. His plan is based on the Federal Reserve system, a branch of which he advocates for the Islands. If that is not feasible, he would establish a strong central bank with branch banks all over the Islands, under government supervision but not under government control. Mr. Turner is especially well qualified to discuss the subject, as he organized the successful Pangasinan Bank in 1918 which was later absorbed by the Philippine National Bank, the government forcing the move. Attorney Turner's address follows in full: "It is not my purpose in this talk to discuss the philosophy or theory of banking or the principles of a money system. The question for us to consider today is how to attack the economic problems that confront us in the Philippines so as to bring about the most satisfactory solution of financial questions and economic independence. The financial, industrial and agricultural questions and problems that confront us today are far-reaching, and the manner in which they are met and solved must ultimately determine the welfare, prosperity and success of the people. The principal question of today is not how to obtain sufficient funds to pay the employees of the government but the broader and more important question of how to create more wealth in the Philippines. The development of wealth has not kept pace with the standard of living. Our exports have not kept in advance of the imports. Commerce and trade have decreased for lack of proper feeders. INFLUENCE OF BANKS "I believe that one of the most potent factors in the production of wealth and the development of civilization is an efficient and competent banking system which fits itself into and betters prevailing conditions; one which encourages the development of wealth, fosters trade and commerce, makes for thrift and encourages savings. A good banking service furnishes the life blood that courses through the arteries of trade; it furnishes the sinews of business; it is the mainspring of industry and commerce; it is one of the dominant factors in the development of civilization. The author of 'The Modern Bank' says that 'banking has been the chief motive power in the advance of material civilization in the last century. It makes possible cooperative activity in obtaining from the natural resources of the earth a volume of products far beyond what would be conceivable without it, and this abundance of products from human effort raises immeasurably the level of human well-being.' SITUATION IN PANGASINAN "We find in the Philippines today a great field for banking activity almost untouched. You gentlemen who live in Manila, the commercial center of the Islands, have banking facilities; we in the provinces have none. The provinces, the feeders of the commercial centers, are practically destitute of a banking service. Let us take a look at the province of Pangasinan, one of the agricultural provinces of the Islands, generally known as the granary of the Philippines. "Pangasinan has an area of aproximately 3,000 square miles, with 46 municipalities, a population of almost 600,000 inhabitants and the number rapidly increasing every year. Its resources are almost unlimited. A few of the principal products in one year are as follows: Palay 13,304,931 cavanes, sugar cane 143,890 tons, corn 193,641 cavanes, copra 2,789,926 kilos, tobacco 8,337,625 kilos. These figures are taken from the last census. With intensive cultivation these products could be increased tenfold. "Of the 500,000 hectares of land in the province, more than one-fourth has never been cultivated. (The proportion is much larger in other provinces). Records show that there are over 500,000 parcels of land assessed for taxes in Pangasinan, with 130,000 land-owners. The average area of each farm is very small. The government has issued up to date approximately 25,000 Torrens titles covering about 50,000 parcels of land. Revenues coming into the municipal and provincial treasuries of the province during the past year amounted to ~P2,213,615.44. Mineral claims registered during the last year were 36 in number. 10,000,000 PEOPLE WITHOUT BANKING SERVICE "The wealth of the province has hardly been touched. Notwithstanding the great amount of products, the resources and the increasing revenues, we have no banking service for this population of more than half a million people. What is true as to the banking service in Pangasinan is true in general for the other provinces of the Islands. In other words, about 10,000,000 people of the Philippine Islands have no banking service. Can we expect the development of industries, stimulation of trade, great production of wealth or the solution of economic problems while these conditions prevail? It is true we have some banks in the Philippine Islands, but these banks are commercial banks located in the commercial centers and with the exception of the Philippine National Bank they serve the commercial centers only and their beneficial influence does not reach into the provinces to any great extent. Even if they so desired they could not assist in the development of the provinces from which come the agricultural products and commerce of the Islands. These banks that are established in the Philippines, with the exception of the Philippine National Bank, are handicaped by lack of liberal banking laws. They cannot make mortgage loans and are limited in their scope of usefulness. USURY RAMPANT "By reason of an inadequate banking system, we find usury running rampant in all parts of the Islands. True, we have a usury law in the Philippines, but this law is futile and should be taken from the statute books or put in a form that would merit its name. In the province of Pangasinan today there are hundreds of people paying from 35% to 200%t interest annually on loans. It is no uncommon thing for money lenders and some dealers in palay to lend money in such a form as to collect 100% interest in six months. What is true in this respect in Pangasinan is equally true of many other other parts of the Islands. A very large portion of the people of the Philippine Islands today are under financial bondage to a small number of inhabitants. We may do much to bring these matters to light, but a readjustment of economic conditions is necessary to eliminate this evil. Unless these conditions are remedied, prosperity and the development of wealth as well as the realization of economic independence of the people of the Philippines will have a long hard road to travel. ' "In order to meet and overcome these adverse conditions it is very necessary that an up-to-date banking system be established in the Philippine Islands. To establish such a system is not an easy job. It takes money, patience, labor, wise counsel and sacrifice, but it will pay in the long run. EXPERIENCE OF PANGASINAN BANK "Our experience in establishing the Pangasinan Bank in Dagupan in 1918. demonstrates that we must begin at the bottom and work up gradually. We found that very few people of the half million inhabitants of the province knew anything about banks or banking. (This is no reflection on the people, as they have never had an opportunity to know about such institutions). There were very few of this nunmber that knew what a check is or its use or what it stands for. We held meetings in the various municipalities of the province, we visited the public schools and gave lectures and discourses on banks and banking service, what they mean to the people and the benefits to be derived therefrom, showing at the same time a check, a passbook, etc., thus teaching the people in general relative to the use of banks. Before depositing their money, many would-be depositors inspected the bank's vault to see if their money deposited therein would be safe. "The people must be convinced that it is better to deposit their money in a bank than keep it hid away in or about their houses, The management of the bank must have the absolute confidence of the people. LONG DISTANCE BANKING WILL NOT WORK; "This is the path that must be traveled in order to establish an effective. banking service in the provinces. Itcannot be done from Manila. Long distance banking is not feasible in the Philippine Islands. It has been tried and found wanting. The people in the locality where the banks are established must be interested in the banks. They must be stockholders and depositors ahd then every one will be a booster of the: bank. Hundreds of thousands of pesos:. now hid away in bamboos,' in the corner posts of the houses, in boxes and': other places will then come'to light.. This money will be brought 'into circulation through the establishment" of

Page  14 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 provincial banks. I believe that the present manager of the National Bank will support me in the statement that the greatest interest the people of the provinces have in the present branch banks established therein is to obtain loans. There is that lack of interest and enthusiasm in the institutions that would come if the individuals locally had a material interest in the banks. "The Pangasinan Bank, with P250,000 paid up capital stock, had 150 stockholders, 200 depositors and deposits fixed and current of P240,000 after operating a little more than one year. BANK AS AN EDUCATOR "The banks must be educators, they must show the people the way to establish credit, to liquidate their obligations when they fall due, a principle of banking not well known in the provinces. The provincial banks should cooperate with the Bureau of Agriculture in teaching the people how to obtain the best crops, how to develop the best breeds of animals, how to obtain the best results from their services. The banks can assist in the development of industries and commerce. They can assist the people in planning for the development of the wealth of the community. Provincial banks under efficient management could assist the people in a thousand ways, but all of these opportunities will lie dormant until the proper banking system is established by legislation. There is no incentive to the development of agriculture, industries, commerce or trade. FAILURE OF AGRICULTURAL BANK "Today the small farmers have practically no assistance whatever from the banks. The government once established what was known as the Agricultural Bank, which in itself was a failure. Whether this failure was due to inefficiency or poor organization you may decide, but it is believed that these two causes coupled with the fact that the officials were too far from the field of action to know what was going on were the chief factors that contributed to its conspicuous failure. There were many unwise loans made. The bank made loans on land that did not belong to the mortgagors. We have one instance in Pangasinan today where the Government is trying to foreclose a mortgage made in 1914 for the amount of P11,000, now P20.000 including interests and costs, and it finds that persons other than the mortgagor have Torrens Titles for all the lands. In fact a part of the land had been ad udicated to other persons when the mortgagor obtained the loan. The bank was too far from the scene of action. THE NATIONAL BANK FAILURE "The Agricultural bank was abolished and the National Bank was ornized and granted broader powers with the intention of assisting not only the farmer but trade, industries and commerce as well. Had such a man as the present manager, a banker of mature experience, been placed at the head of this institution at the time of its organization and had he continued in charge up to the present time, no doubt the bank would have fulfilled the purpose for which it was intended and would today be one of the strongest institutions of the Orient. But, alas! political infuence linked with ineffi ciency and dishonesty left it in a deplorable condition. It was in this condition when the present manager took charge. The history of the National Bank of the Philippine Islands has caused a setback of at least ten years to the aspirations of the Filipino people. Today the manager of this bank has no doubt one of the biggest problems to solve that confronts the government of the Philippine Islands. "The National Bank had agencies in some of the provinces but these did not meet the demands of the people nor did they in the least relieve the economic conditions, and to reestablish these agencies, as proposed by a bill lately introduced in the Legislature, would be folly in view of past experience. GOVERNMENT SHOULD QUIT BANKING "The National Bank has established in some of the provinces branch banks, but for lack of available funds they have not accomplished what was expected of them. The other banks of the Philippines are commercial banks and are unable to assist the farmers directly, even though they should desire to do so, as the laws do not permit commercial banks to grant agricultural loans. "The governmei:t should go out of banking; for many reasons it should not attempt to carry on a business that can be better carried on by private concerns. It should encourage private interprises and not enter into competition with them and put them out of business. The best banking systems of the world today are not government institutions. SHOULD AID AGRICULTURE "A Chinese proverb runs as follows: 'Civilization is like a tree; agriculture is the root. Neglect or injure the root and the tree will perish.' This is as true today as when it was written 700 years before Christ. As one writer has said, it is, however, only within the last few years that the country bankers generally came to realize the many possibilities of their field as it relates to the farms. These possibilities are unlimited and merit the careful consideration of the progressive banks. To promote and develop to the fullest extent the agriculture of any region is to directly increase the wealth of the community and the business of banks in general. Agricultural extention work done by banks should be considered as purely good sound business and not as philanthropy in any sense of the word. Once the chief mission of banks was to lend money, not so today. A bank which fails to assist the community and better conditions in which it is located has no good reason for its existence. "Without the development of agriculture in the Philippines this country will never reach the economic and independent financial position that it merits. Without a proper banking system agriculture cannot be developed so as to extract from the soil the great wealth which lies ready to be taken. President Harding in his recent annual message to Congress voiced a dominant principle when he declared that agricultural prosperity is absolutely essential to the general prosperity of the country. The farmers and planters must have some suitable means of tiding them over from planting to the harvest season. There must be more suitable and up-to-date methods of marketing the harvests. Farmers must produce more and reap better prices. All of these things can be done through a proper banking service. TRAINED MEN NEEDED "Up to date but little has been done in the way of banking in the Philippine Islands. Practically nothing has been done for the provinces. The government has enacted a law establishing the Rural Credit Associations as a starter but has made no provision for financing the same. It is an attempt 'to make brick without straw.' Without working capital but little can be done by the associations. Furthermore, in order to be of real service to the people, the banking service must be in the hands of experienced and competent management. In banking, as in law or medicine, there can be but little success without efficient training. One of the principal things which should engage our attention of today, looking forward to a proper banking system, is the training of young men for banking service. "As intimated above, in order to establish a complete up-to-date banking system in this country there must be proper legislation. Up to date we have no general banking law. We have a special law for one or two banks but all other banks operate under a few paragraphs of the Corporation Law. This law, so far as it applies to banking, has long since served its purpose; it is antiquated and should be substituted by modern up-to-date banking legislation which will give us a system of banking that will meet the prevailing conditions of the Philippines. WOULD EXTEND RESERVE ACT TO P. I. "No doubt one of the wisest steps that could be taken is the extension of the Federal Reserve Act so as to include the Philippine Islands as one of the districts with a reserve bank in Manila. This would make 13 districts (an unlucky number), but putting the Islands under the Federal Reserve Act would give a stability to the banking service of the Philippine Islands which would enable capital to be diverted to banking with a feeling of security that could not be had otherwise. The Federal Reserve Act is no doubt one of the wisest pieces of banking legislation that has ever been enacted in the history of banking. It has safely weathered the stormist financial period known to the history of finance. Had it not been for the operation of this law and the wise management of the Reserve Board, no doubt there would have been during the world war the greatest financial panic that the world has known. The Reserve Board held a strong hand over the member banks and thus averted the catastrophe. Had there been a financial panic in the United States, what would have happened to the financial systems of all Europe? A GENERAL BANKING LAW "If for political reasons it is not feasible to extend the Federal Reserve Act to the Philippine Islands then it is recommended that local legislation be enacted establishing an up-to-date banking system for the Philippines, one that has the elements of safety, one that can accommodate itself to local conditions, one that will make for prosperity. "There should be a general banking law enacted. This law, as far as local conditions warrant, should be patterned after the Federal Reserve law and that of the most progressive state banking laws. It should provide for 1 i i I I I

Page  15 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 I I I.1 Ii a bank which corresponds in general to one of the Reserve banks, city and provincial banks, in addition to the Rural Credit Associations. "The central bank should have in general the powers of one of the Federal Reserve banks, with such modifications as will meet the local conditions. This bank, preferably the Philippine National Bank reorganized, should be under the control of a Board of Directors to be selected by provincial banks, local banks, the business community and the government. Some of the principal powers of this bank should be as follows: "(1) A depository for insular funds. "(2) To receive deposits, cash checks, and demand drafts by member banks. "(3) To rediscount commercial papers and agricultural mortgages, etc., of all member banks. "(4) To make loans to its member banks and to exercise in general other powers now exercised by one of the reserve banks in the States. "This should not be a government institution, but the government should cooperate in the development not only of this bank but the whole system. The government of course should be represented on the Board of Directors but should not have a majority vote. Details of such a bank could be easily worked out so as to establish the greatest degree of stability and usefulness. PROVINCIAL BANKS "Provision should be made for the establishment of local provincial banks, with a working capital within the range of the possibilities of the people. These banks should be so organized as to meet and develop local conditions; most of the stock of which should be held by local stockholders. A part of the stock, however, could be held by the central bank. Provision should be made also whereby provinces, municipalities and rural credit associations may be stockholders. Provincial banks should have certain privileges which the present law does not grant. The law should provide that provincial and municipal governments may deposit funds with said banks, they giving fidelity bonds to guaranty the local governments against loss. At the beginning there should be not more than one or two banks in a province. The province ef Pangasinan keeps on deposit with the Philippine National Bank (the only government depository) from P300,000 to P800,000 all the time. The part of this money collected in the province and designated by law for the province should as far as possible be held in Pangasinan for use of the people who paid it. The same is true with other provinces. Under such an arrangement there would be established a cooperation between the provincial and municipal governments and local banks. This cooperation would result in great benefit to the people and community at large. Instead of depositing these provincial and municipal funds in Manila as at the present, certainly they should be made available for use in the provinces where they have been collected. Under such an arrangement the provinces and municipalities could assist indirectly the development of their respective communities. "These provincial banks should as far as possible be members of the Reserve Bank established in Manila. Also the existing private banks could become members of the Reserve Bank if they so desire. "Rural Credit Associations as now established could hold stock in the pro vincial banks and greatly assist in the development of said banks; and at the same time they could be greatly benefitted by the aid and assistance that the local banks could give. These provincial banks could also be depositories for the Rural Credit Associations. There should be a system of cooperation from the highest official of the government down through the banking system to the officials of the Rural Credit Associations. UNDER GOVERNMENT INSPECTION ONLY "All of these banks and institutions should be under strict bank inspection by the government but none of these institutions should be government institutions. They should not be under the direct control of the government and should as far as possible be divorced from political parties and political influence. They should be organized by private interprises for the service that they can render. This system of banks would help to solve the economic pro blems and thus make for success of the people. "In short the following recommendations are offered: "(1) The enactment of a general banking law for the Philippine Islands modeled after the Federal Reserve Act and best State Bank Laws; "(2) The withdrawal of the government as the controlling factor from the business of banking; "(3) That the Reserve bank located in Manila be made the depository for the Insular government funds. "(4) That the organization of local banks be left to the initiative of private enterprises. "(5) That the provincial banks be made depositories for the provincial and municipal funds; "(6) That the provincial banks be empowered to serve as commercial, agricultural, discounting and savings banks; "(7) That provision be made to stimulate the Rural Credit Associations." Annual Meeting Takes Place January 27 i A-~~~-'M~~"i~~pT."-P~~~~~.J,.._ The third annual meeting of the American Chamber of Commerce will take place on the afternoon of January 27 at the rooms of the Chamber. Five Directors are to be selected, three to serve for three years and two to serve for one year. The Directors choose the officers from among their own number. Director Rosenstock is the only one of the Directors chosen at the first annual election in 1921 to remain in office. When the lots for term of service were drawn, he drew a three year term, which expires in 1924. The other two three-year men were Stanley Williams and Walter E. Olsen. Their terms would have expired in 1924, but they have resigned during the past year, so that successors will have to be chosen this month to fill out their unexpired terms. The two-year term Directors of 1921 were Captain H. L. Heath, C. M. Cotterman and E. E. Elser. Captain Heath resigned in 1922 and his successor will have to be chosen this election. The terms of Directors Cotterman and Elser of course expire this election also, so that this makes necessary the selection of three directors for as many full three-year terms. The one-year term Directors at the first annual meeting in 1921 were H. J. Belden, B. A. Green and R. M. McCrory. Mr. Green was re-elected last year and Directors Gaches and Feldstein were chosen to succeed the other two Directors. These three Directors still have two years to serve. It was necessary to divide the first Board into one-year, two-year and three-year terms Directors, so as to permit of the election of three new Directors each year thereafter. Now all terms are for three years. The vacancies created by the resignations of Directors Williams and Heath are being filled by Directors Pond and Beam. The vacancy created by Director Olsen's resignation has not been filled. Article VII of the By-Laws of the Chamber, providing for the annual and other meetings of the Chamber, reads in part as follows: ARTICLE VII.-Meetings of Members. (a) The Regular and Special Meetings.-The annual meetings of the Chamber shall be held on the last Saturday of January of each year. Special meetings may be held at any time at the call of the Board of Directors or upon written request of not less than ten of the active members or upon the written request of twenty-five of the resident associate members. Notices of regular and special meetings shall be given in such manner as the Board of Directors shall by rule prescribe. No business shall be transacted at any special meetings other than that stated in the notice. (b) Elections.-The election of Directors to hold office as provided for, shall be had at the regular annual meeting of the Chamber. (c) Voting Rights.-The right to vote in meetings of the Chamber, whether regular or special, shall be limited to active members present by individual right or by accredited representatives in the case of member-entities, or by proxy: Provided, That no person present at any meeting, and qualified to vote, regardless of the number of proxies which may have been conferred upon him, shall be entitled to more than two votes: and provided, further, That associate members, present in person, are entitled to a vote under circumstances stated under Article V, Section a. (d) Proxies and Representatives.-Any active member may, in writing, appoint any other active member or any accredited representative of a member-entity to represent such member at any regular or special meeting of the Chamber. (e) Participation in Meetings by Associate Members.-Associate members shall be entitled to personally participate in all meetings of the Chamber, whether regular or special, to take part in all discussions, or serve on Committees, and generally to assist in the conduct of the business of the Chamber, but shall not be entitled to vote, except as provided for under Article V (a) and in accordance with section (c) of the article. (f) Quorum.-At any regular or special meeting of the Chamber, twenty (20) active members shall constitute a quorum for the transaction of business. If less than the number to constitute a quorum is present, they shall have power to adjourn the meeting to another stated date and at the time and place so designated the meeting may be held, wfhatever may be the number of members present. A majority of the votes cast of active members present or by proxy in the affirmative at any regular, special or adjourned meeting of the Chamber as herein provided shall be binding upon the Chamber in all matters save those which by the terms of these by-laws, or by the laws of the Philippine Islands, require the affirmative vote of a specified number of members or a vote of the active and associate members within the purview of Article V (a) and VII (c) in which latter cases a majority vote of the combined active and associate members present will decide the issue —(Amendment adopted, February 15, 1921.) NEW MEMBERS Associate J. L. Meyers, Kneedler Building, Manila. P. S. Frieder, Manila Hotel, Manila.

Page  16 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Hausserman Describes U. S. Situation One of the best attended luncheons of the month of December was that of Wednesday, December 13, when John W. Hausserman, formerly a prominent practicing attorney of Manila and now engaged in the mining business in the Philippines and in various commercial enterprises in the United States, was the speaker. Mr. Hausserman spoke of conditions in the United States, having just returned from a residence of two years in the homeland, and also gave some of his views on the Far Eastern and Philippine situation. He counselled Americans as well as Filipinos to "keep their feet on the ground and everything will turn out well." At a distance of 10,000 miles, he declared, it is impossible to obtain real, first-hand information as to conditions on the othor side of the ocean. The United States, he said, has just been through a most severe financial crisis, but there has also been a war waged against certain "unseen" foes, an element that is worse than the "hyphenates" of war-time days. Real Americanism is now needed more than ever, the speaker asserted, and when President Harding made a plea for Americanism recently he was speaking timely and to the point. It is these dangerous elements, working beneath the surface of American life, that had a go)od deal to do with the recent coal and railroad strike. UNITED STATES AND GREAT BRITAIN The American business man is developing a broadened vision, Mr. Hausserman stated; he is going after the world's business and is determined to capture his share of the world's foreign trade. This necessitates a strong merchant marine, an essential element in foreign trade expansion. To be sure, a strong fight is being made against the development of the American merchant marine, he continued, but the situaticn in the shipping field seems to be lining ing up similarly to what it was before the war, namely its major portion will be divided between two great powers. Befoie the war these were Great Britain and Germany; now they are Great Britain and the United States. Both of the latter countries, he added, should not permit anything to come up that could mar the friendly relationship now obtaining between them. Great Britain. with her experience and ability, and the United States, full of energy and possessed of vast financial power. should join their resources and carry on business in perfect harmony. The political situation is always to be reckoned with in the United States, the speaker declared. Men of energy and broad vision who are engaged in business and industry do not take an active part in politics. Hence Congress is always a step or two behind these elements of the population. There can be no question of the fact that the people were disgusted with the last Congress, Mr. Hausserman said, and this accounts for the changes that came about at the last election. Business men, however, are well satisfied with the Administration, outside of Congress, and there was a universal desire to see such a general change as has taken place, with the Rerilblicans having a small though safe lead. This, it is hoped, will result in better legislation. As for the nation's foreign affairs, the Washington Conference has resulted in the eliminPtirn nf t-e darger of a runture between the United States and Japan, the speaker asserted. The most competent observers of events and developments in the Far East are agreed that this portion of the world will be the future big international trade center. The desire to purchase foreign goods is on the increase among the teeming millions of the Orient and this means that the purchasing power of these people will increase. This, in turn, opens up vistas of a large and growing market for America. PREDICTS BIG FUTURE FOR FILIPINOS In Europe there is a general desire to have the United States participate in European affairs, according to Mr. Hausserman, but, while the people of the United States are also anxious to be of help to Europe, they desire to render this assistance in their own way. With regard to the United States in the Orient. Mr. Hausserman said there is a general feeling that as long as this country has a hold in the Far East, in the Philippines, it will act as a stabilizing factor and help the Chinese to work out their own political salvation. "We will have a big influence here," he stated, "and if the people of the Islands, both Americans and Filipinos, keep their feet on the ground-if they have patiencethey will reap a rich reward when the American influence is exerted through the Filipinos. The real leader of the Far East will be the Filipino. "Let the people continue to develop the Islands commercially, let them work together, cooperate, remembering all the time that whatever is finally done will be settled in the United States and that all elements concerned will have their say-and the ultimate result will be beneficial to all. "Governor General Wood has the complete confidence of the American people and of the Administration. That is the reason why the American people apparently take so little interest in the Islands. They feel that the situation is being managed by able and capable hands." In conclusion, Mr. Hausserman said he is keeping in close touch with the political elements in the United States and is diinS his share in keeping those with whom he comes in contact reliably informed on events and developments in the Islands. Bishop Locke Talks On Antipodes A large gathering of members and their friends turned out at the weekly luncheon of Wednesday, December 6, to listen to a talk by Bishop Charles E. Locke, of the Methodist Church, on his recent trip to the Antipodes. The Bishop gave a most interesting description of Australia and New Zealand, interspersing considerable economic data and anecdote. Australia, he said, is nearly as large as the United States. but the interior of the continent is a huge desert. The population is thus settled along the sea shore. Sydney, the largest city with a population of 1,000,000, has a wonderful harbor, one of the finest in the world. It has modern buildings that remind one of an American city and is laid out splendidly. Its magnificient business blocks would do credit to some of the largest cities in the United States. Two hundred miles distant is Melbourne, population 800,000, a city strongly reminiscent of Los Angeles, Bishop Locke stated. Brisbane, in North Australia, is the third largest town in Australia. The Bishop was very favorably impressed with the Australians, who are extremely hospitable and energetic. Many Americans live and do business in Australia. At the time Bishop and Mrs. Locke were in Sydney the Australian government had just made a big loan in Wall Street, after failing to negotiate it in Iondon. Three and a half days distant by water from Australia is New Zealand. Bishop Locke was very much surprised at the great distance between the two countries, they being commonly regarded as lying close together. In climate and scenery New Zealand very much reminded Bishop Locke of Oregon, the mountains in particular being reminiscent of that American state. Unlike Australia, New Zealand has a very small American population and Americans there are regarded with much curiosity and interest. Bishop Locke described the New Zealanders as a "delightful people." The largest city in New Zeaand is Auckland, its population being 80,000. Wellington, the capital, has a population of 30,000. There are two islands, the North island and the South island, the ferry trip between the two taking all night. On the South island the chief cities are Christchurch, which has a distinctive English atmosphere, and Dunedin. of a decidely Scotch trend. Bishop and Mrs. Locke were much impressed with the tea-drinking proclivities of the Antipode'ans. Seven times a day the beverage is regularly partaken of by Australians and New Zealanders, and sometimes even oftener. As for coffee, Bishop Locke vouche's for the fact that most of it never saw a coffee bean, judging by its taste. There is a strong temperance sentiment in New Zealand and the question was up for decision in December. The people of New Zealand and Australia, Bishop Locke said, worshipped Premier Lloyd George, who has since resigned. Abraham Lincoln is regarded as the greatest American and his life is used as a text in the public schools. The people are interested in the Philippines, but, like the folks in the United States, are not very strong on the geography of the Islands. They regard General Wood and Dr. Heiser as the two greatest administrators in the Far East. Bishop Locke also visited the United States and called on President Harding, with whom he had a confidential interview relative to Philippine matters. He found the President to be an unassuming, everyday American and told an amusing incident in connection with his White House call, when the Bishop, dressed in a frock coat, was the only man to wear formal attire, the President and the latter's Secretary both wearing business clothes. The Bishop's talk was greeted with welldeserved applause at its conclusion and was regarded by those present as one of the most interesting addresses ever given in the Chamber.

Page  17 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 From the Customer's Point of View BY PERCY A. HILL In this article, Mr. Hill points out a ntiimber of reprehensible practices indulged in by some inerchants. We are sure that the great imajority of Manila merchants are not guilty of such practiceg. The few that may be to blame are certainly not representative of the business conmmiunity and certainly cannot survive long. Nevertheless, the article may contain something of value to every business man.-The Editor. The merchant has his shortcomings. He with the opticians and spectacle makers. is no more infallible than the ordinary in- This crime is not indulged in only by the dividual, but he is often accused of adopt- small fry, but by periodicals whose circulaing a public-be-damned attitude in general tion runs into the million. trade principles. The fact that the mer- One practice, which, however, has been chant must depend on his clientele to a cer- discontinued since the war, was a very simtain extent has often been lost sight of, and ple one in the days of easy money. A wellreprchensible practices have crept in which known business man or planter might have have reduced the volume of business con- occasion to inquire as to certain supplies siderably each month. at a firm's headquarters, and in his monthly With the violent slump in commodity va- account he would be charged with these lues, and restricted credits, it must be stat- same supplies, which he did not order or ed that the merchant's chief concern was receive but merely inquired for. Strange to to "pass it on" to the other fellow. Unfor- say, such bills were paid on several occatunately, this other fellow, in the main, was sions. the producer of the raw materials and con- Naturally, these practices do not increase modities in the Islands, and his loss was in- trade. A good customer should be better finitely more complete than the merchant's, than a future purchaser, and merchants for it became an actual fact in a few would do well to recognize this fact. Under weeks, when he came '.o a point of dis- existing conditions, the merchant cannot posing of his produce at fifty per cent of hope to retain any foreign trade acquired what it cost him to produce it; and his pur- during the war. This market is lost beyond chasing power was virtually cut off at one recovery. But there is an added menace stroke. The merchant would have been that the home market will be invaded by bankrupted had he suffered any such im- the "enemies of peace," and we already mediate loss, rather than having it spread see that several German firms are to start out over a period of two years. Further- business, and these firms, with cheap but practices were adopted in throwing the loss efficient labor and low transportation costs, on the other fellow. Some of them are as will in spite of tariffs, attempt to take follows, and quite a good number of con- away trade sumers have reported them: sumers have anumbreported them:of firmsaOne thing often escapes the regular merThere are a number of firms, and not all chant but not the ordinary consumer. This of them small, who persist in the poor busi is the fact that old, well-established firms ness practice of charging and collecting whose products were once the standard twice. The amounts are generally from i25 have not kept pace with the times and far to P100, not worth going to court about, superior products are being put on the and the number of men who pay them is market by new firms. The sales volume of surprising. When such double charges aree new products brought to the attention of the head of the they y tin he market and they in turn will only retain the market firm, he alleges poor book-keeping, careless so long as quality endures in this comemployees, or some other reason, but the etitive world sum total of these double collections amounts p to quite a figure over a period of six months. _ ___ __ _ ___ _ _ Frequently a customer writes inquiring after certain commodities or supplies andTRADE OPPORTUNITIES the firm replies that they are out of them at present. The customer fills his needs. from other sources, and is surprised a few N 29 months later to be informed that the firm has ordered these supplies for him from A firm in St. Louis, Mo., desires to get the States. Far too many easy-going mes in to communication with exporters of Philhave thus loaded up with unnnecessary sup- ippine sponges. They think they can displies, to keep from further trouble, and im- pose of quite a lot of them, but will only mediately sought some other firm to do bus- deal with exporters direct. ness with. Contracts, in selling tractors, or motors, No. 30 or others machinery, are often verbally A firm in Pittsburgh, Pa., manufacturers agreed to by the purchaser, the salesman of flavors and extracts for ice cream manuexplaining that the contract is simply a facturers, pop bottlers, confectioners, bakmatter of form, and entirely new phases are ers, etc., is looking for a representative in sent the purchaser by the firm. In the Manila. above practice, many men have returned the commodity or machinery, or simply let the firm sue. The press is also a business from the mer- A manufacturers' export company chant's standpoint. There is, however, one (neither jobbers nor commission merchants) thing that the press the world over is guilty in Chicago desires a responsible manufacof. Owing to the pressing need of large turers' representative in Manila to handle type advertisments, which are of course the automotive equipments and parts. Full life of a paper or magazine, the body of particulars can be obtained at the office the paper is printed in type of the pica or of the Chamber. diamond variety, so that the ordinary citizen has perforce to scan the' ads, for he It is reported that a prominent United cannot read the body of the paper or maga- States oil company will in the near future zine without reading-glasses. In fact, some build a large petroleum warehouse and papers have been accused of being in league other distributing facilities at Harbin. DESPEDIDA FOR AVERY The Chamber's regular weekly luncheon of Wednesday, November 29, was in the nature of a despedida for Active Member William G. Avery, who resigned as manager of the local branch of the Asia Banking Corporation to return to the United States. Mr. Avery was a member of the Board of Directors of the Chamber for more than a year and during his stay of two years;n the Islands made many friends in Manila business circles. Director Samuel F. Gaches acted as toastmaster and introduced the speakers, all of whom voiced their appreciation of Mr. Avery's many admirable qualities as a man and a banker and their regret at his departure. Manager Williams of the International Banking Corporation spoke in behalf of the banking community, as did Man-. ager E. W. Wilson of the Philippine National Bank. Attorney Julian Wolfson also expressed his admiration for Mr. Avery, with whom he had had considerable professional contact. Mr. Avery made a brief response, expressing his appreciation of the many kind things said about him and declared that he would always remember with pleasure the friendships and agreeable business relationships he had won here. He said he would certainly return to Manila for a visit whenever the opportunity presents itself. Mr. and Mrs. Avery sailed for the United States on December 1. It~~~~~ SCHEDULE OF MEETINGS -I Tuesday, Januaq^y 2, at 1:00 p. mn.: Regular meeting, Hemp Section. Tuesday, January 2, at 4:00 p. n.: Regular meeting, Board of Directors. Thursday, January 4, at 5:00 p. m.: Regular meeting. Embroidery Section. Monday, January 8, at 5:00 p. m.: Regular neeting, Builders' Section. Tuesday, January 9, at 4:00 p. m.: Regular meeting, Board of Directors. Wednesday, January 10, at 1:00 p. m.: Regular meeting, Active and associate mem bers. Monday, January 15, at 1:00 p. m.: Rogular meeting, Builders' Section. Tuesday, January 1f. at 1:00 p. m.: Regular meeting, Hemp Section. Tuesday, January 16, at 4:00 p. mt. Regular meeting, Board of Directors. Mlonday, January 22, at 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, January 2,3, at 4:00 p. m.: Regular meeting, Board of Directors. Wednesday, January 2., at 1:00 p. m.: Regular meeting, Active and Asscciate members. Saturday, January 27, at 5:00 p. m.: Annual Meeting of the Chamber. Monday, January 29, at 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, January.0. at 1:00 p. m.: Regular meeting, Hemp Section. Tuesday, January.30, at 4:00 p. m.: Regular meeting, Board of Directors. Thursday. February 1, at 5:00 p. m.: Regular meeting, Embroidery Section. Monday, February 5, at 1:00 p. m.: R=gular meeting, Builders' Section. Tuesday. February 5, at 4:00 p. m.: Re gular meeting, Board of Directors.

Page  18 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 EDITORIAL OFFICES American Chamber of Commerce 2 CALLE PINPIN P. 0. Box 1675 Telephone 1156 As the official publication of the American Chamber of Commerce of the Philippine Islands, this JOURNAL carries authoritative notices and articles in regard to the activities of the Chamber, its Board of Directors, Sections and Committees. The editorials are approved by the Board of Directors and, when so indicated, other ae tices are occasionally submitted to the Board for approval. In all other respects the Chamber is E.ot responsible for the ideas and opinions to which expression is given Vol. III. January, 1923 No. 1. ON THE UPWARD GRADE The last two months of the year just passed have witnessed a decided improvement in business conditions, and there is every indication of a prosperous year 1923 in all lines of business. The basic industries of the Islands are all doing well and prices are better than they have been at any time in the past twelve months. Hemp is bringing very good prices and the surplus stocks have been reduced considerably as compared with last year. An excellent market for sugar is in prospect in the United States, with prices at top quotations. Copra and coconut oil are also finding a ready market with very fair returns, while the cigar industry has taken a decided brace owing to a reviving demand for the Manila article in the homeland. Due to the government's financial rehabilitation program, the peso has reached par-in fact it is now selling at a slight premium over the dollar, there being an ample currency reserve on hand and the balance of trade running in our favor. There is a strong demand for pesos to pay for the crops that are being harvested and marketed. Merchants in various lines report a rapidly speeding up liquidation of frozen assets. As money for the country's products reaches the producers, it is being employed in the settlement of old bills. Another result is the manifestation of greater buying power on the part of the people, which means a general toning up of business all along the line. A by no means negligible factor in the stabilization of the businss situation is the decision of Governor General Wood to remain in the Islands. The business community has confidence in General Wood's ability to steer the ship of state along a straight, calm course, and a good, honest, efficient government is an important element in the continuance of sound business conditions. The past year has been a difficult one in many lines of business, and losses have been suffered by many firms; but the result has been that the less firmly established and newer organizations have not been able to stand the shock while the older and more conservative houses are now established firmer than ever. With an auspicious beginning, the year 1923 promises to be a most gratifying one to all Philippine business interests. AN APPRECIATION This is the twentieth consecutive number of the American Chamber of Commerce Journal and also the largest-ample evidence to us of the fact that the monthly is meeting a real demand in the local publication field and that it is receiving the generous support of the business community, not only American but Filipino and foreign as well. We desire to utilize the occasion of the appearance of this Annual Edition to express our appreciation of the splendid cooperation extended to the editor and the advertising manager by the membership of the Chamber at large, especially the Board of Directors, who have done everything possible to make the Journal a success and who deserve the major portion of the credit for whatever it has achieved. We would particularly thank the contributors, whose monthly and occasional articles on business topics have served to make the Journal what we believe to be the most authoritative business review in the Islands. Most of these men are busy executives of large concerns and the compilation and writing of an article entails a real sacrifice of time and energy. The fact that these articles, besides being full of interesting and important information and statistics, have been of such literary excellence, testifies to the versatility and general high standard of Manila's American business community. To the Secretary and his staff we also wish to extend our appreciation of their never-failing courtesy, assistance and cooperation in the work of getting out the Journal, which have been of inestimable value. We begin the third volume of the Journal under happy circumstances and with a desire to give to the work the best that is in us, so as to continue to deserve the support and cooperation of the Chamber and the business community of Manila. AMOY, A POSSIBLE MARKET Through the courtesy of Mr. A. E. Carlton, American Consul at Amoy, China, the Chamber is in receipt of trade statistics and information regarding that port which show its possibilities as a market for American goods with Manila as the distributing center. According to Consul Carleton, Amoy importers and retailers have been in the habit of purchasing goods from Hongkong and Shanghai in small lots in accordance with local requirements. Retailers stated that it did not pay them to purchase outside of China in small quantities. Within the past year or two, however, there has been a tendency to purchase direct, and it was because of this new development and the possibility of Manila becoming a transhipping point for American goods for the South China market that inquiries have been made from Amoy regarding transhipping charges at Manila. It seems that the information sent to Amoy was such as to lead to a belief there that transhipment charges here are so high as to give very little hope for making Manila a serious competitor of Hongkong and Shanghai as a distributing center. Just at present American trans-Pacific freighters are bringing flour direct to Amoy, but no other cargo. According to those conversant with the situation, freights from Manila to Amoy are in excess of those charged from other points similarly located. A reductiion would help considerably in starting the flow of American goods in that direction. This, together with a lowering of transfer charges at Manila so as to place them on a competitive basis, might bring about a routing of American goods to Amoy via Manila instead of Hongkong or Shanghai.

Page  19 I January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Foreign imports into Amoy during 1921 amounted to $10,934,000, by far the greater portion consisting of textiles. The original source of these goods is difficult to determine, as the customs statistics are not kept thoroughly enough, but probably a considerable proportion consists of American products, which could just as well be transhipped at Manila as at some other ports if conditions were right. OUR LABOR PROBLEM There is a real labor problem in the Philippines but it differs from that in other countries. Everywhere else when there is a comparative lack of industrial activity and a plentiful supply of unskilled or semi-skilled labor, wages are low and this class of labor is easy to obtain. Such a condition usually gives rise! to the distressing situation commonly known as unemployment, where thousands and even hundreds of thousands or millions of workers clamor for jobs and cannot find them. Here in the Islands we have no industrial community of any size. We have millions of potential laborers. Yet employers find it difficult to obtain labor. The basic cause of this apparently anomalous situation is the climate. The Philippines are blessed with an even, tropical climate that brings forth the necessities of life from Mother Earth with a minimum of human effort. Hence the people live under no necessity for strenuous or continuous labor. A few days a month in the field will supply the average native with sufficient sustenance for himself and family. Starvation is a physical impossibility in the Islands, unless it be through some unforeseen visitation of nature that destroys crops or an epidemic that devastates the countryside. The struggle for existence in this tropical climate is mild indeed, and the labor problem resolves itself mainly into one of how to induce the people to work. It would seem at first consideration that the surest solution to the problem would be a rise in the standard of living, but this leads us to a vicious circle, inasmuch as increased standards lead to a deprecation of manual labor as such and a tendency on the part of the better-educated, better living Filipinos to enter the professions and seek "white collar" jobs. This is no argument against education, but it brings out the difficulty of the local labor problem. How to induce the people to buckle down to hard, continuous work, so that industry might count upon a stable and dependable labor supply-that is the problem, and it is by no means one easy of solution. Labor-saving machinery should find a good market here-even though there is a plentiful supply of labor. It is truely a curious situation. GOVERNMENT IN THE TOBACCO BUSINESS We note with gratification that Collector of Internal Revenue Trinidad is of the opinion that the tobacco industry has at last grown to man's estate and no longer needs the paternal props of the government. It has always been problematical whether or not government supervision and intervention in the tobacco trade was of any real benefit, with the preponderance of expert opinion favoring the negative side of the argument. The weakness of government "supervision" and "guarantee" lies in the fact that those who are selected by the government to pass upon the processes of manufacture and the quality of goods are not as well versed in these matters as are the people over whom they exercise authority. This is well known to the purchasers of the goods, who therefore entirely disregard the government guarantees or marks or attach but insignificant value to them. That is as true of the hemp trade as of the cigar trade. Once the article leaves the Islands, the government brands or labels mean nothing and it must stand or fall on its intrinsic merits. The cigar manufacturers have right along claimed that the government intervention has been a big handicap to the business, not to mention the fact that it entails a burden upon the tax payers. Despite the government supervision poor quality cigars found their way to the United States by the million in the past and for a time threatened to absolutely ruin the Manila cigar export trade. Now the standards have been raised by the manufacturers themselves, voluntarily and without government coercion, and the Manila cigar is again finding an excellent and growing market. To continue government supervision under these circumstances is only a waste of money and constitutes an unnecessary handicap to the business. Collector Trinidad is acting in the best interests of all concerned by advocating the abolition of governmental intervention in the Philippine tobacco industry. MANILA AS A TOURIST PORT Dring the next three months not less than three and possibly four big tourist expeditions are scheduled to call at Manila in the course of round-the-world cruises. On January 21, the Laconic will bring 450 sightseers under the auspices of the American Express Company for a stay of two days. The Raymond-Whitcomb tourist agency is sending 525 tourist to Manila for a two-day visit on the Resolute March 5 and 6. This party will proceed to the East Indies, stopping en route at Zamboanga for a day. On March 20, the Empress of France, bearing 700 tourists on a Clarke cruise, is due to arrive and will make a stopover of two days at this port. These tourists will find Manila an Oriental city with all the improvements of the latest American models. In it the lure of the tropics and the charms of the temperate zone combine to form a perfect environment for clean, healthy and normal living. Ancient walls and historic churches rise within a stone's throw of cinematograph houses and modern office buildings. Automobiles crowd buffalo carts on the public highways and Chinese coolies jog Caucasian merchants on the streets. Typical native villages, with nipa shacks, cluster within fifteen minutes' ride of the Escolta, the principal retail shopping street, on which old Spanish hardwood houses stand side by side with concrete skyscrapers. The people combine in their characteristics the polish of the old European civilization with the polity of modern democracy. The friars in their picturesque garbs, everywhere more or less in evidence, add a -religious, medieval atmosphere to the place. Truly a more cosmopolitan city does not exist anywhere-and it is cosmopolitan in the true sense, a real mingling and combination of various nationalities, costumes, habits and customs. The various elements that go to make up Manila's cosmopolitan character are not sharply divided off into colonies. Above everything, however, the influence of America's quarter century in the Islands is in evidence. American dress, American talk, American jazz, American snap and go, and American institutions of every sort hold full sway and give Manila its distinctive character-set it off as a landmark in the Far Eastern terrain, particularly for the American tourist, who will find here a welcome breathing spell from the totally foreign and strange millieu of the other Far Eastern ports he has visited. One genuine American feature which ought to make the average American traveller regard Manila with more than ordinary favor is the one-price system of merchandising which he will find in vogue among the Escolta shops. It will be quite a relief to be able to purchase something at a fixed price with the knowledge that one is not being "stung." Manila extends a welcome to the visiting tourists and trusts that any favorable impression made upon our visitors will be carried on by word-of mouth or pen so as to attract others here. The American business community is at the service of these travelers and the American Chamber of Commerce is open to them during the period of their stay in Manila.

Page  20 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January. 1923 Review of Philippine Business for 1922.,.. _~~~~~~- Review of the Exchange Market By STANLEY WILLIAMS. Manager, International Banking Corporation The exchange market closed on November The London cat 24 with banks' selling rates for New York New York on Nov exchange quoted, as indicated in our last tinually rose, with.report, at 7/ % premium for demand drafts fluctuations, until 1%% premium for cable transfers, and cember 16. On De business talked of at /8%% lower. Rates done as high as 4 remained practically unchanged and dull hand at the close at this level until December 4, when cables on December 20. were offered at 1%%0. Silver closed in Cables were done the following day at at 32/ spot, 32-3/ 14%, and this rate was offered on the 6th fell away to 31% and 7th without bringing out any inquiry. 28th. and then ros Demand drafts were offered at 5/%%. In- on December 5. I terbalak cables were done for cash on the to 30% and 30-1/] 8th at 11/8% and on the 11th at 1%, for closing at 30 December. The market then became very on the 20th. The weak and rates gradually dropped away until interbank cables were reported as having been done for cash as low as 1/4% Rate premium. Per Cent. Jan. Feb. The market closed on December 21, the last day under review in this report, at Ys % premium for demand drafts and 3/% premium for cable transfers. The high rate _ for drafts in comparison with cables seems -__ to be accounted for by the disinclination of some banks to sell at a discount, the fine -_ rates for cables being offered for cash in good sized amounts. - ble rate which closed in ember 23 at 449%, coni but a few downward it reached 465% on Deecember 13 business was 69 3/. The last rate to of this report was 463 London on November 23 16 forward. The market and 315/, quoted on the e to 32-7/16 and 32-1/16 Fhe rates then fell away 16 on the 14th and then %7 spot, 30-5/16 forward New York quotation away to 41/2 % during the first week and then reacted to 5/2%. After again dropping away and reaching 3/2%/ in the middle of February, a reaction carried it to 51/2% early in March. The market again dropped and hovered around 2%3% and between 2%%/ and 31/4% until late in May, when it gradually eased off until it reached 11/2% in the middle of July. Remaining at this level until the middle of August, the market again reacted to 2%% in the latter part of August but immediately dropped away again 11/2%, where it remained during the second week of September. Another rise carried rates to 21/2% soon after the first week in October, but a fresh downward movement gradually brought rates down till cables were offered at only 1/4% premium on December 21 at the closing of this report. The government was not a factor in the market at any time during the year, the Insular Treasurer not being in a position to sell exchange for government account, but as the period closed there were evidences Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. i i 1;a d 1 1 ~a t i id:i I f d j.u i I CHINA BANKING CORPORATION Incorporated under the laws of the Philippine Islands 90 ROSARIO Authorized Capital - r 10,000,000 Paid-up Capital and Reserve, over - - 5,000,000 Offers its services to all reputable importers and exporters. We intend to foster business of this nature in every possible way and are in an exceptionally favorable position to do so. Our terms for financing imports and exports are liberal consistent with safety. Before buying or selling your exchange let us quote and convince you that our rates are usually the best offering. E. E. WING, Manager. II I i I i I I I Graph Showing Fluctuation of Banks' Selling Rate for Telegraphic Transfers on New York, 1922. touched 607/8 cents per ounce on the 16th and closed at 624 on the 20th. Sterling cables were quoted locally at 2/1 3/4 on December 20, and the banks' buying rate for three months sight credit bills closed at 2/2 5/8. These rates compare with 2/2 1/8 for cables and 2/3 for 3 m/s credits on November 24. Telegraphic transfers on other points were quoted nominally at the close on December 21 as follows: Paris.................. 650 Madrid............... 161 Singapore............. 109 /2 Japan................. 991/4 Hcngkong............. 107 Shanghai.............. 69 /2 India.................. 159 1/2 Java.................. 1251/2 In reviewing the exchange market for the year, we find that the market opened in January with New York cables at 7% premium, but that it dropped immediately that the resumption of sales by the government would shortly be in effect as a result of the successful arrangement in connection with the government's borrowings in the New York market to apply to a rehabilitation of the currency. The low level of rates during the year, as compared with recent similar periods, was due to the favorable export balances arising largely from the heavy shipments of sugar during the earlier months and the steady shipments of hemp and coconut products throughout the year, aided, of course, by the improvement in tobacco and its products during more recent months. An interesting feature of the exchange market during the year has been the gradual improvement in the New York-London cross rate, which stood at 4.191/2 one year ago and has risen during the year to 4.63 at the time of closing this report, an apprpoiation of about 10/2%. Silver, on the other hand, has shown a depreciation of between 10% and 11% in I

Page  21 I January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 The year has, therefore, on the whole been one of improving exchange conditions, the erratic fluctuations of previous years having been eliminated, with the general trend a gradual return to normal levels. The year 1922 closes with a speedy return to the stable exchange conditions formerly enjoyed under the unhampered working of the Conant system in sight and with excellent prospects for the uninterrupted continuance of normal conditions. TOBACCO REVIEW By P. S. FRIEDER Local Representative, S. Frieder & Sons, Cincinnati. -- The views expressed in this article are the results of the observations of an importer, that is, of one looking from without, and may differ in some respects, from those of the manufacturer or from one looking from within. The Philippine cigar and tobacco business in the past has been very much like a see-saw, up one year and down the next. There are probably a number of causes for this, among them the danger of cigars arriving in the United States in unsound condition; the limited supply of good sound leaf tobacco; the unnecessary rise in prices of both leaf tobacco and cigars whenever business was on the upgrade; and the lack of concentration in building brands. Lot us consider the first point, that is the danger caused by worms, must and mold. While it is almost impossible to eliminate the danger of worms absolutely, still by thorough and conscientious sterilization, it can be greatly reduced. The danger due to mold and must can be entirely eliminated by the use of only sound, healthy tobacco. Now for the second point. One of the most essential requirements in the manufacturing of any commodity is the raw material. Unfortunately the raising of leaf tobacco has always been limited. If this condition could be improved, it would greatly 'help the manufacturer to produce better merchandise, and, in turn, the farmer would receive more money for his tobacco, each thus benefiting the other. In regard to the increase of prices, the importer has always felt that there has been an undue increase whenever the demand has become the least bit stronger. This has always been a hardship to the importer, as he was not in position to raise his price to the consumer as fast as the manufacturer. Both the leaf dealer and the manufacturer are the cause of this. It has rarely been that the farmer has received the benefit. Lastly, let us consider a most vital point in the cigar industry, namely. the building of brands. With few exceptions this has not been attempted here. I can not emphasize too strongly that the chief asset any cigar factory can have is its brand and a good reputation for the same. After this has been accomplished, the stability of the business will be assured, and price will then be a secondary consideration with the imnnrters and American jobbers. These points may seem a little critical; nevertheless, I feel that they have been the cause of the instability of the industry in the past. However. I am glad to say that some of these conditions are being remedied. The latter part of the closing year has shown a wonderful increase in business, due to a certain extent to the betterment of conditions. The manufacturers have begun to realize that if the Philippine cigar industry is to survive in the United States, they must deliver the best merchandise possible. If they keep up the improvement of their product, there is little doubt that the Philippine cigar will find a ready sale in the United States. I I I I I iI; I I I I I -Get Friendly' with your feetIt pays to be on good terms with your feet. The moment they get cranky, the whole world is wrong. Keep them in a good humor by wearing comfortable, modish HIKE SHOES HIKE SHOE PALACE 144 Escolta, Manila Phone 569 NO. 15 OXFORD A Great Convenience Hot water when you want it, where you want it, as much or as little of it as you wish and at just the right temperature. That's what an Automatic Gas Water Heater means. Nothing will bring more downright comfort and convenience into your home every day of the year than running hot water. Act Now! Install a modern, labor-saving hot water heater in your home and keep fit by taking a Bath-a-Day. A telephone or post-card request will bring our representative promptly, or better yet, visit our DISPLAY ROOM at No. 7 CALLE DAVID, and look over our complete line and let us advise you as to your requirements. MANILA GAS CORPORATION TELEPHONE 289 CALLE OTIS, PACO I I II I PHILIPPINE TRUST COMPANY MONTE DE PIEDAD BLDG. TELEPHONE 1255 DIRECTOR S LEO K. COTTERMAN R. C. BALDWIN M. H. O'MALLEY J. G. LAWRENCE P. C. WHITAKER W. D. CLIFFORD Offers an unexcelled banking service to individuals and corporations; transacts a general banking business and maintains special departments with facilities of the highest character, viz.: COLLECTION, DOMESTIC AND FOREIGN EXCHANGE, SAVINGS, BOND AND TRUST Acts as administrator of estates, or as executor or trustee under wills, and as trustee under.deed securing the issuance of corporate bonds. M. H. O'MALLEY, W. D. CLIFFORD, F. W. KENNY, President. Vice-President. Cashier. Member American Bankers Association Chase National Bank-New York Correspondent I i

Page  22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 22 N..i I Consolidated Cars of Merchandise Machinery and Other Commodities are forwarded across the United States on dependable schedules connecting with steamers for MANILA, P. I. This service assures saving in time, in detail and expense. Less than car load shipments originating in territory east of the Mississippi River when routed in our care move at car load rates plus our Nominal Service Charge. Rates and particulars relating to this service or other traffic information with which Philippine merchants may be concerned in the States, will be cheerfully furnished upon inquiry to our General Office. TRANS-CONTINENTAL FREIGHT COMPANY F. L. Bateman, President W. L. Taylor, Sec. and Treas. K. H. Hinrichs, Export Manager Export and Domestic Freight Forwarders. General Office: 203 So. Dearborn St., Chicago Eastern Office: Woolworth Building, New York Boston Los Angeles Old South Bldg. Van Nuys Bldg. Buffalo San Francisco Ellicott Square Monadnock Bldg. Philadelphia Seattle Drexel Building Alaska Bldg. Cincinnati Portland, Ore. Union Trust Bldg. 15th and Kearney Cleveland Denver Hippodrome Bldg. 1700 Fifteenth St. In the beginning of the year the prospects for the Philippine sugar industry and in fact for the sugar industry as a whole throughout the world were not encouraging. At the commencement of the milling of the new Cuban crop, there was a carry-over of approximately 1,250,000 tons of old crop Cuban sugars, and this had a depressing effect on the market. As the invisible supplies in European countries and also in the United States had not been replenished to any great extent, under normal conditions this carry-over could have been easily absorbed by these countries, but owing to the critical financial situation in Europe, it was doubtful whether they would be able to purchase extensively from Cuba's surplus stocks. At that time. it was estimated that, owing to its critical financial situation, Cuba could not harvest more than 3,000,000 tons for the new crop; but even on the basis of this low estimate, it looked as if the United States would be able to obtain all of its sugar requirements from Cuba and from the domestic beet crop, the Louisiana crop, the Hawaiian crop, and the sugars available from Porto Rico and the Philippine Islands, without reducing to any great extent the large surplus stocks in Cuba. Under such circumstances, which were aggravated by an acute financial crisis in the Islands that made it difficult for planters to secure the funds necessary for harvesting and planting their crops, the outlook for the Philippine sugar industry in the beginning of the present year, as already stated, was not at all encouraging. The Philippine National Bank was able to make funds available to the planters attached to the centrals under its control; and in view of the difficulty encountered by planters attached to other centrals in securing financial assistance from local banks, it was necessary for the companies controlling the centrals to depart from their usual custom and finance to a considerable extent the planters attached to their centrals. The necessity of securing immediate financial assistance forced some planters to sell some of their sugars ahead or as rapidly as they were manufactured, and sales of Philippine Centrifugals commenced in the beginning of the year at the extremely low figure of P7.50 per picul, first cost. BIG CUBAN CROP As the year progressed, however, a better tone evidenced itself in the sugar markets throughout the world. The low prices of sugar had stimulated buying by European countries and the surplus stocks of Cuba began to diminish. The first sales in the New York market of Philippine centrifugal sugars from the 1921-22 crop were made early in the year on the basis of 3.76 cents, landed terms. The bulk of the 1921-22 crop Centrifugals was sold in the neighborhood of 4 cents and 4% cents; the highest price obtained in the New York market was 5% cents, this price being obtained a few weeks ago for sugars due to arrive about the middle of this month. In the local market prices ranged from 17.50 to '13.00 per picul, ex godown. The average throughout the year would be approximately P10.50 per picul, ex godown. There were lulls in the market from time to time following periods of heavy buying: but while prices declined temporarily during these lulls, the market subsequently re covered when buying was resumed, and the trend of prices throughout the year was gradually upward. By following the Cuban statistical position, as published weekly, the rapid absorption of the surplus stocks was distinctly noticeable, and as there did not seem to be any evidence that invisible supplies, particularly in United States, were being replenished, the market continued to improve even in face of increased estimates of the Cuban crop, which, at one time estimated as low as 3,000,000 tons, was in March estimated to reach 3,700,000 tons, later increased to 3,800,000 tons, and finally to 4,000,000 tons, which will be approximately the actual outturn. STEADY IMPROVEMENT The improvement in the sugar market had considerably relieved the financial situation in Cuba and had made possible the harvesting of considerably more cane than at first looked possible; and as Cuba has a milling capacity far in excess of its present crop requirements, the improved conditions enabled planters to speed up harvesting to enable the mills to make up for the time that had been lost in the beginning of the year, when harvesting was slow because of the critical financial situation. June and July were months of considerable activity in the New York market, due no doubt to refiners purchasing their requirements for the heaviest consuming months of the year in the United States, namely July, August, and September; and Philippine sugars arriving in these months found an extremely favorable market, sales being made at prices ranging from 4.86 cents to 5 cents, landed terms. In July, the estimated out-turn of the Cuban crop was published at 4,000,000 tons, but this increased estimate had no depressing effect on the market, as simultaneously it was estimated that the new domestic beet crop would be 300,000 tons less than the previous yar, and also the figures for consumption of sugar in the United States for the first six months of the year were published. The consumption for this period reached the large figure of 2,780,000 tons. The improvement in the sugar market continued into August; prices for Cubas reached 37/ cents, c. & f., and Philippine sugars were sold for 5.36 cents, landed terms (=3% cents, c. & f., for Cubas). During this month, for the first time since the slump in the sugar industry Philippine Muscovados were sold for delivery in the New York market, the price being 3% cents, landed terms, basis 88~. CONSUMPTION INCREASES About this time, the uncertainty as to the duty to be placed on sugar under the new tariff bill had a quieting effect on the market; refiners preferred to await developments and proceeded cautiously in their commitments. In September the new tariff on sugar came into effect, the duty being increased from 2 cents to 2.205 cents on full duty sugars, and from 1.60 cents to 1.765 cents on Cuban sugars. The immediate effect of the new tariff was to cause a decline in the market, Cubas declining to 3 cents, c. & f., (=4.77 cents, landed terms on the basis of the new tarriff). By October, however, the market had entirely recovered and Cubas rose from 3 cents to 3%4 cents, c. & f., and Philippine I..

Page  23 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 I I I I i I; ii.i I1 I:ii i I I!Ii 11 I L 1 - INTERNATIONAL BANKING CORPORATION CAPITAL (Paid in cash) AND SURPLUS U. S. $Io,ooo,ooo UNDIVIDED PROFITS U. S. ------ - $ 5,45o,ooo (Owned by The National City Bank of New York) HEAD OFFICE: 60 WALL ST., NEW YORK London Office: 36 Bishopsgate, E. C. Lyons Office: 27 Place Tolozan San Francisco Office: 232 Montgomery St. BRANCHES: CHINA: Canton, Hankow, Harbin, Hongkorg, Peking, Shanghai, Tientsin DOMINICAN REPUBLIC: Barahona, Puerto Plata, San Pedro de Macoris, Sanchez, Santiago, Santo Domingo, San Francisco de Macoris, La Vega. FRANCE: Lyons INDIA: Bombay, Calcutta, Rangoon JAPAN: Kobe, Yokohama JAVA: Batavia, Sourabaya PANAMA: Colon, Panama PHILIPPINE ISLANDS: Cebu, Manila SPAIN: Barcelona, Madrid STRAITS SETTLEMENTS: Singapore i I I i I i i I i I i I I I BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK ARGENTINA: Buenos Aires, Rosario BELGIUM: Antwerp, Brussels BRAZIL: Pernambuco, Rio de Janeiro, Santos, Sao Paulo CHILE: Santiago, Valparaiso CUBA: Havana and 22 branches ENGLAND: London, City Branch, West End Branch FRANCE: Paris ITALY: Genoa PERU: Lima PORTO RICO: Ponce, San Juan RUSSIA: Moscow, Petrograd, Vladivostok (Temporarily closed) URUGUAY: Montevideo, Calle Rondeau (Montevideo) VENEZUELA: Caracas COMMERCIAL AND TRAVELERS' LETTERS OF CREDIT ISSUED. BILLS OF EXCHANGE AND CABLE TRANSFERS BOUGHT AND SOLD. CURRENT ACCOUNTS OPENED AND FIXED DEPOSITS TAKEN ON RATES THAT MAY BE ASCERTAINED ON APPLICATION TO THE BANK. SPECIAL SAVINGS ACCOUNTS FOR DEPOSITS FROM-P-1.00 UPWARD, BEARING INTEREST AT 4% PER YEAR S. WILLIAMS Manager, Manila Pacific Building, Corner of Calle Juan Luna and Muelle de la Industria -.i~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Page  24 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 I A I1 91 I I I I The Chinese American Bank OF COMMERCE BRANCHES AND CORRESPONDENTS THROUGHOUT THE WORLD MANILA BRANCH: PLAZA CERVANTES General Banking Business Transacted ACCOUNTS OF INDIVIDUALS, PROFESSIONAL, SALARIED AND BUSINESS MEN FIRMS AND CORPORATIONS INVITED Telephone 2400 1 I - WELCH, FAIRCHILD & CO., INC. SUGAR FACTORS AND EXPORTERS MANILA, P. I. Cable Address: WEHALD, MANILA Standard Codes Agents Hawaiian-Philippine Company Operating Sugar Central Silay, Occ. Negros, P. I. Mindoro Sugar Company San Jos6, Mindoro, P. I. Matson Navigation Company San Francisco Columbia Pacific Shipping Co. Portland New York Agents: Welch, Fairchild & Co., Inc. 138 Front Street San Francisco Agents: Welch & Co. 244 California Street sugars were sold at prices ranging from 4.96 cents to 51/ cents, landed terms (=3.19 cents and 3.48 cents, c. & f., respectively, for Cubas). Consumption in the U. S. had been well maintained, and it was apparent that the total consumption for the year would reach 5,000,000 tons and possibly more. The favorable effect which this had on the market was enhanced by the absorption of the surplus Cuban stocks which had been so great that the United States was faced with the possibility of a "pinch" in the supplies available for their requirements until the new crop Cuban sugars became available. There was a possibility that the stocks available in Cuba and from the beet and Louisiana crops would be barely sufficient to meet requirements, and this evidenced itself in the improvement in price for futures on the exchange, especially for December position. The market for November was extremely favorable, sales of Cubas having been made at 3-% cents, c. & f. It was during this month that the highest price for 1921-22 crop Philippine sugars was obtained, viz.. 5% cents, landed terms (=3.86 cents, c. & f. for Cubas). In December, the improvement continued, due to the milling of the new Cuban crop, which was expected to begin on a moderate scale in November, having been retarded by unfavorable weather conditions. Sales for December delivery of Cubas were made at 4 cents, c. & f. (the highest price of the year), and there have been sales of new crop Cubas for January and February shipment at prices ranging from 31 cents to 3% cents, c & f. MUSCOVADO OUTPUT ON DECLINE Summarizing the situation throughout the year, so far as the Philippine sugar industry is concerned, we find that ill the beginning of the year, the feeling was distinctly pessimistic, but as the market kept improving as time went on, and circumstarnces changed so that they pointed to a period of comparatively good prices in the sugar industry, optimism returned, and greater efforts were made to harvest the growini crop and plant as much as possible for the new crop. Weather conditions throughout the year were favorable and the out-turn of the 1921-22 crop was as follows: Tons. Centrifugals................... 230,076 Muscovados.................... 107,901 337,977 The prospects are that with a continuance of present favorable conditions, the crop now being harvested will be as follows: To nIs. Centrifugals................... 240,000 Muscovados................... 45,000 285,000 It will be noted that each year sees the production of Muscovados becoming considerably smaller. Since the sugar industry was modernized, there has been in previous years an increase in the production of Centrifugals corresponding more or less to the decrease in the production of Muscovados but from a comparison of the above figures for the 1921-22 crop and the 1922-23 crop. it will be noted that there is an estimated increase of only 10,000 tons in the growing centrifugal crop over last crop, while there is an estimated decrease of approximately 63,000 tons in the production of Muscovados for the coming year compared with the production for the previous year. In our THE YOKOHAMA SPECIE BANK, LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN YEN CAPITAL (PAID UP)........... 100,000,000 RESERVE FUND.............. 65,000,000 UNDIVIDED PROFITS............ 4,900,000 MANILA BRANCH 34 PLAZA CERVANTES, MANILA T. ISOBE MANAGER PHONE 1759-MANAGER PHONE 1758-GENERAL OFFICE - I I I i I I

Page  25 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 opinion, the decrease in the production of Muscovados for the coming year is significant, and indicates that planters who still use their old native muscovado mills were unable to secure the financial assistance for harvesting and planting which the banks and companies operating centrals gave to the planters adhered to their centrals. In times of crises, planters engaged in the production of muscovado sugars which have a restricted market, cannot apparently command the same financial assistance as planters who are engaged in the production of Centrifugals, which find ready buyers in the principal markets of the world. Notwithstanding, therefore, that the Philippine sugar industry was modernized during a period of high prices for machinery and materials and that shortly after the modern centrals were erected the industry was faced with a serious slump in the sugar market and a period of long depression in the sugar industry, the modernization of the sugar industry at that time has probably resulted in saving from destruction fully 50% of the sugar industry by largely substituting centrifugal sugars for muscovado sugars. Other difficulties which tend to make the production of Muscovados unattractive are the scarcity of wood for fuel purposes in the neighborhood of the muscovado mills and also the increased cost of haulage of cane owing to the increase in prices of work animals and the cost of labor. LOCUSTS BEING CONTROLLED The period of low prices through which the sugar industry has passed has impressed upon the planters the necessity of obtaining the greatest possible yields from their lands by the use of fertilizer and drainage, the benefits from which had been de monstrated for some time previously by most of the centrals in their experimental stations. The use of fertilizer during the present year has therefore become general throughout the Islands and to any one traveling throughout the sugar districts of Negros, the benefits derived from the use of fertilizers are readily apparent in a comparison of the cane in 'fertilized with unfertilized areas. Locusts made their appearance in great numbers throughout the Islands, and as they threatened the sugar districts, apprehension was felt that the favorable crop prospects might be blighted by the depredations of this pest. Fortunately, however, owing to the cooperation shown by the centrals and the planters and the Bureau of Agriculture and the Provincial Governors, a vigorous campaign was conducted throughout all the sugar districts and the menace was controlled before much damage was done to the crop. In Negros and Mindoro practically no damage was sustained to the crop from locusts, but in Luzon the planters were not so fortunate, and in one of the sugar district extensive damage was sustained. Throughout the year relatively good prices were obtained for muscovado sugars. There was a long period of inactivity owing to the large stocks of old crop Muscovados held in the Orient, particularly by Japan but as these stocks became absorbed and the small extent of the new muscovado crop became evident, a good demand for Muscovados ensued, which was well maintained throughout the year. Prices in the local market commenced in the beginning of the year on the basis of f6.00 per picul for No. 1, and the highest price reached was P8.50 per picul for No. 1, both prices exgodown. PROSPECTS FAVORABLE If statistics are a guide, the prospects for Philippine sugars for the coming year are certainly much more favorable than they were at the beginning of this year. There will be no heavy carry-over of Cuban sugars to menace the market, and if consumption in the U. S. is maintained on a basis as favorable as for the present year, Philippine Centrifugal should find a ready and favorable market in the U. S. If the economic situation in Europe should make it possible for European countries to purchase some of their requirements from Cuba, we may well see an extremely strong market, especially in the second half of the year. To fill its own requirements of raws, the U. S. cannot allow too much of the Cuban crop to be purchased by Europe, and it is possible that we may see active competition for Cuban sugars, resulting in higher prices from which Philippine sugars should benefit. So far as can be judged at present, the market will be steady for the first few months of the year, which are the months of heaviest production in Cuba and during which sugars are arriving freely in the U. S. market. When the milling of the new Cuban crop is about finished it is expected, especially if there has been extensive buying of Cuban sugars by Europe, that a firm and advancing market will rule during the remainder of the year. Perhaps the best guide as to the possible trend of the market for the coming year will be found in the quotations for futures on the New York Exchange, the latest quotations being as follows: January........................ March.......................... M ay........................... September...................... Cents. 3.65 3.39 3.50 3.74 I I - - T I I I I I I I II I 1 i! i; I I: i: i I I i I i I Fresh j~F~i ~ Baguio Strawberries served with your meals at the HOTEL PINES in the heart of the Benguet Mountains Get away from the heat and dust of the city and spend a week or a week-end at the Mountain Capital. Breathe the fresh, cool mountain air and enjoy an evening before the hearth of a log fireside. Feast on fresh vegetables and luscious strawberries. Play a round or two of golf on the picturesque mountain course and you will feel a hundred per cent more like an honest-to-goodness human being. You owe this to yourself. Don't delay it! Reservations for the Hotel Pines may be made at the St. Anthony Hotel, Manila, Phone 388, or by addressing HOTEL PINES, Baguio, P. I. I I I I I I i;. ILI..~~~~~~~~~~~~~~~~~~~~~~~

Page  26 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 i i i I 1 1 I _. 71 PHILIPPINE GUARANTY COMPANY, INC. (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance ow rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instalments at ow interest Call or write for particulars Room 403, Filipinas Bldg. P. 0. Box 128 Manila, P. I. Manager's TeL 2110 Main Office Tel. 441 I I Review of the Hemp Market for 1922 By H. FORST. Vice President and General Manager, Macleod & Co., Inc. - - I J m SECURE YOUR BANK CREDITS BY LIFE INSURANCE POLICY IN THE WEST COAST LIFE INSURANCE CO. It will facilitate business, and protect both your bankers and yourselves. J. NORTHCOTT Co., Inc. GENERAL AGENTS MANILA I The editor of the American Chamber of Commerce Journal has asked me to write a review of the hemp market for 1922. In the articles which I contribute monthly to the Chamber Journal I have endeavored to keep all those interested in Manila hemp advised as to conditions based on actual facts and figures, and I hope that my efforts have proved useful and of interest. Manila hemp is the backbone of the Philippine Islands. No other raw material affects the purchasing power of the people of these Islands as does hemp. More millions of people are engaged in the industry than in any other in the Philippines, and the movement or lack of movement of hemp is immediately felt throughout the Archipelago. Order No. 13, over which there has been so much controversy, had a very important effect on the hemp industry, and we feel certain that had the Order not been cancelled, the drop in production would have been so serious as to have vitally affected the financial condition of the Islands. The Order meant the destruction of low grade Manila fiber so that it could not compete with Mexican sisal. It is fortunate for all concerned that the Governor General cancelled Order No. 13 before any very serious harm was done. The Governor General recently issued an order creating a Fiber Advisory Board, this to consist of the Chief of the Fiber Division, who will act as chairman, and as members one representative from each of the following: American Fiber Exporters British Fiber Exporters Japanese Fiber Exporters Associacion de Abacaleros de Filipinas Any disputes as regards classification may be referred to this Board, and it is our belief that if properly managed, the results obtained can be very far-reaching and of immense value to all those engaged: in the hemp business. Manila hemp, as well as maguey, is still being inspected and graded under government supervision. Recently, however, a bill was introduced in the Senate proposing to abrogate the fiber grading law. Opinions as to the advisability of this seem to be divided. Government supervision under competent management appears to us to be advisable; but we cannot help stating that at the present time the government service could be very much improved. COMPETING WITH SISAL The Davao district has during the year occupied the minds of all hemp men to a great extent. The increase in production has been phenomenal, and it is to be hoped that Davao will soon be made an open port. In that event, of course, it will be absolutely necessary on the part of the government to make improvements in the way of dredging and wharfage facilities. The year 1922 has been almost a record one so far as concerns production and shipments of both hemp and maguey, and a glance at the tables below conclusively shows this. A matter for congratulation and of the utmost importance is the fact that stocks in the Philippines have been considerably reduced. On December 18 they amounted to 167,000 bales as against 255,000 bales on the.same date the previous year. The large holdings of old and perlshedf'fiber have now been entirely disposed of and what stocks there are here consist of good merchantable fiber. Price fluctuations during the year have not been so pronounced as we have been accustomed to in previous years. It is of interest to note, however, the large spread in value between medium grades and higher grades brought about through the scarcity of the latter. In January, 1922, "I" was sold in New York at 814 cents per pound, and "F" at 84 cents. Today's values for these two grades are 8% cents and 11 cents per pound, respectively. During April the local price for "I" was 113.00 per picul and r13.50 for "F." Today's values are P"16.50 and r23.00, respectively. The depreciation in values in the London market has been somewhat more pronounced. During the early part of the year "J" reached ~38-10/ per ton. Today the nominal value is ~33-10/. The bulk of production ran on medium grades such as J, G, H and Streakies. Throughout the year these grades were obtainable at a price about the same as that at which sisal was being sold in the New York market. American manufacturers took full advantage of the situation and used these medium grades for purposes for which they formerly used sisal. So far this year the United States have taken from us 674,000 bales of Manila hemp. This compares with 270,000 bales during the previous year. An increase of 400,000 bales is a fact which should not be overlooked, and every possible effort should be made to see that this valuable market is not again lost to the Islands. On December first freight rates, shipment via Pacific, were increased from $1.00 to $1.25 per bale, and there is again a movement on foot for a further increase. We consider such action not alone unjustified, but inadvisable, and if enforced we feel sure it will have a tremendous effect on thd exportation of Manila fiber. In other words, we may find that even a small advance in freight rates may be sufficient to put hemp on a basis where it cannot compete with the price of sisal. 1922 1921 Bales Bales Receipts of Hemp at Manila and Cebu since Jan. 1...... 1,219,360 712,074 Shipments of Hemp since Jan. 1...... 1,308,635 790,858 Shipments of Maguey since Jan. 1...... 153,126 94,167 Stocks of Hemp at Manila and Cebu Dec. 18.......... 167,125 252,806 Shipments of Hemp in Bales 1922 1921 To U. S........... 674,492 270,704 To U. K........ 292,187 281,598 To': Continent...... 88,005 62,350 To Japan......... 190,537 162,502 To Australia...... 22,187 26,101 Elsewhere........ 19,227 23,603 Local Consumption. 22,000 24,000 Totals......... 1,308,635 790,858 I. i, COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manager, WiUits and Patterson, Ltd. The year closes with December playing its usual role as far as the copra and oil markets are concerned. Arrivals of copra at Manila have been very light and will undoubtedly not exceed 190,000 piculs for the entire month. A falling off of local buying pressure during the early days of the month was promptly reflected and business in small arrivals was accomplished at (Continued on page 30) I I.=

Page  27 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 I I i I II I i; I i I I 1 i 1 I i I I i I I Ii I I 1 1I ii.; I I I - — ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ --- -— ~~ ~~~~~~~~ ~~~~~ ~~~~~ ~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The Bachrach Motor Company,zi:ili~:i',i::_::::-i:i-ii',:::~:::::::: —:~:r -~ ~:::i::-:: —:;-:""i::-":: ~:::~-~"::::::~~:"'~:'i-ti:::i:"";~:-:l:~:s i::..-.:..i:':::::::i:::::,*I~-* ~. I::: a..-.:~::~::. -:l::l::y~`:r,*; —::: -:~:~:::L%d I i! i,I i. k i. i: I. I. I I i MAIN OFFICE AND SALES ROOMS Representing the following well known manufacturers of high grade trucks and lautomobiles. THE WHITE COMPANY THE CADILLAC MOTOR COMPANY THE STEARNS MOTOR COMPANY THE NASH MOTORS COMPANY THE DORT MOTOR CAR COMPANY Our Service Station is the largest, best equipped, most modern and up-to-date in the Far East THE BACHRACH MOTOR COMPANY I1 I I

Page  28 _ _ 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29,It — _ - -- - __.._ — ~~~~~~~~~~~~~IIF- --- - --- ----- ---- ----- -,1 I 1 I I -.1******I**- **-I*****iin-iiI,.i=n imiiiriU I niui ^ ^ L I I I I I I I I I i I I P I I I GI OF II /i s Athke Indu^ its, H and I mnent I 0 1 1 I ~~r" r 'HE SPIRIT 1923 CARNIVAL 1923 Carnival will be the most colorful, and acular show ever put on in Carnival History IT WVILL COMPRISE: Events, Commercial Exhibits, al Exhibits, Social W elfare Exhib|th Exhibits, Provincial Exhibits ny new and surprising entertainatures. n nnn nGIVEN AWVAY UUU.UUIN PRIZES,ry Picture" Title Contest Prizes will be divided as follows:P 8,000.00 5th Prize (4 Prizes at P500) -P2.000.00 4,000.00 6th " (10 Prizes at P200) 2,000.00 2.000.00 7th " (10 Prizes at P100) 1,000.00 or a total P20,000.00 for the 28 best names submitted, in the 1,000.00 order of their merit. II I I AM,,,,,nn,,.U nkn,,nnllnn~nH,,,u,,,, n., __ The "MYSTERY PICTURE." CAN YOU NAME IT? Give this picture a title, and win P8,000.00 or more. 28 Prizes comprising a total of P20,000.00 will be awarded. You may be the lucky contestant. Get your coupon book TODAY. COUPON BOOKS ON SALE AT Carnival Headquarters, Manila, The Carnival Booths, at Manila Post Office, Plaza Goiti, Plaza Binondo and Cine Rizal, Tondo. Or from Municipal or Provincial Treasurers. 1st 2nd 3rd 4th The " Prize (6 (( ~ 6 h __ -- --- -- -- -------- -

Page  30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 I II ~ ~-~ I OXYGEN Electrolytic Oxygen 99 % pure;;,k 'HYDROGEN Electrolytic yI Fel.Hydrogen 99% pure ACETYLENE;a ^*JJB t Dissolved 4;,i;i,, aAcetylene for l''.I all purposes WELDING t 'i.s W E L D I N G AC:, -"'. Fully Equipped VvA we ^'/;^ Oxy-Acetylene -, -'t:.? _ Welding Shops ' [; ii BATTERIES '. f^^/tyiUI Prest-O-Lite Electric Storage Batteries Philippine Acetylene Co. 281 Calle Cristobal MANILA I (Continured from page 27) from P10.75 to P11.00 resecado. This period was brief, and with lightening Manila entries, the market recovered and stands to-day P11.00 to P11.50 resecado. Quotations from America indicate that business can be done at, $0.041/2 to $0.04%,,c. i. f. West Coast ports. The London market is reported weak. American consumers of coconut oil advanced their ideas slightly during December and at the..riting the market may be considered steady' at $0.075/8, c. i. f; West Coast ports, with Atlantic Coast ports at $0.077/8. There have beep rumors of trading at better figures which we. have been unable to verify. Our advices indicate but little buying pressure for the remaining days of the year; consequently future advances are not expected. Total oil exports from Manila during the month will fall between 8,000 to 9,000 tons. Little interest has been displayed in copra cake at better than P36.00 per metric ton, ex-warehouse, with U. S. quotations at $23.50 per short ton, c. i. f. West Coast ports. With U. S. bids practically unchanged during the month, the weakening at Manila seems to reflect the increase of $1.00 in freight rate to become effective January 1, 1923. We feel certain that exporters of copra cake would welcome a statement from the Associated Steamship Lines as to the justification for a 25% increase on this article at this time. Looking back over the past year's trading in coconut oil, we find up to the closing months a strictly buyers' market prevailing. So great indeed has been the selling pressure, that consumers have been carrying ridiculously small stocks of raw material, feeling assured of a ready supply at all times. While a reversal of this condition cannot be hoped for, our judgment is that consumers will feel less secure in this method of operation during the coming year, and buy accordingly. There have been no new features incorporated in the permanent tariff act which would tend to alter the aspect of local trading conditions. Whether the tariff affects Philippines oil adversely or not has been the subject of considerable discussion. Conceded that the market for Manila oil lies in America, it may be pointed out that we have been relieved in that market from competition with other Oriental oil. On the other hand, we witness the diversion of these oils to Europe, to the detriment of American refined oil exports. Our decision as to whether we prefer the competition of Oriental or American crushed oil in our U. S. market should help us settle the tariff problem. Copra exports from the Philippines for 1922 will be very large, which has not been unexpected. Cebu exports alone, from our advices, will approximate 100,000 tons. With the cooperation of the Shipping Board it has been possible for exporters to ship from Legaspi. Tabaco and Hondagua, all of which ports are located in copra-producing centers, and with the exception of the latter have facilities for the concentration of stocks. With the coming year the export trade has every reason to look for an increase over 1922 figures. The Rice Industry By PERCY A. HILL, Director, Rice Producers' Association I 1: o — l - TT i I -- CABLE ADDRESS: "GASKELLINC" P. 0. Box 1608 Office Tel. No. 2425 CODES: WESTERN UNION BENTLEY'S A. B. C. 5TH EDITION PRIVATE CODES E. Gaskell & Co., Inc. CUSTOMS BROKERS RECEIVING & FORWARDING AGENTS LAND & WATER TRANSPORTATION Bonded & Public Warehousing 103 Juan Luna OFFICES Tel: 2425-2426 Pier Tel: 2427 21, 29, 35 & 41 BODEGAS: Barraca St. Tel: 2424 IN THE HEART OF THE COMMERCIAL & FINANCIAL METROPOLIS..w Provincial market prices seem to hold the levels. of the past three montha and harvesting operations in the rice region are well under way, although somewhat tardy owing to the prevailing;rains during the last thirty days.4 All other things being equal, we can expect a crop equal to that of the last season, and if present prices do not decline too much the rice producer has no especial problem to deal with except that of excessive transportation charges. Oriental conditions point to a respectable available surplus in the rice exporting countries, in addition to the new crop now coming in, as favorable seasons have been reported from Cochin-China, Siam, Burma Formosa and South China. The surplus for export from Formosa to Japan has been estimated as over 2,500,000 cavans alone. A review of the year's conditions as affecting the rice grower can be summed up as follows: The rice producer, as has been pointed out, composes half of the population of the Islands, and of course the suffering due to deflation called for immediate remedies. The rice grower, unable to obtain credits, nevertheless produced at a loss, a loss not as large as that of 1920, but nevertheless so large that any other business except that of producing could not have stood it and survived. By reducing production costs and denying himself everything except the merest necessities, he was able to exist and produce a crop. Once this was available for the market, he found himself confronted with another problem. The importers had stocked the markets with the war surplus of Indo-Asia at prices which savored of "dumping" methods. The proof of this is that the importations were valued in 1920-1921 at F6,649,395 and those of the present year are only a little over P3,000,000, and that much more actual money has remained in the.Islands. Legislation in the form of the protective tariff was obtained by the rice producer in spite of conflicting interests against him over a number of years. The total gain in terms of "palay" (unhulled) units was 17 centavos per cavan of practically 100 lbs. This was the gain over the old tariff which had prevailed in the Islands since 1909, known as the Payne Bill. While the amount of protection applied for by the rice grower was scaled down to about 15%, still, with prices on the upward trend, it should satisfy him until future problems present themselves. The transportation problem is one of those which vitally affect the rice industry, and discrepancy in values between points 100 kilometers apart are simply out of all alignment. Something must be done about this, and, from all accounts, a rectification is just begun; but to be of any value to the rice grower this must be carried to an equitable solution. PURCHASING POWER INCREASING The bread of the country-and rice takes the place of bread in the Islands-is its most important item, and its price the most important business barometer in the Philippines. Transportation costs should naturally have some bearing on the value of the product as transported, with a commonsense basis of service rendered, yet in some cases if the commodity were bar silver the freight charges could not have been so excessive. To get back to a point where we can produce not only rice at a profit but the other export crops, transportation costs must be brought down in proportion to the value of the commodities transported. The past year has seen a number of areas formally planted to export crops put into rice on account of the low prices received for hemp, maguey, etc., but these regions have unfavorable climatic circumstances to contend with, and will in all probability return to their original crop as prices adjust themselves. Sugar, tobacco and copra are on the rise, which I - I

Page  31 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 factor provides adequate purchasing prices to the consumer of rice, as during the deflation period, even at values which represented half the production cost of this cereal, the producers of the export crops did not possess even that amount to purchase this vital necessity. Again, the rice producer has had his credits restricted much more than any other industry or business, and as a consequence he did not add to his volume of debt, simply having to liquidate those debts contracted during the hectic period, and this year he will probably have more actual cash than all other industries combined, which are overloaded with heavy obligations. He then becomes a factor in the businessman's life, all the more so inasmuch as in the aggregate he composes over half the population of the Islands. While but little new land will be put under cultivation, due to trouble outside the rice industry, we can confidently expect a higher yield per hectare, which of itself will determine the full or empty rice bin, for every gain of two cavans per hectare means over 3,000,000 additional cavans to swell the total crop, whose annual value equals that of all others combined. RETAIL BUSINESS FOR THE YEAR 1922 By SAMUEL F. GACHES, President, Heacock & Co.; Denniston, Inc.; C. Alkan, Inc. For the retailer the early part of the year 1922 opened up very badly. The savings of the boom years had been gradually spent by the Filipino people. Employees were discharged in order to reduce expenses. Prices of local products suffered a fall to barely production cost, resulting in a lessened circulation of money available for purchases of everything except the necessities. To make the retailers' position worse, surplus stocks of importers were forced on the market by means of cut rate sales. The effect of these liquidations was felt by all merchants regardless of whether they dealt in necessities or luxuries. Towards the middle of the year business began to improve in a slight degree. A feeling of confidence replaced that of pessimism among the people in general. The decrease in the cost of merchandise in the prime markets was met by a corresponding decrease in the prices charged in Manila. Merchants took their losses and repriced their merchandise to correspond with the general decrease alt over the world. The public began buying again at the lower prices and a strong feeling of confidence was expressed everywhere. This feeling of confidence reflected itself in the sales of the last three months of 1922. The increasing demand for Philippine products together with the general shortage in warehouse stocks resulted in increased prices, particularly in hemp and sugar, and placed more money in the hands of the producers. This has caused a steady buying on the part of the general public which leads to the belief that the crisis is over and the year 1923 will show a healthy increase in trade over 1922. Retail failures have been very few. Wholesalers in Manila have realized the necessity of protecting their customers, both in Manila and throughout the provinces, and have carried old balances as capital invested in the business of their customers, supplying them with new goods in order that the old accounts might be liquidated through the profits to be gained therefrom. Eventually these old balances must be liquidated. The increased prices for local products will hasten this liquidation and put all retailers on a sound basis for the future. I II - - - - - 11 I MANUFACTURERS OF Hand-Made Lingerie, Boudoir Apparel Table Linens I Exclusive Original Creations Frocks Embroideries Blouses SPECIALIZING IN INFANTS' WEAR 12 San Luis, Luneta MANILA, P. I. - --- --— --- — I -- ------- ----- - --- — ---— - -- --- 20 for 20 for 30 ce: nts TOB~ C30 cents LIGGETT & MYERS TOBACCO CO. - - --- —---- -— --'- I FIRE INSURANCE E. E. ELSER Atlas Assurance Co., Ltd. The Employers Liability London Assurance Corporation, Ltd., London Fire Insurance Fire, Plate Glass, Automobile and Accident Insurance The Continental Insurance do. New York Fire Insurance Information as to rates or other matters pertaining to Fire Insurance cheerfully furnished by E. E. ELSER Kneedler Building 224 Calle Carriedo P. 0. Box 598 Phone 129 Cable Address —"EDMIL," Manila. i i

Page  32 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Real Estate [I| ~ ~ By P. D. CARMAN, P. D. Carman, Co., Ltd. Sales, City of Manila Oct. 21 to Nov. 21 to Nov. 20 Dec. 20 Santa Cruz...... P264,699 P188,690 Quiapo......... 73,450 120,800 Paco............ 10,500 461,254 Tondo........... 15,701 34,247 Binondo............ 181,503 Malate.......... 105,451 22,974 Sampaloc........ 125,524 8,100 Santa Ana....... 1,008 11,750 Pandacan........ 3,205 15,048 Ermita.......... 29,000 16,856 San Nicolas..... 105,000 10,000 San Miguel...... 500 714 Totals....... P746,545 P1,071,936 1921 1922 January....1.......... '1,273,713 February.................. 657,012 March........ 690,826 April............. 704,789 May............ 466,258 694,211 June............ 499,569 667,869 July............ 480,105 1,029,019 August.......... 558,491 692,891 September....... 1,022,093 1,040,814 October......... 857,446 812,464 November....... 475,699 746,545 December........ 486,321 1,071,936 Totals between lines...... P4,845,982 P6,755,749 The sales of Manila real estate during the last eight months of 1922 totaled P1,909,767 more than during the last eight months of 1921, no record being available of sales during the first four months of 1921. This increase is equivalent to 3.1 average months sales in 1921. This is certainly a very strong indication of a reviving market. As the best months this year, as shown by the above figures, are clearly during the last six months, this would seem to be a prediction of those "coming events which cast their shadows before." How soon the better prevailing markets and prices of the Islands' principal products will show a strong and decided reflection in the Manila real estate market is, of course, difficult to predict. There can, however, be no doubt that we are already beginning to feel the effects of improved conditions, with excellent grounds for a lively hope of a very much more active market during 1923. There seems to be a striking agreement on the part of the principal brokers that while the 1922 real estate market has left much to be desired in the number of sales made, there has been a remarkable stability in prices. Some "distress" sales have, of course, been made but, as far as can be learned, these have not been very numerous nor at prices much lower than those of two or three years ago. The great majority of property owners seem to be convinced that better times are near, and, unless absolutely forced to convert their holdings into cash, are determined to hold on for a more active market. One prominent broker could not recall a single 1922 sale made on what could be called a "snap" basis. There seems to be no question as to the stability of real estate during financial crises. Many authorities in the United States could be quoted as to the gratifying way in which real estate has stood the shock of serious panics in the past. When stocks of all kinds were cut more than in half, many bonds were in default and no interest paid, real estate and mortgage investors, as a class, lost no money. Robert Dowling in his book, Real Estate Corporations, says, "No other business stood up under the trying conditions of 1907 and 1908 with better success than real estate and building companies. For the investor there is as small a probability of loss as there can be in any investment. There has been a steady advance in city suburban real estate values for the past twenty years!" Manila is unquestionably expanding with remarkable rapidity. Its built-up area today is nearly five times its area in 1898! When it is considered that because of the disturbed conditions prevailing up to about 1906 there was comparatively little growth, it will be realized that Manila has actually doubled its size (in 1898) about once every three years. This is really an astounding growth, equalled by few cities anywhere in the world. While due in part to a steady growth in population, there can be no doubt that the public has shown a decided tendency to get away from the cramped and crowded living conditions of Spanish days. Nowadays those who can in any way afford to do so, purchase homes with spacious lawns and gardens, even if it is necessary to go considerable distances in order to secure the necessary space. The automobile and better street-car service have obviously been in large measure responsible for Manila's extraordinary growth. HEALTHY GOWTH PREDICTED In predicting the future, it is well to bear in mind the fact that back of Manila is a very extensive and potentially rich 11 I -- --- _......_._.....__. __ _- __,I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~-1 JUST RECEIVED DIRECT FROM PARIS a big collection of DIAMONDS, attractive and varied, and an assortment of the latest / styles in PLUME FANS, JEWELRY, ORNAMENTS, HANDBAGS, ETC. "Omega" wrist and pocket watches, etc., etc. PAY US A VISIT; LET US SHOW THESE NOVELTIES TO YOU. S La Estrella del Norte LEVY HERMANOS, INC. 46-50 ESCOLTA Manila Iloilo Cebu PARIS NEW YORK I I 1l

Page  33 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 33 country and that where the United States, for example, with a population of about 110 million has scores of very large cities, the Philippines, with a population nearly onetenth as great, has but one. It is natural, therefore, that at least for a great many years to come, Manila is bound to be the headquarters for the business of the Islands and that as the country develops and increases in prosperity, the rapid, yet healthy, growth of Manila can with assurance be predicted. Suburban real estate around Manila has developed extraordinarily during the past few years. Tracts which ten or fifteen years ago were considered as country places, and without hope of a ready sale as residential sites, have been rapidly sold and are being steadily built up. Suburban real estate firms which have been able and willing to do real development work in the way of roads, water, light, etc., have experienced no great difficulty in doing a very satisfactory business even during the worst months of the recent depression. It should, of course, be borne in mind that most of these companies are in position to sell on fairly long installment terms, requiring comparatively small monthly payments which place the purchase of a home or investment site within the reach of those of quite moderate means. This condition does not exist to anywhere nearly so great an extent within the city, where parcels are comparatively small in area and largely in the hands of individuals who are unable or unwilling to sell on long terms. Very noteworthy development has taken place during the past year in the southern part of Pasay and on the hills back of San Juan del Monte and San Felipe Neri just beyond Santa Mesa. Three companies arc now operating in the latter section, many miles of roads have been built, some water pipe laid, many other improvements made and planned and a very considerable number of fine homes already constructed. If Manila follows along the lines of expansion of other lowland cities the world over which have nearby sections of higher land available, there is every reason to believe that the next few years will show a remarkable growth and development in this direction. In summing up the present real estate situation in Manila and vicinity, it is safe to say that the crisis has been passed with fair sales and but little slump in prices. The prediction, with much basis in fact, can be safely made that the coming year will prove to be far better than the past, with reasonable grounds for the belief that we are on the eve of a long period of prosperity for property owners. While there seem to be no factors pointing immediately to a big "boom," there seems to be no reason for doubt that real estate prices are about to continue the steady advance which has taken place up to within the last two years. LUMBER REVIEW 1921-1922. By ARTHUR F. FISIIER Director of Forestry While there has been some difficulty experienced by lumbermen in meeting their obligations, owing to the heavy slump in business during the latter part of 1921 and to two periods of stagnation during the present year, the general trend of the lumber market during 1922 has been upward with general indications of a continued activity. A comparison of production and sales at some 21 companies from which regular reports are received and by which a reflection of the general market conditions may be obtained, shows a steady decline in both production and sales from June to November 1921, from a maximum of 9,350,000 board feet to a minimum of 5,900,000 board feet, with the result that the totals for the year were only 82,535,000 board feet produced and 82,280,000 board feet sold, as compared with 91,492,000 board feet produced and 92,720,000 board feet sold in 1920, and 85,303,000 board feet produced and 93,743,000 board feet sold for the first ten months of 1922. During the past year the recovery from the depression of 1921 has been rapid, beginning with increases in production and sales in December, 1921, though suffering setbacks in sales in February, June and July and in production in April, June, July and August, owing to a local trade war and consequent reduced production of many of the smaller mills and reduced purchases with expectation of a further reduction in prices. With the settlement of this trouble in July, the sales increased very rapidly up to the last reports received for October, enabling the mills to greatly reduce the heavy stocks of lumber which accumulated during the depression of 1921, so that on October 30, after the most active month on record with 12,066,000 board feet shipped, these mills showed a total of 85,303,000 board feet produced and 93, 743,000 board feet sold, with 14,664,000 board feet in stock at the mills. _ — AUTOMOTIVE REVIEW By GRIFFITH M. JOHN Automotive Dept., Pacific Commercial Company Complete production figures for the last three months of 1922 are not available. The total output for the first nine months of 90 passenger car and 80 motor truck manufacturers in the United States is shown in the following table: Passenger Motor Cars. Trucks. Total. 1922. January............ 81,693 9,416 91,109 February......... 109,171 13,195 122,366 March............ 152,959 19,761 172,720 April............. 197,216 22,342 219,568 May................ 232,431 23,788 266,219 June............. 263,027 25,984 289,011 July.............. 224,057 21,357 245,414 August............. 249,225 24,200 273425 September......... 186,562 18,843 205,405 1,696,341 178,886 1,875,227 Motor publications indicate a possible monthly output for the last quarter of the year at approximately the September rate, this reduced rate of production being primarily the result of difficulties experienced in getting through shipments of materials and not the usual seasonal decline, which has been counterbalanced by stimulated interest in new models. The falling off in production during thpast three months is being keenly felt by local distributors, who have not received sufficiently large shipments to meet the increased demand for new models. The majority of car distributors have been able to liquidate their stock of old models and the moderate shipments of new cars received are meeting with hearty approval and ready sale despite proposed legislation, which promises not only to increase motor taxation, to be borne by both distributor and owner, but to increase the tax on gasoline. Few gasoline consumers realize that the price they pay for every 10-gallon case of gasoline now includes a 1.13 tax, and proposed legislation promises to increase this amount to P1.51. Despite adverse conditions in general, the motor vehicle trade shows a slight revival during the last half of the year. Registration figures for January 1, 1922, showed a total of 11,546 cars and trucks in operation, this number being reduced to 11,201 by the end of the first six months and increased to 12,410 by December 18, with a considerable number of cars still in storeage. Prices through the year have shown a gradual decline, averaging from 18 to 20% on various makes and models. With production declining and buying stimulated, prices can be considered to be at the lowest level, and any noticeable change will be in the form of an increase. The distribution of autos and trucks, tires, and acessories has closely followed motor vehicle activities, declining from January to June, with noticeable improvement during the last half of the year. In contrast to the increased demand, tire prices have suffered a reduction of 46% since January 15, bringing the local retail prices to approximately the same level as on the Pacific Coast. Importations of autos and trucks, tires, parts and accessories for 1922, as compared with 1920 and 1921, are recorded by the Bureau of Commerce and Industry, as follows: Autos and Parts and Year. Trucks. Tirec. Accessories Totalr. 1920... P9,028,156 P4,039,532 P1,843,672 P14,921,866 1921.... 5,66,647 2,186,046 1,892,567 9,645,260 1922 (To Oct. 31) 672,167 1,883,825 505,410 2,561,402 li, _ ___- _-_ —__ — 1| I You will find Dairymen's League Milk different from the other canned varieties Pure, creamy, and with a most pleasing taste, Dairymen's League cMilk stands unexcelled. Use this creamy milk in your coffee and note the difference. Use it with your dessert. Drink it by the glass. Sold by All Leading Grocers JUAN YSMAEL & CO., INC, SOLE AGENTS 348 Echague Tel. 2154 MANILA Branches: ILOILO, CEBU I I

Page  34 34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 SHIPPING NOTES I I IIi ~^^s i! ~ *,!.1 - '77- t *_.... AL =-i I~~~~~~~ Shipping Review By E. J. BROWN General Agent for the Philippines, Pacific Mail Steamship Company.. _ -~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The year 1922 witnessed a great improvement in steamer services to and from the Philippines. New steamers, both passenger liners and modern freighters, were put into operation in the various trades until today the facilities offering for transportation from these Islands are better than they ever have been. Business develops best where means of easy communication and frequent shipment exist, and the improve MANILA TO SAN FRANCISCO OVER "THE SUNSHINE BELT" (The Comfortable Route) Bi-Monthly sailing via China and Japan ports PACIFIC MAIL STEAMSHIP CO. 104 Calle Nueva Phone 1915 Managing Agents for U. S. SHIPPING BOARD ment of conditions here during the past year was due in part to the improvement in steamer services. And never before has the mail service from the States been so satisfactory. This year the German steamship lines, Nordeutscher Lloyd and Hamburg-Amerika. resumed their services to the Orient after an absence of eight years, and vessels of both companies are now making regular calls at Manila. A new German line, the Hugo Stinnes Far Eastern Service, will shortly be inaugurated with a monthly sailing to Europe. The Admiral Line and Pacific Mail, who each operated three of the Shipping Board "President" liners last year, are now operating five, two more having been allocated to each company. The two new Canadian Pacific liners, Empress of Canada and Empress of Australia, were put in service during the year. Both visited Manila but are now running between Hongkong and British Columbia. More and faster freight steamers are now operating between the Philippines and Atlantic Coast ports of the United States. A new line in this service is the Tampa InterOcean Steamship Co., operating Shipping Board steamers on a regular monthly service. Early in the year the Manila-East India Line of the Pacific Mail Steamship Co. was discontinued. This service had been maintained with the Creole State, Wolverine State, and Granite State. Shortly afterward there was inaugurated a direct service between San Francisco and Manila via Honolulu with two of the aforementioned vessels. However, traffic did not warrant the continuance of this class of vessel on this route and the line was discontinued after one trip. During the period January to November, 1922, inclusive, 956 first class passengers sailed from Manila for Pacific Coast ports (including Honolulu and Vancouver). Passengers in other classes number 6,600, mostly Filipino laborers to Honolulu. Comparative figures for the same period in 1921 are 959 and 4,571. In 1921, 57% of all passengers leaving were carried in foreign, and 43% in American vessels, while this year foreign vessels have carried 46%, and American vessels 54%. Elli_ P\ z Wr_ nis; NORTH AMERICAN LINE HONGKONG TO SAN FRANCISCO Arrive Leave Leave San FranSTEAMER Hongkong Shanghai cisco "Siberia Maru" Jan. 26 Jan. 29 Feb. 24 "Taiyo Maru" Feb. 12 Feb. 15 Mar. 11 MANILA TO SAN FRANCISCO (Via Shanghai Direct) Arrive STEAMER Leave Leave San FranManila Shanghai cisco "Shinyo Maru" Jan. 14 Jan. 18 Feb. 11 "Tenyo Maru" Mar. 8 Mar. 12 Apr. 5 "Korea Maru" Mar. 22 Mar. 26 Apr. 19 krFirst class tickets Interchangeable at all ports of call with Pacific Mail, Canadian Pacific and Admiral Lines. SOUTH AMERICAN LINE Arrive Leave Leave ValSTEAMER Hongkong Yokohama paraiso "Rakuyo Maru" Jan. 19 Feb. 7 Apr. 15 For Passenger and Freight Information Apply to ToYO KISEN KAISHA Chaco Bldg. Phone 2075 The following figures show the approximate percentage of imports and exports carried between the Philippines and the United States in American and foreign vessels during the first 11 months of 1922 as compared with the same period in 1921: IMPORTS EXPORTS January to November, 1921 (inclusive): Amer. Frgn. Amer. Frgn. Pacific Coast... 71% 29% 45% 55% Atlantic Coast.. 23% 77% 48% 52%o January to November, 1922: Pacific Coast... 75%A 25 %, 67 %' 33% Atlantic Coast.. 15%' 85% 45% 55% 1 I - -I 14 r I

Page  35 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 35 During 1922, a number of minor Philippine ports were opened up for direct shipment of raw products to the United States, In each case the first vessel to call at these ports was a United States Shipping Board freighter. Formerly it was necessary for the planters to ship their copra, lumber, hemp, etc. to a major port, such as Manila or Iloilo, for transhipment to ocean steamers, and this naturally meant extra expense to them. Now, large freighters are calling at frequent intervals at the minor ports of Pulupandan, Legaspi, Hondagua, Kalambugan, Taloma, Malita and Davao. Zamboanga was made a regular port of call for Shipping Board freighters operated by Struthers & Barry, and shippers can now ship direct to Pacific Coast ports, an opportunity not enjoyed last year. UNITED STATES SHIPPING REVIEW By A. G. HENDERSON (Special Correspondent) CHICAGO, Nov. 25.-Before these lines leave the United States the fate of the Ship Subsidy Bill will have been settled as far as the lower House of Congress is concerned, and little doubt is entertained but that the measure will have votes to spare when it comes to a roll call on the 29th. However, it is generally conceded that if it succeeds in passing the Senate, it will be by the smallest of margins. The "irreconcilables," Borah, La Follete, and Hitchcock, who are "agin" everything, have announced that they will filibuster the Bill to the end of the session. The opposition are frank in stating that they have nothing better to offer and since there are but few votes in the entire mercantile marine of the U. S., its welfare is a matter of but little moment to them. The Shipping Board has just established a new passenger service between North Pacific ports and the East Coast of South America. The vessels allocated to this service are well known to the residents of the P. I., being the Creole State, Wolverine State and Granite State, under their President names, and the ex-German steamer Susquehanna. The steamers are to maintain a 12 knot schedule, and the ports of call are Seattle, Portland, San Francisco, San Pedro, Panama Canal, Porto Rico, Rio de Janeiro, Montivedo and Buenos Aires. As but little cargo except lumber moves in either direction, much speculation is being indulged in as to why the Board looks with so much favor on this route. Two new lines have entered the coast to coast trade this month, the Garland and Transmarine steamship companies, making no less than 13 lines engaged in this service. To such proportions has tonnage increased in the intercoastal trade, that nearly a million tons of cargo are now yearly moved in each direction, much to the chagrin of the trans-continental railways. The middle of the month witnessed the rejection by the Interstate Commission of the application of the railways to restore the pre-war export and import rates. The Commission contended that such rates would not provide for a reasonable compensation and would discriminate in favor of the overseas consignee by giving him a lower proportional rate than was enjoyed by domestic concerns. The decision was a big victory for the coast to coast lines, as a continuance of the present high overland rates enables them to secure cargo for the Pacific coast as far inland as Chicago. ii I I I I~ I I' I I, DOLLAR LINES REGULAR SERVICE Manila to New York via Suez Manila to Vancouver and San Francisco Tl I 406 Chaco Building Telephone 2094 ' — -1 I IANILA SEATTLE VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Leaves Arrives Manila Seattle S. S. PRESIDENT GRANT - - - - - JAN. 6 JAN. 29 S. S. PRESIDENT MADISON - - - - - - - - JAN. 18 FEB. 10 S. S. PRESIDENT McKINLEY - - - - - - - JAN. 30 FEB. 22 S. S. PRESIDENT JACKSON - - - - - - FEB. 11 MAR. 6 S. S. PRESIDENT JEFFERSON - - - - - - - FEB. 23 MAR. 18 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS ENROUTE OPERATED FOR ACCOUNT OF U. S. SHIPPING BOARD BY THE ADMIRAL LINE MANAGING AGENTS PHONE 2440 24 DAVID I j I I i I I I I I

Page  36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 I a.I 'I\ I PRODUCERS WAREHOUSES P. 0 Box 335 MANILA, P. I. Telephone 941 Modern concrete fireproof bodegas in the heart of the city on the Pasig River. Quickest land and water transportation facilities, for hemp, copra, merchandise, and household goods. Low insurance rates..I II Effective January 1, the headquarters for the operation of the Shipping Board fleet will be centered in New York. Mr. Love has been put in full charge of this branch of the Boards' activities and expects to be established in the new location in ample time to have the whole of the personnel of this department at work in New York by January 1. I Specializing on Pulmonary disorders and diseases of the urinary tract DR. F. C. MAPA PHYSICIAN - SURGEON Booms 401-402 Office Telephone 1059 'Filipinas Building Plaza Moraga, end of Escolta residence Tel 1128 Office hours: 3 to 6 p. m. Manila AUTO TRUCKING CO. 2 3 4 5 FURNITURE MOVED CONTRACT HAULING BAGGAGE TRANSFERRED DUMP TRUCKS FOR HIRE H. CARSON, Proprietor. 1965 AZCARRAGA IC ~ --- f E. VIEGELMANN & CO., INC. MANILA, P. I. IMPORTERS of: Textiles, Hardware, Sundry Goods. EXPORTERS of: Copra, Coconut Oil, Hemp, Tobacco, Cigars, Gums, Shells, Hats, Embroideries, Pearl Buttons. Owners of Cigar factory "EVEECO". AGENTS of: Hamburg American Line of steamers. i I I I I NEW SHIPBUILDING RULES Revised rules for the construction and classification of steel ships have been approved and adopted at a special meeting of the General Committee of Lloyd's Register. They are to come into force on January 13 next, but they may at once be adopted with the sanction of the owner, in the case of any vessel already contracted for before that date. Until 1909, when the last revision of the Rules was made, the basis of scantlings had remained practically unaltered for many years, and had led to the recognition of numerous types of vessels, such as "awning deck," "shelter deck," "spar deck," and "shade deck." The revision reduced the number of types of vessels for which provision was made to the full scantling vessel and the shelter deck vessel. Experience has indicated that it is possible to make freeboard assignment independent of type, with the result that in the new rules the relation of scantlings to draft has been definitely taken into account for the first time. The result is the abolition of what may be termed "type" classification, and the Rules of the society now to be issued may be said to complete the transformation begun in 1909, bringing them into line with modern practice and the most up-to-date idea of shipbuilding. Greater attention has been paid to the study and analysis of the part that is played by the various members of the structure in meeting the different strains to which a vessel is subject in the course of her career. The existing practice, after analysis and adjustment on scientific lines, has been standardised, and, generally speaking, some saving in weight has been achieved, more particularly for vessels of a restricted draft. For the first time opportunity has been taken for consultation with representatives not only of British shipping interests, but of representatives of the National Committees of Lloyd's Register which have in recent years been organized in America, France, Sweden, Holland and Japan, so that the new Rules may be said to reflect the combined judgment and opinion not only of the shipping community in this country, but of that of the whole world. Reviewing broadly the revision of the Rules, there have been reduction in the material at the sides of vessels and increases at the decks, which, together with the advantages obtained by the co-relation of scantlings and draft, have produced a combination which affords some economy in weight of material, at the same time maintaining the high standard of the society. Regulations have also been formulated for vessels in which the full sea-going requirements are not necessary, and in particular special tables have been framed for the construction of trawlers. Rules for the construction of oil vessels, first published in 1909, and representing the practice at the time, have now been withdrawn, and new Rules are at present in preparation. I Hotel len Clean At and Popular Comfortable Prices Rooms A First Class Residential and Transient Hotel CENTRALLY LOCATED. AMERICAN PLAN. PRIVATE BAR. Excellent Cuisine and Courteous Service MUSIC TWICE A WEEK. DANCING EVBRY SUNDAY. Auto Bus and Runner meets all Boats and Trains. Cable Address B. S. PETERSEN, 278 Gral. Luna "DELMONICO" Mgr. and Prop. PHONE 2048 I'

Page  37 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 37 i. -------- I ----------- _ _ _ U. S. TRANS-PACIFIC MAIL PAYMENTS [I Payments made by the U. S. Government to Trans-Pacific steamer lines for mail service during the past fiscal year were as follows: American ships: Admiral Line.............. $396,543 Oceanic (Spreckels) contract 186,384 Pacific Mail Steamship Co.... 144,684 China Mail Steamship Co..... 12,930 All others.................. 4,200 Total to American....... 744,741 Foreign ships: Union Steamship Co....... 56,698 Toyo Kisen Kaisha......... 30,821 Osaka Shosen Kaisha....... 28,019 Nippon Yusen Kaisha...... 17,971 Canadian Pacific.......... 12,579 All others................. 17,545 i i I I II! I I i i I II I i I LAMBERT SALES CO. 178 JUAN LUNA c7MANILA, P. I. Cable Address: "LASCO" IMPORTERS-EXPORTERS MANUFACTURERS' AGENTS NEW YORK OFFICE —72 LEONARD ST. CORRESPONDENCE INVITED 11 i II I Ii i!I i Ii i i I I ] I - - -- - --, - - - - ---- I' Total to foreign......... 163,633 WITH THE CHAMBER'S SPECIAL SECTIONS HEMP SECTION A meeting of the Hemp Section was held on Tuesday, December 12, the following members being present: Macleod and Company (H. Forst), chairman; International Harvester Company (J. C. Patty), Capt. H. L. Heath, Tubbs Cordage Company (H. L. Heath), Portland Cordage Company (H. L. Heath), Pacific Commercial Company (L. J. Francisco), and Hanson and Orth (N. M. Saleeby). E. C. Ross of the Pickett Rope Company was also present. After discussion it was decided to make an official protest, through the Board of Directors, against any increase of freight rates on hemp to the United States or Europe. Mr. Saleeby brought up the question of increasing the uses of hemp and on motion a committee, consisting of Capt. H. L. Heath, L. J. Francisco and J. C. Patty, was appointed to study the matter and report thereon to the Section. I!i I I I I I I P 0 R T A B L E R E V 0 L V A T 0 R i i i I i I i I i ONE OF THESE Portable Elevators EMBROIDERY SECTION The regular monthly meeting of the Embroidery Section was held on Thursday, December 7. Those present were: John S. Conrow, chairman; R. Geraus, E. Ford Hickman, Mrs. Mae C. Wood, and Mrs. Alex. Woolf. A letter from the Register of Copyrights, Library of Congress, with reference to putting up lace and embroidery designs in book form and registering them under one entry, was read. It stated that it would be necessary to obtain a design patent for each design under the present law, but that a law changing this procedure has been pending before Congress for some time. Mr. Geraus reported that progress was being made by the committee appointed to draft a reply to the Director of Education in regard to the sale of embroidery by that Bureau. WITH Revolving Base WILL SAVE ITS COST IN LABOR cAND DOUBLE YOUR BODEGA CAPACITY ONE MAN WITH ONE HELPER CAN EASILY HANDLE CASES WEIGHING UP TO ONE TON (1000 KILOS) MACLEOD & COMPANY, Inc. 7MANILA CEBU VIGAN ILOILO

Page  38 38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 CHAMBER NOTES The Chamber was honored on the even- Miss Adele Blood and "Tim" Frawley. Mrs. azine rack is particularly useful, as it ing of Friday, December 22, by the presence H. H. Harrison was made chairman of the enables the Secretary to classify and arof Governor General Leonard Wood and committee in charge of the affair and she range the 100 odd magazines and other pubhis staff, the General being the honor guest was assisted by Mrs. S. F. Gaches, Mrs. lications received regularly by the Chamat a smoker given by the Chamber to cele- Frank Butler, Mrs. Leo Cotterman, Mrs. H. ber. brate his decision to remain in the Islands B. Pond, Mrs. J. W. Hausserman, Mrs. Walafter declining to accept the presidency ter Robb and Miss Marguerite Wolfson. Lee Kohns president of the New York of the University of Pennsylvania. Wal- The rooms of the Chamber were tasteful- o o e n nspo n hs eter Robb was chairman of the special crm- ly decorated with poted plants and flags Board of Trade and Transportation, has exter Robb was chairman of the special corn- ly decorated with potted plants and flags, tended to the members of the American mittee appointed for the smoker, which and the floor was put into perfect shape Chamber of Commerce of the Philippines an acquitted itself very creditably, the ar- for dancing. In the receiving line were ao o mae e of the B s n rangements being perfect in all respects. Acting President Elser, Mrs. Harrison and modious offices, at 41 Park Row, opposite There was plenty to eat, drink and smoke. Miss Blood. Hundreds of people attended the City Hall and the entrance to the BrookClose to 200 guests found the evening the function, which was made exceptionally lyn ide, as a pace ofrendeou uo a very enjoyable one and many expressed interesting by the rendition of a musical lyn ridge as a place of rendezvous upon the hope that the Chamber would hold si- program. Miss Dolores Lichauco, assisted by arrival in New York City. milar affairs in the future. Miss Vicenta Marifosqui at the piano, sang Facllltles have ben provided for placing The speakers were Acting President E. several selections, which were heartily ap visiting executives and representatives of E. Elser. Captain H. L. Heath, General plauded. Mrs. Winters, wife of Lieut. Comn-banks corporations, storesand other istiWood, Col. Gordon Johnston, Brigadier mander T. H. Winters, U. S. Navy, with tutions into direct contact with the most General Frank McCoy and Col. H. B. Mc- Mrs. Blandy, wife of Lieutenant W. H P. responsible banking manufacturing, comCoy, in the order named. It was a real Blandy, U. S. Navy, at the piano, also gave mercial and mercantile houses in New York get-together function at which the General a number of well-chosen and artistically City and with which they may be desirous met many Chamber members whom he had rendered vocal selections. George Baldwin of coming into contact. Information renot met before and renewed acquaintance of the Frawley company staged a versatile arding hotels, etc., will also be gladly furwith old friends. The Constabulary band vaudeville turn beginning with a pianologue nished. A letter from the Secretary or played. and ending with his singing of Kipling's other executive of this Chamber will be suf— "Danny Deever." Other members of the ficient to establish proper identification. Another social function that came off company dropped in for the dancing, the successfully was the tea dansant in honor music for which was furnished by the Con- Since the resignation of the steward, of the Frawley theatrical company on Wed- stabulary band orchestra. The ladies voted Secretary Mozingo and Mr. Schipull have nesday, December 20, from five to seven it one of the most charming and enjoyable been running the culinary department. The p. m. The Frawleys had accepted an in- social functions of the season. consensus of opinion at the Round Table is vitation to the Wood smoker for that date, that the chow is as good as, if not better but the date of the smoker was changed to During the month of December a new than, it has ever been. Hats off to the new December 22, which would have interfered hat rack in the dining room and a magazine firm of caterers, Mozingo and Schipull. with the theatrical program at the Grand rack in the lounging room have been inOpera House. Consequently the entertain- stalled by the executive committee, for which At the time this Journal went to press, ment committee decided to give the tea dan- the members who make the Chamber their Christmas cards, which are acknowledged sant in honor of the players, headed by headquarters are duly thankful. The mag- with thanks, had been received from the PRINTERS' SUPPLIES We carry the Largest and Most Varied Stock of Paper in the Far East. Everything for the up-to-date printer in the way of Equipment. 233 DAVID J P. HEMANILBRONN C. M.. I~~~~~~~~~~ Ps HELBON o11 i :4,? d. i~.i: I dii I.i i ~r 1:f i r ii i

Page  39 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 39 following firms and individuals: E. Diaz and Company, Juan Camahort, Mayor Fernandez, Standard Oil Company of New York, L. Everett, Willis T. Beardsley, The Admiral Line, Antonio Brias Roxas, Andres Soriano, San Miguel Brewery, Director and Faculty of La Salle College. Augusto Tuason. Hijos de J. S. Tuason, A. Garcia PhotoEngraving Plant, and E. Gaskell & Co., Inc. I. Beck, veteran merchant of Manila, and one of our Active members, is back in the Islands after an absence of several months in the United States. He is accompanied by Mrs. Beck and they will make an extended stay in Manila this time. Director C. W. Rosenstock has returned from his business trip to the United States looking in the best of health and ready to resume his customary mile-a-minute pace. He brings with him the representation of Marshall, Field and Company. Senator George H. Fairchild was absent on an inspection trip to Negros and the rest of the southern sugar region the early part of December. Director Beam took a flying trip to the Benguet Consolidated gold mines, which he directs, about the middle of December. News has been received in Manila that Edmund H. Bullis, former editor of this Journal, has been appointed membership secretary of the Brooklyn Chamber of Commerce and is conducting a big membership drive for that body. Associate Member Joseph Strittmatter, of Naga, Camarines, was a visitor in Manila just prior to the holidays. Associate Member Aubrey P. Ames, of the Standard Oil Company office in Hongkong, was a holiday visitor in Manila. Associate Member Paul A. Gulick, of Baguio, was down on one of his periodical visits just before the Christmas holidays. He reports excellent weather in the mountain capital, with the strawberry outlook exceptionally fine. Attorney Donald G. McVean, of Cebu, one of our provincial Associate members, was in town the latter part of December on busi ness. Associate Member A. G. Yankey, of rloilo, was in Manila during the holiday period. Associate Member G. B. Gimberling, of Iloilo, left for Shanghai on a combined business and pleasure trip. Associate Member F. G. Kimball, who recently returned to the United States, has joined the Petroleum Exports Corporation as Assistant to the President. The general offices of the company are in Los Angeles. We regret to report the death of Associate Member O. V. Wood, of Davao, one of the pioneer hemp plantation men of the Islands, while en route to the United States <n the transport Grant on December 19. Mr. Wood left here in bad health. Associate Member Jack Levy is expected back in Manila about January 3 after an absence of nine months on business in New York City. President Cotterman writes from his home in Nebraska that his mother is far fran well and that his return is wholly contingent upon the state of her health. I I ro 'I!711 When you see a well-dressed man -bank on it,-he has been equipped at the up-to-the minute haberdashery of P. B. FLORENCE & CO. 80 Escolta Manila, P. I. I — --------— ~ ------ -- ------ --- -~ II I ATLANTIC GULF & PACIFIC COMPANY 77 Muelle de la Industria c7VIANILA, P. I. Engineers and Contractors I — ~~~~~~~~~~~~~~~

Page  40 40 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Your New Year will be i U1~9 r A Happy One | The Machine You Will! Eventually Buy | UNDERWOOD No resolution that you could make for 1923 l would be of more ultimate value to you than the purchase of a New Underwood. Recent price reductions have brought this machine; down to 1 185.00 cash, which is a real bargain. These are the well known record breakers, Underwood Models No. 5, and are all new malI | ~chines. Equipped with all the latest patented |II features that have made Underwood a leader, Iii you will find increased satisfaction with its performance the longer you use it. For holiday work, trips to the provinces, at home or inhe office when the n typist or stenographer is away, the Underwood Portable will come in as handy as a pocket. Does all the work of its big brother and needs no special catering. Encased, ready for work or travel, only f 90.00 cash. SMITH, BELL & CO., LTD. SOLE AGENTS FOR THE PHILIPPINES HONGKONG & SHANGHAI BANK BLDG. FOURTH FLOOR-PHONE 810 i I.4a -1.4 I. I

Page  41 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 41 _ WITH THE BOARD OF DIRECTORS i Tuesday, November 28, 1922. Present: Directors Elser, Gaches, Green, Pond and Beam. The following resolution was adopted: "Whereas a bill has been introduced into the Philippine Senate to increase the tax upon sales of merchandise in the Philippine Islands from one to one and one-half percent; and "Whereas business in the Philippine Islands has not yet fully recovered from the heavy slump which resulted from conditions following the World War; and "Whereas it will work a great hardship upon business if the proposed bill is passed, and will further prevent business from returning to a normal basis; "Now, therefore, be it resolved that it is the unanimous opinion of the members of the American Chamber of Commerce that the best interests of the people of the Philippine Islands will not be served by the passage of the bill to increase the tax upon merchandise sales from one to one and onehalf per cent, and that therefore it is most earnestly recommended that the proposed bill be not passed; "Be it further resolved that the Manila Chamber of Commerce and the Philippine Chamber of Commerce be, and they hereby are, requested to cooperate with the American Chamber of Commerce by requesting the Philippine Legislature not to pass the bill hereinabove mentioned." The Board, approved the recommendation of the Philippine Chamber of Commerce for the appointment of Alfonso M. Tiaoqui and Manuel R. Revilla by General Wood to the Tax Appeal B-ard of the City of Manila. Attorney Ewald E. Selph was appointed General Counsel of the Chamber. A letter from the Director of Posts requesting suggestions as to the advisability of the establishment of a C. O. D. service between the Philippines and other Oriental countries was referred to Director Gaches for reply. Copy of a letter from a local firm to the Collector of Internal Revenue requesting that the Legislature be requested to amend the local Internal Revenue Law so as to agree with the United States Revenue Act of 1921, which allows any taxpayer who has sustained a loss to deduct the amount from the succeeding taxable year, was read and the recommendations "absolutely and fully approved." The matter was ordered referred to the Governor General, the President of the Senate and the Speaker. A request from Mrs. Benita Q. de V. del Rosario to be released from a portion of her land held on mortgage with the Chamber. upon repayment of ~i45,000 out of her i'80,000 loan, was taken up. The committee consisting of Capt. C. H. Sleeper, and Directcrs Green and Elser which had investigated the matter reported that the land to be retained under mortgage was worth more than twice the '35,000 that would remain leaned on it. A thorough investigation by the committee was ordered. A request from H. W. Elser for a two year loan on improved real estate at 620 M. H. del Pilar was referred to a committee composed of Director B. A. Green and Captain C. H. Sleeper. At the request of the Chamber of Commerce of the State of New York, the followin': re-olution was adopted: "Resolved that we approve the draft of the Federal Arbitration Law and the draft of the Federal Arbitration Treaty, both of which were unanimously approved by the American Bar Association at its conference in San Francisco of August, 1922." A letter from the Governor General with reference to the establishment of a Board of Trade was read. The Board approved of the idea in principle. A letter from the Governor General to H. B. Pond requesting that the matter of permanent representation of the shippers and the public before the Public Utility Commissioner be taken up with the different chambers, through a joint committee of the chambers, was read and discussed. The question of the Chamber having a rest room at the coming Carnival was held over until further information could be obtained on the subject. A committee composed of Directors Gaches and Pond was appointed to make ricommendations regarding the proposed luxury tax. Tuesday, December 5, 1922. Present: Directors Elser, Gaches, Green, Pond and Rosenstock. Change in the representation of the Active membership of the Asia Banking Corporation from W. G. Avery to N. E. Mullen was approved. The matter of the establishment of a Beard of Trade was taken up and held over until the next meeting of the Board. It was decided not to elect a successor to Director Walter E. Olsen, resigned, until the next annual meeting in January. I I I I I I Ii ii I Ii I1 i i i i I i i i ii I I ii II I iI i I i!i 1) i! I I i i I i i I I I I i i i!: i I I II I I i.1 I i I... - -. - -- ----- BRUNSWICK 'a Phonographs and Records BRUNSWICK BALKE Pool and Billiard Tables Bowling Alleys Supplies and c Accessories i I i i! I I i I i I i i I iI I I I I i I i i I I i I I II i I i I. I. Equipment for Every Logging Purpose Washington Iron Works SEATTLE, U. S. A. I CiiifL" V Philippine Phonograph Co. 11-DAVID-15..... _ _ _....... _.._ -. I- ---- -- - ------ - -II I;.

Page  42 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 Director Gaches brought up the matter of C. 0. D. postal service with Oriental countries. The service was approved and Mr. Gaches appointed a committee of one to draft a reply to the Director of Posts. The editor of the Journal was asked to submit a proposition for the conduct of the Journal, at the next meeting of the Board. Director Rosenstock suggested the compilation of a folder descriptive of the Islands for distribution in the United States, there being great need for advertising the Islands. Director Pond was appointed a committee of one to see the management of the Manila Railroad and the Manila Hotel about getting out such a folder. Tuesday, December 12, 1922. Present: Directors Elser, Gaches, Beam, Pond and Rosenstock. Application for Associate membership of J. L. Myers was approved. A letter from Mrs. Benita Quiogue de V. del Rosario stating that she had returned the loan of P80,000 with interest made on her property and requesting an adjustment of the interest payment was read. Bills for the month of November amounting to P9,726.63 and bearing the approval of the Finance and Auditing Committee were approved. A letter from the Mayor answering the complaints made by the N. & B. Stables Company with regard to alleged illegal operation and practices of "H" cars was referred to the N. & B. company. A letter from the Hale Shoe Company protesting against the proposed ordinance increasing the tax on shoe repair establishments to P600 per annum was read and discussed. The Board went on record as opposed to the tax and Director Gaches was requested to draw up a letter expressing the views of the Board. Director Pond reported that he had seen the Manila Hotel and Manila Railroad management with regard to a descriptive folder of the Philippines and that the idea was favorably received. The report was accepted with thanks and Mr. Pond was requested to follow up the matter. The proposition of the editor of the Journal for its conduct in the future was read and discussed. The Publicity Committee was authorized to enter into a contract with the editor along the lines suggested by him. A letter from Walter Robb suggesting that the Chamber have a house warming and that a smoker be held every week or two, also that receptions be held in honor of each of the other chambers, was read, discussed and referred to the Reception and Entertainment Committee. The Reception and Entertainment Committee was authorized to provide for an open house on New Year's Day from 10 a. m. to noon. The amount available for a loan was reduced to P70,000 and it was decided that as much as possible of the remaining P10,000 be placed on fixed deposit. A. G. Henderson was appointed representative of the Chamber in Chicago, without compensation. A resolution of the Hemp Section officially protesting against any increase of freight rates on hemp was presented to the Board. The question of a Board of Trade for Manila was held over until the next meeting. Tuesday, December 19, 1922. Present: Directors Elser, Gaches, Beam, Green, Pond and Rosenstock. Request from A. G. Kempf to transfer his Active membership to the Neuss, Hesslein Corporation was approved, provided W. C. Planz holds Mr. Kemp's power of attorney. Request from the Philippine Phonograph Company to change the representation of their Active membership from W. W. Weston to W. E. Jones was approved. A letter from the Governor General requesting the Chamber to appoint a committee to advise with him on the rehabilitation of the tobacco industry was read. It was decided to take the matter up with the joint committee of the other Chambers, appointed at the request of the Governor General, and hold the matter over for another week, also to acknowledge the receipt of the letter and state that since the report was written there had been a considerable improvement in conditions. Walter Robb was made chairman of the special committee to entertain General Wood on the evening of December 22. Director Beam was appointed a committee of one to invite the All-American baseball team to the tea dansant of December 20. The resignation of Associate Member James L. Pierce was accepted. Director Green reported favorably on the application for a loan of P70,000 from Henry W. Elser on a mortgage on certain property at the corner of calles Divisoria and M. H. del Pilar, with interest at the rate of 12% per annum. The loan was approved, Mr. Elser not voting, and Director Gaches, Treasurer of the Chamber, was authorized to execute the mortgage on behalf of the Chamber. A letter from Attorney F. C. Fisher giving a synopsis of proposed bills before the Legislature which he considered should be studied by the business community before final action is taken on them by the Legislature, was taken up for consideration and referred to the joint committee of the different chambers, with a view to having them cooperate with us in employing a representative before the Legislature. It was decided to hold over the question of the Board of Trade until after the holidays.. -.1:].,..D.. I --------— ~ --- —-- Arvt Mntal Steel Office Furniture, Safes and Files f ~t From Waste Baskets to Safes Art Metal Office Equipment meets the need of every office large and small. The unit you want, in the finish you like, in the quantity you require, at the time you demand. Forgetting for the moment its unequalled beauty, its finer construction, its greater endurance-the completeness of the line alone is one mighty good reason you should start today to standardize on Art Metal. Easy to File IIIIDIIIUIilllllll ^ t IEasy to Find UMB FAG OIImuJJ i/1RINC H I 0i I I i I I i,I; I I I I I i i i ii i I i I I I I i Roxas Bldg. Manila, P. I. Wm. H. ANDERSON & CO., Cebu ii -- I

Page  43 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 43, = ' - - ------ I Manila Railroad Company The Manila Railroad Company, having more than 1000 kilometers of well ballasted track with modern power and up-to-date electric lighted trains, offers comfortable, quick and safe transportation to the following points of interest: BAGUIO The Health Resort of the Philippines PAGSANJAN Magnificent Gorge and Shooting the Rapids Mount Mayon A Perfect Volcanic Cone 8000 Feet High Travel in the Philippine Islands is of great educational value and will enlighten those who may be skeptical about the industrial and agricultural development. For Further Information, Address: c7M. D. ROYER, Traffic Manager Manila, P. I. 'I I I I I I i i i I I I I l. __

Page  44 44 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 1 - I-. -.. - - -- -., - - I d. I I I I. COMMERCIA PHOTOGRAPH WE ARE S PHOTOGRAI BE IT FACT( L Y PECIALISTS IN THE PHY OF INTERIORS — DRY, OFFICE OR HOME ONE 1060 ISTON Inc. ESCOLTA:i I, I i i I i i i i i I I FEE ON BOND EXTENSIONS Insular Collector of Customs Vicente Aldanese has issued an administrative order establishing a fee of '1.00 on each approved application for extension of bond of any description filed witih the Collectors of Customs at all ports of entry, which fee shall be collected by affixing a customs stamp in that amount on such application. In addition, the usual documentary stamp tax of 50 centavos shall also 'be collected. This order takes effect on January 1, 1923. PH DENN: 1 1S I RECENT INCORPORATIONS I I~_ IY, II I I I INSULAR LUMBER COMPANY MANUFACTURERS AND EXPORTERS _ N:- -: — OF -_ _ PHILIPPINE CABINET WOODS 4 igh Il Septemsber 29, 1922 THE BAILEY STEVEDORING COMPANY, INCORPORATED, Manila; capital — _i stock 1200,000, subscribed and paid up v 70,000. Directors: Adam C. Bailey, Mrs. J. Bailey, W. Crossdale Robinson, Mrs. E. Robinson, Luciano Gutierrez (treasurer). November 22, 1922 CENTRAL COTABATO, INC., Manila; establishment of several mutually interdependent bases for the economic development of the central and southern regions of the province of Cotabato, etc.; capital stock I 500, paid up. Directors: J. E. Kennedy. E. W. Kopke. D. P. O'Brien, W. W. Weaver, F. E. Cochran (treasurer). November 28, 1922 THE MANILA IRON WORKS & BOX FACTORY INC.. Manila; capital stock 1*1,000, subscribed and paid up P200. Directors: Oscar P. Rhudie (treasurer), Paul B. Danielson, William H. Lambert, Richard Petrich, Flaviano Sevilla. PHILIPPINE TELEPHONE AND TELEGRAPH COMPANY, Manila; to acquirt the franchise, property and business of the Philippine Islands Telephone and Telegraph Company, etc.; capital stock W2,000, subscribed and paid up. Directors: W. Z. Smith, Earl M. Cousart, S. G. Oftedahl. J. S. Galvez (treasurer), B. Angeles, M. Zaldua, F. A. Vick, A. Cortes, F. D. Wolcott. November 29, 1922 THE BOHOL INSTITUTE, Guindulman, Bohol; educational institution; capital stock 1'25,000, subscribed Pt9,700, paid up P99,564. Directors: Alipio Libres, Inocentes Amora, Maria L. Amora (treasurer), Pedro Amora, Alfonso Libres. December 1, 1922 TOLEDO-CEBU COAL MINES, INC., Cebu; capital stock 11,000,000, subscribed *P206,025, paid up '130,525. Directors: J. Clayton Nichols, Edgar G. Cummings, Esther Rogers, Catalion Bout, J. H. Merz (treasurer). December 4, 1922 LUCENA ELECTRIC COMPANY, INCORPORATED, Lucena, Tayabas; capital stock 1'175,000, subscribed and} paid up P65,000. Directors: Wiliam T. Nolting, Albert Sidler (treasurer), Rafael Moreno, Gregorio Marquez, Gregorio Limjoco. ALBAY COAL COMPANY, Manila; capital stock f*30,000, subscribed 1'6,000, paid up P1,500. Directors: E. J. HIaberer, J. C. Rockwell, Manuel Tinio, A. H. Knowlton (treasurer), Benjamin S. Ohnick. il I t, II ANNUAL CAPACITY 36,000,000 FEET I TANGUILI RED LUAN ALMON and APITONG LUMBER w MANILA, P. I. FABRICA, P. I.

Page  45 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 45 Decemeber 9, 1922 MINDANAO AGENCY COMPANY, Manila; buying, selling and managing agents; capital stock P5,000, subscribed and paid up 1 000. Directors: N. H. Duckworth; Rosalind Winchester Duckworth, Ladislao L. Dimaliuat, Charlotte Winchester, Fitch A. Winchester (treasurer). THE ANJUR COMPANY, Manila; general merchants; capital stock P1,000, all paid up. Directors: L. A. Barretto (treasurer), Vicente Basallote, Clodoaldo Cruz, Roman Ozaeta, Jose Valladolid. December 11, 1922 MINDANAO DEVELOPMENT COMPANY, Manila; agricultural enterprises; capital stock P100,000, subscribed P20,000, paid up P5,000. Directors: N. H. Duckworth, Rosalind Winchester Duckworth, Charlotte H. Stevens, Charlotte Winchester, Fitch A. Winchester (treasurer). PALOMO INCORPORATED, Manila; purchase and sale of native produce; capital stock V40,000, fully paid up. Directors: Emilio Palomo, Adelina Blanco (treasurer), Emilio Palomo, Marcel H. Diserens, Maria Eulalia Palomo. December 12, 1922 HINIGARAN INSTITUTE, Hinigaran, Occidental Negros; educational institution: capital stock P20,000, subscribed and paid up '2.500. Directors: Segundo Monteblanco (treasurer), Ruperto S. Javier, Dimas Lagtapon, Sinforoso Locsin, Nicolas Sian. December 14, 1922 CASA DE ESPARA DE ILOILO, INC., Iloilo, Iloilo; to construct a clubhouse; etc.; capital stock P60,000, subscribed P15,000. paid up P7,800. Directors: Emilio Vidal, Guillermo Gomez, Fernando Reguera (treasurer), Dionisio Insa, Ignacio B. Huarte, Francisco Galtas Antonio Aymani, Cesario Lopez, Isidro de Castor, Pedro Ansmefidia. December 18, 1922 THE VISAYAN GENERAL SUPPLY COMPANY, INC., Iloilo; export and import; capital stock P200,000, subscribed '200,000, paid up P50,100. Directors: Lucio Echaus, Enrique Echaus, Tan Boon Kong, Santiago Yap (treasurer), Sanjag... S. Abad. December 22, 1922 BANGAR TRADING COMPANY, Pasay, Rizal; general merchandising; capital stock t10,000, subscribed P2,610, paid up P718.50. Directors: Manuel Lacsamana, Marcelino Morales, Luis M. Mortera (treasurer), Cipriano Coloma. Benito Quisilot, Valentin Lardizabal, Atilano M. Mangibin. The Development of Philippine Minor Products (Continued from page 11.) member that the masses haven't had much of an opportunity to learn much about such matters. Isn't it time that we took steps to put the country on a sound financial basis? It doesn't require a master mind to know that this means organization and a "study-up" on our numerous undeveloped industries. Now Is GOOD TIME TO START. How simple a matter it would be to compile a list of the tropical products imported I i '..... ' *II - I' ill - - 1 To our Friends and Patrons cA Happy and Most Prosperous New Year N & B STABLES IDEAL GARAGE TELEPHONE 521 TELEPHONE 50 1. -— II

Page  46 THE'' AMERICAN CHAMBER OFP COMMERCE JOURNAL January, 1923 into the United States and China, to com- 4. That we begin to do more publicity ile a list of the products now being pro- work by calling the attention of the people ced or that can be easily produced here to the commercial value of various products, in the Philippines, ascertain a market for teaching them the proper manner of.preparthese articles in the northern markets,-in- ing and handling, products, for the market, terest local firms to organize branches in etc. the provinces or organize cooperative commercial firms to provide a market here in WOULD PUBLISH GOVRNMENT MONTHLY. the country, to interest the people in producing such articles as command a good It is most essential that the government market, etc., etc. Now is just the time to publish a weekly or monthly journal havstart this work. The elections are over and ing to do with the progress of the country the newly elected officials are soon to take and that a most vigorous campaign be made their seats and are naturally interested in to get as many subscribers as possible. The making a record for themselves. The people circulation of such a journal would be large are none too well off, and they will listen and, since it would publish mostly matter if there is an opportunity to make money. supplied by the several bureaus, the cost There can not possibly be a more noble work would be small. It might be possible to than to help in building up the country's interest private capital in starting such a finances at this time. Let's go to it. journal but, in any case, the additional exI frankly admit that this article has been pense to the government would be small rather drawn out, but I am not over-good and it is thought that the subscriptions in expresing myself and, again, the sub- would care for the up-keep of such a press. ject interests me greatly. I would stop here 5. That each province have a yearly comand let the reader pick out the more im- mercial fair. This would be of great worth portent points, but, it may be better if I in listing articles of commercial value. gain call attention to the following in the 6 That the Agricultural Chambers now form of suggestions, to wit: being organized be continued and pushed 1. That the government appoint a special but that, instead of being marketing organcommittee to consider this question of build- izations, their prime work will be in teaching up our minor industries. ing the people the proper method of plant2. That this matter be brought to the at- ing, caring for, preparing and handling tention of the people through the press. products for the market, etc. Such an orIt is thought that every paper in the Is- ganization can do a wonderful work. It is lands would most willingly publish any thought that these should be provincial orarticles bearing on this matter. ganizations with meeting places in the mu3. That an executive order be issued call- nicipalities, and even in the barrios where ing upon the people to make a united effort necessary. The provincial farm adviser at to build up our undeveloped industries. This each provincial headquarters would be the same order should carry with it instructions permanent secretary of the local organizato all provincial and municipal officials that tion. There would be but a very small exthey give their best efforts in assisting any pense, and any dues collected should be one concerned in furthering this work. very small. 7. That more of an effort be made to interest young men to take commercial courses such as will prepare them to take charge of a business. There is really not much of an incentive for such men to study this course at present. The greater part would not have the money to establish a business of their own and they would have to enter other employment, possibly at cheaper pay than they would get in other lines. However, if a determined effort were made to organize the business in the provinces, there would be work for them to do, especially if cooperative forms were organized. It would be desirable if more reliable schools of commerce were established in the provinces. These should be encouraged, at least by the government. 8. That the matter be placed before the people in such a light that they, through their voting power, induce their leaders to take a more active interest in building up the commerce of the country. Such men are the leading minds of the country and can soon acquire a knowledge of these matters, even though not well versed in them at present; and they certainly could do a wonderful work in bettering the conditions of their people by promoting this work. 9. That the Bureau of Commerce and Industry compile a list of the tropical products imported into the United States and China, note the demand for same, the approximate worth, etc., etc. That the Bureau also compile a list of the articles produced in the Islands at present and of those of commercial value that can be produced. 10. That a start be made to get together a commercial handbook of the Philippine Islands. If the information on file with the Bureaus of Science, Forestry, Agriculture, ol iA I la 11 I I I i I i Only the finest of the Abaca enters into the composition of INCHAUSTI ROPE Comparative teats will show this but only the initiated could tell the high quality of a rope product by looking at it. We invite scientific tests of our products, believing that quality will win in the long run. INC(HAUSTI RO(PE FACTORY PHONE 932 BRANCHES MANILA Ilollo Soraogon Gubat Aparri I I 1

Page  47 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 47 and Commerce and Industry were compiled it would result in a most valuable book. Make it a catalogue of what the country has to sell, illustrating it. Such a handbook would be in great demand, especially among the merchant class in the Philippines, the United States, and China, and it certainly would pay for itself. 11. That a campaign be made to build up an opinion for square and honest dealing, cutting out all sharp practices such as selling under weight, having half a dozen different prices to meet the pocket-books of the purchasers, misrepresenting qualities of products, etc., etc. The journal before mentioned could be used for this purpose. 12. That the business in the provinces, where most of the products come from, be organized. The principal things are to instruct the people as to the articles of commercial value, teach them the proper manner of preparing and handling them for the market, and taking means of assuring them of a market for their products. There are several ways in which this might be accomplished but the most convenient means would seem to be about as follows: PROVINCIAL CHAMBERS OF COMMERCE. A law might be passed constituting the municipal presidents of any province a Commercial Board to act under the supervision of the Bureau of Commerce and Industry. In this case the Bureau should have a representative, a man having a knowledge of the work he will be required to perform, in each province or at least in districts comprising several provinces. This might work if this representative were armed with a forceful letter requiring the absolutely full cooperation of all municipal and provincial officials. The Bureau of Commerce and Industry might have branches in certain of the provinces, but it is doubtful if much would be accomplished without the very active assistance of the provincial and municipal officials. In any case, politics would tend to keep the people separated, and matters of this kind need the cooperation of all. What would seem to be better than anything else would be provincial chambers of commerce under the direct supervision of the Bureau of Commerce and Industrsy. Such an organization would be made up of merchants, large landholders, and other prominent people of the provinces. It might be a non-stock corporation, but in any case it would work under the direction <f t Bureau of Commerce and Industry. If the dues are not high, and there would be no need of them being high, a very large number of persons could be induced to become members. It would be supported by these small dues assessed the members. Each provincial chamber should have a permanent secretary. It might be convenient to have municipal branches to facilitate meetings, but in any case the members would also be members of the Provincial Chamber. In this case the presidents of the local branches might compose the Board of Directors of the Provincial Chamber. It goes without saying that such an organization should be absolutely free of anything. of a political or religious character. Such Chambers would work on instructions sent out from the Bureau of Commerce and Industry through its representatives. Such instructions would consist in listing products of value, instructing the people regarding them, teaching them how to prepare and handle such products for the market. establishing cooperative commercial firms or inducing established firms to organize provincial branches, etc., etc. It should be well borne in mind that mighty little can i I F --- - -- i I i I I i i I Advertising Schedules for 1923 It is almost impossible to judge the exact amount of business directly due to advertising. But advertise judiciously for a short time and then quit altogether, and you will find that there is a vast amount of your business that is due directly to advertising. Make up your schedule now for 1923. BUTLER ADVERTISING SERVICE 209 Roxas Bldg. Phone 367 LUZON STEVEDORING COMPANY c7Muelle San Francisco and 14th Street MANILA, P. I. I 1. I I I I I I~~~~~~~~~~~~~~~~~~~~~~.;-.

Page  48 January,19233 48 THE AMERICAN CHAMBER OF COMMERCE JOURNAL ru~~~~~~~~~~~~~~~.. ~ ~ ~ ~ ~ ~ ~ ~ - -1 I LIVE IN DAYLIGHT Use our LIGHTHOUSE quality glass for every purpose. Window Glass, plain, colored or frosted. Plate Glass, any thickness. Wire Glass, plain, Ribbed or Corrugated. Figured Glass, Florentine, Cathedral, Rippled. Opal Glass, any thickness. Ask for our latest catalog showing uses, descriptions, etc. We can supply you in any size or any quality. Send us your specifications and let us bid on the job. We guarantee our glass and our work. SQUIRES-BINGHAM Co. SPORTSMEN'S HEADQUARTERS 15 PLAZA GOITI MANILA PHONE 300 I i i i I I I I;H. R. ANDREAS MANILA, P. I. EXPORTER AND IMPORTER PHILIPPINE LUMBER AUSTRALIAN COAL BRICK SUGAR COPRA H. R. ANDREAS 306 MASONIC TEMPLE MANILA, P. I. P. 0. BOX 1483 PHONE 269 Cable Address: "ANDREAS" Code: "Bentley's-Private" TRADE MARK REQ. U.S. PAT. OFF. OXFORDS FORn DANCING HAVE YOU SEEN OUR PATENT KID DRESS OXFORDS? Plain toes, blind eyelets, flexible bevelled-edge soles, built for men's feet-with snug heel and instep fitting-formal correct style-the last word in comfortable dress shoes. be accomplished without the cooperation of the officials. The masses look to them for guidance and will continue to do so for a number of years yet. To start these provincial organizations it would be better if some high authority, preferably the Governor-General if he could be induced to do so, should appoint special committees from among the prominent people of each province who might be interested in these matters, to go ahead and organize the Provincial Chambers. If such committees had the full force of 'the government behind them, they could easily accomplish this work. It must ever be understood that such committees must have Ithe full cooperation not only of the officials in the province but from all representatives of all bureaus in the province. There is absolutely no use in establishing such an organization without intelligent supervision of men who have some knowledge of the work to be accomplished. It would simply mean a waste of time and money. It would be better if the Bureau of Commerce and Industry had a representative in each province, but since this would probably be too expensive, although the provinces might help out in the matter, the provinces might be divided up into districts and a man placed in charge of each district. It is plain thalt the greater part of the work must originate at the headquarters of the Bureau in Manila and there should be a man who could give his whole attention to the provinces in thinking up ideas and in distributing the necessary instructions to the Provincial Chambers through the District Managers. The success of the whole thing would depend on this man's ability to furnish working directions and to see that these are promptly carried out. BANKS NEEDED. 13. Branches of the agricultural bank at each provincial headquarters to loan farmers small amounts for cultivating their land only would be of great benefit, but, unless the loans were properly supervised, it might do them great harm. It should not be too easy to borrow money, as many farmers would be ant to mortgage their land for other than legitimate agricultural work. 14. There is a great need in the Islands for an industrial bank or investment company that would cater to the needs of the smaller commercial enterprises. There is money in the Islands, but the people hesitate in taking a chance in any venture that they do not believe to be an absolutely sure thing. Since most any business is. in a way, a doubtful venture, we are going to be backward in developing our industries. There certainly would seem to be a good future for such an investment company as mentioned above. In conclusion, there can possibly be no question about the outcome if we but make a determined effort. We know that we have or can produce articles needed by the northern countries, and that these countries are willing to buy them provided we can supply them with decent products in commercial quantities. We need to stop talking about hard times and get down to action. I am sure that it will be well understood that this article has not been written in any spirit of criticism. I am simply one who enioys seeing things built up, and we have before us a wonderful chance for action. Apparently there are not many who are giving this subiect much thought, and if these lines will set people to thinking of the possibilities that lie before us, I shall have accomplished one great desire..I b The Walk-Over Shoe Store 68-70 Escolta II I'.I -

Page  49 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 49 Current Decisions of the Supreme Court of the Philippine Islands Relating to Commerce and Industry Edited by Attorney E. E. SELPH, General Counsel, American Chamber of Commerce EXECUTION SALES 1. EXECUTION DEBTOR; SALE OF THE RIGHT OF REDEMPTION; CODE OF CIVIL PROCEDURE.-The execution debtor may legally sell his right of redemption, as already declared by this court in repeated decisions based on the precepts contained in sections 463 and 464, and other sections related thereto, of the Code of Civil Procedure. 2. EXECUTION CREDITOR; NEW EXECUTION; RIGHT OF REDEMPTION.-An execution creditor and purchaser of the property at an auction held by virtue of the judgment in his favor, is not entitled later to have another execution issued upon the same judgment, and levied upon the right of redemption over the said property, which right is reserved by the law to the execution debtor. As an execution creditor, the plaintiff was not, and is not entitled, after an execution has been levied upon the real properties in question by virtue of his judgment, to ask that execution be again levied upon the same properties to reach the right of redemption that the execution debtor and his privies retained over them. 3. LEGAL REDEMPTION; ANOTHER JUDGMENT.-As to whether or not the right of legal redemption is subject to another execution for the satisfaction of another judgment different from that by virtue of which the property was sold, giving rise to said right of redemption, quaere. 4. EXECUTION DEBTOR; SALE OF THE RIGHT OF REDEMPTION.The transfer made by the execution debtor of the right of redemption could not, and cannot, legally affect the plaintiff, nor, therefore, cause him any damage. If he is not affected by such a transfer, it matters not to him whether it was, or was not, fraudulently executed. Faustino Lichauco vs. Gregorio Olegario ct al. XX Off. Gaz. p. 2092 September 26, 1922. PUBLIC UTILITIES. 1. Courts; Concurrent Jurisdiction with Public Utility Commissioner.-Under Philippine organic law, in relation to Pliilppine statutory law, at least concurrent jurisdiction with the Public Utility Commissioner remains in the courts to the end that special proceedings, such as injunctions, may be heard and tried in the courts. 2. Actions; Parties Plaintiff; Public Utility as Complainant.- If the rights which any public utility is exercising pursuant to lawful order of the Public Utility Commissioner, has been invaded by another public utility, it is not essential that an action be maintained by the Government of the Philippine Islands under section 197 of the Code of Civil Procedure, but, in appropriate cases, actions may be maintained by the complainant public utility. 3. Id.; Id.; Id.-Owners of public utilities operating under the supervision of the Public Utility Commissioner have the right to maintain appropriate actions against other public utilities who have not been authorized to operate in competition with the complainant. 4. Public Utilities; Authorization by Public Utility Commissioner Essential.All public utilities which desire to operate in the Philipine Islands must first obtain from the Public Utility Commissioner a certificate to the effect that the operation of said public utility, and the authorization to do business, will promote the public interest in a proper and suitable way, unless the business was in operation by the public utility at the time the Public Utility Law went into effect. 5. Id.; Id.; Instant Case.-Defendant public, utility was in existence prior to the passage of Act No. 2694. After the passage of said Act, it began to operate on new routes without first securing the certificate provided by section 14 of the Act. Held: That an action lies to enjoin the defendant from engaging in the business of transporting goods and passengers, and the demurrer to the amended complaint should not have been sustained. A. L. Ammen Transportation -Co., Inc., vs. Vicente Golingo, XX Off. Gaz., p. 2329, October 22, 1922. CONTRACT OF GUARANTY. 1. Contract of Guaranty.-Machetti, by contract in writing, agreed to erect a building for the Hospicio de San Jose. The defendant Surety Company made the following endorsement in the English language upon the contract; "For value received we hereby guarantee compliance with the terms and conditions as outlined in the above contract." Held: That the terms of the endorsement must be given the signification which ordinarily attaches to them in the language in which the endorsement was written and that the obligation of the Surety Company was one of guaranty and not of suretyship or fianza solidaria. 2. Distinction Between Guarantor and Surety.-A guarantor is the insurer of the solvency of the debtor; a surety is an insurer of the debt. A guarantor binds himself to pay if the principal is unable to pay; a surety undertakes to pay if the principal does not pay. 3. Liability of Guarantor; Insolvency of Principal: —A guarantor cannot be compelled to pay until it is shown that the principal is — unable to pay and such inability is not sufficiently shown by the mere fact that he has been declared insolvent under the present Insolvency Law in which the extent of the insolvent's inability to pay is not determined until the final liquidation of his estate. Romulo Machetti vs. Hbspicio de San Jose. XX Off. Gaz., p. 2359, October 31, 1922. BROKER'S COMMISSION. This action was brought to recover the sum of P15,000 as broker's commission on the sale of a building and lot situated on Calle David, Manila. The trial court rendered judgment in favor of the defendant company absolving it from the complaint. From this judgment the plaintiff appealed. It appears from the evidence that some time in the month of May, 1919 Antonio A. Brimo, the manager of the defendant company, verbally authorized one Joaquin Mencarini to negotiate the sale of the property above-mentioned, Mencarini to receive as his compensation the excess of the purchase price over and above P150,000. Subsequently, the plaintiff Rocha agreed to help Mencarini in finding a purchaser and received from Brimo an authorization similar to that of Mencarini. Both Mencarini and Rocha from time to time submitted propositions from various prospective purchasers, none of which were acceptable to the defendant. Finally on July 30, 1919, Rocha obtained an offer from Vicente Madrigal to buy the property for P165,000 of which the sum of P65,000 was to be paid in cash and the balance within a year from the date of the sale, Before closing the sale Brimo, at Rocha's request, gave the latter the following power in writing: "We hereby authorize you to close in our name during this day the sale of our I._.. I, _ _ — _ _.. r _ ----- I I JOHN FOWLER & CO. (MANILA) LTD. PHONE 921 428 KNEEDLER BLDG, MANILA CULTIVATING MACHINERY FOR EVERY OPERATION LIGHT RAILWAY PLANT PORTABLE TRACK, LOCOMOTIVES C&.ROLLING STOCK TRACTION ENGINES, ROAD ROLLERS, ETC. MANUFACTURERS JOHN FOWLER & CO. (LEEDS) LTD..I I I I11 II r ''

Page  50 THE' AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 real estate on Pinpin, Martinez, and David Streets, containing a total area of 1,529 square meters for the price of one hundred sixty-five thousand pesos (T165,000) under the following conditions: "Sixty-five thousand pesos should be paid to us at the time of signing the deed. "The remaining one hundred thousand pesos should be paid to us within the period of one year from date with interest at 6 per cent per annum until paid. Provided that the purchaser shall give banking security for the payment of these one hundred thousand pesos (P100,000). "We reserve the right to vacate within six months the premises we are actually occupying for which we will pay a monthly rent of one thousand pesos (P1,000), and in the event that they are vacated before the six months stipulated, we will pay only for the months during which we shall have occupied the premises. (Sgd.) "PRATS & CO. "Good until July 31, 1919." Rocha testifies that when the document quoted was handed to him he protested against the clause "Entendiendose que el comprador pondra una garantia bancaria para responder de estos cien mil pesos (provided that the purchaser shall give banking security for the payment of these one hundred thousand pesos)" and Brimo then told him that if the sale was made to Madrigal he could strike out this clause. Brimo denies that he authorized Rocha to waive this condition. The following day, July 31, Rocha endeavored to close the transaction with Madrigal, who offered to secure the deferred payment on the purchase price with a mortgage on the property, but Brimo then insisting on a cr6dito bancario as security and Madrigal declining to agree to this, the sale failed. A few days later Brimo, through another agent, sold the property to one Concepcion Leyba for P175,000. Mencarini at first claimed compensation for his services in connection with the negotiation for the sale to Madrigal, but now appears to have relinquished his claim in favor of Rocha. The decision of the case hinges on questions of fact upon which we do not feel justified in disturbing the findings of the trial court. There is no doubt that if Exhibit B, the authorization above quoted, correctly states the. terms of the proposed sale, the plaintiff cannot recover; he never quite succeeded in bringing the minds of the buyer and seller to an agreement. In the case of Danon vs. Brimo & Co. (19 Off. Gaz., 2601), which, in some respects, bears close resemllance to the present case, this court quoted, with approval, the rule laid down in Sibbald vs. Bethlehem Iron Co. (88 N Y., 378), that "In all cases, under all and varying forms of expression, the fundamental and correct doctrine is, that the duty assumed by the broker is to bring the minds of the buyer and seller to an agreement for a sale, and the price and terms on which it is to be made, and until that is done his right to commission does not accrue." It may be conceded that if it were clearly established that the defendant waived the condition that the deferred payments of the purchase price were to be secured by bank credits, the plaintiff would be entitled to a recovery, but we do not think the oral evidence presented by the plaintiff is sufficient to vary the terms of the written instrument Exhibit B. We agree with the trial court that had there been a clear understanding as to the waiver ordinary prudence should have led the plaintiff to have the understanding appear in writing. Alfonso Rocha vs. Prats & Company. XX Off. Gaz., p. 239S, November 2, 1922. U. S. Advertising Shows Big Growth. - -.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Interesting figures on the amount of advertising done in the United States during 1921 have recently been compiled by the Curtis Publishing Company, Philadelphia. The figures for 72 leading weekly and monthly publications show that the total advertising revenue was $95,439,236 compared with $132,414,799 in 1920, $97,208,791 in 1919, $61,312,888 in 1918 and only $38,737,336 in 1915. The 1921 advertising expenditures were divided up as follows: 1. Sat. Eve. Post........... $25,404,697 2. Ladies' Home Jour....... 10,370,829 3. Literary Digest......... 7,414,518 4. Woman's Home Comp..... 4,421,405 5. Pictorial Review......... 4,020,235 6. American.............. 3,650,803 7. Good Housekeeping...... 2,742,741 8. Country Gentleman...... 2,356,576 9. Delineator.............. 2,310,761 10. McCall's............... 2,284,405 11. Cosmopolitan........... 1,888,014 12. Collier's............... 1,579,118 13. Vogue.................. 1,568,761 14. Successful Farming..... 1,550,809 15. Farm Journal........... 1,451,845 16. Red Book............... 1,429,429 17. Popular Mechanics...... 1,007,371 18. People's Home Jour...... 982,495 19. Designer............... 906,155 20. System................ 852,944 21. Woman's World......... 845,488 22. Modern Priscilla......... 782,481 23. National Geographic..... 757,800 24. Life................... 736,416 25. Harper's Bazar.......... 656,561 26. Review of Review........ 575,799 27. Farm and Fireside...... 572,767 28. Photoplay............... 559,528 29. Needlecraft............ 535,365 30. World's Work........... 518,525 31. Christian Herald......... 500,583 32. Leslie's Weekly......... 498,442 33. Vanity Fair............ 456,163 34. Atlantic Monthly........ 449,658 35. House and Garden...... 419,061 36. Physical Culture......... 117.427 37. Country Life............ 399,619 38. Hearst's International.... 392,640 39. Motion Picture.......... 387,767 40. Metropolitan......... 377,782 41. Farm and Home....... 349,968 42. Scribner's.............. 49,5 43. Argosy-All Story...... 344,576 44. McClure's............... 340,743 45. Town and Country....... 326,097 46. Harper's Magazine...... 322,915 47. American Boy........ 317,130 48. Hoard's Dairyman....... 3 4,057 49. Mother's Magazine....... 306,999 50. Popular Science......... 282.682 51. Sunset.................. 26q,8969 52. Century................ 265,288 53. Youth's Companion...... 263,867 54. Outlook............... 249,145 55. Today's Housewife...... 230,252 56. Breeder's Gazette....... 225,358 57. House Beautiful....... 223,457 58. Field and Stream...... 214,194 59. Theatre................ 174,011 60. Independent............. 152,444 61. Scientific American....... 130,769 62. Everybody's........... 110,287 63. Judge................... 108,352 64. St. Nicholas............. 107,498 65. Munsey................ 83,6:)4 66. Garden Magazine....... 79,157 67. Illustrated World........ 6.),278 68. Boy's Magazine.......... 56,035 69. Current Opinion......... 54,194 70. Outing................ 38,916 71. Travel.................. 30,400 72. International Studio..... 24,587 Considering only the advertising in the 36 leading publications, we find that the 50 largest advertisers during 1921 were as follows: 1. Joseph Campbell Co..... $1,316,095 2. Victor Talking Machine Co. 1,239,693 3. Procter & Gamble Co..... 1,198,458 4. The Congoleum Co...... 783,431 5. Swift & Company........ 694,600 6. The Pepsodent Co....... 680,770 7. California Ass'd Raisin Co. 659,635 8. Lever Bros. Company.... 646,277 9. The Barrett Company.... 612,249 10. Colgate & Company..... 596,781 11. Goodyear Tire & Rubber Co. 593,685 12. Fels & Company......... 583,510 13. The Quaker Oats Co..... 553,892 14. Eastman Kodak Company. 553,375 15. Cudahy Packing Co...... 543,090 16. The Palmolive Company.. 524,797 17. Columbia Graphophone Co. 497,411 18. Andrew Jergens Company. 484,885 19. Vacuum Oil Company..... 479,464 20. Postum Cereal Co., Inc.... 466,312 21. Lehn & Fink, Inc........ 448,250 22. The R. L. Watkins Co.... 438,682 23. Corn Prod. Refining Co... 429,506 24. The Fleischmann Co..... 419,872 25. Northwestern Yeast Co.. 390,070 26. Famous Players Lasky Corp 385,250 27. U. S. Rubber Company.. 382,523 28. Alfred H. Smith Company. 371,205 29. American Radiator Co.. 370,801 30. Johns-Manville, Inc...... 369,580 31. Dodge Brothers Co....... 369,132 32. The Bon Ami Company... 350,387 33. Cream of Wheat Company 348,770 34. Armstrong Cork Company. 345,903 35. Southern Cotton Oil Trad. Co.................... 339,246 36. General Electric Company 333,642 37. Thomas A. Edison, Inc.... 326,471 38. Pompeian Company...... 311,591 39. Union Carbide & Carbon Corp................. 309,993 40. Brunswick-Balke-Collender Co.................. 302,975 41. International Silver Co... 302,220 42. Firestone Tire & Rubber Co 302,027 43. United Drug Company.. 300,222 44. General Cigar Co., Inc. 286,460 45. Morris & Company....... 282,030 46. Hart, Schaffner & Marx.. 279,407 47. LaSalle Extension University.................. 277,942 48. Maxwell-Chalmers Co.. 272,200 49. California Fruit Growers Ex. 265,106 50. Hupp Motor Car Corp.... 264,500 New York Court Rules on Quality of Manila Cigars........~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ A decision of more than passing interest to the Manila cigar trade was recently ren. dered by Maurice Wormser, professor of law and editor of the New York Law Journal, sitting as arbitrator in the New York Supreme Court in the case of Henry W. Peabody & Co. vs. Nathan Garten, a New York importer. The suit grew out of the rejection by Garten of some 1,800,000 Manila cigars at a price of more than $71,000 and the decision sustains the claims of Garten that the cigars were defective and did not conform to the guarantee under the sales agreements. It also passes upon the

Page  51 i I i January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 51 questions as to when and under what cir- -_ cumstances a buyer of cigars is justified in rejecting and what liability he incurs. The Arbitrator's report follows: N ET TWO YEARS IN -AN "I, Maurice Wormser, Arbitrator:-By Y-WO YEARS IN MANILA order dated November 2, 1921, the Honor- able Philip J. McCook, a Justice of the Supreme Court in this Department, signed Drugs - Sundries an order duly entered on that date, appointing me sole Arbitrator to determine Prescription Department and decide the differences existing between the petitioners and the respondent under Toilet Goods - Instruments eight certain contracts entered into between them. These contracts call for the sale Hospital Supplies of a very large quantity of Manila cigars and the amount involved herein is substantial, being some $71,000. Several of Retail-Wholesale the contracts contain the following guaranty: 'Cigars guaranteed free from worms for six weeks after date of arrival and BOTICA BOIE guaranteen free from mould on arrival.' All of the contracts contain the following PHILIPPINE AMERICAN DRUG CO; clause: 'Goods guaranteed sound on arrival.' Even without the specific guarantees, however, there would, of course, be the usual ' implied guaranty of merchantability. "I agree with the learned counsel for the petitioners that in proceedings of this nature, the Arbitrator may and should disregard strict and technical rules of law or evidence, and that his duty is to decide according to his sense of equity and good conscience. Fudickar v. Guardian Mutual Life, 62 * N. Y. 392; Cobb v. Dolphin Manufacturing Co., 1 108 N. Y. 463; Itoh & Co. v. Boyer Oil Co., 198 App. Div. 881. "Stripping aside, therefore, all technicalities and penetrating to the root of this controversy between two respected firms, the crux of the question is whether or not the cigars were properly and lawfully rejected by respondent as not being in conformity with the terms and requirements of the contracts, and the solution of this question depends, in turn, upon one vital and controlling issue of fact, namely, the conditions of the cigars at or about the time of their arrival. t "A vast amount of testimony has been offered, chiefly bearing upon this issue. There were twenty-three hearings and 1428 pages of testimony were taken. There were 55 hours consumed in the taking of this testimony, and the Arbitrator has carefullyo I read it and considered it together with the voluminous exhibits offered by each side constituting a total of some 143 exhibits. In addition, the Arbitrator personally examined a number of the boxes of cigars both at the Petitioner's warehouse and In the course of the hearings in the office of the Arbitrator. "My study of the minutes and exhibits together with the advantages derived from the autoptic proference of the cigars themselves, has led me to the conclusion that the Respondent's position is justified and well taken, and that he was fully warranted both as a matter of fact and as a matter of law in rejecting the shipments of the cigars in controversy. It is my belief, and I find, that the cigars failed and fail to conform to the requirements of the contracts between the parties in that a very substantial number of them are infested with worms and worm holes, in that a con- KI I T R I siderable numbeW are afflicted with paste C& T e1 mould or "fuzz," as it has also been termed, and in that a large proportion of the cigars are wholly deficient in workmanship and manufacture even for cigars of their quality. "It is true that the Respondent rejected c74ANILA, P. I. these goods on a falling market, and the Arbitrator has been ever mindful of this. fact, blut whether the market is a rising. -... one, a. falling one or a stationary one, a 1 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I Ml

Page  52 52 THE AMERICAN CHAMBER OF COMMERCE buyer has an absolute right to receive the kind and character of the merchandise which he has contracted for and unless such merchandise be duly offered and tendered by the seller, the buyer is within his legal right and is acting justifiedly in rejecting the non-conforming merchandise. DOUBTS TRADE CUSTOM "Both of the parties to this controversy agreed with my repeated statements that the fundamental issue was the condition of the cigars, and on this issie, after mature and deliberate reflection, I have reached the conclusion as above stated that the Respondent is correct. There is not the slightest doubt in my mind that the Petitioners honestly believed, and still believe, that cigars fulfilled the exigencies of the agreements. But they are mistaken, in my judgment, in this belief and I have only mentioned this because I am altogether satisfied of the Petitioners' good faith and honesty.. "Some evidence was offered on behalf of the Petitioners tending to establish an alleged custom in the Manila cigar trade that cigars may not be rejected by the buyer because of minor defects such as, for example, slight paste mould, but that the duty of the buyer in such cases is to accept the merchandise less a suitable allowance. I have the gravest doubt,: as I intimated at the hearings, whether parol evidence is admissible to prove such a custom where, as in the instant case, the written contract is unambiguous and clear and there are no words of technical import. I also have grave doubt as to the admissibility of the evidence received as to the previous course of dealing between the parties, including some previous alleged similar contracts. (See McCarthy v. Krebs Pigment and Chem ical Co., Opinion per Bijur, J., New York Law Journal, May 16,1922, front page.) "As heretofore stated, I did not regard myself as necessarily bound by technical rules of evidence and I therefore received the above, and other similar proof, over the Respondents' objection and exception, for the avowed purpose of aiding my conscience. "The conclusion which I have reached makes unnecessary, in any event, a determination of the question of law, inasmuch as I have been constrained to find that the defects in the cigars, their quality, their condition and their workmanship were such and so serious that the buyer was within his rights in rejecting them. Besides, the proof of the alleged trade custom was neither convincing nor satisfactory if, indeed, in any event, such a custom could be deemed reasonable and legally enforceable. (See Hopper v. Sage, 112 N. Y. 530 -535; O'Donohue v. Leggett, 132 N. Y. 40; McCarthy v. Krebs Pigment and Chemical Co., supra.) "For this reason I deem that the Petitioners' complaint must be dismissed on the merits, the expenses of this proceeding the fees of the Arbitrator and Stenographer to be borne by the Petitioners as the unsuccessful party. "The counterclaim, however, interposed by Respondent is also dimissed on the merits because the proof is entirely insufficient to satisfy me that the Respondent sustained damage of any substantial natule by reason of the foregoing. "I therefore do award, order, adjudge and determine as follows: "First: That the Respondent, Nathan Garten, was justified in rejecting the Manila cigars tendered by the Petitioners and involved in the eight contracts in controversy, and accordingly dismiss the Petitioners' claim as to same upon the merits: JOURNAL January, 1923 "Second: That the Respondent has failed to establish his counterclaim for alleged damages sustained by reason of Petitioners' breach, and therefore the same is likewise dismissed on the merits. "Third: That the expenses of this Arbitration, including the Arbitrator's fee of $1,700 and the Stenographer's fee for original minutes of $1,065, should' be taxed against the Petitioners." WORLD'S COTTON CROP The average world production of cotton in 1921-22 and 1922-23 is 16,000,000 bales and the present annual consumption is at the rate of 20,000,000 bales. That is why world stocks were 5,000,000 bales less on August 1, 1922 than they were on August 1, 1921, and why they will diminish 3,000,000 bales more by the end of the current cotton year if consumption continues at the present rate. There will be, of course, no shortage of cotton within an: other year, but the future depends on the rate of consumption and the size of the cotton crop in 1923-24. Cable advices, dated October 28, from the American commercial attache at Berlin are to the effect that the average.price in Germany of Constantine, Tunisian, Gafsa, and Moroccan phosphates is now $10 per ton. Finland's trade balance is decidedly favorable; as a result the exchange value of the Finnish mark has risen materially, being over 2/2 cents, as compared with 2 cents at the beginning of 1922. Finnish exports now equal those before the war. Financial conditions continue steady. r --- _ - -- - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ---~ - - U-, I I I II i I I I i; i i I i I I i I -. _ _..~~~~~~~~~~~~~~~~~ MG & J / Conditions under which G & J tires are made-the fine big factories — the highly skilled workmen-inspectors who check and re-check-are bringing them into first favor with every car owner. Let YOUR next tire be a G & J! MOTOR SERVICE STATION i LEVY C& BLUM, INC., Props. 408-416 Rizal Ave. (Kneedler Bldg.) MANILA, P. I. Telephones 710 a I I I I I I I 1 I i I 4 and 1899 E -- -------- _

Page  53 January, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 568:= ~ —,.- ----- ---. — --. ~. --........_ ~. — r - - 411,11" 1.1 I i i I i i.i i I; I 1, i; i; i I I I i I I FOR BUSINESS MEN who must devote much time to concentrated thought, there is nothing like a good cigar to aid in the solution of knotty problems. Of course it must be an Alhambra, the cigar that does not leave you with a dull, heavy feeling. Alhambras give you the cool, fragrant smoke that stimulates rather than depresses. THE WORD '~ ~~QPq VFW PROTECTS YOU.i ~- - -- I -~ - - —

Page  54 54 THE AMERICAN CHAMBER OF'COMMERCE JOURNAL Ja'n'uary., 1923 STATISTICAL REVIEW CONSOLIDATED BANK REPORTS, NOVEMBER-DECEMBER, 1922 By BEN F. WRIGHT, Special Bank Examiner Week ending Week ending Week ending Week ending Nov. 25 Dec. 2 Dec. 9 Dec. 16 1. Loane, diecounte and overdrafts..............P165,647,161 P166,137,021 P166,521,671 P165,264,394 2. Investments.......................... 18,514,859 19,192,648 20,609,550 21,342,829 3. Due from banks, agencies and branches in Philippine Islands................... 35,436,001 35,502,481 36,700.471 26,529,628 4. Due from head office.....................................,867,856 3,641,125 4,017,003 4,436,851 5. Due from other banks..............I...................... 8,718,003 7,447,689 7,010,947 6,771,759 6. Cash on hand: (a) Treasury certificates........................10,917,815 10,763,458 10,952,498 10,821,697 (b) Other cash available for reserve......................175,219 207,635 177,207 171,419 (c) Bank notes...................2.........::....,721,869 1,015,039 2,228,016 1,185,804 (d) Other cash................:::...............I... 411,879 548,503 662,940 568,707 Total....b...i............................. 13,226,782 12,534,635 13,020,661 12,747,627 7. Resources, (not a total of above items).......................... 269,934,008 265,404,322 267,982,163 207,299,396 8. Demand deposits...................................... 60,952,122 61,349,041 61,521,638 59,612,731 9. Time deposits........................................ 57,835,765 57,692,428 57,372,353 57,303,832 10. Due to head office.......... i.......................... 34,243,477 34,150,260 36,079,524 34,861,695 11. Due to banks, agencies and branches in the Philippine Islands................... 4,129,823 4,059,792 4,355,419 3,759,081 12. Due to other banks..................................... 7,642,230 6,237,205 7,280,332 0,777,625 18. Exchange bought since last report-s'pot............................ 2,593,109 2,714,185 2,770,400 2,640,089 14. Exchange sold since last report-spot............................. 3,153,071 4,065,320 4,087,490 3,871,414 15. Exchange -bought since last report-future..............1............,383,160 5,474,140 4,702,380 5,114,068 10. Exchange sold since last report-future............................. 4,663,054 5,456,688 5,625,057 7,300,048 17. Debits to individual accounts since last report.......................... 20,502,113 19,747 838 25,254,161 24,166,760 19. Net circulation........................................ 41,310,592 41,310,862 41,295,582 41,305,947 CIRCULATION STATEMENT By M. F. AVELINO Acting Chief Accountant, Treasury Bureau. Masy 31, 1922 June 30, 1922 July 31, 1922 A4ugust 31, 1922 September 30, 1922 October 11, 1922 November 10, 1922 Pesos, subsidiary and minor coins....P20,915,831.61 P20,717,819.08 Treasury certificates..........37,389,791.60 37,619,900.00 Bank notes: Bank of the Philippine Islands.... 8,998,102.50 8,982,872.50 Philippine National Bank.......32,393,732.1.) 32,393,732.20 Total circulation..........P99,697,457.91 P99,714,323.73 P20,476,746.41 35,297,007.00 8,984,037.50 32,393,512.70 P97,15 1,303.61 P20,340,271.22 P20,190,259.70 P2 0,0 22,8 70.3 6 %- P19,916,126.60 35,201,537.00 37,057,306.00 35,C91,654.00 36,489,502.00 8,998,982.50 8,996,777.50 8,998.567.50 8,978,565.00 32,393.512.70 -32,393,312.70 32,393,312.7,0 32.512,297.50 P96,934,303,42 P98,639,655.99 P96,506,404.56%' P97,696,491.10 I I L THE PIONEER AMERICAN NEWSPAPER OF THE ORIENT DAILY AND SUNDAY ADVERTISING RATES ON REQUEST I I I I I "PRACTICE REAL ECONOMY BY BUYING PRINTING THAT REFLECTS QUALITY" THE TIMES PRESS GERHARD W. KRIEDT, MANAGER SENSIBLE PRINTING AT SENSIBLE PRICES COSMOPOLITAN BUILDING PHONE 151 PRINTERS OF THE 4 IIERICA N CHAMBER OF COMMERCE JOURNAL II I

Page  55 jlanuary, 1923 THE AMERICAN CHAMBER OF COMMERCE, JOURNAL 55 *. ~~~~~~~~~TRADE STATISTICS PRINCIPAL EXPORTS November, 1922 November, 1921 October, 1922 CloMmodities Quantity Value %/ Quantity Value % Qoantity Value % Sugar................ 13,479,597 P11,909,202 11.7 19,320,270 P1,963,505 12.2 5,827,298 P792,399 5.1 Coconut Oil........................... 12,349,011 3,573,103 21.9 12,932,534 4,167,744 26.0 10,230,508 2,875,571 1L8.4 (Iora.............................. 18,674,566 2,967,177 18.2 26,067,042 4,326,595 26.9 21,546,580 3,351,169 21.4 Hemp.............................. 17,969,725 3,981,119 24.5 12,280,295 2,6(57,176 16.8 17,304,896 4,000,521 2 5.5 Embroideries.. Ii~~~~~~~~~~~~~~~a,209 2~~~9.9...... 625,488 3.9.... 6573814. Cigars (somber).......................... 1,939,120 290,734 1.8 869,816 128,373 0.8 35,894,624 1,217,027 7.9 Leat Tobacco.......................... 1,514,391 436,326 2.7 846,817 335,002 2.1 3,108,176 981,445 6.3 Macoct.............................. 1,939,120 290,734 1.8 869,816 128,373 0.8 1,667,652 238,671 1.5 Copra MIeal........................... 1,217,837 186,771 1.2 3,705,117 123,771 0.8 3,213,038 142,610 0.9 lum~jber (cu. meters)....................... 2,592 78,318 0.5 3,290 3115,992 0.7 5,729 234,111 1.5 (1no1dage.......I...................... 270,427 104,896 0.6 144,194 67,460 0.4 177,190 73,937 0.5 tfints (somber)......................... 46t,449 110,342 0.7 10,733 35,989 0.2 46,340 324,975 0.8 Knotted Hemp..........................38,373 98,515 0.6 20,585 43,585 0.3 30,622 93,142 0.6 All others................................. 440,659 2.7....... 328,658 2,0...... 651,668 4,4 Total...............................P16,107,754 98.9......P15,722,024 97.9...... P15,494,627 99.0 Extorts of U. S. Products....................... 140,518 0.9...... 329,552 2.0. 149,052 0.9 E'xports of Foreign Products..........I............. 30,654 0.2...... 13,047 0.1.12,610. Grand total.............................P16,278,926 100.0......P16,064,623 100.0...... p15,656,240 100,4 I PRINCIPAL IMPORTS 1922 November 1921 Articles ____________________Value % Value % Cotton Cloths....P2,857,648 19.8 P1,963,139 19.1 ~1 Other Cotton Goods. 968,086 6.7 650,781 6.3 Iron, Steel and M&. chinery...... 1,942,569 13.5 817,792 8.3 Gasoline....... 409,758 2.8 358,479 3.5 Wheat Flour.... 573,462 4.0 661,879 6.4 Illuminating Oil... 308,228 2.1 774,665 7.5 Mteal Products... 381,932 3.7 288,350 2.8 Coal........... 238,501 1.7 248,066 2.4 Dairy Products 19 6,0 71 1.4 450,854 4.4 Paper and Manufactorers of..... 324,577 2.3 249,561 2.4 Lubricating and other oils........ 84,736 0.6 203,400 2.0 Silk Goods...... 243,864 1.7 220,988 2,2 Cotlle a d Carabaon. 53,428 0.4 116,441 1.1 Tobacco (leaf and other)....... 248,244 1.7 29,505 0.3 Vegetables.238,422 1.7 157,061 1.5 Chemists, D'r' u'g' a'' Dyes, etc..... 241,512 1.7 209.899 2.0 Fish Products.... 297,72(0 2.1 166,060 1.6 Electrical Goods.... 194,591 1.4 95,823 0.9 Rico........ 725,536 5.0 85.750 0.8 Fruits and Nuts... 182,942 1.3 166,872 1.6 Consent....... 102,681 0.7 152,597 1.5 Eggs........ 126,970 11.9 100,260 1.0 Woolen Goods... 69,287 0.5 35,245 0.3 Explosives..... 10,010 0.1 17,615 0.2 Leather Goodo 106,688 0.7 80,484 0.4 Matches.58,889 0.4 31.252 0.3 Spiritsaoas ~i'qu'or s... 55,394 0.4 50,166 0.5 Perfumery, Cosmetics, etc........ 91,700 0.6 25,751 0.3 Shoeo........ 58,999 0.4 33,954 0.3 Coffee....... 75,173 0.5 77,673 0.8 Earthen, Stone and China ware... 73,292 0.5 35,461 0.3 India Rubber Goods. 76,334 0.5 36,115 0.4 Cocoa or Cacao... 48,964 0.3 68,016 0.7 Crude Oil...... 818,194 5.7......' Soap........ 93,286 6.6 31,330 0.3 Sugar and Molasses. 52,855 MA *1 5."5 0.5 Paints, Varnish, etc. 59,073 0.4 12,081 0.1 Motion Picture Films. 42,031 0.3 34,590 0.7, Diamonds and other precious stones, onset....... 62.519 0.4 37,763 0.4 Sportin~g Goods... 14,112 0.1 16,555 0.2 Agic Supplemenlts., 2,348.... 1,185.. Automobiles 0... 3,153 0.4 27,092 10.3 Automobile Tires... 111,227 0.8 121,301 1.2 Auatomobile Accessories, 23,153 10.2 63,364 0.6 All others...... 1,390,432 9.6 3,191,431 11.6 EXPORTS October, 1922 12 oebr 12 Nationality 192 Nvme 91 October, 1922 of Vessels Value % Value % value % Value % '*2,820,739 16.9 1,165,172 7.0 American.......P9,441,661 58.0 P5,'476,627 34.1 P5,787,916 37.0 British........ 4,414,997 27.1 6.338,858 39,4 4,889,007 31.3 775,748 4.7 Dutch......... 1,188,430 7.3 3,527,158 9,5 520,658 3,3 537,149 3.2 Japanese.......... 545,426 3.4 1.595,730, 30.0 1,051,626 6.7 634,901 3.8 Spanish................ 474.434 3.0 526,871 3.4 4,216.... Swedish.................... 1,101,957 7.0 318,269 1.9 Philippine...................,593 6,485 483,772 2.9 Chinese............42,959 0.3........ 376,347 2.3. terman.......... 225........... 206,750 1.3 419,404 2.5 Norwegian...................... 892,305 5,7 120,943 0.7 Total by Freight.... IP15,590,739 95.8 P15,463,359 96.3 P14,983,575 95.7 252,524 1.5 Total by Mail... 688,187 4.2 601,264 3,7 672,665 4.3 20,077 0.1 Grand total.,... P116,278,926 1011.11 P136,0 64,6 23 100.0 P3 5,6 56,2 40 100.0 74,907 0.5 243,842 1.5 286,613 1.7 230,807 1.4 FOREIGN TRADE BT COUNTRIES 121,597 0.7 1758,3097 0.9 1922 November 1921 October, 1921 278,234 1.7 80,930 0.5 Countries Vau X Vle % Vle 0 118,349 0.7Vau % Vau % Vle % 22,327 0.1 126,048 0.8 United States....P2 0,0 33 2159 65.3 P14,730,461 55.9 P21,612,402 66.8 57,778 0,3 Japan......... 2,478,027 8.1 2,985,279 11.3 2,191,591 6.8 58,831 0,4 (China....... 1,333,379 4.3 1,646,270 6.2 1 242,748 3.8 86,791 0.5 United Kingdom... 2,062,195 6.7 1,276,969 4.8 1.296,201 4.0 65,774 0.4 Germany.......... 402,403 1.3 1,059 053 4.0 379,964 1.2 83,721 0.5 Spain........ 602,065 2.0 570,581 2.2 1,205,1 93 3,7 Htongkong...... 263,963 0.9 508,620 1.9 282,042 0.9 68,401 0.4 Australia.......... 647,558 2.1 395,201 1.5 705,815 2.2 78,429 0.5 France....... 674,418 2.2 1,280,383 4.9 912,599 2.8 70.342 0.4 Netherlands..... 208,725 0.7 703,031 2.7 634,499 2.0 3,980,717 23.9 Dutch Fast Indies.., 513,214 1.7 199,318 0.8 191,049 0.6 52,228 0.3 British East ladie-s 241,892 (1.8 338,119 1.3 473,311 1.4 99,800 0.6 French East Indies. 786,278 2.6 328,433 0.5 647,625 2.0 80,173 0.5 Switnerland.... 125 112 0.4 56,517 0.2 102,491 0.3 37,545 0.2 Canada....... 49,739 0.2 135,068 0.5 9 7,164 0.3 Siam.............. 22,080 0.1 70,838 0.3 21,534 0.1 Belgium........... 106,781 0.3 131,383 0.5 152,f34 0.5 799 V "......... tay97,060 0.3 60,455 0.2, 63,984 0.2 19,079 01 Japanese-China... 583... 52,680 0.2 86,229 0.3 1,034.... Austria....... 3.365 143. 143 2,910.... 106,8950 0.6 Denmark...,...... 3,100........... 22 446,8991 0.3 Swreden..,.......... 2,632........... 737.. 4491 03 Norway....... 12,337........4,396.... 1,485,974 8.1 All other countries.., 7,681.... 23,524 0.1 36,821 0..6,687,731 100.0 - Total..... P30,677,846 100.0 P126,352,326 100.0 P32,343,971 100.0 October, 1922 PORT STATISTICS Value % FOREIGN TRADE BY PORTS Total P*14,398,920 100.0 P1-0,287,703 100.0 P1, CARRYING TRADE IMPORTS Nationality 1922 November 1921 of Vessels Value %o Value 9% American..... P4,667,322 32.4 P3.513,095 34.1 P British.......7,210,452 50.1 5,211,003 50.7 Japanese...... 883,162 6.1 838,534 8.0 D,,tch........ 740,171 5.1 131,648 1.3 Philippine...... 395,636 2.8 87,340 0.9 Spanish. tI.... 8,4 48, 0.4 117,225 1.1 Norwegian...... 20,838 0.2........ Chinese....... 2,600... 30,009 0.3 French.................... Germ an...................... Total by Freight......... 97.1, P9,918,854 96.4 P1 Total by Mail... 416,901 1.9 368.849 3.6 Grand total.... P14,3918,920 100.0 P10,287,703 100.0 P1 16,649,658 39.9 7,119,235 42,7 1,475,187 8.8 402,044 2.4 389,973 2.3 96,968 0.6 58,558 0.4 6,303... 12,809 0.1i 5,275.. L6,216,010 97.5 471,721 2.8 L6,687,731 ioo.o 1922 November 1921 October, 1922 Ports Value %r/ Value % Value % Manila.......P24,314,786 79.3 P20,046,298 76.1 P26,562,123 82.1 10IlolIa..... 2.252,786 7.3 1,904,326 7.2 1,278,025 3.9 Cebu......... 3,925,085 12.8 3,512.645 13.3 4,027,584 12.5 Eamboanga..... 105,173 0.3 767,939 2.9 387,437 1.2 Jo10n........ 77,044 0.3 113,836 0.5 88,792 0.3, Balabac.........972.... 7,282........ Total..... P30,677,846 100.0 P26,352,326 100.0 P32.343,971 100.0'

Page  56 56 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1923 I I i i I I I I I -I BUSINESS AND PROFESSIONAL DIRECTORY B. A. GREEN REAL ESTATE Improved and Unimproved City, Suburban and Provincial Properties Expert valuation, appraisement and reports on real estate Telephone 507 34 Bscolta Cable Address: "BAG" Manila Manila Philippine Islands Philippine Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce. STORES AND OFFICES Calle Echague, Manila, P. I. Derham Building Phone 1819 Manila P. 0. Box 2103 Morton & Ericksen Surveyors to Agent, AMERICAN BUREAU OF SHIPPING MARINE AND CARGO SURVEYORS SWORN MEASURES BILLIARDS An amusement center for gentlemen in the heart of the downtown district. Come in and enjoy a game. RIZAL BILLIARD AND BOWLING HALL De la Rama Bldg. Sta. Cruz Bridge HILLBERG & MORA Consulting Engineers, Contractors Reinforced Concrete Structures, Power Plants, Electrical Installations, Design, Supervision, Construction. Rooms 311-312 "Filipinas" Bldg., 21 Plaza Moraga MANILA, P. I. Fred Wilson & Co., Inc. ESTABLISHED 1873 Contracting Engineers, Importers of Machinery and Engineers' Supplies. 55 Barraca Manila Tel. 748 P. 0. Box 276 W. W. LARKIN Member American Institute of Accountants Cable Address-''Clarlar." Masonic Temple, Manila. DOUGHNUTS AND COFFEE Every morning at the CHAMBER LUNCH ROOM HANSON & ORTH BUYERS AND EXPORTERS of Hemp and Other Fibers 301-305 Pacific Bldg. Telephone 1840 RIEHL & SALOMON ENGINEERS & SURVEYORS DEPUTY MINERAL SURVEYORS SURVEYS Subdivision, Torrens Title, Topographic, Railroad, Irrigation, Drainage, HydroElectric Development 309 Masonic Temple Phone 1039 Telephone 1669 P. 0. Box 1431 I I I I i I I i I I Hashim-Franklin Car Co. Hashim Bldg. 883-885 Rizal Ave. AUTOMOBILE ACCESSORIES, SUPPLIES AND REPAIRS PHILIPPINE PRODUCTS WE EXPORT Bed and Yellow Narra Slabs, Tindalo and Other Hard Woods, Kapok and Rattan WRIGHT FURNITURE COMPANY Cable Address: "WRIPURCO" No. 4 Escolta Bstablished 1906 P. 0. Box 547 M. Y. SAN & CO. Manufacturers of Biscuits and Candy Our products on sale at every up-todate grocery store 69 Escolta P. 0. Box 40 Tel. 2594 Hours: 9-12, 3-6 Tel. 557 A. M. LOUIS X-RAY LABORATORY 305 Roxas Bldg., Manila, P. I. Escolta, Corner Calle David Chamber Lunch Room Merchant's Lunch every day except Sundays and Holidays MADRIGAL & CO. 113-121 Muelle de Binondo, Manila COAL CONTRACTORS and COCONUT OIL MANUFACTURERS MILL LOCATED AT CEBU Ildefonso Tionloc CUSTOMS BROKER & FORWARDING AGENT 120 Dasmarifias, Bdo. Tel. 447 Room 3 1572 The American Chamber of Commerce Journal Is a businessman's paper representing the American in the Philippines. -P- 6.00 per year II III 3I

Page  1 ~~~~~~~~~~~~~~~~, ' ~P _ 'L \1,

Page  2 I I; i I, i i i i I i I I i I ----------— ~~~~~~~~~~~~~~~~~~~~ — - -- - ------ --- III~ - --- -- - ---- -. —I- --- I / / YOU FIND ROYAL ANY AND EVERYWHERE 5 0T DR ITHAT REFRESHMENTS 50IJ IL5- ARE SOLD The gingerales deserve special mention. Royal Green Label is made especially for drinking as a beverage. Royal Club Gingerale is designed especially for mixing purposes. Its blending qualities will win you as a steady booster. LOOK FOR THE CLEAR BOTTLE WITH THE CLEAN CONTENTS I i I.. I f I I I I; ii; i I I i II I. I I i I i I I _____~~~~~_~~~_______~~~~~~_ - _- ____-_ ___~~~~~~~_~~._. _-_.. ----—. --- —- --- - - - -~~~~ — ---- —. I -- --.... - ---- ----- -.. i I i I i I i i i i Ii m I I ii I I I Ii I I I I i i j T I I, FISK TIRES FRESH STOCK-REDUCED PRICES SHIPMENT JUST RECEIVED FABRIC CORI SIZE PLAIN NON-SKID 28 x 3 CL Motorcycle P22.00 30 x 3 CL P15.50 17.25 30 x 32 CL......- 22.00 30 x 31 CL (PREMIER 20.00 30 x 3 /2 SS........- ---- 31 x 4 CL....- ------- 33.00 31 x 4 SS - --- 32 x 4 SS.. —.. 33 x 4 SS —.. 34 x 41-2 SS. —.....- - - - 35 x 5 SS.......... _ _ _ _...... I I I D TUBES NON-SKID RED _ —P_. --- P3.00 r26.00 3.50 36.00 3.75....... 450 39.00 4.50 47.00 5.00 49.00 5.00 61.00 6.75 80.00 7.75 i i i I i I I i I i i I I I SOLIDS 36 x 4 CASH DISCOUNT 5 36 x 5 36'x 10. - - f 60.00 78.00 190.00 We sell direct to the Consumer, thereby insuring you the lowest prices. ERLANGER & GALINGER. Inc. QUALITY AND SERVICE Wm. H. ANDERSON & CO., Cebu. ROXAS BLDG. MANILA, P. I. --— --- —- -"- — --

Page  3 I We cAmerican Chamber of Commerce Journal PUBLISHED MONTHLY BY THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS ENTERED AS SECOND CLASS MATTER MAY 25, 1921, AT THE POST OFFICE AT MANILA, P. I. LOCAL SUBSCRIPTION6.0 YEA. EIGN SUBSCRIPTION 50, U S. CURRENCY, YEAROO SINGLE COPIES-FIFTY CENTAVOS NORBERT LYONS. Editor W. N. BARTHOLOMEW. Advertising Manager BOARD OF DIRECTORS C. M. Cotterman, President (absent) H. L. Heath Julius Reis E. E. Elser, Vice-President B. A. Green S. Feldstein (absent) S. F. Gaches, Treasurer C. W. Rosenstock John J. Russell H. I. Mozingo, Secretary E. E. Selph, General Counsel ALTERNATE DIRECTORS: H. B. Pond H. B. McCoy P. A. Meyer J. W. Haussermann EXECUTIVE: C. M. Cotterman, Chairman E.E. Elser S. F. Gaches PUBLICITY: C. M. Cotterman, Chairman E. E. Elser H. B. Pond FINANCE AND AUDITING: C. W. Rosenstock B. A. Green HOUSE: Vacant STATISTICS AND INFORMATION: B. A. Green, Chairman J. C. Patty COMMITTEES INSURANCE AND FIRE PROTECTION: E. E. Elser, Chairman A. Nelson Thomas MANUFACTURING AND LOCAL INDUSTRIES: F. N. Berry, Chairman F. H. Hale Leo. K. Cotterman BANKING AND CURRENCY: Stanley Williams, Chairman Carlos Young RECEPTION AND ENTERTAINMENT: C. W. Rosenstock, Chairman Ray W. Berdeau Col. Gordon Johnston Walter Robb LEGISLATIVE: C. M. Cotterman, Chairman F. C. Fisher Frank B. Ingersoll James Ross Thomas Carey Welch FOREIGN TRADB: H. Forst, Chairman Brantz M. Bryan SPEAKERS: George H-.Fairchild, Chairman H. B. McCoy Walter Robb MARITIME AND HARBOR: R. M. McCrory, Chairman H. B. McCoy J. F. Marias W. J. Shaw AFFILIATE AND SUBORDINATE ORGANI6 ZATIONS: W. E. Olsen, Chairman R. M. McCrory C. W. Rosenstock RELIEF; George Seaver, Chairman W. J. Odom A. Schipull, Agent MANILA CONTENTS FOR FEBRUARY, 1923 NUMBER 2. P...NUMBER 2. Page Page Biggest and Best Carnival in Full Swing (By the Copra (By E. A. Seidenspinner)............ 16 Editor)......................................... 5 Tobacco (By Louis McCall)................ 17 Elser Reviews Chamber's Work in 1922.............. 9 Rice (By Percy A. Hill)............... 13 Government Financial Report (By Ben F. Wright)... 9 Lumber (By Arthur F. Fischer)............ 19 Chamber Protests Against Luxury Tax Bill.......... 10 Real Estate (By P. D. Carman)......... 19 Recent Incorporations............................. 20 EDITORIALS: ~~~~~~~~~EDITORIALS: "Schedule of Meetings.............................. 21 Why Every American in the Philippines Should Be- Valuable Book for Merchants....................... 21 long to the American Chamber of Commerce.... 12 Why Are the Philippines?...................... 12 SHIPPING NOTES: The Luxury Tax.............................. 13 Shipping Review (By E. J. Brow)............. 22 The Last Hour Rus............................ 13 U. S. Shipping Review (By A. G. Henderson).... 23 Hospitals and Business......................... 13 New Members............................... 23 Comforts of Living in the Tropics.............. 13 Chamber Notes................................ 24 With the Chamber's Special Sections...... 25 REVIEW OF BUSINESS CONDITIONS FOR JANUARY: Brussels Fair in April.......................... 2 Exchange (By Stanley Williams)................ 14 With the Board of Directors......................... 26 Sugar (By George H. Fairchild)................ 14 Business and Professional Directory............. 27 Hemp (By J. C. Patty)......................... 15 Trade Statistics for December...................... 28 The American Chamber of Commerce is ready and willing at all times to furnish detailed information to any American Manufacturer, Importer, Exporter or other Americans who are interested in Philippine matters. Address all communications and requests for such information to the Secretary of the Chamber, No. 14 Calle Pinpin, Manila, P. I. The American Chamber of Commerce of the Philippines is a member of the UNITED STATES CHAMBER OF COMMERCE, and is the largest and most adequately financed American Chamber of Commerce outside the continental boundaries of the United States. The organization has Twelve Hundred members, all Americans, scattered over the Philippine Archipelago from Tawi Tawi to the Batanes. The organization of branches in all the American communities of the Asiatic Coast is being stimulated. TW The AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar names such as the Chamber of Commerce of the Philippines, the Philippine Chamber of Commerce, the Philippine-American Chamber of Commerce and the Manila Chamber of Commerce.

Page  4 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 INTERNATIONAL BANKING CORPORATION CAPITAL (Paid in cash) AND SURPLUS U. S. $Io,ooo,ooo UNDIVIDED PROFITS U. S. - - -- - ---- $ 5,450,000 (Owned by The National City Bank of New York) HEAD OFFICE: 60 WALL ST., NEW YORK London Office: 36 Bishopsgate, E. C. Lyons Office: 27 Place Tolozan San Francisco Office: 232 Montgomery St. BRANCHES: CHINA: Canton, Hankow, Harbin, Hong- INDIA: Bombay, Calcutta, Rangoon kong, Peking, Shanghai, Tientsin JAPAN: Tokyo, Kobe, Yokohama DOMINICAN REPUBLIC: Barahona, Puer- JAVA: Batavia, Sourabaya to Plata, San Pedro de Macoris, Sanchez, PANAMA: Colon, Panama Santiago, Santo Domingo, San Francisco PHILIPPINE ISLANDS: Cebu, Manila de Macoris, La Vega. SPAIN: Barcelona, Madrid FRANCE: Lyons STRAITS SETTLEMENTS: Singapore BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK ARGENTINA: Buenos Aires, Rosario ITALY: Genoa BELGIUM: Antwerp, Brussels PERU: Lima BRAZIL: Pernambuco, Rio de Janeiro, San- P PORTO RICO: Ponce, San Juan tos, Sao Paulo CHILE: Santiago, Valparaiso RUSSIA: Moscow, Petrograd, Vladivostok CUBA: Havana and 22 branches (Temporarily closed) ENGLAND: London, City Branch, West End URUGUAY: Montevideo, Calle Rondeau Branch (Montevideo) l FRANCE: Paris VENEZUELA: Caracas COMMERCIAL AND TRAVELERS' LETTERS OF CREDIT ISSUED. BILLS OF EXCHANGE AND CABLE TRANSFERS BOUGHT AND SOLD. CURRENT ACCOUNTS OPENED AND FIXED DEPOSITS TAKEN ON RATES THAT MAY BE ASCERTAINED ON APPLICATION TO THE BANK. SPECIAL SAVINGS ACCOUNTS FOR DEPOSITS FROM -P-1.00 UPWARD, BEARING INTEREST AT 4%/c PER YEAR S. WILLIAMS Manager, Manila Pacific Building, Corner of Calle Juan Luna and Muelle de la Industria I Ia - ---------- — ~ --- — Y- — iME&W -*- I I T4 T IS~~~~~- - --------- - * ---- ~ ~ -- - -~,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. -. -- I

Page  5 Biggest and Best Carnival in Full Swing T~~ ~ ~,~,,.. ~. I I I I..,~ From temporary beginnings in 1907, the with that indefinable something called the fares, the fiesta is already in full swing Manila Carnival has become a permanent "Carnival Spirit." and the inhabitants have already taken institution of world-wide fame, an event of "Get the Carnival Spirit," is the slogan their oath of full allegiance to King Carniinternational repute to which visitors from of the Carnival publicity agents, who are val and his happy court. all parts of the globe flock annually. Not busy throughout the year interesting the only as an annual fling in the realms of world, the Far East in particular, in the QUEEN OF THE CARNIVAL Terpsichore and Momus does the Carnival big celebration. The admonition is hardly Each Carnival has its official, duly chosen enjoy universal fame, but also as the oc- necessary in Manila, for with the approach Sovereign-a Queen elected by the votes of casion for a Commercial and Industrial Fair at which the industry and trade of the Islands are well represented and where the visitor may obtain an adequate idea of the insular resources and business oppor- tunities. Last year saw the establishment of the Commercial-Industrial Fair as a Carnival feature and its success was so b u pronounced that it will probably be a regular annual feature hereafter. The first Manila Carnival was undertaken by Army people and was more in the nature of a horse show and military tournament. Filipinos took little interest in it. t L..Ai t But as the years went on, the gay and [15S *. pleasure-loving sides of the Filipino temperament responded strongly to the call of the annual week of care-free amusement and merriment, and for the past ten years or so, the Filipinos have been the predominant element in the conduct and success of the Carnival. Today the Director General is a Filipino, assisted by a full staff of his countrymen, who are running the.:2 l big event like veteran showmen-and, what _:::: i*~ t is most important, are more than making __ both ends meet, financially. THE CARNIVAL SPIRIT Prosaic and somber Manila during Carnival week puts on cap, bells and motley, and becomes a realm of fun, frolic and Carnival Parade, 1922 Photo by Denniston, Inc. amusement. Thousands of people from the provinces come to the capital city by rail of the opening day of the Carnival, the city the people after nominations have been made and boat to participate in the fiesta. 'Th automatlcally, by force of habit, as it were, by the various newspapers and periodicals lay aside their cares and troubles for the changes its whole aspect. The Carnival of the Archipelago. Two or three months. nonce and mingle with the laughing care- Spirit infiltrates all its veins and arteries, before the opening date, these publications free throngs that roam the streets and ul- so that when the big parade which officially run contests to select candidates, one cantimately gather at the Carnival City attired gets the big show under way wends its didate for each publication. These candiin fantastic garments and bubbling over way through the city's principal thorough- dates are then voted for by the general pub I I I. I I k I 1f II1!~ - ------ ---------- -- ---- ~ ---- -~. i I I i I II I I L The Manila Trading & Supply Company Announce the removal of their Main Office to the Port Area. The Retail Store will be located at No. 2 Pinpin, effective February 1. Il I

Page  6 6 THE AM. lie, the ballots being attached to Carniva stock certificates. For the first few Car nivals American girls were invariably chosen, but since the Filipinos have taken such an active part in the event, Filipino queens have sat on the truly regal throne at thE head of the big Auditorium. The big outstanding event of the Carnival Week is the coronation of the Queen, which is performed with all the formal ceremony and pomp of real life. No expense is spared for costumes and properties For days the Queen and her court are rehearsed by the best talent available, to go through the elaborate ceremony in a proper manner. On the night of the coronation the brilliantly lighted Auditorium is packed with a huge throng of Carnivalistas who watch the elaborate ceremony with bated breath and burst out with a tremendous shout when the Queen finally takes the throne after the diamond-studded crown has been placed on her pretty head by the Master of Ceremonies. NIGHTLY BALLS Each night at the Auditorium a ball is held. This year the schedule is as follows: Saturday, Feb. 3: International Ball. Sunday, Feb. 4: Parejas (Couples) Ball. Monday, Feb. 5: Coronation Ball. Tuesday, Feb. 6: Comparsas (Groups) Ball. Wednesday, Feb. 7 (6:00 p. m.): Children's Fancy Dress Ball. Wednesday, Feb. 7 (9:00 p. m.): Visitors' Ball. Thursday, Feb. 8: Stockholders' Ball. Friday, Feb. 9: Army and Navy Ball. Saturday, Feb. 10: Popular Ball. Sunday, Feb. 11: Grand Carnival Ball. Beautiful and costly prizes will be awarded at each ball. The Constabulary Band orchestra has been engaged to furnish the music. It will alternate with the best pri. vate or military bands in the Islands. COMMERCIAL-INDUSTRIAL FAIR Of foremost interest to business men will be the Commercial-Industrial Fair, which will be housed in a special building. There various firms will display their wares. The Sample Fair idea, which has proven so successful and popular in America and Europe, will be carried out. Emphasis will be placed on order taking. In the Sample Fair theater, industrial, educational and other films will be shown free of charge. All the important government bureaus will also have exhibits and many provinces will have separate displays. The National Federation of Woman's Clubs, the American Guardian Association, the Public Welfare Board, the Anti-tuberculosis Society and the Red Cross all have booths in which they will demonstrate their activities. St. Luke's Hospital has its own building in which articles will be sold for the benefit of the institution. THREE PARADES Three grand parades will be held during the Carnival this year. The first, the Carnival parade, will take place on the opening day, Saturday, February 3, getting under way at 3 p. m. Participation will be general and prizes will be awarded to costumed and uniformed groups and individuals and also to floats, of which there will be a legion. A grand stand has been erected on the Luneta, from which the Governor General, high government officials and the Carnival directors and officers will review the parade. ERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 Governor-General Leonard Wood, Honorary President, Philippine Carnival Association On Tuesday, February 6, Educational Day, the Educational parade will be held. Both public and private institutions, from kindergarden to university, will participate. Floats will form a feature of this procession while thousands of school children and more mature students will march in line. This parade will start at 3:30 p. m. As usual, a military parade will also be held. The date is Saturday, February 10, and all of Uncle's Sam's armed forces in the Islands or adjacent waters will take part. This feature of this year's Carnival will be of more interest than usual on account of the presence of a large American fleet of destroyers and submarines in the Bay. The Philippine Constabulary will also form part of the procession. The military parade will start promptly at 2:30 p. m. The most advantageous place for viewing all the parades is the Luneta. The lines of march will be announced in the daily newspapers. MILITARY FEATURES In connection with the military features of the Carnival, there will be a military drill competition, to be held in the Carnival Stadium on Wallace Field, on Sunday, February 4, commencing at 9:00 a. m. Cadet units of the various colleges and schools will participate. Seven different units have entered the competition, which will be divided into two distinct classes-one for high schools and colleges and the other for universities. In the latter class, the University of the Philippines and the National University will compete for the honors. Three trophies are being offered in this competition, two by the Carnival Association and one by the Manila Times. A committee composed of officers of the 31st Infantry, headed by Capt. Frank L. Culin, Jr., has drafted the rules governing this competition. The military exhibition program, which will be of more than usual extent and variety, has been divided up into three days, the first day, Tuesday, February 6, being designated as Infantry Day, the second day, Wednesday, February 7, as Artillery Day. and the third, Friday, February 9, as Cavalry Day. On Infantry Day, the Infantry and machine gun troops will stage a realistic combat. Those who like thrills will get them aplenty on Cavalry Day, when the mounted troops of Uncle Sam's forces will go through regular and special drills and stunts on horseback. On Artillery Day, gun squads will go through drills and maneuvers in the most approved modern style.

Page  7 I February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL ATHLETIC COMPETITIONS Not the least interesting feature of the Carnival this year will be the athletic program, which will give athletes in all branches of sport an opportunity to compete for championships and prizes. The Philippine Amateur Athletic Federation open championships in track and field events, baseball, basketball, volleyball, football, tennis, wrestling, handball, swimming, indoor basebal, newcomb, bicycle-riding and other sports will be decided. The Interscholastic baseball and track and field championships will also be held during the Carnival. A bowling tournament and a cricket series are also on the program. The different events will be held at different places, as the Carnival Stadium is not large enough to accommodate the full program and lacks complete facilities. Thus the interscholastic track meet and baseball games will be held both at the Carnival Stadium and the Trade School grounds while the P. A. A. F. meets will be staged at Nozaleda Park. The tennis series will be decided at the Manila Tennis Club courts, adjoining Wallace Field. The Polo Club, the American and City Y. M. C. A.'s, the Sunken Gardens and Osmefia Park, will be the scenes of other competitions. These athletic events are usually attended by large crowds of rooters, and enthusiasm always runs high. Competent chairman have been placed in charge of each division of athletics and sports. SPECIAL ATTRACTIONS Every Carnival has its special attractions, usually imported from the United States. This year these include a water circus, featuring, according to the Carnival's publicity department, "some of New York's most beautiful diving girls;" Toyland, a children's playground and wonder realm containing a profusion of toys and good things to eat; boxing kangaroos from Australia, trained animals that arouse wonder by their skill in the "manly" art of self-defense; and the House of Ice, an ice palace constructed by the San Miguel company, featuring that company's bottled products. Then there is an aeroplane swing, on which one can enjoy all the sensations of an aeroplane ride without any of its dangers. Borromeo Lou, the noted comedian, will present his famous troups of vaudeville entertainers nightly in new acts. Professor Shaw, magician, who has never missed a Carnival, will be there with a new repertoire of amazing tricks. Films showing the Villa-Buff championship boxing match and other fistic encounters will be shown nightly. Then there are a host of minor attractions that will transform the Carnival enclosure into a regular Midway. Popcorn, peanut, soda water and candy booths and stands will abound, while restaurants and a beer garden will dispense refreshments of all sorts and at all prices. RADIO CONTEST In the center of the enclosure rises the Tower of Jewels, a structure bestudded with thousands of electric lamps in the Carnival colors. At the base of the tower will be an electric exhibit, showing the latest types of radio apparatus. One featture of the electric show will be a radio contest, open to all amateurs and for which prizes have been set aside. A large number of home-made receiving sets will also be on display. The prizes in the contest will be awarded on Thursday, February 8, at 5 p. m. This, in a general way, comprises a description of the principal features of the 1923 Manila Carnival. It would take a book the size of this magazine to describe them all in detail. ARSENIO N. LUZ Director-General, Manila Carnival STAFF AND OFFICIALS The Carnival since 1922 has been in charge of Director General Arsenio N. Luz, who has been installed permanently in the post because of his extremely successful administration of last year's fiesta. He is a live wire and "go-getter," being an exnewspaperman. He is assisted by Martin P. De Veyra, another hustler. Serafin Marabut is secretary-treasurer, his assistants being Adriano Rodenas and Fortunato G. Jayme, assistant treasurer and assistant secretary, respectively. These men handle the immense amount of office detail that now goes with the annual celebration. Under them is a large force of clerks, stenographers, messengers, etc. Governor General Leonard Wood is Honorary President of the Philippine Carnival Association, the Honorary Vice Presidents being Vice Governor Eugene A. Gilmore, Speaker Roxas, Mayor Fernandez, Admiral E. A. Anderson, Major General George W. Read, and the Hon. Marcelo Eloriaga, president of the Manila Municipal Board. Senate President Manuel L. Juezon, is president of the Association. Hon. Vicente Singson Encarnacion is first vice-president and Thomas J. Wolf second vice-president. The other directors are Col. W. S. Scott, Mauro Prieto, W. W. Brown, Mayor Fernandez, Tomas Earnshaw Dee C. Chuan, Felipe Buencamino, Jr., Buenaventura L. Barona, Senator Antero Soriano, W. H. Babbitt, Capt. W. B. Izzard, U. S. Navy, and Gen. Thomas L. Hartigan. The Executive Committee consists of Thomas J. Wolff, chairman, with Felipe Buencamino, Jr. and Vicente Singson Encarnacion. The official architect it Juan M. Arellano. Roman Lopez is illuminating engineer. Assistant Directors-General are Theobald Diehl, W. E. Antrim, Dr. Victor Buencamino, Agapito Francisco and W. W. Brown. The chairman of the permanent committees are as follows: Fire Protection: Fire Chief Otis L. Vanderford. Law and Order: Chief of Police John W. Green. Publicity: Alfredo Roa. Military Participation: Maj Robert C. Richardson, U. S. A. Athletics: Fred O. England. Grounds: William D. Cheek. Amusement: J. K. Pickering. Music: Maj. W. H. Loving. Parades: Manuel Collas. Schools Participation: W. H. Bordner. Radio Contest: Carson Taylor. Auditorium: Attorney General Antonio Villareal. Chinese Participation: Uy Cho Yee. Military Drill Competftion:' Antonio Escoda. Sugar Industry Exhibit: Leonard C. Moore. All the officials and committees have been hard at work to make this Carnival the biggest and most successful on record, and they feel sure that their efforts will be rewarded by an unprecedented attendance. Stock sales at the time this article went to press had already broken all previous records.

Page  8 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 I I i i i i i I I0~P -Brilliant Export Year Predicted For P. I. The "Export Situation" was interestingly and authoritatively discussed by experts in various commodities at the weekly luncheon of the Chamber on Wednesday, January 3. A rising tide of prosperity was indicated and better times predicted by the speakers, all of whom gave facts and figures showing that the dull period in Philippine business has definitely passed. Captain H. L. Heath, N. M. Saleeby and H. H. Bcyle spoke on the Manila hemp situation; Dr. Sherman of the Philippine Vegetable Oil Company, D. C. Oldenborg and C. A. Painton, president of the Portland Vegetable Oil Mills, discoursed on the copra and oil markets, and Senator George H. Fairchild set forth the sugar situation. Reviewing the last year, Captain Heath said it had been an excellent one for hemp -not so much in so far as he was concerned personally, but from the standpoint of the number of bales exported, about 1,300,000. This hemp had all been paid for and consequently the purchasing power of the people had been augmented in proportion. The ramifications of the hemp industry, he declared, are greater than those of any other in the Islands. It is well distributed in the various sections of the Archipelago and may be considered the basis of the country's purchasing power. OUTLOOK BRIGHT Speculation in hemp during 1922, he stated, was not excessive and the disposition of the dealers to hold out for higher prices was not very marked. A good portion of the hemp was sold directly from the casco to the export ship and the result has been a year's business of rapid turnovers. At the time he was speaking, Captain Heath characterized the market as dull, on account of the holiday season, but he predicted a rapid revival. The United States, he said, took over 50 per cent of last year's exports of hemp. "I have been called a pessimist," he concluded, "but for the first time in two or three years I feel optimistic. The man who cannot now earn enough to pay off his debts never will. The outlook is bright." Mr. Saleeby agreed that 1922 had been a bright year for the Manila hemp industry. In 1920, he said, the Islands shipped 600,000 bales, the stock on hand at the end of that year totalling 280,000 to 300,000 bales. In 1921 the shipments aggregated 892,000 bales, 250,000 bales being on hand at the beginning of 1922. Last year we shipped 1,300,000 bales, with only 136.000 bales left over at the end of the year. This latter, Mr. Saleeby thought, is the lowest figure in 15 or 20 years and shows the healthy state of the hemp industryy at present. REASONS FOR BIG DEMAND Examining the reasons for the heavy exports of hemp during 1922, Mr. Saleeby said the principal reason was a drop of from 25 to 30 per cent in Mexican sisal production. Moreover, the East African sisal output was below normal, due to the neglected state of the plantations following the war years. Much medium grade Manila hemn was therefore required as a substitute for sisal in binder twine. The American crops were bountiful and required a large quantity of this twine, thus increasing the demand for Manila fiber, with a resultant increase in prices. The increased exportation, therefore. Mr. Saleeby pointed out, was not due to a larger consumption of tte basic article of the hemn industry, Manila rope. Mr. Saleeby did not want to prophesy another bumper year for the industry, as too much depends upon the binder twine demand in the United States and the price of sisal. If the present demand continues, however, another good year should eventualize, he stated, and it icnmains to be seen whether the Filipinos will be able to produce sufficient fiber to meet the demand. 'The mills in the eastern part of the United States have not fared as well as the western mills, declared H. H. Boyle, representative of the Columbian Rope Company, of Auburn, N. Y., having operated at only one-third of normal capacity sine3 July. The European market is not as strong as usual, while Japan has made draughts of high-class fiber from the Philippines. He viewed with alarm the proposed increase of the one per cent sales tax. If this tax is not tampered with, he stated, the United States is sure to take from 200,000 to 300,000 bales of hemp for binder twine yearly. If it is raised, however, there is grave danger of losing this market. There is no reason, he affirmed, why we should not produce Manila hemp as cheaply as sisal. If the demand continues, he concluded, the Islands might produce 2,000,000 bales a year. BENEFITS OF U. S. SUGAR TARIFF Senator Fairchild began his remarks by declaring that it is a well-known maxim among economists that whoever sells the United States short for two years goes broke. This maxim, he said, is applicable to the Philippines as long as the United States flag flies here. Ninety per cent of the sugar exported from the Islands, he stated, is raised by the Filipino people, and therefore they are the chief beneficiaries of the tariff imposed on foreign sugar by the United States. The United States consumed 5,000,000 tons last year, which indicates a continuing heavy demand, part of which will be supplied by the Philippines. This year, according to latest figures, '50,000,000 will be collected in the Islands for the present crop. Of this amount fully 50 per cent goes to the farmer. The profit to the exporter is now about t'2 a picul, which gives a moderate percentage yield, considering the risk involved, and the only reason this modest profit can be realized is the American tariff, which gives a protection of P6 a picul against the starvation labor of Java and other Far Eastern regions. If the United States pulled out of the Islands, he predicted, not a stick of sugar would be planted here the following year. Practically the whole crop goes to the United States, the only deduction being the small amount used for local consumption. PREDICTS GOOD COPRA YEAR D. C. Oldenborg talked briefly on the effect of the tariff on soya bean and other vegetable oils with which he is familiar. The emergency tariff of 1922, he said, cut off almost all soya and peanut oil exports from China. This had its effect upon the cottonseed oil situation. Before the war, cottonseed oil exportations from the United States depended largely upon importations of vegetable oils from China. When the war came, we had to obtain most of our oil from China, and when the war was over we continued the business. The producers of cottonseed oil, however, thought that the huge imports of oriental oils would have some effect upon cottonseed oil, but they did not take into consideration the fact that the oriental oils could not be used for edible purposes, while the cottonseed oil which went to Europe was used principally for such purposes. The result was that cottonseed oil slumped, while the Philippines were benefitted because the vegetable oils are more or less interchangeable in their uses and the peanut, soya and other oils were replaced by coconut oil. At the same time, however, the Philippines had lost the European market for coconut oil, so that today all the local coconut oil goes to America and none to Europe. Also, Mr. Oldenborg said, because the United States produces such a large quantity of vegetable oils, the tariff is not such a great advantage as many people believe it to be. Dr. Sherman predicted that 1923 will be a better year for the copra and oil industry than any previous year, because the Islands will produce a better grade of copra. Almost all the copra is produced by Filipinos, he said, but after it leaves their hands it becomes "Americanized" or "Europeanized." The result is that, instead of flowing through the natural channels of trade, it becomes the subject of a bitter commercial warfare. The amount of copra grown here has always been limited and has never equalled the demand. Hence its price is determined by a large number of factors, many of which have no local origin. During the past year, Dr. Sherman stated, the price of copra has been well up and conditions indicate that it will go still higher in the year to come. CHRISTENSEN SPEAKS As to the oil market, he pointed out that there is intense competition here, in the United States and abroad. If any big profits are made, they will be made through increased production and improvement of the copra, giving a larger yield. Another factor that might help the business would be an agreement or compromise between dealers to eliminate the present cutthroat warfare. The year 1923 will see carried out improvements begun in 1922, Dr. Sherman declared. He also called attention to the fact that a considerable portion of the copra production is going into the desiccated coconut industry and that coconut oil is becoming a food product at an increasing rate. Mr. Painton said that the consumption of coconut oil in the United States continues very even, averaging about 150,000 tons yearly. He also pointed out that wihereas before the war coconut oil sold at 1-1/2 cents a pound above cottonseed oil, it is now selling below cottonseed oil, thus demonstrating the fact that the two oils are not interdependent or related in the market. In time, he said, the bulk of coconut oil will be used for the manufacture of a butter substitute-a use which is now limited largely because of the determined opposition of the dairy interests. Parley P. Christensen. Farm-Labor candidate for President in 1920, was in the audience and was called upon to make a few remarks. Mr. Christensen is making a tour of the world and stopped off in Manila for a few days. He said it was a great inspiration to drop into Manila after passing through Europe and Asia. There is more "pep and go" here, he remarked, than in all of the rest of the Orient put together. He also stated that it was a source of pride to an American to view what bas been accomplished here by his countrymen.

Page  9 II I February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL lI ~Elser Reviews Chamber's Work In 1922 I1 - - - - Manila, January 26, 1923. migration laws of the United States so as to permit persons who have taken out their To the Members of the first citizenship papers in the United States AMERICAN CHAMBER OF COMMERCE: to complete their naturalization in the Philippine Islands. The following is a resume of the prin- The Chamber took a strong stand in favor cipal activities of the Chamber during the of the retention of Governor-General Wood, past year: and all chambers of commerce in the United At each meeting of the Board of Direc- States were circularized, requesting their tors such a large number of topics were support of the Chamber's resolutions. taken up and such a large amount of busi- A delegate from the Chamber was apness disposed of that it would take a volume pointed on the Arbitration Advisory Comto make a detailed report. Members who mittee created by the Bureau of Agriculare interested have access to the minutes ture. at all times and may inform themselves as The Chamber's report to the Wood-Forbes to the details of any activity of the Board Mission, at the request of the Governorof Directors. More or less detailed sum- General, was reviewed and resubmitted to manes of the minutes have been published the Governor-General. This lengthy report in the JOURNAL each month, together entailed a large amount of work on the part with special articles on important matters of the committee preparing it and containacted on by the Board of Directors. ed recommendations on all important matOne of the first matters taken up at the ters affecting the business and commerce beginning of the year was the question of of the Islands. We have reason to know the Navy Department's accepting press that the recommendations contained therein messages by wireless to and from the Orient have been seriously and favorably conat reduced rates, which rates were to expire sidered. on July 22, 1922. The Newspapermen's The question of the reduction of interSection of the Chamber passed resolutions Island freight rates has been considered which were approved by the Board of Di- and recommendations made to the Governrectors, recommending that the same low ment to bring them to a more equitable rates be continued in order to enable the level. local press to obtain news from the United A strong effort was made during the States at a price which they could afford year to establish a stock and produce exto pay. Partly as a result of the Chamber's change in Manila, but the effort failed only recommendations, the same low rates were because of the refusal of two foreign chamcontinued by the Department. bers of commerce to cooperate as they did not deem the time opportune for the estabSHIPPING QUESTIONS lishment of such an organization. Matters having to do with shipping and The establishment of an American school freight received considerable attention by by the government was strongly advocated the Board of Directors. The proposal of by the Chamber, and strong recommendathe Shipping Board to have only one ship- tions were made to the government to esping line serve Manila out of each port on tablish such a school. the Pacific was opposed by the Chamber GATHERING OF INFORMATION and, no doubt, had some influence in shap- The Chamber has kept track of all proing the Board's policy with regard to Ma- posed national legislation affecting Philnila. ippine trade and commerce and, when ocThe matter of making passenger tickets casion demanded, expressed its own views interchangeable on all Pacific lines was contemplated measuressd s for inon the contemplated measures; as for intaken up by the Chamber and resulted in stance, when it was proposed to abolish the a realization of the Chamber's idea. duty on vegetable oil, the Chamber passed An adequate Atlantic Coast-Philippine resolutions of protest which were forwardfreight service has been constantly agitated ed to Washington and the Governor-Genand this has resulted in the inauguration eral of the service by the Shipping Board and, The Chamber has furnished information no doubt, a direct service will be maintained. to chambers of commerce and commercial The reduction of passenger rates aFro organizations, locally, in the United States the Pacific was taken up and definite con- and elsewhere, throughout the year. Such structive recommendations were made by requests for information are received by the Board. every mail and a great part of the work of The Board adopted resolutions recom- the Secretary's office was devoted to this mending reduction in passpost vise fees. correspondence. The matter of advertising the tourist at- The Chamber has endeavored to obtain tractions of the Islands was given serious commercial information from all parts of study and consideration and the Board asked the Islands; and all the information which the JOURNAL to print a monthly article has been obtained has been compiled and on the subject and authorized the expend- is available for the use of the members. iture of the necessary funds to pay for cuts A close watch has bean kept cf pending to illustrate the articles. In this connec- legisation in the Philippine Legislature tion action was taken having as its object nd summaries of all pending measures in the wider advertisement of the Philippines both Houses have been translated and furby the United States Shipping Board, with nished to all Active Members. the result that the Shipping Board is now The Hemp Section of the Chamber adoptfeaturing the Islands in its advertisements. ed resolutions recommending that the exIN SUPPORT OF WOOD portation of abaca plants, and sections of the plant from which it can be grown. be The matter of the government's competi- prohibited from the Islands. tion in the retail trade of Philippine em- The matter of connecting up the Manila broidery and lace was taken up with the Railroad with the Port Area was strongBureau of Education, and strong recom- ly supported by the Chamber; also the matmendations were made with a view to hav- ter of connecting up the Manila Railroad ing the government discontinue its compe- with inter-island shipping was taken up tition with private concerns in the embroi- and strongly recommended. dery business. The Chamber recommended to the GovThe Chamber recommended to Congress ernment that the 1% sales tax on goods an amendment to the naturalization and im- re-exported from the Islands be removed; and protested strongly against the proposed increase in the sales tax from 1 to 1% %. The establishment of a collect-on-delivery system between the Philippines and other Oriental countries was recommended to the government. Recommendations were made to the government to pass an amendment to the local income tax which would permit of the deduction of the loss in any one year from the profits of the next taxable year. The Chamber has been cooperating with the Governor-General in trying to establish a Board of Trade in Manila. The proposed Luxury Tax has been strenuously opposed by the Chamber. FUNDS INVESTED The Chamber leased the building in which its quarters are located for a period of five years, beginning May 1, 1922, and the rental which the Chamber will derive from space which it does not occupy will nearly cover the rent paid for the entire building. The loan of the Chamber of P80,000 to Mrs. Benita Quiogue V. del Rosario, has been returned, and a loan of P70,000 made to Mr. Henry W. Elser, which is secured by a mortgage on well improved real estate. During the year the Chamber expended for the relief of destitute Americans the sum of V3,061.35, and has been of assistance to several in securing positions and in enabling others to return to the United States. Practically every Wednesday, members of the Chamber and their friends have had the pleasure of listening to prominent residents and visitors on topics of current and general interest. I wish to express the Chamber's appreciation for the valuable services rendered the Chamber by Messrs. E. A. Perkins and Ewald E. Selph, who served as General Counsel during the year, without compensation; also to Justice F. C. Fisher, who served as Chairman of the Committee which reviewed the Report to the Wood-Forbes Mission at the request of the GovernorGeneral, which report was made to him, and for the valuable assistance rendered on various other occasions. Respectfully submitted, (Sgd.) E. E. ELSER, Actinp President. GOVERNMENT FINANCIAL REPORT BY BEN F. WRIGHT Special Bank Examiner January 20, 1923. EXCHANGE: 1. Sold by Treasurer on N. Y., O/D..... None 2. " " " " ', T/T..... None 3.. " " " Manila, T/T..... None CIRCULATION: 4. Government(a) Philippine Coins... P19.672,938.10% (b) Treasury Certificates. '35,728,561.00 5. Bank Notes............. 41,258,768.90 Total Circulation........ 96.660,268.00 GOVERNMENT RESERVES: i. Gold Standard Fund, Treasury, Manila......... 3,086,754.35 7. Gold Standard Fund, New York................. 9,150,621.56 8. Treasury Certificate Fund, 'reopsry, Manila...... 16,703,909.00 9. Treasury Certificate Fund, Ncw York............ 19.877,129.00 Total Fund............. P48,818,413.91

Page  10 10 -: THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 Chamber Protests Against Luxury Tax Bill I..; Setting forth reasons why the Luxury Tax Bill recently submitted to the Philippine Legislature for action is defective, the Following letter, drafted by a special committee of the American Chamber of Commerce composed of Directors Samuel F. Gaches and H. B. Pond, was sent to Governor General Wood: "January 22, 1923. "Hon. Leonard Wood, Governor-General of the Philippine Ids. Manila. "Sir: "We respectfully invite your attention to the following fundamental defects in the so-called Luxury Tax Bill now pending before the Philippine Legislature: 1. The Bill will kill Manila as a distributing center for the articles to be taxed, unless provision is made for the exemption of such articles when re-exported. 2. The Bill discriminates against Philippine merchants in favor of merchants abroad, and will greatly encourage mail order business and sales on an indent basis, instead of from stocks carried in the P. I., thus avoiding payment of the tax. 3. The Bill will probably force importers who sell so-called luxuries at retail separately to incorporate their retail establishments, as the tax is to be paid only by the importer. 4. The Bill will involve importers and manufacturers in excessive accounting expense and burdensome details in keeping special accounts for the articles taxed by the Bill. 5. Many of the articles taxed by the Bill we do not believe are luxuries, as, for example, freight and passenger trucks, ordinary watches, plated table ware, &c. 6. Section 6 of the Bill, which requires an inventory by all those dealers not importers or manufacturers and the payment of the tax within 30 days, would be almost confiscatory since the majority of merchants are pressed for money to meet current expenses and purchase obligations. 7. Under decisions of Philippine Courts and of the Supreme Court of the United States, +he tax will undoubtedly be interpreted as a tax on imports either in whole or in part, and therefore will be illegal, as Section 10 of the Jones Bill reserves to Congress matters regarding the trade relations, between the Philippine Islands and the United States, while all tariff laws imposing duties on imports from foreign countries must have the approval of the President of the United States. "We are not opposed to special taxation of articles which may properly be classed as luxuries, provided such taxation avoids the inconsistencies and complications of the pending bill and does not result in discrimination against Philippine merchants. "We suggest that if taxes on luxuries are to be imposed, a far more satisfactory and simple method would be by means of an import duty collected on the importation of the goods; such a law of necessity would have to be passed by the Congress of the United States if it is to apply to luxuries imported from the United States. Respectfully, (Sgd.) Samuel F. Gaches (Sgd.) Horace B. Pond. "Committee, American Chamber of Commerce." TEXT OF BILL The complete text of the Luxury Bill, as introduced in the Senate, is herewith given: S. BILL NO. 61. LUXURY TAX AN ACT TO CREATE AN ANNUAL TAX UPON IMPORTERS OR MANUFACTURERS OF MOTOR VEHICLES AND ACCESSORIES THEREOF, MUSICAL INSTRUMENTS, JEWELRY, AND OTHER ARTICLES HEREIN ENUMERATED, AND A SPECIAL TAX UPON THE SALE, HIRE, CONVEYANCE, ETC., OF SAID ARTICLES, AND FOR OTHER PURPOSES. Be it enacted by the Senate and House of Representatives of the Philippines in Legislature assembled and by the authority of the same: SECTION 1. Every person engaged in the importation or manufacture of any of the articles enumerated in section two of this Act shall pay an annual tax of twenty pesos and, besides, a special tax of five per centum upon the actual price at which such articles are sold, bartered, exchanged, conveyed, hired, or otherwise disposed of: PROVIDED, That manufacturers purchasing articles on which the five per centum tax has been paid, shall he entitled to have the same credited to them upon selling said articles, either in their original form or otherwise, upon paying the percentage tax. SEC. 2. The special tax of five per centum shall be levied upon the sale, hire, conveyance, or other disposal in any form whatsoever, of the following articles: (a) Freight or passenger trucks, automobiles, and motorcycles, including tires, inner tubes, and accessories sold in connection or together with the same. (b) Pianos, organs, pianolas, graphophones, phonographs or similar apparatus, string and wind instruments, and records, accessories or utensils used in connection with any musical instuments or articles and apparatus herein enumerated. (c) Articles commonly or commercially known as jewelry, whether genuine or, imitation; pearls, precious or semiprecious stones, and their imitations, mounted or unmounted; articles made of, ornamented or mounted with, precious metals or their imitations (except surgical instruments), watches, opera glasses, lorguettes, telescopes and binoculars. (d) Photographic cameras and parts of same, plates and films other than cinematograph films. (e) -Firearms or air guns and parts of same, including ammunition. (f) Perfumes, essences, toilet waters, cosmetics, petroleum jellies, hair oils, pomades, wigs, dye for the hair, face powder and similar articles. (g) Articles manufactured wholly or partly of silk, artificial silk or imitation silk. SEC. 3. The special taxes provided for in this Act shall not be levied upon sales of articles sold and delivered directly for the use or supply of the Government of the United States or of the Philippine Islands and their political subdivisions. SEC. 4. The payment of the special tax of five per centum provided for in this Act shall relieve the manufacturer or importer from the payment of the percentage tax provided for in section fourteen hundred and fifty-nine of Act Numbered Twentyseven hundred and known as the Administrative Code, upon sales of the same articles. SEC. 5. The annual tax of twenty pesos provided for in section one of this Act shall be payable before the manufacturer or merchant begins to do business, and the subsequent payments shall be made in the first twenty days of January of each year. The tax of five per centum shall be payable at the end of each quarter of the calendar year, according to the sum that has lawfully accrued upon the business transacted during said quarter, and it shall be the duty of every person engaged in the business subject to the tax to file, within the period set aside for the quarterly payment without penalty of the internal-revenue taxes, a sworn statement containing a true and complete return of the total amount of the sales and other business transacted, as well as of the credits to which he may be entitled under section one, during the preceding quarter, and such other data as the Collector of Internal Revenue may require. In case the tax is not paid within the time limit prescribed, a penalty of twelve per centum and interest at the rate of one per cent per month shall accrue thereon, which shall be collected as a part of the tax. SEC. 6. Merchants who are not manufacturers or importers of the articles enumerated in section two and who have such articles in their possession on the date of the approval of this Act shall immediately prepare an inventory of their stock of said articles and of the purchase prices thereof, and shall pay the special tax of five per centum upon the same within thirty days and after the approval of this Act. Said inventory shall be presented to the Collector of Internal Revenue in Manila and to the provincial treasurer in the provinces, together with the amount of the tax. SEC. 7. The Collector of Internal Revenue shall assess and collect the taxes provided for in this Act and shall have authority to issue such regulations as he may deem necessary for the proper assessment and collection thereof, subject to the approval of the Secretary of Finance. SEC. 8. All special or general administrative and penal provisions of law, including the laws relative to assessment, remission, collection and refund of internal-revenue taxes, not specifically repealed at this date, and consistent with the provisions of this Act, are made extensive and applicable to the special taxes herein established. SEC. 9. This Act shall take effect on its approval. I 1 I SECURE YOUR BANK CREDITS ----— BY LIFE INSURANCE POLICY IN THE WEST COAST LIFE INSURANCE CO. It will facilitate business, and protect both your bankers and yourselves. J. NORTHCOTT Co., Inc. GENERAL AGENTS MANILA.. _ 'I - --- I

Page  11 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 I I I Iii i i I I I II I I i i L?e PINES HOTEL ^oNGGU BENGUET * 1~': i ~`:P:~ -,~ Famous throughout the Far East. Situated amidst the mountains and pine trees and frost-nipped air, away from the noise and dust of the city. You can sleep at the PINES in quiet and with limitless pure, fresh air. RESERVATIONS FOR THE PINES CAN BE MADE AT THE ST. ANTHONY HOTEL, Manila-Phone 378 - THE LUNETA HOTEL, Manila-Phone 1970-AMERICAN EXPRESS CO., Manila- or PINES HOTEL, Baguio. I Only the finest of the Abaca enters into the composition of INCHAUSTI ROPE Comparative tests will show this but only the initiated could tell the high quality of a rope product by looking at it. We invite scientific tests of our products, believing that quality will win in the long run. INCHAUSTI ROPE FACTORY PHONE 932 BRANCHES MANILA Ilollo Soraogon Gubat Aparri

Page  12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 EDITORIAL OFFICES American Chamber of Commerce 2 CALLE PINPIN P. 0. Box 1675 Telephone 1156 As the official publication of the American Chamber of Commerce of the Philippine Islands, this JOURNAL carries authoritative notices and articles in regard to the activities of the Chamber, its Board of Directors, Sections and Committees. The editorials are approved by the Board of Directors and, when so indicated, other as ticles are occasionally submitted to the Board for approval. In all other respects the Chamber is,ot responsible for the ideas and opinions to which expression is given VoL rII. February, 1923. No. 2 WHY EVERY AMERICAN IN THE PHILIPPINES SHOULD BELONG TO THE AMERICAN CHAMBER OF COMMERCE Because it is the only American Community organization in the Islands. Because it stands for American ideals, American progress and American prestige. Because it enables American interests to unify and concentrate their efforts in behalf of better business. Because it stands back of every American in the Islands and will assist him in any just cause or endeavor. Because this assistance may be needed by any American at any moment. Because, through its standing committees, it is watching and studying every line of business in which Americans are engaged, for the benefit of its members. Because it acts as a clearing house for American thought and opinion. Because it is non-sectarian and non-political. Because it marks another step forward in the direction of perfect cooperation toward a common end and on the part of all elements in the American Community. Because Associate membership costs only P25 initiation and P5 a month dues. WHY ARE THE PHILIPPINES? In our October issue we printed an editorial entitled "Where Are the Philippines?" It was inspired by the evident lack of knowledge in the outside world regarding the location or geographical position of the Islands. Certain events of recent occurrence impel us to indite another screed on a theme that differs from the one just referred to only by changing the word "when" to "why." Some months ago Isaac F. Morcosson, a writer of the Saturday Evening Post, came to the Far East to look into the situation and write a series of articles on the political and economic problems" in this part of the world. It was naturally to be assumed that ihis gentleman would be particularly interested in these problemin from the standpoint of their relation to American foreign policy, political and economic. When it became known that Mr. Marcosson had arrived in Japan a cable was dispatched to him from Manila inviting him to come here. What more natural to assume than that Mr. Marcosson, the editor of the Saturday Evening Post and the readers of that popular weekly would be eager to learn something of the place of the Philippines in the Far Eastern scheme of things-how, as an American possession, they fit in; how their trade stacks up; how that trade can be developed, if at all; and if continued tenure of the Islands is worth while from an economic standpoint. These surely are matters that might be regarded as important in connection with an investigation of Far Eastern affairs by a representative of the leading American weekly, taking into consideration the fact that the Islands are an American possession, that they contain a population of 11,000,000 people and that their trade with the United States amounted to $200,000,000 in 1920 and $125,000,000 in 1921. Mr. Marcosson made a tentative engagement to come to the Philippines but when he got to Shanghai he found that his time was too much occupied by an investigation of the weighty problems that confront China. On reading his articles and noting his amazing familiarity with Chinese names and places, we do not wonder at his great preoccupation in that country. He must have spent at least two hours a day memorizing names and keeping them straight, so as not to get them mixed up in his articles. (We note, however, that one of Mr. Marcosson's articles contains an illustration in which the names of the American commercial attache at Peking and of a prominent American citizen are placed under the wrong pictures.) Be that- as it may, Mr. Marcosson did not come to Manila, and the American public now has a full and circumstantial account of the recent troubles in China, a complete and detailed running story of the Japanese political machine, and a masterly analysis of the economic status of both countries, together with a series of prognostications-none of which have as yet turned out to be true. Of the Philippines casual mention is made here and there, the total amount of space devoted to these unhappy and insignificant Islands not aggregating more than six inches out of a total of several hundred or perhaps thousand. Now for our second indictment. Congressman L. C. Dyer, of St. Louis, Mo., is the father of the so-called China Trading Act. It seems that Mr. Dyer was a member of the Congressional party that visited the Far East in 1920. On his return to the United States he at once took up the White Man's Burden in China, became the champion of American trade in the Pacific and went about obtaining relief for the American trader who in competition with the traders of other nations was having a hard time of it to make both ends meet. His own American Government was largely responsible for the American merchant's troubles because it imposed iniquitous and handicapping taxation upon him, according to Mr. Dyer. Hence this burden had to be lifted, and lifted it was through the China Trading Act, which was slipped through Congress in exchange for the killing of the anti-lynching bill, also a product of Mr. Dyer's fertile brain. Soon after the passage of this bill, its author decided to come to the Orient to witness its workings. He happened to be in Shanghai at Christmas time. An invitation came to him from Manila to spend the holiday season there. He came, and in the course of his visit was requested to address the American Chamber of Commerce. Mr. Dyer made a neat speech on the China Trading Act, a speech that almost brought tears to the eyes of his listeners in commiseration of the hapless American trader in China. To the amazement of the numerous American business men present, however, he never even mentioned their own troubles, though he might have been aware of the fact that American business men in the Islands have quite as much to contend with in the way of handicaps imposed by their own Government as have the American traders in China. That there were similar problems and conditions to be righted under his very eyes, beneath the folds of the Stars and Stripes, never seemed to occur to Mr. Dyer. It was clear that he did not know the true answer to the question appearing at the head of this article. Why are the Philippines? For years we've tried to tell the people of the United States that the Islands are as large as the Empire State of New York and some of the New England States combined; that their fertile lands are capable of producing all the

Page  13 I February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 tropical products needed by the United States; that their forests abound in the most beautiful hardwoods in the world; that there are in the Islands millions of acres of the richest soil still untouched by the plow or untrod by a steer; that the people are progressive and their needs rapidly rising; that our trade with the Islands is constantly increasing and now ranges between $100,000,000 and $200,000,000 a year; that the Islands are ideally situated from a geographic standpoint to serve as a trade base and distribution center for the entire Far East; that they constitute the keystone to the entire Far Eastern problem; that they are the most valuable trade asset of the United States on the Pacific, and that the American businessman here is in as much need of Federal assistance and cooperation as his compatriot in Japan, China, Timbuctoo or Saskatchewan. These are some of the things we have been shouting from our house tops, but evidently our houses are not high enough or our voices are too weak, for as yet but a very insignificant portion of the American populace seems to be well enough informed to make an intelligent reply to the question: "Why Are the Philippines?" THE LUXURY TAX A bill introduced in the Philippine Senate recently provides for a five per cent tax on so-called "articles of luxury" in lieu of the one per cent sales tax now in force. While a reasonable "luxury tax" would on the face of it appear to be an equitable way of making up a deficiency in the government's revenue, the measuse under discussion is neither equitable nor wise, for several reasons. An analysis of the bill, setting forth its shortcomings, has been prepared by a special committee of the Chamber and is incorporated in a letter of protest to General Wood, forwarded on January 22 after approval by the Board of Directors. This letter, togLther with the bill as it was introduced, appears in another section of this paper. It is well worth study by all merchants who deal in any of the commodities classified as luxuries under the terms of the measure. It seems to us that taxation in the Philippines has been aimed too much in one direction, that of the business man, who has been constituted, as it were, the unofficial collector extraordinary of the public revenue, without compensation. There appears to be a good deal of truth in the contention, frequently heard, that if all the taxes due to the government and collectible under existing laws, were collected, the government revenue would be nearly double what it is now. Probably under existing appropriations and facilities the present Collector of Internal Revenue is doing as much in the way of collecting as anyone could do. The remedy would be to give him more funds for amplifying and intensifying his collection machinery. That is something which is up to the Legislature. THE LAST HOUR RUSH Every year the Philippine Legislature ends its session with a wholesale rushing through of measures that have been waiting action for days, weeks and months. All sorts of bills are thrown into the legislative hopper and ground through at express speed during the final hours of the session, which is usually indefinitely prolonged by adjournment sine die. The evils of this procedure have been pointed out by newspapers and public men time after time, but thus far there has been no abatement in the practice. Like as not, this year's session will as usual devote the last 24 hours of its life to a hectic and hasty rushing through of measures. Now it happens that this year a large number of bills of considerable importance to the business community are under consideration and others are still to be introduced. In fairness to the business interests these bills should not receive final action until those most directly affected are heard and their views secured. At any rate, measures of this nature are deserving of most careful consideration. To pass them willy-nilly, without much attention to their provisions, might result in the adoption of laws greatly prejudicial to important elements of the community. The American Chamber of Commerce trusts that the leaders of the Legislature will exert every possible effort to prevent the wholesale passage of bills in the last hours of the session. This practice has in the past been a black spot on the otherwise ex cellent reputation of that body, and it has caused much annoyance in business circles, not only among Americans, but among business men of other nationalities as well. It is a matter that can be righted, given the proper spirit and the application of a little "elbow grease" on the part of those in authority. HOSPITALS AND BUSINESS It was a most disconcerting revelation that Dr. Calderon made recently at this Chamber when he quoted statistics showing that only one hospital bed for every 3,000 inhabitants exists in the Philippine Islands when there should be at least one bed for every 100 to 150 people. He also stated that fully 60 per cent of deaths in the Islands are due to preventable causes, which fact is of course intimately associated with the lack of hospital facilities. Dr. De Jesus estimated the annual economic loss to the Islands from this cause at more than f40,000,000-truly an appalling figure! We thus see the close connection between hospitals and business. Every person who dies or whose life is cut short through lack of medical care or inadequate sanitation means so much loss to the country's whole business turnover. Population is the basis of a country's business, controlling, as it does, the volume of trade, and every business man should make the improvement of the public health his direct concern. It was only fitting and proper, therefore, that this Chamber went on record as favoring the De las Alas hospital bill which, if adopted, will result in the building up of a system of small but efficient provincial hospitals. As time goes on, these institutions will grow, until they gradually become entirely adequate for the needs of the communities or districts they serve. Another factor in the economic situation connected with health conditions and the hospital problem is the efficiency of the available labor supply. While many deaths are doubtless due to lack of hospital facilities, a large number of individuals are rendered physically or mentally inefficient through the absence of clinics at accessible centers. Many of these persons do not become afflicted with organic disease, yet their reduced vitality keeps them from doing justice to their inherent capabilities as units in the industrial life of the country. Hookworm, for example, is one of the greatest retarding factors in this regard. With hospitals conveniently situated in the provinces, this general affliction could be effectively dealt with and the productive capacity of the Archipelago greatly increased. COMFORTS OF LIVING IN THE TROPICS One of the greatest objections people have had in the past against living in the tropics is the usual lack of the ordinary comforts of occidental home life. The houses have as a rule been of an old-fashioned pattern, built with a special regard for the climate and wanting modern conveniences such as hot water, bath tubs, builtin furnishings, garbage chutes, etc., etc. The walls have usually been of wood, sometimes very rough, and unamenable to the decorative proclivities of the average housewife. While such houses are doubtless comfortable, they very frequently lack aesthetic appeal and do not jibe with the practical notions held by the average American housekeeper as to what a home, in its physical aspects, should be. As a result, business men from the United States have found it rather difficult to establish homes here. Comes now W. J. Odom, one of our Active members, and puts up a modern concrete apartment house, with all the latest wrinkles in the way of conveniences. His apartments are comparable to the best in the States, and living in one of them is just like living in the homeland. The lady of the house in one of these modern flats can not assume a crown of martyrdom because she isn't getting what she has been used to in the way of living quarters. The path of the American business emissary is made easier. Residence in the tropics is robbed of most of its domestic terrors. Others are about to follow in Mr. Odom's footsteps, and soon we shall have home accommodations of which we may be proud and which will doubtless set the pace for the Far East, if not for tropical regions in all parts of the globe. Manila is becoming a decidedly pleasant and desirable place to live in. Mr. Odom is to be congratulated on his enterprise, for he has rendered the community a signal service, and one that has bigger business-building and trade-developing potentialities than might at first consideration be realized.

Page  14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 m Consolidated Cars of Merchandise Machinery and Other Commodities are forwarded across the United States on dependable schedules connecting with steamers for MANILA, P. I. This service assures saving in time, in detail and expense. Less than car load shipments originating in territory east of the Mississippi River when routed in our care move at car load rates plus our Nominal Service Charge. Rates and particulars relating to this service or other traffic information with which Philippine merchants may be concerned in the States, will be cheerfully furnished upon inquiry to our General Office. TRANS-CONTINENTAL FREIGHT COMPANY F. L. Bateman, President W. L. Taylor. Sec. and Treas. K. H. Hinrichs, Export Manager Export and Domestic Freight Forwarders. General Office: 203 So. Dearborn St., Chicago Eastern Office: Woolworth Building, New York I I II REVIEW OF THE EXCHANGE MARKET By STANLEY WILLIAMS, Manager, International Banking Corporation. Our December report closed on the 31st of that month with banks' selling rates for New York exchange quoted at %% premium for demand drafts and % % premium for cable transfers. Quotations for cash eased off gradually and by the end of the yecr cables were being offered at par and one bank was reported to have offered demand at %% discount. During the first week of the year, however, rates firmed up slightly and by the 9th of the month cables were again being sold at % % premium. From then on, until the close of this report on January 25, most banks' rates were % % premium for demand and 1/2 % premium for cables, with occasional offerings for cash in both usances at % % lower. The London cable rate closed in New York on December 20 at 463. It fluctuated up to a high of 468 on January 11 and then eased off to a close at 465 % on January 24. Silver closed in London on December 20 at 307/8 spot, 30-5/16 forward, and in New York at 62% cents. The London quotation reached a low of 30% spot. 29-15/16 forward, on December 22 and closed at the high rate for the period at 32-11/16 spot, 31-9/16 forward, on January 24. Sterling cables were quoted locally at 2/1 1/2 on January 25, and the banks' buying rate for three months' sight credit bills on London closed at 2/2 3/8. These rates were both 1/4d lower than the close on December 20. Telegraphic transfers on other points were quoted nominally at the close on January 25 as follows: Paris.............. 750 Madrid............ 160 Singapore......... 110% Japan............. 99 1 Hongkong......... 109 % Shanghai.......... 67 India.............. 147 Java.............. 125 Y Review of Business Conditions for January price of refined to be reduced to 6.90 cents. The political situation in Europe also had an unfavorable effect on the market, as if it should develop unfavorably, it would curtail foreign buying of Cuban sugars. As the month progressed, the market continued to decline; refined fell to 6.70 cents and Cuban raws gradually to 314 cents, c. & f. New York, for prompt shipment. This is the latest quotation to hand, but a much better tone is reported, and as buyers are apparently disposed to purchase freely on the basis of 314 cents, c. & f., it is probable that the improvement in the market will be maintained. During the month, the first sale of new crop Philippine centrifugal sugars afloat to the New York market was made, the price being 5.15 cents, landed terms (=3% cents, c. & f. for Cubas). The sugars are due to reach New York about the end of this month. We give below the high and low quotations for futures on the sugar exchange for the period under review: March May September Cents Cents Cents High.... 3.51 3.62 3.82 Low..... 3.31 3.41 3.61 LOCAL MARKET: Up to about the end of the year, local buyers continued to be interested in the purchase of Philippine Centrifugals on the basis of `13 per picul, first cost, but following the dullness in the New York market, subsequently reduced their limits, first to P'12.50 per picul, first cost, and later to P12 per picul. Planters, however, have not shown much disposition to contract at the lower prices and the transactions passing in the local market at these reduced prices have not been extensive. In view of the latest advices of the New York market showing a better tone, it is believed that local buyers would now pay P12.50 per picul. The market for muscovado sugars has been firm, but transactions have been small, as arrivals are still coming in very slowly. There have been buyers on the basis of P8.25 to P8.50 per picul, first cost, for No. 1 with 50 cents down per grade. Latest reports from the various centrals show that good progress is being made in the harvesting of the growing crop, although these operations have been handicapped to some extent by unseasonable heavy rainfall. This unseasonable weather has also affected the planting of the new crop, but it is hoped that with an improvement in weather conditions, planters will still be able to increase their areas under cane for the coming crop considerably over last. JAPANESE MARKET: Japanese buyers have been showing an interest in muscovado sugars, but their unwillingness to pay the prices ruling in the local market has prevented business. CHINESE MARKET: Local Chinese are buyers of moderate quantities of Muscovados at ruling market prices. JAVAN MARKET: The tons of the Japan market at the close of the year was quiet but firm with sale of Superiors for January/February delivery at Gs. 13% per picul and of Browns at Gs. 122. In the beginning of the year the market became more active and there were sales made of Superiors and Browns for January/February shipment at Gs. 13% and Gs. 12% per picul, respectively. Sales also of new crop Javas for August/September delivery were made at Gs. 13 for Superiors and Gs. 12 for Browns. Thereafter a weaker tone was evident and our latest advices, under I 11 SUGAR REVIEW FOR JANUARY By WELCH, FAIRCHILD & CO., INC. Boston Old South Bldg. Buffalo Ellicoti Square Philadelphia Drexel Building Cincinnati Union Trust Bldg. Cleveland Hippodrome Bldg. Los Angeles Van Nuys Bldg. San Francisco Monadnock Bldg. Seattle Alaska Bldg. Portland, Ore. 15th and Kearney Denver 1700 Fifteenth St. Our last review was dated December 19. NEW YORK MARKET: Towards the end of the year the market, both for refined and raw sugars, was dull with very little business doing, and it was expected that it would continue so until the end of the year. Sales of Cubas were made for shipment during the first half of January and the second half of January at 3% cents and 32 cents, c. & f., respectively. Refined sugar was quoted at 7 cents. Nearer the close of the year, a stronger tone was evident and there were sales of Cubas for prompt shipment at 3/8 cents, for first half of January shipment at 3% cents, and for February shipment at 32 cents, and it was reported that large transactions took place at these prices. The new year opened with the New York market firm but quiet and prices were maintained for a time. However, the increased production in Cuba, following a more general commencement of milling and the small demand for refined in U. S. as well as a lack of interest from foreign buyers, caused the market for raws to decline, and the I

Page  15 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 date of the 19th inst., report the sale of Superiors for February/March delivery at Gs. 13%. CONSUMPTION OF SUGAR: Telegraphic advices report that the consumption of sugar in the United States during the past year amounted to 5,010,755 tons. It is expected that the consumption of sugar in the United Kingdom will reach 1,600,000 tons for last year, as against 1,400,000 tons for the previous year. CROP ESTIMATES: It is estimated that the Cuban crop now being harvested will exceed 4,000,000 tons, Guma estimating the out-turn at 4,193,500 tons and Himely at 4,102,850 tons. The latest estimate of the Porto Rican crop is 350,000 tons. The new Javan crop is estimated at approximately 28,000,000 piculs, and we are informed that fully half of this quantity has already been sold. January 26, 1923. REVIEW OF THE HEMP MARKET By J. C. PATTY, Secretary and Assistant Treasurer, Macleod & Company, Inc. The period under review is from January 1 to 22. The old year closed and the new year opened quietly. During the first week small business was done, but about the end of the first week the local market took a sharp rise, which up to the present is fully maintained, as shown below: I F............. I.............. JUS........... JUK.......... Jan. 3 P21.00 15.50 14.50 13.00 Jan. 8 P24.00 17.50 15.50 13.50 Jan. 23 P25.00 18.50 15.50 13.75 I I HIKE SHOE PALACE 144 Escolta, Manila Phone 569 NO. 15 OXFORD --— PHILIPPINE TRUST COMPANY MONTE DE PIEDAD BLDG. TELEPHONE 1255 1) RE C TO R S LEO K. COTTERMAN R. C. BALDWIN M. H. O'MALLEY J. G. LAWRENCE I'. C. WHITAKER W. D. CLIFFORD I I __ -Get Friendly with your feet SHOE It pays to be on good terms with your feet. The moment they get cranky, the whole world is wrong. Keep them in a good humor by wearing comfortable, modish HIKE SHOES The consuming markets have not met the rise. with the possible exception of "F" grade. At present London is quoted quiet and steady, New York quiet, and the local market is quiet at writing. Another important feature is the increase in ocean freight rates. On the 6th inst., at a meeting of the Associated Steamship Lines, it was decided to increase freight rates from $1.25 per bale to $1.50 per bale to the Pacific Coast, and from $2.50 per bale to $3.00 per bale direct to the Atlantic Coast, U. S. This increase was and is still strongly disapproved by hemp shippers generally as directly affecting the market for medium grade hemp which this country has had for sometime past in the tUrtted States. We give below the usual statistics: Offers an unexcelled banking service to individuals and corporations; transacts a general banking business and maintains special departments with facilities of the highest character, viz.: COLLECTION, DOMESTIC AND FOREIGN EXCHANGE, SAVINGS, BOND AND TRUST Acts as administrator of estates, or as executor or trustee under wills, and as trustee under deed securing the issuance of corporate bonds. M. H. O'MALLEY, W. D. CLIFFORD, F. W. KENNY, President. Vice-President. Cashier. Member American Bankers Association Chase National Bank-New York Correspondent or i I --- Stocks-December 31... Receipts to Jan. 22, 1923. Receipts to Jan. 22, 1922. Shipments This month to Jan. 22: To U. K.......... To Continent...... To Atlantic U. S... To Pacific Coast.... To Pacific Coast-Inland............. To Japan.......... To Australia....... To all other places.. Local Consumption. 1922 1921 Bales Bales 155,495 272,100 55,604 64,470 1923 Bales 15,180 5,474 14,883 2,315 3,412 7,992 1,607 800 51..661 51,661 1922 Bales 3,250 2,250 17,355 1,872 9,516 10,859 200 1,468 200 48.770 INDIVIDUALITY IN EYE GLASSES Properly fitted glasses should not only properly correct the defects of vision, but they should add to and not detract from one's personality. Let us assist you in selecting the right size and shape of lenses, and the proper style of mounting. WASOIlNC 7EMPLE STOCKS...... 159,438 272,100 -------

Page  16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 II, I~~~~ — I i i i i I i I i I II i I PROFITABLE PUBLICITY Good advertising means the successful application of tested principles of appealing to the customary mental processes of a given class. We know the principles and know how to apply them. Shall we apply them to your advertising? Our phones connect. BUTLER ADVERTISING SERVICE 209 Roxas Bldg. Phone 367 - I I I I i I I i I i I 'I COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manager, Wilits and Patterson, Ltd. 11 I, - -I~~~~~~~~~~~~~~~~~~~~i I I' I --— ~~~~~~~~~~ — I' I Ii I I I -- ----------- ----- -------------— ~ The Leading Whisky - I I I I i i II I.I i! iI IiiI I i i I With scant arrivals of copra during January available against a fairly strong demand, the price has been maintained at figures averaging 25 to 50 centavos per picul over the European and U. S. markets. Total Manila entries will probably not exceed 160,000 piculs for the entire month, as compared with approximately 280,000 piculs for January, 1922. With the present price of f11.875 to f12.25 per picul for resecado copra unattractive to the export trade, an easing off in the local market is to be expected as copra production increases. Quotations. Per lb. U. S. West Coast............... $0.0443 Nominal. London-F. M. Manila......... ~24-5-/ Cebu Sundried........ 25-/-/ COCONUT OIL A review of the U. S. market on this product shows trading at figures slightly better than December, 1922, levels. Buyers are chary as regards distant futures and sellers' ideas of $0.084, c. i. f. West Corst ports, have not been met. Offers for spot and nearby positions approximate $0.08 to $0.08%, c. i. f. San Francisco. London advices indicate lack of interest in coconut oil, due undoubtely to the European situation. Total oil shipments out of Manila for U. S. ports during January will probably be slightly over 10,000 tons, or about 5,000 tons less than exports for January, 1922. COPRA CAKE The market for copra cake remains practically unchanged in America, with London's ideas down 10 shillings. Recent quotations-London ~6-5-/ to ~6-15-/; U. S. $23.00. THE TOBACCO INDUSTRY By Louis MCCALL, MIanager, Oricnte Ci.;ar Factory rr SOLE IMPORTERS KUENZLE C&STREIFF 343 T. PINPIN cMIANILA, P. I. Considerable publicity has been given to the large shipments of cigars made to the American market during the past few months and the impression seems to be prevalent that the tobacco trade has, by reason of these shipments, fully recovered from the depression from which it has been suffering since the winter of 1920. To those familiar with the situation in the local tobacco industry, quantity shipments do not necessarily imply that either the manufacturer is operating at a profit, or that the consumer is being furnished with a cigar that is actually meeting with his approval. The local factories in the majority of instances during the early months of last year, after offering and counter-offering, and thereby eventually arriving at a price that attracted the American importers, quoted prices without regard to the cost of their stock of raw materials, after which inventories were adjusted to harmonize with the prices that the importers had agreed to pay for the finished article. Subsequently it developed that the 1921 crop was not only short in quantity but of a very inferior quality. The 1922 crop is now estimated at not much over 50% of normal, and recent advices from the Caga - ---— L --- '-L-i --- —-------- H

Page  17 i' February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 yan Valley are to the effect that a flood has destroyed a large area on which the 1923 crop was growing. The result is that in Manila prices on raw leaf have firmed to the point where it is no longer possible to replace present stocks without a loss, provided the finished product is sold at the prices now being offered by American importers. The cigar makers, most of whom had been temporarily engaged in other lines during the many months that the factories were operating on part time, returned when the factories first resumed quantity production with a far different attitude than had been displayed during the boom times when manufacturers were competing for labor. The loss in materials, instead of being the ruinous percentage that had materially increased the cost of cigars during the days just before hne crash, was during the early months of the past year reduced to the minimum, with the result that the calculations on which prices had been based after the inventory adjustments had been made showed a small margin above the actual manufacturing cost. Unfortunately, Labor's attitude is slowly but surely changing. The percentage of waste is again becoming a factor which must now be added into the cost of manufacture, a great misfortune just at this time when the slightest increase in prices is going to be the occasion for an abatement in demand. If the American trade papers can be relied upon to reflect the consumers' propensity, the Manila cigar of the "walking stick variety," which is now being shipped to America in millions, is doomed to meet the fate of the other novelties which were devised to meet the abnormal requirements of the year just past. To quote from the aUnited States Tobacco Journal of November 11: Two (persons) who do not care to be quoted by name told the U. S. Tobacco Journal man a few days ago that the flood of Manila cigars which are being cffered at low rate are seriously interfering with the normal sale of domestic cigars and probably would continue to interfere for several months to come. They felt sure that this was hurting all cigar production of medium grade cigars except those standard products for which a special market had been created by advertising and pretentious selling organizations. They expect this condition to right itself in the course of a few months, as it did once befnoe. Only real merit "stays put" in the cigar business. Which most certainly indicates that quantity and price, and not quality, are the factors responsible for the present demand for "Manila Big Sticks." The ready acceptance which has been accorded to the 5Y2 and 6 inch cigars of doubtful quality being retailed in the United States in bundles of seven for 25 cents, can easily be accounted for by the spirit of economy that has dominated the American people during the past 18 months. Slowly it is beginning to dawn upon the consumers that buying a six-inch cigar, half of which is thrown away, is doubtful economy, and the quality of their purchase, which at first was not considered, is now beginning to be criticised. The tendency seems to be towards smaller and better quality cigars at an equal price. That the factor which in the main was responsible for the collapse of the industry-inferior quality cigars-is again to the fore must be conceded. The Bureau of Internal Revenue has during the past few weeks found it necessary to condemn and refuse permission to export shipments from four different factories on account of the inferior quality of their products. i I i i I I i i i i I i i I.. -. - - -,... - -.- -—. -- -.. — - - _- -. _- -. - - - --- 6 I The Man Who Thinks of a Shirt as something more than so much cloth put together somehow, and who really appreciates the fine points of fabric and workmanship in these indispensable garments, is invited to see our stock of cMlanhattan Shirts Van Heusen Collars - Keiser Cravats P. B. Florence CI Co. 80 Escolta Manila, P. I. I i I i i i.i I I i I I i i i 61 I Ii I! Ii I i Ii i I i i I, I I I I I I I -!I. i; I I I: i: i I i I I i i i I I I I I AN ALHAMBRA BRINGS TO YOU THAT FEELING OF REPOSE SO ENJOYABLE AT 'THE NINETEENTH HOLE

Page  18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 l-! ~-. I~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ PRODUCERS WAREHOUSES P. 0 Box 335 MANILA, P. I. Telephone 941 Modern concrete fireproof bodegas in the heart of the city on the Pasig River. Quickest land and water transportation facilities, for hemp, copra, merchandise, and household goods. Low insurance rates..I II I I I I I. During November the Director of Internal Revenue promulgated an order which among other things required the manufacturers to brand the products of their factories with the name of the factory in which the goods originated. Attorneys employed by one of the factories checked the enforcement of this regulation, and the Collector of Internal Revenue withdraw it. Unfortunately all cigars manufactured in the Philippine Islands are "Manila cigars" to the average American consumer. The effect of the regulation noted above would have been to permit the American consumer to learn to differentiate the products of the local factories; but, as is usual, anything that spells progress in the tobacco industry meets with stubborn and blird opposition. (I __ -—. _ ---JI Specializing on Pulmonary disorders and diseases of the urinary tract DR. F. C. MAPA PHYSICIAN-SURGEON Rooms 401-402 Office Telephone 1059 flWpinas Building Residence Tel. 1128 Plaa Moraga, end of Escolta esidence Tel. 1128 Office hours: 3 to 6 p. m. Manila F AUTO TRUCKING CO. 23 45 FURNITURE MOVED CONTRACT HAULING BAGGAGE TRANSFERRED DUMP TRUCKS FOR HIRE H. CAREON, Proprietor. 1955 AZCARRAGA E. VIEGELMANN & CO., INC. MANILA, P. I. IMPORTERS of: Textiles, Hardware, Sundry Goods. EXPORTERS of: Copra, Coconut Oil, Hemp, Tobacco, Cigars, Gums, Shells, Hats, Embroideries, Pearl Buttons. Owners of Cigar factory "EVEECO". AGENTS of: Hamburg American Line of steamers. I THE RICE INDUSTRY By PERCY A. HILL of Munoz, Nueva Ecija, Director, Rice Producers' Association. The present crop of 1922-1923 is not threshing out very well and, when all returns are in, will probably connote a decrease of from 10% to 18%, according to locality. The peculiar fact is that the crop received a proper distribution of moisture during the growing season, so that the cause for this decrease must be looked for elsewhere. According to practical observers, this decrease was caused by the lack of timely rains at the period of plowing and planting the crop, the plants stooling very small and not throwing up the number of culms under ordinary circumstances. The fields in the Central Luzon Plain looked good but this lack of culms caused the decrease, especially as there were no destructive winds during the season of pollenization. This lack of rains, before alluded to, did not give the fields the required flooded condition after plowing, and as a result the disentegration of the soil and plant food was so retarded as to bear heavily on the yield, as this plant is subject to a variety of conditions, all of which must be fairly favorable to make an assured crop. The retail cost of rice and palay prices remain fairly steady at the shipping points, with increased inter-provincial demand from new points like Batangas, Cavite, Laguna. etc., the agents from these provinces purchasing and shipping the grain direct to their home towns. This is a new departure, owing to decreased crops and more knowledge of the industry. Stored as grain, it can be milled as desired to supply the market. The Chinese buyers and millers naturally take advantage of every occasion, depressing the market during the times of tax-collections, fiestas, etc., when cash is necessary to the grower. A case of this sharp practice recently was as follows: Owing to a controversy between the Provincial Board of Nueva Ecija and the Engineer, the temporary bridge across the Rio Grande was delayed in construction, as the storm of late December had swept out both bridges and they had to be rebuilt. As a result, the four ferries across the Rio Grande could not handle all the grain brought to market and the carts were strung out for two or three kilometers, awaiting transportation across the river. The Chinese buyers immediately depressed the price and sent their agents across the river, buying the palay at two-thirds of its market price, this loss falling on the producers who were trying to supply the early market for rice. The decrease in crop yield will necessitate more imports, those of November being some 7 million kilos in excess of last year's November imports, valued at 1639,786. Nevertheless as an item of interest to the TRADE MAKRKR-EC. U.S. PAT. OFF. OXFORDS FORo DANCING HAVE YOU SEEN OUR PATENT KID DRESS OXFORDS? Plain toes, blind eyelets, flexible bevelled-edge soles, built for men's feet-with snug heel and instep fitting-formal correct style-the last word in comfortable dress shoes. The Walk-Over Shoe Store J~ifOJ~ ~ 68-70 Escolta I - a --- -,

Page  19 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 merchant end of Philippine business, we may state that the present decreased crop will add at least P122,000,000 to the national wealth, and it is worth while comparing this with that produced by one of our foremost export crops, sugar. The question of inter-island and railroad freights still continues as formerly, and probably will until some agency, either public or private, through competition or government regulation, comes to the aid of both consumer and producer. In the United States this question seems to be solving itself in the increased price of the commodities, although in Arkansas last year rice had to be fed to live stock on account of high freights, when the South American demand was paying as high as twelve cents a pound for this cereal. In the Islands, the spread between the cost of rice at the producing point and in Mindanao, for example, is simply excessive, owing to this same question of costly transportation. LUMBER REVIEW November to December, 1922 By ARTHUR F. FISCIER Director of Forestry i 11 -I In spite of the Christmas holidays reducing the number of working days during December, with a proportionate reduction in the volume of lumber sawn at the mills from which reports have been received, the total volume of lumber shipped out on orders increased from 6,948,000 board feet in November to 8,792,000 board feet during December, while the amount sawn during November was 8,899,000 board feet as compared with 8,018,000 board feet during December. Although the Manila market continues fairly heavily stocked with lumber, the heavy slump in sales and production of a year ago appears to be definitely passed and with the steady movement of considerable quantities, the mill stocks have been reduced to some 15,000,000 board feet at the end of December, 1922, as compared with 22,000,000 board feet in December, 1921, although the total production for the year 1922 was 110,084,000 as compared with 97,736,000 board feet during 1921. I I I I i I I I WELCH, FAIRCHILD & CO., INC. SUGAR FACTORS AND EXPORTERS MANILA, P. I. Cable Address: WEHALD, MANILA Standard Codes The Chinese American Bank OF COMMERCE BRANCHES AND CORRESPONDENTS THROUGHOUT THE WORLD MANILA BRANCH: PLAZA CERVANTES General Banking Business Transacted ACCOUNTS OF INDIVIDUALS, PROFESSIONAL, SALARIED AND BUSINESS MEN FIRMS AND CORPORATIONS INVITED Telephone 2400 Agents Hawaiian-Philippine Company Operating Sugar Central Silay, Occ. Negros, P. I. Mindoro Sugar Company San Jose, Mindoro, P. I. Matson Navigation Company San Francisco Columbia Pacific Shipping Co. Portland New York Agents: Welch, Fairchild & Co., Inc. 138 Front Street San Francisco Agents: Welch & Co. 244 California Street REAL ESTATE By P. D. CARMAN, San Juan Heights Addition. Sales, City of ManilaNov. 21 to Dec. 21 to I)PC. 20 Jan. 20 Santa Cruz......... P188,690 P132,379 Quiapo............ 120,800 46,254 Paco.............. 461,254 137,370 Tondo............. 34,247 97,055 Binondo............ 181,503 56,000 Malate............ 22,974 34,400 Sampaloc.......... 8,100 21,585 Santa Ana......... 11,750 5,252 Pandacan.......... 15,048 2,500 Ermita............ 16,856 16,548 San Nicolas....... 10,000 5,243 San Miguel........ 714 5,000 Intramuros................ 12,900 1,071,936 570,486 The exceedingly poor showing during the past month is believed to be due to a temporary tightening up at the end of the year. There seems to have been a general slowing up of business during the month which can hardly be explained merely by the usual dullness in many lines during the holidays. An apparent effort on the part of the banks and the larger firms to make the most favorable showing possible at the THE YOKOHAMA SPECIE BANK, LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN YEN CAPITAL (PAID UP)........... 100,000,000 RESERVE FUND................. 6,000,000 UNDIVIDED PROFITS............ 4,900,000 MANILA BRANCH 34 PLAZA CERVANTES, MANILA T. ISOBE MANAGER PHONE 1759-MANAGER PHONE 1758-GENERAL OFFICE I I L -

Page  20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 III~~ I I COMMERCIAL PHOTOGRAPHY WE ARE SPECIALISTS IN THE PHOTOGRAPHY OF INTERIORSBE IT FACTORY, OFFICE OR HOME PHONE 1060 DENNISTON Inc. 118 ESCOLTA I I:I I i I I I end of the year seems to have produced a temporary lack of ready money which was reflected in the real estate market. Not a single previous month in 1922 had so poor a showing, a steady improvement being shown right up to December. The- belief, however, seems to prevail that the definite improvement in the country's agriculture and the more or less general liquidation of liabilities accomplished has cleared the way for a prompt improvement in the real estate market as well as in many other activities. II I I I I I RECENT INCORPORATIONS 'I r --- —-~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I - - --- -----—.-. — ~ ~ ~ ~ ~ - - - - - II I I I I! i I - I I I i i I I I I I I i I - I 1 Two of Our Best "PIGTAILS" Only choice Isabela and Cagayan Valley Tobacco is used in manufacture of all Pigtails which have an aroma and flavor unsurpassed. Phone for a box now December 22, 1922 SUN CHEONG WAREHOUSE COMPANY, LTD., Manila; capital stock tP500,000, subscribed and paid up 9:100,000. Directors: F. H. Stevens, Elmer Madsen (treasurer), L. J. Francisco, J. F.. Mangels, Jose Yulo, Simon R. Cruz, Gerardo F. Alejo, Gregorio O. Periodica, German Boncan. December 23, 1922 BERMUDES & BAUTISTA, INC., Manila; shipping and general merchants; capital stock P15,000, subscribed and paid up t6,120. Directors: Geronimo Panganiban (treasurer), Doroteo Bermudez, Alejandro Bautista, Feliciano Emiterio, Florentino de la Cruz, Rufino Payumo. LIPA TRUCKS CO., INC., Lipa, Batangas; transportation; capital stock P8,100, subscribed and paid up P1,623. Directors: Marcial Manguiat. Fidel Panganiban, Faustino Silva, Eliseo Silva (treasurer), Melchor J. Almero. MANILA STEVEDORING COMPANY, INC., Manila; capital stock P25,000, subscribed I:5,000, paid up f1,250. Directors: Pedro N. Cuento. Konyousohi Kabayachi, Eligio Noche (treasurer), Hirofumi Yoshida, Yeikichi Imamura, Gregorio R. Matco, Mariano A. Ubaldo. January 4, 1923 TAYABAS ASSOCIATION, INC., Manila; social organization; capital stock P10,000, subscribed ~2,910, paid up 9:735. Directors: Alfredo Solatan, Pio D. Vera Cruz, Rafael R. Vilar, Lorenzo M. Tafiada, Potenciano Magtibay, Marcelo T. Boncan, Amadeo E. Queblar, Treasurer: Benigno Arcaya. January 5, 1923 HENG SUN & COMPANY, INCORPORATED, Manila; general merchants; capital stock 660,000, subscribed P60,000 paid up 9:15,000. Directors: Eusebio Z. SyCip, Alfonso Z. SyCip, Albino Z. SyCip, Mrs. Albino Z. SyCip, Manuel Z. SyCip( treasurer). January 6, 1923 CALANAGA COAL MINING COMPANY, Albay, Albay; capital stock 9:50,000, subscribed and paid up '37,000. Directors: A. L. Ammen, J. E. Barker, R. E. Manly, W. J. Bowler, L. D. Lockwood (treasurer). Januuwy 11, 1923 THE IRRIGATION PUMP COMPANY, INC., Manila; capital stock 2P25,000, subscribed 97,500, paid up f14,600. Directors: A. L. Ammen, J. B. Morton (treasurer), Ramon Sarmiento, E. E. Wing, D. L. Minnich, J. F. Boomer. INVESTMENT & COLLECTION SERVICE, INC., 316 Carriedo, Manila; to act as agent in the consummation of business transactions of every lawful- kind; capital stock P500, all subscribed and paid up. Directors: Mrs. J. F. Boomer, J. F. Boomer (treasurer), C. de G. Alvear, F. Macalaguin, Selby C. Parker Expendio 57 Escolta Tabacalera Phone No. 10 Pred. M. Arnus Fav. Conde Sert...

Page  21 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 Janzuary 15, 1923 SAMAHANG ITATAGUYOD, INC., Meycauayan, Bulacan; manufacture and sale of shoes, slippers, etc.; capital stock P4,000, subscribed and paid up t1,000. Directors: Hipolito de Leon, Dionisio Cristobal (treasurer), Pedro Guevara, Angel Rubio, Emiliano de Ocampo, Maximino Evalla, Jose M. Buenaventura. January 19, 1923 I. OHGA, INCORPORATED, Manila; general import and export business; capital stock P50,000, fully paid up. Directors: I. Ohga (treasurer), Kito Fukuda, Y. Suwa, J. Sato, T. Koniyana, K. Kiyama, J. Zamora. IF- ------ -___ _ _ _ I - MANUFACTURERS OF Hand-Made Lingerie, Boudoir Apparel Table Linens Exclusive Original Creations Frocks Embroideries Blouses SCHEDULE OF MEETINGS 1] SPECIALIZING IN INFANTS' WEAR 12 San Luis, Luneta MANILA, P. I. Monday, February 5, at 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, February 6, at 4:00 p. in.: Regular meeting, Board of Directors. Monday, February 12, at 1:00 p. in.: Regular meeting, Builders' Section. Tuesday, February 13, at 1:00 p. mi.: Regular meeting, Hemp Section. Tuesday, February 13, at 4:00 p. in.: Regular meeting. Board of Directors. Wednesday, February 14, at 1:00 p. mn.: Regular meeting, Active and Associate members. Monday, February 19, at 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, February 20, at 4:00 p. mn.: Regular meeting. Board of Directors. Monday, February 26, at 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, February 27, at 1:00 p. mn.: Regular meeting, Hemp Section. Tuesday, February 27, at 4:00 p. in.: Regular meeting. Board of Directors. Wednesday, February 28. at 1:00 p. in.: Regular meeting, Active and Associate members. Thursday, March 1, at 5:00 p. in.: Regular meeting, Embroidery Section. Monday, March 5, at 1:00 p. i.: Regular meeting. Builders' Section. Tuesday, March 6, at 4:00 p. m.: Regular meeting, Board of Directors. VALUABLE BOOK FOR MERCHANTS The Luzon Brokerage Company has just published a well-gotten up booklet on "Custom Brokerage, Land Transportation, Warehousing, Lighterage and Forwarding,: prepared by A. B. Cresap and R. C. Baldwin, managers of the firm. The booklet contains all the necessary data for shippers and receivers of cargoes and freight such as a description of the documents necessary for the delivery of merchandise; customs rules and regulations; port charges on imported merchandise, transit cargo and interisland cargo; insurance clauses; freight rates, water and rail; brokerage charges; draying rates; statistical and general information about the Philippines, etc., etc. There is also a shipping chart of the Philippines showing distances from Manila to the principal provincial ports. The booklet may be secured on application to the Luzon Brokerage Co. I ".1 I I I Ii I= i I I i I I I I i I 20 41 = 20 for __ for 30 cents 30 3 LIGGETT & MYERS TOBACCO CO. cents -- --- - — - ---— — LIC;- -.-. ------- FIRE INSURANCE E. E. ELSER Atlas Assurance Co., Ltd. London Fire Insurance The Employers Liability Assurance Corporation, Ltd., London Fire, Plate Glass, Automobile and Accident Insurance The Continental Insurance Co. New York Fire Insurance Information as to rates or other matters pertaining to Fire Insurance cheerfully furnished by E. E. ELSER Kneedler Building 224 Calle Carriedo Cable Address ---"EDMIL," Manila. P. 0. Box 598 Phone 129 I.; -I --- _________________________

Page  22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 SHIPPING NOTES...~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1~ r II -rr --- —--— ~-^-`r *9~ ~~- n~-: " r. ~::; ~ t ~ I::. ~:z. `:":~ ~::::.i, * r,.,,, r. Ee I, I~~~~~ — -- - Al i - Il SHIPPING REVIEW By E. J. BROWN, General Agent for the Philippines, Pacific Mail Steamship Company. The Shipping Board steamer Patrick Henry, operated by the Tampa Inter-Ocean Steamship Co., Pacific Mail local agents, struck a reef on the south side of Sibay Island, about 200 miles from Manila, on January 14. Assistance was sent, and after transferring part of her cargo the vessel proceeded to Manila. The Patrick Henry had on board a cargo of over 10,000 tons, consisting chiefly of rice from Saigon and AZNILA TOSFAN CISCO I sugar from Pulupandan. Her bow was badly damaged and she will be drydocked and repaired at the Navy yard in Olongapo. This will be the largest private job the Navy has undertaken here and the result will be watched with interest by shipowners and operators. The Cunard liner Laconia visited Manila on January 21 with a large party of aroundthe-world tourists aboard. The Cunard Company has been operating steamers across the Atlantic something like 80 years but this is the first time one of its steamers has appeared on the Pacific. She is the largest passenger ship that ever passed through the Panama Canal. The Empress of Canada, on the Hongkong-Vancouver run of the Canadian Pacific, is larger than the Laconia but she came out to the Orient via Suez. The Laconia was the first of several tourist ships which are scheduled to call at Manila this year. The United American liner Resolute is due March 5 and will also call at Zamboanga. The Resolute now flies the Panama flag since the prohibition order went into effect. Later in March the Empress of France, chartered by Thos. Cook & Son, will arrive in Manila. The Shipping Board is making a real effort to meet the requirements of local importers for a direct service from the Atlantic Coast to the Philippines. The Barber Line will have a monthly sailing, also the Tampa Inter-Ocean Steamship Co.. and additional steamers will be put in the service as business warrants. The Associated Steamship Lines on January 6 voted to increase the rate on hemp from $1.25 to $1.50 per bale to the Pacific Coast, and from $2.50 to $3.00 to the Atlantic Coast, effective March 1, 1923. From all appearances the U. S. Senate is going to allow the Ship Subsidy bill to die. In its muchly-amended form with so many burdens placed on those who would receive the Subsidy, the bill is probably about as popular with shipowners as it is with the Senators, so no tears will be shed by either when it is shelved. Speaking of subsidies, it is of interest to note that the Government now pays a subsidy, and has paid it for years, to the Oceanic Steamship Co., operating two American steamers between San Francisco and Australia. The amount paid is about $22,000 monthly and the Oceanic Line recently requested that this be in I aI i, '~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I OVER "THE SUNSHINE BELT" (The Comfortable Route) Bi-Monthly sailing via China and Japan ports PACIFIC MAIL STEAMSHIP GO. 104 Calle Nueva Phone 1915 Managing Agents for U. S. SHIPPING BOARD creased to $32,000. This is the only mail subsidy paid by the Government, all other mails being carried on a weight basis. U. S. SHIPPING REVIEW By A. G. HENDERSON, Special Correspondent Chicr.go, Dec. 29.-The year closes with the fate of the Subsidy Bill still a matter of uncertainty, but with its friends still hopeful. When Congress reconvenes en January 3, rural credits will have right of way in the Senate. It is figured that the i NORTH AMERICAN LINE HONGKONG TO SAN FRANCISCO Arrive Leave Leave San FranSTEAMER Hongkong Shanghai cisco "Taiyo Maru" Feb. 12 Feb. 15 Mar. 11 "Shinyo Maru" Apr. 2 Apr. 6 Apr. 30 "Siberia Maru" Apr. 15 Apr. 1 W May 14 MANILA TO SAN FRANCISCO (Via Shanghai Direct) Arrive STEAMER Leave Leave San PranManila Shanghai cisco "Tenyo Maru" Mar. 8 Mar. 12 Apr. 6 "Korea Maru" Mar. 23 Mar. 28 Apr. 21 'fiFirst class tickets Interchangeable at aU ports of call with Pacific Mail, Canadian Pacific and Admiral Lines. SOUTH AMERICAN LINE Arrive Leave Leave ValSTEAMER Hongkong Yokoharra paraiso "Ginyo Maru" Mar. 7 Mar. 21 May 21 For Panenger asd Freibht laformatieo Apply to TOYO KISEN KAISHA Chaco Bldg. Phone 2075 i I -.9900

Page  23 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL demand for this legislation is so great as to insure the passage of the bill in perhaps four or five days, unless a deadlock is encountered in its provisions. As soon as this matter is disposed of, the Subsidy Bill will again become unfinished business, and it is the plan of its supporters to have day and night sessions so as to wear the opposition out. Members of the commerce committee and other friends of the bill, have agreed to do their utmost to keep the Senate in continuous session, and they believe they can succeed. If they do, the Subsidy should reach a roll call be the end of January. From time to time, however, it will be displaced so as to get through the annual appropriation bills. So great is the President's desire to keep the Subsidy Bill before the Senate that he has promised to sign the appropriation bills as soon as passed. Next to the passing of the Subsidy Bill, the President's greatest desire is to have Congress quit in March and not reassemble until the following December. He feels that a special session of Congress should be avoided at all costs, as this will prevent the radicals from bringing to the front the tax question, the railroads, and other controverted questions, which would keep things so stirred up that the country could make no headway in its advance toward normal conditions. I am not yet ready to say that the Subsidy Bill will go through, but there is abundant evidence that it is in a more favorable position than at last writing. Several of the transports, so long identified with the military activities of the Philippine Islands, have just been sold. The Logan was sold to a purchaser in Atlanta, Ga., for $50,000 cash. The Sherman has been acquired by the Los Angeles Steamship Co. for $60,000 cash, and will operate in the Los Angeles-Honolulu service in place of their City of Honolulu, recently burnt. The Dix went to the Dollar interests for a sum supposed to be about $20,000. There has been a general improvement throughout the world in the tonnage withdrawn from "lay-up" berths. The Shipping Board has disposed of some 75 vessels, formerly laid up, in the past six months including all but three of its fleet of tankers. A little better than 145 vessels are now on the regular berth in the Coast to Coast service, as against six in 1914. With the exception of seven vessels, all are privately owned, and average about 8,000 tons deadweight. That shipping is still a long way from normal, and of all industries is still the most depressed, is evidenced by the following list of laid-up tonnage as of July 31: Country. Gross tons. Belgium..................... 544,000 Canada..................... 52,000 Denmark.................... 12,000 Finland..................... 9,000 France..................... 1,102,569 Great Britain................ 1,025,662 Greece....................... 100,425 Italy........................ 585,000 Japan..................... 71,737 Holland..................... 353,000 Spain...................... 384,434 Sweden..................... 7,132 United States................ 3,977,755 I 11 I ~~~~~~~~~~~~~~~~~~~~~~~~Ii I I I I I I I i 7 i I I I I 1! I I i DOLLAR LINES REGULAR SERVICE Manila to New York via Suez Manila to Vancouver and San Francisco 406 Chaco Building Telephone 2094 -— ` --- —~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ MANILA SEATTLE VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Leaves Manila S. S. PRESIDENT JACKSON -------- FEB. 11 S. S. PRESIDENT JEFFERSON - - - - - - - FEB. 23 S. S. PRESIDENT GRANT - - - - - - - - - Mar. 7 S. S. PRESIDENT MADISON - - - - - - Mar. 19 S. S. PRESIDENT McKINLEY ------- Mar. 31 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS ENROUTE Arrives Seattle MAR. 6 MAR. 18 Mar. 30 Apr. 11 Apr. 23 t I!iI:I I I II I I i I -1 OPERATED FOR ACCOUNT OF U. S. SHIPPING BOARD BY THE ADMIRAL LINE MANAGING AGENTS PHONE 2440 24 DAVID -- ------------ H. R. ANDREAS MANILA, P. I. EXPORTER AND IMPORTER PHILIPPINE LUMBER AUSTRALIAN COAL BRICK SUGAR COPRA H. R. ANDREAS 306 MASONIC TEMPLE MANILA, P. I. P. 0. BOX 1483 PHONE 269 Cable Address: "ANDREAS" Code: "Bentley's-Private" - l NEW MEMBERS Associate Joseph F. Gargan, c/o Pacific Commercial Company, Manila. Samuel E. Kane, 615 Pacific Building, Manila. I,

Page  24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1928 't: CHAMBER NOTES _ _ _ _ __ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _I A fairly large gathering of Active and Associate members attended the annual meeting, held at the Chamber on Saturday, January 27. Acting President Elser opened the session at 5:10 p. m. Following the roll call, the minutes of the last annual meeting were read. On suggestion of the Acting President a vote of thanks was unanimously passed in favor of Attorneys E. A. Perkins, Fred C. Fisher and E. E. Selph for their services to the Chamber, Mr. Perkins and Mr. Selph as Generai Counsels for the Chamber and Mr. Fisher as chairman of the commiteee which drafted the memorandum to the Governor-General embodying the recommendations of the Chamber. The Acting President's report was ordered printed in the JOURNAL. Mr. Fairchild made the motion, which was seconded, "that the meeting go on record as approving the administration of the affairs of the Chamber during the year." The motion was unanimously carried. Captain Heath then suggested that an amendment be made to the by-laws so as t) provide machinery for the substitution of absent Directors on the Board. He pointed out that one or two of the Directors are always absent in the United States, and that the condition is practically a permanent one. He submitted the following amendment to the by-laws in substitution of Article V, I 1. -----— --- -- ------------ ---- -- - ` — - ----- P 0 R T A B L E Ly 000 4 1111 T I I I i R E V 0 L V A T 0 R X! I I I I I ' " "!....I,,,...... \I J I n U I ONE OF THESE Portable Elevators -I i i I I:I.I i I I i I i i I I I II I i I i I i I I IiI I I I 1 1 I I I paragraph (b), which was unanimously passed: "At each regular annual meeting there shall be elected four (4) Alternate Directors to fill vacancies from any cause and absence from the Philippines of any Director of the Chamber, from the period the vacancy occurs to the next annual election and-or during the period of the absence of a Director on vacation. These Alternates shall be selected by the Board as vacancies or absences occur in the order of number of votes cast for Alternate Directors. The one having the largest number of votes cast in his election shall be the first to be selected by the Board to fill the vacancy or absence, and so on until all vacancies or absences are filled. If the four Alternates are not sufficient to fill the vacancies and absences occurring in one year, the Directors shall select from the Active members a Director to fill the vacancy until the next annual election. Alternates filling the position of a Director during the absence of a Director shall retire from the position upon the return of the elected Director." Major Wm. H. Anderson brought to the attention of the Chamber the matter of the 1918 U. S. income tax, payment of which has not as yet been made by a large portion of the community. The matter was also discussed by Members Gachcs and Reis. The Acting President then announced that the election of three Directors for for three-year terms and two Directors for one year terms was in order. Members Robert E. Murphy and B. A. Green were appointed tellers. The following nominations were made for three-year terms: C. M. Cotterman, Julius Reis, H. B. Pond, John J. Russell, George H. Fairchild, H. L. Heath, H. B. McCoy and E. E. Elser. Col. McCoy and Mr. Fairchild asked that their nominations be withdrawn, the nominations were made: Mr. Elser, Mr. Heath and Mr. Reis were declared elected Directors to fill three-year terms, halving received the highest number of votes, in the order given. For the one-year terms, the following nominations were made: C. M. Cotterman, H. B. Pond, George H. Fairchild and John J. Russell. Mr. Cotterman and Mr. Russell were elected as one year term Directors. The next order of business was the selection of the Alternate Directors in compliance with the amendment just adopted. There were six nominations: H. B. Pond, John W. Haussermann, P. A. Mayer, H. B. McCoy, Carlos Young and George H. Fairchild. The result of balloting was that Mr. Pond, Col. McCoy, Mr. Meyer and Judge Haussermann were declared Alternate Directors, in the order named. There being no further business the meeting adjourned. The new Board of Directors will therefore consist of Directors Elser, Heath and Reis (terms expiring in 1926); Directors Gaches, Green and Feldstein (terms expiring in 1925); and Directors Rosenstock, Cotterman and Russell (terms expiring in 1924); with Alternate Directors Pond, McCoy, Meyer and Haussermann. As Directors Cotterman and Feldstein are absent from the Islands, their places will be taken by Alternate Directors Pond and McCoy. The actual line-up of the Board at present therefore is as follows: Directors Elser, Heath, Reis, Gaches, Green, Pond, Rosenstock, McCoy and Russell. I 4 I ii F 'i WITH Revolving Base WILL SAVE ITS COST IN LABOR cAND DOUBLE YOUR BODEGA CAPACITY ONE MAN WITH ONE HELPER CAN EASILY HANDLE CASES WEIGHING UP TO ONE TON (1000 KILOS MACLEOD & COMPANY, Inc. cMWANILA CEBU VIGAN ILOILO........ ~ ~..._

Page  25 I February, 1928 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 I 1 I BRUSSELS FAIR IN APRIL The Bureau of Commerce and Industry is in receipt of more detailed information about the Fourth Commercial Fair which is to be held in Brussels, Belgium, April 9 to 25, 1923, under the auspices of the government of that city and the patronage of the King of Belgium. This commercial Fair is an annual event in that country and has always been a great and growing success. The Third Commercial Fair, last year, brought to the exposition 2,214 exhibitors representing 24 nationalities. A new hall with 500 stands and every sanitary convenience, in a fireproof building made of stone, bricks, concrete, iron, and glass, has been recently erected in order to provide more space for the coming Fair. The Belgian Consul in Manila is in position to furnish any other information bearing on the subject, and the Bureau of Commerce and Industry will be glad to cooperate in any plan in connection with the exposition. WITH THE CHAMBER'S SPECIAL SECTIONS 'I HEMP SECTION A regular meeting of the Hemp Section was held on Tuesday, January 2. Members present were Macleod & Company (H. Forst), International Harvester Company (J. C. Patty), H. L. Heath, Tubbs Cordage Company (H. L. Heath), Portland Cordage Company (H. L. Heath), Columbian Rope Company (H. H. Boyle), Hanson & Orth I I F I (N. M. Saleeby), and Pacific Commercial Company (L. J. Francisco). The meeting took up for consideration the endorsements by the Director of Agriculture and the Secretary of Agriculture and Natural Resources on the resolution of the Hemp Section recommending that the exportation of abaca plants, seeds etc., be prohibited. It was agreed that "the Section recommend to the Board of Directors that the matter be dropped and that the other chambers be advised that as the resolution has not been favorably endorsed by the proper authorities of the government, the matter has been dropped." Capt. Heath, chairman of the Committee on New Uses of Hemp, reported that the Committee has decided to write a letter to all the users and manufacturers of hemp and obtain their ideas on the proposition. The possibility of using anabao and rozelle fibers as a substitute for jute was discussed. Mr. Boyle reported that he had shipped two bales of anabao to the Columbian Rope Company for experimental purposes, during the month of December. Another meeting of the Section was held on Tuesday, January 16. There were present H. L. Heath, Tubbs Cordage Company (H. L. Heath), Portland Cordage Company (H. L. Heath), International Harvester Company (J. C. Patty), Columbian Rope Company (H. H. Boyle), Hanson & Orth (N. M. Saleeby), and A. J. Brazee. B. A. Batterton was also present. The following resolution, presented by Capt. Heath, was adopted: "Whereas the buyers of Manila hemp do not, and never have, recognized the consolidation of the distinct grades of hemp known as "Superior Seconds, U S.," and "Fair Current, U. K." under the government grade of "Current" with the mark "J" to represent the grade; "Be it resolved that the Hemp Section of the American Chamber of Commerce request the Bureau of Agriculture to establish two grades of hemp, one known as "Superior Seconds, U. S." to be marked "J/1," and the other, to be known as "Fair Current. U. K.," to be marked "J/2"; and "Be it further resolved to request the other chambers of commerce of Manila to support this resolution and present their recommendations to the Bureau of Agriculture." The question of interisland freight rates on hemp was discussed. Mr. Boyle was appointed a committee of one to draw up a resolution for the next meeting of the Section in regard to a reduction in these rates. - The action of the Philippine Senate in reducing the appropriation for the Fiber Division of the Bureau of Agriculture was discussed, and it was the consensus of opinion of the Section that if the Fiber Iaw is to remain in force it should be properly administered and that if it be not properly enforced it should be abolished. COPRA AND HEMP STATISTICS Daily statistics on the arrivals of copra and hemp in Manila are being furnished the Chamber through the courtesy of Vicente Poblete, of 843 Lepanto, telephones 4845 and 7530. These statistics are available to members of the Chamber at the Secretary's office. Beginning this month, the Manila Trading and Supply Company has leased the downstairs portion of the Chamber building and now occupies the premises. The main office of the company has been moved to the Port Area, where the Ford Service Station, operated by the same company, is situated. CHINA BANKING CORPORATION Incorporated under the laws of the Philippine Islands 90 ROSARIO Authorized Capital -?.1QQQQsQQ_. Paid-up Capital and Reserve, over - - 5,000,000 Offers its services to all reputable importers and exporters. We intend to foster business of this nature in every possible way and are in an exceptionally favorable position to do so. Our terms for financing imports and exports are liberal consistent with safety. Before buying or selling your exchange let us quote and convince you that our rates are usually the best offering. E. E. WING, Manager. i I I I 1 1 I1 I I I II I;:I I i I I I i II iI I ii iI Ii -:!n I-! OXYGEN Electrolytic Oxygen 99% pure HYDROGEN Electrolytic 1'g, Hydrogen 99% pure ACETYLENE Dissolved *t'ti.,;,Acetylene fer all purposes T. -WELDING Fully Equipped ~VA'N" ' u' iOxy-Acetylene *1 ':-_ Welding Shops '^ 1 1 BATTERIES 4~; 'L,. / Electric Storage Batteries Philippine Acetylene Co. 281 Calle Cristobal MANILA -— ~ ~ ~ I 1 CABLE ADDRESS: "GASKELLINC" P. 0. Box 1608 Office Tel. No. 2425 CODES: WESTERN UNION BENTLEY'S A. B. C. 5TH EDITION PRIVATE CODES E. Gaskell & Co., Inc. CUSTOMS BROKERS RECEIVING & FORWARDING AGENTS LAND & WATER TRANSPORTATION Bonded & Public Warehousing 103 Juan Luna OFFICES Tel: 2425-2426 Pier Tel: 2427 21, 29, 35 & 41 BODEGAS: - Barraca St. Tel: 2424 IN THE HEART OF THE COMMERCIAL & FIANCAL METROPOLI. ZT - - —.. - -.. I.,

Page  26 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL February, 1923 WITH THE BOARD OF DIRECTORS _ _ _ _!~D~~I Tuesday, December 26, 1922. Present: Directors Elser, Gaches, Beam, Green and Pond. Application of P. S. Frieder for Associate membership was accepted. Endorsement of the Director of Agriculture on the Chamber's resolution requesting the Legislature to prohibit the exportation of abaca plants, seeds, etc., was referred to the Hemp Section for report and recommendation. The Special Entertainment Committee, of which Walter Robb is chairman, was extended a vote of thanks for the splendid manner in which the entertainments for the Frawley company and for General Wood were carried out. F I --- You can get rich "creamy milk" from your grocer if you ask him for Dairvmen's League Evaporated Milk. It is cow's milk with part of the water and nothing else taken out. DAIR f^EN'S Coperative Association. Iac. Utica, N. Y. I The Acting President was authorized to execute a lease with the Manila Trading and Supply Company for the lower portion of the Chamber building, with the exception of the ladies' room, at a rental of P'700 a month. Tuesday, January 2, 1923. No meeting. Tuesday, January 9, 1923. Present: Directors Elser, Gaches, Pond, Green and Rosenstock. Bills for the month of December, totalling P6,817.46 and bearing the approval of the Finance and Auditing Committee, were approved. A resolution from the Hemp Section recommending that the matter of the prohibition of the export of abaca plants, etc., be dropped, as it had not been favorably endorsed by the proper authorities of the government, was laid on the table. Request from Henry W. Peabody & Company to have H. P. LaMarche represent their Active membership was approved, as was a similar request in favor of Louis McCall on the part of Walter E. Olsen & Co. The question of a Board of Trade was taken up and the idea was approved in principle. It was thought, however, that the plan would not be a success owing to the lack of support from certain other chambers of commerce. Director Gache. was appointed a committee of one to draft a letter on the subject to the Governor General on behalf of the Board. Resignation of Associate Member Edward Cook, effective December 31, was accepted. A request from a local firm to paint the roof of the Chamber building on the condition that permission be granted to place an advertisement thereon, was refused, as the Board did not consider it advisable to have the Chamber's quarters used for advertising purposes. The Secretary was instructed to write a letter to John A. Fowler, local representative of the United States Bureau of Foreign and Domestic Commerce, extending to him the privileges of the Chamber. Tuesday, January 16, 1923. Present: Directors Elser, Gaches. Beam, Green, Pond and Rosenstock. A request from Mrs. Helen Dahlke for permission to execute a joint first mortgage of P30,000 on the property recently mortgaged to the Chamber for 7"70,000 was denied. A letter from the Governor General with further reference to the establishment of a Board of Trade was read and discussed. The President, with the consent of the Board, appointed Director Gaches committee of one to represent the Chamber and meet with representatives of other chambers in an attempt to work out a plan for the organization of a Board of Trade. An endorsement from the Collector of Internal Revenue in regard to the Chamber's resolution requesting that no increase be made in the merchants' sales tax, which endorsement stated that in the Collector's opinion the tax should be increased to 1% per cent, was read and discussed. The Secretary was instructed to reply that the Chamber reiterated its stand as opposed to an increase at the present time and believes that that any increased revenue from the sales tax should come from an increase in the volume of business. The report on provincial banking prepared by the special committee composed of Stanley Williams and Ben F. Wright was discussed. The report was approved in principle and referred back to the committee with the recommendation for an amendment to paragraph 2. The following resolution was passed with reference to the proposed banking law before the Legislature: "That in accordance with the general principle recognized by banking laws in the United States, we earnesthy recommend that a double liability clause be included for the organization of local banks." Mr. Beam was requested to draw up a resolution in accordance with the above. A resolution approving House Bill No. 552, providing for a continuing appropriation of P300,000 a year for the establishment of provincial hospitals, was adopted. A resolution from the Hemp Section favoring the establishment of two grades, "J/1" and "J/2," in place of the present grade "J," was approved and referred to the other chambers of commerce. Mr. Gaches was requested to draft a resolution protesting against the increase in the freight rate on hemp to the United States, as proposed in a resolution of the Hemp Section submitted on December 12. A letter from the Transaction News Service, offering their services, was placed on file. A letter from the Pan-Pacific Union, transmitting copies of resolutions adopted by the First Pan-Pacific Commercial Conference in Honolulu, was referred to the members of the Board for study. The President was authorized to appoint representatives to the National Foreign Trade Convention, to be held in New Orleans, April 25, 26 and 27, in response to an invitation from the organization. _ I I I~ ~ ~~~~ --- — -- PHILIPPINE GUARANTY COMPANY, INC. (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. I I I Ii DOCUMENTS SURE TY SHIP S For Executors, Administrators, Receivers, Guardians, etc. Sold by all leading groceries Juan Ysmael & Co., Incorporated SOLE AGENTS We also write Fire and Marine Insurance ow rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instalments at ow interest Call or write for particulars Room 403, Filipinas Bldg. P. 0. Box 128 Manila, P. I. Manager's TeL 2110 Main Office Tel. 441 I a I I I I i I 348 Echague Manila Branches: Iloilo; Cebu Tel. 2154 -- i

Page  27 February, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 Tuesday, January 23, 1923. Present: Directors Elser, Gaches, Rosenstock, Green and Pond. On request from Geo. Borgfeldt & Co. that firm's Active membership was placed on the inactive list and, on motion, its dues were suspended until its membership again becomes active. The following resolution was adopted: "Be it resolved, that the Board of Directors of the American Chamber of Commerce of Manila are unanimously of the opinion that it will result in great benefit to the Philippine Islands if the Philippine Legislature will include the following clause (or some other clause with the same provisions) in any new bank legislation passed by it: The stockholders of every banking poration shall be held individually responsible for all contracts, debts and engagements of such corporation, each to the amount of his stock therein, at the par value thereof in addition to the amount invested in such stock. The stockholders in any banking corporation who shall have transferred their shares or registered the transfer thereof within sixty days next before the date of the failure of such corporation to meet its obligations, or with knowledge of such impending failure, shall be liable to the same extent as if they had made no such transfer, to the extent that the subsequent transferee fails to meet such liability. The following changes in the representatives of Active memberships were apapproved: Benguet Consolidated Mining Company, to J. W. Hausserman. Kneedler Realty Company, to K. E. Robinson. The Cooper Company, to T. H. E. Marchant. The following representatives of Active memberships for the annual meeting were approved: Erlanger & Galinger, Wm. H. Anderson. Insular Lumber Company, Joseph Bradney. Wm. H. Anderson & Company, Wm. H. Anderson. A letter from an Active member requesting that the matter of exempting Americans in the Islands from payment of the 1918, 1919 and 1920 U. S. income tax be taken up again with the Governor General and Washington was discussed and held over until the next meeting of the Board. The Committee on Provincial Banking reported that it had no objection to incorporating in its report the amendment recommended by the Board at the previous meeting. The report of the committee on the Luxury Tax, composed of Directors Gaches and Pond, was approved. I I I I I I I I BUSINESS AND PROFESSIONAL DIRECTORY _ES _N RFSINLDRCOY NN B. A. GREEN REAL ESTATE Improved and Unimproved City, Suburban and Provincial Properties Expert valuation, appraisement and reports on real estate Telephone 507 34 Escolta Cable Address: "BAG" Manila Maila Philippinoe lalds Philippine Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce. STORES AND OFFICRE Calle Echague, Manila, P. I. Derham Building Phone 1819 Manila P. 0. Box 2103 Morton & Ericksen Surveyors AMERICAN BUREAU OF SHIPPING MARINE AND CARGO SURVEYORS 8WOKN MEASURES _. _ _ _ __ _ _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ BILLIARDS Drinks lngUsh Lunch 16 and Can ady Candy BILLIARD American Clears TABLES Tables Service TNone better RIZAL BILLIARD AND BOWLING HALL De la Rama Bldg. Sta. Oruz Bridge lldefonso Tionloc CUSTOMS BROKER & FORWVARDING AGENT 120 Dasmarifias, Bdo. Tel. 447 Room 3 1572 DOUGHNUTS AND COFFEE Every morning at the CHAMBER LUNCH ROOM Fred Wilson & Co., Inc. ESTABLISItBD 1873 Contracting Engineers, Importers of Machinery and Engineers' Supplies. 55 Barraca Manil Tel. 748- P. 0. Sn T7t W. W. LARKIN Member American Institute of Accountants Cable Address — laiar." Masonic Temple, Manila. I I I I I I HANSON & ORTH BUYERS AND BXPORTERS of Hemp and Other Fibers 301-305 Pacific Bldg. Telephone 1840 RIEHL & SALOMON ENGINEERS & SURVZEORS DEPUTY MIEBRAL SURVEYOR8 SURVEYS Subdivision, Torrens Title, Topographic, Railroad, Irrigation, Drainage, HydroElectric Development 309 Masonic Temple Phone 1039 M. Y. SAN & CO. Manufacturers of Biscuits and Calnd Our products on sale at every up-todate grocery store 69 Escolta P. 0. Bow 40 TeL 2594 _ _ _. _ Telephone 1669 P. O. OB 1431 Hashim-Franklin Car Co. Hashim Bldg. 883-885 RBial Av. AUTOMOBILE ACCESSORIES, SUPPLIES AND REPAIRS MADRIGAL & CO. 113-121 Muelle de Binondo, Manila COAL OONTRAOTORS aad COCONUT OIL MANUFACTURERS MILL LOCATED AT CEBU Hours: 9-12, 3-8 Tel. 67 A. M. LOUIS X-RAY LABORATORY l 305 BoXas Bldg., Manila, P. I. B colt, Corner Calle David m1 - - -- ~- -- r,

Page  28 THE AMERICAN: CHAMBER OF COMMERCE JOURNAL Februbary, -123 TRADE STATISTICS. PRINCIPAL EXPORTS )ecember 1922 November 1922 December 1921 Quantity' Value % Quantity Value % Quantity Value %: Commodities Sugar................................................... Coconut.oil............................................ Copra.............................................. Hemp... 'Hemp............................... Embroideries.................................. Cigars (num ber)......................................... L eaf T obacco............................................... M aguey..................................................... C olras M eal............................................... Lum ber (cu. m eters)......................................... Cordage.........................................*.*.~. Hats (number).............................................. K notted H em p.......................................... A ll others................................................. T otal................................................ Exports of U. S. Products..................................... Exports of Foreign Products.................................. 17,560,886 P. 3,681,03.1 24.9 13,479,597' P 1,909,202 11.7 11,060 P 1,186,986 8.7 7,678,031 2,231,750 15.0 12,349,0t1 3.573,103 21.9 9,069,169 2.789,864 20.5 7,332,9~77 1,278,701 8.6 18,674,566 2,967,177 18.2 18,195,218 2,969,562 21.7 13,021,460' 3,448,749 23.2 17,969,725 3.981,119 24.5 11,323,064 2,640,514 19.4 - 657,772 4.4 638,209 3.9 613,002 4.5 32,888,008 1,579,876 10.6 33,235,073 1,292,383 1.8 23.862,578 815,132 6:0 819,355 256,620 1.7 1,514,391 436,326 '2.7 4,392.734 1,268,585 9.3 1,094,354 167.516 1.1 1,939,120 2.90,734 1.8 1,600,300 239,45.6 1.7 6,487,901 241,673 1.16 5,257,837 186,771 1.2 3,938,743 78,101 0.6 2,918 194,006 0.6 2,592 78,318 0.5 1,483 (65,669 0.5 257.844. 107,030 0.7 270,427 104,896 0.6 179,317 82,524 ~0.(i 73.375 130,980 0.t9 46,149 110,342 0.7 13,908 39,269 0.7 35,810 101,065 0.7 38,373 98.515 0.6 4,001 9,556 0.1 58'2,804 3.9.140,659 2.7 391,999 2.9 P14:,559,573. 97.9 194,655 1.3 116,655 0.8 *l1 6,107,754 98.9 140,578 0.9 30.654 0.2 P1 0.278,926 100.0....... -.. -............. P*13,190,218 196.8 414,900 3.0 25,;673 '0.2 P13,630,79 1 100.0 Grand total............................................. P14.870,883 100.0 Note: All quantities in Kilos except where otherwise indicated. PRINCIPAL IMPORTS December 1922 November. 1922 - December 1921 Articles Value % Value C% Value % Cotton Cloths...... ]* 2,519,759 20.3 P Other Cotton Goods.. 711,135 5.7 Iron, Steel and Machinery.......... 837,345 6.7 Gasoline........... 492.... Wheat Flour....... 566,236 4.16 Illuminating Oil..... 248 Meat Products..... 361,511 2.9 Coal....'......... 584,537 4.7 Dairy Products. 2... 360,179 2.9 Paper and Manufacturers of........ 564,808 4.6 Lubricating. and..other oils.......... 13:.198 1.1 Silk Goods......... 277,.54 2.2 Cattle and Carabao.. 40,871 0.3 Tobacco (leaf and other)........... 214,241 1.7 Vegetables......... 241,534 1.9 Qhemists, D ru gs, Dyes, etc........ - 221,076 1.8 Fish Products....... 295,176.-2.4 Electrical Goods.... 7,110 0.6 Rice.............. 1,00,118 8.1 Fruits and Nuts..... 222,467 1.8 Cement............ 60,278 0.5 Eggs............. 139,933 1,1 Woolen 'Goods...... 106.020 0.9 Explosives......... 35,290 0.2 Leather Goods..... 92,831 0.8 Matches........... 64,776 1.5 Spirituous Liquors. 78,576 0.6 Perfumery, Cosmetics, etc.............. 47,443 0.4 Shoes............. 93,671 0.8 Coffee........... '68,204 0.5 Earthen, Stone and China ware...... 92,390 0.7 India Rubber Goods-. - '61,80.8 0.5 Cocoa or Cocao..... 65,782 0.5 Crude Oil.......... 147,716 1.2 Soap.............. 63,425 0.5 -Sugar and Molasses.. 49,856 0.4 Paints, Varnish, etc.. 90,458 0.7 Motion Picture Films. 62,255 1.5 Diamonds and other precious stones, unset............ 42,211 0.4 Sporting Goods..... 21,251 0.2 Agric. Implemests... 4,588 -.. Automobiles....... 111,630 0.9 Automobile Tires... 101,528 0.8 Automobile Accessorie. 31,443 0.3 All others..1,61,415 11.8 2,857,648 19.8 P* 998,086 6.7 1,942,569 13.5 409,758 2.8 573,462 4.0 308,228 2.1 381,932 2.7 238,501 1.7 1911,074 1.4:124,577 2.3 84,736 0.6 243,864 1.7 53,428 0.4 1,720.266 13.2 811,633 7.2 765,074 6.7 1,043,870 9.2 650,489 5.7 283,091 2.5 4()4,362. 3.6 418,858 3.7 348,125. 3.1 310.006 12.7 1.28,938 1.1 279,977 2.5 146,120 1.3 EXPORIITS Nationality December 1922 November 1922 December 11921 of Vessels Value 9% Value C% Value 9% American........ P 7.947,3:12 53.4 P 9,441,661 58.0 P* 6,436,472 47.2 British........... 3,824,625 25.7 4,414,)997 27.1 3,937,573 28.1 Dutch......... 1,230,471 8.3 1,188.4330 7.3 857,611 6.3 Japanese......... 394,906 2.6 545,426 3.4 1,032,892 7.6 Spanish.;........ 485,107 3.3 596,739 4.4 Philippine........ 2,500.... 3... 942. 3,42 Chinese........ 185,942 1.4 Germall..........:5.255 2.1 225... Total by Freight... 95.4 P15,590,7319 915.8 5*13.05 1,151 195.8 Total by Mail..... 80.707 4.6' 688,187 4.2 579,64( 4.2 Grand total... P14,870,883 100:0 P16,278,926 100.0 1P13,630,7911 1(0.0 248,244 238,422 241,512 297,720 194,591 725,53.3 182,942 102,681 126,976 69,287 10,01( 106.688 58,889 55,394 91,700 58,999 75,173 73,292 76,334 48,964 818,194 93,286 52,855 59,073 42,031 62,519 14,432 2,348 63,153 111.227 23,153 1,390,432 1.7 154,640 1.4 1.7.311,275 2.7 1.7 127.067 1.1FOREIGN TRADE BY COUNTRIES 2.1 31.4,146 2.1.4 243,985 2.1 Deemb..er 19.., Novel,,,,er 1'922 1,ecemni, e, 1,92. 5.0 155,422;1.4 r 1.3 175,639 1.5 0.7 34,148 0.3 Countries 1.9) 58,631 1.4 Value % Value %1 Value % 0.5 99,961 0.99 0.1 5'1,533 11.5. United States..... P18,106,304 66.3 P'20,033,259 65.3 P14,808,983 59.3 0.7 98,705 Japan....... 1,861,703 6.8 2,478,027 8.1 2,759,748 11.0 0.4 73,107 0.6 (China........... 1,341,248 4.9 1,333,379 4.3 1,910,716 7.6 0.4 61,099 0..5 United Kingdom.; 1,126,907 4.1 2,062,195 6.7 1,117,618 4.5 0.6 29.886 0.3 Germany......... 316,115 1.2 40()2,403 1.3 92,126 10.4 11,4 37,744. 01.3 Spain........... 561.197 2.1 602,065 2.0 1,339,333 5A.4 0.5 62,222.5 ongkong........ 267,22J 1.0 263,963 0.9- 602,984 2.4 Australia......... 51,044 1.9 647,558 2.1 525,487 2.1 0.5 65,301 0..France........... 159,404.6 674,418 2.2 349,558 1.4 0.5 25,191 0.2 Netherlands....... 444,147 1.6 208,725 0.7 103,582 0.4 0.3.43,633 0.4 Dutch East Indies.. 372,050 - 1.4 513,214 17 258,178 1.0 5.7 137.647 1.2 British East Indies 481,838 -1.7 241,892 2 0.8 458,319 1.8 6.6 24,371 0.2 French East Indies 1,048,51. 3.8 786,278 2.6 174,8'54 07 0.4 57,2123: 0.5 Switzerland....... 196,522, 0.7 125,112 0.4 71,337 0,3 0.4 20,983 0.2 Csnada........... 46,025 0.2 49.739 0.2 14.2,674 0.6 0.3 15,259 0.1 Siam.2............. 24,076 0.1 22,080 0.1 117,170 0.5 Belgium.......... 78,527 0.3 106,781 0.3 56.42.3 0.2 Italy...99.023 0.4 97,060 0.3 17,113 0.1 0.4 44,700 0.4 Japaunese-China.... 94,960.04 583 27,618 0.1 0.1 10,963.1 ustri 6,514 Austria........... 6,51.4.... 3,305.... I "2,643 Denmark......... 8,.75.. 3,1 3,875 (.4 26,891 0.2 Sweden.......... 5,735.... 2,632.... 1,24 0.2 16,15 0.42 Norway.......... 80,067 0.3 12,337 9'.6 1.3l6,280 11.6 All other- countries. 54,567 0.2 7,681.... 42,837.2 9~~~~~~~~~~~~~~~~~~~~~~~~~.6 1.316,280371 ZI i I. Total ~.P2;;..... Vf2i427,906 100.0 P14,398,920 100.0 1P11.350,997 100.0 Tok...... tT24 790 0. 1,9 Total........ YP27,298,789 1100.0 1P30,677,864 10o0.0 124,981,788 10().0 CARRYING TRADE IMPORTS )December 1922 Nvemberber 1922 2 lecember 1921 PORT STATISTICS Nationality FOREIGN TRADE BY PORTS of Vessels Value % Value % Value 91 American-........ 2,883,064 23.2 P 4,667,322 32.4 P 3,738,950 b2.9 December 1922 November 1922 December 1.21 British... 6,715,992 54.1 7,210,452 50.1 4,564,544 40.3 Japanese......... 1,035,338 8.3 883,162 6.1 1,789,816 15.8 Ports Dutch............ 820,429 6.6 740,171 5.1 263,817 2.3 Valalue Value C Philippine....... 456,756 3.7 395.626 2.-8 228,397 2. V Spanish......... 114,741 0.9 61,848 0.4 80,292 0.8 Norwegian...: 53,886 10.4 20,838 0.2. ':''... Msanila:........ P21,802,812 1 7r.9 024,314,786 7.9.3 P20,216,503 80.9 Chinese.......2,600. 123,927 1.1 Iloilo........ 2,381,292 8.7 2,252,786 7.3 1,151,773 4.6 French...... Cebu........ 2,774,294 10.2 3,925,085 12.8 3,153,585 12.7 German.....;.... 16,432 0.1 Zamboanga........ 228,318 0.8.108,473". 0.3 299,311 1.2 Jolo......... 108,654 0.4 77,044 0.3 155,693 Q.6 Total by Freight... 97.3 P13,982,019 9711'010,799,743 95'. Balabac..2,419...... 4,925 0.6 Total by Mail..... 331,268 2.7 416,901 2.9 551,254 l4, Ba..........._2_419_*72 - 4925 _ t... alab ac........ P27,298.789 100.0 P37.677,846 100.0 P24,981,788 10..i t'12,42Z,906 100.0.'14,398,920. 100.0.P'11,350,997 100.0

Page  29 a.. i ~i; s- i: J t~ a Cv 1:: r.: i I f EL t\PI;Li ^t;I -, ri I1Lf/ L - - I u4~L~e- ;~ ILFLl\aS-I Es. ~: Re k nS\Fc;tiB;j:jrr yJ~ _. ~, _i II: ,;SliFe biF- `tr';.\,\TC~! u 't iy z\ i i i? r I c' i t -t "~:cr \ *-; O,F,t~\ I f~::: 'E b C' ~ii i~ r t i 4 ~Y ZCI *: "i "..: ~ i 5 5c 1, ~i t r 1 ':1 i b '~ %" r\ r. . a i, r i~ i

Page  30 I I __~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ il T HE making of soft drinks in the Orient reaches the Acme in the Royal Plant. All that science, chemistry and ingenuity of modem manufacturing principles has to offer goes into the making of Royal. The result is a beverage that stands second to none for either purity or deliciousness. Be sure you always get Royal. No imitation can equal, nor any substitute surpass it. Look for the clean contents in the clear white bottle........................ I - -- ---- -- --- - I I I. I f -- --- -- — `` — --- -- - — --— ---- ----- --- KILLING PRICES FISK TIRES |r~ FOR LIMITED TIME ONLY The quality of FISK TIRES and RED TUBES is extremely high, while our prices are extremely low. Take advantage of these special prices and RE-TIRE with satisfactory service GUARANTEED from every tire. PRICE LIST |__._ FABRIC CORD TUBES _ SIZE PLAIN _'NON-SKID _ NON-SKID RED 28 x 3 CL Motorcycle P18.00 - _ _ — 30 x 3 CL P14.50 15.00 -.-__ —_.. ---_- i 2.50 30 x 32 CL -._. 18.85 r21.00 3.00 30 x 32 CL (PREMIER, 17.00. — - -—. l- --------- 32 x 3/2 SS -__....__.......... _ --- —_ ---. 28.00 j 3.25 31 x 4 CL. —____. —...____. 26.00 — __-.. ---—. 3.50 31 x 4 SS. —___ --- —— __ — -_.. ------- 30.00 1 3.50 32 x 4 SS -_ -— _____-_ _- ----- 32.00 4.25 33 x 4 SS - — _____ --- —------ -____ — _ ---- __ 33.00 4.25 34 x 42 SS l_-_ --- _ --- -- -- _ -- --- ---- ---- 45.00 5.25 35 x 5 SS |i __.__....____- 1_- _- _. -.... 60.00 6.00 Ir I i SOLIDS R utr TV Now! 36 x 4 - - 53.00 Buy 0Now 336 x 5 - 70.00 36 x 10 - - 150.00 PROVINCIAL ORDERS FILLED THE DAY RECEIVED.me toRetERLANGER C& GALINGER, Inc. - Timw tir? ROXAS BLDG. Wm. H. ANDERSON & CO., Cebu. MANILA, P. I. II i II i I I: I:11 I II I I.i I iI i I;!I. I i: I i O -.- ~- -- ----- ---- ------- -- --- ---- ------ - - ------ - ---. —.- -

Page  31 we cAmerican Chamber of Commerce Journal PUBLISHED MONTHLY BY THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS ENTERED AS SECOND CLASS MATTER MAY 25, 1921, AT THE POST OFFICE AT MANILA, P. I. LOCAL SUBSCRIPTION-P6.00 PER YEAR. FOREIGN SUBSCRIPTION $3.60, U. S. CURRENCY, PER YEAR. SINGLE COPIES-FIFTY OENTAVOS NORBERT LYONS, Editor W. N. BARTHOLOMEW, Advertising Manager EXECUTIVE: C. M. Cotterman, Chairman E.E. Elser S. F. Gaches PUBLICITY: C. M. Cotterman, Chairman E. E. Elser H. B. Pond FINANCE AND AUDITING: C. W. Rosenstock B. A. Green HOUSE: Vacant STATISTICS AND INFORMATIOI B. A. Green, Chairman J. C. Patty A. G. Henderson, Chicago Representative BOARD OF DIRECTORS C. M. Cotterman, President (absent) H. L. Heath Julius Reis E. E. Elser, Vice-President B. A. Green S. Feldstein (absent) S. F. Gaches, Treasurer C. W. Rosenstock John J. Russell H. I. Mozingo, Secretary E. E. Selph, General Counsel ALTERNATE DIRECTORS: H. B. Pond H. B. McCoy P. A. Meyer J. W. Haussermann COMMITTEES INSURANCE AND FIRE PROTECTION: FOREIGN T E. E. Elser, Chairman H. Forst. A. Nelson Thomas Brantz M. MANUFACTURING AND LOCAL INDUSTRIES: SPEAKERS: F. N. Berry, Chairman George H. F. H. Hale H. B. McC Leo. K. Cotterman Walter Ro BANKING AND CURRENCY: MARITIME Stanley Williams, Chairman R. M. Me( Carlos Young H. B. McC J. F. Mar RECEPTION AND ENTERTAINMENT: W. J. Sha C. W. Rosenstock, Chairman Ray W. Berdeau AFFILIATE Col. Gordon Johnston ZATION Walter Robb W.E. Ols R. M. McC LEGISLATIVE: C. W. ROE C. M. Cotterman, Chairman F. C. Fisher RELIEF. N: Frank B. Ingersoll George Sea James Ross W. J. Ode Thomas Carey Welch A. Schipull rRADB: Chairman Bryan Fairchild, Chairman 3oy abb AND HARBOR: Crory, Chairman Coy las AND SUBORDINATE ORGANI. 5s: en, Chairman Crory senstock aver, Chairman Om 1, Agent MANILA CONTENTS FOR MARCH, 1923 VOLUME II P. I. NUMBER 3. Page Page A Trip Through the Southern Islands (By H. Forst).. 5 Lumber (By Arthur F. Fischer).............. 19 Chamber Entertains British Asiatic Fleet Officers.. 6 Real Estate (By P. D. Carma)................ 20 Congressman Dyer Addresses Chamber.............. 7 New Incorporations............................... 20 Denby Discusses Difficulties of American Trader Abroad 7 Sanitarians Plead for Provincial Hospitals.......... 8 SHIPPING NOTES: Capt. Morton Talks On Shipping Board Activities... 9 Shipping Review (By E. J. Brown).............. 22 Painton Points Out Benefits of U. S. Rule............ 10 U. S. Shipping Review (By A. G. Henderson).... 22 Predicts Brilliant Future for P. I. Embroidery Industry 10 New Java Sugar Mill............................ 23 Discuss P. I. Taxation............................. 11 Chamber Notes.................................. 24 Baguio Carnival and Exposition.................... 11 Investigating Methods of Export Packing............. 25 1923 Appropriations................................. 11 Current Decisions of the Supreme Court Relating to Commerce and Industry (Edited by E. A. Selph).... 26 EDITORIALS: Shows Value of Tropical Products.................. 28 Foreign Trade Tendencies..................... 12 Schedule of Meetings.............................. 28 Lo, the Poor American Abroad................. 12 With the Chamber's Special Sections................ 28 The Legislative Session........................ 13 Trade Opportunities............................... 29 The Powers of Congress........................ 13 With the Board of Directors...................... 30 The Ship Subsidy Bill......................... 13 STATISTICAL REVIEW: REVIEW OF BUSINESS CONDITIONS FOR JANUARY: Consolidated Bank Reports (By Ben F. Wright).. 31 Exchange (By Stanley Williams).............. 14 Government Fiancial Reports (By Ben F. Wright 31 Sugar (By George H. Fairchild)................ 14 Circulation Statement.......................... 31 Copra (By E. A. Seidenspinner)................ 16 Trade Statistics............................... 32 Hemp (By J. C. Patty)........................ 17 Carrying Trade............................... 32 Tobacco (By Louis McCall).................... 17 Foreign Trade by Countries.................... 32 Rice (By Percy A. Hill)....................... 18 Port Statistics................................. 33 The American Chamber of Commerce is ready and willing at all times to furnish detailed information to any American Manufacturer, Importer, Exporter or other Americans who are interested in Philippine matters. Address all communications and requests for such information to the Secretary of the Chamber, No. 14 Calle Pinpin, Manila, P. I. The American Chamber of Commerce of the Philippines is a member of the UNITED STATES CHAMBER OF COMMERCE, and is the largest and most adequately financed American Chamber of Commerce outside the continental boundaries of the United States. The organization has Twelve Hundred members, all Americans, scattered over the Philippine Archipelago from Tawi Tawl to the Batanes. The organization of branches in all the American communitie! of the Asiatic Coast is being stimulated. A" The AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar name such as the Chamber of Commerce of the Philippines, the Philippine Chamber of Commerce, the Philippine-American Chamber of Commerce and the Manila Chamber of Commerce.

Page  32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 --- INTERNATIONAL BANKING CORPORATION CAPITAL (Paid in cash) AND SURPLUS U. S. $Io,ooo,ooo UNDIVIDED PROFITS U. S. ----------— $ 5,45o,ooo (Owned by The National City Bank of New York) HEAD OFFICE: 60 WALL ST., NEW YORK London Office: 36 Bishopsgate, E. C. Lyons Office: 27 Place Tolozan San Francisco Office: 232 Montgomery St. BRANCHES: CHINA: Canton, Dairen, Hankow, Harbin, Hongkong, Peking, Shanghai, Tientsin DOMINICAN REPUBLIC: Barahona, Puerto Plata, San Pedro de Macoris, Sanchez, Santiago, Santo Domingo, San Francisco de Macoris, La Vega. FRANCE: Lyons INDIA: Bombay, Calcutta, Rangoon JAPAN: Kobe, Tokyo, Yokohama JAVA: Batavia, Sourabaya PANAMA: Colon, Panama PHILIPPINE ISLANDS: Cebu, Manila SPAIN: Barcelona, Madrid STRAITS SETTLEMENTS: Singapore I BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK ARGENTINA: Buenos Aires, Rosario BELGIUM: Antwerp, Brussels BRAZIL: Pernambuco, Rio de Janeiro, Santos, Sao Paulo CHILE: Santiago, Valparaiso CUBA: Havana and 22 branches ENGLAND: London, City Branch, West End Branch FRANCE: Paris ITALY: Genoa PERU: Lima PORTO RICO: Ponce, San Juan RUSSIA: Moscow, Petrograd, Vladivostok (Temporarily closed) URUGUAY: Montevideo, Calle Rondeau (Montevideo) VENEZUELA: Caracas COMMERCIAL AND TRAVELERS' LETTERS OF CREDIT ISSUED. BILLS OF EXCHANGE AND CABLE TRANSFERS BOUGHT AND SOLD. CURRENT ACCOUNTS OPENED AND FIXED DEPOSITS TAKEN ON RATES THAT MAY BE ASCERTAINED ON APPLICATION TO THE BANK. SPECIAL SAVINGS ACCOUNTS FOR DEPOSITS FROM-P-1.00 UPWARD, BEARING INTEREST AT 4% PER YEAR S. WILLIAMS Manager, Manila Pacific Building, Corner of Calle Juan Luna and Muelle de la Industria I ---

Page  33 bA I~~~~~~~~~~~~' 0 A Trip Through the Southern Islands By H. FORST. It was in 1904 or 1905-I forget the exact year-when Captain Burchfield called at our office to arrange with us for the The athor of this article is sending of a launch which he had bought general manager of Macleod and to Davao. I had only recently arrived from the United States, and while I knew of icanmpanexp, one of the oldest Amercourse where Davao is located, I am frank His statements can be regarded to admit that I knew very little else about ls statements cen be regarded it. It is true that at that time Davao was as extremely conservative and his but a small trading post and the surround-recommendations well within the ing country produced but very little hemp possibility of easy accomplishand copra. I believe I am correct in stat- ment. ing that Captain Burchfield is the original Too few of our business men American trader there; but he must have have taken trips about the Islands been closely followed by Wood, Peabody, and visited places where hardy Crumb, Harvey and others whose names I American pioneers are at work cannot recall at the moment. These splen- digging out homes for themselves did pioneers, who have sacrificed all and and developing the raw lands of for years received nothing in return but the country into profitable producreverses, are still on the job, with the ex- ing enterprises. Mr. Forst pays ception of Mr. Wood, whose recent untimely tribute to those pioneers he met, death was felt keenly by all those who have but hundreds of others are encome into contact with him. titled to equal credit. The true story of the adventures and acURGED SOUTHERN TRIP complishments of the Americans in these out-of-the-way and seldom A little over a month ago I found it ne- ii places could furnish matecessary to go to Davao-the first time I have ria for one of the most soul-stir been there. I shall always look back upon ring tales of h uman effort ever this trip with the greatest of pleasure. All ef eve those who have never taken it I cannot written.-The Editr too strongly urge to give Baguio up for once and go south. You may not be interested in hemp or copra; but please bear;n mind that abaca is the backbone of this ive little town-one of the finest in the Iscountry and the district for which you are lands. bound produces the best kind of fiber in Very little hemp goes through Zamboanthe Philippines. and in quantities that will ga, but the port is of some importance so before many years outrival Lcyte, the heav- far as concerns copra. In order to save iest hemp-producing province at present. the heavy inter-island freight charges on The inter-island steamers provide facilities hemp, efforts are now being made to have by which the Southern Island jouiirney can roose hemp shipped from Davao, pressed in be made without any discomfort. It is less Zamboanga-where already two hydraulic than fifty hours from Manila to Cebu, and presses have been installed-and shipped thirty odd hours from the latter port to by direct steamers from there to consuming Zamboanga, that beautifully clean, attract- markets. It is a new venture and time only will tell whether or not it is going to be a paying one. In the event of arrangements being made to have ocean-going steamers call at Davao. Zamboanga will be a port of the past so far as concerns hemp. We next called at Cotabato. This is the capital of a subprovince and is situated about eight miles up the Rio Grande or Mindanao River. It is a poor place; but in the vicinity sufficient rice is produced to practically supply the entire wants of the Davao Gulf district. Regular ports of call in the Gulf are Lapuan, Malita, Locaron and Davao. At Malita, O. V. Wood's plantation is located. It is a beautiful place given to the cultivation of hemp and copra. It is under the management of Mr. Harvey and Mr. Peabody, two very experienced men, under whose supervision production should steadily increase. The Gulf of Davao is roughly eighty miles deep with a width of about thirty miles at the mouth, tapering down to about four or five miles at the top. It is surrounded by hills and mountains, the highest being Mount Apo, which is close to 10,000 feet high. The slopes of this mountain are literally covered with hemp trees, and the supply from that source alone is practically unlimited. The soil is extraordinarily rich naturally and refertilizes itself from the high lands close alongside and behind. Until about thirty years ago Davao exported only forest products brought down by the hill tribes, such as gum, vegetable wax, lumbang oil nuts, etc. Some Spanish settlers were attracted and they began to grow hemp with great success. Coconuts were introduced afterwards and it is believed in some quarters that they will give a better profit in the end than does hemp. Up to the time of American occupation there were only a very few Japanese in Manila. Some of these went to Davao and - - --- — - -- -- -- ----

Page  34 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 some to other provinces, and these men formed the nucleus of the present large colony in the Davao Gulf District. It is estimated that up to about three years ago there were from 13,000 to 14,000 Japanese there, engaged principally in the hemp industry. The very sharp decline in the value of fiber, however, made the business unprofitable and large numbers of these Japanese returned home, so that there remain at the present time perhaps not more than three or four thousand. Some of the finest plantations are owned and operated by Japanese, the largest being located at Talomo, and it is estimated that there are 5,000,000 hemp hills on this plantation alone. USE OF MECHANICAL DEVICES I have already mentioned the more prominent American plantation owners. Captain Burchfield's hacienda is located at Talomo. I was very much interested in his fiber cleaning machines. He uses water power entirely and has a water wheel ten feet in diameter which supplies sufficient power for four machines. I understood that Mr. Crumb operates on an even larger scale. The introduction of mechanical devices for stripping hemp has revolutionized the entire industry. These machines with proper attention can produce just as fine a quality of hemp as that obtained by manual labor. It is merely a question of proper adjustment of the knives. There is perhaps no place in the entire Philippines where there is a greater scarcity of labor than around Davao, and it will readily be realized what (Continued on page 27) Chamber Welcomes British Asiatic Squadron Officers It was a brilliant gathering of Manila's most prominent Americans and representative officers of the British fleet visiting Manila that sat down to luncheon at the rooms of the Chamber on Wednesday, February 21. The affair was given in honor of the visitors, the principal speakers being Admiral Sir Arthur C. Leveson, commanding the British fleet in Asiatic waters, and the Hon. J. Sloat Fassett, ex-Senator of New York. About 150 members and their guests attended the luncheon, at which the best of good feeling reigned, the orators reflecting this spirit of friendship and comradeship in their speeches. Director Samuel F. Gaches, Treasurer of the Chamber, introduced the speakers. On presenting Senator Fassett he said that the Americans of the community welcome the officers of the British Asiatic fleet. He continued: "The visit of representatives of that great nation from which we Americans sprang and to which we owe our language, our customs, our basic laws, is an omen of the future. It foreshadows the day when great English-speaking peoples of the world will understand each other and through that understanding hold in their power the peace of the world." HANDS ACROSS THE SEAS Senator Fassett's speech of welcome was frequently interrupted with applause at the conclusion of particularly eloquent passages. It was one of the best banquet speeches heard in years in Manila. He said: "I was invited to extend to Admiral Leveson, in behalf of the American Chamber of Commerce, a welcome, and try and express to him our personal regards for him and his fleet and the country which he so well represents. "It seems to me, Admiral, that your visit here at this time is highly interesting as representing the great English-speaking people on one side of the Atlantic meeting with the people of the great English-speaking nation on the other side of the Atlantic. You came so far East that any further would be West, and we have come so far West that any further would be East. I cannot quite agree with Kipling when he says, 'East is East and West is West, and never the twain shall meet.' We have met, after previously circling the globe. The fates for years have been trusting upon your people and mine greater power and greater responsibilities, until we have become the guardians and custodians of Eastern Civilization-we have become the guardians of the peace of the world and the welfare of mankind. We represent one line of ideals and it is up to us to cultivate those ideals. They run along parallel lines and lead to parallel results and hand in hand we can underwrite a peaceful world based on law and justice and the Golden Rule. Those leviathans out in the bay from which you and this interesting assemblage of handsome youngmen have just come are the best under writers of the permanent peace of the high seas, and in spite of anything which mignt be said to the contrary, your people and my people still hold the balance of power for the welfare of the world and of mankind. "Personally, I am mighty glad to see you and your associates here; I hope you will come again and again and again; and if we are ever foolish enough to leave these Islands, again. "Your people and our people are custodians and trustees for the rest of the world. We must be responsive and responsible to the opinion of the world. Civilization! After all, what is it? I call it the name for the conquest by man of himself and of the forces of nature. I might paraphrase Tyndall or Huxley and say civilization is a stream of tendency not ourselves running through time, making for righteousness. Civilization started in the uplands of Asia, and it has, according to written history, circled the entire globe until it is today back almost at the point where it started. Going ever westward with the sun, civilization ever made new conquests. The Orient contributed religions and philosophy. Greece gave to the world forms of beauty. Italy gave to civilization forms of law and conduct. The English, or the Nordic peoples, developed and gave to civilization language responsive to every human emotion. They contributed to civilization not only a language but most notable conquests of the natural forces, wonderful achievements on land, in the air, on the water and under the water. Electricity has been partly reduced to be man's servant. The ether has been invaded, and it is not now startling to be told that the human voice may be made to travel thousands of miles through the air and be plainly understood. Our race also contributed new respect for personal and property rights. We have not yet learned to harness the tides, we have not yet overcome the power of gravitation, but we have made wonderful strides. Sometimes I wonder if civilization has not gone on around the world before, for as we investigate unknown lands we find indications of previous methods of living. Tennyson was right when he said: 'I doubt not through the ages one increasing purpose runs and the thoughts of men are widened in the process of the suns.' "To your people and to mine has been given the duty of guarding and advancing the welfare of mankind and the power to do this. It is our duty to enlarge life and dignify man's life and work. At the present time the Nordic peoples, the people speaking the English language, have had thrust upon them the white man's burden, and let us hope that they will carry it modestly, but fearlessly and bravely. "I am sure, Admiral, that hand in hand and hands across the seas we can carry on our burden. We will learn to know each other better and we will try to emphasize the best we can see in each other instead of the worst. Together we can ensure for all the world a continuous peace based upon liberty, regulated by law. When the English-speaking races learn to stand together firmly for the highest ideals they cherish in common, the gates of hell cannot prevail against them. "Again I say you have been and are most welcome and always will be wherever the Stars and Stripes are unfurled. We are sorry to have you go but when. you go our heartiest good will goes with you'A ruddy drop of manly blood The surging seas outweighs.'" PROTECTING TRADE Admiral Leveson's remarks, which concluded the program, were as follows: "I find myself in a 'peculiar difficulty in addressing this audience after the trained oratory of the Senator, who, being a Senator, is a professional talker. I am not going to say very much but will make a few incisive remarks. "We are gathered together here in the Chamber of Commerce and it is to you people I will speak. First of all I should like to thank you most warmly for the entertainment and for your hospitality and crdia!ity, and to assure you that it is a very great pleasure to be here with you. "Commerce and civilization go hand in hand. Now, the white races are without doubt the leaders in commerce, and they it is who lead civilization, and they lead it largely by the commerce they produce. They go out into the world and gather goods, and distribute goods and deliver the goods. Now, it is the function of the Navy to protect goods in transit. The utmost cordiality exists between the navies of your country and mine, as I have reason to know, and I assume, and feel sure, that I am right that there exists only a certain amount of friendly rivalry between our countries in regard to commerce. The commerce of the two countries exists side by side, and hand in hand they are gathering goods together and hand in hand the navies are protecting them. "It is with very great pleasure, therefore, that as representative of the naval power of my country I meet the commercial representatives of your nation. We have met the Navy of the United States and know them well, and we now have the pleasure of meeting you gentlemen in the Chamber of Commerce; and the only thing I can say to you is, to keep on gathering the goods and we will protect the goods." The list of British officers present follows: Admiral Leveson and staff, including Capt. A. H. Alington, Paymaster Commander R. S. Thursfield and Flag Lieutenant A. T. P. C. Peachey; Capt. G. Hopwood, H. M. S. Diomede; Capt. R. C. Hamilton, H. M. S. Despatch; Capt. C. S. Benning, H. M. S. Marazion; Commander Dowding, H. M. S. Despatch; Commanders Tait and Wood, H. M. S. Hawvkins; Commander P. Ridler, H. M. S. Diomede; Commander Clayton; Engineer Commander Johns, H. YTsls"llll'-sYY-'- ' --- ——. ----uur — li-~- -- ~-~~

Page  35 March, 1923 THE AMERICAN CHAMBER OP COMMERCE JOURNALN M. S. Despatch; Surgeon Commander Lindop, H. M. S. Hawkins; Lieut. Commander Rushbrooke, H. M. S. Marazion; Lieut. Commander Brooksmith, H. M. S. Despatch; Lieut. Commander Pitcairn-Jones, H. M. S. Hawkins; Engineer Commander Dowman, H. M. S. Diomede; Lieutenants Bell, Dixon and Slade, H. M. S. Marazion; Lieutenants fIogg and Joslyn, H. M. S. Derpatch; Lieut. Donaldson, H. M. Submarine L 7; Lieut. Menzies, H. M. Submarine L 20; Lieut. Fu're, H. M. S. Hawkins; Lieut. Money, H. M. S. Hawkins; Engineer Lieut. Gamblen, H. M. S. Hawkins; Paymaster Lieut. Beall, H. M. S. Diomede; Paymaster SubLieut. Howell, H. M. S. Marazion; SubLieut. Henstock, H. M. S. Despatch; Capt. Broadwood, R. M. L. I., H. M. S. Despatch; Midshipmen Phillips, Evans, Saumarez, Roberts and Eden, H. M. S. Hawkins. Congressman Dyer Addresses Chamber Congressman L. C. Dyer of St. Louis is only a beginning of national recognition Mo., was the guest of honor and principal of the trading possibilities in that country. speaker at the weekly luncheon of the America, he asserted, has been China's Chamber on Wednesday, December 27. Con- best friend, as has been amply demongressman Dyer spent the Christmas holi- strated by the refund of the Boxer indays in Manila, following a visit to China, demnity. The Chinese are anxious to work, where he had gone to investigate the work- there being no lazy Chinese, and work can ings of the China Trade Act, of which he only be obtained by them through the oris the author. He spoke of the trade situa- ganization of business. The China Trading tion in the Far East, particularly with re- Act, he said, enables the Americans to coference to China, and set forth his new views operate with the Chinese. regarding Philippine independence. Other speakers were Walter Robb, of the Daily THE PHILIPPINE PROBLEM Bulletin staff, Attorney John W. Hausserman, and C. A. Painton, president of the Mr. Dyer then turned to a discussion of Portland Vegetable Oil Mills, now in Ma- the Philippine problem, desiring to make nila on business. All three presented argu- his views thereon clear. The Republican ments to show that Mr. Dyer was mistaken party, he said, has always been proud of in his premises regarding the political fu- at has been accomplished in the Islands. ture of the Islands.. It was under Republican administrations Mr. Dyer began by making clear his mis- that we acquired and developed the Philipsion to the Orient. It was, he said, to pines and we, as a nation, have always felt advance if possible, American business in it to be our duty to look out for the Islands the Far East through the operation of the ut we have been slow about separating China Trade Act, whose working he had them from American sovereignty. investigated. In proof of his contention and to refute reports that attached another significance to his visit to Manila, he pro- ---- duced and read letters from President Harding and Secretary of State Hughes bear- Denby Discusses Difficu] ing out his statements. Ab HELPING BUSINESS ABROAD. _ American business men abroad, he de- The difficulties under which the Amerclared, are laboring under great difficulties, ican trader abroad, be it in the Philippines, and for this reason those in China have had China or anywhere else, labors were brought some of their taxes remitted under the new out by Charles Denby, prominent China law. The old notion that the American who public utilities promoter and brother of goes abroad to do business must have some- the Secretaiy of the Navy, at the luncheon, thing wrong with him, he said, no longer of Wednesday, February 7, at which the holds with a great majority of the American visiting Shriners from the United States people. He is no longer regarded as acting were the other guests of honor. A "sing from some unworthy motive, but is looked table" composed of musical members of the upon as a trade emissary and as such en- Chamber rendered selections of popular titled to every encouragement. The present songs between courses. assistance rendered by the government does Business men in China and the Philipnot go far enough, Mr. Dyer asseries, Mr. Denby beganes, Mwork under simthe American trader abroad should be re- ilar difficulties. Here it is the Jones bill that lieved of all domestic taxes, particularly the handicaps them while in China there are income tax. Under Secretary of Commerce special treaties and arrangements, coupled I Hoover and Secretary of State Hughes, he with indifference on the part of Congress, added, the interests of Americans abroad that operate to the detriment of the Amerare being sympathetically and competently ican business man. In China American looked after. Mr. Hughes, he said, through business interests must always ba on the his Disarmament Conference, has rendered watch to guard against hasty and ill-conAmerican trade a great service, having as- sidered legislation affecting them, he said. sured peace in the Orient and reiterated Secretary Hay's policy of the "open door." Ex-territorialty, the use of Amerlcan Mr. Hoover, he stated, is the best man we courts for the adjudication of legal cases har. ve oover, he stated, i s t he es affecting American citizens in China, was Commerce and is making of his department developed because of the needs of the sita real service station for American business, uat won u Amercan and other foreigners both at home and abroad. ' there would prefer to avail themselves of the Chinese legal system were it adaptable to modern needs, he said. But it did not OPPORTUNITIES IN CHINA work satisfactorily when tried, and an Referring to opportunities in China, Mr. extra-territoriality treaty was entered into Dyer stated that China is the great future with China. Great Britain, he said, emtrade market of the world, with a popula- ploys virtually the same system through tion four times that of the United States, its own Orders in Council. resources unexploited, and railways not de- The corporation laws of the United veloped. American capital and ingenuity States, Mr. Denby declared, are absolutely are needed, he added, to build the railways unadaptable to Chinese conditions and and roads and develop the country in gen- there should be a special set of such laws eral. The China Trading Act, he declared, for China. The British government reg The big changes of the last few years, incident to the war, Mr. Dyer went on, have been viewed with regret by the people of the United States, principally because of the great national expenditures involved, 60 per cent of these expenditures being due to the war and the effects. The people of the United States, he said, are anxious to reduce taxation, and the last elections have shown that unmistakenly. OPPOSING VIEWS Mr. Robb spoke briefly of the great benefits conferred upon the people of the Islands by American occupation. He called attention in particular to the tariff privileges, which enable the Islands to find a ready and favored market for their products in the United States, without which market economic ruin is threatened. Attorney Hausserman who regards the independence question from the standpoint of Filipino interests, stated that to turn the Islands over to the Filipinos now would be a backward step. He expressed his regard for the people and added that our national responsibility toward them would preclude our casting them adrift at the present moment. He also declared that Washington is the last place to obtain public sentiment on any question. "I venture to assert," he said, "That if the American people felt in their hearts that it was to the best interests of the Filipino people to haul down the American flag, 96 per cent of the American people would say, 'Haul it down.' It is quite evident that the American people feel that the best interests of the Filipino people are served by the continuance of American sovereignty for the present." Ities of American Trader road ulates such matters by Orders in Council. No British citizen doing business in China is subject to home taxation except for such portion of his income as is sent to the homeland. Another Order in Council provides that all members of directorates of British firms in China must be British subjects. The Dy6r China Trading Act, Mr. Denby stated, makes an attempt at aiding the American trader in China, but it has been so modified in the course of its passage through Congress that it has lost nearly all its effectiveness. He, himself, Mr. Denby said, would not incorporate a new company under this act. Thomas Rees, publisher of the Illinois State Register and a member of the visiting Shriner party, also spoke briefly. He said that when Dewey gave his famous command of "You may fire when ready, Gridley," on May 1, 1898, about 100,000,000 Americans became imperialists. He pointed to the experience of England in governing dependencies and said she had been successful because she operated on the principle of giving to the people of these countries the greatest possible freedom of thought and action. Egypt, for example, he said, has not suffered from an English protectorate, but, on the contrary, has emerged from abject poverty to prosperity, the Egyptian pound being worth more today than the pound sterling. He expressed the hope and conviction that the Filipino people will never suffer because of American protection. Mr. Rees also said he had been deeply impressed by the progress made in the Islands under American administration and congratulated the people of the Archipelago on having a man of the capacity of General Wood at the head of affairs.

Page  36 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 Sanitarians Plead for Provincial Hospitals l.i... That only one hospital bed for every 3,000 inhabitants is available in the Philippines and that the economic loss occasioned by preventable causes amounts to more than P40,000,000 a year-are some of the figures brought out by eminent sanitarians at the weekly luncheon of the Chamber on Wednesday, January 17. The subject of discussion was "Provincial Hospitals and the Economic Importance of an Efficient Health Service," and the speakers were Col. E. E. Munson, U. S. Army, adviser on health matters to Governor General Wood; Dr. F. Calderon, superintendent of the Philippine General Hospital; and Dr. Vicente de Jesus, head of the Philippine Health Service. Acting President E. E. Elser introduced the speakers. ENDORSE DE LAS ALAS BILL "Education gone crazy," is the way Col. Munson characterized conditions in Samar, where there are 48 fine school houses, mostly concrete, and not a single hospital or dispensary. This is a typical condition, according to Dr. Munson, who had just completed an 8,000 mile inspection trip throughout the Archipelago at the instance of General Wood. Of the 48 provinces he had visited, 32 had done nothing in the way of public health work while 28 had neither a hospital nor a dispensary. In Samar only 3 per cent of the provincial revenue is expended for health purposes, he stated. Col. Munson declared that it is the object of the government to establish a health center in each province on a modest scale, which can be done with as little as P6,000, as a basis from which expansion can be carried on. Col. Munson advocated the passage of the De las Alas bill for the establishment of a provincial hospital system, stating that it had already obtained the endorsement of' the Philippine Chamber of Commerce, the Chinese Chamber of Commerce, the Philippine Chapter of the Red Cross and the Federation of Women's Clubs. On motion of Senator Fairchild, duly seconded, the meeting unanimously passed a resolution requesting the Board of Directors to endorse the bill. PICTURES ACTUAL CONDITIONS Dr. Calderon delivered a very interesting discourse on the proposed legislation designed to provide the provinces with hospitals. He first of all called attention to the imperative need of hospitals, bringing out their present lack, saying: "Provincial hospitals are among the urgent needs of the inhabitants of the Philippine Is'ands. These Islands comprise 65 provinces and subprovinces or 936 municipalities and townships, with nearly 11 million inhabitants. Although it is shameful to confess, we must admit, nevertheless, that for such a number of provinces, municipalities and inhabitants, there are only 37 hospitals with a total capacity of 3,478 beds, wh;ich gives a proportion of one bed to every 2,966 inhabitants. According to the best authorities on hospital administration there should be one bed to every 100 or at most 125 inhabitants, and yet, as I have already said, in the whole Archipelago there is only one hospital bed available for every group of 2,966 inhabitants." Since 1918, he continued, 20 provinces have asked the Insular authorities to help them build hospitals. Picturing conditions in the provinces where there are no hospitals, Dr. Calderon stated: "In those provinces where there are no hospitals, we witness a very sad picture. There, we see unnecessary loss of lives which could be prevented if there were hospitals to which the people cou'd apply for the necessary medical assistance. There we find emergency cases without treatment; surgical cases that can not be operated on, due to lack of equipments and facilities; difficult cases of labor, and many other cases that are not attended to, all of which are entirely abandoned to their own fate, but would find relief without difficulty in a hospital ward, no matter how humble the hospital might be. The sick people in those communities, specially the poor, are left entirely in the hands of God, as the saying goes; and even in those places where there is a physician, the latter is, on many occasions, helpless to administer the proper treatment, on account of the lack of the necessary means." PLAN OF DEVELOPMENT Dr. Calderon then outlined the provisions of the De las Alas bill, which is an amended form of a bill Dr. Calderon originally framed at the request of Governor General Wood. Under its terms, t'300,000 will be appropriated annually until every province has been provided with a hospital. Under a plan suggested by Colonel Munson, and incorporated in the bill, these hospitals may be built in progressive stages, as funds become available, the provinces furnishing one-half the funds and the Insular government the other half. Each province would be required to set aside ten per cent of its income for a Health Fund, 40 per cent of which would have to be employed as a special fund for the construction and equipment of hospitals only. This plan he characterized as "excellent, practical, elastic and immediately useful." The five stages, and estimated cost of each, under which adequate hospitals would be built in accordance with the provisions of the De las Alas bill were given by Dr. Calderon as follows: I. For emergency service, 4 beds and dispensary..................... P12,000 II. Emergency service and dispensary.. -P12,000 One pavilion of 20 beds......... 36,000 P'48,000 III. Emergency and dispensary....... P12,000 Pavilion of 20 beds.............. 36,000 Kitchen and dining room......... 7,200 P56.000 IV. Emergency and dispensary........ P"12,000 Pavilion for 20 beds............. 36,000 Kitchen and dining room......... 7,200 Aditional pavilion to complete capacity to 40 beds................. 11,600 P67,600 V. Emergency and dispensary....... P12,000 Pavilion of 20 beds.............. 36,000 Kitchen and dining room.......... 7,200 Another pavilion to complete capacity to 40 beds................. 11,600 Garage, laundry, morgue and store room........................... 6,400 P74,000 PREVENTABLE ECONOMIC LOSS Dr. de Jesus gave some interesting figures on the economic loss caused by in adequate hospital facilities, half of which might be averted by proper measures. His remarks in this connection follow: "The working ltopuVlation, adult males of working age, in these Islands numbering about 2,000,000, figured on a basis of 10,000,000 population, lose an average of nine working days yearly for illness brought on by preventable sickness and disabilit(y. This means a total loss of 18,000,000 working days a year, or about P9,000,000, figuring a net earning of fifty centavos daily for each adult of working age. To these losses, the cost of medical care, including medicines, must be added, at an average of fifty centavos per diem, or "9,000,000 more. The loss of nine days a year to one man does- not seem important, but reckoned thus, it is shown up for all it is actually worth. "Our losses in lives from 1914 to 1918 from preventable cause reach a total of about 600,000 (two-thirds of total deaths). "In computing the economic loss entailed therefrom, four items must be considered: (a) The funeral expenses at ''10 per capita. (b) Economic value of life lost at P1,000 per capita. (c) Cost of medical care at P5 for every case ending in death. (d) Loss in working days of dead male adults at P15 for an average of 30 days lost. "Now, then, computed upon such a basis, the bill against preventable disease, disability and death, for the five-year period mentioned, so far as adult males of working age are concerned, which constitute onefifth of those dying from preventable causes, or 120,000 male adults, would run as follows: (a) For funeral expenses... P 1,200,000 (b) Life value of 120,000 dead male adults..... 120,000,000 (c) For medical care of 120,000 patients......... 600,000 (d) Loss in working days of 120,000 at an average of 30 for each........ 1,800,000 Total loss from preventable deaths....... 1.123,600,000 (e) Total loss in working days and cost of medical care for five years.. 90,000,000 GRAND TOTAL.. V213,600,000 "Truly an appalling loss as expressed in pesos and cents! "About 24,000 male adults of working age (9.30% adult male population) are lost every year from preventable disease, disaility and death entailing an annual economic less of about P24,720,000, and an average of 118,000,000 is likewise wasted from preventable causes, giving a grand total of P42,720,000 for every year. "Six-tenths of the total population of these Islands are unprovided with facilities for proper medical and surgical attention and care, which can only be found in properly equipped hospitals, and through whose agency, at least one-half of our annual economic loss, P21,360,000, could be saved beyond the peradventure of any doubt."

Page  37 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 0 Capt. Morton Talks on Shipping Board Activities 1~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ I~~~~~~~~~~~~~~~~~~~~~~~~~~~ That a subsidy is necessary for the proper development of the American merchant marine and that the application of the United States coastwise laws to the Philippines is not likely to result in a rise in ocean freight rates were the two principal points brought out by Capt. R. C. Morton, General Agent of the Shipping Board in the Orient, at the luncheon meeting of Wednesday, January 24. The luncheon was well attended by members and their invited guests. Mr. Morton began by declaring that he had had some compunction about accepting his present post because he knew that the Shipping Board did not have many friends. One of his principal functions, he said, is to eliminate this unpopularity, and this he was trying to do by removing the causes, the principal ones having been delay in the payment of claims and irregularity of service. The claim situation, he stated, is now practically cleared up, while a distinct improvement in service must have been noted in recent months. The handling of cargo has been particularly gratifying since it was changed from government to private supervision. This, he claimed, shows that the evils complained of were not so much the fault of the Shipping Board as of those who handled the cargoes, and the Shipping Board has been blamed for evils for which it was not responsible. Regarding the complaints about the raise in the hemp rate to $1.50 a bale to the Pacific Coast. Capt. Morton said that this was only $3.75 a ton, a low rate compared with the rates on other cargoes. Also with regard to the rate of $3.00 a ton to the Atlantic Coast, he cited figures to show that this was a very reasonable charge. SUBSIDY NOT LIKELY TO PASS The Shipping Board, he stated, is a Government institution and is therefore dependent upon Congress; it cannot do everything it would like to do. The laid-up ships are deteriorating every day. At that, by the application of rigid economy, the expenses have been reduced from $3,000,000 a day to $1,000,000 a day. The only hope, INCOMING CARGOES BY NATIONALITIES No. of Ships. Atlantic Coast Pacific Coast Miscellaneous Ports __A___. __ Tonnage. Tonnage. Total Tonnage FLAG. 1921 1922 1921 1922 1921 1922 1921 1922 American......... 192 233 68,810 48,888 200,957 201,186 413,122 409,973 British........... 264 283 93,323 90,755 5,775 3,475 282,691 326,606 Japanese.......... 135 149 23,966 9,053 31,595 31,309 255,091 803,403 Miscellaneous..... 86 89......... 116 1,764......... 69,287 103,957 Total......... 677 754 186,099 148,812 240,091 235,970 1,020,191 1,143,941 OUTGOING CARGOES BY NATIONALITIES No. of Ships. Atlantic Coast Pacific Coast Miscellaneous Ports Tonnage. Tonnage. Total Tonnage FLAG. 1921 1922 1921 1922 1921 1922 1921 1922 American......... 176 227 86,117 146,612 110,529 214,731 257,390 426,81 British........... 259 312 99,609 120,778 29,444 16,604 318,838 343,012 Japanese.......... 112 106 29,990 57,303 15,590 11,780 108,351 103,187 Miscellaneous..... 57 80........ 18,240 46,873 63,977 81,287 157,822 Total........ 604 725 215,716 342,933 202,436 307,092 765,866 1,030,836 he thought, is a subsidy, which, it is estimated, will cost about $30,000,000 a year, as compared with a present annual expense of $50,000,000. The saving will be brought about through private operation, he believed. Capt. Morton said that indications were that the Subsidy Bill would not be passed by the Senate, although it has already gone through the House with 14 amendments. Of these amendments only two are of importance, one making the subsidy an annual ap TONNAGE BY PORTS OF ENTRY -Vay e.l... Registered Tonnage. Entered. 1922 1921 1920 1922 1921 1920 Manila............... 741 710 820 2,604,030 2,306,338 2,491,340 Iloilo................ 35 59 59 105,272 147,208 114,646 Cebu................ 55 44 47 150,658 107,683 89,647 Zamboanga........... 68 58 66 11,868 85,226 60,119 Total............ 899 871 992 2,971,828 2,646,455 2,755,752 Cleared. Manila............. 644 676 790 2,356,762 2,156,938 2,349,242 Iloilo............. 64 84 72 182,340 237,746 179,079 Cebu.............., 114 77 64 447,626 269,418 174,940 Zamboanga....... 60 51 69 89,471 63,277 67,953 Total............ 902 888 995 3,076,199 2,727,379 2,771,214 propriation instead of setting a side a special fund for the purpose, and another which would withold the subsidy from ships operated by companies that carry their own cargo. The latter amendment would seriously affect such companies as the Standard Oil Company, which operates its own tank steamers. American ships now labor under great disadvantages, he pointed out, as against foreign ships. Wages, upkeep, port dues and insurance are all higher. That is why a subsidy is needed. Capt. Morton quoted figures, which appear with this article, to show that there has been a satisfactory increase of business for Shipping Board vessels at Manila in the past year. He thanked the American business men of Manila for the good will and cooperation they have displayed toward the Shipping Board boats and assured them that every effort is being made to improve t.e service. The Board now operates 10 passengers steamers between Manila and the Pacific Coast as well as a large number of freighters, all on satisfactory schedules. The service to the Atlantic Coast, he said, is not so good, but a big change has been made and a direct line is now operating which, it is hoped, will prove satisfactory. One of the big drawbacks to this service is the fact that the vessels carry mixed cargoes, case oil and general cargo, necessitating the lightering of the cargoes in the bay instead of their direct discharge at the piers. This condition, however, will probably be remedied, shortly, Capt. Morton declared. FAVORS COASTWISE LAWS As to the proposed extension of the coastwise laws to the Philippines, Captain Morton thought that every American business man should support the move. The principal objection urged against the step was that it would create a monopoly and bring

Page  38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 with it the danger of increased rates. This..however, is only an imaginary danger, Capt. Morton said, because the Shipping Board has the power to regulate the rates and would doubtless do so in the interest of American trade. "If the Philippines is to be consider-ed American territory," he stated, "the coastwise laws should automatically apply." American shipping would undoubtedly be benefited by the change, and hence it should receive the unreserved support of all Americans. Capt. Morton added, however, that if the coastwise laws are app;lied here, there should be an understanding that rates should not be higher than foreign rates and the Philippine merchant marine should be given the same rights as United States ships. HEATH OBJECTS TO CONFERENCE Capt. H. L. Heath registered an objection against the Shipping Board lines joining the local rate conference. This action, he said, might be attacked on the ground that it is a combination in restraint of trade. In any event, he was of the opinion that the arrangement does not work to the best interest of American merchants, since foreign shipping lines constitute the majority of the conference. -Capt. Heath declared that American merchants are supporting the American lines in a satisfactory way, but that there is danger of this support being withdrawn if these lines join in a rate conference with foreign lines. Referring to hemp exports, he showed that they are now about evenly di vided between American and British firms, thus giving the American shippers a strong position. He thought that the exporters should be consulted in all matters affecting freights, since a raise of 25 cents a bale might be fatal to Philippine hemp in competition with Mexican sisal and thus kill a large part of the hemp export trade, with dire consequences to the shipping lines. Capt. Morton explained that the rates were not fixed by the Shipping Board, but that it was deemed expedient for all lines to cooperate and that the conference, after due deliberation, fired the rates. N. M. Saleeby, representing Hanson & Orth, hemp exporters, agreed with Capt. Heath's contention that exporters should be given a hearing in the rate conference deliberations, for the reason that the foreign members of the conference are usually exporters as well as ship agents, while the American members are merely shipping men. The foreign exporters thus obtain advance information on rates which might be of use in their hemp trade, to the disadvantage of their American competitors in that trade. Director Samuel F. Gaches, who presided at the meeting, gave some facts and figures in connection with steamer service from the Atlantic coast. One of his recommendations was that the Shipping Board lines should accept cargoes at the piers in New York, as do the foreign lines. He also referred to the matter of time in transit, advocating the institution and maintenance of fixed, satisfactory schedules. he said. "During their domination of 75 years, they have built palaces while across the street the natives live in abject poverty. During all this time of tuition what have the natives received?" He compared the 25 years of American occupancy of the Philippines with the 75 years of British influence in China, much to the advantage of the former. "Here," he said, "you have fine schools, good roads, a railroad running on regular schedule, good streets, and fine buildings, which are not occupied more by Americans than by Filipinos. The Filipinos have built these roads and houses, but the Americans have showed them how. You have a veritable paradise here-I have never seen such universal fertility of soil." For ten years or more, he continued, Americans here have entertained a "skeleton in their closet," the bugaboo of independence. The status of the Islands, he declared, was definitely fixed in 1898. He traced the growth of the United States from the country's settlement to the present time, showing that from time to time territory was acquired, either by purchase or by conquest, and that never have the American people alienated territory thus acquired The Philippines, he said, was acquired by conquest and also by purchase and it is as much American territory as Louisiana or Florida. Only by a Constitutional amendment, he asserted, can we cede our Philippine territory. There is no more chance for the Philippines becoming independent, he stated, than for any of the States of the Union to do so. Mr. Painton pointed out that there is no desire on the part of any of the States to lead a separate existence, even though the central government dominates every State and Territory. They are all part and parcel of the best government in the world, "the most enlightened government the human family has ever devised," and it would be to their decided disadvantage to separate. The desire of the United States Government in the Philippines, he asserted, is to develop, not to exploit, and the Philippines has as much need of the United States as the United States has of the Philippines. Addressing the Filipinos present, he declared: "The United States can make good use of your products and help you to produce them in larger quantities. It would do you good to see how rice is grown in the Sacramento valley. We can sell all kinds of articles and devices for your betterment. The Philippines will never be a manufacturing country because it lacks the two esentials, coal and iron, but it can be made into the most wonderful agricultural region on the face of the earth." Painton Points Out Benefits of U. S. Rule Asserting that American sovereignty in 'the Philippines was definitely established in 1898 when Dewey's guns demolished the opposing fleet in Manila harbor, Charles H. Painton, president of the Portland Coconut Oil Company, addressed the Chamber at the luncheon of Wednesday, January 31. Mr. Painton had traveled extensively and made use of the occasion to express his views on American colonial methods as compared with those of other nations. He had made a special request to members to bring along Filipino friends, so that quite a number of Filipinos were in the audience. Samuel F. Gaches, Treasurer of the Chamber, acted as toastmaster. In introducing Mr. Painton, he said in part: "The American Chamber of Commerce is pleased to welcome to our luncheon today our Filipino friends. Their presence today upon invitation of various members of the Chamber inaugurates a new era of friendly business relations and calls attention to the growing importance of the Chamber as an institution where business men can meet and hear discussed questions.-not cnly affairs outside of the Islands, -but local affairs as they appear to men who come to our city to buy the produce of the country. "The great weakness of our business organizations in the Philippine Islands has been lack of unity among the various national interests represented and doing business. The past few months have seen a growing tendency toward closer intercourse, looking toward the building up of commerce and a better understanding of the interests represented. This has been brought about largely through the efforts of this Chamber, backed up by the Governor General. We *hope that this year will see closer relations existing between the various chambers of -commerce and the institution of a Board of Trade, fulfilling a much-needed want in the IPhilippine Islands." Beginning with his impressions of Japan, Mr. Painton stated that he was disappointed with the country. The people are thrifty and good workers he said, but do not seem to have built anything permanent. They appealed to him like first cousins of the American Indian-"living in a tepee." Shanghai is a lively place, he said, but there is nothing beyond its 20 mile limit. Hongkong is also an isolated British outpost. When his steamer tied up at the dock in Manila, the place was a revelation to him. with its modern appliances, wellfed, well-clothed and busy people, and general air of prosperity and hustle. Stating that he had more British blood in his veins than the King of England, Mr. Painton claimed the right to criticize British policy abroad. "I have nothing but criticism for the British influence in China," Predicts Brilliant Future For Embroidery Industry A brilliant future for the embroidery industry in the Philippines was predicted by Capt. Robert A. Murphy, president of the Art Embroidery Company, at the weekly luncheon of the Chamber on Wednesday, January 10. Capt. Murphy was the principal speaker of the occasion, which was also featured by an exhibit staged jointly by Mr. Murphy and the local branch of Marshall, Field and Company of Chicago. Every stage of embroidery manufacture, from the cutting of the cloth to the finishing of the garment, was exhibited by expert workers and demonstrators. A large gathering of members and their friends, including many ladies, attended the luncheon. Capt. Murphy quoted figures showing the phenomenal growth of the Philippine embroidery business in recent years. From P50,000 worth of embroideries exported in 1910, the business grew to an output of i-16,000,000 in 1920, the high water mark of the industry. The 1922 exportations of embroidery, due largely to the low output of the first few months of the year, will probably not exceed P7,000,000, the speaker stated, but he predicted exports ranging from P15,000,000 to P20,000,000 in 1923. The principal reason assigned by Capt. Murphy for the expected boom in the local embroidery business is the Fordney tariff bill, which raises the duty on foreign embroideries from 60 per cent to 75 per cent. This will result in a strong demand for the Philippine article, he said, and it is up to the Islands to furnish an adequate supply. Capt. Murphy declared that Philippine embroidery is in every respect the equal of, if not superior to, the European article. This, he said, was amply demonstrated during a recent exhibition tour carried out by Marshall, Field and Company, who sent two

Page  39 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL iI Filipino young women and a Filipino young man to 66 cities in the United States to demonstrate the manufacture of Philippine embroidery. Everywhere they went they were complimented upon the excellence of the work performed, which compared very favorably with the European embroidery. The European embroidery industry is better organized, however, he stated, and its output is therefore more uniform. A woman making embroidery in Franca or Belgium, for example, turns in the work in perfect condition, washed and ready for the counter. This is not the case in the Philippines, pride of workmanship and business-like performance of work having not as yet been developed enough. From an economic standpoint the embroidery industry is a big asset to the Philippines, Capt. Murphy pointed out. Only 40 per cent of the finished product is represented by material, 60 per cent being labor. About 50,000 people are engaged in actual embroidery-making, with 20,000 more making up the embroidery into garments. It is essentially a household industry, the principal centers of manufacture being the provinces near Manila. Bulacan and Batangas are the leading embroidery production centers, followed by Rizal, Laguna and Cavite provinces. Capt. Murphy stated that the Philippine embroidery industry can continue only because of the American tariff en foreign embroidery. Without this tariff, the industry would be dead. The cost of production here is higher than in Europe, one of the principal cost items being the interest on the capital invested. It takes fully nine months from the date an order is taken until the finished product is delivered. There is a long series of agents and sub-agents through which the work must pass, and the workers take their own time about turning out the orders. 7'Cinlr,,r,, P nta;i, Mlvr,,n'lk,,z~ fll-, l, nns since such taxes fall directly on the producer and hamper development. He also spoke in favor of the elimination of the sales tax on re-exports. Mr. Saleeby traced the course of a bale of hemp from the field to the ultimate consumer and showed that the sales tax of one per cent is collected four or five times in the process, thus raising the rate in that proportion over what it theoretically should be. Mr. Robb also spoke against further taxation, stating that there appears to be no desire on the part of the people to stand further tax burdens. Col. Johnston explained the government's need for further revenue and told what the government's plans were in general. He also mentioned some of the administration measures that have been submitted for action. Mr. Bachrach said that the 20 year lease now prescribed for Port Area property has not attracted investment of capital to that portion of the city and suggested that terms be made more liberal and attractive. Under present arrangements the lessee not only pays a good rental but turns over the property, including the improvements, to the government after 20 years. Attorney Fisher criticized the terms of the proposed bill intended to attract capital to the Islands, especially that engaged in the rubber industry. He also urged the repeal of the old Spanish law which invalidates the legality of contracts made by telegraph, characterizing it as out of date and hampering business. BAGUIO CARNIVAL AND EXPOSITION,..~~~~~~~~ l i ii I1 APPROPRIATION BILL, 1923 AND 1922 ii I- 'U~~~~~~~~~~~~~~~~~~~~- PHILIPPINE SENATE. HOUSE OF REPRESENTATIVES..... EXECUTIVE........ SUPREME COURT..... OFFICES UNDER THE JURISDICTION O F TIE GOV () ERNOR GENERAL: 1923 P491,838 1,069,371 907,780 246,2665 1922 P551,882 862,030 1,219,734 249,538 Bureau of iAudit.. 401,032 426,155 Bureau of Civil Service............ 110,470 113,440 General Purposes... 233,000 128,000 Total.......... 744,502 667,595 DEPARTMENT 01' TIIE INTERIOR: Executive Bureau 243,755 283,132 Bureau of Non-Christian Tribes....... 603,880 845,328 Constabulary...... 4,704,380 4,725,439 General HIopitasl.. 1,007,733 1,011,932 Public Weltire Commission......... 263,467 329,544 Pharmaceutical Examining Board.......... 19,470 Examining Boids.. 27,620 11,060 Total........... 6,850,835 7,225,905 DEPARTMENT OF PUBLIC INSTRUCTION: Bureau of Education. 7,615,971 8,058,634 Health Service.. 3,166,223 2,950,012 Qiiarantine Service. 142,829 150,060 Total......... 10,925,023 11,158,706 DEPARTMENT OF FINANCE: Burcau of Cuistoms.. 1,046,608 Bureau of Internal Revenue.... 699,303 Treasury Bureau... 187205 Bureau of Printing.. 1,234,568 Total........... 3,167,684 Total - 3,167,684 D)EPARTMENT 1;' JUST'ICE: iUioing apai ivi~ui~piy- aiuio Celebrating the 300th anniversary of the J. Leonard Johnson, representative of Mar- ele ting th th i ar the shall, Field and Company, explained thesettlement in Baguio of the Spaniards, the various exhibits and processes of manufac- mountain city will hold an Exposition and ture. A large number of beautifully de- Carnival from April 21 to 29, inclusive, this signed and executed pieces of embroidery year. Elaborate preparations are being were on exhibition, including some new pat- made by the residents of Baguio to acterns of ladies' lingerie in delicate colors. commodate and entertain a large crowd of x isitors. Probably the most noteworthy feature of DISCUSS P. I. TAXATION the event will be the presence of thousands of hillmen from all sections of the Mountain _.. _._ __.............Province who will display their dances,.Discussion of pending measures befo. their games, their prowess with bow and Discussion of pending measures befor a remarkabl handithe Philippine Legislature featured the spear, as well as their remarkable handiregular semi-monthly meeting of Active work. Only a few years ago, some of and Associate members on Wedn ed~~.aP6-...these people were wild headhunters in toe and Associate members on W _... ruary 14, during the luncheon hour. Di- inaccessible mountain fastnesses of the rector S. F. Gaches, Treasurer of the Cham- Benguet region. They are rapidly being ber, presided at the meeting. Short talks won over to the ways of civilization. This were made by H. H. Boyle, H. L. Heath, will probably be one of the last chancce M. M. Saleeby, Walter Robb, Attorney Fred to see the various tribes in their aboriginal C. Fisher, E. M. Bachrach and Col. Gordon state. Johnston of the Governor General's staff. Baguio has always been the premier Mr. Boyle, who had just completed an show place of the Islands, because of its inspection and business trip to Davao, cool climate and picturesque location and stated that the Gulf region has unlimited environment It i easily accessible from possibilities for hemp culture, 35,000 hec- Manila by train or accessible Duri tares of hemp land being available for cul- M a b traln cr automobile. During tivation. The outstanding feature of the the Carnival week special transportation hemp industry there is the increasing use facilities will be afforded visitors the of machines for stripping. One locally- details of which will be announced through made machine, easily operated. does the the press. work of eight men, and many of these ma- The officals of the Baguio Carnival and chines are already in operation, thus par- Exposition are: tially solving the labor problem. Mr. Boyle Dr C Arvi Dir r of suggested that the government purchase a Presldent, Dr. T. C. Arvlsu; Drector number of these machines, which cost 1890 the Exposition, Juan Gaerlan, Governor a piece, so that they may be made available of Benguet province; Director of the Carto all the growers. The region should be nival, Jose Castro; Directors: Juan able to produce 2,000,000 bales of hemp in Gaerlan, Col. E. F. Taggart, A. V. Jacinto, three years if present development and pro- Lieut. H. J. Edmunds, H. Hayakawa, C. duction keep up, he stated. A. On, Jose Castro, Ceferino Floresca, V. Capt. Heath argued against the imposi- V. Valle, B. J. Bello, T. Z. Arvisu, E. D. tion of export taxes on products of the soil Perez and S. de Ungria. 1,466,316 683,660 281,710 1,460,770 3,892,466 Bureaur of.Tstico... ('Courts of First Insta:nce andl.Tustice of the Pea-.e Courts General Land Registration ){ffice.... Philippino Library 150,070 137,230 1,374,212 1,323,464 185,410 192,900 u.nd Muiscilsi...... 165,694 170,524 Bureaul of Prisons 831,731 970.611 Irdustrial I)iv. BurIu-'as of Prisons... - 303,440 371,134 Publlic- IUtililies Board 36i,160 3. 720 Total1........... 3,046,717 3,201,583 I)EPARTMENT (1'OF A\(IT(ULTURE AND NAT-' UTIA I[ RESOURC('S: Blurra: of Agriculturo 1,258,240 1,316,900 Bureau of Forestry.. 518,812 547,200 Burcraa of T,nnds.... 1,409.380 1,511,800 Bureau of Science... 596,426 598,820 Weather Bureau.... 220,940 235060 Total........... DEPARTMENT OF COMMERCE AN) COAMINICATIONS: 4,003,798 4,209,780 Bureau of Public Works.......... 1,218,804 1,386.180 Bureau of Posts.... 3,061,236 2,908,186 Bureau of Supply... 371,587 450,872 Division of Cold Stores and Ice Plant,. 499,700 559,291 Bureau of Commerco and Industry..... 1,026,483 1,674,932 Division of Shipyards and Repair Shops. 642,520 1,194,310 Bireau of Labor.. 155,866 223,680 Bureau of Coast and Geodetic Sulvey.. 273,600 319,920 Total........... 7,249,796 8,717,371 UNIVERSITY OF THE PHILIPPINES...... 1,573,000 1 450,00 EMERGENCY FUND... 356,475 2,685,850 GRAND TOTAL P40,633,084 P46,092,430

Page  40 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 I &" / ' ' - 'A E EDITORIAL OFFICES American Chamber of Commerce 2 CALLE PINPIN P. 0. Box 1675 Telephone 1156 As the official publication of the American Chamber of Commerce of the Philippine Islands, this JOURNAL carries authoritative notices and articles in regard to the activities of the Chamber, its Board of Directors, Sections and Committees. The editorials are approved by the Board of Directors and, when so indicated, other ai icles are occasionally submitted to the Board for approval. In all other respects the Chamber is,ot responsible for the ideas and opinions to which expression is given Vol. III. March, 1923. No. 3 FOREIGN TRADE TENDENCIES The trade statistics for 1922 just issued by the Collector of Customs contain much that might be instructive and valuable to the businessman. The tendencies of our foreign trade, in general and in particular, are clearly indicated, as are the effects of this trade upon our domestic economic situation. The most gratifying part of the figures is the favorable trade balance of P31,000,000, as against an unfavorable balance of P55,000,000 in 1921. While the total trade for 1922 was only 1351,000,000 as compared with 1408,000,000 in 1921, imports fell off P71,000,000 and exports increased by i15,000,000. Imports in 1922 totalled P160,000,000 compared with i231,000,000 in 1921, while exports were P191,000,000 as against P176,000,000 in 1921. First, considering exports in greater detail, we find that hemp stands at the top of the list of commodities that showed a bracer in the year just passed. Hemp shipments abroad increased fully 50 per cent. Since hemp is the basic and most influential industry in the life of the Archipelago, the beneficial effect its prosperity has had upon the economic situation in general cannot be overestimated. Exportations of maguey showed a similar increase of over 50%, while sisal shipments were 85% above those of the year before. A most remarkable increase was recorded in knotted hemp exports, the 1922 figure being P900,000 as against P100,000 in 1921. Another large increase was shown in the case of fruits and nuts, exports of this class of commodity totalling P533,000, an increase of nearly P300,000 over the previous year. Exportations of hats showed a substantial increase. Pearl buttons were exported to the value of P419,000 as against P246,000 in 1921. Tobacco and lumber showed slight gains in export. Veneers, a new industry, made rapid strides, exports for 1922 aggregating P210,000 in value while 1921 exports were only P76,000. Exports of coconut oil, sugar and copra remained about the same, but copra meal shipments from the Islands doubled during the year. Embroidery exports took a slump of about 40%, but a substantial improvement in this industry is predicted owing to the more favorable provisions of the new United States tariff, which raises the duty on the foreign article. Coming to the list of imports, we find that there was a general falling off with a few notable exceptions, the most conspicuous of which was that of cotton piece goods, which were imported to the value of '34,400,000, compared with P25,500,000 in 1921. This large increase was due to the fact that many overstocks had become greatly depleted during 1921 and replacements had to be made. Iron and steel imports fell off from P25,200,000 to P11,200,000, gasoline from t8,800,000 to P3,800,000, machinery from l17,700,000 to P4,000,000, rice from P6,600,000 to T4,600,000, wheat flour from P7,000,000 to t15,800,000, tobacco goods from P4,300,000 to i2,500,000 and lubricating oil from P3,940,000 to P660,000. Imports of meat products dropped 35%, dairy products 10%,, paper and printed matter 50%7c, perfumery and cosmetics 33-1/3c%, spirituous liqu(rs 50%, and cattle and carabao 50o%, the latter decrease being due to the embargo placed upon cattle importations by the government. A remarkable increase in crude oil importations, from P950,000 to i5,300,000, was recorded, however. All in all, the slump in imports indicates that the people of the Islands are getting down to a normal basis of living and that the comparative extravagance of the war and post-war years has become a thing of the past, ordinary thrift and economy now being the rule. A most gratifying increase in the percentage of goods carried in American bottoms was recorded. In 1921 British ships carried 43.2% of the insular foreign trade and American ships 35.3%. In 1922 British ships still led with 39.9% but American ships were not far behind with 38.8%, a drop of 3.3%, for British shipping and a gain of 3.5% for American shipping. Japanese vessels also suffered a loss of 3% in the Philippines carrying trade as comparred with 1921, while Dutch shipping gained 1%. We are also pleased to note that the United States during 1922 received an increasing share of Philippine foreign trade. In 1921, 61.7% of this trade was with the United States. In 1922 the percentage rose to 64.1. Japan obtained 10.7% of Philippine foreign trade in 1922 as compared with 9.4% in 1921, China 8.2% as against 8.3%, the United Kingdom 4.1 % compared with 3.7%., and the French East Indies 3.8% as against 2.7%. Philippine foreign trade with Australasia took a substantial rise from 1.9% in 1921 to 3.5% in 1922. The increase' in America's share of Philippine foreign trade during the year just passed was directly due to the very gratifying increase in the percentage of Philippine exports taken by the United States, which rose from 57.7 in 1921 to 67.5 in 1922. The corresponding percentages for aIl other countries, with the exception of Great Britain, which recorded an increase of one-tenth of one per cent, fell as a consequence. Philippine imports from the United States showed a falling off, however, as compared with total imports, the percentage for 1922 being 59.9 as against 64.8 in 1921. Here is concrete evidence of the effect of European and foreign competition against American export products and it is a sign that should be heeded by United States exporters. Naturally, foreign countries sold a bigger proportion of the Philippine imports in 1922 than. they did in 1921. Japan's share increased from 9.4% to 10.7%, England's from 3.7% to 4.1%, that of the French East Indies from 2.7% to 3.8% and that of Australasia from 1.9% to 3.5%. China and France are the only countries that sold a smaller proportion of goods imported into the Philippines during 1922 than they sold in the previous year and the difference is only slight, amounting to one-tenth of one per cent and two-tenths of one per cent, respectively. With trade and internal conditions once more restored to a normal basis and the outlook for the saO'e of insular commodities becoming brighter each day, business in the Islands has every reason to look forward to a prosperous and progressive future. LO, THE POOR AMERICAN ABROAD Lo, the Poor Indian, has been the classical example of the man with a country but without a say-so in its government. Lo, the Poor American, who tries to make' a living and extend his country's business outside of the confines of his native land, but under his country's flag, belongs to the same class. In Alaska, an American Territory administered by the Federal Government, the American business man finds it difficult to get along. Business there is on. the decline and the situation is giving Washington much worry. Absent treatment doesn't seem to work I _~~~~~~~ o I

Page  41 March, 1923 THE AMERICAN CHAMBEI out just right. At any rate, the American business man there does not receive much help or encouragement. In the Philippines, an American possession over which the American flag half flies, the administration of government affairs has been placed in the hands of the people, alien in race and ideals. The American business man in the Islands finds it hard sledding to get along, to some extent because of the neglect of his own government. It is obvious, therefore, that there is something lacking in our Government's attitude and activity toward the American trader who operates under the American flag away from the boundaries of continental United States. What that something is-we leave it to those in authority to ponder over. May we not suggest that a cure might be found in giving the American trader concerned a little more say in matters affecting his material welfare? Did it ever occur to our Washington officials to consult and take advice from Americans who are giving their lives and fortunes to extending American business abroad-particularly in territories over which American sovereignty holds sway and where the American Government still has, or should have, the final word in all matters affecting the welfare of its nationals? THE LEGISLATIVE SESSION After a regular session of 100 days and two extra sessions, the Philippine Legislature has adjourned in the usual manner, with a hectic rush of bills at the last moment and a bringing forth of much il-digested and hasty legislation, some of it unfair and discriminative because of this very haste. By constant vigilance the American Chamber of Commerce has been able to keep some track of bills affecting the business community and has had its say on some of the legislation proposed, but nevertheless some of the measures that emerged from the last hour rush were a complete surprise. Take for instance a bill introduced in the House and passed at the last moment which imposes a one per cent tax on the gross receipts of contractors, dockyards, telephone companies, laundries, dry-cleaners, tailors, repair shops, sugar centrals, rice mills, light and power companies, hotels, restaurants, refreshment parlors, dressmakers, milliners, hatters, plumbers, sign painters, bookbinders, etc. Not a soul knew of it until it was passed. None of the interests concerned were consulted or given a hearing. Governor General Wood had a long and well worked out legislative program which he wanted adopted. He got only part of it through. Some of the measures that would have meant big investment of American capital and the rapid development of the insular natural resources were ignored. The United States rubber industry is clamoring for an opportunity to raise its huge stocks of raw material in the Islands, but the Philippine Legislature appears to be indifferent to this prospective economic bonanza. As long as the' Legislature witt trnstgt frttering away the period of its regular session and as long as the custom of rushing through bills at the last moment continues, it will be open to adverse criticism. THE POWERS OF CONGRESS In connection with the proposal of Senator King, as contained in a recent bill introduced by him in Congress, to hold a constitutional convention in the Philippines for the purpose of formulating the constitution of an independent Philippine Republic, it might not be amiss to point out a few vital and pertinent facts. When Spain in 1898 by the Treaty of Paris ceded the Philippines to the United States, the land comprising the Archipelago became public domain of the United States and the sovereignty over it was lodged in the people of the United States. The people, through the Constitution, originally delegated to the executive, legislative and judicial branches of the Government certain powers. Later through eighteen amendments, these powers were modified or extended, or other powers were added. Nowhere in the Constitution has the power to alienate national sovereignty been delegated to a branch of the Government. Paragraph 2, Section 3, Article 4 of the Constitution gives Congress? OF COMMERCE JOURNAL 13 power "to dispose of and make all needful regulations respecting the territory or other property belonging to the United States," but surely no one will argue that the expression "dispose of" was intended to sanction the abrogation of national sovereignty over any portion of the public domain. This is too important a function to be so lightly and indefinitely disposed of. Alienation of sovereignty is a power that can inhere only in the people and can be delegated to Congress only through specific amendment of the Constitution by the prescribed process of adoption by two-thirds of the Congress and its later ratification by three-fourths of the States. To call a constitutional convention locally after ipse facto attempting to alienate American sovereignty, would be exceeding the prerogatives or powers of Congress; and that body would be acting in contravention of the country's basic bill of rights, the Constitution, in passing the King bill. The people of the United States should know that they are the sovereign lords over these Islands and only by their voluntory renunciation of such sovereignty, by a constitutional amendment, can this sovereignty be alienated. There are those who are endeavoring to throw a smoke screen about this important fundamental fact-Filipinos on this side of the Pacific by advocating the granting of immediate independence through illegal means, and Americans at home by permitting their altruistic tendencies to blind them to the fundamental facts. Unless the situation respecting the sovereignty over these Islands is made unmistakably clear by the vote of the American people on. the question, as propounded in a constitutional amendment, capital will always fight shy of investment in the Archipelago. Once the identity of the sovereign power is definitely declared, future action will be based on a solid basis, either favorable or unfavorable to economic development. When the people of the United States duly decide that American sovereignty prevails here, capital will know where it stands as regards the Philippines. Until then. it must needs be timid and apprehensive. There is too much doubt and muddled thought in the situation as it exists now. In any event, Congress should not act on any proposed political legislation for the Philippines until it is sure that the Constitution is not being violated by such action. There cannot be two constitutions under one sovereignty. THE SHIP SUBSIDY BILL Reports from Washington indicate that the Ship Subsidy bill, which would have accomplished much toward rehabilitating the American merchant marine, has been killed in Congress. Thus the realization of one of President Harding's favorite measures in his national program is frustrated. The failure of the bill must have been a big disappointment to him, and it is also a disappointment to many Americans who desired to see the American flag play an increasingly important part in the world's shipping. The big Shipping Board fleet operated under Government supervision is entailing a loss of about $50,000,000 a year to the Government. Careful estimates show that a subsidy would cost the Government only $30,000,000 a year. Thus an immediate annual saving of $20,000,000 could have been made. But aside from this phase of the situation, it seems clear that under a subsidy the money expended by the Government would have been much more effectively used to attain the end desired. Under the present system there is no inducement to ship operators to effect economies, to make every cent of administrative expense count. They are assured of a fixed percentage on their investment, which is very small considering the amount of business done. The Government does practically all the financing. Under a subsidy, the operators would be working for themselves and they could make good profits only by operating their ships economically and going after all the business obtainable. The subsidy would not be large enough yield a profit to indifferently or uneconomically operated lines. From a business standpoint, the subsidy would have served the national interests much better than the present ultra-paternal and expensive mode of operating Government ships. It is unfortunate that politics plays such a determining role in our national legislation affecting trade and industry.

Page  42 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 II Consolidated Cars of Merchandise Machinery and Other Commodities are forwarded across the United States on dependable schedules connecting with steamers for MANILA, P. I. This service assures saving in time, in detail and expense. Less than car load shipments originating in territory east of the Mississippi River when routed in our care move at car load rates plus our Nominal Service Charge. Rates and particulars relating to this service or other traffic information with which Philippine merchants may be concerned in the States, will be cheerfully furnished upon inquiry to our General Office. TRANS-CONTINENTAL FREIGHT COMPANY F. L. Bateman, President W. L. Taylor, Sec. and Treas. K. H. Hinrichs, Export Manager Export and Domestic Freight Forwarders. General Office: 203 So. Dearborn St., Chicago Eastern Office: Woolworth Building, New York i I i F I REVIEW OF THE EXCHANGE MARKET By STANLEY WILLIAMS, Manager, Internatlonal Banking Corporation. fers on Manila in accordance with the terms of Act No. 3058 at 3/4 %' premium and 1 1/8% premium, respectively. Owing to the rates of exchange ruling in the open market, the government had not been called up6n to effect any transfers up to the closing of this report. Review of Business Conditions for February I... _. _ _ _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ The January report closed on the 25th of that month with banks' selling rates for New York exchange quoted.t 1/8 % premium for demand drafts and 1/2 %'/ premium for telegraphic transfers but with business done for the respective usancos at par and 3/8 (% premium. The market remained dull and unchanged until February 9, when cne bank offered telegraphic transfers at 1/8 % premium for cash and demand was offered in another quarter at 1/8% discount. During the following week the market eased off in conjunction with a strong demand for money arising from produce operations and by the 15th inst. there were sellers of telegraphic transfers at par. Rates continued to ease off gradually and telegraphic was done on the 21st at 1/2%' discount. The rates quoted for cash at the close of this report on February 23 were 3/4%' discount for demand and 1/2/% discount for cables. Money continued in strong demand and the market looked easy at the close. The London cable rate closed in New York on January 24 at 465 5/8. After dropping away to 464 1/8, which it touched cn January 30, it gradually rose to a high of 472 on February 21, the last rate to hand at the close of this report on February 23, the 22nd being a holiday in New York. Silver closed in London on January 24 at 32 11/16 spot, 31 9/16 forward, and gradually dropped away with fluctuations to a low of 30 1/2 and 30 3/8 on February 8. It closed on February 22 at 31 spot, 30 7/8 forward. The New York price closed at 67 1/8 on January 24 and after touching a low of 63 3/8 on February 3, reacted and closed at 64 1/8 on February 21. the last quotation to hand. Sterling cables were quoted locally at 2/1 3/8 on February 23 and the banks' buying rate for three months' credit bills on London closed at 2/2 1/4, both rates being 1/8 d. lower than at the close on January 25. Telegraphic transfers on other points were quoted nominally at the close on February 23 as follows:Paris................... 795 Madrid................. 160 /2 Singapore............... 1111/2 Japan.................. 98 Hongkong............... 107 /2 Shanghai............... 67% India................... 155 /2 Java.................... 125 /2 We neglected to point out in our January report that shortly after the turn of the year the Insular Treasurer announced that the government was again, as the result of the sale of bonds during the previous month in the United States, in a position to sell exchange on New York and that the provisions of Act No. 3058 with regard to currency regulation and government exchange transactions were therefore in effect. This means that the Treasurer will sell demand drafts and telegraphic transfers on New York in accordance with the terms of Act No. 3058 at 3/4%; premium and 1 1/8% premium, respectively, and will instruct, if requested, the depositories of government funds in the United States to sell demand-drafts and telegraphic trans SUGAR REVIEW FOR FEBRUARY By WELCH, FAIRCHILD & Co., INC. Our last review was dated January 26. NEW YORK MARKET: Our last review closed with quotations for Cubas for prompt shipment at 3.25 cents, c. & f., and for refined at 6.70 cents. In the period under review, the market has made an extraordinary advance, and for some days the excitement that prevailed recalled the boom year of 1920. Cubas commenced selling at 3-5/16 cents, c. & f., for February shipment, and advanced steadily, until the end of January, to 3-9/16 cents, c. & f. The gradual advance in raws, however, was not reflected in the price of refined, for which there' was apparently no demand; this caused refiners to reduce their price from 6.70 cents to 6.60 cents. The improvement in the market for raws was maintained in the beginning of February following a report, which was later confirmed, that U. K. were buying heavily. Cubas advanced to 3-5/8 cents, c. & f., tor prompt shipment, and sales of Philippine Centrifugals afloat were made at 5.40 cents, landed terms (=3-5/8 cents, c. & f. for Cubas) and Porto Ricos at 5.53 cents, c. & f. Thereafter for a few days the market remained quiet, although still with a tendency to advance, and Cubas were quoted at 3-3/4 cents, c. & f. It was at this point that the market began to show signs of excitement following reports that there were foreign buyers of large quantities of Cubas, and that the Government would shortly issue a report which would be strongly in favor of the sugar market. Buyers were willing to pay 3-7/8 cents, c. & f., for Cubas for February/March sl:ipment, but holders held out for 4 cents and were able to obtain it. At this time, Philippine Centrifugals for March/April shipment were sold at 5.75 cents, landed terms ( — approximately 4 cents, c. & f. for Cubas). The price for refined was increased by some refiners to 7.15 cents and by others to 7.30 cents. The market continued to advance quickly, refiners and op2 -rators being buyers of Cubas at 4-1/8 cents, c. & f., and later at 4-1/4 cents, c. & f., for February/March shipment. The Government report was issued showing an estimated shortage in the world's requirements of sugar of 725,000 tens, and the effect of this was to send the market soaring rapidly upwards. Cubas were sold at 4.44 cents, c. & f. for prompt shipment, and large sates of Philippine Centrifugals were made at prices ranging from 6.03 cents (= 4-1/4 cents for Cubas) and 6-1/8 cents, landed terms ( — 4.36 cents, c. & f., for Cubas). Soon after the report hod been issued, the Government issued a supplementary report modifying the figures contained ip its original report, but this came too late to check the rise in the market, which was apparently due to a great extent to speculative buying. The refiners withdrew from the market, refusing either to purchase raws or sell refined. I Boston Old South Bldg. Buffalo Ellicott Square Philadelphia Drexel Building Cincinnati Union Trust Bldg. Cleveland Hippodrome Bldg. Los Angeles Van Nuys Bldg. San Francisco Monadnock Bldg. Seattle Alaska Bldg. Portland, Ore. 15th and Kearney Denver 1700 Fifteenth St. L ___ __

Page  43 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 The sugar exchange was excited, and on tile 13th of February the maximum daily advance allowed on the exchange, viz., 1 cent per pound, was recorded. Operators raised their limit for buying Cubas to 5-1/4 cents, c. & f., but at this price there were no sellers. There were large sales of Philippines Centrifugals, however, at this time at 7 cents, landed terms (= approximately 5-1/4 cents for Cubas). Later Cubas were sold at 5.44 cnts for March shipment-the highest price reached during the period of excitement. It was generally felt that the market was being forced up too rapidly and that a reaction was bound to set in, which would lead to a sharp decline in prices, especially as there had been speculative buying during the rise in the market. The expected reaction set in, and the market fell sharply to 4-3/4 cents, at which price Cubas were sold for March shipment. The decline, however, did not last long. Refiners increased their prices for refined, some to 8 cents and others to 8.30 cents, and there was a good demand even at these increased price's. The refiners accordngly re-entered the market for raws, being buyers at 4-3/4 cents, c. & f., for Cubas, but there was little offering at this price. Operaters also re-entered the market, immediately. biddirg up the price to 5 cents, c. & f. The refiners fol'owed and also boug'ht at this price. At this time, Philippine sugars were sold for March/April shipment at prices ranging from 6.78 cents (= approximately 5 cents, c. & f. for Cubas) to 6.90 cents (=- approximately 5-1/8 cents, c. & f for Cubas), landed terms. Thereafter the market became unsettled, due to operators realizing their profits on the exchange. Sellers felt that by holding off. refiners would enter the market at higher prices. This proved to be the case, as both operators and refiners became buyers at 5-1/4 cents, c. & f., for March shipment, and sales of Philippine sugar took place at prices ranging from 7 cents to 7.03 cents, landed terms. These are the late'st quotations to hand.!LOCAL MARKET: Centritegitgals: At the commencement of the period under review there were buyers of Centrifugals at P12.50 per picul, ex godown, but no sellers. Following the steady advance in the New York market in the closing days of January, buyers increased their limits to V113.00 per picul, at which price large sales were made. Thereafter, in sympathy with the rapid advance in the New York market, the local market registered large daily advances and prices ranged from ' O13.50 per picul to t16.50 per pictl, fndd targe trarasactions took place at and between those limits. While it was expected that sugar prices would be good for the present year and would show an improvement over last year, it was not, however, anticipated that they would advance so early to such a high level. By taking advantage of present high prices, the financial standing of most planters has been considerably improved, and this improvement should be reflected in increased crops for future years. Muscovados: The arrivals of Muscovades continue to be astonishingly slow and Chinese are keen buyers of the small quantities that are arriving. The advance in the price of Centrifugals natura'ly led to a sympathetic advance in the price of Muscoverdos. There were transactions during the month at prices ranging from V8.50 per picul, ex godown, to P10.25 per picul, ex gcdown. basis No. 1, but they have been extremely limited owing, as already stated, to the extremely small arrivals into the Manila and Ilcilo markets. JAPANESE MARKET: Japan has continued to show considerable interest in the i I I I i; i. Ii i i -: I The Price of HIKE SHOES "Quality is remembered long after price is forgotten" has become an axiom. But when you can buy superlative shoe quality at a moderate price, - a price well within your means, -then there is not even a suggestion of an unpleasant memory. That's what brings contentment to the hundreds of thousands who wear HIKE SHOES, the utmost in style, quality and service, at comparatively low price. HIKE SHOE PALACE 144 Escolta, Manila Phone 569 NO. 15 OXFORD!- W PHILIPPINE TRUST COMPANY MONTE DE PIEDAD BLDG. TELEPHONE 1255 DIRECTORS LEO K. COTTERMAN R. C. BALDWIN M. H. O'MALLEY J. G. LAWRENCE P. C. WHITAKER W. D. CLIFFORD Offers an unexcelled banking service to individuals and corporations; transacts a general banking business and maintains special departments with facilities of the highest character, viz.:.I I COLLECTION, DOMESTIC AND FOREIGN EXCHANGE, SAVINGS, BOND AND TRUST Acts as administrator of estates, or as executor or trustee under wills, and as under.deed securing the issuance of corporate bonds. M. H. O'MALLEY, W. D. CLIFFORD, F. W. KENNY, President. Vice-President. Cashier. Member American Bankers Association Chase National Bank-New York Correspondent trustee ___ ___ _____ _ ______ _______ BRING YOUR EYEGLASSES AND SPECTACLES TO BE ADJUSTED AND FITTED FREE OF CHARGE We can duplicate your broken glasses or examine your eyes for new ones. TAKE CARE OF YOUR EYES. I94ESAR L 90A94SCONA P.L. MtASOHIC TEMPLE ------- - -- ~ ~~ " ~ ~ ~I ~~~ —1 -

Page  44 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 li It~- -- - I I I I I GOOD ADVERTISEMENTS Good advertisements do not just happen to be good. Thoughtful composition in language that impels interest and stresses the selling point you wish to drive home, presented in an attractive layout free from errors, carry conviction and create action. Advertisements from this office are built on the foregoing principles. Talk to us. Our phones connect. BUTLER ADVERTISING SERVICE 209 Roxas Bldg. Phone 367... I -- The Leading Whisky purchase of low grade muscovado sugars, but practically no business has been transacted owing to the small supplies available. The quantity of Muscovados sold to Japan up to date is negligible, due not so much to price as to there being pracically no stocks. JAVA MARKET: The Java market also showed considerable activity during the period under review, and it is reported that there has been large speculative buying. Prices for old crop sugars advanced rapidly owing to stocks being limited, and ranged during the months from Gs. 13-7/8 per picul to Gs. 19 per picul for Superiors. It is reported that the stocks of old crop sugars are now exhausted. There were also large sales of new crop sugars and prices rose rapidly to Gs. 18-1/2 for May delivery, Gs. 18 for June delivery, and Gs. 17-3/4 for July delivery. Thereafter a reaction set in, just as in the case of the New York market, dealers fearing that the market had advanced too rapidly, and prices declined to the neighborhood of Gs. 16. Latest advices, however, show a firmer tone, with prices quickly recovering. Manila, February 21, 1923. COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manager, Willits and Patterson, Ltd. Manila, February 23, 1923., COPRA As indicated during the closing days of January, the slight increases in arrivals of copra at Manila during the early days of February were responsible for a decline in the market from V12.00 to '11.375 - t11.50 basis, resecado, at which figure the bulk of local trading for February has been done. Copra production is still much lighter than was anticipated, and we estimate the total Manila arrivals to be not in excess of 175.000 piculs as against approximately 208,000 piculs for February 1922. Due undoubtedly to lack of offers from rsimary markets during January, both U. S. and London buyers increased their ideas to 5 cents, c. i. f. West Coast ports, for the former and ~26-15-/, c. i. f. London. With a demonstration of willingness by sellers to trade at these figures, both markets gave way and at the close of this review are reported weak at the following quotations: U. S. West Coast Ports - 434 cents to 47/8 cents per pound. London- F. M. M. copra - ~26-5-,/. Sundried - ~26-12-6. COCONUT OIL The oil market has been dead during February as regards trading in futures, buyers having evidently covered their requirements well forward into 1923 on the rising year end market of 1922. A small volume of tank car business has been accomplished at figures ranging from 8 cents to 81/4 cents, f. o. b. tank cars West Coast ports, with East Coast business in parity. Nominal quotations are 8 cents, c. i. f. San Francisco, ~42-/-/, c. i. f. London. Total oil shipments from the Philippines for U. S. ports during February will be approximately 3,200 tons as against 6,500 tons for February 1922. SOLE IMPORTERS KUENZLE & STREIFF 343 T. PINPIN c.MANILA, P. I. COPRA CAKE Cables from all markets indicate lack of interest in this commodity, and we do not look for repetition of last year's buying activities. However, there seems to be no good reason for further decline ini the ----- - - -— c — — `

Page  45 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 market. Quotations-nominal $21.00 per ton of 2,000 pounds, c. i. f. West Coast ports. REVIEW OF THE HEMP MARKET By J. C. PATTY, Secretary and Assistant Treasurer, Macleod & Company, Inc. The period under review is from January 22 to February 22. PRICES: Manila prices ruled steady on the basis of F P25 I, P18, J. U. S. P15, and J. U. K. P14. Fifty cents per picul more than these prices has been paid at intervals by some buyers, particularly the Japanese. All arrivals have met with ready salet. Prices in the consuming markets have been slightly under the Manila prices, with slight fluctuations up and down. At the beginning of his week, London firmed up considerably and at present is quoted firm on basis of ~36- for J, while the New York market is quoted quiet on basis of J 7-1/2 cents, I 8-3/4 cents, and F 11-3/8 cents. FREIGHTS: A question has arisen between the Shipping Board and other lines as to whether the rate on hemp direct to New York from the Philippine Islands should be $2.75 or $3.00 per bale beginning March first. We give below the usual figures: 1923 1922 Bales Bales Stocks, January 1.... 155,495 256,400 Receipts to February 19.. 161,184 152,613 Shipments To Feb. 19,1923 Feb. 20,1922 Bales Bales To the U. S. 53,835 27,795 To Continent.... 13,099 11,025 To Atlantic U. S.. 77,791 41,431 To Pacific Coast.. 9,378 4,173 To Pacific Coast In11,122 20,294 To Japan...... 16,864 30,009 To Australia.... 2,539 740 To all other places & local....... 3,675 5,568 Totals..... 188,303 141,035 Stocks.... 128,376 267,979 If If - - - I - E. VIEGELMANN & CO., INC. MANILA, P. I. IMPORTERS of: Textiles, Hardware, Sundry Goods. EXPORTERS of: Copra, Coconut Oil, Hemp, Tobacco, Cigars, Gums, Shells, Hats, Embroideries, Pearl Buttons. Owners of Cigar factory "EVEECO". AGENTS of: Hamburg American Line of steamers. i A Complete Change — It's what you need, and you'll find it in - BAGUIO THE TOBACCO INDUSTRY By Louis McCALL, Manager, Oriente Cigar Factory The local sale of tobacco products which during January was considerably above normal has, now that it is reasonably certain that there will be no advance in the local Internal Revenue taxes, receded to subnormal. Huge stocks of manufactured tobacco products are now in the hands of the dealers and it is reasonable to assume that a large percentage of this merchandise will deteriorate to the extent that it will become unsalable before it is sold to the consumer. With the proposed advance in the Internal Revenue tax of P12 per 1,000 packages of cigarettes, the cigarette factories worked overtime during January. It is reported that several have now coated their machinery with a thick layer of grease and temporarily suspended operations. As predicted in the last issue of this paper, Manila cigars have received another setback in America by reason of the large quantities of inferior-made cigars shipped to that market during the winter months of last year. American importers are reported to be badly overstocked on 25/28 I I1I Motoring - Mountain Climbing - Golf - Tennis - Riding Sightseeing - Dancing - Bowling Baguio, the Wonder City of the Philippines, away from the sweltering lowlands and amidst the Mountain Pines. COME BY AUTO OR BY TRAIN PINES HOTEL RESERVATIONS CAN BE MADE AT St. Anthony Hotel, Manila, Phone 378; Luneta Hotel, Manila, Phone 1970; American Express Co., Manila, or Pines Hotel, Baguio. Is I -,.. _ _ = =

Page  46 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 HoUSE pETERS EDITH HALLOR,GERTRUDE CLAIRE, MARY PH1LBIN, RUSSELL SIMPSON, RAMSEY WALLACE, GEO. HACKATHORNE In a Stupendous Drama of Life HUMAN HEARTS I I Dedicated to the Mothers of the world by Carl Laemmle AT THE EMPIRE THEATRE MARCH 12 TO 15 pound Londres, with the trade calling for smaller and shaped cigars of a better quality. It is reported that as a result of order cancellations, several of the local factories have dismissed part of their labor and decreased their production. The following shows the number of cigars shipped to America during the past four years: 1919................. 261, 514, 367 1920................. 321, 616, 983 1921................. 73, 303, 964 1922................. 174, 186, 363 After the crash came in 1920, Manila cigars were sold in America at prices ranging from 20% to 30% of the prices at which they were originally invoiced by the manufacturers to the inporters, and in some of the large centres standard shapes like Exce'entes sold at, or less than, 5 ccnts retail, wLile Londres retailed as low as $1.50 per box of 100. Even at these prices it was not until the early part of 1922 that the 1920 shipments were entirely absorbed. To meet the requirements of the 1922 market, a genius frcm Cincinnati conceived the idea of the "Manila Big Stick," which idea was promptly appropriated by other importers and manufacturers and was mainly responsible for the large shipments made during 1922. Styles in cigars like styles in neckwear or the method of tucking one's handkerchief in the coat sleeve are constantly changing, and the melliferous Manila of the "walking stick" variety Which until recently has been in great demand in certain sections of the Middle West is now apparently fallen from favor; so unless some wizard can again advance another new idea, that, like the "Big Stick" cigar, cannot be immediately purloined by the American manufacturers of the cheaper grades of cigars, Manila manufacturers are going to suffer for having shipped such large quantities of "cigars made down to a price instead of up to a standard". In spite of the anticipated shortage in the 1923 crop, prices of Cagayan and Isabela leaf are not particularly strong. Pangasinan and Union are both reported to have a banner crop. The prices for these tobaccos remain firm, chiefly because of the small stocks unsold in the hands of the dealers. THE RICE INDUSTRY By PERCY A. HILL of Munoz, Nueva Ecija, Director, Rice Producers' Associat'on. - ---- -- I,q ~ ~ ~ ~ ~ ~ ~ ~ ~ II L AUTO TRUCKING CO. 2 345 FURNITURE MOVED CONTRACT HAULING BAGGAGE TRANSFERRED DUMP TRUCKS FOR HIRE H. CARSON, Proprietor. 1955 AZCARRAGA Specializing on Pulmonary disorders and diseases of the urinary tract DR. F. C. MAPA PHYSICIAN-SURGEON pooms 401-402 Office Telephone 1059 Plaza Moraga, end of Escolta Residence TeL 1128 Office hours: 3 to 6 p. m. Manila I I I I I I I — 1 — - -------— --- TRADE MARK REG. U.S. PAT. OFF. OXFORDS FOR DANCING HAVE YOU SEEN OUR PATENT KID DRESS OXFORDS? Plain toes, blind eyelets, flexible bevelled-edge soles, built for men's feet-with snug heel and instep fitting -formal correct style- the last world in comfortable dress shoes. The Walk-Over Shoe Store The 68-70 Escolta - I I I I t Prices of palay (unhulled rice) have steadily decreased at the shipping points to where the price during one week was lower than at any period since the war, going as low as P2.55 to P2.65 per cavan, which means that the grower receives less than '2.30 per 100 lbs. of grain. During this time the retail price in Manila would connote that the grower should have received almost one peso more per cavan, according to class. The retail price, however, was lowered, once attention was called to this anomaly, being reduced approximately one peso per sack of rice. This will of course be rectified once the bulk of the crop has been purchased and no doubt prices in conformance with those of January will obtain. The reason for the depression of prices is perhaps correctly stated by the Chinese interests-the buyers, millers, storekeepers and importers: that the actual cash cannot be withdrawn fast enough to purchase from the small producers, who must sell. The volume of ready money must of necessity be drained from all over the Archipelago; and to prove this true, many of the buyers L m1 'I

Page  47 I March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 advocate the holding of the glut until later. Not but what they would purchase all, but actual cash is not forthcoming. Philanthropists and altruists may argue that the small rice grower, who represents 75% of the industry, should not sell at such ruinous prices, but those familiar with the actual conditions governing it, know that this simply is not done; nor can it be done until the country graduates into a "saving" country, with ample cash and credit needs outside of impossible philanthropic theories. The actual cash and the pressing need for it rise, like water, to the same level. This is one of the main reasons that cooperation in the rice industry will remain a thing of the future, and so remote that even those who have the best interests of the industry at heart could not predict the date. To be sure, a small percentage of the growers deposit during the glut on the market and await better prices, but this class have access to credit facilities, which, although they pay a high interest, are not forthcoming to the smaller producer. To the average person who speaks of the subject in the abstract many factors present themselves. Take the terminal point at Cabanatuan, Nueva Ecija, perhaps the largest inter-provincial shipping point in the Philippines for palay and rice. This one depot serves a rice area of about 160 square miles. The benevolent government, which professes to serve the public (save the mark), has not seen fit to lower its freight charges, nor will it extend its lines into the rice region, claiming circumstances will not permit it to do so. However, it seems to think that circumstances will permit extensions in other provinces for any other purpose except that of bringing the vital necessity-food-to the hungry consumer. The producers pay the first bill in transportation, the shippers the second and the consumers the last, due to this selfish and short-sighted policy. The present amount of actual cash needed at this shipping point is not less than 17,000,000 in the 120 days beginning January 15, which amount must of necessity be diverted from the more favored regions of this so-called "rich and opulent" country. The Bureau of Agriculture, which should study the marketing problems of the industry if it cannot increase the hectare yield, seems to have lost itself in an unprofitable controversy with some of the largest producers as regards this season's losses or gains. As regards the marketing of this crop, they have slight knowledge and little inclination to study their business. Credit facilities as regards the industry are al-' most nil, and the "insured warehouses" that were to be erected at convenient points are still in the imagination of the government which advocated them. To say the power to accomplish this lies within the elements-the producers-themselves, is simply to repeat a platitude. It cannot be denied; but unfortunately to combine these elements is only another way of attempting to lift ourselves by the bootstraps, which lifting can only be accomplished by long generations of education which fits for intelligence and service in cooperation: and until that time arrives it looks as though the rice grower will have his purchasing power limited through causes due to his own inability to arouse himself to a point where he can demand and receive the true value of the commodity he produces. i I I ~ --- -- l --- Ii II I The Chinese American Bank OF COMMERCE BRANCHES AND CORRESPONDENTS THROUGHOUT THE WORLD MANILA BRANCH: PLAZA CERVANTES General Banking Business Transacted ACCOUNTS OF INDIVIDUALS, PROFESSIONAL, SALARIED AND BUSINESS MEN FIRMS AND CORPORATIONS INVITED Telephone 2400 IL. -- -- I -- - -- WELCH, FAIRCHILD & CO., INC. SUGAR FACTORS AND EXPORTERS MANILA, P. I. Cable Address: WEHALD, MANILA Standard Codes Agents IIawaiian-Philippine Company Operating Sugar Central Silay, Oce. Negros, P. I. Mindoro Sugar Company San Jose, Mindoro, P. I. Matson Navigation Company San Francisco Columbia Pacific Shipping Co. Portland New York Agents: Welch, Fairchild & Co., Inc. 138 Front Street San Francisco Agents: Welch & Co. 244 California Street -1 I I I THE YOKOHAMA SPECIE BANK, LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN YEN CAPITAL (PAID UP)........... 100,000,000 RESERVE FUND................. 65,000,000 UNDIVIDED PROFITS............ 4,900,000 MANILA BRANCH 34 PLAZA CERVANTES, MANILA T. ISOBE MANAGER PHONE 1759-MANAGER PHONE 1758-GENERAL OFFICE THE LUMBER INDUSTRY By ARTHUR F. FISCHER, Director of Forestry. Reports received by this Bureau indicate that the production and shipment of lumber - ------- I - - I

Page  48 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 - -- - - m COMMERCIAL PHOTOGRAPHY WE ARE SPECIALISTS IN THE PHOTOGRAPHY OF INTERIORSBE IT FACTORY, OFFICE OR HOME PHONE 1060 DENNISTON Inc. 118 ESCOLTA are continuing at about the same level as for several months past. The total for all mills reported during December was 8,868,000 board feet sawn and 9,244,000 sold. Partial reports from a number of mills for January show 3,604,000 board feet shipped and 4,266,000 produced. The same mills during December shipped 3,936:000 board feet and sold 4,113,000. Thus with about half of the reports for January in, the rates of production and shipment are but slightly lower than for the month before. This would indicate a normal situation with an average monthly production of about eight to ten million board feet. Owing to the great distance and isolation of some of the mills it takes a long time for their reports to reach Manila. I -------- ----- Two of Our Best "PIGTAILS" Only choiceqsabela and Cagayan Valley Tobacco is used in manufacture of all Pigtails which have an aroma and flavor unsurpassed. Phone for a box now I II I I I I I REAL ESTATE By P. D. CARMAN, San Juan Heights Addition. Sales, City of Manila Dec. 21 to Jan. 21 to Jan. 20 Feb. 20 Santa Cruz 1.... 132,379 P203,421 Quiapo...... 46,254 255,000 Paco.......... 137,370 200,000 Tondo........ 97,055 84,81; Binondo...... 56,000 112,567 Ma!ate....... 34,400 57,906 Sampaloc..... 21,585 26,927 Santa Ana... 3,252 35,716 Pandacan... 2,500.... Ermita....... 16.584 50,884 San Nicolas... 5,243 77,172 San Miguel.. 5,000 4,000 Intramuros... 12,900 42,900 P570,486 t1,151,309 Sales during the past month were almost double the total for the previous month and considerably larger than the monthly average of 1840,174 during 1922. This indicates that the very low total of P570,486 shown last month was probably due, as indicated, to unusual and temporary financial conditions occasioned by adjustments at the close of the year. There are indications that the Manila real estate market will now continue the steady improvement shown during the latter part of the past year. Ready money seems to be easier, ccl'ections better and confidence lbeing steadily restored. Increased optimism is encountered generally and predictions are frequently heard that 1923 will show heavy increases in sales at better prices. In some quarters a real estate boom during the latter part of the year is forseen. Suburban properties have shown fair sales during the past month, especia4ly wkere moderate instalment payments are accepted. Collections are apparently still scmewhat difficult, although better than for several months past. Expendio 57 Escolta Tabacalera Phone No. 10 I NEW INCORPORATIONS FOREIGN February 5, 1923 WESTERN CASUALTY COMPANY, Colorado, U. S. A.; health and accident insurance; capital stock '400,000, subscribed and paid up; agent in the Philippines. A. M. Alves; central office in the Philippines, Manila. Pred. M. Arnus Fav. Conde Sert I

Page  49 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL DOMESTIC January 23, 1923 MAGUEY STRIPPING MACHINE CO., Mantayan, Cebu; capital stock P30,000, subscribed and paid up ~:8,000. Directors: Vicente Escalona (treasurer), Severino Ibafiez, Isabel R. de Yap, Filomena Mabugat, Nena Macario, Antonio Ibaficz, Felixberto Escario. CHO CHUN CHAC DISTILLERY CO, INC., Paombong, Bulacan; capital stock '7,000, fully paid up. Directors: Pang Shi, But Chung Sang, Cho Fu, Yee Fun (treasurer), Cho Chun Chac. KONG WAH CO., INC., Manila; restaurant, cigar and grocery business; capital stock 130,600, fully paid up. Directors: Lujciano de la Cruz, Kon Sing (treasurer), Ng Ah Kan, Chan Sam, Chan Lam. January 27, 1923 THE RIZAL STOCK FARM, INCORPORATED, Binangonan, Rizal; capital stock P20,000, subscribed 15,040, paid up P1,260. Directors: Pedro Manalo, Ruperto T. Martinez, Mateo Celis (treasurer), Sergio Francisco, Ricardo de Ungrin. February 1, 1923 PAMPANGA MERCANTILE COMPANY, San Fernando, Pampanga; selling of all kinds of books, stationery, dry goods, sugar and rice; capital stock 1P50,000, subscribed i12,750, paid up P3,200. Directors: Fetlix B. Bautista, Leopoldo Layug, Pablo L. Bustamante (treasurer), Amando Yan Cuaco, Emilia Yaptanco. February 2, 1923 THE MANILA YLANG-YLANG DISTILLERY, LTD., Manila; capital stock 120,000, fully paid up. Directors: R. M. McCrory, A. Von Arend, L. P. Mitchell (treasurer), Mateo Gregorio, Juan G. Lopez. February 7, 1923 RAPID TRUCK CO., INC., Manila; transportation; capital stock t20,000, subscribed and paid up 910,000. Directors: Geronimo Panganiban, Doroteo Bermudez, Macaria Sto. Domingo, Santiago Cabrera (treasurer), Rufino Benedicto, Alejandro Bautista, Santiago Caballero. February 8, 1923 PHILIPPINE PROPRIETORS ASSOCIATION, Manila; general brokerage business, etc.; capital stock P199,500, subscribed 140,000, paid up 1:24,360. Directors: M. Medina y Paz, Benigno Ronquillo, R. Nepomuceno v Lim, F. Pascual Ptneds, Roman Agdeppa. Treasurer: Melquiades Paz. February 9, 1923 HELENA CIGAR COMPANY, Manila; capital stock P20,000, fully paid up. Directors: John J. Ahrendtsen, Sydney C. Schwarzkopf, Benj. S. Ohnick, J. B. Weirich (treasurer), R. V. Mendoza. February 20, 1923 ASINGAN CINE CORPORATION, Asingan, Pangasinan; capital stock P6,000, subscribed V3,000, paid up P1,350. Directors: Jose S. Y. Peng, Donato Costes, Moises Malong, Francisco Astudillo, Jose M. Opina (treasurer). NEW MEMBERS R. C. Morton, active U. S. Shipping Board, Masonic Temple, Manila. Bishop Charles Edward Locke, 1265 Gral. Luna, Manila. i ----------------------— ~~~~~~~~~~~~~~~~~~~~-II MANUFACTURERS OF Hand-Made Lingerie, Boudoir Apparel Table Linens Exclusive Original Creations Frocks Embroideries Blouses SPECIALIZING IN INFANTS' WEAR 12 San Luis, Luneta MANILA, P. I. 20 for 30 cer )w EBB, 4,20 5wfq7ES /20 l for ats bi l 30 cents LIGGETT & MYERS TOBACCO CO. II I" ' — — -- - FIRE INSURANCE E. E. ELSER Atlas Assurance Co., Ltd. The Employers Liability London Assurance Corporation, Ltd., London Fire Insurance Fire, Plate Glass, Automobile and Accident Insurance The Continental Insurance Co. New York Fire Insurance Information as to rates or other matters pertaining to Fire Insurance cheerfully furnished by E. E. ELSER Kneedler Building 224 Calle Carriedo Cable Address-' EDMIL," Manila. P. 0. Box 598 Phone 129 i'I I

Page  50 THE AMERICAN CHAMBER OF COMMERCE JOURNAL SHIPPING NOTES March, 1923 SHIPPING REVIEW By E. J. BROWN, General Agent for the Philippines. Pacific Mail Sto3mship Company. The photographs appearing with this article are views of the steamer Patrick Henry in tl:e U. S. Navy drydcck Dewey at Olongapo, P. I., The Patrick Henry is a Shipping Board freighter operated by the Tampa Inter-Ocean Steamship Company between Gulf ports and the Orient. She was onroute to Manila from Pulupandan with over 10,000 tons of cargo aboard when she struck a coral reef on the south side of Sibay Island on January 14, 1923. Her bow was badly damaged, as the photographs indicate, the damage extending about thirty feet abaft the stem. She was drydocked on January 29 and full repairs will be completed by February 28, when the ship will again be in first class seaworthy condition. Senate Bill No. 204 permitting possession of 25 per cent of inter-island shipping companies' capital by foreigners, was passed during the last hours of the Legislature's special session. Heretofore all capital had to be owned by either Americans or Filipinos or both. The bill providing that a franchise be granted to inter-island companies, authorizing them to maintain for 20 years the total tonnage they possessed on February 8, 1918, failed to pass. The passage of this bill would have resulted in the replacement of some of the present antiquated vessels and in improved service. The Patrick Henry in the Drydock Dewey, Olongapo. Tourists visiting Manila complaint of the present regulations which require that passports must be surrendered to immigration official on arrival in the Philippines. These passports are collected and retained while the ship is in port and the passenger must see to it that he secures U. S. SHIPPING REVIEW By A. G. HENDERSON, Spec 'a Representative. Chicago, January 27.-Washington reports are to the effect that the Shipping Board is making plans to have the Coastwise Laws extended to the Philippine Is]ands and will shortly recommend this extension to the President. The Board now feels that it has ample tonnage to furnish I * _- A -- MANILA TO SAN FRANCISCO I I OVER "THE SUNSHINE BELT" (The Comfortable Route) Bi-Monthly sailing via China and Japan ports PACIFIC MAIL STEAMSHIP CO. 104 Calle Nueva Phone 1915 Managing Agents for U. S. SHIPPIN6 BOARD I i i NORTH AMERICAN LINE HONGKONG TO SAN FRANCISCO Arrive Leave Leave San FranSTEAMER Hongkong Shanghai cisco "Shinyo Maru" Apr. 2 Apr. 6 Apr. 30 "Siberia Maru" Apr. 15 Apr. 18 May 14 "Korea Maru" June 3 June 8 Jily 3 MANILA TO SAN FRANCISCO (Via Shanghai Direct) Arrive STEAMER Leave Leave San FranManila Shanghai cisco "Tenyo Maru" Mar 8 Mar. 12 Air. 5 "Korea Maru" Mar. 23 Mar. 28 Apr. 21 "Taiyo Maru" Apr. 27 May 1 May 25 F 'First class tickets Interchangeable at all ports of call with Pacific Mail, Canadian Pacific and Admiral Lines. SOUTH AMERICAN LINE Arrive Leave leave ValSTEAMER A 2Hongkong Yokohama paraiso "Anyo Maru" Apr. 24 May 8 July 11 For Paueiger and Freigbt Iformatiea Apply ti TOYO KISEN KAISHA Chaco Bldg. Phone 2075 I F View of Patrick Henry in Drydock, Showing Damaged Bow. his passport before sailing. No exceptions are made; passports are lifted from American tourists in transit as well as from foreigners. The Associated Steamship Lines are endeavoring to have this condition remedied as it is extremely annoying to visitors here. At other ports passengers are simply required to show their passports to the immigration official before leaving the ship. " ' - --

Page  51 I March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL adequate service in each direction and that there is no longer any good reason why this provision of the Merchant Marine Act of 1920 should not be put in force. J. F. Marias, the Far East representative of the Shipping Board, is now in Washington, attending conferences with Mr. Lasker and with Administration Senators on this legislation, in an effort to have everything in readiniess for the Presidential proclamation announcing the inclusion of the Philippine Islands in the Coastwise laws of the United States. The Ship Subsidy bill still drags its weary way in the Senate. In an effort to whip Senators from the Southern States into line, Gulf operators have been told that if the bill fails of passage, virtually all the gulf lines established by the Board will be abandoned immediately after March 4. It is these lines that are showing the heaviest losses, and Senators friendly t3 the bill feel that if it fails of passage due to Southern opposition, those responsible for its defeat should suffer the consequences. Regardless of whether or not the subsidy bill passes, Mr. Lasker has announced that he will go out office June 1, and several other members of the Board have indicated their retirement for the same date. On the 22nd, Congress voted another fifty million dollars to tide the Shipping Board over the year 1923, this sum representing the amount estimated as necessary for operations in addition to revenues received from all sources. The second week of the month witnessed the formation of the Pacific Westbound Conference, all lines operating to the Orient having reached a complete agreement, and all having deposited with the Secretary a bond for $25,000 as an evidence of their good faith and as a guarantee to maintain Conference rates. The Atlantic Far East Conference has joined with them to maintain stable rates, and it may now be safely stated that rates from both coasts are stabilized, until the end of the present year at least. The rates agreed on show an advance of about 20 per cent and are still very low in comparison with present operating costs. The giant Minnesota, for so many years years a favorite vessel with residsgajf.. the Islands, has just come to an ignoble end. January 15 she was sold to a wrecking concern for breaking-up purposes. The figure at which she was disposed of was not made public. lb.s: l I II DOLLAR LINES REGULAR SERVICE Manila to New York via Suez Manila to Vancouver and San Francisco 406 Chaco Building Telephone 2094 I r MANILA SEATTLE VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Leaves Arrives Manila Seattle S.S. PRESIDENT GRANT ------ Mar. 7 Mar. 30 S. S. PRESIDENT MADISON - - - - - Mar. 19 Apr. 11 S. S. PRESIDENT McKINLEY - - - - - Mar 31 Apr. 23 S.S. PRESIDENT JACKSON- - - - - - Apr. 12 May 5 S. S. PRESIDENT JEFFERSON - - - - - Apr. 24 May 17 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS ENROUTE OPERATED FOR ACCOUNT OF U. S. SHIPPING BOARD BY THE ADMIRAL LINE MANAGING AGENTS PHONE 2440 24 DAVID. II - I ---------- --— --- —---- ---- ----— - — ---- -- — — — NEW JAVA SUGAR MILL j The Netherlands East Indian government has entered into a cooperative arrangement with the Anglo-Dutch Estates Agencies (Ltd.), of Soerabaya, for the irrigation of about 19,000 acres of land in central Java. This project will involve the construction of a dam and appropriate irrigation canals. When the project is completed, the land is to be used for sugar cane; and it is anticipated that the above corporation will install one or more sugar mills in time to handle the crops as they become available. It is expected that this project will require three years for its completion. (Consul Parker W. Buhrman, Soerabaya, September 21.) H. R. ANDREAS MANILA, P. I. EXPORTER AND IMPORTER PHILIPPINE LUMBER -AUSTRALIAN COAL BRICK SUGAR COPRA H. R. ANDREAS 306 MASONIC TEMPLE MANILA, P. I. P. 0. BOX 1483 PHONE 269 Cable Address: "ANDREAS" Code: "Bentley's-Private" IL-

Page  52 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923." CHAMBER NOTES I --- AM ' i I Following the luncheon in honor of the British Asiatic Fleet officers on February 21. an invitation was received Friday forenoon, February 23, from Admiral Sir Arthur G. Leveson and his fellow officers addressed to the members of the Chamber of Commerce for a tea d.nsant on H. M. S. Hawkins that afternoon from 3:30 to 6:00. Due to the limited time left for sending out notifications, it was impossible to notify more than a small number of members. As the Fleet left Manila within the next 24 hours, it was impossible to arrange a different date, so that the attendance at the function was not as large as it would have been had there been more time to make arrangements. Those who attended enjoyed the hospitality of the British officers on the broad decks of the flagship. Admiral Sir Arthur Leveson and Lady Leveson received the guests. The rooms of the Chamber were the scene of two gatherings of sons and daughters of different States of the Union during the past month. On January 29, the Kansans held a banquet to which about 75 Jay Hawkers sat down, and on February 22, Washington's Birthday, 50 scions of the Hawkeye State, Iowa, foregathered around the festive board. The menus were typical of the respective States and an ex I I _. --- — P 0 R T A B L E R E V 0 L V A T 0 R I I I I I tremely good time was enjoyed by all who attended the gathering. It is expected that ether State representatives in the Philippines will follow suit and gather their clans at the Chamber for similar get-together occasions. Active Member John R. Wilson was in town the latter part of February for about a week, returning to the Southern Islands, where he is in charge of large sugar interests. Active Member J. P. Heilbronn and Mrs. Heilbronn left on a round-the-world trip by the Cunard liner Laconia. Associate Member Bruce J. Miles, who has been residing in Shanghai for the past year, passed through Manila last month en route to Australia with his family. Associate Member Oscar F. Campbell left for the United States via Europe the first part of February. He expects to be gone several months. Associate Member Joseph H. Alley of Cebu, where he is on the staff of the Visayan Refining Corporation, was in Manila during the visit of the Shrine party. He was accompanied by Mrs. Alley. Associate Member D. D. Andrews of the Syndicate Mining Company, Aroroy, was in Manila during the Carnival. Associate Member Paul A. Gulick of Baguio was a visitor at the Chamber, the middle of February, having come down on a business trip. He predicts a brilliant season at the mountain capital. Associate Member Fred J. Legare of Zamboanga passed through Manila en route to Iloilo the latter part of February. He is on the staff of the Bureau of Public Works. Associate Member H. Lyon of Amugis, Tayabas, was in town for a brief visit during the last days of February. Associate Member Gordon Johnston, of the Governor General's staff, left on an inspection trip through the Mountain Province. He will be absent about one month. Associate Member B. H. Berkenkotter of Mabalacat, Pampange, was in town for a few days during February, on business. Associate Member Percy A. Hill of Muioz, Nueva Ecija, was a visitor at the Chamber the last week in February. Associate Member Philip Levy made a trip to the China Coast during February and left Manila for the United States on March 2. He will be engaged in business in New York and Boston. Associate Member A. G. Yankey of Iloilo was in Manila during the Carnival on business and pleasure combined. Associate Member L. W. Thurlow left for the United States on a business trip of several months' duration. Over 100 different publications, including several trade papers, are on file in the reading room. It will pay members to consult the files, which are being neglected more than they should be. By the way, ONE OF THESE Portable Elevators WITH Revolving Base WILL SAVE ITS COST IN LABOR LAND DOUBLE YOUR BODEGA CAPACITY ONE MAN WITH ONE HELPER CAN EASILY HANDLE CASES WEIGHING UP TO ONE TON (1000 KILOS) MACLEOD & COMPANY, Inc. cMVANILA CEBU VIGAN ILOILO! I It

Page  53 March, 1923 THE AME. the reading room and lounge is one of the coolest spots in Manila during the noon hour. Some of the siesta chairs are still unpreempted. Several members of the Chamber are planning on visiting the United States during the next month. It has been suggested that they go at or about the same time and form a sort of an unofficial delegation of the American Chamber of Commerce. The Board of Directors have found the library and lounge such a cool and comfortable place that they have been holding all their recent meetings there instead of in the regular directors' room. Our new steward, H. I. Mozingo, otherwise known as Secretary of the American Chamber of Commerce, is serving up some fine chow at luncheon and as a result the restaurant is making a better showing than it has made in months. The Manila Trading and Supply Company is transferring the bare plot on the river side of the Chamber building into a veritable garden spot. Thanks. This will make the surroundings much more attractive and, incidentally, help business. The Speakers' Committee is keeping up its good work and the Wednesday luncheons are being looked forward to with keen pleasure by the members. They are almost invariably the occasion for interesting discussions or brilliant addresses. Senator J. S'oat Fassett brought out record a.tendances at both gatherings last month at which he was the principal orator. Members will be interested in the following letter from A. E. Pradillo, Secretary of the Foreign Trade Bureau of the New Orleans Association of Commerce: "You will oblige us by bringing to the attention of your members our readiness to assist them in matters related to the development of their business with New Orleans. "We also extend our service in advertising and demonstrating the advantage of shipping through New Orleans when dealing with interior markets such as Cincinnati, Detroit, Chicago, St. Louis, Kansas City and Denver, as the past has shown that by routing shipments via other outlets your members have not profited by the lower combination through rate via New Orleans. "If any of your members intend to visit us and advise us to that effect, preferably through you, we will arrange to meet tL e..l. upon their arrival, and our organization will be at their command. We reimburse direct round trip fare to foreign merchants purchasing $5,000 and over from our members. "Our Association is composed of 5,000 of the leading business men of the community, and we can make the most advantageous connections. We will cheerfully give any information as to markets, customs and accommodations." RICAN CHAMBER OF COMMERCE JOURNAL 25 publish manuals containing the best current practices for various trades. While the larger American corporations that have had years of experience in exporting do, in the main, use excellent methods of packing, the continued addition of new names to the list of American exporters justifies an extensive educational campaign. Companies starting in foreign trade too frequently use domestic packing methods with disastrous results. The cooperation of exporters, American steamship companies, marine insurance underwriters, scientific bodies such as the Forest Products Laboratory and the American Society for Testing Materials, is assured. In addition, the container manufacturers of the country, makers of boxstrapping machines and of paper used for protective purposes, will be asked to help in the work. Unsolicited suggestions based on actual experience will prove helpful. The bureau feels that from the national viewpoint it is necessary to eliminate waste in the conduct of our foreign trade. Inefficient packing for export is wasteful in a material sense, discourages the new exporter, and loses the good will of the foreign customer. The work of assembling and coordinating this information has been placed in charge of Mr. John F. Keeley, Assistant Chief of the Transportation Division, who has had a wide experience in this field. DUTCH INDIES DIRECTORY An extensive directory of the Netherlands Indies has been published by the Dutch government and a few copies may be obtained from the Netherlands Consul General in Manila, P. K. A. Meerkamp van Embden. The price is 7 guilders a copy. I I I I ~ ~ ~ -- --- - -. p90CISH CASH UNDERWOOD PORTABLE Fits any job, anywhere, any time! cA typewriter that is almost as convenient as a fountain pen. Light, compact and as efficient The as the large Underwood. Takes commercial Machine size paper and envelopes, and can be used for making carbon copies. Spanish or English keyYou board, 26 keys and two shifts, giving 84 characters in all. Will The material and workmanship that go into Eventually this Underwood portable are the same as those which have made the Underwood Standard the Carry prize-winner in every International Typewriting Contest for the past 17 years. Smith, Bell & Co., Inc. Sole Agents for the Underwood Typewriter Co. of N. Y. HONGKONG & SHANGHAI BANK BLDG. FOURTH FLOOR-PHONE 810 I INVESTIGATING METHODS OF EXPORT PACKING The subcommittee of the House Committee on Merchant Marine and Fisheries, in investigating the pilferage question last year, decided that an important way in which this evil can be reduced is through better methods of packing for export. The subcommittee asked the Bureau of Foreign and Domestic Commerce to investigate the methods of export packing in use and to i ffi = - I

Page  54 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 I Current Decisions of the Supreme Court of the Philippine Islands Relating to Commerce and Industry Edited by Attorney E. E. SELPH, General Counsel, American Chamber of Commerce LANDLORD AND TENANT. Landlord and Tenant; Eminent Domain. -A landlord is not responsible for his tenant's eviction through condemnation proceedings and cannot be held liable in damages therefor, but the tenant must look to the plaintiff in the proceedings for his compensation. Claro Sayo vs. The Manila Railroad Company. XX Off. Gaz., p. 2459, November 9, 1922. LIEN OF VENDOR AND REPAIRMAN. Possession; Right to Retain by Vendor or by Person Making Repairs.-B sold M L When you pourDairymen's League Evaporated Milkfrom thecan, notice the true cream color. And when you taste it-the "creamy milk" flavor. Mak X a point of telling your grocer you want Dairymen's League Brand. DAIR EN'S.4perctlvf Aociacidoa. Ilc. Utia. N.Y. -I i I I I I I an auto-truck paying a portion of the purchase money in cash and giving a series of promissory notes for the remainder, secured by a chattel mortgage on the truck and with the provision that default in the payment of one of the notes would render the other notes immediately due and payable, and that any payment made by the vendee whether upon the notes or for repairs or accessories might be applied, to either account at the option of the vendor. The truck was afterwards brought to the vendor's shop for repairs and the vendor retained possession of it, claiming that the vendee was in default in the payment of the purchase price. The vendee admits that some money was due but maintains that it was due on the repair account and not on the notes. Held: That it was immaterial whether the money was due on the notes given for the purchase price or upon the account for the repairs of the truck as in either event the vendor would have the right to retain the truck until the amount due was paid or payment tendered. The Bachrach Motor Co., Inc. vs. Teofilo Mendoza. XX Off. Gaz., p. 2439, November 7, 1922. CONTRACT; TIME OF FULFILMENT; MEASURE OF DAMAGES. The defendant entered into a contract with Siuliong & Co., assigner of the plaintiff Siuliong & Co. Inc., by which the defendant promised to deliver 1,000 piculs of muscovado sugar of the class and at the price stipulated in the contract. Such delivery was to be made during the months of February and March, 1920. The contract clearly fixes the time for the delivery of the sugar, and, therefore, no further demand or notice by the plaintiff on the defendant was necessary. The plaintiff, nevertheless, made a demand on the defendant for the delivery of the sugar according to the contract, but the defendant entirely failed to do so. The plaintiff suffered damages represented by the difference between the contract price and the amount for which the sugar would have been sold in the market during the months of February and March, 1920, which difference, according to the evidence, is V15 per picul. The measure of damages adopted by the court below is according to law. To allow a party to reserve certain evidence and to present additional proofs are purely discretionary acts of the court, which, in this case, cannot be overruled, because as it appears from the proceedings, there was no abuse of discretion nor was any substantial right prejudiced. Siulion & Co., Inc. vs. Pedro Ylagan. XX Off. Gaz., p. 2502, November 14, 1922. INTERNAL REVENUE; RULES AND REGULATIONS FOR CLASSIFICATION, MARKING AND PACKING OF TOBACCO. 1. Presumption.-There is a legal presumption that any law enacted by the Legislature is valid. 2. Duty of Court.-It is the duty of the court to sustain the constitutionality of a legislature act when it can be done without violating some express provision of the Organic Law. I SECURE YOUR BANK CREDITS ---- -- BY LIFE INSURANCE POLICY IN THE WEST COAST LIFE INSURANCE CO. It will facilitate business, and protect both your bankers and yourselves. J. NORTHCOTT Co., Inc. GENERAL AGENTS MANILA 3. General Rule.-As a general rule, the courts will not pass upon the constitutionality of a law unless it is necessary to the decision. 4. Limitation of Power.-Under clause (a), section 6, of Act No. 2613, of the Philippine Legislature, the authority of the Collector of Internal Revenue to make rules and regulations is specified and defined to the making of rules and regulations for the classification, marking and packing of leaf of manufactured tobacco of good quality and the handling of it under sanitary conditions. 5. Standard not Defined.-The act in in question does not define the standard or the type of leaf or manufactured tobacco which may be exported to the United States, or how or upon what basis the Collector of Internal Revenue should fix or determine the standard. 6. Power Conferred.-The authority to make rules and regulations is limited and -I Sold by all leading groceries Juan Ysmael & Co., Incorporated SOLE AGENTS 348 Echague Manila Tel. 2154 Branches: Iloilo; Cebu.. ~~~~~~~~~~~~~.!!L - =

Page  55 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL defined by the legislative act to the making of general and local rules for the classification, marking, packing, and the type of tobacco which may be exported to the United States, and it is not confined or limited to tobacco produced in the Provinces of Cagayan, Isabela, or Nueva Vizcaya, or any other province. 7. Cannot Discriminate.-Neither the Collector of Internal Revenue nor the Legislature has any power to discriminate in favor of one province against another in the production of tobacco, or any other product. 8. Test of Constitutionality.-The constitutionality of a law is not tested by what has been done, but it is tested by what can or may be done under the law. Walter E. Olsen & Co., Inc. vs. Vicente Aldanese, as Collector of Customs, and W. Trinidad, as Collector of Internal Revenue. XX Off. Gaz., p. 2697, November 25, 1922. A TRIP THROUGH THE SOUTHERN ISLAND (Concluded from page 6) a benefit the introduction of modern machines has meant to the planters. The machines are very simple and it is marvelous how quickly and cheaply fiber can be cleaned by this method. Davao is but a small village made up of two main streets, one commercial and one residential. Tho surrounding country is partly swampy ground; but as this is regularly flushed by the tide, it is not a breeding place for mosquitoes, and health conditions are good. The port of Davao is called Santa Ana and is about a mile distant from the village proper. Here are located the warehouses and the various pressing establishments. WOULD MAKE DAVAO OPEN PORT There is really not one good port in the whole Gulf, for about three to four months during the year a very strong northeast monsoon blows steadily, which makes loading and unloading at the various plantations difficult and slow, as this must all be done by means of ships' boats. The pier at Santa Ana, constructed of native hardwood piles and timbers, was completed about a year ago and, considering ordinary wear and tear, should be good for three years more. At low tide there are only sixteen feet of water at the end of the pier, which will prevent large ocean-going vessels from coming alongside. We all recall that the Shipping Board freighter Dewey loaded at Santa Ana and after a good deal of delay managed to take on about 4,000 bales of hemp. However, the vessel was loaded under difficulties; but with certain improvements, steamers of the same size should be able to take on cargo as cheaply and as quickly as right here in Manila. Davao should be made an open port as soon as possible. Immediate steps should be taken to improve port facilities so as to permit large steamers to call there. That means an extension of the present pier, orwhat would be much better-the construction of a concrete pier. Very little dredging would be required. Surely those Americans who have spent the best part of their lives in that isolated district and have given the best that is in them, are entitled to some consideration on the part of the government, and at a time when the future outlook is more promising than it has ever been beforem Zamboanga should not be favored at the expense of Davao. There is room for both. Direct shipment from Davao would not seriously interfere with interisAand shipping. There is plenty of cargo which must be shipped south, and even with a monthly direct steamer there would be sufficient produce left to fill tonnage now employed in the inter-island trade. I ~I - I ------------ a l SUKIYAKI DINNER Tea and luncheon, Sukiyaki dinners or special Japanese menus specially prepared for larger parties. Private rooms, cool, clean, comfortable and out of the ordinary. cA touch of Japanese novelty to take you out of the humdrum of daily monotony. EYGETSU RESTAURANT 861 R. Hidalgo Y. YAMAGUCHI, Proprietor Phone 5059 IJ --- _ --- —— I - j Advertisers COMPARE THE BUYING POWER OF OUR READERS WITH THE BUYING POWER OF READERS OF OTHER LOCAL PUBLICATIONS. I I I i i i i I -— ------ ----- -—.-rr ____ r No Dark Brown Taste In The Brown Label Trio! In Alhambra cigars you get the full enjoyment of every puff together with the knowledge that there will be no unpleasant after-taste. Properly cured tobacco is sterilized before making and after being boxed. This is the secret of the goodness of an I 11 _.. ---------------

Page  56 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 Shows Value of Tropical Products I.. The fo lowing letter, dated Mabatobato, Pili, Camarines Sur, Dec. 3, 1922, was received by Director of Forestry Arthur F. Fischer and was given to the Journal by Mr. Fischer because the figures contained in it indicate the great dependence of the United States on tropical products: "While eating a pansit the other day in a Chinese restaurant in Naga, I was looking over an old, ragged copy of The National Provisioner (Chicago, March 25, 1922) and ran across the following article which I thought might be of interest to you as a propagandist for P. I. products. It is another specific instance of your theme of the dependence of the U. S. on tropical products I forgot to note the title of the article, but copied the whole text and table verbatim: A total of 341,935,685 lbs.. of various materials entered into the manufacture of 281,081,514 lbs. of oleomargarine during the fiscal year ending June 30, 1921, according to the report of the commissioner of Internal Revenue. The difference of 60,874,174 lbs. between the amount of oleomargarine manufactured and the amount of materials used is chiefly accounted for by the expulsion from the finished oleomargarine of the moisture content of the milk consumed. The kinds and amounts of the various materials used during the fiscal year are given in the tabulation below: Name of material Weight in Ibs. Coconut oil............ 103,111,916 Milk.................. 79,715,584 Oleo oil............... 49,675,749 Neutral oil............ 29,267,960 Salt................... 25,365,499 Cotton seed oil......... 18,532,850 Peanut oil............. 16,332,498 Vegetable oil.......... 6,659,034 Oleo stearine.......... 4,857,972 Oleo stock............. 2,065,231 Buttter................ 1,498,625 Corn oil............... 925,999 Soy bean oil........... 461,129 Edible tallow.......... 233,227 Mustard seed oil....... 109,748 Coloring............... 25,915 Miscellaneous.......... 3,216,742 TOTAL.......... 341,955,;688 "Note that we produce here coconut oil, could produce peanut and soy bean oil, and that kapok seed oil, which we could also produce, would probably also be utilizable in the margarine industry. "Sincerely yours, "(Sgd.) E. E. SCHNEIDER. "P. S.-Allow me to suggest that the Bureau of Agriculture and of Commerce and Industry might be interested in these statistics." If _._ _I I '. IS 1I SCHEDULE OF MEETINGS 11. I CHINA BANKING CORPORATION Incorporated under the laws of the Philippine Islands 90 ROSARIO Authorized Capital - T 10,000,000 Paid-up Capital and Reserve, over - - 5,000,000 Offers its services to all reputable importers and exporters. We intend to foster business of this nature in every possible way and are in an exceptionally favorable position to do so. Our terms for financing imports and exports are liberal consistent with safety. Before buying or selling your exchange let us quote and convince you that our rates are usually the best offering. E. E. WING, Manager. I 11 Monday, March 12, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, March 13, 1:00, p. mn.: Regular meeting of Hemp Section. Tuesday, March 13, 4:00, p. m.: Regular meeting, Board of Directors. Wednesday, March 14, 1:00, p. m.: Regular meeting, Active and Associate members. Monday, March 19, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, March 20, 4:00 p. m.: Regular meeting, Board of Directors. Monday, March 26, 1:00, p. m.: Regular meeting, Builders' Section. Tuesday, March 27, 1:00 p. m.: Regular meeting, Hemp Section. Tuesday, March 27, 4:00, p. m.: Regular meeting, Board of Directors. Wednesday, March 28, 1:00, I. m.: Regular meeting, Active and Associate members. Monday April 2, 1:00, p. mn.: Regular meeting, Builders' Section. Tuesday, April 3, 4:00 p. mn.: Regular meeting, Board of Directors. Thursday, April 5, 5:00: p. m. Regular meeting, Embroidery Section. WITH THE CHAMBER'S SPECIAL SECTIONS HEMP SECTION A regular meeting of the Hemp Section was held at the rooms of the Chamber on Tuesday, February 13. Those present were Macleod & Company (H. Forst), International Harvester Company (J. C. Patty), Capt. H. L. Heath, Tubbs Cordage Company (H. L. Heath), Portland Cordage Company (H. L. Heath), Pacific Commer il I CABLE ADDRESS: "GASKELLINC" P. 0. Box 1608 Office Tel. No. 2425 CODES: WESTERN UNION BENTLEY'S A. B. C. 5TH EDITION PRIVATE CODES E. Gaskell & Co., Inc. CUSTOMS BROKERS RECEIVING & FORWARDING AGENTS LAND & WATER TRANSPORTATION Bonded & Public Warehousing 103 Juan Luna OFFICES: Tel: 2425-2426 Pier Tel: 2427 21, 29, 35 & 41 BODEGAS: Barraca St. Tel: 2424 IN THE HEART OF THE COMMERCIAL AND FINANCIAL METROPOLIS. I - - I I

Page  57 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 cial Company (L. J. Francisco), Columbian Rope Company (H. H. Boyle), Hanson & Orth (M. M. Saleeby), and A. J. Brazee. Mr. Boyle made a verbal report on interisland freight rates, stating that accomodations on inter-island steamers were very poor and that companies were giving rebates to shippers of from 15% to 25%, in violation of law, and that both matters should be taken up and remedied if possible. It was moved, seconded and passed "that the report of Mr. Boyle, as a committee of one on the reduction of inter-island freight rates, be accepted and the committee discharged with thanks." Mr. Saleeby reported that he has been told that hemp plants around Silang, Cavite, had been dying either from drought or disease and that the matter should be investigated. The following resolution was passed: "That it is the sense of the Hemp Section of the American Chamber of Commerce that the disease reported to be affecting hemp plants in the province of Cavite, particularly in the vicinity of Silang, should be given immediate attention by the Bureaus of Agriculture and Science, and that an expert micologist be sent immediately to the district for the purpose of investigating and reporting upon what he finds." On motion of Capt. Heath, duly seconded, a resolution was passed to call the attention of the Governor General to the fact that rebates still exist in inter-island shipping and to ask that the matter be taken up. TRADE OPPORTUNITIES No. 32. An affiliate member of the Chamber, residing near Gandaxa, Samar, desires to raise some capital on valuable farming land covered by Torrens title. He also desires to communicate with someone interested in buying hemp in the Gandara valley from whom he might secure an agency to sell merchandise and buy hemp. No. 33. A brokerage firm in Seattle desires to connect with someone in Manila engaged in the importation of apples and other Pacific coast products, and exporting copra cake and coconut oil. No. 34. A chemical company, manufacturing chemists, of San Francisco, desires to get in touch with a Manila firm willing to secure the exclusive Manila agency for their products. Further particulars can be obtained from the Secretary, American Chamber of Commerce, Manila. If I II BUSINESS AND PROFESSIONAL DIRECTORY B. A. GREEN REAL ESTATE Improved and Unimproved City, Suburban and Provincial Properties Expert valuation, appraisement and reports on real estate Telephone 507 34 Escolta Cable Address: "BAG" Manila Manila Philippine Islands Philippine Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce. STORES AND OFFICES Calle Echague, Manila, P. I. WANTED TEN progressive merchants in non-competing lines who wish un usual advertising service to communicate with BRAUN & ROSEDALE EFFECTIVE ADVERTISING American Chamber of Commerce Building Phone 1204 14 T. Pinpin Derham Building Phone 1819 Manila P. 0. Box 2103 Morton & Ericksen Surveyors AMERICAN BUREAU OF SHIPPING MARINE AND CARGO SURVEYORS SWORN MEASURES REMOVAL NOTICE We beg to announce that the Sail-loft of E. VALMAS-SAILMAK&R.i -i o w located at 21 Calle David, opposite Roxas Building. Our telephone number (2618) will remain the same. E. VALMAS Sailmaker. W. W. LARKIN Member American Institute of Accountants Cable Address-' 'Clarlar." Masonic Temple, Manila. Ildefonso Tionloc CUSTOMS BROKER & FORWARDING AGENT 120 Dasmarifias, Bdo. Tel. 447 Room 3 1572 - HANSON & ORTH BUYERS AND EXPORTERS of Hemp and Other Fibers 301-305 Pacific Bldg. Telephone 1840 RIEHL & SALOMON ENGINEERS & SURVEYORS DEPUTY MINERAL SURVEYORS SURVEYS Subdivision, Torrens Title, Topographic, Railroad, Irrigation, Drainage, HydroElectric Development 309 Masonic Temple Phone 1039 Telephone 1669 P. 0. Box 1431 Hashim-Franklin Car Co. Hashim Bldg. 883-885 Rizal Ave. AUTOMOBILE ACCESSORIES, SUPPLIES AND REPAIRS MADRIGAL & CO. 113-121 Muelle de Binondo, Manila COAL CONTRACTORS and COCONUT OIL MANUFACTURERS MILL LOCATED AT CEBU MANGOSTEENS PRESERVED Manufactured by GUAN JOO JOLO For Sale at M. Y. SAN & CO. Hours: 9-12, 3-6 Tel. 557 A. M. LOUIS X-RAY LABORATORY 305 Roxas Bldg., Manila, P. I. Escolta, Corner Calle David 69 Escolta Manila, P. I. - — ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Page  58 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL March, 1923 WITH THE BOARD OF DIRECTORS. _ I Tuesday, January 30, 1923. Present: Directors Elser, Gaches, Green, Heath, McCoy, Pond, Rois, Rosenstock andl Russell. Alternate Directors Pond and McCoy were designated to fill the vacancies caused by the absence of Directors Cotterman and Feldstein, respectively. Mr. Cotterman, Mr. Elser, Mr. Gaches and Mr. Mozingo were unanimously reelected President, Vice President, Treasurer and Secretary, respectively, of the Chamber. Application for Associate membership of Samuel E. Kane was approved. Resignations of Associate Members H. E. Marchant and A. T. Sylvester were accepted. Referendum No. 40 of the Chamber of Commerce of the United States, on the subject of Education, was referred to a special committee to be appointed by Mr. Rosenstock, chairman. A letter from Trade Commissioner John A. Fowler expressing his appreciation to the Board for extending him the courtesies of the Chamber was read and placed on file. The Board decided to renew the Chamber's membership in the Chamber of Commerce of the United States for 1923. The Federal Income tax for 1918, 1919 and 1920 was discussed and it was decided to lay the matter on the table for the present pending an opinion by the General Counsel as to the date when claims for taxes become outlawed. It was also decided to notify Mr. Cotterman of his election as President and that he be requested to confer with counsel in Washington with regard to the income tax law, his reply to be sent by cable. The Secretary was instructed to send to each member of the Board copies of correspondence between high Washington officials in regard to making Manila a real center of Government enterprise in the Orient, for study. An invitation to membership in the International Chamber of Commerce was declined on the ground that the United States Chamber of Commerce will represent this Chamber in the International body. In reply to a request for information, the Secretary was instructed to notify the Governor General that there had not been any improvement in telegraphic communication between Manila and Iloilo. Tuesday, February 6, 1923. Present: Directors Elser, Gaches, Green, Heath, Pond, Reis, Rosenstock and Russell. General Counsel Selph appeared before the Board and gave his opinion on the Federal income tax situation.. Action was deferred pending the receipt of more definite information from President Cotterman. Mr. Rosenstock, head of the special committee, recommended that the Chamber take no action on Referendum No. 40 of the U. S. Chamber of commerce, in view of the fact that this Chamber's vote could not reach Washington in time to be counted. The matter was laid on the table. Resolutions of the First Pan-Pacific Commercial Conference at Honolulu were discussed and the matter was laid on the table. The correspondence with regard to making Manila a real center of Government enterprise in the Orient was discussed and the Secretary was instructed to express the Chamber's appreciation, approval and continued interest in the subject. Director Russell was appointed a committee of one to confer with the Manila Chamber of Commerce regarding plans for the entertainment of the British Asiatic Fleet. Director Heath was placed in full charge of the business and administration of the Chamber Journal. A letter from Director Pond to the Senate Finance Committee requesting a reconsideration of the proposed bill increasing the merchant's sales tax to 1 1/2 per cent, was ratified. Tuesday, February 13, 1923. Present: Directors Elser, Gaches, Green, Heath, Pond, McCoy, Reis and Rosenstock. Applications for Associate membership of Bishop Charles E. Locke and R. C. Morton were approved. Bills for the month of January aggregating P8,357.61, approved by the Finance and Auditing Committee, were approved for payment. A letter from F. L. Bateman of Chicago to E. A. Perkins in regard to giving wider publicity to the Islands in the United States so as to attract more tourists to the Islands, was read and discussed. A letter from the Committee on Industrial Relations of the U. S. Chamber of Commerce with reference to obtaining information regarding methods used in different industries to promote cordial relations between employers and employees, was read and placed on file. Letters from the Secretary of the Firestone Tire and Rubber Company and Maj. H. F. Cameron with regard to development of the rubber industry in the Islands were presented and discussed. It was the opinion of the Board that the 20 year lease proposed in a bill pending in the Philippine Legislature was too short, and Directors Gaches and Pond were appointed a committee to take up the matter with the Governor General and Senate President Quezon. On request of the Hemp Section, the following resolution was passed. "That the Governor General be advised that the American Chamber of Commerce is cognizant of rebates being paid to shippers on inter-island steamers which are extremely detrimental to business and ask him to force through some measure which will create penalties for giving these rebates." A letter from R. S. Van Valkenburgh of Iloilo calling attention, to the plight of a sick and indigent American in that citv. was read and discussed. Appropriate action was taken. A letter from Thomas Cook & Son in regard to any arrangement that may be made to entertain the passengers of the Samaria, due here on April 1, was read and discussed. A resolution of the Hemp Section calling for a scientific investigation of the disease affecting hemp plants in the province of Cavite was passed, and copies were ordered sent to the Bureaus of Science and Agriculture. It was decided to entertain the officers of tVe British Asiatic Fleet at luncheon on Wednesday, February 21, the expense to be apportioned among the resident Active members up to an individual limit of P5.00. Tuesday, February 20, 1923. Present: Directors Elser, Gaches, Green, Heath, Pond, McCoy, Reis, Rosenstock and Russell. A. L. Ammen appeared before the Board and read a communication written by him on behalf of several transportation companies protesting against the proposed Public Utility bill. In this connection the report of the Committee appointed by the the Acting President to study the measure, at the request of the Governor General, was also discussed. A motion was adopted to the effect "that the report of the Cimnrittee be received, accepted and adopted as the sense of the Board of Directors and that the action of the President in forwarding it to the Governor General be approved; and that a further recomendation be submitted to the Governor General that action on the Public Utilities bill be postponed until the next meeting of the Legislature." The following resolution was passed: "That the action of the Governor General in submitting at this time proposed legislation on the establishment of an agricultural bank, so as to give the public full opportunity to study and comment upon it, is given approval, and suggesting that all proposed bills in the future be published as far as possible." A suggestion that this Chamber entertain jointly with the Philippine Chamber of Commerce, cooperating with the French Chamber of Commerce, the French Economic Commission due to arrive in Manila, was discussed and the matter turned over to the Entertainment committee for such action as it may see fit to take. A letter from the Secretary to the Governor General with reference to rebates being paid to shippers on inter-island vessels was discussed and-ordered filed. A letter from the Governor General requesting consideration and suggestive comment on the financial legislation of last I I 'We PHILIPPINE GUARANTY COMPANY, INC. (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance ow rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instalments at ow interest Call or write for particulars Room 403, Filipinas Bldg. P. 0. Box 128 Manila, P. I. Manager's TeL 2110 Main Office Tel. 441 I I -1

Page  59 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 year which re-established the Treasury Certificate and Gold Standard funds, was read and a copy was ordered sent to each member of the Board, for study. A letter from the Bachrach Motor Company protesting against the present terma for leases on the Port Area was read and discussed. The Secretary was instructee to advise Mr. Bachrach that the matter will be taken up in the proper manner before the next session of the Philippine Legislature. Mr. Gaches reported for the committee appointed for the purpose of seeing the Governor General and Mr. Quezon in rcgard to the pending bill for the setting veside of forest reserves for reforestation by means of camphor, rubber, quinine and other species of trees. Tuesday, February 27, 1923. Present: Directors Elser, Gaches, Green, Heath, Pond, Reis, Rosenstock and Russell. A letter from Morton I. Netzorg pointing out the shortcomings of Act 2427 with respect to the attachability of the cash surrender values of life insurance policies, was discussed. A resolution was adopted favoring an amendment to the law so as to exempt from attachment the cash surrende'r value of a life insurance policy in favor of the beneficiary. Mr. Rosenstock was appointed a committee of one to take the matter up with the General Counsel and report back on it to the Board. A letter from the Mayor of Manila enclosing for comment a copy of the proposed ordinance on smoke prevention was referred to the Bui'lders' Section for action. The letter of the Governor General with regard to last year's financial legislation, presented at the last meeting, was referred to a committee) composed of Directors Heath, Pond and Russell for report and recommendation. A letter from the Public Utility Cornmnissiond'r ~reqt~aing tha* jne Chaniber present such evidence as it may have with reference to rebates being paid to shippers on inter-island steamers, at a hearing on the afternoon of February 23, was presented to the Board by the President, who explained that, being unable to get anyone to represent the Chamber, hi e appeared before the Commissioner and explained the situation, saying that we had no evidence to present and were only cognizant of the fact that rebates were being paid and that not sufficient time had been granted to submit evidence, etc. He. also stated that the Commissioner had said he would keep the matter in abeyance until the Chamber wished to take it up and present evidence. STATISTICAL REVIEW CONSOLIDATED BANK REPORTS, NOVEMBER 1922-JANUARY 1923. By BEN F. WRIGHT, Speciel Rank Examinser week ending week endang Week ending Week ending Week ending Week endilng Week ending Week ending Week ending Dec. 23 Dec. 29 Jan. 6 Jan. 13 Jan. 2 0 Jan. 27 Feb. 3 Feb. 10 Feb. 17 1. Loans, discount and overdrafts........ 1*167,795,719 P161,379.938 P161,981,934 P161,363,109 P165,442,907 P165,888,342 P165,510,807 IP165,859,864 P-165,189,187 2. Investments........ 2t,704,553 20,967,629 20,79t,800 19,187,450 20,980,570 20,031,28t 20,278,344 24,892,102 26,293,173 3. Due from banks, agencies and branches in the P. I..... 237.012,043 35,908,816 36,513,868 36,674,068 36,874,911 36.828.105 37,484,763 38,599,912 38,913,216 4. Due from head office..... 3,9 55,9 85 2,906,309 21,986,7921 3.2 18,831 3,026,820) 2,595,42 1 2,261,140 1,822,880 1,900,56)0 5. Doe from other banks..... 6492,665 8,029,172 7.230,73)) 4,981,98 1 4,896,597 5,290,581 4.828,288 4,399,595 5,245,244 6. Cash en hand: (a) Treasury certificates 1(1,441,448 10,259,758 10,609,119 11,030,435 10,826,427 10,096,587 9,752,913 9,927,669 9,164,192 (b) Other cash available f or reserve... 180,828 348,753 372,728 387,391 393,584 401,088.100,563 41,1,302 416,507 (c) Bank notes...). 34,729 1,042,072 1,261,557 1,118,174 1,443,498 55,205,772 51,657,172 54,183,990) 53,352,309 (d) Other cash..... 1,328,681 91t2,737 692,727 856,787 372,097 56,966,81)1 56,898,944 56,965,936 56.711,528 Total...... 12,885,686 52,593,320 12,936,141 13,392,787 10,035,576 35,459,718 33,820,783 35,141,922 36,863,337 7. Resources, (not a total of above items).......... 264,711,970 254,675.636 257,284,830 253,783,728 253,357,44.1 214,648,592 253,300,267 255,355,576 256,093.088 8. Demand deposits..11... 0,875,084 59,420(019 5 9,609,51)8 57,719,431 55,990.771 55,205,772 54,657,172 54,183,990 53.352,309 9. Time deposits........ 511924,57:) 57,197,736 57.422,11:19 56,990,469 56,930,418 56,966,891 56,898.944 56,965,936 56,711,528 10. Due to head office.....:1 5,694,876 34,478,63 1 34,685,548 340,414,454 35,537,559 35,459,718 33,830,783 35,141,922 36,863,337 11. Due to banks, agencies and branches in the P. I... 3,859,560 3,803,604 3.736,917 3,620,450 3,790,104 4,004,869 3,688,460 3,632,858 3,452,942 12. Due to other banks..... 5,812,077 6,565,997 6,854,602 5,456,651 6,525,935 6,439,641 7,350,503 7,886,765 7,738,705 13, Exchange bought since last re~port-s-pot.. 2,96.1,418 1,858,656 2.858,125 2,740,921 2,734,946 2,721,305 3,728,577 2,754,219 3,412,059 14. Exchange sold since last' report-spot......... 3,479,872 3,651,738 3,119,563 4,766,833 3,867,717 4,400,274 3,840,711 4,611,694 5,303,672 15. Exchange bought since last -,3,6,0,6,3,7,7,2 report-future....... 6,500,2 1.1 3500).0,6,3,7,7,2 3,801,915 4,798,725 8,540,249 7,185,794 56. Exchange sold since last report-future........ 7,151,508 5,845,982 7,238,317 5,551,1 82 6,139,393 6,943,646 7,159,588 7,568,881 7,578,797 17. Debits to individual accounts since last report...... 23.204,577 21,5 13,287 34,435,840 2.1,413,824 25,953,448 22,024,36-1 21,963,456 26,449,503 27,109,239 18S. Net cirgulation........... 415,221,668 41,222,287 40,950,032 41,049,854 41,239,146 OO0VERNMENT FINANCIAL REPORT BY BEN F. WRIGHT, Special Bank Examiner January 20, 1923 January 27 February 3 February 10 February 17 EXCHANGE: 1. Sold by Treasurer on N.Y., O/D -------------- -— None ~ --- —-------- ------------ ------------- --—. ------- 2.T T - - -- - - - - - -- - - - - -- - - N n -— T-N on- - - - - -- - - - - -- - - - — e — - - - -- - - - - - -- - - - - -- - - - - - 3. " " M anila, T /T --- —--- -------- None ------------ ----------- --------------------- CIRCULATION: 4. Government(a) Philippine Coins -. ------------------— P19,672,938.106) P19,540,256.661 P19,631,152,73' P19,633,625,561 P19,652.207.291 (b) Treasure Certificates ----------- ---— 39,728.961.96 34,622,96i1.00 35,826,933.99 36,581,038.00 3e.581,08.eoo 5. Bank Nts41,258,768.90 41,224,444.76 41,392,269.20 41,241,482.00 41,265,424.66 Total Circulation. ----. --- —------------ 96,660,268.001 95,487,661.36l1 96,649.454.93l2 97,456,145.8612 97,498,669.8914 GOVERNMENT RESERVES: 6. Gold Standard Fund, Treasury Manila. --- —----— 3,086,754.35 3,988,313.15 3,088,044.92 3,087,419.92 3,087,663.31 7. Gold Standard Fund, New York. -8 --- —--------,190,6211.56 9,149,091.98 9,149,091.98 9,149,091.98 9,149,091.98 5. Treasury Certificate Fund, Treasury, Manila - 16,793,909.00 16,793,9096.96 16,703,909.00e 16,763,9099,00 16,793,909.00 8. Treasury Certificate Fund, New York --- —-----— 19,877,129.9O 19,877,119.96 19,877,129.00 19,877,129.96 19,877,129.66 Total Reserves --- —-----------------— P48,818,413.91 P48,818.443.13 I P48,818,174.90 P48,817,549.90 P48,517,793.29 CIRCULATION STATEMENT By M. F. AVELINO Acting Chief Accountant, Treasury Bureau. July 81, 1922 A4ugust 31, 1922 September 30, 192l October 31, 1922 November 80, 1922 Dec..91, 1922 Jan. 31., 1923 Pesos, subsidiary and mninor coins..... P2 0,4 76,746.4 1 P20.340,272.22 P20,190,259,70 P20,022,870.36'A Treasury certificates................. 35,297,007.00 35,201,537.00 37,057,306.00 35,Cf91,654.90 Bank notes: Bank of the Philippine Islands.... 9,984,037.50 8,998,982.50 8.998,777.50 8,998.567.50 Philippine National Bank....... 32,393,512.70 32,393.512.70 12,393,812.70 32,393,812.70 Total circulation................. P97,151,303.61 P96,934,303.42 P98,639,655.99 P96,506,404.56'A P19,916,12 6.6072 1,110,013.495 P19,63'5,749,245 36,489.502.00 36,038,334.00 35,257,671,00 8.978,565.00 8,998,367.50 8,999,230,00 32.512,297.50 32,223,920.90 32,393,039.20 P97,696,491.l0P98,370,655.895 69,8,89.445

Page  60 March, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL PRINCIPAL EXPORTS January, 1923January, 1922 Monthly Average for 6 Montho January, 1923 January, 1922 ~ Previous to January, 1923 Article. Quantity Value Quantity Value % Quantity Value % Sugar............................13,744,954 P*2,845,005 19,6 18,904,093 P2,336,t69 18.0 30,172,638 P4,263,759 - 26.7 Hemp.............................1 t,2777, 0't2 3,134,283 2t.6 12,025,037 2,936,t64 22.4 14,335,549 3,256,819 -20.4 Coconut Oil.t........................,59St,077 3,12~4,197 25.5 t3,288,055 4,223,089 22.2 8,934,016 2:,622,414 16.4 Copra.............................1:1,239),057 2,323,483 555.0 9,7341,734 1,627,110 12.4 14,420,994 2,350,512 14.7 Cigars (number).......................21,79)6,490 1,139,426 7.9 11,53t0,310 622,242 4.7 25,04(5,402 966,852 6.1 Embroideries.........................622,960 4.3 471,097 3.6 542,883 3.4 Leaf Tobacco.........................3795,11I1 0'9,394 15.7 77,1 73 4 6,440G 0.3 1,260,807 378,853 2.4 Maguey...........................2,010,722 315,825 22 68S9, 1 81 112,982 0.9 1,643,078 247,767 1.6 Copra Meal..........................410,523 14,758 0.1 5,712,00u 146,239 1.1 5,595,550 202,941 1.3 Lumber (cu. meters)...................... 1, 53 7 55,005 04 6 40,434 0.3 3,584 138,068 0.9 Cordage.5........................ 54,332 66,440 0.5 181 (.11 85,876 0.6 219,329 91,615 0.6 Hats (number)........................32,3 70 64,741 05 4 10 970 33,784 0-.2 32,3965 79,232 0.5 Knotted Hemp........................22,1 57 49,926 0.3 21,64-1 3. 1,494 0.2 33,125 75,370 0.5 Smoking Tobacco....................... 7,383 4,340552 328 104,525 56,246 0.4 Fruits and Nuts........................9(0,92230 3,154 44,386 0.3 Pearl Buttons (gross).49................... 1, 59 5 42,5005 It1 1t(588 14,959 0.1 45,366 3,1. All other Products.................................1_ 164,061 1.3 348,911 0.2 Total, Domestic Produc~s.................... P14,262,998 98. P12,895,588 98.3 P15,601,232 98.0 U. S. Products.......................185,795 13210,519 1.6 2 78,113 1.7 Foreign Products.....................58, 477 048,220 0.1 __51,205 0.3 Grand Total..................... P14,507,270 500.0 P*13,113,927. 100.6 P15,930,550 100.0 Note:-All quantities in Kilos except where otherwise indicated. Moiithly average Janury, 923 i~niary,1922 for 12 months January 1923 unuary 191-2 previous to Jan., 19233 Articles Cot toi Other Irona copt Whoat Crude Coal Nest Rice Machii Dairy flasoli Paper boot Iflumil Silk( Chem-i Fish Vegeta Tobac( Vegeta Electri Cattle Anton Cemen, Fruits Eggs Book matt Shoes Woolei Leathe BreedF Whe Perfun toile Oils i alte Explos Earthe C) Hatche Cars. parts autor Paints C~offee Glass Autom( India Spiritu Sugar Soap Cocos, Lubrict Hatsa Wood uf act Nuderr Auto All 01l nCloths.... Cotton Goons.. and SteelI (excepit Value C/ Value %1/ Value %10 tP34188,398 21.3t P3,929,864 31.8 P-2,867,376 21.5 1,047,789 6.4 9(50,209 7.2 989,296 7.4 Ot machinery... 1,106,820 6.7 69(5,656 5.6 929,613 7.0 tFlour....... 523,1850 3.2 391,971 3.2 481,933 3.6 Oil,......... 449,086 2.7 444,815 3.3............. 564,592 3.4:14(0,853 2.8g 417,447 3,1 Products..... 289,444 1.8 338,59(5 2.7 385,262 29............. 546,221 3.3 171,742 1.4:1383,693 2.9 inery & parts of 392,983 2.4 216(064 1.8 335,235 2.5 Productis.... 3 13,471 1.1) 454,9213 t.7 327,075 2.5 ine.......... 4 85,2(5 1 3.5) 239,093 1.9 317,000 2.4.-goods (except ko).......... 540,855 3:1 23:3:, 998 1.9 292,6531 2.2 inating Oil.... 191,587 1.2 2,2 81 289,680 2.2 Goods........ 198,426 1.2) 292,952 2.4 259,788 1.9 icalb, drugs, dyes 292.141 1.8 2(59,3(0( 1.7 245,527 5.8 & Fish liroducts. 339,71 7 2.1 278,579 2.3 236,246 5.8 ablea........ 315,589 1.55 197,843 1.6 222,101 5.7,co & manufactures 209,551 1.3 29,38(5 55.2 206,693 5.5 able fibre goods 339,5)13 2.1 278,109 2.3 5554,277 1.5 rical machinery, etc. 252,195( 1.5 1 18,173 55.9 157,664 1.2 & Carabao... 74,7415 0.5 374,0653 3.0 1,38,432 1.0 sobiles Tires,. 174,291 1.1 50,570 0.4 133,054 1.0 it........... 84,304 -0.5 95,284 55.8 1 32,282 1.0 S& Nuts..... 368,999 2.2 183,479 3.5 131,390 5.0.....;..... 136,479 0.8 167,998 5.4 521,494 0.9 & other printed (oer.......... 1.32,8(51 0.8 (67,940 0.6 117,326 0.9 & other footwcear 1 70,868 1.5 66,5-19 (5.5 11 3,520 0.8 n Goods...... 142,144 55.9 89,73 1 (5.7 351,457 0.8 er Goods..... 167,391 2.)) 1005,4305 0.8 104,800 0.8 Istuffs (except eat)......... 82,197 55.5 101,812 0.2 86,976 0.7 mery and other aet articles.... 124,111 0.8 63,538 0.5 85,518 0.6 not separately ed.......... 91,695 0.6 641,722 0.5 83,742 0.6 lives......... 66,112 0.4 54,047 0.1 83,734 0.6 on, stoen and bhins waco.... 76,994 0.5 79,018 0,6 80,390 0.6 es........... 151,271 0.9 51,628 0.4 79,100 0.6 carriageos and is of, (exceptmobiles)..... 45,929 0.3 62,795 0.5 75,655 0.6 i.pigments, etc. 89,543 0.5 67,830 0.6 73,540 0.6 104,737 0.6 53,533 0.4 73,344 0.5 &; ga s sw a-r'e.. 103,479 0.6 76,006 0.6 72,489 0.5 iobiles....... 127,421 0.8 47,066 0.4 70,579 0.1 rubber goods. 84,328 0.5 61,690 0.5 69,292 0.5 uoua Liquors... 87,648 0.5 14,935 0.4 68,587 0.5 & Molasses... 108,013 0.7 35,291 0.3 60,243 0.5............ 1(55,646 0.6 77,447 0.6 19,900 0.4 etc. (except candy) 144,529 0.9 63,1 93 0.5 59,486 0.4 sating Oil..... 86,680 0.5 35,969 0.3 54,605 0.4 & Caps....... 57,654 0,4 32,102 0.2 53,968 0.4 & re-ed Mau~turero....... 42,018 55.3 31,253 0.3 53,760 0.4 o Picture Fihuns 53,7(03 (5.3 25,55(4 0.2 50,079 0.4 Accessories... 78,475 0.5 29,663 0.2 46,668 0.3 thors......... 1,155,308 7.0 710,703 5.8 837,499 6.3 Totals...... P16,406,837 100.0 P12,337,436 100.0 P13,366,274 100.0 CARRYING TRADE IMPORTS Nationality Monthly average of Jainuary, 1023 Jasnuarcy, 1922 for 12 months Vessels Jan., 1923 V'alue %/ Value % Value % IBritish. P....17,970,131 48.6 'P7,003,406 56.8 P-6,624,009 49.5 Aniericau.......... 4,916,377 30.0 2,874,365 23.3 4,072,763 3. Jlapaunese...... 1,507,810 9.2 5,407,620 51.4 1,234,150 9.2 Dutch............, 997,892 6,1 235,440 5.9 566,077 4.2 Philippines..... 327,558 2.55 40,730. 0.3 234,306 1.8 Chinese...... 1655 103,557 1.6 1(57,786 0.8 Spaunish....... 92,985 (5.5 189,779 1.5 106,069 0.8 Norseegian..... 89,886 0, 6 24,721 0.2 French......18,007 0.2 7,202 0.1 tiernian....... 42,877 0.3 3,833 Swsedish....1..36 3 D)anish....1..7 By Freight.... 15,952,713 97.3 11,963,041. 97.0 12,978,918 97.1 By Mail.... 454,124 2.7 374,395 3.55 387,365 2.9 Total.....P16,4(56,837 100.0 01 2,337,436 1(50.0 P13,366,274 300.0 EXPORTS Nationality, Monthly average of January, 1923 January, 1922 for 52 mouths Vessels Jan., 5923 Value % Value % Value %/ American.,........ P8,320,596 57.4 P5,299,908 40.4 P6,942,797 43.6 British....... 3,313,049 22.8 3,253,334 24.8 4,674,574 29.3 Japanese....... 397,005 2.7 2,419,190 18.5 1.460,026 9.2 Dutch........,..... 1,214,456 8.4 1,400,962 10.7 1,187,026 7.5 Swedish........... 426,046 2.9 335,975 2.5 Spanish......7,500 249,437 5.6 Norweegian......,... 191,260 1.2 Gerusan........... 184,0500 1.3 566,959 1.0 Philippines..... 14,206 0.1 95,710 0.7 112,040 0.7 Chinese 5..... 15,241 0.9 48,974 0.3 French......19,900 0.2 3,658 By Freight...., 13,870,258 95.6 12,611,745 96.2 55,370,286 96.5 By Mail....... 637,012 4.4 502,182:1.8 560,264 3.5 Total.... P14,507,270 100.0 P13,553,927 500.0 P55,930,550 300.0 FOREIGN TRADE BY COUNTRIES Monthly average January, 3923 January, 5922 for 32 months previous to Countries J n, 1 2 Value % Value % Value % PORT STATISTICS FOREIGN TRADE MY PORTS Monthly average for 12 months January, 1923 January, 1922 previouu to Ports ~~~~~~~ ~~~Jan., 2923 Value % Vau %l Value -% Manila....,...... 9n5,200,438 81.5 P21,625,684 85.8 P22,5321952 77.0 Iloilo............. 3,972,966 6.4 1,186,508 4.6 3,267,548 11.1 Cebu............. 3,298,412 10,7 2,161,299 8.5 3,139,596 10.7 Zamboanga........ 364,703 1.2 166,975 0.7 241,979 0.8 Jobo............,.. 77,886 15.2 15)0,55(5( 0.4 111,198 51.4 Balabac.........,,, 946 3,551 Total....... P30,914,107 150,.0 P"25,451,363 300.0 P29,296,8241 100.0 United States... Japan...... China....... United Kingdous Giermany..... Spain....... Austrp~lasia.... Fr. East Indies Netherlands.... Htongkong.... D. East Indies Br. East Indies France....... Canada....... Switzerland.... Belgium...... Ita-ly....... Japanese-China.. Sianis...... Austria...... Norway...... Dlenmark..... Swreien...... (Othee Countries. P21,979,844 71.2 P17,169,910 67.6 P18,764,954 64.1 2,464,706 8.0 2,342,659 9.2 2%413,742 8.2 1,021,078 3.3 1,647,033 6.5 1,482,584 5.1 5,033,740 3.3 2,175,534 4.6 1,399,080 4.8 218,264 0.7 236,458 0.9 661,220 2.3 259,415 0. 8 78,872 0.3 622,271 2.1 535,120 1.7 357,410 1.4 592,129 2.0 636,136 2.1 370,624 1.5 515,986 1.8 527,923 3.7 507,474 0.4 472,529 1.6 276,403 0.9 451,703 1.8 472,069 1.6 538,014 1.7 385,031 1.5 464,125.1.6 586,501 1.9 455,02 1 1.8 379,854 1.3 333,564 1.1 1 87,020 0.7 376,622 1.3 22,073 0.1 147,368 0.6 593,339 0.7 195,759 0.6 83)434 0.3 525,861 0.4 90,730 0.3 23,490 0.1 98,943 0.3 30,910 0.1 35,230 15.1 82,002 0.3 44,626 0.1 26,975 0.1i 62,333 0.2 14,559 154,438 0.6 38,861 0.2 68 1,433. 24,869 0.1 22,152 0.1 981 10,400 105,02 1 6,206 4,150 7 1,698 82,494 55.3 8,059 37,603 0.1 'total....... P30,914,107 100.0 P'25,451,363 100.0 P,29,296,824 100.0

Page  1 ~~~~~~~~~~~~~o~~~~~~~~~~~... a j:i/.: O \ ~~~~~~~~~...;?,, rreuue Ad_ a: I *_ wC.;-X t9~~~~~~~~~~~~~~~~~~~~~~~~~~~~ i

Page  2 I i I i i i i i I ii ii I i I — ---- ~'U Be Sure of Your Tires There is no guesswork or uncertainty about the quality of Goodyear Cord Tires, for Goodyear Cord Tires are built of the very best of materials. Not only is genuine long staple sea-island cotton used, but in their construction each cord is completely surrounded-cushionedwith rubber. This means less friction, and more miles of service free from trouble for the motorist. Gooo 1! i i.1 ii!i i. s I1 I I Goodyear Cords are the product of the world's most extensive cord tire-making experience. They embody the lessons learned in the manufacture of more than 47,000,000 tires that Goodyear has made and sold. They are better now than at any previous time, and yet their prices are lower than ever before. The world over more people are riding on Goodyears than on any other kind. /-3 -7//- i - -- I

Page  3 cz.American Chamber of Com erce Journal PUBLISHED MONTHLY BY THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS ENTERED AS SECOND CLASS MATTER MAY 25, 1921, AT THE POST OFFICE AT MANILA, P. I. LOCAL SUBSCRIPTION-P6.00 PER YEAR. FOREIGN SUBSCRIPTION $3.50, U. S. CURRENCY, PER.YEAR. SINGLE COPIES-FIFTY CENTAVOS NORBERT LYONS. Editor W. N. BARTHOLOMEW. Advertising Manager A. G. Henderson, Chicago Representative BOARD OFDIRECTORS C. H. Cotterman, President (absent) H1. L. Heath Julius Reis E. E. Elser, Vice-President B. A. Green S. Feldstein (absent) S. F. Gaches, Treasurer C. W. Rosenstoek John J. Russell H. I. Hozingo, Secretary H. E. Selph, General Counsel EXECUTIVE: C. H. Cotterman, Chairman E. E. Elser S. F. Gaches PUB3LICITY: C. H. Cotterman, Chairman E. E. Elser H. B. Pond FINANCE AND AUDITING: C. W. Rosenstock B. A. Green HOUSE: Vacant STATISTICS AND INFORMATION: B. A. Green, Chairman J. C. Patty ALTE~RNATE DIRECTORS: H. B. Pond H. B. McCoy P. A. Heyer J. W. Haussermann COMMITTEES INSURANCE AND FIRE PROTECTION: E. E. Elser, Chairman A. Nelson Yhomnas MANUFACTURING AND LOCAL INDUSTRIES: F. N. Berry, Chairman F. H. Hale Leo. K. Cotterman B3ANKING AND CURRENCY: Stanley Williams, Chairman Carlos Young RECEPTION AND ENTERTAINMENT: C. W. Rosenstock, Chair-man Ray W. Berdeau Col. Gordon Johnston Walter Robb LEGISLATIVE: C. H. Cotterman, Chairman F. C. Fisher Frank B. Ingersoll James Ross Thomas Carey Welch FOREIGN TRADE:H. Forst. Chairman Brantz N. Bryan. SPEARERS: George H. Fairchild, Chairman H. B. HeCoy Walter Robb MARITIME AND HARBOR: R. H. McCrory, Chairman H. B. NcCoy J. F. Martas W. J. Shaw AFFILIATE AND SUBORDINATE ORGANS. ZATIONS: W. E. Olsen, Chairman R. H. McCrory C. W. Rosenstock RELIEIF: George Seaver, Chairman W. J. Odom A. Schipull, Agent MANILA CNETFO enVOLUME Inl P. 1.~ ~ ~ ~ ~ ~~~OTNT O APRIL, 1923o NUMEER 4. Page Page The Problem of Philippine Independence, (By J. Sloat Copra (By E. A. Seidenspinnre)..........16 Fassclt)...................... Tobacco(By Louis McCall)............17 "Lest We Forget-Lest We Forget";..........7 Rice (By Percy A. Hill).............18 Kermit Roosevelt Addresses Chamber.........7 Real Estate (By P. D. Cacrinson)..........19 Schedul,? of Meetings.. With..the.Bonrd.of.Dire.tors.20 Sets Forth Purposes of American Chamber of Commerce, WihteBrdoDrcos............2 (By Sasmue'l F Gaches )............. New Incorporations.................21 Junius Wood Describes Chinese and Praises Philippines 9 SHIPPING NOTES: Osaka Foreign Goods Sliow -.9 New Members....................9 Local Review (By E. J. Browns).........22 Some Things a Business Man Should Know About the U. S. Review (By A-. G. Henderson)........22 Law, (By Associate Justice Georye A. Malcolm)... 10 Statement of Ownership, Management, Etc......23 Baguio Carnival and Exposition End of This Mrjnth... 11 Chamber Notes...................24 Ruling on Returned, Ame'rican Goods.......... 1 With the Chamber's Special Sections........25 'Rice Cultivation in Egypt.............. Business and Professional Directory......._ 29 EDITORIALS: Current Decisions of the Supreme Court of the Philippines, Edited (By Ewald E. Sellph)........30 The Philippines and the Ruhr..........12 Water Freight Rates..............12 STATISTICAL REVIEW: Getting the Government Out of Bus3iness.....131 Market Quotations on Principal Products by Months 31 Establishing H-emrp Grades............13 Consolidated Bank Reports............31 Cavite Boulevard................13 Government Financial Report............ 31 Of Historic Interest...............13 Circulation Statement...............31 REVEWOFBUINSSCONDITIONS FOR MARCH: Principal Exports................. 32 REVIEW OF BUSINESS ~~~~~~~~Principal Imports................. 32 Exchange (By Stanley Williams).1...... 4 Carrying Trade..................32 Sugar (B1y George H. Fairchild.......... Foreign Trade by Countries.............32 Hemp (Ily H. Forst)...............15 Port Statistics................. 32 The Amerlcaa Chamber of Commerca is ready and willing at all times to furniah detailed information to any American Manufaxturer, Importer, Exporter sa othar Americans who are interested in Philippine matters. Address all communicatIons and requests fors? uth Information to the Secretary of the Chamber. No. 14 Calls Pinpin, Manila, P. I. The American Chamber of Commerce of the Philippines is a member of the UNITED STATES CHAMBER OF COMMERBE and is the largest end moat adequately financed American Chamber of Commerce outside the continental boundaries of the Untte& States. The organiza~tion has Twelve Hundred mesabore, all Americans, scattered over the Philippine Archipelago from Tawi Tawi to the Batanes. The organization of branches In all the American communities of the Asiatic Coast is being stimulated. &WThe AMERICAN CHAMEER OF COMMERCE oF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar name. such as the Chamber of Commerce of the Philippines, the Philippine Chamber of Commerce, the Phllippline-Ameri~can Chamber of Commerce end the Manila Ch~ba-bero-Commerce.

Page  4 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 L I INTERNATIONAL BANKING CORPORATION CAPITAL (Paid in cash) AND SURPLUS U. S. $Io,ooo,ooo UNDIVIDED PROFITS U. S. - - ------ -$ 5,450,000 (Owned by The National City Bank of New York) HEAD OFFICE: 60 WALL ST., NEW YORK London Office: 36 Bishopsgate, E. C. Lyons Office: 27 Place Tolozan San Francisco Office: 232 Montgomery St. BRANCHES: CHINA: Canton, Dairen, Hankow, Harbin, Hongkong, Peking, Shanghai, Tientsin DOMINICAN REPUBLIC: Barahona, Puerto Plata, San Pedro de Macoris, Sanchez, Santiago, Santo Domingo, San Francisco de Macoris, La Vega. FRANCE: Lyons INDIA: Bombay, Calcutta, Rangoon JAPAN: Kobe, Tokyo, Yokohama JAVA: Batavia, Sourabaya PANAMA: Colon, Panama PHILIPPINE ISLANDS: Cebu, Manila SPAIN: Barcelona, Madrid STRAITS SETTLEMENTS: Singapore 6 BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK ARGENTINA: Buenos Aires, Rosario BELGIUM: Antwerp, Brussels BRAZIL: Pernambuco, Rio de Janeiro, Santos, Sao Paulo CHILE: Santiago, Valparaiso CUBA: Havana and 22 branches ENGLAND: London, City Branch, West End Branch FRANCE: Paris ITALY: Genoa PERU: Lima PORTO RICO: Ponce, San Juan RUSSIA: Moscow, Petrograd, Vladivostok (Temporarily closed) URUGUAY: Montevideo, Calle Rondeau(Montevideo) VENEZUELA: Caracas COMMERCIAL AND TRAVELERS' LETTERS OF CREDIT ISSUED. BILLS OF EXCHANGE AND CABLE TRANSFERS BOUGHT AND SOLD. CURRENT ACCOUNTS OPENED AND FIXED DEPOSITS TAKEN ON RATES THAT MAY BE ASCERTAINED ON APPLICATION TO THE BANK. SPECIAL SAVINGS ACCOUNTS FOR DEPOSITS FROM-P-1.00 UPWARD, BEARING INTEREST AT 4% PER YEAR S. WILLIAMS Manager, Manila Pacific Building, Corner of Calle Juan Luna and Muelle de la Industria - I i

Page  5 L 161lirrr ~ 1 -,F The Problem of Philippine Independence By J. SLOAT FASSETT President, Insular Lumber Company i-. ~~I The problem of independence constitutes about as intricate a proposition as the attempted solution of Einstein's theory. It involves many factors and is full of disturbing possibilities, and yet it is a fascinating subject, especially to those of us who have cast our lot with the people of these Islands. I am going to talk not as one who disbelieves in the possibilities of Malay development; not as one who would under any circumstances wish to run counter to McKinley's proposition that the Philippine Islands and the Filipinos were not under American domination, to be exploited either from within or from without. I would like to talk as one zealously devoted to proper relations between the hundred and ten millions of Americans and the eleven millions of Filipinos. FACING THE SITUATION I would take as my slogan, to begin with, "interdependence rather than independence," because it seems to me that fate has woven a net of responsibilities around us from which we can not decently escape. Good government is what is desired, and what is desired here is the best obtainable governmnt. A government that isn't good enough for the Americans in the Philippines isn't good enough for the Malays in the Philippines. What is not good enough for both is not good enough for either, and what we want to establish, or see established, is a government under which individual development can go on, under wtrter personal rights may be safely guarded and under which property rights may be safeguarded and the progress of organized society be unimpeded by any malign force coming from any direction whatsoever. Good government translates itself at good administration, sound regulations as On Wednesday, February 28, Mr. Fassett delivered this address at the 7egutlar weekly hlncheon of the Chamber. Through the courtesy of Mr. George H. Fairchild, who had a stenographic record made, we are able to reproduce the whole speech, which was considered by those present as one of the best ever delivered here on the subject of Philippine independence. Mr. Fassett is an ex-member of Congress from New York and for eight years served in the New York State Senate, over which body he presided for three years. He has been District Attorney of New York, and in 1891, when he was Collector of the Port of New York, he was Republican candidate for governor of the Empire State. He was temporary chairman of the Republican National Convention in 1892 and has a nationwide reputation as a brilliant orator and after-dinner speaker. Mr. Fassett is vice president of the Second National Bank of Elmira, sident of the Fassett Ljumber CompaTypewriter Company; president of the Insular Lumber Company; president of the Fassett Lumber Company, Canada; controlling director of the Oriental Consolidated Mining Company, Korea; and a director in many other corporations. I ed by actual facts and not by rhetoric. The situation out here, it seems to me, requires an unflinching gaze into the face of facts and that we close our ears to rosy rhetoric. In all the discussions which have taken place pro and con with reference to Philippine independence there stands out one astounding fact. No one, Filipino or American, has yet had the courage to reduce to utterance a plan, a system of means and appliances whereby the Filipino people can finance and maintain a stable government and a national existence as an independent integer. We have listened to a great deal of ardent oratory, both by those who wanted to keep the Islands forever as they are, and again on the part of those who wanted immediate and complete seperation. The situation is fascinating to me, among other reasons for the following: These Islands constitute a territory of fine lands, equal in extent to New York State, Pennsylvania, New Jersey and West Virginia, all except a few square miles. If they were inhabited as densely as Java, they would maintain a population of a hundred million people. The United States, twenty-five years from now will not be exporting raw material. There may be one hundred and ninety million of people there then. They will need three billion dollars annually of tropical products. The Filipino people are only cultivating now a very small percentage of their very rich lands, hardly 10 per cent. Can you just close your eyes and get a vision of what may happen to the subsequent generations of Filipinos if a modus vivendi is found which will give them complete autonomy at home, in local affairs, under the strong protection of a nation like the United States? The world is going more and more to need the output of tropic to health and protection of life, liberty and the pursuit of happiness. It is demonstratonce into low taxes, efficient public works, 0 m. --- I I i a I 0 1 i I I I- --- - I I m

Page  6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 lands, and here is the largest uncultivated tropical area now in the world, open to development. THE ALTERNATIVES There are just three alternatives before us. One, that we continue as we are, and this was the recommendation, practically, of the exhaustive and very able WoodForbes report. There was no limit set as to the time of such a status except the limit set by the somewhat ambiguous phrase, "until the Filipinos have thoroughly absorbed and mastered the opportunity for self government which they already enjoy under the Jones Act." The second alternative is a still further modification of the existing dependency or protectorate. The third alternative is an alternative which was expressed somewhat petulantly by Theodore Roosevelt a few months before his death, in a copy of Everybody's Magazine, in which he said he thought, after all, the Philippine Islands should be cast adrift "without any guarantee whatsoever, or without any' strings whatsoever.' DEFINING TERMS Now, it is to that alternative that I expect chiefly to address myself. To me there comes the advice that Cicero of old gave, that before we enter into a discussion it is always wise to have a definition of terms. What do we mean when we say "stable government" which the prelude to the Jones act refers to? That Act, by the way, was only passed by the deciding vote of a gentleman of Southern education and sympathies, Vice-President Marshall. A stable government? Well, I should say that a stable government is a government that is equally prepared to maintain peace, order and justice within, and to repel disturbance, disorder and intrusion from without. Mr. Jones, the author of the famous bill, when asked what he considered to be a stable government, by a gentleman whose handsome face I see before me, replied that his idea of a stable government was one that would last until we could get the Army and Navy out of the Islands. I am inclined to think that is the definition which a great many other individuals have had in mind. Another term which is used quite freely is "self-determination" and "independence." What is meant by independence? If the Filipino people were the only people in the world they could be absolutely independent. If each one of you could be the only person in the world you could be absolutely independent. But independence ceases for a nation and for an individual where the rights of some other would-be independent nation or individual begin, and with each increase of nations and each increase of individuals, the term "independent" has less and less complete meaning. There is no such thing in this world as complete independence. It is a question of relations, or it is a question of relativity. The Filipino people today enjoy more political privileges and commercial opportunities and social development than any other people in the wide world, with less cost per capita. They are today more independent than any territory of the United States ever was, and they are as independent in all essential respects as any one of the fortyeight states of the Union is today. QUESTIONS AND ANSWERS When, then, I read perfervid oratory which seems to intimate that the United States is holding these people back and restraining them, in an atmosphere which does not give them full opportunities for self-development, I am troubled with the questions: What are we depriving them of? Of what do they wish to be independent? What opportunities for growth are they denied? What do they want independence trom? What would they accomplish under their idea of independence that they can not accomplish, and are not already accomplishing, under conditions as they are? 1 fear that in asking these questions I am throwing a searchlight upon motives which perhaps politeness requires that I do not too far pursue. It would be a pity to have the political destinies and the welfare of a present eleven million, and a future twenty-two or three or four million of succeeding Filipinos, and the political destinies and future of one hundred and ten millions of Americans and one hundred and ninety millions to be in a few years, made the opportunity for merely personal politics, made the football of personal ambitions. It seems to me that it is much more important to preserve under sound conditions the natural resources and opportunities of these Islands for future Filipinos than to please the entire body of those Filipinos who are so clamorous for independence. I say "clamorous" because clamor means a discordant noise, without harmony or rhyme or reason. IMPOSSIBILITY OF COMPLETE INDEPENDENCE I am going to pass up possible modifications of the existing status with only a few comments. It is very possible that what these people really want, if they would only define it, is an opportunity to fill some of the more powerful offices, possibly the governorship and the vice-governorship and the Supreme Court, and complete control of all the legislation. In that event, provided the United States was still to retain its relation of political guardian and friend, it must never be forgotten that we can not assume responsibility for the Filipino people without commensurate power. We must have power commensurate to any responsibilities that we will undertake to assume for the future. That is almost a self-evident proposition, and I haven't the slightest doubt that our Filipino friends would accede to that as a matter of course. Now, as to complete independence. It seems to me that there are several good, potent reasons why that is or should be an unthinkable proposition. Physically, there are eleven millions of people. Now they have free and unlimited access to the richest and friendliest market in the world. Access to that market conditions the present prosperity and the future prosperity of the Islands. If they are absolutely independent they become an independent nation, and can not continue to have free access to our markets, because of our treaties with other nations, some sixty or eighty of them. There is always a clause called the "most-favored nation" clause, and our Filipino friends would have to avail themselves at once only of such privileges as we give to the other favored nations, because if we continued to give the Philippines free access to our markets, we should have to give all the rest of the world free access to our markets. That would mean industrial suicide for us, which is precisely what complete separation would mean for these Islands. NOT A RACIAL QUESTION At present the per capita tax on the Filipino is not quite three gold dollars a year. The per capita tax on the people of the United States is not quite nine dollars gold. The per capita tax on the people of Great Britain is not quite twenty-four dollars a year, and the per capita tax on the people of Japan is over six dollars a year, so the Filipino is the least taxed and the most highly favored citizen in the world today. One reason is that the United States Govvernment pays for all the cost of the Army and Navy and the diplomatic and consular corps services, of which the Filipinos may freely avail themselves. It seems to me that that should give those who are continually calling for independence, pause. I want to say it is not because the Filipinos are mostly Malays that this condition of things is true, because if today there wasn't a Malay living in these Islands and these Islands were populated by eleven millions of the best disciplined and ablest Americans, they couldn't stand alone industrially. They couldn't stand the external pressure of competition with Java, India, the South Americas and the West Indies in all that the Islands could produce. It would be just as impossible for eleven million Americans to be an independent nation, protect themselves from within and without and conduct diplomatic and consular relations with the rest of the world successfully, as with the eleven million Malays. Absolute political independence in either case would result in industrial servitude. SOME RETARDING FACTORS Apart from that, what are the probabilities of their succeeding even reasonably well internally and politically? There is as yet no common language, and language is a tremendous cohesive power. There are something like eighty-three dialects spoken by something over forty different tribes, many of which have historical hatred for one another. They haven't yet learned to love one another and live together in peace and harmony, pursuing peacefully a common destiny. The schools are teaching English, not so well as they ought to teach it, but they are teaching English, and more and more children are coming under the cohesive power of the English language. As that language spreads fur, ther and further and becomes more and more in use, maybe in a few years or a few decades-for what is ten years or twenty-five years in the life of a nation?-we might hope to see the cohesive power of a common language in these Islands. There are today eleven million people here. The entire circulation of every newspaper and periodical published in the Islands is not over two hundred thousand. Suppose five people read every copy of every newspaper or periodical published; still there would be ten people who do not read for every one who does. So there is not adequately informed public opinion in the Islands, no means of illuminating public opinion, and no way of expressing public oponion, which, as the world is growing older, is the great force which sweeps civilization forward or pulls it backward. At present public opinion moves from the top down in the Philippines and not from the masses upward. These are all potent reasons, and they should be given deep consideration. AGAINST SCUTTLING Then the question would arise, how is this "complete separtion" to be brought about? After all, the United States is the responsible authority. We hold these Islands by as good a title, gentlemen, as the Filipinos themselves hold them. They conquered the original inhabitants. Spain came and dominated them; we came and dominated Spain and emancipated them, and we paid a handsome price to Spain. (Continued on page 28)

Page  7 I April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 "Lest We Forget-Lest We Forget." The following statement of "regulative principles" is from the first proclamation of the Special Commission sent to the Islands by President McKinley early in 1899: 1. The supremacy of the United States must and will be enforced throughout every part of the Archipelago, and those who resist it can accomplish no end other than their own ruin. 2. To the Philippine people will be granted liberty and self-government reconcilable with maintenance of a wise, just, stable, effective, and economical administration of public affairs, and compatible with the sovereign and international rights and obligations of the United States. 3. The civil rights of the Philippine people will be guaranteed and protected to the fullest extent; religious freedom will be assured, and all persons shall be equal and have equal standing in the eyes of the law. 4. Honor, justice, and friendship forbid the use of the Philippine people or the Islands they inhabit as an object or means of exploitation. The purpose of the American government is the welfare and advancement of the Philippine people. 5. There shall be guaranteed to the Philippine people an honest and effective civil service, in which, to the fullest extent to which it is practicable, natives shall be employed. 6. The collection and application of all taxes and other revenues will be placed upon a sound, economical basis, and the public funds, raised justly and collected honestly, will be applied only to defray the regular and proper expenses incurred by the establishment and maintenance of the Philippine government and such general improvements as the public interests may demand. Local funds collected will be used for local purposes, and not devoted to other ends. With such prudent and honest fiscal administration it is believed that the needs of the government will, in a short time, become compatible with a considerable reduction in taxation. 7. A pure, speedy, and effective administration of justice will be established, whereby may be eradicated the evils arising from delay, corruption and exploitation. 8. The construction of roads, railroads, and similar means of communication and transportation, and of other public works, manifestly to the advantage of the Philippine people, will be promoted. 9. Domestic and foreign trade and commerce, agriculture, and other industrial pursuits tending toward the general development of the country in the interests of the inhabitants, shall be the objects of constant solicitude and fostering care. 10. Effective provision will be made for the establishment of elementary schools, in which the children of the people may be educated, and appropriate facilities will be provided for a higher education. 11. Reforms in all departments of the government, all branches of the public service and all corporations closely touching the common life of the people, will be undertaken without delay and effected conformably with right and justice in a way to satisfy the well-founded demands and the highest sentiments and aspirations of the people. Such is the spirit in which the United States comes to the people of the Islands, and the President has instructed the Commission to make this publicly known. In obeying his behest, the Commissioners desire to join the President in expressing their good will toward the Philippine people, and to extend to the leading representative men an invitation to meet them for the purpose of personal acquaintance and the exchange of views and opinions. (Signed) JACOB GOULD SCHURMAN, U. S. Commissioner. GEORGE DEWEY, U. S. N. ELWELL S. OTIS, Major-General U. S. A. CHARLES DENBY, U. S. Commissioner. DEAN C. WORCESTER, U. S. Commissioner. have all had good words for what you have accomplished in the Philippines. "In the past there has been distrust of Americans abroad. But all that has changed and people the world over are entertaining an increasingly high opinion of America and Americans. We are now blessed, however, with politicans and others at home who like to cause sensations, and it is these people that are doing us a great deal of harm. The attacks on Japan that one sees at times in our press do not correctly summarize the true feelings of either people. The people of Japan like the people of America. "As for Korea, the Japanese are quite willing to admit the evils that existed under the military rule over that country, but conditions there have changed since the advent of Admiral Saito as Governor General. The change, as has been said, may be partly due to outside pressure, but whatever the cause, there has been a decided change and it is quite evident. The Japanese have embarked upon a policy of conciliating and consolidating the Koreans and are meeting with success. Although there is still some discontent there, most Koreans will admit that substantial progress has been made under Japanese rule along economic, educational and social lines. The present policy in force there is calculated to bring about a brilliant future for Korea. "China, as always, presents somewhat of a puzzle to the Occidental. I had the privilege of talking with Dr. Sun Yat Sen and he told me that he had reached an understanding with Chang Tso Lin and that the other contending leaders would have the fight of their lives on their hands in the autumn of the present year. He also said that a Soviet envoy who had been to Peking and seen Wu Pei Fu had come to Canton to see him and that he, Sun Yat Sen, had brought him to reason. "Dr. Sun appears to be a real patriot and is animated by the highest ideals for the rehabilitation of his country. One thing he is very desirous of accomplihing is to cut down the power of the tuchuns, or provincial military leaders. Whether his plan is logical or not, is not for me to say." Kermit Roosevelt Addresses Chamber SCHEDULE OF MEETINGS Monday, April 9, 1:00 p. mt.: Regular meeting, Builders' Section. Tuesday, April 10, 1:00 p. m.: Regular meeting Hemp Section. Tuesday, April 10, 4:00 p. m.: Regular meeting, Board of Directors. Wednesday, April 11, 1:00 p. m.: Regular meeting, Active and Associate members. Monday, April 16, 1:00 p. mn.: Regular meeting, Builders' Section. Tuesday, April 17, 4:00 p. m.: Regular meeting, Board of Directors. Monday. April 28, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, April 24, 1:00 p. mn.: Regular meeting, Hemp Section. Tuesday, April 24, 4:00 p. m.: Regular meeting, Board of Directors. Wednesday, April 25, 1:00 p. m.: Regular meeting, Active and Associate members. Monday. April 30, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, May 1, 4:00 p. m.: Regular meeting, Board of Directors. Thursday, May 3, 5:00 p. m.: Regular meeting, Embroidery Section. Kermit Roosevelt, son of the late exPresident, and Associate Justice George A. Malcolm of the Supreme Court of the Philippine Islands, were the speakers at the Chamber luncheon of Wednesday, March 7. Mr. Roosevelt made a brief address on his present Oriental trip. He is president of the Roosevelt Steamship Company and vice president of the Kerr Steamship Company, represented at this port by Macondray and Company. He passed through Manila in the course of an inspection trip to the ports served by the lines he is connected with. Justice Malcolm delivered an interesting and eloquent address on the subject of "Some Things a Business Man Ought to Know about the Law." His address is given in full in another portion of this magazine. The speakers were introduced by Director Samuel F. Gaches. Mr. Roosevelt said in part: "It is always gratifying to hear from the representatives of other nations how highly they think of the manner in which we have governed the Philippines. People of authority and experience in other colonial possessions are full of praise for our administration of Philippine affairs, and they-are people who have the necessary background for a proper appreciation of the problem. I have heard my father discuss the subject with leading administrators in South American countries and they _ _ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~

Page  8 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 Sets Forth Purposes of American Chamber of Commerce An address delivered by Samuel F. Caches, Treasurer of the American Chamber of Commerce, before the Solidaridad Filipino, at the Hotel Mignon, Manila, Saturday, March 17, 1923. It is with pleasure that, as representative of the American Chamber of Commerce, I am permitted to address a gathering of such representative men as are here assembled. The American Chamber of Commerce of the Philippine Islands welcomes the opportunity to pay its respects to the guests of the evening-Justice Norberto Romualdez, Mr. Jose Abad Santos and Mr. Salvador Laguda. Their services to their country during the years past have merited the recognition given them by the President of the United States, GovernorGeneral Wood and the members of the Legislature. It is to men of such conservative character, such earnest application to the everyday problems of government and who bring such considerate and ripened judgment to bear upon the problems of the development of the country, that we, both Filipinos and Americans, look for the upbuilding of the Philippine Islands. In looking through the articles of incorporation of this society, I find its purpose plainly set forth. That purpose is "To labor for the well-being rand betterment of the Philippine Islands and to inculcate in the people of the Philippines civic virtue, to the end that without consideration of personal or political views they may maintain always a just and honored government". No more worthy object could be expressed. This is a doctrine to which all residents of the Philippines, regardless of race, will gladly subscribe. It forms the keynote of cooperation-it sharply defines a purpose the basic principle of which is the subordination of politics to the more serious matter of economic progress. THE CHAMBER'S TEN POINTS OF POLICY. We Americans who have lived in the Philippine Islands for a quarter of a century look upon this country as our permanent home. Equally with you Filipinos we are interested in what the land may produce, for from the land comes wealth and from wealth comes progress and prosperity. Equally, too, we are interested in the laws which are proposed and which arepassed by the Legislature. For the purpose of expressing that interest that the American Chamber of Commerce was formed. Its object is in nowise political-it is commercial and economic only. It looks towards the upbuilding of the Philippine Islands, to increasing the material prosperity of the people, to the development of these great national resources which will make these Islands one of the richest countries in the world and one in which it will be most desirable to live. To develop these natural resources the American Chamber of Commerce believes several things are essential: (1) The further development and extension of highways throughout the Philippines, particularly as feeders to the railroads. (2) The diversion of a portion of the money now used for educational purposes to the public health service. (3) The enactment of a banking law which will permit the establishment of local banks in the principal cities of the Islands, to facilitate the financing of crops and the lending of money on developed land for the purpose of further development. (4) The extension of the powers of the Public Utility Commissioner and an increase in the appropriation for his department, so that proper investigations may be made looking toward the proper regulation of rates. (5) The further development of our inter-island transportation and the cheapening of transportation rates between ports. (6) The changing of existing laws, so as to encourage the investment of foreign capital on a large scale for the development of rubber, camphor, tapioca and other similar products which require large investments over many years for realization of profits. (7) The changing of immigration laws so as to allow the Introduction of foreign laborers of a character that will easily mix with, and be assimilated by, the Filipino people. (8) An economical administration of the government and the lowest rates of taxation compatible with an efficient public service. (9) The withdrawal of the government from business enterprises which compete with private interests. (10) The retention of the free trade relations now existing between the United States and the Philippine Islands, so that our products may find a ready and profitable market in that greatest of all consuming countries. These are the policies to which the American Chamber of Commerce stands committed. BANKING FACILITIES NEEDED. Of the necessity of further development of our highways there can be no difference of opinion. A country develops along its lines of communications, as has been demonstrated not only in the United States and Canada but here as well. We have but to call to witness the development of the great province of Nueva Ecija, which until the opening of the North road was a wilderness and today is the greatest rice-producing province in the Islands. As to the necessity of improving health conditions throughout the Islands, of the providing of hospitals for the sick, of the teaching of mothers to care for themselves and their babies (the hope of the country) you will agree. A nation grows strong through the bodily vigor of its men and women-mental development alone is not sufficient. We must work for a decrease in infant mortality, that the country may increase its population. The lack of banking facilities in the principal cities of the Islands is deplorable. Except in such cities as Iloilo, Cebu and Zamboanga, there are no banks which can in any way assist the farmers or the merchants. We are still in the age of usury. Loans are made by individuals on such security as they may extort. Until banks are established in the principal cities and trading centers, each with substantial investments of local capital to inspire confidence, with facilities for discounting paper at a central bank, and operated by men who understand their obligation to the depositing public, we must expect that the currency reputed to be in circulation will continue to be hoarded in the homes of the people or buried in tinajas for safe-keepIng. Once let the people learn the value of a oank deposit and the function of a local bank in lending money in season, and we shall have no further complaint of the lack of circulating medium. The laws of commerce will see to it that the money is kept active and productive. INDUCEMENTS To CAPITAL. No officer of the government has greater responsibilities to the people than the Public Utility Commissioner. Nevertheless, his activities are curtailed by lack of funds with which to make proper investigations. He cannot investigate indepenaently. He must depend entirely on such data as is presented to him by litigants. Suitable appropriation should be made to allow of proper investigation of the facts upon which may be established rates which will be fair alike to the public and to the controlled utilities. There is no greater necessity than the development of cheap water transportation. The Philippines consists of a group of Islands 1150 miles long and 600 miles wide; 466 productive islands are scattered throughout this area. Travel between them must be by water. The products of each must be brought to the central markets and there prepared for export. The problem of cheap transportation is vital to the prosperity of the producer. New types of ships, more liberal shipping laws and cheaper rates are essential. Under our present land laws, there is no inducement to capital to invest in the Philippine Islands. Capital does not readily seek land investments unless the remuneration is quick and reasonably sure. It prefers to leave the actual development to the individual farmer and to buy the result of his work. If inducements are sufficient and the necessity apparent, it will do the development itself; but it prefers to erect and operate sugar centrals rather than raise sugar cane, to build oil mills and other manufacturing plants for the utilization of coconuts rather than be bothered with the risks of bud rot, typhoons, droughts and other worries attendant upon the growth of the raw product. Sugar and tobacco are the only two crops planted yearly which we export. To produce tree crops requires many years of patient waiting. The terms must be liberal to induce capital to wait three, five, seven or ten years for interest on their investment. The granting of large tracts of land under lease or concession for fifty years for the cultivation of coconuts, rubber, camphor, quinine or similar products, with liberal concessions as to payments for that privilege, might induce foreign capital to invest where our local capital is insufficient, and would bring about a greater distribution of the people and a greater prosperity. Foreign capital must be spent when it comes into a country for development purposes, and by far the greater part goes to labor. A discussion of the problem of the importation of foreign laborers would require more time than I am prepared to give at this time. No country can grow great within itself. It must have influx of new blood. Old families wear out. The young men leave the farming communities for the cities. They seek the easier occupations

Page  9 I April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL of professional life. The tillers of the soil are in the end the immigrants. There is need of more laborers for the greater development of the agricultural lands, the mines and the factories which will eventually come. Unless the Filipino people are prepared to leave the settled places and open up the undeveloped country, they should prepare themselves, by a study of adjacent peoples, for the admittance of these likely to be assimilated. BENEFITS OF FREE TRADE WITH U. S. In a new country economical administration of government is essential. Industry should not be hampered with unnecessary tax burdens or be harassed with threatened increases which disturb trade. We should do well to copy the example of our neighbor, the colony of Hongkong, to place no new taxes but use the surpluses of former years to carry the administration over the depression period until there is a revival in business. We believe unalterably in the withdrawal of the government from business. We do not believe it is a part of the function of a government to invest the money of the people in any way other than for the maintenance of government and the furthering of the prosperity of the people by public works. Lastly, the American Chamber of Commerce stands committed to the continuation of the trade relations now existing between the United States and the Philippine Islands and to the broadening and extension of the same until absolute and complete free trade exists. We believe that the prosperity of the Filipino people depends on such a condition. We believe that the high standard of living, the advantage of education, the unlimited opportunity for individual expression and advancement afforded the citizens and residents of the Philippine Islands, are all dependent on the retention of free trade with the United States. This belief we do not hold to be opposed to the ideals of the Filipino people. Rather it crystallizes that ideal into a work ing model whereby complete internal autonomy may be realized and protection and prosperity guaranteed under the sovereignty of the United States. These, gentlemen, are the commitments of the American Chamber of Commerce. There is nothing therein which can conflict with the tenets of this organization. The American Chamber of Commerce is vitally interested in the prosperity of the Philippine Islands and will gladly cooperate with this scoiety "for the betterment and wellbeing of the Philippine Islands, to promote civic virtue and maintain a just and honored government." his followers in Manchuria and Mongolia; Wu Pei Fu in Peking, supported by the Chihli faction; The An Lee faction in Shanghai and vicinity; and the South China faction centering about Canton. None is supreme, and the present chaos shows that a strong leader is needed. Mr. Wood expressed the opinion that if Dr. Sun Yat Sen cannot work out a solution, the chances are that no other individual can. GREAT POSSIBILITIES. It is understood, Mr. Wood stated, that Dr. Sun has an understanding with Chang Tso Lin and the An Lee faction. Dr. Sun is believed to have given his moral support to the general strike in Hongkong, yet when he visited that city recently he was treated with the greatest consideration by the British authorities and cordially entertained. If order is restored in Canton and Kwangtung, Mr. Wood said, it may lead to peace in the rest of China. The Chinese are good borrowers, he declared, but they are slow in paying. China's foreign debt is about a billion dollars, only half of which is secured. The Consortium, however, holds out the hope that China will pull out from the financial tangle. The Peking government now requires that all loans for which a guarantee is required shall pass through the Consortium. The surprising thing about China, Mr. Wood stated, is the fact that despite the political chaos commerce has gone on much as usual. The Chinese have great cohesiveness and manage to get along without a government in the sense that we conceive it. Once they can be brought together politically they might accomplish great things, and because of their huge population might even dominate the world, he concluded. Junius Wood Describes Chinese Chaos and Praises Philippines That the present political situation in the Philippines is doing no good to anybody and that the sooner it is definitely decided, one way or the other, the better it will be for all concerned, was the opinion expressed by Junius B. Wood, Far Eastern correspondent of the Chicago Daily News, who addressed the members of the Chamber and their friends at the regular weekly luncheon of Wednesday, March 14. Mr. Wood had just come from China, where he had spent the past two years, and he was enthusiastic over the attractions of the Philippines, especially Manila, as a point of interest for tourists. "To appreciate Manila properly," he declared, "one must come to it from the other crowded, dirty oriental countries. Then one can appreciate the wide open spaces, the clean air, the beautiful tropical foliage and practical conveniences of the Philippine capital. If the Philippines were only properly advertised, thousands of tourists who go to Japan would come here. As a point of interest and pleasure for tourists, Manila excels all other Far Eastcrn cities." Mr. Wood devoted the greater part of his talk to the situation in China, with which he is intimately conversant. On coming to China from Japan, he said, one is struck with the difference in the governments of the two countries. In Japan everything is centralized under a strong national government, while in China everything is individualized: there are a number of strong personalities at the head of affairs and practically no central government in the commonly accepted sense of the term. He illustrated Japan's governmental control by citing the case of the silk business, which was saved from ruin recently by the drastic irtervension of the government in the control of shipments and prices. The speaker.decried the fear entertained by some persons that China would go Bolshevik. Bolshevism, he stated, requires a strong central organization and cooperation, being another form of communism. This, he thinks, can never te effected in China because the average Chinese is too individualistic. "The only person who knows just what China needs," he continued, "is one who hasn't been there. After visiting a few sections of China, cne becomes an authority on the country. A little later one decides that there are flaws in the solution one has worked out for the salvation of China and that it is almost impossible to correct these flaws-China being so vast a country and peopled by so many diverse types." The people of China, Mr. Wood said, have no civic consciousness. The family instinct is very strong and all matters of importance in a family are decided by a council of elders. The guild feeling is also strong, there being a number of large guilds. Since the old Mandarian system broke down nothing has taken its place and China is disorganized politically. The idea that the people have anything to say in the government does not occur to the vast majority of Chinese. They always recognize some boss. The laws give protection to property but little protection to life. There is some talk of doing away with the tuchun system. "But who is going to do it?" Mr. Wood asked. FOUR RIVAL FACTIONS. The situation in Canton, he said, has gone from bad to worse since Sun Yat-Sen left there in August. Dr. Sun is one of the few surviving leaders of the old regime and he is the Chinese personage best known in the outside world. He is a man of high ideals but lacks executive ability. He desires to do away with military control. He has been in and out of power several times. The rivalry among the Chinese leaders, Mr. Wood continued, has led to the organization of large armies. It is easy to obtain soldiers at a promised wage of $8 a month and subsistence, which arrangement they prefer to working at a wage of about $16 a month. There are four principal factions in the Chinese tangle: Chang Tso Lin and OSAKA FOREIGN GOODS SHOW Word has been received by Consul-General Sugimura that in place of the Osaka Commercial Exposition, scheduled to take place from March 15 to May 31, inclusive, a Foreign Goods Show will be opened in the Osaka Commercial Museum on April 11 and continue until April 30. NEW MEMBERS Associate Joseph Wyllie, Silay, Occidental Negros. S. H. Cohen, 104 Gunao, Manila. S. F. Williams, 520 A Rizal Ave., Manila. To Members of the Chamber A number of left-over copies of the Journal from several previous issues are on hand and it is the desire of the Board of Directors to distribute these where they will do the most good. Members are therefore requested to send to the editor lists of names and addresses (not exceeding ten names from each member) to whom these extra copies may be mailed. It is suggested that the names of prominent citizens and organizations in the home towns of members be sent in.

Page  10 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 Some Things a Business Man Should Know About the Law By GEORGE A. MALCOLM Associate Justice, Supreme Court of the Philippine Islands. An Address delivered at the American Chamber of Commerce, Manila, Wednesday, March 7, 1923. "If I understand the procedure of the American Chamter of Commerce in securing victims to act as speakers, it is something like this: A scout is sent out to induce someone to deliver a speech before the Association. One of the big-gun orators of the Association then introduces the victim with laudatory phrases. By one means or another, the speaker is inveigled into delivering himself of weighty remarks either on the subject of Philippine independence, or on the equally appropriate subject of advice to business men. Then, following the conclusion of the address, a number of the more courageous members arise and throw verbal brickbats instead of bouquets at the luckless orator. "I feel, however, that I may escape the fate of some of my predecessors, for my subject is a rather simple one, and if I should say anything discourteous about lawyers, certainly I could count on the support of business men. Then I am assured of at least one friend in need, for Mr. Hillberg went to the pains to mail his reservation for this luncheon to me in the Supreme Court. CONFERS DEGREES "The subject previously announced is 'Some Law A Business Man Ought to Know.' That would be 'some' subject. Permit me, therefore, to offer an amendment and to announce as my theme, which I will speedily forget-'Some Things a Business Man Should Know About the Law.' "In covering the assigned subject, I propose to give you in something less than an hour a complete course in law. There is, as you know, a dearth of lawyers in the Philippines. There are only about one hundred aspirants more or less for a vacant legal position. There are only about three thousand students studying law in the City of Manila. The result is that there is a crying need for more lawyers. Our motto, therefore, will be, 'every man his own lawyer.' At the conclusion of this legal lecture, there will be conferred upon each and every listener who survives, the degree of 'Doctor of Common Sense Law, cum grano salts.' "If I grasp the viewpoint of the business man correctly, and I think I do, he is a firm believer in a proper respect for the law and in good government. He understands that the law is the centerpiece of orderly government. He knows that if you destroy the law you destroy civilization. He therefore prefers constructive to destructive criticism. As stability of all things is desired by the merchant class, the merchant, as a citizen, is a strong supporter of good law and good government. A NECESSARY "EVIL" "While the business man respects the fundamentals of the law, he does at times lose his respect for some of those who administer the laws. The lawyer is regarded as an evil which must be endured. This is nothing new. Throughout the ages there has existed a strong prejudice against the lawyers. The most common and banal jests concern the peculiarities of lawyers. The lawyer and Henry Ford are the butts of more jokes than all other classes and institutions combined. But the lawyer like the Ford always arrives somehow. A satyrical picture of the bar is found in Sir William Gilbert's opera, Utopia: 'A complicated gentleman allow me to present, Of all the arts and faculties the terse em- bodiment; He's a great arithmetician who can demonstrate with ease That two and two are three, or five, or anything you please; An eminent logician who can make it clear to you That black is white-when looked at from the proper point of view; A marvelous philologist who'll undertake to show That "Yes?' is but another and neater form of "No."' "It remains true that for centuries there have been lawyers, and probably there will be lawyers until the millenium occurs. Indeed, it would be pretty hard to get along without them. One old English king in fact provided that no lawyer should be a member of the Parliament, but curious as it may seem to you, that particular Parliament became known as the Dunces' Parliament, because it never passed any good laws. Likewise, in the American Colonies, lawyers were prohibited, but without effect, as you can readily see in the United States and in the Philippines. LEGAL QUIBBLES. "Popular criticism of the courts is ordinarily based on the law's delay, on adherence to technicalities, on the slavish reliance of judges on precedents, on a lack of business management of the courts, and on the breakdown of the criminal law. That in all too many instances the citizen is justified in his conception of the law and the courts cannot be gainsaid. When, for instance, a case is fought through more than one generation without result, or when, not to take so extreme an example, the litigant finds that he must await years before obtaining a judgment in the courts, and then must see the major portion of the judgment go into the pockets of the lawyers, is it any wonder that there is revulsion against the law? What the public would like is to be able to present cases informally and have just decisions rendered without delay. "The technicalities of legal documents and legal procedure are well known. Learned lawyers have gone so far as to write monographs in which they have proved, at least to their own satisfaction, that the trial of Jesus was not conducted according to the Mosaic Law and that he should have been acquitted. Even the Lord's Prayer and the Ten Commandments have not escaped the reach of the hypercritical. Mr. Justice Holmes, who has done so much to humanize the law, is fond of telling of a case in the old books where an indictment set forth that the accused struck a man on the head, splitting the skull until a portion fell down on either shoulder, and the court held the indictment defective because it did not allege that the man was killed. The justice observed that this was a hairsplitting decision. It was not centuries ago but only recently that a learned Supreme Court in the United States quashed an indictment because in its caption the word 'the' was left opt before the name of the State. "A story is told of a lawyer who was defending a burglar accused of housebreaking. 'I submit, Your Honor,' said the lawyer, 'that my client did not break into the house at all. He merely saw a window, inserted his arm, and removed a few articles. Now, my client's arm is not himself. Why punish his whole body when his arm is the guilty member? 'That argument is well put,' said the Judge. 'I sentence the arm to twelve months,' imprisonment. The man can accompany it or not, as he chooses.' The prisoner smiled, took off his wooden arm, and walked out. SOME FAULTS IN OUR SYSTEM "The common law is that system of law which is builded on precedents. The easy method under this system is for a lawyer or a judge to rely on a case which may in some way be applicable to the facts. It makes no particular difference that the decision happened to be handed down in the time of Adam and Eve and that it was appropriate for conditions existing in the Garden of Eden; it is eagerly seized upon to decide a modern case. The volumes of judicial reports are so numerous that it is a poor lawyer who cannot find some decision to support his contention, no matter what it is and no matter on what side of the case he may appear. What the people would like would be for the courts to rid themselves of the tendency to ground their decisions solely on precedents and instead to base their decisions on the solid principles of the law. In the case of Justice and Common Sense versus Technicality and Precedent, Justice and Common Sense should be given the verdict. "The public again are often shocked by the wonderful mismanagement of the courts. A businessman would be unable to breathe the air of some courts for two consecutive minutes. Judges more given to judicial reflection than to executive decision, have been left to wander aimlessly among the mazes of dusty records. Two elements which have entered into the storm of angry criticism against the judicial system are extreme decentralization and a total lack of administrative control. Appropriate large sums of money for the courts and increase the number of judges, and still the judicial output will not be proportionate, due to the law of diminishing return. On the other hand, if definite authority and responsibility be insisted upon and if judicial business be administered, with the same organization and vigilance as are required for success in any other private or public business, then improvement must come. "The public see something incomprehensible in the maladministration of the criminal law. They see, for instance, a poor man caught in the meshes of the law, hauled before the court, and rigorously (Continued on page 25)

Page  11 I April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL Baguio Carnival and Exposition End of This Month.,., Preparations for the Baguio Carnival and Exposition, commemorating the 300th anniversary of the settlement of Baguio by the Spaniards, are going on apace and indications point to a successful realization of all plans. With a temperature averaging 15 degrees below Manila, Baguio offers speedy relief from the heat and dust of the lowlands. The Carnival period, April 21 to 29, marks the height of the hot season in Manila and nearby provinces, and doubtless thousands of residents of the Luzon plain will journey to the Benguet mountains during this period for a week or more of rest, enjoyment and relief. The native inhabitants of the Mountain Province are among the most interesting in the Philippines. Originally and until within a few years, headhunters, they are rapidly acquiring the ways of civilization. They are not numbered among the civilized Filipino population but belong to various distinct tribes such as Igorots, Ilongots, Kalingas, Bontocs, Ifugaos and Apayaos. They will be represented in large numbers at the Baguio Exposition in their native costumes and surroundings, exhibiting their arts and handiwork. Within a few years, these picturesque hillfolk will have acquired civilization, and this is a good opportunity to see them while some are still in a primitive state. A number of excellent hotels are found in Baguio, headed by the famous Pines Hotel, one of the finest in the Islands. For the accommodation of the overflow, tents are being erected, so that there will be no lack of accommodations. These desiring to make sure of hotel accommodations should make reservations as early as possible. Teachers' Camp, administered by the Bureau of Education, will be in full swing at the time of the Carnival. Here hundreds of American and Filipino members of the insular teaching staff spend their vacations amid ideal surroundings. Camp John Hay, the Army post at Baguio, is a beautiful spot, with an excellent golf course, tennis courts and walks. The golf course is administered jointly with the Baguio Country Club, immediately adjoining Camp John Hay. Excursions from Baguio may be made to Mount Santo Tomas, elevation 7,200 feet: Antamok Valley, where the Benguet Consolidated gold mine is in operation; Trinidad Valley, seat of a government experimental farm, where strawberries are grown in profusion; and Haight's, 56 kilometers distant. The latter place is 8,000 feet above sea level and an automobile road reaches to the halfway mark from Baguio. Other points of interest are the Constabulary Academy; the Jesuit Observatory on Mount Mirador; the Dominican Retreat; the Easter School; the Belgian Sisters' Convent, where embroidery, lace and silver articles are made by Igorot children; and the Naguilian road, leading to the seashore on top of a mountain divide from which splendid vistas of scenery unfold. Baguio may be reached by automobile or by train. In the latter case, a change is made to big auto busses at Damortis, and the thr.ee hour trip up the Benguet road is a scenic spectacle rivalled by few mountain regions in the world. During the Carnival period extra trains will be run and there is a regular night train, running twice a week. The first class fare is V19.75 each way, with 15 extra for a sleeping car berth. Round trip tickets good for 60 days may be purchased for P36.50. Thirdclass tickets are 19.45 each way, a 60 day round trip ticket costing 1'17.40. These fares include the automobile bus trip. Baguio is regarded as the premier mountain resort of the Far East and one of the finest in the world. No mere description can convey the pleasurable surprise and exhilaration produced by a visit to this mountain mecca. The bracing atmosphere, with its pine-laden fragrance, the cool weather, the nights at the crackling fireside, the continuous round of social pleasure, the limitless opportunities for healthful exercise in the open air and the absorbing interest of the primitive mountain folk combine to make the place one of unrivalled charm. The Carnival and Exposition afford an excellent opportunity to visit Baguio at its best. Philippine Islands the rates of duty which are required to be levied, collected, and paid upon like articles imported from foreign countries." Articles the growth, produce or manufacture of the United States exported and returned without having been converted into manufactures of the Philippine Islands are, therefore, subject to the provisions of paragraph 1514 as though imported from a foreign country, and the conditions of paragraph 1514 as though imported from a foreign country, and the conditions of the first clause of the paragraph must be met in order to obtain the free admission of such goods into the United States. A copy of the United States Tariff Act of 1922 containing the paragraph and section referred to in the above letter is on file at the office of the Chamber and may be consulted by those interested further in the subject. RICE CULTIVATION IN EGYPT Consul S. PINKNEY TUCK Jr., Aloxandria The rice-growing area of the Egyptian Delta is confined almost entirely to the northern portions of the Provinces of Gharbia, Beheira, Sharbia, and Dakahlia in Lower Egypt, and is further restricted to those parts where the summer water supply is sufficient to allow for a short rotation and where, owing to injurious salts in the soil, rice ts required as a reclamation crop. For land reclamation it is necessary to grow rice for several years in succession, but after the land shows sufficient improvement only once in three years is required. The marshy lands of the Nile around Rosetta and Damietta are, and have been for centuries, the chief rice-growing centers. The area sown to rice in 1893 was 115,000 acres. This steadily increased until 1904, when 219,000 acres were sown, then dropped to 202,000 acres in 1907. From that time on a steady increase has taken place, 1921 showing a total acreage of 302,000. The steady increase in the area sown is largely due to the formation of certain land companies, which have recently undertaken land reclamation on an extensive scale. The crop is cut with small reaping hooks, and thrashing is done by native machines, except on large estates, where modern thrashers are used. Rise is hulled in small quantities by means of a stone mortar and wooden iron-shod pestle about 5 feet long, concave at the bottom. On a larger scale this work is done in various factories at Rosetta, Damietta, Alexandria, and Zagazig. Although the quantity of rice grown in Egypt barely suffices in any season for the local demands, the country exports a large part of its crop and imports Indian and Rangoon rice to replace it. This is due to the superiority of the quality of the rice grown locally and the high price consequently obtained for it in foreign markets. ITALIAN TOBACCO MONOPOLY No change is anticipated by the new government in its policy of administration of the tobacco monopoly of Italy, according to cable advice received November 10 from Commercial Attache Henry C. MacLean, at Rome. Only monopolies which have been showing deficits, such as telephone, telegraph, and railroad, are under consideration for transfer to private control. As a source of revenue the tobacco monopoly has been one of the most inuring factors of the Italian government. Ruling On Returned American Goods. I~~~~~~~~~~~~~~~~~~~~~~~' — The following letter, dated January 23, 1923, containing a ruling relative to the entry of American goods returned from the Philippine Islands, was received by the Colector of Customs at San Francisco from Edward Clifford, Assistant Secretary of the Treasury: The Department is in receipt of your letter of the 23rd ultimo (TJB-R), relative to the entry of American goods returned from the Philippine Islands. You refer to Section 301 of the Tariff Act of 1922, and request to be advised whether, in view of the meaning of certain of the customs laws, the restriction contained in paragraph 1514 relative to importation of merchandise by the exporter thereof shall be applied to (1) American merchandise shipped from the United States direct to the Philippine Islands and thence returned to the United States, and (2) American merchandise exported to a foreign country, thence to the Phil ippine Islands and returned to the United States direct. The free proviso of Section 301 is limited to articles the growth or product of or manufactured in the Philippine Islands from materials the growth or product of the Philippine Islands or of the United States, or of both, or which do not contain foreign materials to the value of more than 20 per centum of their total value, upon which no drawback of customs duties has been allowed coming into the United States from the Philippine Islands. Articles of materials exported from the United States and returned without having been subjected to any process of manufacture in the Philippine Islands would, therefore, be excluded from free entry under the proviso and would be dutiable under the provisions of Section 301, which reads as follows: "That there shall be levied, collected, and paid upon all articles coming into the United States from the

Page  12 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 EDITORIAL OFFICES American Chamber of Commerce 2 CALLE PINPIN P. 0. Box 1675 Telephone 1156 THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar names such as the Philippine-American Chamber of Commerce, the Philippine Chamber of Commerce and the Manila Chamber of Commerce. As the official publication of the American Chamber of Commerce of the Philippine Islands, this JOURNAL carries authoritative notices and articles in regard to the activities of the Chamber, its Board of Directors, Sections and Committees. The editorials are approved by the Board of Directors and, when so indicated, other Cai ictes are occasionally submitted to the Board for approval. In all other respccts the Chamber is.-ot responsible for the ideas and opinions to which expression is given Vol. III. APRIL, 1923 No. 4 THE PHILIPPINES AND THE RUHR Frenchmen are usually credited with possessing very logical minds, but if a report recently published in the Press Bulletin of the Independence Mission under a Paris date line stating that Andre Tardieu, the French statesman and diplomat, compared the occupation of the Ruhr district with the American occupation of the Philippines is to be believed, the French reputation for logic must of necessity be seriously questioned. According to the report, M. Tardieu declared that "in occupying the Ruhr district of Germany, France is doing no more than did the United States in occupying the Philippine Islands against the persistent objection of the Filipino people. On the contrary, France is trying to collect a debt, while the Filipinos, who had already won their independence from Spain, did not owe the United States any money." He is quoted as follows: "We are doing in the Ruhr only what the United States has done in the Philippines. If it was right for you (Americans), why is it wrong and unjust if coming from us?" We are not so. much concerned with the right or wrong of the Ruhr occupation, though American public opinion apears to be in favor of the step, as with the unjustifiable assumption that the two instances cited are analagous. In the first place, M. Tardieu's assumption that the Filipinos had already won their independence from Spain is entirely gratuitous. The facts of history will not bear him out in this statement. True, a revolution was in progress and an attempt to establish a Filipino government had been made at Malolos, the insurgents taking advantage of the preoccupation of the Spanish forces with the American forces that captured Manila; but to all intents and purposes, Spain was still the sovereign power when the Americans landed, and it was with Spain that the negotiations for the transfer of sovereignty took place. And the transfer was a perfectly legitimate one, a money consideration of $20,000,000 being involved in lieu of the Philippine debt to Spanish citizens. Moreover, the Filipinos had been in open revolt against the United States. Besides, the social, educational and industrial status of the Germans and the Filipinos at the time of occupation presents such differences that a comparison on similar grounds seems well nigh impossible. Then, compare the avowed objects of the two occupations. France is occupying the Ruhr district as a disciplinary and retaliative measure in addition to attempting to exploit the resources of the region as payment of a debt. The basis of the American occupation was well set forth by President McKinley in his first proclamation following the signature of the Treaty of Paris, when he said: Finally it should be the earnest and paramount aim of the military administration to win the confidence, respect and affection of the inhabitants of the Philippines by assuring them in every way that full measure of individual rights and liberties which is the heritage of free peoples and by proving to them that the mission of the United States is one of benevolent assimilation, substituting the mildest way of right and justice for arbitrary rule. There is a big difference between the objects of the French occupation of the Ruhr and those of the American occupation of the Philippines. The former springs from war-bred passions and retaliative measures, the latter was a forced step springing from a sense of benevolent duty toward the Filipino and toward mankind. The two cases are entirely dissimilar, and it is surprising to hear a leading Frenchman of M. Tardieu's type employing the two for purposes of justificatory comparison. France may or may not be justified in occupying the Ruhr, but she certainly can find no justification for her action in the American occupation of the Philippines. The two cases differ too widely in basic essentials. WATER FREIGHT RATES Announcement is made that a group of hemp exporters have chartered a Norwegian vessel to carry hemp to Europe at a rate of $2.25 a bale as compared with the $3.00 rate now charged by the Associated Steamship Lines. This marks the opening of a struggle to the finish between the local steamship operators and the exporters. The latter have for over a year attempted to convince the steamship people that rates are reaching a point where competition with other fibers that are trying to invade the hemp field is becoming well nigh impossible. No success has resulted from these efforts of the exporters and rates have steadily gone up. The last increase to $3.00 a bale, effective March 1, was the straw that broke the camel's back and rather than be held up by the shipping people and also to save their business, the' exporters have been forced to go into the open freight market and charter a ship. This is not the only action that should make shipping people take notice and lead them to a more considerate attitude toward the people who furnish the freight. A movement is on foot to ship hemp direct from Mindanao to the United States, thus avoiding the extortionate interisland freight charges from that region to Manila. It actually costs more money to ship a bale of hemp from Davao to Manila than to ship it from Manila to the United States. There is of course no legitimate reason for this, but the interisland ship operators have been able to enforce their extortionate charges by presenting figures to the Public Utility Commissioner based on excessive operating costs and fictitious valuations of vessels. The worm has turned, however, and in a short time the interisland shipping companies will find a big share of their business taken away from them because of their greed and obstinacy. Overseas freights from Manila are controlled by the Associated Steamship Lines, commonly known as the Conference, and this Conference is dominated by the foreign lines. That American lines, including the Shipping Board lines, should be parties to such a Conference is an anomaly pointed out at a recent open meeting of this Chamber. One thing that was brought out very clearly is

Page  13 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 the fact that a number of the foreign steamship lines are also exporters and therefore have the benefit of inside information on contemplated freight rate changes, while the American steamship lines are exclusively in the shipping business and are not directly concerned with the exporters' interests. This, together with the numerical control exercised over the Conference by the foreign lines, gives foreign business here a big advantage over American business, in so far as this phase of it is concerned. Incidentally, the acquiescence of the American lines to the high Conference rates will now result in a considerable loss of business for those lines, as a large proportion of the hemp that will go out on chartered vesels would in the natural course of events have been shipped on American steamers. The action of the American exporters in shipping direct from Davao has already resulted in an offer on the part of the interisland lines to reduce their freight and passenger rates. This shows that the move was justified and that reasonable freight rates can only be secured through concerted action on the part of those interested in their reduction. The freight makers must fight the rate makers with the latters' own weapons. GETTING THE GOVERNMENT OUT OF BUSINESS Governor General Wood, it seems, is making every possible effort to get the government out of business, in pursuance of the policy he announced upon his assumption of the high office he occupies. He endeavored to have a private organization take over the Manila Railroad, but failed. He is now looking into the matter of disposing of the sugar centrals at present operated by the Philippine National Bank to private' interests. The National Development Company has sold the Capstan Rope Works and will sell if possible the Sabani Valley to the occupants. Negotiations have also been carried on for the disposal of the National Coal Company's properties to private parties. These developments are all commendable, for they will ultimately result in a big financial saving to the government, government operation of private business organizations having proved a failure in the Philippines. There is hardly one enterprise of this sort managed by the government but would have done better under private management. Many would have money where only losses were met with. History records countless cases of this sort, from the French commune to the recent Bolshevik tragedy in Russia. Government has its legitimate sphere of activity, but barter and trade is decidedly out of that sphere. The suggestion has recently been made that the government intervene in the embroidery business by instituting an inspection service, the idea being that in this wy- 4gh Atatdards would be established and the production of a more uniform product assured. Judging from the experience with similar governmental activity in the tobacco and hemp industries, the plan would not prove a success. Those engaged in the industry as their life work are far more competent to regulate it and develop it than are so-called governmental "experts" with nothing more at stake than their small jobs. Let the government get out of business as quickly as possible and stay out of business. General Wood is on the right track. ESTABLISHMENT OF HEMP GRADES President Julius H. Barnes of the Chamber of Commerce of the United States in a circular received by this Chamber calls attention to that part of the annual report of Secretary of Commerce Hoover which appears under the heading "Voluntary Establishment of Grades and Qualities." Secretary Hoover, after referring to the agitation that has been current for many years for the extension of the Federal laws to the establishment of grades and qualities of different commodities, says: It was considered by the Department, however, that it would be infinitely better if such grades and qualities could be established voluntarily in the trades themselves instead of by legislation, and policed by trade associations as is the case in several old established trades. Recently the Hemp Section of the American Chamber of Commerce of the Philippine Islands passed a resolution advocating the reclassification of government grade "I" hemp into two distinct grades known in the trade under different names and commanding different prices. This is eloquent proof of the ineffectiveness of arbitrary governmental classification and gives point to Secretary Hoover's contention that gradings and classifications of commodities should be carried out by the people directly engaged in the purchase and sale of the commodities. Some months ago a committee of the Philippine Senate held hearings on the proposal of Senator Alegre to abolish all govern.. ment classification. There was a sharp division of opinion in the matter and, as far as we are aware, the bill has not been passed by the Legislature, although it went through the Senate by one vote. Perhaps some of our solons will suffer a change of heart in their opposition to the measure if they fully digest Secretary of Commerce Hoover's report for the year 1922. As we have previously pointed out, the government grades prescribed by law in the Philippines are not recognized by the trade abroad-the standard and time-tested classifications of nearly a century's standing still holding sway. It was hardly to be expected that the government would improve upon a system of classification that proved to be efficacious through the acid test of time and experience. CAVITE BOULEVARD Now that the Philippine government has borrowed millions of pesos for financial rehabilitation and public improvements, it might not be out of place to call attention to the advisability of proceeding with the' work on Cavite Boulevard. This shore drive has been standing in its present state of incipient construction for the past eight or ten years. It was begun under the Forbes regime, halted by the Harrison regime, and permitted to continue in that condition ever since. If anything, it has deteriorated, although sporadic efforts to keep the constructed portion in shape have been apparent from time to time. Manila is becoming a favorite tourist center. A boulevard skirting our beautiful Bay as far as Cavite would add immeasurably to the attractiveness of the city. The present stretch of a mile or so of passable shore drive only serves to whet the appetite for more of it. Besides, the fill between the drive proper and the sea wall is not properly taken care of. If this strip along the edge of the Bay were properly filled and sodded and benches were placed on it, Manilans could utilize it as a most agreeable breathing spot during the late afternoons and evenings. In its present conditions it would serve better as a grazing ground for Rocky Mountain goats, and even those hardy animals couldn't get very fat on the subsistence they could scrape off it. Much has been done in the way of beautifying Manila during the past decade, mostly in the vicinity of the City Hall and the environments of the Walled City. For this the authorities must be given due credit. The completion of Cavite Boulevard should be the next step in the progress of civic improvement in Manila. OF HISTORIC INTEREST Beginning with the May issue, the American Chamber of Commerce Journal will publish in three instalments an account of "The English Occupation of the Philippines" by Percy A. Hill. Most residents of the Islands know that the British held Manila for a year or two beginning in 1762, but few people are aware of the fact that the English occupation of the Islands did not end until 1775. It is also not generally known that much bloody fighting took place in and about the Walled City before the British were in full possession of the town. Mr. Hill has delved into old records in convents and libraries in different parts of the Islands and has written a very readable account of this interesting period of Philippine history. We have also secured the photograph of a map of Manila made previous to the British occupation, which map was sold to the British Museum by Dr. Pardo de Tavera some years ago. It will be used to illustrate Mr. Hill's story. L

Page  14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 I i Consolidated Cars of Merchandise Machinery and Other Commodities are forwarded across the United States on dependable schedules connecting with steamers for MANILA, P. I. This service assures saving in time, in detail and expense. Less than car load shipments originating in territory east of the Mississippi River when routed in our care move at car load rates plus our Nominal Service Charge. Rates and particulars relating to this service or other traffic information with which Philippine merchants may be concerned in the States, will be cheerfully furnished upon inquiry to our General Office. TRANS-CONTINENTAL FREIGHT COMPANY F. L. Bateman, President W. L. Taylor, Sec. and Treas. K. H. Hinrichs, Export Manager Export and Domestic Freight Forwarders. General Office: 203 So. Dearborn St., Chicago Eastern Office: Woolworth Building, New York I I REVIEW OF THE EXCHANGE MARKET By STANLEY WILLIAMS, Manager, International Banking Corporation. _1 Our last report closed on February 23 with Banks' selling rates for New York exchange quoted 3/4 % discount for demand and 1/2% discount for cable transfers. The market was weak and eased off and on February 28 cables were done at 3/4% discount. On March 2 one bank was reported to have sold telegraphic exchange to the Insular Treasury at the legal 1 -1/8%o discount and the outside market immediately dropped to 1% discount. During the next few days several banks were reported to have sold to the Treasury and the market rate remained at 1% discount until the 14th inst., when, with the former pressure for local funds somewhat relieved and export business not much in evidence, the market began to strengthen. One bank offered to sell at 7/8% discount, but apparently would not go far at that rate, and all others were asking 3/4%o discount. The market gradually gathered strength and at the close of this report on March 24 cables were quoted at 1/2 % discount and demand drafts at 7/8% discount. The London cable rate closed in New York on February 21 at 472. This was high for the period under review. The rate gradually eased away in a dull market to 469 3/4 on the 7th inst. and then reacted to 470 7/8 on the 10th. Another recession carried it to 468 1/8 on the 15th, and the market closed steady on the 23rd at 469 1/2. Silver closed in London on February 22 at 31 spot and 30 7/8 forward. An upward trend carried it to a high for the period of 32 11/16 spot, 32 7/16 forward, on the 12th inst., and it closed on the 23rd at 32 7/16 spot, 32 5/16 forward. The New York price closed at 64 1/8 on February 21. It reacher a high of 68 3/8 on March 14 and closed on the 23rd at 68 1/8. Sterling cables were quoted locally at 2/1 9/16 March 24, and the banks' buying rate for 3 months' sight credit bills in London closed at 2/2 7/16, both rates being 3/16 higher than those ruling at the close on February 23. Telegraphic transfers on other points were quoted nominally at the close on March 24 as follows: Paris 740 Madrid 155 %Y Singapore 110 Y2 Japan 97 1/ Hongkong 111 % Shanghai 65 S% India 157 1/ Java 126 4 MARCH SUGAR REVIEW By WELCH, FAIRCHILD & Co., INC.... _. Review of Business Conditions for March the large speculative element in the market has manifested itself in sharp fluctuations, bringing prices for Cubas as low as 4-7/8 cents, c. & f., and carrying them as high as 5-3/4 cents, c. & f. There were sales of Philippine sugars at prices ranging from 7.03 cents to 7.41 cents, landed terms for March/April shipment, latest sales reported being at the latter price, but as this sale was made some days ago and the market has since developed a weaker tone, Philippine sugars are not saleable at that price at the present time. From the commencement of the period under review, Cubas advanced steadily from 5-1/4 cents, c. & f., to 5-5/8 cents. Then the market became nervous and uneasy, due to operators and speculators liquidating their holdings. This caused the market to break sharply, and sales of Cubas took place at 4-7/8 cents, c. & f. Also Refined declined from 8.70 cents to 8 cents. The break did not, however, last long, and prices for raws jumped quickly from 4-7/8 cents to 5-1/2 cents, c. & f., with both operators and refiners buying. Refined also advanced steadily from 8 cents to 9 cents. Thereafter, the market became quieter and weaker, owing to a threatened inquiry by the Government into the cause of the high prices for sugar; raws dropped to 5-1/4 cents, and refined to 8-3/4 cents, and the demand for refined was small. Later, it was announced that the threatened Government inquiry had been indefinitely postponed, and this led to a firmer tone, refiners following the market up to 5-5/8 cents and operators continuing to buy up to 5-3/4 cents. During this period, there were large transactions, and this had the natural effect of leading to a quieter market, with the result that prices fell back to 5-5/8 cents. Since then the market has been dull with a downward tendency, and prices have gradually fallen to 5.54 cents, c. & f., for Cubas, which is the latest quotation to hand. LOCAL MARKET: At the commencement of the period under review, there were buyers of Centrifugals at 5i16.50 per picul, ex-godown, and during this period sales of Centrifugals have taken place at prices ranging from I'16.50 to ~'18.25, the bulk of the transactions taking place at P1t8.00 per picul, exgodown. At the present time there are buyers on the basis of P117.75 per picul, ex-godown. There has also been keen competition for muscovado sugars, Chinese dealers continually forcing the market up. Prices have ranged from 110.50 to P14.00 per picul, ex-godown, basis 8~, and at present there are buyers on the basis of i13.75. Weather conditions continue favorable for the harvesting of the growing crop. A few of the centrals will exceed their estimates, but more will fall short, and the final out-turn of the crop is likely to be slightly less than the original estimate. The planting of the new crop is also proceeding in a satisfactory manner, and with increased areas under cane as well as a more general use of fertilizer, it is expected that the next crop will show a considerable increase over the present crop. It is too early yet, however, to estimate approximately what the increase is likely to be. JAPANESE MARKET: Japan has continued keenly interested in our muscovado sugars, but practically no business has been transacted owing to the E ( ( I c c Boston Old South Bldg. Buffalo Ellicott Square Philadelphia Drexel Building Cincinnati Union Trust Bldg. Cleveland Hippodrome Bldg. Los Angeles Van Nuys Bldg. San Francisco Monadnock Bldg. Seattle Alaska Bldg. Portland, Ore. 15th and Kearney Denver 1700 Fifteenth St. [I j Our last review was dated February 21. NEW YORK MARKET: We closed our last review with quotations for Cubas for prompt shipment at 5-1/4 cents, c. & f., and reported sales of Philippine sugars at prices ranging from 7 cents to 7.03 cents, landed terms. In the period under review,

Page  15 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL limited stocks in the local market being firmly held, and Japan apparently being unwilling meantime to meet the competition from the Chinese market. JAVA MARKET: The demand for the limited stocks of ready sugars has led to a considerable advance in prices, which have ranged during the period under review from Gs. 19 to Gs. 23-1/2 for Superiors. For new crop sugars prices have ranged from Gs. 16-3/4 to Gs. 19 per picul for Superiors for August/September delivery. Latest quotation to hand is Gs. 18-1/2. Large sales were made by the Trust, particularly at prices ranging from Gs. 17 to Gs. 17-3/4. There have also been fairly large transections in the 1924 Java crop, sales of Superiors having been made at Gs. 15, and of Muscovados at Gs. 13-3/4, for April/ May delivery next year. Browns are quoted at Gs. 14. CROP ESTIMATES- Cuban Crop: There are various estimates of the Cuban crop. The Cuban government estimates it at 3,500,000 tons, but it seems to be generally felt that this is an under-estimate. Other estimates point to the crop reaching 3,700,000 to 3,800,000 tons. European Beet Crop: The latest estimate of this crop is 4,574,000 tons. If 11 - I~~~~~~~ II If You lived in Alaska You wouldn't buy imported Salmon cAnd for the same reasons you should not wear imported shoes in the Philippines. It is true that American leather is best and for that very reason we use American leather in all our shoes. We also use American skilled supervision, American common sense lasts and American shoe findings. The only things Philippine about our shoes is Filipino labor and adaptability to climate and conditions. You can get better salmon in Alaska without paying for cans, packing and freight. The same applies to shoes in the Philippines. HIKE SHOE PALACE 144 Escolta Manila NO. 15 OXFORD " ' --- REVIEW OF THE HEMP MARKET By H. FORST Vice President and General Manager, Maclcod & Company, Inc., PHILIPPINE TRUST COMPANY MONTE DE PIEDAD BLDG. TELEPHONE 1255 DIRECTORS LEO K. COTTERMAN It. C. BALDWIN M. HI. O'MALLEY J. G. LAWRENCE 1'. C. WHITAKER WV. D. CLIFFORD All markets during the last week of February ruled quiet but steady; but a much firmer market, and in consequence considerably higher prices, developed during the first half of March. At the beginning of the month I was being sold in New York at 9-3/8 cents per lb., and F at 12 cents. In London the nominal quotation for J was ~36-, and ~35- for K. Locally prices were nominally P19 for I, P26 for F and P'14.50 for J. Grade L was P113.50. The London market remained steady to firm at above quotations, but towards the middle of the month a further advance is to be recorded in the New York market, the highest point reached being 9-5/8 cents for I and 12-1/4 cents for F, and locally prices advanced to P20 and 127 per picul, respectively, for the two grades mentioned. A large business was done, but heavy receipts eventually began to make themselves felt and prices last week gave way, so at writing they are about on the same level as when our last report was written-say P18.50 for I and '25.50 for F. Both London and New York report their markets dull with downward tendency. In New York there are sellers on basis of 8-3/4 cents for I and 11-5/8 cents for F. In London business has been done at ~34-10/ for J and ~1 -less for K. Receipts have been extraordinarily heavy, and during the five weeks which have elapsed since our last report was written, amount to 176,000 bales-a weekly average of a little over 35,000 bales. Shipments increased on a corresponding scale and the result is that stocks are only 128,000 bales, which compares with 257,000 bales at the same period last year. The year 1922, as everyone knows, was noted for its large production and exportation of abaca. Shipments so far this year, say for a period of three months, however, are 110,000 bales in excess of 1922. The United States have taken from us 50,000 bales more than during last year, and England Offers an unexcelled banking service to individuals and corporations; transacts a general banking business and maintains special depaTtments with facilities of the highest chnracter, viz.: COLLECTION, DOMESTIC AND FOREIGN EXCHANGE, SAVINGS, BOND AND TRUST Acts as administrator of estates, or as executor or trustee under wills, and as trustee under deed securing the issuance of corporate bonds. M. H. O'MALLEY, W. D. CLIFFORD, F. W. KENNY, President. Vice-President. Cashier. Member American Bankers Association Chase National Bank-New York Correspondent I -1 — I I I I -- 1 I i YOU ARE PROTECTED WHEN YOU TRUST YOUR EYES IN OUR CARE. We have no "departments"; our business is solely optical. We supply Bausch C& Lomb lenses and frames of proven merit. TAKE CARE OF YOUR EYES. HIAN14A. 9094 ESCOtrA I. F MIASONIC 7tMPLE II --- —-------------

Page  16 16 6THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 I - — ~~~~~~~~~~~- - ' — - I REAP WHERE IT'S RICHEST! How big a percentage of Manila's population that should be buying from you are your customers? If you knew just what medium would reach certain sections and classes, you could increase that percentage, couldn't you? We have the data that enables you to choose the best medium to reach the greatest number of prospects interested in your goods. Let's cooperate. Our phones connect. Ours is 367. What's yours? BUTLER ADVERTISING AGENCY 209 Roxas Building Phone 367.I i i --- ii ------ — ~~~~~~~~~~~..... H. E. HEACOCK Co. DISTRIBUTORS FOR Keystone Elgin Watches Howard Watches Westclox [The Big Ben Clock Line] New Haven Clocks Seth Thomas Clocks Chelsea Ships Clocks Gorham Sterling Silverware International Silver Co.'s Lines Manning Bowman Nickelware American Optical Co. Lines Krementz Men's Jewelry Kum-a-part Buttons and Belt Buckles Ostby Barton Rings Simmons Chains Eversharp Pencils Waterman Pens Eaton Crane Pike Stationery I I I i I i I i i i I i I i i i I I about 45,000 bales. Shipments to Japan are practically the same as last year; and this holds true as to other consuming markets. At the present rate, we estimate that the Islands this year will produce 1,400,000 bales of hemp. FREIGHT SITUATION: In previous articles we called attention to shippers' objections to the increase in freight rates on hemp to both the Atlantic coast and shipment via Pacific. We predicted at that time that this would undoubtedly have a tendency to make exporters seek outside tonnage, and that it would no doubt result in some of the bigger shippers doing their own chartering. This is exactly what has happened; and since November last year, to date, over 100,000 bales of hemp were shipped to the Atlantic coast by steamers not flying the American flag. It is safe to say that none of the houses here wish to ignore recognized lines of steamers which, through necessity, must maintain an expensive organization, and which are certainly entitled to consideration. However, in times like these, when competition is so severe and profits cut down to a minimum, shippers cannot pay Conference lines a premium of 50 cents gold per bale, which they have been called upon to do. We are glad to be able to report that the local committee of the Associated Steamship Lines, realizing the seriousness of the situation, held a meeting on Saturday at which it was decided to reduce the rate on hemp to $2.50 per bale, direct shipment to New York, and to $1.25 for shipment via Pacific. These two rates will no doubt be confirmed at a meeting to be held tomorrow-March 27-arid will become efective immediately. We give below our usual statistics: 1923 1922 Bales Bales Stocks on January 1.. 155,495 256,400 Receipts to March 26.. 337,658 256,211 Stocks on March 26... 128,483 257,172 Shipments To Mar. 26, 1923 Mar. 27, 1922 Bales Bales To the U. K...... 92,642 47,086 To the Continent of Europe......... 28,712 20,125 To Atlantic U. S... 117,426 69,079 To Pacific U. S... 55,581 52,050 To Japan......... 55,277 53,089 To Australia..... 5,657 3,460 Elsewhere and Local 9,375 10,550 Total......... 364,670 255,439 COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manager, Willits and Patterson, Ltd. Manila, March 24, 1923. COPRA The local market in this commodity has been most sensational during the month, and even at this late date, it will be impossible to predict what trading figures will be for the closing days. Despite periodic increases in Continental bids, the Manila Market for resecado was held at approximately V:12.00 up to March 15, when strong buying pressure from both export houses and local crushers caused an advance almost over night of P1.00 per picul. Since March 16, there has been an additional steady advance and today business is being done at p13.50.per picul, basis resecado. With no apparent increase in copra production in the very near future, the possibility of a weaker local market seems remote for the balance of March. Our latest advices on foreign markets are as follows: I

Page  17 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 Qt'OTATIOJNS U. S. West Coast ports - - 5-1/4 to 5-3/8 London - - - ~29-10-/. Estimated arrivals of copra at Manila during March are 160,000 piculs as against 215,000 piculs for March 1922. COCONUT OIL Demand for this article has strengthened during March and inquiries at 9 cents, c. i. f. West Coast ports, or approximately 1 cenit. gold per pound over February figures, are in hand. Local crushers are reluctant to sell at this figure in view of conditions in the copra market, and it will be necessary for buyers to better their ideas if business is to be done. Our latest advices from the U. S. and London are as follows: U. S.-9 cents per pound, c. i. f. West Coast ports. London —~43-/-/ nominal. Total oil shipments from the Philippines during March will be approximately 9,000 tons as against 6,210 tons for March 1922. COPRA CAKE March cables indicate a renewed interest in copra cake, more particularly as regards the U. S. market, with buyers offering $20.50 per ton of 2,000 pounds, c. i. f. WestCoast ports. li il — - - --!T --- —l i1 E. VIEGELMANN & CO., INC. MANILA, P. I. IMPORTERS of: Textiles, Hardware, Sundry Goods. EXPORTERS of: Copra, Coconut Oil, Hemp, Tobacco, Cigars, Gums, Shells, Hats, Embroideries, Pearl Buttons. Owners of Cigar factory "EVEECO". AGENTS of: Hamburg American Line of steamers. I TOBACCO R: BY LOUIS M Manager, Oriente ( I This is BAGUIO SEASON The busiest city in the Philippines during the hot months of April, May and June. Get away from the sweltering heat of the lowlands and join the happy throngs that are enjoying the cool, crisp mountain air of Baguio. - - --- — - - I EVIEW ICCALL Cigar Factory As a result of the reports received in Manila from several of the principal American importers of Philippine cigars, to the effect that spot stocks are not moving and that by reason of the large shipments in transit they fear an accumulation which might result in disaster if the cigars have to be carried through the summer months, ioly sixteen million cigars were forwarded to America during February. With but few exceptions, Manila manufacturers continued during March to curtail production; consequently it is estimated that shipments to America this month will not exceed the quantity shipped during February. The Manila leaf market, except for parcels running mostly to classes, is very weak. Small parcels running largely to wrappers are offering at 1t70, but no sales even verging on this price have been nTted. Good sound binder and filler grades with a small percentage of classes are offering at prices which range from t120 to T25. In the Cagayan Valley parcels still unsold in the hands of the smaller dealers and hacenderos are quoted at from:13 to 15 above the Manila market, but as everything indicates that the peak of the leaf market was reached in December, it is safe to predict that the bulk of these parcels will continue unsold until such time as the present holders revise their ideas. The predicted shortage in the 1923 crop strengthened the market, which during January showed signs of weakening in spite of the large cigar shipments being made to America. Now that the American buyers seem, for the moment at least, to have lost interest in Manilas, the leaf dealers are more prone to consider counteroffers. Reports from America are conflicting. Some sources contend that the lack of orders is caused solely by reason of the fact that more cigars have been shipped than the market can absorb. From an occasional criticism made in connection with the quality of the cigars that have been received in America, it seems safe to assume that during the past few months a large por I VISIT THE BAGUIO CARNIVAL, APRIL 21 TO 29 Make your reservations now. COME BY AUTO OR BY TRAIN PINES HOTEL RESERVATIONS CAN BE MADE AT St. Anthony Hotel, Manila, Phone 378; Luneta Hotel, Manila, Phone 1970; American Express Co., Manila, or Pines Hotel, Baguio. L. _

Page  18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 Iti COMMERCIAL PHOTOGRAPHY WE ARE SPECIALISTS IN THE PHOTOGRAPHY OF INTERIORSBE IT FACTORY, OFFICE OR HOME PHONE 1060 DENNISTON Inc. 118 ESCOLTA I I i i I I I Smoke "FAVORITOS J. DOTRES" and you are safe. A well known cigar for many years. I i I i I i-1 I i I i I i i I i i I I I I i I i I I I I I i!I Ii II I Ii i i i i i i i i i I Made of the highest quality ISABELA TOBACCO tion of the shipments have been made down to the prices offered by the importers. Dealers' cut-throat merchandising methods have been largely responsible for the strong Manufacturers' Associations that have been formed in the various industries in America during the past ten years. It seems a pity that the Manila Tobacco Association, whose activities should have been confined solely to the marketing problems which confronted its members, deteriorated into an ineffective debating society, chiefly because of its attempts to regulate local manufacturing problems and labor disputes. THE RICE INDUSTRY By PERCY A. HILL of Munoz, Nueva Ecija, Director, Rice Producers' Association. of Prices for unhulled rice (palay) have slightly advanced during the month, but with the idea of enticing the producer to ship and deposit with the stores rather than with any thought of liquidation of quedanes (warehouse receipts). This price approximates I3.00 plus for the buying centers of the rice region, while retail prices have advanced slightly in the consuming centers. The status of the Indo-Asian crop, upon which we must predicate prices in the Philippines, seems to be rather vague for lack of accurate data; in fact a reliable authority has given figures that appear to be so much out of alignment that those familiar with conditions believe that the decimal point was put in the wrong place. Again, we see the trouble caused by the lack of an adequate circulating medium which permits the buyer, and with reason, to offer a much lower price to those who are forced to sell from economic pressure. The Chinese Chamber of Commerce and the writer prepared two articles in reference to this. With the exception of a few words, these articles wer2 the same, although they were written from different standpoints and different localities. We have also the statement of the "guardian of the finance,: who naturally seeks to make his position solid by argument. Nevertheless we again affirm that a per capita circulating medium of slightly over 1P8.00 is certainly not enough to carry on a normal business of varied industries. True, the country is small, but the lack of adequate transportation facilities also militates against the normal flow of the actual cash as between industries. The per capita tax for last year is given as 1P5.52, so it can easily be seen that the constant man-handling of the limited paper currency we have is one of the reasons for business stagnation. A loan to increase the Philippine circulating medium to approximately ~12 per capita would make things easier for producer, middleman, consumer, as well as the tax collector; in fact it is rather trying to hear of this "rich and opulent" country having a cash turnover of a city about like Detroit. There are many more things in the world's philosophy than the "status quo" and political considerations. The prospects for the coming crop are difficult to predicate on account of the peculiar weather conditions all over the globe during the last six months. We have, for instance, abnormal weather conditions in the United States, and the Japanese expect a poor crop for 1923 (to be harvested in October) due to extremely cold weather, which retards and lessens crop production. The crop of 1922 in Japan was reduced by weather conditions and has caused considerable anxiety, as perhaps there is no other country in the Orient where the cost price of rice constitutes the true barometer Retailing 20 centavos each Box of 25 - - - P4.75 For Sale Everywhere and Especially at the Cigar Store of FAVORITOS J. DOTRES EXPENDIO TABACALERA 57 Escolta Manila, P. I. ------

Page  19 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 of living conditions; and it is this factor which has driven the masses into trade unions and has made Japan, as a, consequence, one of the most expensive countries to travel in, perhaps in the whole world. Last year's crop was 133,000,000 cavans of rice, being about two-thirds the normal consumption needs, and present prices run from Y36 to Y42 per koku, averaging 114.50 per sack of clean rice; and to complicate matters, none but the very poorest Japanese consume the imported article. If the coming crop is still reduced below that of last year, which it promises to do, Japan might face another crisis similar to that of the late Premier Hara, which was based on the supply and cost of this vital commodity. As regards the present Philippine crop, there still remains about 30% to be thrashed and marketed in the Luzon Plain, and until this reaches the storing points no large advance in price can be expected. Imports during the month of January reached 1546,000, while those of last month are estimated to be not less than that sum. Evidently the Chinese importers pay little attention to our famous Bureau of Agriculture estimates and predicate needs from a crop reporting service of their own. REAL ESTATE By P. D. CARMAN, San Juan Heights Addition. Sales, City of MIanila: Jan. 21 to Feb. 21 to Feb. 20 Mar. 20 I - -- -- - --- -- - The Chinese American Bank OF COMMERCE BRANCHES AND CORRESPONDENTS THROUGHOUT THE WORLD MANILA BRANCH: PLAZA CERVANTES General Banking Business Transacted ACCOUNTS OF INDIVIDUALS, PROFESSIONAL, SALARIED AND BUSINESS MEN FIRMS AND CORPORATIONS INVITED Telephone 2400 Santa Cruz.........1203,421 Quiapo............. 255,000 Paco................ 200,000 Tondo............. 84,816 Binondo............. 112,567 Malate............ 57,906 Sampaloc........... 26,927 Santa Ana,......... 35,716 Pandacan........... Ermita....5.......... 50,884 San Nicolas......... 77,172 San Miguel.......... 4,000 Intramuros......... 42,900 Total..... 1,151,309 `245,773 81,150 50,756 82,232 4,500 25,224 94,507 7,507 12,200 93,290 79,514 1,500 P778,153 L I I WELCH, FAIRCHILD & CO., INC. SUGAR FACTORS AND EXPORTERS MANILA, P. I. Cable Address: WEHALD, MANILA Standard Codes Agents Hawaiian-Philippine Company Operating Sugar Central Silay, Occ. Negros, P. I. Mindoro Sugar Company San Jose, Mindoro, P. 1. Matlson Navigation Company San Francisco Columbia Pacific Shipping Co. Portland New York Agents: Welch, Fairchild & Co., Inc. 138 Front Street San Francisco Agents: Welch & Co. 244 California Street jI January........... P570,486 February........ 1,151,309 March........... 778,153 Sales during the past thirty days:1ave been fairly satisfactory, although not reaching the mark set in February, being also a little lower than the average monthly sales of 1840,174 during last year. Reports available, however, on the sales made, indicate fairly satisfactory prices. It is a remarkable fact that throughout the rather sluggish local real estate market ot the past year or more, prices have been almost universally maintained, this condition being true both in the city and the suburbs. The information available regarding suburban sales indicates only fair sales, with collections rather slow. The wireless station to be erected at Shanghai by the Federal Wireless Telegraph Company will be second to none in the world. It -will have six towers, each 1,000 feet high. The equipment will be as powerful as that of the great station at Bordeaux, France. THE YOKOHAMA SPECIE BANK, LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN YEN CAPITAL (PAID UP)............ 100,000,000 RESERVE FUND................. 65,000,000 UNDIVIDED PROFITS............ 4,900,000 MANILA BRANCH 34 PLAZA CERVANTES, MANILA T. ISOBE MANAGER PHONE 1759-MANAGER PHONE 1758-GENERAL OFFICE I I

Page  20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 i ~ — - - OXYGEN Electrolytic Oxygen 99% pure HYDROGEN Electrolytic I IIydrogen 99% pure L _,,, ACETYLENE 1 tr';i?^ Dissolved,';.i I Acetylene for;..j M ~ all purposes WELDING hi' For g> Fully Equipped Oxy-Acetylene - Welding Shops /. i-: BATTERIES '^6^ 7'i5 / FPrest-O- Lite I,. Electric Storage Batteries Philippine Acetylene Co. 281 Calle Cristobal MANILA I I I WITH THE BOARD OF DIRECTORS. _ _................................................ _.,., March 6, 1923. Present: Directors Elser, Gaches, Green, Heath, McCoy, Pond and Russell. Aplication of Joseph Wyllie for Associate membership was approved. Application of the Admiral Line to have the name of its membership changed to the Admiral Oriental Line was approved. A reply from the Red Cross to the Chaniber's letter requesting information as to their policy in cases of the death of indigent Americans was read. It stated that their policy in the United Staes was not to aid veterans of the Spanish War but veterans of the World War, but as there was no organization to look after Spanish War veterans, they had undertaken to help the latter whenever they could, although no general policy had been outlined by them and each case was decided on its merits when presented. A letter from A. G. Henderson accepting appointment as the Chamber's representative in Chicago was read and ordered printed in the Journal. Application of Dr. H. D. Kneedler, through the Acting President, to represent the Chamber in San Francisco was held over for consideration at a later meeting. A committee composed of Directors Green and Gaches was authorized to permit the installation of a show window in the lower premises, provided written consent is obtained from the owners of the building. Copies of correspondence from the widow of an American in the provinces protesting against the payment of taxes on reassessed valuation of land leased from the government and requesting the Chamber to try to have Section 113 of the Public Land Law, Act No. 2874, declared unconstitutional, illegal and unjust, were presented to the Board. The matter was referred to the General Counsel for an opinion. A report on the death of A. A. Page, resulting from a blow inflicted on him while in jail by a prisoner who was being held on a charge of murder, was referred to General Frank R. McCoy of the Governor Geineral's office. Letters from the Bureaus of Science and Agriculture with reference to the work being done in regard to the disease affecting hemp pants in the province of Cavite were referred to the Hemp Section. After considering the report of the Builders' Section on the proposed city smoke ordinance, the Board decided to request the Municipal Board not to pass the ordinance, as there is no necessity for it at the present time. A letter of the President to the Governor General protesting against the passage of House Bill No. 194 and requesting him to veto it, was approved. It was decided to make an attempt to rent the room downstairs which had been reserved for a ladies' room. Captain Heath, chairman of the committee appointed to study and report on the financial legislation re-establishing the Treasury Certificate and God Standard funds, reported progress. A cablegram from Mr. Ansell, of Washington, D. C., with regard to exemption of Americans from the Federal income taxes for 1918, 1919 and 1920 was presented to the Board and the Secretary was instructed to notify the recipient that Mr. Cotterman is in Washington looking into the matter and that no further action would be taken until a report is received from him. March 13, 1923. Present: Directors Elser, Gaches, Heath, McCoy, Reis, Rosenstock and Russell. The Acting President reported the receipt of a cablegram from Mr. Cotterman stating he had been in Washington in regard to the income tax matter and that there was no cause for haste or worry about it. Application for Associate membership of S. H. Cohen was approved. A letter from Walter Robb stating that the planters and sugar central owners of Ma-ao, Occidental Negros, would like to know the attitude of the Chamber regarding their interests and would also like to send a delegation to Manila for the purpose of laying their case before the American community, was read and discussed. The Board decided it would be pleased to see these people and hear whatever they may have to say. Bills in the amount of 1'6.466.98, for the month of February, were approved for payment, subject to the approval of the Finance and Auditing committee. A letter from Clarence Colman to a member of the Chamber regarding his publication of a book on the Philippines and desiring a guarantee for the sale of 500 copies in the Islands at P5 a book was taken up and discussed. No action was taken but each member of the board expressed his willingness to subscribe for one of the books. The Secretary was authorized to close the Chamber at 6 p. m. each evening. Director Gaches was delegated to represent the Chamber at a banquet on March 17 by the Solidaridad Filipino in honor of Justice Romualdez, Secretary of Justice Santos and Secretary of Commerce Laguda. Tuesday, March 20, 1923. Present: Directors Elser, Gaches, Heath, Reis, Rosenstock and Russell. The resignation of George H. Fairchild as chairman of the Speakers' committee was acecpted with thanks for his services. Request of Atkins, Kroll & Company to be represented by D. L. Cochran was approved. A letter from the Governor General requesting the cooperation of this Chamber in his endeavor to have an annual conference of all American Chambers of Commerce in the Far East at Manila, was read and discussed. The Secretary was instructed to write to all such chambers of commence, for the purpose of determining the most convenient time for an annual meeting and suggesting that the first meeting be held in Manila, in February, 1923. A report from H. L. Daniels, our National Councillor in the United States Chamber of Commerce, was read and discussed. The Secretary was instructed to obtain a printed list of the membership of the United States Chamber of Commerce. A letter from Henry Dusdicker, of Calbayog, Samar, on the rinderpest situation in that province and enclosing a letter on the subject to the Director of Agriculture, was read and the letter to the Director of Agriculture ordered forwarded without coment. A request for reconsideration of the Bcard's action on the proposed smoke ordinance was laid on the table. The Secretary was instructed to request President Cotterman to appoint delegates to the eleventh annual meeting of the Chamber of Commerce of the United States in New York City. May 8, 9 and 10. The Board declined the offer of a piano at a purchase price of I'600. CABLE ADDRESS: "GASKELLINC" P. 0. Box 1608 Office Tel. No. 2425 CODES: WESTERN UNION BENTLEY'S A. B. C. 5TH EDITION PRIVATE CODES E. Gaskell & Co., Inc. CUSTOMS BROKERS RECEIVING & FORWARDING AGENTS LAND & WATER TRANSPORTATION Bonded & Public Warehousing 103 Juan Luna OFFICES: Tel: 2425-2426 Pier Tel: 2427 21, 29, 35 & 41 BODEGAS: Barraca St. Tel: 2424 IN THE HEART OF THE COMMERCIAL AND FINANCIAL METROPOLIS. I

Page  21 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 A letter by the General Counsel of the Chamber on the taxation of leased government land, as brought up by correspondence discussed in the meeting of March 6, was read and ordered sent to the party concerned. Director Gaches reported that he had attended the banquet of the Solidaridad Filipino on March 17 and read his speech delivered on that occasion, which was approved and ordered printed in the -Journal. Mr. Gaches was given a vote of thanks. Tuesday, March 27, 1923. Present: Directors E. E. Elser, S. F. Gaches, B. A. Green, H. L. Heath, H. B. Pond, J. S. Reis and J. J. Russell. Application for Associate membership of S. F. Williams was approved. Offer of Vicente Poblete to furnish statistics, hitherto furnished gratis, at P40 per month, was declined. In view of the low state of the American Relief Fund, it was decided to have another benefit performance at Santa Ana on July 3, with the other American organizations participating if possible. It was also d&cided to ask Mr. Julian Wolfson to take charge of the affair, The regulation of the Bureau of Internal Revenue requiring persons leaving the Islands to pay their 1922 income tax and to obtain guarantees for the 1923 tax was discussed. It was decided to submit the matter to the General Counsel for comment and citation of the United States decision on the matter, and to ask the Governor General to annul the obnoxious regulation now in force. March 17, 1923 PACIFIC ENGINEERING & CONTRACTING CO., INC., Manila; capital stock P'1,000, fully paid up. Directors: I. T. Vergara (treasurer), A. H. T. Carpenter, F. A. Sales, V. San Pedro, P. Dionisio. March 20, 1923 THE ILOILO CLUB, Iloilo; social organization; no capital stock. Incorporators and Directors: Samuel M. McCrea, James StricklPnd, Cbarlc.-. G. L. Hodgson, Henry F. Williams, Charles S. Hynes. March 21, 1923 PASAY INSTITUTE, Pasay, Rizal; educational institution; capital stock I5,000, shF-ribed Vt1.000, paid up P462. Trustees: Guillermo Ventura (treasurer), Esteban Ventura, J. Elidio, Policarpio Halili, Santiago Damian. BALIUAG ELECTRIC COMPANY, INCORPORATED, Manila; electric light and power plant at Baliuag, Bulacan; capital stock 1*175,000, subscribed P75,000, paid up 1'25,000. Directors: William T. Nolting, Albert Sidler, H. E. Merchant (treasu- er), C-ferino Vergel de Dios, Emilio Rustia. March 22, 1923 PHILIPPINE MERCANTILE COMPANY. INC., Iloilo; capital stock t'60,000, subscribed t15,000, paid up P5,200. Directors: Leopoldo Araneta, Leon Garibay (treasurer), Rafael Zulueta, Hermanas Araneta, Godofredo Montinola. March 23, 1923 COMMERCIAL SERVICE, Manila; general and real estate brokerage; capital stock tP25,000, subscribed P7,000, paid up P3,430. Directors: Simeon Capule, Vicente M. Cuevas (treasurer), Vicente Capule, Sepiriano Robielos, Teofilo R. Silva. NEW INCORPO: RATIONS i ---- -- - I I - we PHILIPPINE GUARANTY COMPANY, INC. (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance ow rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instalments at ow interest Call or write for particulars Room 403, Filipinas Bldg. P. 0. Box 128 Manila, P. I. Manager's TeL 2110 Main Office Tel. 441 I I SECURE YOUR BANK CREDITS ----— BY LIFE INSURANCE POLICY IN THE WEST COAST LIFE INSURANCE CO. It will facilitate business, and protect both your bankers and yourselves. J. NORTHCOTT Co., Inc. GENERAL AGENTS MANILA _, Februeary 26, 1923 THE STERLING SUPPLY COMPANY, INCORPORATED, Manila; general export and import; capital stock f100,000, subscriLed and paid up P22,400. Directors: J. L. Burchfield, D. M. Burchfield, J. R. Burgett (treasurer), W. D. Clifford, Bernardino Guerrero. March 5, 1923 THE BACOLOD-MURCIA PLANTERS' ASSOCIATION, Bacolod, Occidental Negros; to insure the fulfillment of all the conditions of the contract with the BacolodMurcia Milling Co., Inc., etc.; no capital stock. Directors: Jose de la Rama, Crescenciano Torres, Esteban I. Vazquez, Crispino Ramos, Esteban M. Guanzon March 12, 1923 R. KAGAHASTIAN & CO., INC., Manila; private and public land surveyors; capital stock P50,000, subscribed 'P37,200, raid up '15,550. Directors: Raymundo Kagahastian (treasurer), Guillermo Feliciano, Leon A. Rodriguez, Antonio Tafidu, M. G. de Kagahastian. March 13, 1923 ANG IKAGUIGUINHAWA, Pagsanjan, 1Tgaina; land cultivation: capital stock P12,000, fully paid up. Directors: Narciso Cordero, Isidoro Crisostomo, Eugenio Gomez (treasurer), Dcmingo P. Gomez. Matias Ravage, Donato Obail, Mariano Villanueva, Ignacio Ramos, Estanislao Fabella. March 16, 1923 PHILIPPINE STEVEDORING COMPANY, Manila; capital stock '12,000, subscribed t;6,000, paid up P3,000. Directors: Angel Jose (treasurer), Felicisimo Aniceto, Felix V. Salomon, Santiago Domingo, Leon Chua Yaw. I -I I I I I I I I I I. I Ir I ~ ~ ~ `- -- - -~ I I I I I I I I I TRADE MARK REG. U.S. PAT. OFF. OXFORDS FOR DANCING HAVE YOU SEEN OUR PATENT KID DRESS OXFORDS? Plain toes, blind eyelets, flexible bevelled-edge soles, built for men's feet-with snug heel and instep fitting - formal correct style —the last world in comfortable dress shoes. i _ The Walk-Over Shoe Store 68-70 Escolta I ----- -- ---------- `- -------- -- --'- -— ` —

Page  22 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL SHIPPING NOTES April, 1923 It --- ------— ~~~~~ — ------------ — ~~~~~ 11 I i — ---~ ~~- —II *_ a.I: i 6:ir, i, ---------------------- ------ --------- I --------— ~ --- —---------- ------ ---------------- --- -i SHIPPING NOTES By E. J. BROWN, General Agent for the Philippines, Pacific Mail St amship Company. Two shipping men left on vacation during March: H. E. Price, of Macleod & Company, and C. C. Black, of W. S. Stevenson & Co. K. V. D. Boogard, of Meerkamp & Co., and F. A. Davidson, of Smith, Bell & Co., returned from vacations in Europe. J. R. Shaw local agent for the Canadian Pacific Railway, was elected chairman of the Associated Steamship Lines, vice Mr. Black. MANILA TOSANFRANCISCO I i - 1 OVER "THE SUNSHINE BELT" (The Comfortable Route) Bi-Monthly sailing via China'and Japan ports PACIFIC MAIL STEAMSHIP CO. 104 Calle Nueva Phone 1915 Managing Agents for U. S. SHIPPING BOARD Prominent shipping men from the States were visitors in Manila during March, namely Kermit Roosevelt, president of the Rocsevelt Lines and vice president of the Kerr Lines; Harold Dollar, vice president of the Admiral Oriental Line; E. N. DuTreil, assistant traffic manager of the Tampa Inter-Ocean S. S. Co.; and T. A. Graham, vice president and general manager of the Pacific Mail Steamship Company. These men have been investigating business conditions in the Orient. E. F. Townsend, Oriental manager for the Admiral Oriental Line and Leonard Everett, Oriental manager for Struthers & Barry, were also visitors in Manila from Shanghai. The Canadian Pacific have announced the withdrawal of their steamers from the Manila run. The Enmpress of Russia on April 10 will be the last vessel to call at this port. Lack of support is given as the reason for their withdrawal. Effective March 27, the Associated Steamship Lines reduced rates on hemp from $1.50 to $1.25 per bale to Pacific coast ports and from $3.00 to $2.50 per bale to the Atlantic coast. The berthing of Norwegian tramp steamers from Cebu and Manila at cut rates led to this action. Two round-the-world tourist steamers visited Manila so far this month and a third is due on March 31. The Resolute, of the United American Lines, had about 500 Raymond & Whitcomb tourists and the Emprness of France about 800 Clark tourists on board. Both of these vessels came out from New York via the Panama canal, San Francisco, Japan and China ports, while the Samaria, with 400 travelers in charge of Thos. Cook & Son, is coming from New York via the Suez Canal and returning via the Panama canal. F. G. Saunders, who was on board the Resolute in charge of shore excursions, was injured in an accident on board while enroute here from Hongkong which necessitated his entering a hospital at this port. He expects to be able to return home the latter part of April. Mr. Saunders was in Manila a few months ago making necessary arrangements for the handling of his party while here. The Resolute proceeded from Manila to Zamboanga, and was the only tourist steamer to make two Philippine ports. I U. S. SHIPPING REVIEW By A. G. HENDERSON, Special Representative. Chicago, Feb. 27.-After a conference today with President Harding, A. D. Lasker, chairman of the Shipping Board, aroused speculation by a declaration that when the Subsidy bill has been formally pronounced dead the Board would announce a program for operation of the Government fleet that would be as "novel as it is surprising." NORTH AMERICAN LINE HONGKONG TO SAN FRANCISCO Arrive Leave Leave San FranSTEAMER Hongkong Shanghai cisco "Siberia Maru" Apr. 15 Apr. 18 May 14 "Korea Maru" June 3 June 8 Jnly 3 MANILA TO SAN FRANCISCO (Via Shanghai Direct) Arrive STEAMER Leave Leave San FranManila Shanghai cisco "Taiyo Maru" Apr. 27 May 1 May 25 "Teyo Maru" May 24 May 28 June 21 "Shinyo Maru" June 17 June 21 July 16 lFrFirst class tickets Interchangeable at lU ports of call with Pacific Mail, Canadian Pacific and Admiral Lines. SOUTH AMERICAN LINE Arrive Leave leave ValSTEAMER Hongkong Yokohama paraiso "Anyo Maru" Apr. 24 May 8 July 11 For Passenger *ad Freight loformation Apply to ToYO KISEN KAISHA Chaco Bldg. Phone 2075 i ---—

Page  23 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 With the demise of the Subsidy bill, the extension of the U. S. coastwise laws to the Philippines comes very strongly to the fore. Mr. J. F. Marias, of Manila, called at Washington to submit a report on the feasibility of having this section of the Jones law made operative, appeared before the full committee of the Board, and his recommendations were placed before the President with the endorsement of Mr. Lasker. Chairman Lasker feels that 21 additional vessels will give the adequate service required by law. Seven of these will be drawn from the Pacific coast and 14 from the Atlantic. However, as cabled protests from the Philippine Legislature are now reaching Washington, it is understood that the President intends to study the situation thoroughly before reaching any conclusions on the subject, and it is announced that all interested parties will be given ample notice if an affirmative decision is reached. Mr. Marias is sailing fcr London Saturday, and from there procceds to India in the interests of the Board, later returning to Manila. Freight offerings from both Atlantic and Pacific coasts to the Far East are improving week by week, and it is confidently expected that all berth steamers will be well filled during the entire year. On the ether hand, unsettled- conditions in Europe have badly demoralised trade in that direction, and so desperate has the freight situation become, that grain is now being accepted at six cents per hundred pounds, which is less than pre-war rates. The inter-coastal rate war, now in its second year, is about to be called off. Several conferences have been held in an effort to reach an amicable understanding, and so far have matters progressed that the posting of cash bonds, to ensure faithful observance of conference rates, is practically the only question remaining to be threshed out. Bearing the Hawaiian name of Calawai, the old army transport Sherman sailed February 15, from San Pedro to Honolulu, under the flag of the Los Angeles-Pacific Steamship Co. The Logan is now a floating school, advertised for a cruise to the Mediterranean, if some 400 students can be enrolled. STATEMENT OF OWNERSHIP, MANAGEMENT, CIRCULATION, ETC. Title of Publication: American Chamber of Commerce Journal. Period of Issue: Monthly. Managing Editor: Norbert Lyons, c/o American Chamber of Commerce, Manila. Advertising Manager: W. N. Bartholomew, c/o American Chamber of Commerce, Manila. Publisher: American Chamber of Commerce of the Philippine Islands. Owners or stockholders holding 1 per cent or more of interest, stock, bonds, sr other securities: American Chamber of Commerce of the Philippine Islands. NORBERT LYONS, Managing Editor. Cedula No. M-314016 issued at Manila May 6, 1922. Subscribed and sworn to before me this 27th day of March, 1923. ANTONIO T. CARRASCOSO, Jr. Notary Public. i II DOLLAR LINES REGULAR SERVICE Manila to New York via Suez Manila to Vancouver and San Francisco 406 Chaco Building Telephone 2094 11 I I I I FM-w M ANILA A SEATTL VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Leaves Arrives Manila Seattle S.S. PRESIDENT JACKSON- - - Apr. 12 May 5 S. S. PRESIDENT JEFFERSON - - Apr 24 May 17 S.. PRESIDENT GRANT - - May 6 May 29 S. S. PRESIDENT MADISON - - May 18 June 10 S. S. PRESIDENT McKINLEY - - May 30 June 22 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS MANILA TO SEATTLE OPERATED FOR ACCOUNT OF U. S. SHIPPING BOARD BY ADMIRAL ORIENTAL LINE MANAGING AGENTS,E.i I II.i I 11;I.I f i I i I I II I I I "TTe% fPONIE 2440 24 DAVID I H. R. ANDREAS MANILA, P. I. EXPORTER AND IMPORTER PHILIPPINE LUMBER AUSTRALIAN COAL BRICK SUGAR COPRA H. R. ANDREAS 306 MASONIC TEMPLE MANILA, P. I. P. 0. BOX I483 PHONE 269 Cable Address: "ANDREAS" Code: "Bentley's-Private" I mm

Page  24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 April, 1923 | Z -I CHAMBER NOTES _ _-IJ Attendance at our regular Wednesday luncheons has been steadily on the increase and members and their friends who have come to listen to the addresses have been well rewarded. Without exception, the speakers have been interesting and have had messages of value to the members of the Chamber and the community ct large. The Speakers' committee has done its work well and it is to be hoped it will keep up the high standard set during the past few months. With the so-called hot season in full swing, the Chamber rooms are among the coolest places in Manila. Siesta time now sees the lounge and reading room well filled with members who spend the noon hours downtown. The comfortable lounging chairs have their full quota of devotees. The Board of Directors have decided to rent the downstairs room which was originally intended for a ladies' room. Some business firm will doubtless take advantage of this opportunity to obtain excellent quarters in a fine location at a reasonable rental. Directors Gaches and Green are in charge of the renting. Senator Fairchild is planning to leave for the United States sometime during April for a business trip of several months. I I F~~~~~~~~~~~ —~ _I You Wouldn't use Your Memory as a Ledger Then why rely on your memory to record those new sales plans, that advertising idea, or store plan that you think out while at home in your easy chair of an evening? c7yost busy men are to much occupied during the day with interviews and the details of getting things done to give time to constructive thinking and planning. They do this work at home when they are physically relaxed and the mind is free. Record these constructive ideas as they occur to you and they will not be forgotten. Typewrite them on an Underwood Portable Typewriter and they will be all ready to carry into effect the next day or next year as need may be. The Underwood Portable Typewriter will do for your constructive work what the office Underwood does for your executive work. The Machine you will eventually carry. Smith, Bell & Co., Inc. i I I I I I I I I i i iI I i I I I I i I I I Active Member J. G. Jefferys, manager of Atkins, Kroll and Company, left for the United States the end of March for a combined business and vacation trip. Active Member H. Forst leaves for the United States on vacation the first part of April. Active Member G. T. Herrmann, one of the original members of the big Round Table, left for the homeland last month for a well-earned vacation. Col. George Seaver has returned from a flying visit to the West Coast. He was in the States only two weeks on a business trip. Active Member Stanley Williams plans to leave on a vacation to the United States on April 21. During his absence, the affairs of the International Banking Corporation will be handled by Mr. Whittemore. Active Member Walter S. Price spent two weeks in Manila last month on business, returning to Tacloban, where he is head of a big transportation company. Active Member J. R. Lloyd was badly Shaken up in an automobile accident the last week in March and incapacitated for a few days. He is manager of the local American Express office. Colonel Joseph N. Wolfson has gone on a round-the-world trip with his daughter and will not be back for several months. He expects to benefit in health by treatment in Europe and the United States. Associate Member W. A. McKellar, of Macleod and Company, accompanied by Mrs. McKellar left for the United States the latter part of March for an extended vacation. Associate Member Thomas D. Aitken, accompanied by three local amateur sailormen, is making a cruise of the South Seas in an 80 foot boat. Associate Member W. N. Bartholomew, advertising manager of the American Chamber of Commerce Journal, spent two weeks with the 31st Infantry in training as a reserve officer of the U. S. Army during March. Associate Member W. J. Britt, of Erlanger and Galinger, left for the United States on vacation. Dr. W. A. McVean sailed for the United States on a six months' vacation trip, accompanied by Mrs. McVean. His practice is being taken care of by Dr. W. H. Waterous, formerly with the U. S. Army Medical Corps. Bishop Gouverneur F. Mosher, of the Episcopal Cathedral, one of our Associate members. is back in Manila after a visit to the United States. Associate Member S. M. Shera, of Corregidor, has left for the United States on a combined business and pleasure trip. Associate Member J. A. Stiver has been making preparations to return to the United States on business. He represents Montgomery Ward & Co. of Chicago, in Manila. Sole Agents for the Underwood Typewriter Co. HONGKONG & SHANGHAI BANK BLDG. FOURTH FLOOR-PHONE 810 B and RI ------ ~~~ —~~ --- — ~~~-~ --- — "~~~~~- -,

Page  25 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 26 Associate Member A. Nelson Thomas has gone to the United States, having resigned the managership of I. Beck, Inc. Associate Member A. G. Yanke has returned to Iloilo after a visit to Manila on business. Active Member A. G. Kempf, local representative of Neuss,, Hesslein & Co. of New York, has returned after an absence of several months in the United States. WITH THE CHAMBER'S SPECIAL SECTIONS BUILDERS' SECTION A meeting of the Builders' Section was held at the rooms of the Chamber on Monday, March 5, 1923, with Associate Member C. G. Wrentmore in the chair. Other members present were W. J. Odom, G. H. Hayward, John J. Riehl and F. E. Hedrick. A letter from the' Mayor of the City of Manila requesting comment on the proposed smoke ordinance, which had been referred to the Section by the Board of Directors. was discussed. A memorandum on the ordinance was presented by Mr. Riehl, covering all essential points, and it was decided to forward this memorandum, through the Board of Directors, to the Mayor, for the assistance of the City authorities in drawing up a smoke ordinance. EMBROIDERY SECTION A postponed regular meeting of the Embroidery Section was held in the rooms of the Chamber on Thursday, March 8, 1923. Mrs. Alice M. Miller, acting chairman, presided. There were also present Members R. E. Murphy, S. Davis Winship, J. Leonard Johnson, W. H. Buesse and S. H. Cohen. Mrs. A. L. Wolff, A. S. Iserson and Mr. Iserson Jr. also attended the meeting. The chairman brought up for discussion the reply of the Director of Education to the report of the Section protesting against the Bureau's competition in the retail trade and which had been referred to a special committee for study and recommendation. On motion, Mrs. Mae C. Wood was appointed member of this committee. Newspaper articles wherein it was proposed to have embroidery inspectors appointed by the government who would mark goods as "perfect" or "imperfect," with the object of promoting the business in the United States, were read and discussed. The proposal met with unanimous disapproval, and the members were requested by the chairman to set forth their views for publication in the press. As Chairman John S. Conrow had left for the United States, Mrs. Alice M. Miller and S. Davis Winship were unanimously chosen chairman and vice chairman, respectively, of the Section. SOME THINGS A BUSINESS MAN SHOULD KNOW ABOUT THE LAW (Coitinued from page 10) punished. They see a rich neighbor of the poor man who is permitted to violate the law with impunity, or if prosecuted, to escape punishment through the intrigues of skillful and designing lawyers. The Portuguese proverb is all too true: 'If a man steals much, he becomes a baron; if he steals little, he is a thief.' The exact administration of the criminal law requires I I I -- -` —- — 20 for 30 cents 20 for 30 cents -I 11 I I I LIGGETT & MYERS TOBACCO CO. - - ---- ---- - --- -— ---- ---— ---- -- FIRE INSURANCE E. E. ELSER Atlas Assurance Co., Ltd. The Employers Liability London Assurance Corporation, Ltd., London Fire Insurance Fire, Plate Glass, Automobile and Accident Insurance The Continental Insurance Co. New York Fire Insurance Information as to rates or other matters pertaining to Fire Insurance cheerfully furnished by E. E. ELSER Kneedler Building 224 Calle Carriedo P. 0. Box 598 Phone 129 Cable Address —' 'EDMIL," Manila..11 I I

Page  26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 that the poor and the rich shall receive the same treatment in the courts of justice. "Possibly the reason there are defects in our judicial system is because occasionally officials have adorned swivel chairs who have been mere official routineers. The judges have fallen back on their judicial dignity. The executive and legislative officers, with a constant clamor for money and a constant agitation for special legislation, have been glad to forget the long suffering and retiring judges. Official invention and pep are ever at a premium, so perhaps we should not be too critical. COURT DIFFICULTIES "It is to be doubted if any of you, as average citizens, appreciate the difficulties under which the courts are performing their labors in the Philippines. Contrast for a moment conditions as they are here I I - --- Whenyoupour Dairymen's League Evaporated Milk fromthecan, notice the true cream color. And when you taste it-the "creamy milk" flavor. Mak; a point of telling your grocer you want Dairymen's League Brand. DAIRf^EN'S Coperative Associtelso. io. Utica N. Y. -i I i I i II I I i I I I i i I I with the conditions as they exist in a State of the American Union. In the States, the courts apply one kind of law, the common law, supplemented by statute law; in the Philippines, it is otherwise-the courts must be familiar not alone with the common law and Philippine statute law, but also with the principles of Mohammedan law. In the States, the proceedings of the courts are conducted in one language, the English language; in the Philippines, it is otherwise-two official languages are permitted interchangeably, an interpreter is always at hand to put the words of witnesses into a foreign language, and in addition numerous dialects, Chinese, and even other tongues, are used in the courts. In the States, the courts generally are provided with fine libraries; in the Philippines, it is otherwise -the only law library, that of the Supreme Court, does not receive sufficient assistance to keep up with the current reports, while in the provinces there are courts which attempt to function without even having complete sets of Philippine laws and reports. In the States, the courts are given sufficient personnel, the court stenographers being of the very best typ?, and well-repaid for their labors; in the Philippines it is otherwise-a judge is lucky to have one stenographer who many times receives the munificient salary of one hundred pesos a month, which recently, I am glad to say, was raised somewhat by the Legislature. In the States, the judges usually decide questions of law, leaving questions of fact for the jury; in the Philippines, it is otherwise-the judge must decide both questions of fact and of law "Consider for a moment the situation of the Supreme Court of the Philippines It reviews questions of law. It deals with, Pnd applies, practically every kind of law. Unlimited anpeal is permitted, which means that the court must give its time not alone to big cases, but to little cases. Practically every Question of any importance which is in doubt is eventually thrown into the Supreme Court for resolution. The Supreme Court decides more cases in a vear than any other court of similar jurisdiction under the American flag. "The citizen may have wondered occasionally at the divergence of opinion in the courts. The United States Supreme Court. for example, has decided any number of cases bv a vote of five to four. The margin, therefore, which separates right from wrong. is slender. And yet the dissenting opinion does have some value. In time the dissenting opinion may become the majority opinion. JUDGES LACK BACKBONE "A dissenting opinion may be defined as a medium by which a judge can vent in a polite manner his views as to the idiotic stand of his colleagues, but always, I repeat. in a gentlemanlv manner. The view of the writer of the dissenting oninion is akin to what others have said of their contmnoraries. Carlvle said of Macaulay that he 'was incapable of understanding a single idea.' Franklin said of Adams that he was 'an honest man, often a wise one, i-lt somptimes wholly out of his senses'. Mr. Justice Moreland, who was alwavs a -reast dissenter. in one opinion said that the Sunreme Court had Pot out on a limb and then cut off the limb. "The courts also prove of interest in another direction. In every case, one narty must win and the other must lose. A favor;to diversion of the lawyer who loses is to sit down with companions around a table and cuss out the court. In the Philip pines, I may add, can be found some world champion legal cussers. "You probably all understand that it is difficult to find an ideal judge. The popular conception of a judge is of a learned man, pompous and dignified, who lives in monastic seclusion. If I were permitted to perform a legal autopsy on a judge, I would of course concede that a brain and a heart are necessarty parts of a judge's equipment. But out of some years' experience in the judicial service, I would finally have to state that the most essential anatomical feature of a judge is a backbone. CONDITIONS IMPROVING "Although I have given you a rather gloomy picture of legal conditions, it is but proper to add that in the Philippines there has recently been a decided improvement. Through the incentive of the GovernorGeneral, the Secretary of Justice and the Legislature, spurred on by public opinion, reforms have been brought about. Effort has been made to better the justice of the peace courts, which are the weakest links in the judicial chain. More judges of first instance have been provided and their salaries have been increased slightly. The courts are catching up with their work and are to a great extent, if not entirely, free from improper influence. The March calendar of the Supreme Court was called on Monday at nine o'clock; at nine-thirty of the same day, the Court began consideration of a case on this calendar. "If, therefore, I may say a word in defense of the courts in the Philippines, I would ask you to remember when again you criticise the action of a court, that the judges are many times performing their work for small salaries, without sufficient clerical assistance, without library facilities, without known laws to interpret, and I CHINA BANKING CORPORATION Incorporated under the laws of the Philippine Islands 90 ROSARIO Authorized Capital - t 10,000,000 Paid-up Capital and Reserve, over - - 5,000,000 Offers its services to all reputable importers and exporters. We intend to foster business of this nature in every possible way and are in an exceptionally favorable position to do so. Our terms for financing imports and exports are liberal consistent with safety. Before buying or selling your exchange let us quote and convince you that our rates are usually the best offering. E. E. WING, Manager. I Sold by all leading groceries Juan Ysmael & Co., Incorporated SOLE AGENTS 348 Echague Manila Branches: Iloilo; Cebu Tel. 2154 -- ~ -1

Page  27 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 without the strong support of either the government or the public. WHAT CONSTITUTES PHILIPPINE LAW "When American occupation of the Philippines occurred, the civil law was in effect in the Islands. President McKinley and the Commanding General, following the general principles of public law, continued these old laws in force in so far as they were in accord with the American Constitution and institutions of government. The result was that the Spanish codes, the Civil Code, the Commercial Code, the Penal Code, the Mortgage Law and some other laws remained in force as codes. On to these laws were superimposed from time to time the Code of Civil Procedure, the Code of Criminal Procedure and the Administrative Code. In addition, there are over sixteen volumes of public laws and forty-one volumes of Philippine Reports. I wonder if you can grasp what this means-a number of Codes of Spanish origin partly in force; a number of codes of American origin wiping out parts of the Spanish codes; sixteen volumes of public laws on miscellaneous topics, all construed by forty-one volumes of Philippine Reports. "One praiseworthy fact in connection with Philippine law is that the legislative body has enacted few, if any, so-called fool laws. Legislatures in other states and countries, as all know, from time to time pass measures which shock the public and sometimes serve as the butts of jokes. President Roosevelt was fond of telling of the assessor who put a value of fifteen dollars on a goat. When asked why he did so, he said that the law provided that all property abutting on the highway shall be assessed fifteen dollars. In marked contrast with laws of this type are the laws of our legislative body. The Philippine Legislature has a record of accomplishment which compares favorably with the records of corresponding bodies in the States of the American Union. Too MUCH LAW HERE "You as businessmen are naturally more interested in commercial law than in any other branch of the law. But here again we have an anomalous situation. A Code of Commerce was provided by Spain, which was not in recent years a great commercial country. Many of the provisions of the Code of Commerce are thus inappropriate for present conditions in the Philippines. Fortunately, however, the Teglslature has seen fit to adopt some of the more progressive laws which have taken the form of uniform statutes in the States. We thus have the Negotiable Instruments Law, the Insolvency Law, the Insurance Act, the Corporation Law and other laws of a similar type. The moral which is brought to mind from what I have said about the condition of Philippine law, is this: The Philippines suffers not from too little law, but from too much law. The Philippines, with civil law and common law foundations such as exist in no other country in the world, could build thereon a nearly ideal system. Instead of confusion which now exists, there could be a precise codification of the laws, What is needed is'a compilation of the substantive codes and the adoption of simpl3 procedural laws such as are found in England, New York and other jurisdictions. CHOICE OF LAWYERS "If at this stage of my miscellaneous remarks you will permit me, I would like to offer some gratuitous advice. You may be surprised how much advice of this kind I am called upon to give. The law properly forbids a judge to engage in private practice, but I must tell you confidentially that _ — 1 SUKIYAKI DINNER Tea and luncheon, Sukiyaki dinners or special Japanese menus specially prepared for larger parties. Private rooms, cool, clean, comfortable and out of the ordinary. cA touch of Japanese novelty to take you out of the humdrum of daily monotony. EYGETSU RESTAURANT 861 R. Hidalgo Y. YAMAGUCHI, Proprietor Phone 5059 P 0 _ ~ -- _. AUTO TRUCKING CO. 2345 FURNITURE MOVED CONTRACT HAULING BAGGAGE TRANSFERRED DUMP TRUCKS FOR HIRE H. CARSON, Proprietor. 1965 AZCABRRAGA. --- — -.~~ ~ --- —---, —. I I i I i i ----— ' -- --- — - --- - -'' --- ` - They Took the Town by Storm! CORONAS DE LA &4LHAMBRA On sale everywhere - - 20 ctvs. SUMATRA WRAPPED PRESIDENTES On sale everywhere - - - 10 ctvs. Smokers have hailed these two new creations as filling a genuine tobacco need. They will please you, too. I I I I i i I I1 I i!I 1i iI i I I i i I I I I I I 0 0-0/ow,011W QUALITY cYWAKE I _ ~~~~~~~~~~~~~~~~~~~~~~__~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Page  28 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 a considerable part of my time is occupied If your lawyer is continually getting you in advising lawyers. Out of the fund of into court, there is something wrong. Dismy experience, 1 have a few ideas which I charge him and get another lawyer. present for what they are worth. "My first point relates to your choice of URGES MAKING OF WILL a lawyer. I can tell you frankly that the "There are many other points in connecPhilippines is exceptionally fortunate in tion with the law which I could lay before possessing a strong bar. Not alone is this you. If I did so, I might be trespassing on true of the American lawyers, but it is like- the field covered by my good friend Perkins wise true of their Filipino colleagues. But in his valuable work on Business Law. in every bar, there are found the shyster But before I close, there is one other topic and the picapleito class. The businessman, I would like to mention. This is the subtherefore, can either engage a good law- ject of wills. yer or he can just as easily engage a bad "I firmly believe that every man should lawyer. The businessman can find either make a will, and should do it now. The an upright practitioner who will treat him making of a will is something like going to fairly, or he can find one of the opposite a dentist: it is always put off until totype. To illustrate, a customer buys goods morrow. Then, at the eleventh hour, when at a baratillo sale. Usually he gets stung, the person is ill, or in his last moments, but occasionally he finds a bargain. So, he attempts to formulate a will. Much with a client. He can find lawyers who are better than this is to think out the prowilling to sell their wares at baratillo sales, visions of the testament clearly and then or he can engage a dependable and high have them put into legal shape by a lawyer. class lawyer. The courts are' extremely strict in their interpretation of the law of wills, and AVOIDING LITIGATION there is always the question arising of "In medicine there is coming to be what whether the will is made under the laws is known as preventive medicine. I see no of a State. So, I say to you 'again, prereason why there could not be in law what pare your will, and have it put in legal can be' called preventive law. Governor form Ly your counsel. Forbes used to say that he had us young "In conclusion let me thank you for the men to get him out of trouble when he got honor done me in asking me to speak beinto trouble. But, after all, it is much fore this representative body. I hope, in better in the long run to avoid needless le- my few remarks, that I have given you a gal controversies, and this can usually be little information about the state of the accomplished if the advice of the lawyer is law and the courts in the Philippines, and sought ahead of time. Many businessmen about some of the troubles of those who believe that they have a sufficient know- administer the law. I hope also that I ledge of the law and of the English lan- have induced you, at least to a slight exguage to draft their own contracts, deeds tent, to appreciate the work of those enand other documents. Unfortunately, how- gaged in the administration of justice. I ever, much of the businessmen's legal trou- again say to you: insist on fair laws; bles arises from ambiguity in such docu- avoid litigation; stand by the courts. Let ments, especially contracts. So, I say to us all join in retaining and securing high you that it is much better to go to your standards in the administration of justice lawyerr and ask him to draft your legal in these Islands. papers than it is to attempt to do so your- "As announced, acting under the authorself, only to get into needless litigation. ity of no one, and in accordance with the "Avoid litigation. This was Abraham laws of NI, Man's Land, I confer upon each Lincoln's advice. And it is good advice. of you the degree of Doctor of CommonCompromise your cases whenever possible. Sense Law, cum grano salis." THE PROBLEM OF PHILIPPINE INDEPENDENCE (Continued from. page 5) We have spent thousands of American under the administration of the then Govlives and hundreds of millions of American ernor General. For some fifteen years dollars to bring blessing after blessing to previous there had been the most consecrathese people, opened door after door of effort on the part of the American opportunity to these people, and sometimes people and its representatives to do good we get a little peevish when all we get in to these people, to set their feet in the return is a demand for something that willto these ople, to set their feet i the be a ruination to them and destroy all that pathway of modern progress, to each them we have accomplished in twenty-five years.new methods of sanitation, to give them new It is up to America to be responsible not inspiration from legislation and education, only to the real welfare of the Filipino, not and financial help, to teach them new ways only to American honor and the fulfillment of using their hands, to teach them new of American promises, but we must be re- sources of food and new methods of adsponsive to the great forces which rule the istration in agriculture. For fifteen world, the opinion of the world, the intel- yer n zl, er iee ligent and enlightened opinion of all think- years American zeal, Amercan nlives, A ming people. To desert these people, even elcarl devotion had been expended without at their own request, would be as base stint in the remotest parts of this Archion our part as for a parent to let a baby pelago. Perhaps I might say in passing play with a dynamite bomb. that during that time there were many Perhaps I am fighting a man of straw. ill-considered statements made by men who Perhaps no one really, seriously wants to ought to have known better. Then came have immediate and complete segregation a change, and for eight years there was a of the interests of these two great peoples. perfectly consistent, a perfectly logical and If so, then there can be no trouble within a perfectly indefensible policy followed of the reasonably near future for the wise "Filipinization." The children of the Ismen and the sane men of the Malay race lands were deprived of the services of hunand of the American people getting toge- dreds of American teachers, whose places ther and formulating a program under were taken by devoted but ill-prepared nawhich both can live in honor, peace, pros- tives. Every department of government perity, mutual respect and good opinion; became partially paralyzed-every departand that day I hope to live to see. ment except one, and that was the HARSN' LNDR eprmnto axto............hap within the last week in which he attributed the failure of the Philippine National Bank to "imported experts." I see some imported experts in this room who are doing their best to salvage the wreck that eight years of over and premature "Filipinization" wrought in these Islands. A CHANGE OF MANAGEMENT To me that is the most convincing lesson of the last few years. We have the same people, the same Islands, the same business opportunities, the same politicos in leadership, but under different management. Then crepe was on the peso and crepe was on the door of every business house and on the arm of every business man. The peso was fifteen per cent below par. Today it not only looks the dollar squarely in the face, but looks down on the dollar to the extent of one-tenth of one per cent. It only shows how very much more valuable sane management is than the uncontrolled performances of the purely poiitical patriot. PEOPLE HAVE SHOWN ADAPTABILITY I know if sane men could be gotten together from American and from the Philippines to look at the facts of life and the teachings of history and the results of human experience-men who wouldn't wear colored glasses and who wouldn't look through an atmosphere of poison gas, or mustard gas, or tear gas, but straight at the facts of life-a method could be found by whlch all of our differences of opinion would disappear, and we would find a happy common road to the future. It was a very distinguished German who remarked' that of all mankind only three per cent were sane, and a sane man or woman is one who sees things as they are and not as they would like them to be, or hoped them to be or would try and make others believe that they are. I think he got the percentage too high. But it would be a matter for despair, indeed, if after the experiences of our own race in its long and arduos climb uphill toward an adjustment between national responsibilities and individual liberties and opportunities, we couldn't find some way to extend the lessons of what we have conquered through time and experience to these less favored peoples, who have shown, after all, a very remarkable adaptability. I think that the record of twenty-five years in these Islands is, on the whole, very creditable to the missionary spirit of the United States and highly creditable to the learning ability of the people of these Islands. After all, history doesn't hold a parallel. Japan came on with tremendous strides, but Japan began back in 1853. No ENCOURAGEMEENT FOR INDEPENDENCE After all, I know I haven't said a single thing to you that you didn't know already, and better than I, and I feel that it was almost impertinent of me even to try to talk on this wonderful subject, but it does concern so deeply the honor, the welfare, and future prosperity of our own country and so much more deeply the real future of these people, that I could not refuse to speak. If I couldgather any encouragement from the results of eight years of almost complete "Filipinization" previous to the advent of General Wood I might modify my views, but I can not. I can not find a single fact in all that I have tried to dig out of what happened during those years, to make me believe that the welfare of the Filipino people would be better conserved under complete "Filipinization" than it would HARRISON'S BLUNDERS When I was here two years ago, I was very much struck with what had been done department of taxation. That always happens in bad government. Taxes multiply and results diminish. I saw a notable statement made by a most notable Filipino

Page  29 April, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 be under the Filipino domination in local affairs, subject to the sympathetic and cooperative advice and control of representatives of a race that have been longer subject to the discipline of democratic institutions and self control. Our high ideal is that our government is something to live for and under; Tammany's, that government is something to live on and by. And there is the contrast; and I would love to see these Islanders, with their personal dignity; with their amiability, with their keen intelligence, with their high ideals of propriety, saved from the insidious influence of the theory that government is a mere opportunity for private plunder and private gain. If that can be done, all will be well. What we mostly concern ourselves with, what we are concerned in mostly is that our lives and fortunes as expended here in these Islands may not be brought to naught by ill-considered administration of ill-considered laws. We want the substantial rights that have developed through the ages, that belong to individuals, and to the property of individuals conserved safely under such an ark of the Covenant as is represented by the Constitution of the United States, the common law and statutory law of the United States. I will close by simply saying that my best expressions of good will and hope go out to you; I thank you for your kind attention, and my best hopes and my deepest affection and regard go out to the Filipinos, who are struggling under new and unaccustomed conditions to find their way. They need help. They need sympathetic help. They ought not to be exploited. I don't believe Americans ever will exploit them. I think they should be saved from what they, or rather their spokesmen, say they want. Perhaps my final injunction should be to them: "Beware lest you exchange polit ical freedoms and industrial prosperities hitherto unknown to you and without precedent in history for political insecurity and industrial servitude and bankruptcy. Await patiently the increments of time and experience. The present world conditions make dangerous seas for a rich feeble ship of state to attempt alone and unguarded." The Islands need a vast amount of new capital. New capital needs assurance of absolute security. Nothing is so timid in this world as a million dollars save two million dollars. The French wheat crop for 1922 is now estimated at 235,000,000 bushels, or 73 per cent of the crop of 1913; the spelt crop is 4,500,000 bushels, or 80 per cent of that of 1913; the rye crop 34,400,000, or 70 per cent; barley 39,500,000, or 82 per cent; and oats 288,000,000 bushels, or 80 per cent of the 1913 crop. I..~- __ — "n_,__ _ _ __ _- _ _ _ II I BUSINESS AND PROFESSIONAL DIRECTORY B. A. GREEN REAL ESTATE Improved and Unimproved City, Suburban and Provincial Properties Expert valuation, appraisement and reports on real estate Telephone 507 34 Escolta Cable Address: "BAG" Manila Manila Philippine Islands Cable Address: Telephone 1921 "TOURVANT," Manila P. O. Box 2106 C. B. STURTEVANT PUBLIC CARGO CHECKER We act as public checkers for all incoming and outgoing cargo ex ship, Government Piers or Warehouses. All work carefully and expeditiously done under personal expert supervision Philippine Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce. STORES AND OFFICES Calle Echague, Manila, P. I. Derham Building Phone 1819 Manila P. 0. Box 2103 Morton & Ericksen Surveyors AMERICAN BUREAU OF SHIPPING MARINE AND CARGO SURVEYORS SWORN MEASURES W. W. LARKIN Member American Institute of Accountants Cable Address-' 'Clarlar.' Masonic Temple, Manila. STURTEVANT'S PHILIPPINE TOURIST AGENCY Manila, P. I. Tel. 1921 P. O. Box 2106 Office: Room 9 Derham Building, Port Area Cable Address. "TOURVANT" Telephone 1669 P. 0. Box 1431 Hashim-Franklin Car Co. Hashim Bldg. 883-885 Rizal Ave. AUTOMOBILE ACCESSORIES, SUPPLIES AND REPAIRS HANSON & ORTH BUYERS AND EXPORTERS of Hemp and Other Fibers 301-305 Pacific Bldg. Telephone 1840 MADRIGAL & CO. 113-121 Muelle de Binondo, Manila COAL CONTRACTORS and COCONUT OIL MANUFACTURERS MILL LOCATED AT CEBU Cable Address: BAILEY, Manila The Bailey Stevedoring Co., Inc. Stevedores Compradores and Salvage Contractois Phone 446 DERHAM BUILDING P.O. Box 517 Water Front, Aduana MANGOSTEENS PRESERVED Manufactured by GUAN JOO JOLO For Sale at M. Y. SAN & CO. 69 Escolta Manila, P. I. Hours: 9-12, 3-6 Tel. 557 A. M. LOUIS X-RAY LABORATORY 305 Roxas Bldg., Manila, P. I. Escolta, Corner Calle David - II ---------

Page  30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1923 [ Current Decisions of the Supreme Court of the Philippine Islands Relating to Commerce and Industry Edited by Attorney E. E. SELPH, General Counsel, American Chamber of Commerce -11 CONTRACT OF EMPLOYMENT; DAMAGES FOR BREACH. Contract of Employment; Measure of Damages for Breach.-In an action by an employee for wrongful discharge the measure of damages may be the full amount of the wages stipulated for the remaining portion of the term of the contract when it appears that the plaintiff has held himself in readiness during such remaining period to accept the same or similar employment, but this measure of damages cannot be applied where the action is brought at the beginning of such period and it appears that the plaintiff left the country shortly after bringing the action and long before the expiration of the term of the contract. Salame Berbari vs. General Oil Co., Inc. XX Off. Gaz., p. 2538, November 16, 1922. SURVEY; SUPERSEDEAS BOND. 1. Surety; Execution Against.-In this jurisdiction there is no statutory provision making a surety in an undertaking for the stay of execution a judgment debtor without further proceedings. 2. Id.; Id.-In order to have an execution against a surety on a supersedeas bond a judgment must first be obtained against him in the ordinary manner. B. A. Green vs. Hon. Simplicio del Rosario, as Judge of the Court of First Instance of Manila, Ricardo Summers, exofficio sheriff of the city of Manila, and Fred, C. Fisher. XX Off. Gaz., p. 2607, November 21, 1922. LIABILITY OF HEIRS FOR DEBTS OF ANCESTOR 1. Motions; Appeal; Second Motion to Dismiss an Appeal.-It seems to be well settled by the courts of appellate jurisdiction that a second motion to dismiss an appeal, based upon the same grounds as the first motion, or upon grounds existing at the time of such former motion, will, as a general rule, be denied, (Lucido and Lucino vs. Vita, 20 Phil., 449.) 2. Executors and Administrators; Right to Sell Real Estate of a Deceased Person, When There Are no Debts and Obligations Against the Estate, Without the Written Consent of the Heirs.-The executor or administrator of the estate of a deceased person is without authority to sell real estate, when there are no debts or obligations existing against the estate, without the consent and approbation, in writing, of the heirs who are interested in the estate to be sold. 3. Heirs; Right to the Property of Their Ancestor.-Heirs become the owners of the property immediately upon the death of the ancestor, and they cannot be deprived of the same except in the manner provided for by law. The heirs being the owners of the property by succession upon the death of the ancestor, they can only be deprived of their right by the procedure established by law. 4. Id.; Their Liability to Pay Debts or Obligations Against the Estate of Their Deceased Ancestor.-When the heirs have accepted an inheritance in accordance with the provisions of the Civil Code, they are individually liable to the holders of such debts or obligations, subject to the terms of their acceptance of the inheritance. 5. Executors and Administrators; Right to Interfere With the Real Estate of the Deceased When There are no Debts or Obligations Against the Estate.-In the absence of debts or obligations existing against an estate, the heirs may enter upon the administration of the same immediately. When the heirs are all of lawful age and there are no debts and obligations, there is no reason why the estate should be burdened with the costs and expenses of an administrator. The property belongs absolutely to the heirs, in the absence of existing debts against the estate. The administrator has no right to intervene in any way whatever in the division of the estate among the heirs. The only ground upon which an administrator can demand the possession of real property of which his intestate was seized at the time of his death, is, that such property will be required to be sold to pay the debts of the deceased. 6. Heirs; Acceptance,of an Inheritance.-If the heirs of an estate accept the same without condition, and there exist debts and obligations against the ancestor, such debts and obligations may be recovered in an ordinary action, because when an heir accepts the property, he accepts it with the obligations which existed against the ancestor. By pure and simple acceptance or without benefit of inventory, the heir becomes liable for all the debts and obligations of the estate, not only with the property of the same, but also with his own. Sinforoso Buenaventura, as administrator of the estate of Juan Buenaventura, deceased, and Timoteo del Rosario vs. Tomas B. Ramos et al, XX Off. Gaz., p. 2826, December 9, 1922. CONTRACT OF EMPLOYMENT; DUTY OF EMPLOYEE 1. Law Implies Good Faith.-Where R and C entered into a written contract pending which C was to pay R P500 per month for his services, and, in addition thereto, R was to receive 10 per cent of the net profits, the law implies that R will render reasonable service and act in good faith. 2. Plaintiff Must Allege and Prove Performlance.-R cannot recover for an alleged breach of the contract, in the absence of allegation or proof that he kept and performed his implied legal duties under the contract. Frank Ray vs. G. E. Cao'pender and Punta Flecha Lumber Co., XXI Off. Gaz., p. 65, January 16, 1923. BUSINESS NOTES By W. N. BARTHOLOMEW To relieve the congestion in the registry division of the Bureau of Posts, a number of the lock boxes have been moved to a different location within the post office. John Meyer, manager of Muller & Phipps, Manila, Ltd., who had planned a six-months business trip to the United States, has postponed his journey for another year. D. P. Pelly, Oriental manager of the John Fowler Co., Ltd., and C. A. Crytser, manager of the Dearborn Chemical Co., are en a two-weeks tour of the Negros sugar centrals. Gerhard W. Kriedt, manager of the Times Press, is planning the addition of two new Model 8 Mergenthaler linotype machines to his equipment. Frank O. Boyer, for many years manager of the Hawaiian branch of the Dearborn Chemical Co., is due to arrive in Manila about April 21 to relieve C. A. Crytser as manager of the local branch. Mr. Boyer is well known to the sugar men of the Philippires who formerly resided in Hawaii. The offices of the Manila Daily Bulletin will be moved to calles Evangelista and Raon during May. Director of Posts Jose Topacio is anxious to relieve the shortage of large size post office boxes for commercial houses. Owing to the lack of funds these boxes cannot be purchased at the pres'nt time, although Mr. Topacio has asked the Insular Auditor not to consider it as a purchase of new equipment, inasmuch as the revenue derived therefrom will pay the initial cost within a short time. The Bank of the Philippine Islands has recently placed an order with the York Safe & Lock Company for an 18-inch plate circular vault front for safety deposit boxes. D, L. Minnich, local American business man of twelve years' experience in the Islands, has recently put on the market an irrigation pump especially adapted to the Philippines, being operated by carabao power. The pump, which was invented by Minnich, is capable of supplying from 12,000 to 20,000 gallons of water per hour and can be operated by a twelve-year old boy. The Victor department of Erlanger & Galinger, Inc., has been moved to a corner section of the main store at Calle David and Muelle de Banco Nacional. They now have a double door entrance and their display is most attractive. The idea was Major William H. Anderson's, president of the concern. I A PROFITABLE COMBINATION L OOK over the American Chamber of Commerce Journal as a business man. Visualize its audience of manufacturers, wholesalers and retailers, with many interests in' common. You'll readily see why this magazine and this market are a combination profitable to advertisers. I I I I1

Page  31 April, 1923 THE.AMERICAN CHAMBER OF COMMERCE JOURNAL STATISTICAL REVIEW GOVERNMENT FINANCIAL REPORT BY BEN F. WRIGHT, Special Bank Examiner February 10 February 17 February 24 March 3 March 10 March 17 EXCHANGE: 1. Sold by Treasurer on N.Y., O/D --------- 2. " ' " T/T ------- ------ ------------- -----------.-. --- —------------ 3. " ' ' Manila, T /T.. --- —----— 1 --- —-- 97,750.00 P2i,050,000.00 P200,000.0 CIRCULATION: 4. Government- (a) Philippine Coins ---------- - P19,633,625.86l P 19,652,207.29' P19,657,653.315 19,654,403.935 19,667,858.455 10,688,187.335 (b) Treasure Certificates ----------- 36,581,038.00 36.581,038.00 36.581,038.00 37,778,788.00 39,828,788.08 40,428,788.00 5. Bank Notes -------------------- - 41,241,482.00 41,265,424.60 41,382,269.20 41,341,885.10 41,274,823.50 41,298,562.48 Total Circulation ---— 0 --- —---- - 7,456,145.8612 97,498,669.89' 87.630,960.515 98.775,077.035 160,771,468.955 101,415,537.735 GOVERNMENT RESERVES: 6. Gold Standard Fund, Treasury Manila ------ 3087,419.92 3,087,663.31 3,6096,705.81 2.898.845.31 2,567,562.41 2,569,754.17 7. Gold Standard Fund, New York -. - ----- - 0140,081.98 9,148,001.98 9,149,091.98 0,349,087.08 8,703,020.48 9,703,020.48 8. Treasury Certificate Fund, Treasury, Manila --- 16,703,9060.00 16,703,9000 00 16,703,9000 00) 16,901,659.00 17,251,659.00 17,651,650.00 8. Treasury Certificate Fund, New York. --- —-- 10,877,1290.0 10,877,120.00 10,877,120.00 20,877,120.00 22,577,120.00 22,777,128.00 Total Reserves. --- —-------------- P48,871,549.00 P48,817,703.29 48,826,835.70 50,026,721.20 52,000,370.88 52,701,571.65 CIRCULATION STATEIMENT By M. F. AVELINO Acting Chief Accountant, 'Treasury Bureau. 4August 11, 1922 September 20, 1922 October 11, 1922 November 10, 1922 Dec. 30, 1922 Jar. 31, 1929 Feb. 28, 1822 Pesos, subsidiary & ninor P20,340,271.22 P20,190,259.70 P20,022,870.36% P19,916,126.60 P21,1 10,013.495 P*19,635,749.245 P 19,6 19,5 9.60 5 coins.......... Treasury certificates 25.201,537.00 27,057,308.00 35,0-31,054.00 26,480,502.00 36.038,35-.0.0) 35,257,072.00 26,414,344.00 Bank notes: Bonk of the Philippine Is. 8,098,002.50 8,098,777.50 8,998.507.50 8,078,565.00 8,508,307.50 8,990,230.00 9,998,520.00 Philippine National Bank 22,353,512.70.32,393,312.70 352,3 93,3 12. 7,0 22,512,297.50 32,223,520.90 22,303,029.20 32,393,039.20 Total circulation... P96,934,302.42 P98,639,655.99 P96,506,404.56% P97,696,491.10 P98,370.655.895 P96,285,689.445 f*97.423,504.805 MARKET QUOTATIONS BY MONTHS, MARCH, 1922-MARCH, 1923. (Prices on or about 234 of each month) 6.2 Month 1923 1922Avrg COMMODITIES ~~~~~~~~~~Mar, Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June. May Apr, Mar. 64) Mar. 1928 SUGARl: Local (per picul)............ P17.75 16.50 12.50 13.00 12.62 11.25 11.25 12.75 12.25 11,25 9.50 9.37 9.00 31.77 U. S. Landed terms (per lb.)......$.074.1)1.052.056.056.051.048.05)).050 (049.041.039.0401.050 3iEMP: Grade F (per piesul)...............P25.50 2.5.00 25.00 22.00 10.75 15,75 15.50 15.00 14.50 101.37 33.87 14.00 13.75 17.12 Grade J.-U. S. (per picul)..........015.25 15.1)0 53.01) 13.75 13.12 12.7 5 12.62 13.37 12.3 5 1 2. 12 12.50 13.15 COPRA: Ex-bodega (per picul).......... 1- P13.50O 11.50 12.10 11,25 11.2 5 10.25 9.50 10.)00 10.2.5 9.75 50.5( 150.37 30.75 20.62 cCoCNUT OiL: Local, es-took (per Kilo)...P0-fl.237 5.320.320.100.300.2 72.259.2 73.2 0).275.30.0.2118.302.292 West Coast (per lb.).......... $00901.1)00.1)80.0)71.076.06)1.065.01)7.01)8.070.075.077.0)75.073 TOBACCO: Isabel~a (overage per qsuintal)..... P123.00 211.50 211.110 20.00 10.00 1 7.5(1 16.50 3 7.5(1 16.5:0 20.75 21.00 20.00 21.00 19.10 Cagayan (average per quointal)... P....115.00 25.00 5.1.5011 5.50 15.501) 5.00 34.00 14.011 13.5)1 17.011 18.0( 155.25 34.50 15.06 RICE: First class (per sack of 57~% kilos) -. P 7.9 5 7.65 7.75 8.65 8.65 8.62 8.35 8,6)) 8.50 8.10 7.3 5 7.20 7.40 8.05 IMPORTS AND EXPORTS FROM AND TO ATLANTIC AND PACIFIC COASTS BY NATIONALITY OF CARRYING VESSELS IMPORTS EXPORTS NATIONALITY OF VESSELS Atlantic Pacific Foreign Total Atlantic Pacific Total Countries Philippine, February, 1923..................... Philippine, Febcuary, 1922................... Philippine, Average, 12 months to February, 1923.........P2 6 P 2,192 P 2,2118 American, Fehraary, 1923..............P.......1 130,852 P.5114,1611 P 13,563 P 2,450,575 P 4,349,966 P 4,525,866 P 8,875,832 Americhen, February, 1922.11.................. 3,167 3,462,113 83,238 3,975,818 1,074,22 1 1,538,184 2,612,405 American, Average, 12 mouths to Febaroary, 1923..........0:13)1,422 2,366,821 19,726 2,016,969 2,409,157 3,455,225 5,874,422 British, February, 1923......................2.581,132 550,7(00 5,579 3.137,410 3,612,830 5.661,935 3,274,765 British, February, 1922.....................1,1146,14:) 315,227 3,312 2,264,682 772,818 281.352 1,054,170 British, Average, 12 mooaths to Februaory, 11125...........01,0)454,27 5 0)31..11)7 33,159 4,6 87.8 61 2.1158,998 349,486 2,208,484 Chinese, February, 1923...................... Chinese, February, 1922.................... Chinese, Average. 12 moots toaI February, 1923...........87.5 07 5 Dutch, February, 1923.................3.....,321,262 3,323,261 Dutch, February, 1922.....................367 515 482 Dutch, Average, 52 msonths to February, 1)123...........534 2,808 3,342 31 5,000,013 1,000,044 Japanese, Februiary, 1923....................... 89,756 89,756 26,031 26,032 Japauoese, Febrauary, 1922.....................69,584 9,722 79,306 596,510 213,059 809.569 Japanese, Average, 12 asonths to Februaory, 1923........... 4. )8 5 374,173 6,769 185.1)27 777,43)1 102,610 880,0540 Norwegian, Febrauary, 1823...........5........,057,925 1,057,925 Norwegian, February, 1922..................... Norwvegian, Average, 12 months to Febsroary, 1923.......... 2,2357 2:0 57 191,21)) 191,211) Spauuish, February, 1923...................... Spanioh, February, 1922.................... Spanish, Average, 12 months to February, 1923............1, 6232 1, 62 2 Mail, February, 3923....................... 285,300 285,300 662,260 662.160 Mail, February, 1922.........................1b63,698 363.698 502,141 502,141 Mlail, Average, 12 months to February, 19232............315,747 68 315,815 569,718 569,718 Total, February, 1923................... 2,711,084 3,239,916 17,142 5,969,042 7,010,721 8,198,355 15,210,076 Total, February, 1922.................... 2,276,310 4,210,922 86,272 6,683,504 2,443.916 2,524,851 4,978,767 Total, Average, 12 months to February, 1923....... 4,681,999 3,478,768 56,219 8,216,986 5,446,866 5,377,052 10,823,918

Page  32 April, 1923 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL ______________________ ~PRINCIPAL EXPORTS Monthly Average for 12 Months F'ebruary 1923 February 1922 Previous to 1ebruary, 1923 Aiiicle. __ ~~~~~~~~~Qouantity Valoe Quantity Value % Quantity Value %/ Sugar............................t2,458.182 P* 7,672,853 38.4 14,137,479 P 1,868,347 20.3 29,742,710 P* 4,306,16 26. Hemp..............................19,595,591 5, 412,436 27.1 7,015,798 1,734,987 18.8 14,314,949 3,273,329 20.4 Coconut Oil........................... 9,53,163 1,177,22 1 5.9 1,277,730 386,080 4.2 8,709,208 2,530,840 15.8 Copra............................. 10.47(t,054 1,897,439 9.5 12,800,398 2,095,769 22.8 14,713,096 2,408,543 15.0 Cigars (comber).......................33,0t69,054 937,648 4.7 18,181,434 657,206 7.1 2t1, 1 15,91 7 1,009,951 6.2 Embroideries.........................579,061 2.9 471).7 1t6 5.1 51,5 _3 31 3.5 Leaf Tobacco.........................1,906,508 599,353 3.0 1,729,978 633,281. 6.9 1,285,969 383,265 2.4 Maguey............................2,1186,493 33 7,897 1.7 1,410,984 224,360t 2.4 1,7532 206 264,67 1 1.7 Copra Meal..........................2,12 7,0181 59,577 0.3 7,971,007 1 93,360 21 5151.260 191,984 1.2 Lumber (in. meters)...................... 6,829t 220,709 1.1 1,053 48,311.1 0.5 3,64tt 139,291 0.9 Cordage........................... 188,754 83,467 tt.4 364,842 75,198 0.8 217,(56 89,995 tt.6 Mats (number)........................ 57,t(82 3 17,535 0.0 25.0112 65,344 0. 7 134,179 81,812 0.5 Knotted Hemp........................ 39,419 301,799 0.5 11,101 29,022 0.3 ~3.1168 76,906 lt.5 Smoking Tobacco........................ 462,948 231,854 1.3 1(17,217 7.3,452 (1 8 10t5,197 56,580 tt,3 Desiccated and shreded coconutt................ 223,358 101,020 0.5 (5 51,703 0. 2 Pearl Buttono (gross)...................... 50,624 41,82(1 0.2 36,650 21,993 02 48,325 37,206 (1.2 All other Products.................................178,794 __0.0 1 1.5,763 16 _______ 257,407 1.6 Total, Domestic Products.....................19,750,483 98.9 8,72:1,7211 946 15,715,183 98.11 'U. S. Products........................187,630 1.1 4189,874 53 276,086 1.7 Foreign Products...................... 19,669 0.1 98911 6 0 55,30 3 0.3 Grand Total......................P19,957,782 100.0 P 11,222,486 100.0 P16,046,662 100.0 Note:-All quantities in Kilos exeet w shere otherwise indicated, - PRINCIPAL IMPORTS Monthly average Februry 193 Feruary1922 for 22 months February 023 Febrary 1922 previous to Feb. 1923 Articles Value %/ Value % Value % Cotton Cloths. P.. 2,0173,485 18.8 P 1.613,765 15.1 P 2,830,587 20.7 tOther Cotton Goods., 709.462 6.4 857,252 8.0 1,001,594 7.3 Iron and Steel (except machinery...... 792,368 7.2 558,900 5.2 06-1.293 7.0 Wheat Flour.... 575,283 5.2 305,164 2,9.19)2,867 3.6 Crude Oil...... 2412,695 2,2 482,229 3.5 Coal........ 330,882 3.0 227,304 2.1 436,092 1.2 Meat Products... 316,507 2.9 437,461 4.1 381,167 2.8 Rice........ 396,865 3.6 164,235 1.5 414,91)0 3.0 Machinery & parts Of 151,637 1.4 344,072 3.2 349,978 2.6 Dairy Products.. 314,934 2.9 3 89,399 3.7 315.287 2.3 Gasoline...... 44,598 0.4 286,649 2.7 337,514 2.5 Paper goods (except buoko)...... 313,735 2.8 289,689 2.7 318,224 2.3 -Illuminating Oil... 198,953 1.8 412,237 3.9 305,455 2.2 Silk Goods..... 2111,367 1.8 2 42,713 2.2 251,951 1. 8 Chemicals, drugs, dyes 2(17,1199 5.9 1115,972 1.8 252,431 1. 8 Fish and Fish products 299,296 2,7 2211,698 2.1 241,341 1. 8 Vegetables..... 145,616 3.3 203,773 1.9 235,913 1.7 Tobacco & manufactusres 24(1.382 2.2 231,311 2.2 221,707 1.6 Vegetable fibre goods 245,2 12 3.1 125,607 1.2 199,427 1.5 Electrical machinery, etc. 110,11111 1.1 2013,774 1.11 1 68,832 1.2 Cattle and Carabaso.. 46,037 0,4 143,141. 1.3 15.3,489 (1,8 Automobile Tires..-. 49,6t112 11,4 121,629 1.t 143,364 1.0 Cement...... 1.14,3541 1.2 118,517 11.0 131,367 1.0 Fruits and Nuts... 228,179 2.1. 127,1)40 1.2 1.16,850 1.1 Eggs........ 88,686 0.8 114,0111 -1. 1 118,867 11.9 Books and other printed matter...... 104,251 11.0 78,913 (1.7 122,731 11.9 Shoes and other fontwear............., 121.1211 1.1 1211,47 6 1.2 122,21:1 911 W~oolen Goods.... 1211,4511 1.1 116.078 1.5 11 5,825 11.8 Leather Goods... 82,845 11.7 7 3,483 11.7 1111,389 0. 8 Breadstuffs (except Wheat)..... 74,134 11.7 80,3 77 0.8 85.341 0.6 Perfumery and other toilet articles.... 3~,25 1 11,6 44,396 0.4 9)0566 0.7 Oils not separately listed.8..... 8,421 0.8 115,868 11.9 85,9911 10.6 Explosiveso.... 10,177 0.1 4810,968 4.5 88,0173 0.6 Earthen, stone and Chins waco.... 691,625 11.6 103.353 1.1 80,971 0.6 Matches....... 13,475 01..1 72,968 0.7 87,104 0.6 Cars, carriages, and parts of, (exceptautomobiles)... 11,232 0,1 28,244 0.2 74,250 (1.1 Paints, pigments, etc. 47,958 0.4 117,046 0.6 75,349 0.6 t'coffee........ 83,640 0.8 75,634 0.7 77.61 1.0.6 Glass and glassware.. 65,008 0.6 45,523 0.4 74,778 0.5 Automobiles.... 54,766 0.5 43,450 0.4 77,276 106 India rubber goods 60,945 0.6 44.449 0.4 71,179 0.5 Spirituous Liquors.. 111,049 1.0 52.788 0.5 71,313 11,5 Sugar and Molasses. 48,7631 0.4 44,297 0.4 66,636 0.5 Soap. 42,180 0.4 70,760 0.7 62,259 0.5 Cocoa, etc. (ecept c'an'dy) 149,231 1.3 58,213 0.5 66,2614 0.5 Lubricating Oil... 154,9801 1.4 119,265 1.1 58.832 0.4 Mats and Caps.... 39.565 0.4 42,813 0.4 56,097 0.4 Wood and reed manufactures...... 77,1108 0.7 75,969 0.3 54.657 0.4~ Motion Picture Films 18,711 0.2 86,466 0.8 52,424 (1.4 Auto Accessories... 14,241 0.1 52,762 0.5 50,7 36 0.1 All Others...... 744,696 6.7 618,825 5.8 874,549 6.4I Totasl.... P1 1,045.567 190.0 P10,698,582 100.0 P13,705,391 100.0 PORT STATISTICS FOREIGN TRADE BY PORTS Monthly average Februry 193 Ferua~y1922 for 12 montbs Februay 1923 Februay 1922 previous to Feb. 1923 Ports Value % Value % Value % Manila.......P22,315,193.72.0 P16,328,726 81,9 P22,814,182 76.6 I'loilo....... 4,437,015 34.3 1,489,716 7.5 3.333,086 11.2 Cebu........ 3,813,602 12.3 1,670,751 8.4 3,234,356 10.9 Zamboanga..... 342,288 1.1 319,973 1.6 258,4:12 0.9 Jo lo........ 95.251 (1.3 111,902 0.6 108,525 0.4 Balabac_____...........__ ___3,472 Total.. P..131,003,349 100.0 P19,921,068 100,0 P"29,752,053 100.9 CARRYING TRADE ___________ IMPORTS Nationality Monthly average of February. 1923 Feblesurry 1922 forevi ontos Vessels Feb. 1923 Value % Value % __Value % British.......... P 5,1 12,527 46,3 P 3,991,083 37.3 P 6,704,569 48.11 American.......... 3,796,1 68 34.4 4,601,15(0 43.0 4,242,9351 31.0 Japanese.......... 848,9110 7.7 989,564 9.2 5,242,499 (9.1 D)utch.............532,715 4.8 538,442 3.2 629,61 5 4.6 Philippines........ 200,674 1.9 t9,768 0.4 258,208 1.9 Chinese........... 75,225 11.7 91,665 0.7 Spa~nish........... 1 f36,062 1.1 193,786 1,8 98,0113 0,7 Nosrwegian......... 24,747 11.2 32,795 0,2 French........... 55,607 (1,5 5,7(11 German........... 5.406 Sssedish.....,..... 5 Daunish......3 By Freight.... 1(1,687,853 11118 10,284,2311 9(1.1 1 3,3 11,31151 97.1 By Mail.... 357,71 4 3.2.114,352 3,9 394,000 2.9 To'1tal.....P1 1,045,5(17 1110.0 P111,698,582 1011.0 P13,705,391 1011.11 EXPORTS Nationality Monthly average of Febrsasry 19231 Febiticarv92 for 12 months previous to Vessels Feb. 1923 ________________ ~~Value % Value % Value % Ainericaous.......... P 9,795,445 49.1 P 3,102,051 33.7 P 7,194,520 44.8 British........... 5,637,5113 2 8.3 3,026,332 32.9 4,679,150 29.2 Japanese.......... 351,722 1.8 1.095,116 11,8 1,291,586 8.0 Dutch............. 1,386,907 6.9 122,857 1.3 1,171,484 7.3 Swedish........... 527,364 2.6 822,460 8.11 371,479 2.3 Spanish............ 375,309 1.9 138,682 5.11 248,812 5.11 Norwsegias...... 1,057,925 5.3 191,2601 1.2 German...... 155.,551; 0, 1852,7 52 1.1 Philippixses..... 1,312 1,5 78 1115,248 0.7 Chinese......3,7. French........... 2,355 3,7, By Freirht,...., 19,294,398 116.7 8,719,0711 94.5 15.475,162 96.4 By Mail....... 663,384 3.3 1113,4510 5.5 571,5110 3.6 Total....... P519,957,782 11)0.0 P' 3,222,486 500.0 P"16.046,662 100.0 rOREIGN TRADE BY COUNtTRIES Mlonthly average February 1923 Februairy 1922 for 12 months previous to Feb. 1923 Countries Value % Valsse C/ Value % United Stalin.... P*21,305,3(17 118.7 Japan............ 1,61 8,736 5.2 China....... 883,3 57 2.8 United Kingdom.. 2.29)4,316 7.4 Germany...... 3 11,108 1.11 Spain....... 1,079,088 3.5 Australasia..... 6(03,352 1.9 Fr. East Indies.... 483,147 1.6 Netherlands.... 192,135 0.6 Hlongkong.....7,60,62 1.2 D. East Indies... 279,754 0.11) Br. East Indies...585,700 1.9 France........... 224,952 0.7 Canada....... 47,786 0.2 Swsitzerland.... 166.307 0.5 Belgium...... 145,333 0.5 Italy....... 104,584 0.3 Japanese-Chins.. 160,551 0.5 Siam....... 34,490 0.5 Austria...... 2,952 Norway...... 23,566 0.1 Denmark...... 7911 Sweden....... 5,635 Other Countries.. 108,741 0.4 P1*1,751,6116 59.0 PI19,165,782 64.1 1,614,798 8.11 2,423,912 8.2 1,009,3t66 5.5 5,430,02 1 4.8 5,399,820 7.11 1,386,431 4.7 384,573 1.9 659,704 2.2 1,602,838 8.1 637,356 2.1 543,73 7 2.7 606,938 2.11 23 3,767.1.2 538.512 1.8 177,078 0.9 507,566 1.7 87,85 1 0.4 457,161 1.5 1 51,738 ((.8 476.874 3.6 370,475 1.9 399,811 1.3 125,341 0.6 388,834 5.3 39,804 0.2 182,898 0.6 137,403 0.7 135,305 0.5 123,96(1 0.6 104.546i 0.4 44,607 0.2 85,6412 0.3 2,678 63,804 0.2 80,678 0.1I 27,204 0.1 2,524 2.1, 7 55 0.1 12,164 3.84.1 4,468 1,182 1,699 31,310 0.2 43,806 0.2 Total....... P31,003,349 300.0 P19,021,968 500.0 1`29.752,053 1110.0

Page  1 -1, N N~ F I 1J t I f Io i I 'i d. w-lqo I - - -- t-, r j k; f r L i i i a 1 i i I Cc r I X — 9 ~ j lcl li!JZ ~fm PlJJ ' fllHi jM ~ Il.~...~.. c Kr-F ' A \ '::tr'i' ' t-Y',' / l x[ ~ 'i E' J ~f [t X '' ~4: 'X '' X i\: i I: i,~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~1 i ti/ l, "', lti~ i!,. ' t tlt-' 1~!i. lJ it/~ ~ i i"~ ',~!~!\L'! I

Page  2 I I I I I _ _~~~~~ ~~ ~~ ~~ ~~ ~~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ CATTON -NEILL ENGINEERING & MACHINERY CO. REPRESENTING CATTON-NEILL & COMPANY, LTD. OF HONOLULU-HAWAII BUILDERS OF COMPLETE SUGAR MILLS AND SUGAR MILL MACHINERY 25 SANTA CRUZ BRIDGE, MANILA TELPHONE 2392 I i i I I I i I i i I I I i I i i I i I i i i i i i i I I I I IIi i, I I i i I i I I I i I i I i I i i I I I II I I i Ii i I i i I i i I I Ii i I I t i I i i I;! I i! i I I ------ - --` -- The Silver Jubilee Number of the AMERICAN CHAMBER OF COMMERCE JOURNAL will be published AUGUST 5, 1923 Commemorating the "Quarter of a Century" Anniversary of the Americans in the Philippines The best advertising spaces for this special number are going fast. t I I: I I I i i i L I I k i i i i I YOUR PRODUCTION PROBLEM can be solved readily by some type of WASHINGTON LOGGING ENGINE The Washington Simplex Yarder shown above leads all Yarders in ease of operation and low cost of upkeep. Washington Iron Works Seattle, U. S. A. I l Telephone 1156 and an advertising representative will call at your place of business i I c

Page  3 we cAmerican Chamber of Commerce Journal PUBLISHED MONTHLY BY THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS ENTERED AS SECOND CLASS MATTER MAY 25, 1921, AT THE POST OFFICE AT MANILA, P. I. LOCAL SUBSCRIPTION-P6.00 PER YEAR. FOREIGN SUBSCRIPTION $3.50, U. S. CURRENCY, PER YEAR. SINGLE COPIES-FIFTY CENTAVOS NORBERT LYONS. Editor W. N. BARTHOLOMEW. Advertisin Manaver A. G. Henderson, Chicago Representative Walter Robb Secretary BOARD OF DIRECTORS C. M. Cotterman, President (absent) H. L. Heath E.. Elser, Vice-President B. A. Green S. F. Gaches, Treasurer C. W. Rosenstock ALTERNATE DIRECTORS: H. B. Pond H. B. McCoy P. A. Meyer J. W. Haussermann COMMITTEES EXECUTIVE: INSURANCE AND FIRE PROTECTION: C. M. Cotterman, Chairman E. E. Elser, Chairman E. E. Elser A. Nelson Thomas S. F. Gaches MANUFACTURING AND LOCAL INDUSTRIES: PUBLICITY: F. N. Berry, Chairman F. H. Hale C. M. Cotterman, Chairman Leo. K. Cotterman E. E. Elser H. B. Pond BANKING AND CURRENCY: Carlos Young FINANCE AND AUDITING: RECEPTION AND ENTERTAINMENT: C. W. Rosenstock C. W. Rosenstock, Chairman B. A. Green Ray W. Berdeau Col. Gordon Johnston Walter Robb HOUSE: HOUSE: LEGISLATIVE: C. M. Cotterman, Chairman F. C. Fisher STATISTICS AND INFORMATION: Frank B. Ingersoll B. A. Green, Chairman James Ross J. C. Patty Thomas Carey Welch E. E. Selph, General Counsel Julius Reis S. Feldstein (absent) John J. Russell FOREIGN TRADE: H. Forst. Chairman Brantz M. Bryan SPEAKERS: George H. Fairchild, Chairman H. B. McCoy Walter Robb MARITIME AND HARBOR: R. M. McCrory, Chairman H. B. McCoy J. F. Marias W. J. Shaw AFFILIATE AND SUBORDINATE ORGANL ZATIONS: W. E. Olsen, Chairman R. M. McCrory C. W. Rosenstock RELIEF. George Seaver, Chairman W. J. Odom A. Schipull, Agent MANILA CONTENTS FOR AY, 1923 VOLUME I P.I. NUMBER 5 Page Page The British Occupation of the Philippines, (By Percy New Members..................................... 18 A. H ill)......................................... 5 New Incorporations................................ 19 Cuppy Urges Strong Stand for Chamber.............. 7 Schedule of Meetings.............................. 20 General Wood Acts on Chamber's Recommendations.... 8 Chamber Notes.................................... 21 Special Meeting Discusses Sugar Question............ 9 Sugar Central Question Discussed Before Chamber.... 10 SHIPPING NOTES: Graham Talks on Transportation.................... 10 New Rules fo Carriage of Goods at Sea22 Discuss American School.............................. 10 Reduced Rate on Furniture..................... 24 U. S. Senator Walsh Talks Ohn Merchafit Marine...... 11 U. S. Chamber Investigates Health of School Children.. 11 Prizes for Bankers and Students............... 25 Census Prices Cut in Half........................... 11 Trade Opportunities............................... 25 With the Board of Directors 26 EDITORIALS: Current Decisions of the Supreme Court Relating to The Sugar Boom............................... 12 Business (Edited By E. E. Selph)................ 28 A Mistaken View.............................. 12 A Tip for Salesmen in India..................... 30 C. 0. D. Mail from the United States............. 12 The National Bank............................. 13 STATISTICAL REVIEW: Our Special Number.......................... 13 Government Financial Report.................... 30 An Industry with Big Possibilities............... 13 Consolidated Bank Reports.................. 31 Concrete School Houses and Hospitals........... 13 Circulation Statement...... 31 Market Quotations on Principal Products by Months 31 REVIEW OF BUSINESS CONDITIONS FOR APRIL: Imports and Exports, Atlantic and Pacific Coasts, by Exchange (By W. D. Whittemnore)............ 14 Nationality of Carrying Vessels........... 31 Sugar (By George H. Fairchild)................. 14 Principal Exports............................... 32 Copra (By E. A. Seidenspinner)................ 15 Principal Imports.............................. 32 Tobacco (By Louis McCall)...................... 16 Carrying Trade................................ 32 Rice (By Percy A. Hill)........................ 17 Foreign Trade by Countries.............. 32 Real Estate (By P. D. Carman).................. 18 Port Statistics................................ 32 The American Chamber of Commerce is ready and willing at all times to furnish detailed information to any American Manufacturer, Importer, Exporter or other Americans who are interested in Philippine matters. Address all communications and requests for such information to the Secretary of the Chamber, No. 14 Calle Pinpin, Manila, P. I. The American Chamber of Commerce of the Philippines is a member of the UNITED STATES CHAMBER OF COMMERCE, and is the largest and most adequately financed American Chamber of Commerce outside the continental boundaries of the United States. The organization has Twelve Hundred members, all Americans, scattered over the Philippine Archipelago from Tawi Tawi to the Batanes. The organization of branches in all the American communities of the Asiatic Coast is being stimulated. AW The AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar names such as the Chamber of Commerce of the Philippines, the Philippine Chamber of Commerce, the Philippine-American Chamber of Commerce and the Manila Chamber of Commerce.

Page  4 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 L -- INTERNATIONAL BANKING CORPORATION CAPITAL (Paid in cash) AND SURPLUS U. S. $Io,ooo,ooo UNDIVIDED PROFITS U. S. --------- $ 5,45o,ooo (Owned by The National City Bank of New York) HEAD OFFICE: 60 WALL ST., NEW YORK London Office: 36 Bishopsgate, E. C. Lyons Office: 27 Place Tolozan San Francisco Office: 232 Montgomery St. BRANCHES: CHINA: Canton, Dairen, Hankow, Harbin, Hongkong, Peking, Shanghai, Tientsin DOMINICAN REPUBLIC: Barahona, Puerto Plata, San Pedro de Macoris, Sanchez, Santiago, Santo Domingo, San Francisco de Macoris, La Vega. FRANCE: Lyons INDIA: Bombay, Calcutta, Rangoon JAPAN: Kobe, Tokyo, Yokohama JAVA: Batavia, Sourabaya PANAMA: Colon, Panama PHILIPPINE ISLANDS: Cebu, Manila SPAIN: Barcelona, Madrid STRAITS SETTLEMENTS: Singapore I I I BRANCHES OF THE NATIONAL CITY BANK OF NEW YORK ARGENTINA: Buenos Aires, Rosario BELGIUM: Antwerp, Brussels BRAZIL: Pernambuco, Rio de Janeiro, Santos, Sao Paulo CHILE: Santiago, Valparaiso CUBA: Havana and 22 branches ENGLAND: London, City Branch, West End Branch FRANCE: Paris ITALY: Genoa PERU: Lima PORTO RICO: Ponce, San Juan RUSSIA: Moscow, Petrograd, Vladivostok (Temporarily closed) URUGUAY: Montevideo, Calle Rondeau (Montevideo) VENEZUELA: Caracas COMMERCIAL AND TRAVELERS' LETTERS OF CREDIT ISSUED. BILLS OF EXCHANGE AND CABLE TRANSFERS BOUGHT AND SOLD. CURRENT ACCOUNTS OPENED AND FIXED DEPOSITS TAKEN ON RATES THAT MAY BE ASCERTAINED ON APPLICATION TO THE BANK. SPECIAL SAVINGS ACCOUNTS FOR DEPOSITS FROM-P-1.00 UPWARD, BEARING INTEREST AT 4% PER YEAR S. WILLIAMS Manager, Manila Pacific Building, Corner of Calle Juan Luna and Muelle de la Industria I- - j

Page  5 i I I I i i i i i i I 16 - -~ ~~~~~ 5 '' The British Occupation of the Philippines By PERCY A. HILL I ___-I__ THE EXPEDITION AND ITS CAUSES To the average student of things Philippine, the English occupation of the Islands 160 years ago has been given too little significance, for the simple reason that Spanish historians, eager to cover the obloquy of defeat, were also eager to claim the succeeding period of awakening that followed this event. The English operations came as a result of the Seven Years' War, which, like the recent world War, starting as a purely European issue, became almost worldwide in its scope. Austria, Russia and France had combined to crush Prussia under Frederick the Great, the stake being Silesia. England, the banker of Frederick at first, was finally drawn into the struggle, which lasted from 1756 to 1763. Sweden, Saxony, Parma, Naples and Portugal we're also drawn into the conflict; and Spain, her reigning house related to Austria, declared war on England. She came in too late to help her allies, but in time to share their misfortunes. The diplomatic history of those times is especially obscure and contradictory, but England also declared war on Spain January 2, 1762, and her troops and warships were employed from the banks of the Ohio to the plains of India, from Quebec to Senegal, and from Minorca to the Philippines and Cuba. At the Peace of Paris she had ceased to be a small kingdom and had become an empire through the sea power she wielded so advantageously. Under Walfe the English took Quebec; Washington, under Braddock, operated in the valley of the Ohio; Nova Scotia and Cape Breton fell; Belle-Isle was stormed; the French and Spanish West Indies surrendered, and France was expelled from India. In these campaigns Americans were represented at the taking of Louisburg, at St. John's, and cn the high seas, while 4,000 of them took part in the forty days' siege of Havana. A ransom of thirty million pesos was paid for Cuba; the Panama-Lima galleon was taken with four million, and Manila was captured by storm, for which four million pesos was the ransom, the greater part of which was never paid and on which Spain today is paying interest. The Peace of Paris gave to England Florida in exchange for Cuba, British Honduras, Granada, Dominica, St. Vincent and Tobago in the West Indies, all of Canada, and all of the United States lying east of the Mississippi except New Orleans, practically all of India and all French colonies in Senegal except Goree. In relation to Spain, the conquest of Havana intercepted all commerce with the weathy colonies of South America, endangered Panama and Hispafiola, while the capture of Manila excluded her from Asia. The taking of Manila was the last military operation of the Seven Years' War, being a naval expedition intent on securing a money ransom similar to one of the many exploits of the navy of England in its spectacular rise to power during the eighteenth century. SOME OF THE ACTORS IN THE DRAMA The Admiral selected to command the expedition against Manila was Walter Cornish, a type of the "bluff beef-fed sea dog of his day and generation." Of ability, as regards his calling, he had the defects of his class, being overbearing and possessing little tact, patience or diplomacy. His earlier career had been passed in active service. He was captain of the 54 gun frigate Guernsey, which in 1743 destroyed a Spanish privateer, cutting her right out of the shelter of the batteries of Cape Gatt. He later took and destroyed the fleets of the corsairs off the Barbary Coast. In 1756 he was captain of the Stirling Castle, manned with a crew of 480 jail birds sent as reinforcements to the West Indies. Dispatched to India in 1761, he aided in the reduction of the French forts at Pondicherri and Mahe, and then went to Bombay to refit for the Manila expedition. His naval rise was rapid: lieutenant in 1742; captain in 1743; rear-admiral (white) in 1749; rear-admiral (red) in 1761; rear-admiral (blue) in 1762, and baronet in 1766. He died in October 1770. The General commanding the troops of the expedition was of a different caliber. General William Draper was the son of the collector of customs at Bristol, England. He was born in 1721, being a little over 40 yeairs of age at the capture of Manila. Educated at Eton and Cambridge, he entered the service of the East India Company at an early age. This service, an excellent school for his military and diplomatic talents, allowed him to attain the rank of lieutenant colonel in 1760, from which he was promoted to brigadier general for services rendered in the taking of BelleIsle in 1761. During the year 1759 he went to Canton, China, presumably for reasons of health after a campaign, and while there studied a system of attack against the Philippines. Here he learned that the Spaniards were lax and careless. After the capture of Manila, he was given command of the 16th regiment of foot, when the army was reduced to a peace footing, but resigned that command. He made a tour of the American colonies in 1769, retiring to South Carolina, and the' same year married the daughter of Chief Justice Lancey of New York. He reached the rank of lieutenant general 1779 and was given command of Minorca, remaining as Governor General until its surrender to T --- - --- —— ' - -- -- -— --- —------- i 1 -- -- - --

Page  6 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 Spain. He died at Bath, England, January 8, 1787. The colors taken at Manila were presented to him and were hung in the chapel of King's College, Cambridge. In addition to being a highly intelligent man, he possessed the tact to successfully combine with the unruly sea forces of that day to a remarkable degree, which speaks well for him, as few were able to secure that perfect cooperation with the naval forces, which were paramount in the undertakings of the 18th century. Later, when attacked because of the refusal of Spain to pay the balance due of the ransom of Manila, he made a, manly and clear defense of his conduct before Parliament. Don Manuel Rojo, the Metropolitan Archbishop of Manila and Acting Governor General of the Philippines, was a wellmeaning and excellent prelate. Not being a military man, he could not be expected to galvanize the Spanish forces into any effective action. Of a timid and trusting nature, he was utterly unfitted for the post that circumstances had projected him into, and to add to his misfortune, every Spaniard poured out his bitterness and chagrin upon him for merely doing what they themselves must have done under like circumstances. This cowardly attitude of his countrymen really caused the death of the churchman in January 1763. His letters to the King explain the state of the Islands and the difficulties he had to contend with. The English respected him as a man of his word and gave him an imposing military funeral with all the honors of war. Don Simon de Anda, arrived in the Islands a year before the capture of Manila. He was born in Spain about 1709. He became junior judge of the Audiencia. He has been given a prominence that he little deserves, being much abler with the pen than with the sword, as should be expected. His provincial government and defiance of his superior served no purpose other than to continue unnecessary bloodshed. Anda, however, possessed initiative, integrity and a high sense of honesty'in a venal age. Of the treasure of the galleon he used less than one-third. On the other hand, he was ambitious, highly impatient of restraint and rather vindictive, as is proved by his correspondence. As he himself, except Pedro Bustos, was practically the only Spaniard who defied the enemy, he has assumed the role of patriot in the eyes of his supine countrymen, but his usurped and self-appointed power only endured because the clergy, especially the Augustinian order, who really dominated the provinces, rallied around and upheld him in his power. He was 52 years of age when he escaped to the provinces, was made Governor General for six years and died, a disappointed man, in 1776. His body lies behind the high altar of the Cathedral of Manila. THE OPPOSING FORCES At the time of the taking of Manila by the English the walls were in a fair condition for defense, the southern and eastern sides being further protected by four flat bastions, those of San Diego, San Andres, St. Lawrence and the Parian. The wall along the Bay ending in the Fuerza of Santiago, or the citadel, was further marked by five bastions and a separate redoubt. The walls were of faced stone, reinforced by earth filling between fifteen and twenty feet thick. The moat only extended a little beyond the San Diego bastion (near the Legaspi monument), the remaining side. Manila being in the form of a triangle, the wall was protected by a parapet, which was defective in places. The gates were the Postigo and Sta. Lucia, on the Bay side; the Real and the Parian, on the land side; and the Sto. Domingo on the River Pasig side. The Manila garrison was composed of the King's Regiment, originally of twenty companies of one hundred each, but never exceeding 1,500 men; and at the time of the siege consisted of only 556 men, principally natives of old Mexico, called "Americans;" eighty Spanish artillerymen; four militia companies of 60 men each; some palace guards, and a few Pampangan levies. These later were increased to 3,000, of whom 1,950 arrived a few days after the English appeared with 600 from Bulacan. The government palace was guarded by Sta. Maria with 150 Pampangan infantry; and 133 were stationed at the Governor's quarters with 38 Tagalog musketeers. A detailed list of volunteers sent from the towns surrounding Manila, with the names of their local captains, brings the total of the Spanish forces up to 4,871. The Pampangans were armed partly with muskets and partly with long lances, bolos or short swords, and bows and arrows. There were in addition two companies of Spanish volunteers who did little service, and the whole force was under the command of the master-of-camp, the Marquis of Villamediana. The naval force of the English was composed of the war and troopships Norfolk, Elisabeth, Graf tn, Seahorse, Seaforth, Argo, Falmouth, Panther, Lenox and Weymouth, and the storeships Osterly, Stephen and South Sea Castle, with a complement of seamen and marines. The military arm under General Draper was the 79th Regiment of the Line, which bore a good name, having seen service under Coote in India in the campaign against the French and lost 800 men since leaving England; a company of Royal artillery with 30 Madras assistants; 600 sepoys; two companies of French deserters, and prisoners numbering 250. It is strange that the English should have sent these men, known allies of the Spaniards. The majority of them deserted, 223 of them constituting part of Anda's forces at one time. A company each of Topazes and Cafres, native troops; 400 Lascars for labor purposes, and a battalion of 550 seamen and marines, made up a total of 2,300. It may be added that this last battalion was later raised to 1,017 men, making the total about 3,000. The Spaniards claim 6,830, to make the victory appear more equal. The English troops were inured to Asiatic warfare and the officers were of exceptional ability. Major Barker commanded the artillery, Colonels Monson and Scott the infantry, Captain Stevenson the engineers, Major Fletcher the sepoys, and the naval captains Cullins, Pitchford and Ourry the seamen and marine battalion. THE LANDING OF THE ENGLISH The expedition sailed from Madras about the first of August 1862, the Admiral sending Commodore Tiddeman, second in command, ahead to Malacca, then held by the Dutch, to await him. One frigate scouted the sea lanes leading to Manila. At Malacca they were delayed by contrary winds and a large number of rattans were purchased for making gabions, which were made while enroute by the Lascars. The frigate Seahorse, Captain Grant in command, arrived at the entrance of Manila Bay, anchored near Mariveles, and sent a boat to reconnoiter Corregidor Island, the crew landing and making inquiries as to whether the galleon had arrived yet from Acapulco, and then left without saluting. This occurrence was reported to the Manila authorities, who dispatched a galley to warn the captain of the galleon, which bore the annual subsidy. In addition to this warning, some Armenian merchants had warned the Archbishop-Governor that the English were preparing a fleet at Madras; but nothing was done except to imprison the alcalde of Orani for not having guards at Mariveles. The Seahorse left September 14 and joined the main fleet 200 miles at sea. The fleet came in sight of Luzon on the 19th, but contrary winds delayed it from making land till the 22nd. The English fleet entered the Bay on the evening of September 23 in the form of a half circle stretching from Cavite to the middle of the Bay, thirteen ships in all. It was a dull misty evening, with a typhoon forming to the southwest. The Manila officials, in spite of warnings, thought them a fleet of trading junks and sent out Captain Fernando Alcala to inquire as to their business. He was detained on board till next morning, when he accompanied two English officers ashore with a demand for the surrender of the city. The flustered Archbishop reports that "the city was suffocated with consternation at the appjoaching conflict," but with his Council made reply that "he was determined to protect for His Catholic Majesty the City and Islands under his care, and was prepared to sacrifice all in the defense of religion and the honor of the Spanish arms." Meanwhile Admiral Cornish and General Draper on the flagship Norfolk reconnoitered the city with a view to finding a suitable landing place, and Malate was decided upon as the best place for a base of operations. The landing was made in three divisions, the right under Major More, the center led by General Draper and the left by Col. Monson. Three field pieces and a howitzer were fixed in the longboats, and the naval division was directed by Captains Parker, Brereton and Kempenfeldt, the frigates keeping up a sharp fire to cover landing operations and dispersing a force of cavalry and foot-soldiers who were assembled to oppose the assault. The English landed in the strong surf, carrying their muskets breast-high and their equipment on their heads, and though many boats were overturned, no lives were lost except Lieutenant Hardwick, who was drowned in the backwash. The cannonade had the desired effect on the opposing force, and both soldiers and the inhabitants fled in terror. The columns reformed on the beach about six o'clock, took possession of Malate, entrenched themselves and spent the night under arms. Meanwhile the Spaniards were employed in burning the suburbs of light material houses, and the night was ruddy with the glare of fire crowned by volumes of dark smoke. On the 25th the Polvorista, or powder magazine at Port San Antonio Abad, was seized, while the vacillating Spaniards were still deliberating on its defence. They had labored all night removing the powder and supplies, but were forced to abandon a large quantity. Two companies of fifty men fled on the approach of the English, but 25 men under Captain Baltazar Casal put up a spirited defence. Colonel Monson dispatched detachments to guard the roads and approaches, while General Draper advanced with the seamen's battalion of 700 men to a point about two hundred yards from the glacis, near what is now the Luneta. After the English occupied the Augustinian convent in Malate, the Archbishop issued an order informing the friars "that it was high time to leave the cloister and join in defending the city," and many of the militant clergy joined the ranks, for in many cases they were more able and militant than the sleepy soldiers of the King.

Page  7 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL The English seized the church of Santiago-at that time located about where the University Club now is-and the church of San Juan de Bagumbayan, located where the Army morgue now is. These churches outside the walls formed a peculiar danger to Manila. Former Governor Arandia a few years previous had recommended their demolition, but as the friars talked of excommunication, the project had been dropped. Later the English tore them down for their own safety. On the evening of the 25th a galley coming up the bay was captured after a smart engagement, having 80 armed men and two swivel guns on board, and it was discovered that the galleon Filipino was lying near Ayahagan, at Palapag in Samar. Among the passengers on her was the nephew of the Archbishop, Don Antonio Tagle, newly arrived from Mexico with news of the outbreak of war. The galley was beached near Tambobong-the cannon and 30,000 pesos in silver having been secured-and was set on fire by the English. A number of cannon were quickly mounted on the towers of both churches which threw balls right into the city, and the howitzers, masked by trenches, were advanced toward the walls. The stormy weather of the typhoon made operations especially difficult for the English, newly landed from two months' confinement aboard the transports. Between Ermita suburb and what is now the Ayala bridge lay ricepaddies and low marshy swamps, and a sluggish canal came in from the Pasig river, passing by what is now the Normal school and Taft avenue, and falling into the wide moat. Its banks were overgrown by tall grass and low bushes, making good cover for an advancing enemy. On the 25th the Sepcys were landed together with the balance of the artillery and supplies. The continual rains forced the English to occupy the houses of Ermita while the marines held Fort Antonio Abad. OPERATIONS LEADING UP TO THE CAPTURE OF MANILA. The seamen's battalion and the 79th regiment were continually under fire from the walls about three hundred meters away. Light detachments under Major Fletcher prevented the Spaniards from further destruction by burning their houses, while the engineers and Lascars were busy making trenches. The Spanish fire ktled -a few but did not dislodge them nor hinder operations. On the 26th the Admiral landed another battalion of seamen, who were posted between the marines and the advanced troops, General Draper keeping the whole of the command admirably coordinated. During the afternoon the Spaniards advanced out of the Walled city. This force, according to the Archbishop, was composed of 200 Europeans and 800 Pampangans under a French officer, the Chevalier Fayette, and Bustos with two fieldpieces, and commenced a cannonade on the English. The Sepoys under Lieutenant Carty behaved well, and were supported by three pickets of the seamen's battalion and the 79th and a hundred sailors under Colonel Monson. Two Spanish companies then advanced out from the walls with 1,500 militia under Pedro de Iriarte and Fernando de Alcala to reinforce the Chevalier Cesar Fayette, but the 79th, moving to the attack, suddenly drove them all back into the city with the loss of one field piece. The Chevalier, on account of this unsuccessful attack, was with Spanish custom branded as a traitor, though warmly defended by others. He was later given command of one of the breaches, and, being again accused unjustly, went over to the English in disgust. The English later of fered him the governorship of Zamboanga, but he refused it. A number of dead of both armies lay on the glacis before the walls, and were eaten by dogs, which were now very numerous, having come in from the burned suburbs. This unsuccessful sally occasioned another summons to surrender, but the answer of the Council was more spirited than their conduct had been. This Council was composed of the Archbishop, the Auditors Villacorta, Galvan and Simon de Anda, the Fiscal Viana and the Marquis of Villamediana. While they replied to Draper's summons in a high manner, they could not come to any sort of an agreement, all ending in a "confusion." Superstition was also added to the discussion, as a miracle was expected, having been predicted by Beata Mother Paula. The Spaniards also had great confidence in the strong walls. Added to this, was the approaching blindness and sickness of the Archbishop and the obstinacy of the others who would not agree. Colonel Monson held the church of San Juan, from whose tower a good view was had of the principal streets and buildings within the walls. The English sharpshooters made openings in the towers and the roofs for their weapons. The place decided upon for the breach was that part of the wall lying between the Real gate, near the present Aquarium, and the bastion of San Diego, the corner opposite the Manila hotel. The Royal gate was covered by a ravelin or roofed passage leading to a bridge over the moat. It was in good repair and was guarded by brass cannon. Dispositions being made to attack at this point, the sounding of the moat was done by the French deserter companies, under English officers. The Spaniards killed and wounded only three of them. The moat was found to be five feet deep and ninety feet wide. The invading force was so small that they did not attempt to invest the city entirely. As two sides were open, the besieged could easily increase the garrison or introduce supplies. The inundated portion-where the Botanical Gardens now are-served as a protection to the invaders. On the 27th the Archbishop sent a flag of truce to apologize for some barbarities committed on seamen stragglers by the Pampangan militia, and requested that his nephew, captured on the 24th, be sent ashore. Hostilities ceased during the flag of truce, the English being busy, however, mounting the batteries of howitzers and cannon; but about eleven o'clock at night a lively cannonade was directed into the town to try out the guns, this nocturnal bombardment causing the utmost consternation and some damage. On the morning of the 28th the Archbishop's nephew, accompanied by Draper's military secretary, Lieutenant Fryar, and a soldier carrying a white flag with a drummer beating the chamade, approached the ravelin gate. Don Antonio, the nephew, was dressed in black, but the wild Pampangan militia could not contain themselves, sallied out suddenly and basely murdered Lieutena nt Fryar, wounding the Archbishop's nephew in seven places, cutting off the English officer's head and mutilating the remains. The Spaniard vainly attempted to protect his companion. The head of the unfortunate officer was carried into the city. After dinner another flag of truce, under a strong and heavily armed detachment, was sent with the information that if the head was not returned, together with the murderer, all the heads of those prisoners taken in the galley would be immediately chopped off. The unfortunate Archbishop came down with a party of 500 militia to remonstrate with the armed detachment himself, attempting to put the blame on the Sepoys, but his party were quickly dispersed by a brisk artillery fire. Apologies were made, as the prelate himself was a mourner for the death of his young nephew, so inhumanly murdered by his own savage allies. The English in consequence showed no mercy to these semicivilized Spanish allies. Much has been made of the fact that the Spaniards had no ammunition for their guns, and that they picked up spent cannon balls of the English, but we find from their own statements that only "a few mortar bombs eighteen inches in diameter were fired back," and when the surrender came 21,000 rounds of shot and shell were turned over to the British ordnance officer. On the 29th, Admiral Cornish ordered Commodore Tiddeman to close with the frigates Falmouth and Elisabeth and second the shore batteries by an enfilading fire, but the shallows prevented close action, though the balls struck confusion into the cit, during the night. The next day a new battery was added near the church of Santiago, the wicker fascines being made and filled by the carpenters and smiths of the fleet. On October 1 the weather became more stormy and tempestuous, and the squadron, fearful of being driven on a lee shore, stood off to the center of the vast bay, being cut off from the army for two days, the violence of the storm driving the supplyship South Sea Castle ashore with dragging anchors. A force of militia under the Spanish appeared from Pasay, but were driven off by Captain Sherwood and his cannon. Notwithstanding the deluges of rain, the batteries were completed, parallels run from church to the ammunition dump, and enfilading trenches dug by the shivering Lascars and seamen. The splashing of the rain and the howling of the wind prevented the Spaniards from hearing the noise of the operations. During the storm several boats were overturned in landing operations, and some of the Malabar seamen, wading and swimming ashore, begged shelter of the enemy within the walls, but were answered by a volley of balls. The French deserters formed a plan to go over to the enemy, and sent out two sergeants to treat with the Spaniards. They went unarmed, their hands crossed on their breasts as good Catholics, as far as the Royal Gate, but the garrison allowed them to be massacred by some native soldiers who did not know the difference. On hearing of this, the English stationed these doubtful allies between their own companies with orders to fire on them if they proved traitors in the assault. (To be continued) CUPPY URGES STRONG STAND i FOR CHAMBER I H. A. Cuppy, former editor of Public Opinion, addressed the Chamber at a special noon meeting on Saturday, April 7, Mr. Cuppy said that the American Chamber of Commerce is a great force in the community and could also make itself strongly felt in the United States if it "stood on its hind legs" and told the world just what it thought. President Harding, Secretary of Commerce Hoover and Governor General Wood, he asserted, will doubtless pay close attention to the Chamber's ideas and policies if they are stated with sufficient force rnd determination. Mr. Cuppy had attended the sugar meeting at the Chamber the day before and expressed his opinion that the planters had not been treated with sufficient consideration by the government, they having been compelled to alter their contracts several times, each time to their disadvantage.

Page  8 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 General Wood Acts on Chamber's Recommendations Reviewing in detail all administrative and legislative action taken by the Philippine government in connection with the recommendations made by a special committee of the Chamber, in response to a request from the Governor General for such recommendations, Governor General Wood has written the following letter to the President of this Chamber: OFFICE OF THE GOVERNOR GENERAL OF THE PHILIPPINE ISLANDS Sir: Manila, April 23, 1923. Under date of September 11, 1922, you forwarded in compliance with my request of July 5, the recommendations of your Chamber as to governmental policies and legislation needed for the improvement of business conditions. As I have already made known to you, I was in accord with most of the recommendations made, and wish to advise you of the action taken. I shall mention briefly each recommendation with the action taken and results obtained: (1) That a direct cable be laid between Manila and Iloilo; and Manila and Cebu. This was impracticable owing to a lack of funds. (2)That one of the present lines from Manila to Iloilo and Manila to Cebu be reserved exclusively for commercial business. The Secretary of Commerce and Communications at my request is now working out a plan by which certain classes of commercial messages will have entire right-of-way during certain hours of each day. You have been asked to name a representative to confer with the Secretary of Commerce and Communications with reference to details. (3) That the wireless system between Manila, Iloilo and Cebu be improved so as to be of practical use. This, as in the case of the direct cable, must be postponed until the government finds itself in a better financial condition. (4) That cost of government be reduced. The following table shows what has been done in this regard: EXPENDITURES 1923 1922 1921 Requested Estimated Actual F65,677,327 P74,091,996 f101,329,609 (5) That provisions be made in budget for employment of scientist to study means of eradicating locusts. During the last few months of the past year the Bureau of Agriculture worked out a simple chemical solution for the eradication of this pest, which has proven very effective and economical in application. It is believed that the amount provided for in this year's budget will be sufficient to carry out a successful campaign through the populated regions of the Islands. (6) That provision be made in budget for insular organization to wage continuous campaign against locusts. The answer to this is the same as (5) above. (7) That provision be made in budget for insular organization to wage continuous campaign against rinderpest. The budget for 1923 provides p175,000 for anti-rinderpest measures. Dr. Boynton of the Bureau of Agriculture has now perfected a vaccine which will immunize with certainty; and the amount mentioned should go a very long way toward eradication of this disease. He is now working on a formula by which the vaccine can be put up in pill form. If successful, the necessity of keeping the vaccine on ice will be' obviated and it can then be made promptly available in remote places. Importation of cattle subject to rinderpest is now prohibited. (8) That private banks be encouraged. As I stated to you in my letter of December 14, I am in perfect agreement with this recommendation, and shall endeavor to work out some method by which private banks may be' encouraged. In this connection, however, I might mention that Article IV, Charter of the Bank of the Philippine Islands, authorizes it to establish branches throughout the Islands. The present Board of Directors of the Philippine National Bank have been advised of the policy of the Board of Control to assist in every possible way in the organization of private banks, and to replace their branches by private institutions wherever practicable. Several are now in process of being formed. (9) That notes of the Philippine National Bank be retired or protected. As in the case of (8) above, I am in accord with the principle. The matter is receiving most careful consideration. (10) That the government resume sale of exchange at normal rates. The government has resumed the sale of exchange at normal rates. (11) That the number of auxiliary judges be increased to relieve congestion in lower courts. Section 1 of Act No. 3107, passed by the last Legislature, provides for ten additional judges of courts of first instance. (12) That Congress be requested to authorize Philippine Legislature to relieve Supreme Court of appeals in unimportant cases. A bill creating an intermediate Court of Appeals was drafted and submitted to members of Supreme Court for comment. Their opinion was that such a court was not needed at this time, and in view of the greatly improved condition of the Supreme Court docket, the bill was not presented. (13) That Congress restore right of appeal to Supreme Court of United States. This recommendation I did not feel justified in taking action upon. (14) That Legislature authorize courts of first instance to hear claims arising from contract against government. This recommendation has been carried out in the passage of Act No. 3083. (15) That knowledge of English be made requisite to appointment or retention in judicial office. It has not seemed to me that it is wise as yet to take action toward carrying out this recommendation. I believe this can be put into effect due to the rapid spread of English. (16)That the second paragraph of Article 51 of the Code of Commerce relating to telegraphic contracts be repealed. Carried out through the passage of Act No. 3098. (17) That Section 1316 of the Administrative Code relating to delivery of merchandise without production of bill of lading, be amended. This has been provided for through Act No. 3096 and Act No. 3002, creating the Harbor Board. (18) That Act No. 2137 relating to warehouse receipts be amended so as to limit issuance of negotiable warehouse receipts solely to corporations organized for warehousing exclusively. A bill providing for such an amendment will be presented to the next Legislature. (19) That public warehousemen be licensed by Collector of Internal Revenue and and only on proof that they are such and nothing else. No action has yet been taken. This will be presented to the Legislature in October. (20) That the Alunan copyright bill, with, certain amendments, be made law. A similar bill was presented to the last Legislature, but failed of passage. It will be presented again. (21) That corporation law be amended to authorize mining corporations to issue stock without par value. A bill providing for this amendment was presented to the Legislature but failed to pass. It will be presented again. (22) That Section 564 of the Civil Code be amended to allow condemnation of private lands for rights of way by corporations, subject to approval of Secretary of Agriculture and Natural Resources, and compensation of owners. Legislation such as recommended is under consideration. (23) That Section 36 of the Philippine Bill relative to annual assessment on mining claims, be amended. Legislation such as recommended is under consideration. (24) That Section 75 of the Philippine Bill and Paragraph 5 of Section 13 of the Corporation Law relating to stock ownership in two or more mining or agricultural companies, be repealed. A bill to repeal the sections mentioned was presented to the Legislature but failed to pass. It will be presented again. (25) That the wharfage tax-Section 14 of Customs Tariff Act of 1919-be repealed. A bill to do away with this tax was presented to the Legislature but failed to pass. It will be presented again. (26, 27 and 28) That Section 16 of Corporation Law, relating to stock dividends, be amended so as to make it clear; that provisions of the Jones Law authorizing the Philippine Legislature to repeal Acts of Congress, be repealed; and that the Public Land Act (No. 2874) be amended to permit lease of land reclaimed from sea for period of fifty years, with option for renewal for twenty-five, etc., etc. No action has been taken on the above recommendations No. 26, 27 and 28. (29) That road building in future should be confined largely to lateral roads connecting inaccessible regions with existing lines of roads and the Manila Railroad. The program of road building for the next four years as submitted by the Director of Public Works fulfills these conditions. (30) That many more American teache's of highest grade possible be obtained. Sixty American teachers are being brought from the United States for the school year beginning June, 1923. This is double the number brought last year, but it does not, however, increase the net number to the extent that I should like. The four-year program of the Bureau of Education provides for adding 120 American teachers each year, and I shall make every effort to enable that number to be brought out henceforth. (31) That attractive salaries should be paid Filipino teachers, and that only those fully qualified to teach English should be retained.

Page  9 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 9 Although salaries of Filipino teachers have not been raised, Act No. 7050, as amended by Act No. 3100, provides for pension of teachers, which should make teaching somewhat more attractive. Efforts will be continued to improve the quality of teachers and increase their pay. (32) That better school facilities be provided for American children. The Central School is being made as efficient as possible. All teachers are Americans and only children of American citizens admitted. Roughly, the proportion of American teachers to pupils is about 1 to 40 as against 1 to 5,000 in the entire school system. (33) That Section 1203 of the Administrative Code be amended so as to lessen the number of officers and men required on inter-island ships. A bill to carry out your recommendation was presented but failed to pass the Legislature. It will be presented again. Meanwhile the whole subject of inter-island shipping is under study by a committee of the Legislature. (34) That a board of professional engineers and ship builders be provided to make marine surveys, in place of the present arrangement by which they are made by an employee of the Bureau of Customs. A bill providing for a Board of Marine Examiners, as outlined, was presented but failed of passage. It will be presented again. (35) That privilege of operating in coastwise trade be treated as franchise and sold, funds derived therefrom to be used to subsidize ships on non-profitable routes. A bill authorizing the Secretary of Commerce and Communications to enter into contracts and pay subsidies for such routes as he deemed necessary, was presented but failed of passage. It will be presented again. (35) That in place of the Public Utility Commissioner and his very meager funds, a board be created with ample funds, inadequate and uninformed regulations being worse than none. Act No. 3108 provides for the creation of a Public Utility Commission. The present appropriation is insufficient, but I feel sure that an increase will be made in the next budget. (36) That trading by ships' officers on their own account without paying license be stopped by legislation. A bill to put a stop to this practice was drafted and presented by the Collector of Customs but no action was taken upon it. Even under the present law an offender can be proceeded against in court (see Section 1198 of Administrative Code), but as yet no specific case has been brought to the attention of the Collector of Customs for prosecution. (37) That more "open ports" be made. Act No. 3106 makes Pulupandan, Hondagua and Legaspi additional ports of entry. (38) That handling facilities in all ports be bettered by building new piers and warehouses, etc. As regards Manila, it is believed that this has been accomplished by the Manila Harbor Board. The four-year program of the Bureau of Public Works for port works contains the following projects: Improvement of North Cebu wharf-new wharf connecting north and south wharves at Cebu-extension of Iloilo wharf wall (lower reach of river)-extension of Zamboanga wharf -new pier at Davao-new pier at Dumaguete-new wharf at Aparri-new wharf at Jolo-new wharf at Siasi-new wharf at Libas-new jetties at Loay, Bohol-new wharf at Tagbilaran-dredging and construction of river wall at Cotabato; in Ma nila, a cargo shed beteen piers 5 and 7 -closing of the gap in the breakwater and providing a new entrance at southern endpartial reconstruction of pier 5-head sheds between piers 1 and 3, and 3 and 5-new exterior and interior cargo handling equipment, at an estimated cost of P1,144,000. The Legislature by resolution has also required the Director of Public Works to study and make a plan for port works at Pulupandan. (39) That legislation be enacted prohibiting labor unions fromt including as members men not actively engaged in calling represented by union. No action. (40) That legislation be enacted making it impossible for any ship to sail under a "tempworary"permit and to engage in inter-island service unless she be in such condition, as per survey, as to get insurance at usual rates from reliable company. It is believed that this can and should be handled administratively. The reason for the' need of such legislation lies in the present methods of survey. This it was attempted to correct by creating the Board of Marine Examiners mentioned above. (41) That Section 1172 of the Administrative Code-Certificate of Philippine Register-be amended so as to permit existing companies to maintain their fleets at existing tonnage, thus authorizing the replacement of obsolete ships; and to permit American corporations, qualified to engage in the coastwise trade of the United States, to engage in such trade here. A bill which would have permitted existing companies to maintain their fleets at tonnage existing in February 1918, failed in the last Legislature, but it is believed that Act No. 3084, which requires only 75% of American or Filipino ownership, carries out the last part of the recommendation. The former part is now being censidered by a committee of the Legislature. (42) That Public Utility Commission be instructed to make investigation of ratesrail and water-for the purpose of fixing just and equitable rates, and that appropriation be made for employment of commercial auditors and adequate force of inspectors to eliminate rebating, preferential rates and ships' officers trading on their own account. This has been attempted through the passage of Act No. 3108, penalties for violation of which are provided in Sections 30, 31, 32, 33 and 34. The financial position of the government did not warrant as large an appropriation as is absolutely necessary for this purposes. I feel sure this will be cured in the next budget. Not as much has been accomplished as I would have liked, but I believe that with your cooperation and that of the other business organizations of the Islands, inincreasing and continuous progress can be made toward lessening the handicaps under which the industry and trade of the Islands are now laboring. Your Chamber, with its many contacts with Filipino business men, can exert a tremendous influence in securing sound legislation to meet business requirements and to advance commercial development in these Isands. I trust you will take the necessary steps to exert your influence in every proper way along these lines. In conclusion I wish to thank your Chamber for its careful study of our problems and the helpful recommendations. Very respectfully, (Signed) LEONARD WOOD, Governor General. The President The American Chamber of Commerce, Manila. SPECIAL MEETING DISCUSSES SUGAR QUESTION A special meeting of the Active and Associate members of the American Cham-l ber of Commerce was held at the rooms of the Chamber on Monday, April 9, for the purpose of considering the policy of the Chamber with respect to the sugar centrals in all its aspects. This meeting was called as a result of the action taken by the members present at the special luncheon on April 7. The meeting was called to order at 1 p. m. by Acting-President Elser, who stated the purpose for which the meeting had been called. There were present the following Active and Associate members: Active members: E. E. Elser, S. F. Gaches, H. L. Heath, H. O. Haynor, W. J. Odom, F. W. Butler, Stanley Williams, Geo. H. Fairchild, M. M. Saleeby, S. M. Berger, R. M. McCrory, K. E. Robinson, J. O. Bradney, A. S. Heyward, H. B. Pond, W. H. Anderson, W. S. Price, F. C. Cadwallader, F. H. Stevens, C. S. Salmon, R. W. Berdeau, C. R. Zeininger, W. E. Mullen, E. Burke, H. B. McCoy and H. H. Boyle. Associate members: H. I. Mozingo, Norbert Lyons, A. Schipull, H. A. Salet, W. H. Rennolds, F. W. Butler, E. G. Abry, H. W. Russell, Spencer E. Aldrich, E. A. Perkins, E. E. Wing, John Gordon, D. Naftaly W. D. Clifford, M. H. O'Malley, G. F. Mosher, R. C. Thrasher, G. M. John, S. F. Williams, M. A. McLeod, B. A. Batterton, G. C. Sellner, M. D. Royer, A. S. Heyward, J. A. Stiver, E. M. Gross, P. L. Sherman, Alice M. Miller, O. O. Hanson, E. B. Fairchild, E. W. Wilson, C. S. Stocking, Wm. S. Irey, A. V. H. Hartendorp, H. D. Chamberlain, J. A. Wolfson, F. J. Herier Gordon Johnston, Louis Xiques, Agnes B. Xiques, C. Lacy Goodrich, W. W. Lewis, George B. Wicks, J. J. Kottinger, E. A. Aced and W. G. Frisbie. The President called upon Mr. E. W. Wilson, who outlined the policy of the Philippine National Bank towards the sugar centrals from the time he took charge of the Bank in 1920, and compared their condition at that time with their present condition. At the conclusion of Mr. Wilson's speech, a motion to adjourn was lost. Capt. Heath was called upon, and spoke of the difficult position in which Mr. Wilson had been placed as General Manager of the Philippine National Bank. It was moved by Capt. Heath, seconded and passed "That it is the sense of this meeting of the American Chamber that the business procedure of Mr. Wilson in regard to the National Bank and the sugar centrals has been one of simple, honest business methods." Mr. Gaches stated that the purpose of the meeting was for considering the policy of the Chamber with respect to the sugar centrals, and that we should know more about the proposition before considering it further. He further stated that the government undoubtedly had a side, and that we ought to know their side. Although the President of the Chamber had called upon representatives of the government for their side of the question, no one had responded. It was then moved by Mr. Fairchild, seconded and passed "That a committee be appointed by the President of the Chamber or the Board of Directors to wait upon the Governor General and obtain the government's side of the proposition." The meeting adjourned at 1:40.

Page  10 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 Sugar Central Question Discussed Before Chamber A thorough discussion of the sugar central question, which has been agitating government and banking circles for some weeks past, was heard by the members of the American Chamber of Commerce and their guests at the weekly luncheon of Friday, April 6. A delegation of Negros sugar men representing the centrals administered by the Philippine National Bank were the guests of the Chamber, and their leader, former Representative Alunan, presented the viewpoint of the planters. President E. W. Wilson of the National Bank, Senator George H. Fairchild Colonel George Seaver and Mr. Gomez also spoke. Director S. F. Gaches presided at the gathering. Mr. Lacson interpreted Mr. Alunan's remarks, which were delivered in Spanish. ALUNAN GIVES PLANTERS' VIEWS Mr. Alunan briefly sketched the history of the Bank centrals. He said that about twelve years ago Governor General Forbes during a visit to Negros suggested the establishment of these centrals with government aid. A committee was appointed to carry out the project, but nothing ever materialized from the plan. When the National Bank was established, the plan was presented to the Bank, and the Board of Control, composed of the president of the Senate, the Speaker of the House and the Governor General, approved the project on the conditions that each central organization invest P15,000 and that the stockholders give mortgages on their property as security. Work was begun on the mills, but before they were completed the Bank requested the planters to waive the twenty year provision for repayment and sign demand notes for the balance due. After these agreements were signed, each central was asked to put up half a million pesos in cash. This demand was complied with. The planters then attempted to restore the twenty year provision, but their efforts proved unavailing. A new agreement was drawn up obligating the planters to deliver their entire production to the Bank and to turn over to the Bank 25% of their profits. Mr. Alunan then quoted figures showing that because of the improvements made by the centrals, the assessed valuation of the land in Negros rose from P28,000,000 to P81,000,000 in two years. He also showed that the production was greatly increased and the unit cost of production considerably reduced. He stated that as each year goes by, profits will as a consequence increase. He also declared that even under the most favorable circumstances considerable time would be required for the planters to pay off the money due to the Bank for the centrals, and he expressed the willingness of the planters to accede to any reasonable terms which would solve the problem to the satisfaction of all concerned. He said that the planters are not onposed to the entry of American capital in the sugar field, but that they do object to any plan which would take away from the Filipinos the properties which they now nominally own and which they had helped to develop at great sacrifice. Mr. Gomez, manager of one of the centrals, in a brief address invited the members of the Chamber to visit Negros and note the spirit of progress that exists there. WILSON'S STATEMENT Mr. Wilson stated the Bank's side of the question. He described the negotiations with the planters in great detail and how the final agreement was reached after a continuous two day session. He called upon Colonel Seaver who represented the Bank in the negotations, to relate what had transpired, which Colonel Seaver did, stating that he had found conditions very unsatisfactory, with only part of the equipment installed and funds lacking for takng care of the crop, and that he had informed the planters that the Bank desired to sign a new agreement under which the Bank would take charge of matters and see to it that the centrals were run properly and the interests of the planters safeguarded. Such an agreement was finally signed, Mr. Wilson continued, and the Sugar Central Agency established, which has been administering the centrals successfully ever since. He declared that the centrals are now in a flourishing condition and all that is needed is a continuation of the present arrangement. FAIRCHILD'S VIEWS When called upon by the chairman, Senator Fairchild described the original attempt to establish a central at Isabela, which failed for some unknown reason after plans had been decided upon and an order for the machinery practically placed. He said that in 1921, upon request of Mr. Wilson, he had written to the Governor General recommending that, in view of the fact that the government had no money to further invest in the centrals, foreign capital be interested with a view to completing the unfinished work on the mills. It was impossible to interest foreign capital, however, he found. A year ago, he said, he was again requested to see if foreign capital could not be interested in taking over the centrals, but in such a way that the rights of the planters would be conserved and they be given the opportunity to repurchase the property at any time they were able to do so. Again he was unable to interest capital. This lack of interest he attributed largely to the unsettled political status of the Islands. Mr. Alunan, he declared, pleads for American cooperation, but the Americans also need the cooperation of the Filipinos in the establishment of a permanent, definite political status which will enable capital to c-me to their assistance. He expressed the belief that the opportunities for the development of the sugar industry in the Philippines are unequalled anywhere else as the Islands are the last large area of potential cultivation. He concluded as follows: "I want to ask the representatives of these centrals in Negros if they think that any American, or any foreign capital would be so foolish as to buy a Bank central and take on at the same time, with the uncertainties of the future, a bunch of hostile planters. Give the Americans credit for more sense than that! There is not an American here who does not know that would be foolish. The policy of the government at Washington has been, and presumably still is, to get the government out of business, and I think that General Wood is sincerely trying to carry out that nolicy, and now it is up to us to find out how it can be carried out in a way that will be acceptable to the people of this country and acceptable to the people who may be interested in investing their capital in sugar in the Philippine Islands." With the following remarks, by the chairman, the meeting came to a close: "The American Chamber of Commerce stands primarily for the government's getting out of business and for the retention in the Philippines of the sovereignty of the United States. Getting the government out of business is an essential thing, but we do not indorse any precipitous action on the part of the government to withdraw its capital already invested, especially in the sugar centrals. So I think we can heartily indorse what Mr. Alunan has requested, that we back him up in trying to solve this problem in the best way for all parties concerned." GRAHAM TALKS ON TRANSPORTATION T. A. Graham, vice president and general manager of the Pacific Mail Steamship Company, was the speaker at the weekly luncheon on Wednesday, March 28. He spoke on the transportation problems that have been met and solved in California and showed how California products form an important basis for Philippine trade. Mr. Graham's talk was followed by an interesting discussion of the transportation question in general. Quoting statistics at length, Mr. Graham related the marvellous strides forward made by California agriculture. From almost insignificant beginnings a few decades ago, California now produces immense quantities of fruits and vegetables which are shipped to all parts of the United States and the rest of the world, mostly as canned goods. The Philippine market is an important one for California goods, with a brilliant future ahead, he stated. In response to a question by Active Member H. H. Boyle, Mr. Graham assured those present that everything possible would be done to keep trans-Pacific rates on an equitable level. Capt. H. L. Heath, ex-president of the Chamber, pointed out that high ocean rates were resulting in a development of minor ports in the Philippines, cargoes being shipped direct to the United States instead of being transhipped at Manila. He estimated that this year 25,000 bales of hemp would be sent from the Islands at ports other than Manila. He also stated that the Philippine Islands had even greater potentialities as a producing center than California. He predicted that 100 years from now Philippine exports would equal those of the Pacific Coast states and part of Mexico combined. Mr. Graham said California had had such an experience and that a big aid in that State's commercial development was the cooperation displayed between land and water lines, which form of cooperation he advocated for the Philippines. DISCUSS AMERICAN SCHOOL At an informal meeting of the Active and Associate members of the American Chamber of Commerce on Wednesday, April 18, during the luncheon period, various members of the Chamber talked on the situation of the American School of Manila. Associate Member E. G. Abry, one of the directors cf the school, spoke at length on the financial status of the institution. Remarks were also made by Judge John W. Haussermann and others. Nearly P1,000 was subscribed at the Round Table to meet the deficit in the school's operations.

Page  11 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 11 U. S. Senator Walsh Talks On Merchant Marine I ___ _ United States Senator Thomas J. Walsh, of Montana, who is in the Philippines on a visit to his son-in-law and daughter, ComImander and Mrs. Gudger, of Cavite, was the speaker at the luncheon of the American Chamber of Commerce on Wednesday, April 25. The Senator devoted the major portion of his talk to the subject of "The American Merchant Marine." Director Samuel F. Gaches presided and introduced the guest of honor. The Senator stated that his visit has no political significance whatsoever. He had merely come to visit his family and get a much-needed vacation, the first in ten years. He also hoped the voyage might prove of value to him inasmuch as he may become a member of the Committee on Foreign Affairs in the next Congress. Transportation is one of the great problems confronting all communities, he said. The proposed Gulf-Great Lakes waterway, he pointed out, would save the farmers of the Northwest $50,000,000 annually. Referring to the Ship Subsidy bill, he desired to allay any apprehension that may have arisen by reason of the discussion in Congress concerning the measure. "The American people are determined at all costs to maintain an efficient and an adequate merchant marine," he declared. "A difference exists only as to the method by which that result shall be attained." He traced the history of shipping legislation in Congress and deplored the fact that the world depression following the war has laid up so many fine American ships and made the shipping business unprofitable. The same condition, he found, exists at other ports in different parts of the world. Opposition to the subsidy measure, he declared, arose mainly out of a strong sentiment in the United States against the government operation of any business enterprise. In the matter of public works, however, state' and municipal enterprise has recorded some great successes, he pointed out. On the other hand, the government's operation of the railroads during the war is considered to have been a failure. It was claimed, however, that the Shipping Board has not had a fair trial, owing to the unfavorable conditions for th:e -hipping business, and that it needed a few years of experience to be able to function properly. He held out little hope for a passage of the measure by the incoming Congress and thought that the Government would exercise the authority it now possesses of selling the ships, but at reasonable figures and not at the extremely low prices previously offered. In any event, he stated, the ships will be operated either by the Government or American firms, and there should be no dearth of shipping for the Philippines. Senator Walsh declared that the present chaotic condition in China cannot continue much longer. That country must either evolve an orderly government or fall prey to a stronger power. He concluded with the following reference to local conditions: "We must at all hazards maintain and cultivate the good will of the people of these Islands. A great work has been done here, and I am sure you have had your part in it-a most honorable part-and we look to you as an outpost of our country and as a militant body to uphold the honor and the dignity of our nation." A number of conclusions are drawn from the results of the survey, the most important of which are given as follows: "The conservation of health is a great economic problem challenging the country's best thought. National health is the basis of national efficiency. Up to a short time ago it was customary to neglect health education, and as a result our school turned out many 'educated invalids'. Now our educational system must answer the question propounded by Dr. G. Stanley Hall, 'What shall it profit a child if he gain the whole world of knowledge and lose his own health?' "There aire hundreds of thousands of premature and unnecessary deaths in America every year. The nation needs to conserve life for the development of its enterprises. "Let us not confuse physical education with the highly specialized system of team athletics so much stressed in some schools. A system which develops eleven players while a thousand idle youths look on will never go far in raising the physical efficiency of America. "Every step forward taken by a city in solving the school health problem marks an advance in its business and industrial well-being. Many Chambers of Commerce as a result of the survey are giving the city school interests an important place among the year's activities." U. S. Chamber Investigates Health of School Children I/...........' ~ -' Some unusual facts regarding health and physical education in elementary schoTIs have been brought out in a survey made in 160 cities by the Civic Development Department of the Chamber of Commerce of the United States. The survey was made through local commercial organizations, including the American Chamber of Commerce of the Philippine Islands. The purpose was to determine what opportunity is given children to develop physical stamina capable of standing the strain of future commercial and industrial life. "In the 160 cities" says a report of the survey just made public, "there are a total of 3,018,896 elementary school pupils. Although it is obviously important that all children be given a medical examination when they apply for admission to the schools, 98 out of the 160 cities do not give such examinations. "There can be no doubt that much disease is spread because of this neglect. One hundred and three cities reported that they had school physicians and 54 that they had none. In spite of the fact that the conservation of eyesight is a most important factor in the future success of the individual, instruction in the care and use of the eyes is not given in 39 of the cities. Fortyone of the cities now provide open air schodls or classes for those who are physical!y subnormal. Outdoor play is recog nized as a real need in physical development. Niinety-one cities reported inadequate play-grounds and 54 do not have supervisors for play. "The showing as to dental clinics is good. The number of cities providing them is greater this year than last. Yet 66 of the cities participating in the survey do not have school dental clinics. "School nurses, who form a most important element in the health and physical education work in any school system, are found in all but 25 of the cities. Some cities are amply provided, on the basis of a nurse being able to supervise 2,500 pupils. There is one city in the west provides but one nurse for 17,000 pupils, and one in the south which has but one for 12,000. The average number in all the cities is over 3,021. "Thirty-four cities keep the parents informed monthly by means of the report card as to the child's weight record. It is safe to assume that in these cities the average of malnutrition is being brought below the thirty-three per cent. which some experts claim is the national average. In 44 cities this matter of nutrition is being vigorously attacked, the school children being provided with milk in the middle of the morning and afternoon. Sixty other communities furnish milk to those pupils who are undernourished." CENSUS PRICES CUT IN HALF By authority of the Governor General, the prices of the volumes of the Philippine Census report have been reduced to about one-half of the original prices. Copies are now sold by the Bureau of Printing, as follows: English Spanish Edition Edition Appendix to Volume I. Organization, Census Acts and Regulations: Paper cover......... t2.00 None Printed Cloth binding....... 3.50 None Printed Russia binding...... 5.50 None Printed Volume I. Geography, History and Climatology: Paper cover......... 3.50 None Printed Cloth binding....... 5.00 None Printed Russia binding...... 7.00 None Printed Volume II. Population and Mortality: Paper cover........ 6.00 6.00 Volume III. Agriculture, Medicinal Plants, Forests and Proper Diet: Paper cover........ 3.50 3.50 Russia binding...... 5.00 5.00 Volume IV, Part I. Social and Judicial Statistics, Manufactures and Household Industries: Paper cover........ None 3.50 Cloth binding....... 5.00 5.00 Russia binding...... 7.00 7.00 Volume VI, Part II. Commerce and Transportation, Banks, Banking Institutions, and Currency, Insurance Companies, Schools and University: Paper cover........ 3.50 3.50 Cloth binding....... 5.00 5.00 Russia binding...... 7.00 7.00 An appendix volume containing Organization and Census Acts and Regulations is given free to every purchaser of a complete set.

Page  12 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 EDITORIAL OFFICES American Chamber of Commerce 2 CALLE PINPIN P. 0. Box 1675 Telephone 1156 THE AMERICAN CHAMBER OF COMMERCE OF THE PHILIPPINE ISLANDS should not be confused with other organizations bearing similar names such as the Philippine-American Chamber of Commerce, the Philippine Chamber of Commerce and the Manila Chamber of Commerce. As the official publication of the American Chamber of Commerce of the Philippine Islands, this JOURNAL carries authoritative notices and articles in regard to the activities of the Chamber, its Board of Directors, Sections and Committees. The editorials are approved by the Board of Directors and, when so indicated, other a tictes are occasionally submitted to the Board for approval. In all other respects the Chamber is lot responsible for the ideas and opinions to which expression is given VoL III. MAY, 1923 No. 5 THE SUGAR BOOM All things come to him who waits. During four or five lean years the sugar growers and exporters have had a hand to mouth existence. Some have gone under in the struggle. Practically all have had to incur losses and make sacrifices to keep the industry going. But it was kept alive by dint of unremitting effort and an unextinguishable faith in its future. Now the rewards of the long uphill grind are just beginning to materialize. Sugar is bringing prices beyond the dreams of the most optimistic and the outlook for good prices in the next few years is extremely bright. Probably one of the principal reasons for the increased sugar demand in the United States is the prohibition law. Sugar has always been known to be an excellent substitute for alcohol in the human metabolism. Many people therefore expected the enforcement of nationwide prohibition to be followed by an increased demand for sugar. The increase, however, was slower than anticipated and its effect on prices was further counteracted by large carry-overs and increased production. But the demand has of late been rapidly overtaking the supply, until today there is a real shortage in the world market with consequent higher prices. Politicians in the States have been trying to make political capital out of the situation and have charged cornering, profiteering and arbitrary price-fixing. However, those who have closely studied the world's sugar situation in recent years have predicted present conditions, basing their forecasts on authentic statistics -figures that tell a tale with mathematical precision and unanswerable logic to those who know how to read them. The present sugar boom is merely the natural working out of basic economic law-that of supply and demand-and all the congressional investigations in the world cannot alter its operation. To the Philippines, the present sugar boom has been a veritable godsend. It has saved the sugar industry, which had made such rapid strides during the war and post-war years, from ruin and averted what might have become a serious economic crisis. The matter of the so-called "bank centrals" still has its knotty points and details of the proposed rehabilitation plan are still being worked out; but, after all, the real deciding factor is the price of sugar, and as long as that remains satisfactory the situation will keep on improving and right itself with comparative rapidity. Let us hope that the predictions of the experts of a three to five year period of good sugar prices will come true. This will result in a satisfactory solution of the sugar central problem all around. A MISTAKEN VIEW Among the arguments advanced by well-meaning Americans against the extension of the American coastwise laws to the Philippine Islands is the assumption that the step would entail the creation of a shipping "monopoly" for the Shipping Board vessels in trade between the homeland and the Philippine territory. This is a mistaken notion, arising out of an incomplete analysis of the situation that would be created by the coastwise law extension. It is true, of course, that only American vessels would be permitted to carry cargoes between American and Philippine ports, and it is likewise more than probable that the Shipping Board steamers would handle the greater portion of this cargo; but it does not follow from these premises that there would be no competition in trans-Pacific coastwise freights. Fortunately there are other than Shipping Board boats that fly the American flag and sail the seven seas, and it is these so-called "tramps" that would furnish the competition-in the same way that foreign vessels of this description now serve as a balance wheel to oceanic freights all over the world. When the local conference recently raised the freight rates on hemp to what was considered disproportionately high levels, some of the shippers went into the open market and chartered Norwegian tramps to carry the produce at reduced rates. The immediate result was the lowering of the conference rate to somewhere near the competitive quotations. A similar development might be expected under the coastwise arrangement. There are a sufficient number of independent American vessels to perform a similar regulative service when Shipping Board or conference rates become too high. At any rate, an inordinate raising of rates will naturally impress into competition vessels which can carry the cargo at lower rates, even if they habitually follow other routes. While it is not improbable that under the coastwise laws, trans-oceanic freight rates will be slightly higher than they are now, for American standards-and hence operating costs-are higher than on foreign ships, the elimination of foreign competit ion will certainly do away with discriminative practices and rates that have often placed American carriers alnd shippers at a decided disadvantage. Should there be an increase in ratesand it is by no means assured that there will be-it will be uniform and non-discriminative. Hence no special line or interest will have an advantage over another. The ultimate consumer will be taxed a very slight amount in excess of present quotations to help keep the American merchant marine afloat. It should also be borne in mind that extension of the coastwise laws to the Philippines ipse facto presupposes an adequate shipping service between the United States on both east and west coasts, this being one of the conditions precedent to presidential action in the matter. Certainly there is no logical basis for the contention that the coastwise law extension would create an obnoxious, burdensome shipping "monopoly" in favor of American vessels, and if a "monopoly" were created, it would be of benefit to Americans interested in shipping. C. 0. D. MAIL FROM THE UNITED STATES The last year or two has seen a phenomenal growth in the C. 0. D. postal business from the United States. Figures obtained from the Bureau of Posts show that during the year 1922 no less than 87,534 C. 0. D. packages, valued at P1,293,258.90, were brought in by mail from the United States. The number of C. 0. D. packages sent to the provinces from Manila was 79,534, valued at 11,025,885.58. Of the C. 0. D. packages from the

Page  13 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 United States, 7,499, or more than eight per cent, were returned to the senders. When we consider the fact that it takes about three months for a package to reach Manila and come back to the place of origin in the States, the great risk and loss to the United States merchant using this method of delivery become apparent. The fact remains, however, that more than a million pesos' worth of business is done locally through the mail by United States merchants and this is something that should make our local retailers sit up and take notice. To this must be added the large amount of business done by ordinary parcels post. Two or three years ago the C. 0. D. mail formed but an insignificant portion of the total United States mail brought to the Islands. In 1922, however, we find that of the 71,944 bags of U. S. mail brought here, 9,081, or 12 per cent, contained C. 0. D. packages, 30,952 bags or 43 per cent, brought second and third class matter, 30,266, bags, or 42 per cent, contained parcel post packages, and only 2,055 bags or 3 per cent, held first class or letter mail. The cost of delivering C. 0. D. packages here is considerable, despite the fact that water transportation of mails is free in the Islands, the vessels engaged in the insular coastwise trade being compelled by law to carry mail without charge to the government. Mail transportation by land lines, however, cost F304,666.60 last year, and it is apparent from the above figures that a considerable part of this money was spent by the government for the benefit of merchants in the United States. Were there an outward C. 0. D. business to compare in volume with the inward business of this kind, the accounts would tend to balance, but as things are, the post office, hence the government, is unwittingly helping merchants in the homeland at the expense of local merchants. It is clear that business houses in the United States are making inroads into the business that should go to local firms. It is likely that in the course of time many of these United States firms will find that doing business at a distance of 6,000 to 10,000 miles has so many unsatisfactory features that it is not profitable; but in the meantime the local merchants should make every effort to counteract the outside invasion, and, by more intense and more economical methods, try to compete with the invaders. Something might also be done to counteract the gratuitous advantages at present enjoyed by outside merchants using the mails over local merchants. It is a matter deserving of very serious consideration. THE NATIONAL BANK It is to be regretted that Manager Wilson of the Philippine National Bank and Governor General Wood could not agree on the policy to be followed in the administration of the Bank's affairs. Mr. Wilson, who resigned on April 6, is a banker of reputation and experience. He won many friends during his brief stay in Manila who are convinced that his stand was dictated solely by what he considered to be the demands of experience, actual facts and conservative banking practice. Unfortunately, the administration's financial minds have taken an opposite stand which is equally as honest and well-intentioned. Someone had to yield and in the very nature of things it couldn't be the government. Mr. Wilson has gone, but he leaves behind a host of admirers and well-wishers who wish him every success in whatever enterprise he engages upon his return to the homeland. OUR SILVER JUBILEE NUMBER Numerous inquiries are being received regarding our Silver Jubilee Number, to be published on August 13, Occupation Day, in commemoration of the 25th anniversary of the hoisting of the American flag over the Islands. If you have any old photographs, documents, or other mementoes of the old days call up the editor, who wants all such material. We would also like to print photographs of all Americans who were in the Islands on August 13, 1898. Oldtimers, step forward! AN INDUSTRY WITH BIG POSSIBILITIES Mr. Charles D. Willits of the well-known San Francisco firm of Willits and Patterson, which has been engaged in the local coconut oil business for a number of years, writes the Chamber that if the Philippines could produce peanuts in commercial quantities the local oil mills would be greatly benefited. These mills, it will be recalled, were erected during the wartime oil boom and many of them are not in operation. The high price of copra and lessened demand for oil have put them out of business. With but slight mechanical adjustment they could be adapted to the extraction of peanut oil. The practicability of this has been amply demonstrated by local oil mills that have at times manufactured peanut oil, the nuts having been imported from China and to a very small extent produced in the Islands. Authorities on the subject agree that the soil and climate of the Islands are admirably suited to peanut culture. Various attempts have been made in the past to induce the people to raise peanuts on a commercial scale, but have thus far met with little success. The growers must be financed and it takes several months for a crop to mature and reach the market. It would be a costly venture for private capital to undertake the development of the peanut industry on a large scale. A few hundred thousand pesos expended on the establishment of this industry might, however, yield rich returns. Mr. Willits in his letter points out that the peanut oil produced in other parts of the Orient cannot compete with cottonseed oil on account of the high American duty, whereas the Philippine peanut oil would enter the United States free and would probably command a big market there immediately. All in all, the possibilities of peanut cultivation in the Islands appear so bright that they would seem to justify a serious effort toward the establishment of the industry on a large, commercial scale. CONCRETE SCHOOL HOUSES AND HOSPITALS Colonel Munson, adviser on public health matters to the Governor General, recently described before this Chamber the deplorable health conditions in the provinces. He had just completed an inspection trip embracing practically the whole Philippine Territory. In one province he found some forty-odd beautiful concrete school houses but not a single hospital. No wonder he characterized the situation as "education gone crazy." The wise use of the public funds is a serious question that confronts the Philippine government in view of the very limited amount of money at its disposal. That a large proportion of this money should go for education goes without saying; but whether the present proportion is the right one and whether a sufficient amount is being spent on public health purposes are questions worthy of serious consideration. In the opinion of Dr. Munson and also in that of General Wood, judging from the latter's deep interest in health work, a larger share of the public funds should go for this purpose than is at present expended. This portion of the public domain of the United States is reaching a point in its development where men are seriously asking whether it is not being over-educated at the expense of economic and industrial development. There are two phases to this problem: that of the curriculum and that of the amount of money expended. Are we teaching the children the proper subjects? Are we preparing them to fit into the physical and social environment in which they must live after leaving public school? Are we producing too many "ilustrados" while the public domain suffers for lack of tillers of the soil? Are we not spending too much money on education and too little money on health preservation? These are questions that our administrators and legislators should ponder deeply. In their proper answers may lie the bases for a revised program of government expenditure and administration that will hasten our economic advancement and increase the national wealth more rapidly.

Page  14 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 I I I Consolidated Cars of Merchandise Machinery and Other Commodities are forwarded across the United States on dependable schedules connecting with steamers for MANILA, P. I. This service assures saving in time, in detail and expense. Less than car load shipments originating in territory east of the Mississippi River when routed in our care move at car load rates plus our Nominal Service Charge. Rates and particulars relating to this service or other traffic information with which Philippine merchants may be concerned in the States, will be cheerfully furnished upon inquiry to our General Office. TRANS-CONTINENTAL FREIGHT COMPANY F. L. Bateman, President W. L. Taylor, Sec. and Treas. K. H. Hinrichs, Export Manager Export and Domestic Freight Forwarders. General Office: 203 So. Dearborn St., Chicago Eastern Office: Woolworth Building, New York I REVIEW OF THE EXCHANGE MARKET By W. D. WHITTEMORE Acting Manager, International Banking Corporation. We opened on March 23 with New York exchange quoted 1%o discount for demand and 1/2% discount for telegraphic transfer, business actually having been done at these rates. During the next three weeks rates slowly but gradually hardened, rising approximately 1/8% every second day in a fairly active market until on the 18th of April we had reached the Treasury rate of 1 1/8% premium for T. T. and 3/4% premium for demand. On that day even some banks were not open to sell under 1 1/4% premium for T. T. During the next few days the market was rather unsettled owing to the appearance of a fair amount of export exchange and rates sagged off to 7/8% for T. T. and 3/8% for demand at the close of this report on April 24. During the last week rates were more or less nominal, there being on some days a difference of 3/8% between the ideas of the poorest and the best sellers. The market might be called steady at the close. Sterling exchange in New York ruled consistently on the easy side, the rate receding from 4.69 Y2 on March 23, by easy stages with scarcely any reaction of note, to 4.65 1/2 on April 23. On the whole, bar silver in London has ruled comparatively steady throughout the month, in the neighborhood of 32 1/2d. During the second week of April a period of weakness set in, carrying the price down to 31 11/16 but it very quickly recovered to 32 7/16, which happened to be the quotation at both the opening and the closing of our period. The highest quotation was 32 13/16 on March 28. Bar silver opened in New York at 67 3/4 on March 23 and closed at 67 on April 23. The price rose to 68 3/4 on March 27 and sagged off to 65 1/4 on April 11. Sterling T. T. is quoted today at 2/1 1/2 and the banks' buying rate for 3 M/S credits on London is 2/2 3/8. Only a small amount of sterling business has been passing. Closing quotations for telegraphic transfers on other points were nominally on April 24 as follows Paris 700 Madrid 156 Singapore 110 3/4 Japan 98 1/2 Hongkong 111 Shanghai 66 1/4 India 156 1/2 Java 126 3/4 cents, c. & f., to 6-1/2 cents, c. & f., the latter being the latest quotation to hand and latest advices reporting the market firm with both refiners and operators buying at that price. The price of refined has ranged from 9 cents to 9.80 cents, the latter price being the latest to hand. Sellers of Philippine sugars have taken advantage of the favorable market, and sales of afloats and for prompt shipment have been made at prices ranging from 7.16 cents, landed terms, New York, (= 5.40 cents, c. & f., for Cubas) to 8.06 cents, landed terms, New York, (= 6.30 cents, c. & f., for Cubas). LOCAL MARKET: At the close of our last review, we reported buyers of Philippine Centrifugals on the basis of P17.75 per picul, ex-godown. In keeping with the advance in the New York market, the local market has advanced and there have been large sales of Centrifugals at prices ranging from P17.25 to P120.00 per picul, exgodown. The market closes with buyers of further quantities at the latter price. The present month saw a general cessation of milling operations throughout the Islands, and the actual out-turn of the present Centrifugal crop should therefore soon be known. There has also been a considerable advance in the price of muscovado sugars, due partly to the advance in prices in the New York market, but more particularly to the small quantity of muscovado sugars available owing to the crop being likely to out-turn considerably less than originally estimated. During the period under review, Muscovados have been bought in the local market at prices ranging from P13.75 to ~17.00 per picul, ex-godown, basis 88~. JAPANESE MARKET: Japan buyers have been active competitors of China in the purchase of our muscovado sugars and have continued to be interested at steadily advancing prices. The quantity of Muscovados still left unsold is estimated in the neighborhood of 6,500 tons, and there will probably be keen competition between Japan and China for these limited stocks, leading to higher prices. JAVA MARKET: There has been considerable activity in the Java market, and prices have steadily advanced. Latest quotations to hand are Gs. 25 per picul fo>r Superiors and Gs. 20-1/2 for Browns for May delivery; Gs. 22 per picul for Superiors and Gs. 20-1/4 for Browns for June delivery; and Gs. 20-3/4 per picul for Superiors and Gs. 19-3/4 for Browns for July delivery. uring April there were also large sales of 924 crop Java sugars for delivery May/ June/July of next year at prices ranging from Gs. 15 to Gs. 15-1/2 per picul for Superiors, Gs. 14 to Gs. 14-1/2 per picul for Browns, and Gs. 13-3/4 to Gs. 14-1/4 per picul for Muscovados. Manila, April 24, 1923. REVIEW OF THE HEMP MARKET By J. C. PATTY Secretary and Assistant Treasurer, Macleod & Company, Inc. Since our last report, all nlarkets have ruled quiet and have registered a decline in prices. The New York market at last Review of Business Conditions for April Boston Old South Bldg. Buffalo Ellicott Square Philadelphia Drexel Building Cincinnati Union Trust Bldg. Los Angeles Van Nuys Bldg. San Francisco Monadnock Bldg. Seattle Alaska Bldg. Portland, Ore. 15th and Kearney m APRIL SUGAR REVIEW By WELCH, FAIRCHILD & CO., INC. Out last review was dated March 23. NEW YORK MARKET: The sugar market during the period under review, despite the Government inquiry into the cause of the high prices and the threatened injunction to close the sugar exchange to speculators, has maintained a steady upward trend. The range of prices for Cubas for the period under review is from 5-3/8 Cleveland Denver Hippodrome Bldg. 1700 Fifteenth St

Page  15 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 writing stood at 7-5/8 cents for "J," 8-3/4 cents for "I," 11 cents for "F," and is now quoted at 7-1/4 cents for "J," 8-5/8 cents for "I" and 10-3/4 cents for "F." London, at last writing, was ~34-10/ for "J." and ~33-10/ for "K." That market is now quoted at ~33-10/ for "J" and ~32-5/ for "K." Locally, the market slowly declined from 125.4 for "F" until last week it reached P22.50; "I" declined frcm 18.50 on March 26 to 117.50 last week; and "J" from 1*15.00 to *14.00. There has been a slight reaction during the last few days of from two to four reales upward. "J-U. K." at last writing was quoted at P13.50, and business was done last week at 112.50, while '12.75 could probably be done today. Receipts have fallen somewhat below the estimate, and, on the other hand, shipments have also fallen off to a greater extent, so that stocks since March 26 have increased about 43,000 bales. There is nothing new in the freight situation since our last report. We give below the usual statistics: -- 1923 Bales Stocks on January 1... 155,495 Receipts to April 23... 470,971 Stocks on April 23.... 171,683 1922 Bales 256,400 339,765 226,837 i, l YOU WOULDN'T PLAY GOLF IN A PAIR OF DANCING PUMPS nor would you wear golf shoes to business. Each kind of work or play has its special shoe... I L _ _I L.. _ -_. v _ _. _ v ~. - \ which experience has taught us is best adapted for that particular use. The Hike factory makes shoes for all purposes and every care is taken to have design and material exactly right. Workmanship is Hike's pride and is the best that can be produced. We have a line of woman's Golf and Sport Oxfords in process of manufacture. HIKE SHOE PALACE 144 Escolta Manila! I We are showing a Golf Oxford above which is only one of many golf styles we have. - - - - - - - -~~~~~~~~~~~~~! I I Shipments. ToAp., A pr. 23, 1 923 A. 2, 922 Bales Bales PHILIPPINE TRUST COMPANY MONTE DE PIEDAD BLDG. TELEPHONE 1255 DIRECTORS To the U. K...... 125,213 To the Continent of Europe........ 38,797 To Atlantic, U. S.. 132,491 To U. S., via Pacific............. 72,082. To Janrn........ 68,418 Elsewhere and Local............ 17,332 90,324 34,138 80,324 75,992 71,961 16,583 LEO K. COTTERMAN R. C. BALDWIN M. H. O'MALLEY R. E. MURPHY J. G. LAWRENCE P. C. WHITAKER W. D. CLIFFORD C. BARAHONA P. A. MEYER Total...... 454,783 369,328 Offers an unexcelled banking service to individuals and corporations; transacts a general banking business and maintains special delpartments with facilities of the highest character, viz.: COLLECTION, DOMESTIC AND FOREIGN EXCHANGE, SAVINGS, BOND AND TRUST Acts as administrator of estates, or as executor or trustee under wills, and as trustee under deed securing the issuance of corporate bonds. M. H. O'MALLEY, W. D. CLIFFORD, F. W. KENNY, President. Vice-President. Cashier. Member American Bankers Association Chase National Bank-New York Correspondent COPRA AND ITS PRODUCTS By E. A. SEIDENSPINNER Manager, Willits and Patterson, Ltd. r Manila April 24, 1923. COPRA The market for this product has ruled firm during the first three weeks of the month with a manifest slackening of buying pressure during the last few days. The April market opened at 114.00, basis resecada, and although it still remains a seller's market, business is being done at this writing at from 113.25 to 113.50 ex-warehouse. Copra production during the month shows but little increase over that for March, and the total Manila arrivals will probably not be in excess of 170,000 piculs. Both the Lcndon and the United States markets indicate unwillingness to bid at figures which would permit profitable trading on local prices; consequently, unless buying pressure from local mills strengthens, we anticipate a further decline in the copra market during May. Our latest advices from foreign markets follow: QUOTATIONS U. S. West Coast Ports - - - 5/2 cents. London-Cebu Sdtndried - - 28!10-/. COCONUT OIL The U. S. market for coconut oil, both March and April, has moved in sympathy with the operations of a large U. S. con I.. -. - -. -. -. - - - - - - -.-. - - -- - - - 1 - - - - - - -.... - - - -- I To disprove a persistent rumor that is going the rounds we make the following statement: Clark & Co., optometrists, had nothing whatever to do with the printing of the new telephone directory. We wish to add, however, that we can help you read it easier by fitting your eyes with proper glasses. EYES LA3fir JIC GLASSES EXAMINED i IANIL4. FITTED 994 ESCO TA P.. MASONIC TEMPLE p _ -. —.. ------—, - -- I1

Page  16 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 I I I i I I I I m MAKING BIG ONES OUT OF LITTLE ONES is a business that our Enlarging Department sabes. Send in your favorite negative and tell us how large you want it. You will be pleased. DENNISTON Inc. 118 ESCOLTA PHONE ONE-O-SIX-O i INSULAR LUMBER COMPANY [ MANUFACTURERS AND EXPORTERS PHILIPPINE CABINET WOODS:~~ i:: i.. i; ~i ii ~i::1 ~:~I-(b:i^:Y *ran~ar-., I cern which has cleaned the market periodically of spot offerings. Today's advices show no buyers at better than 8% cents, c.i.f. West Coast ports, with sellers holding for 914 cents. On today's copra market it is impossible to sell for less than the latter figure with a small margin of profit. Unsold stocks of coconut oil in Manila today are practically nil, and unless buyers' ideas improve, stocks can not increase during the coming month. Latest advices from the U. S. market follow: U. S.-8-3/4 cents to 9 cents, c.i.f. West Coast ports. 9-1/8 cents to 9-3/8 cents, c.i.f. New York. Total oil shipments from the Philippines during April will be 5,686 tons as against 6,608 for April, 1922. COPRA CAKE Inquiries for this product have been numerous during the month with buyers offering at this writing from P'32 to 134 per metric ton, ex-warehouse, Manila. Spot offerings at these figure's have been wiped out and there is little inclination on the part of sellers to offer forward at less than P35. TOBACCO REVIEW BY LOUIS MCCALL Manager, Oriente Cigar Factory Conflicting reports respecting the outlook for the 1923 crop combined with large export shipments of raw tobacco to Europe during the past few months have had a tendency to materially strengthen the price of Philippine leaf tobacco. Reports vary with regard to the damage done by the numerous floods that inundated the plantations shortly after the young plants of the 1923 crop were transplanted to the fields, the extent of the damage apparently being in direct ratio to the quantity of the 1922 crop still unsold in the hands of the informant. Prices on the inferior lots not suitable for use in the local factories have advanced during the past few weeks ~3 to P'4 per quintal and continue firmer than the prices for classes. Competition in buying for the European market, which was until quite recently in the hands of one firm, is largely responsible for this sharp advance noted in the lower grades. The present prices for the classes verge on that margin which does not permit the acceptance of the offers being made by the American importers for the finished products without a loss accruing to the manufacturers. With but one grade of Manila cigarsthe cheapest-in demand on the American market, and with price, not quality, the deciding factor, bureaucracy may regulate and legislators may legislate, but the result is foreordained. Primarily because of the fact that the cstrich places its faith in head-screening tactics, it will meet the fate of the dodo bird, whose present habitat is story books and museums. Seven-column headlines announcing the fact that Manila cigars in America are destined to soon be only a memory on the shelf by the side of the dodo bird, met with a proposal from several otherwise sane and 'conservative business men to send a committee to America to report on the situation. When the day arrives that each manufacturer constitutes himself a committee of one to manufacture merchandise that will cANNUAL CAPACITY 36,000,000 FEET TANGUILI RED LUAN ALMON and APITONG LUMBER c7tIANILA, P. I. FABRICA, P. I. II

Page  17 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 bring duplicate orders and positively refuses to lower his standard of quality or to make shipments unless each box of his cigars carries the name of the factory of which he should be proud boldly displayed on the outside of the box, so that all the world, including the retailer and the consumer, may read and learn to differentiate between cigars of his manufacture and the inferior cigars from other factories packed under similar labels, his products will no longer be sold as "Manila cigars." After each individual committee of one has by reason of the quality of his products dragged his cigars out of the "Manila cigar" class, he will probably concede that;t has always been his own weak-kneed policy in dealing with his customers, and the inferior merchandise made down to the customers' purchasing price instead of up to the manufacturer's standard of quality, that has created the problem that incessantly confronts him. To expect advertising to solve the problem is rather too much to expect of advertising. THE RICE INDUSTRY By PERCY A. HILL of Munioz, Nueva Ecija, Director, Rice Producers' Association. SDCONY MOTOR OILS Backed by 50 Years Refining Experience — - -- -- From time to time engineers announce slight changes in the construction of gasoline engines, making for a more satisfactory power plant. Day in and day out they experiment in their laboratories, deeply engrossed in problems of locomotion. And as the engineer experiments and studies to improve and perfect the power plant, so the chemist in his laboratory studies and experiments to determine the lubricant best suited to the engineers' product. Thus were the new Socony Motor Oils developed and perfected. These new oils retain all of their former good qualities with the additional scientific improvements necessary to fit them more precisely to the proper lubrication of the present-day automobile power plant. There are four types of the new Socony Motor Oils, light-medium, medium, heavy, and extra heavy. On sale after May 1, 1923. Every one is backed by more than half a century of refining experience. It will pay you to specify Socony Motor Oils and look for the correct type as shown on our new Lubrication Chart. Retail prices of rice in Manila and elsewhere have been rising slowly but surely, which bears out our prediction that rice prices would be on a par with those of January once the main crop was purchased, or at least stored for liquidation. The prices prevalent in the Philippines are, however, very reasonable for an importing country and cannot be compared with prices in the other Oriental import countries, even with the revenue-producing tariff added. There still remains, however, about 15 to 18% of the crop to be transported and stored, which will be accomplished within the next thirty days. The crop situation in Indo-China would seem to have a direct bearing on prices of rice in the Philippines. The situation over there is as follows: Consular reports give the crop in IndoChina as being only a 50%o harvest, owing to late destructive rains; but as the normal export of a million and a quarter tons is expected to be available and as there are 400,000 tons of carry-over rice, the.lao cannot be quite as great as was expected, and, owing to the low price of the commodity, little increased extension is to be expected for some time. The price, f. o. b. Cholon bodegas, approximates, in Philippine currency and the Philippine unit of a 57Y2 kilo sack, '~6.75. This does not include insurance and handling charges. Exchange is 105.5, Manila. Palay is selling at P5 per 100 kilos, alongside without sacks. The Burmese 1923 crop is estimated at 6,875,000 tons of palay and the export at 2,450,000 tons of rice. There are about 175,000 tons of carry-over, the crop being off about 10%. They base the estimate on 771/2 tons of rice to 100 tons of palay, which is rather higher than the Philippine estimate, which is 64 tons of rice to 100 tons of palay. The greater part of the Burmese rice is shipped from Rangoon, which leads with 1,835,000 tons, followed by Bassein, Akyab and Moulmein. Recent consular reports state that the 1923 Siamese crop will be about 4,023,619 short tons of palay, which would be approximately 82,000,000 cavans of that cereal from a Philippine standpoint. It can again be stated that Siam seems to be fast outstripping Indo-China as a rice export country and that they are still increasing acreage to this crop there, for fifteen-sixteenths SO STANDARD OIL CO. OF NEW YORK MANILA CEBU ILOILO ZAMBOANGA BAGUIO LEGASPI SERVICE STATIONS EVERYWHERE I I I I - -- — ---- - --- ------- FOUR YEARS ADVERTISING EXCLUSIVELY These 4 years of experience right here in Manila are at your beck and call. Let's cooperate. Our phones connect. Ours is 367. What is yours? BUTLER ADVERTISING SERVICE 209 Roxas Bldg. Phone 367 ____ | B. A. 8. 1919 | I... _- - i

Page  18 li I SUKIYAKI DIN ties. rivate rooms, cool, clea cA touch of Japanese no EYC 861 R. Hidalgo ~___~~~~~~~~~~ THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 _ of all the land under cultivation in Siam is given over to rice. [NER Tea and luncheon, Sukiyaki dinners or special given over to rice. Japanese menus specially prepared for larger par- Although the crop yield is quoted as from in, comfortable and out of the ordinary. fair to medium, the available export is also velty to take you out of the humdrum of daily monotony. estimated at 1,250,000 tons of cargo rice. Prices last month, f.o. b. Bankok, were apT'ETSU REc? OSTAUT RANT proximately P6.90 per Philippine sack of rice. To this must be added freight, handlY. YAMAGUCHI, Proprietor hone 5059 ing, shrinkage, insurance and, of course, the. tariff. With the cheaper Saigon article available, it is not expected that the Siamese rice will be imported into the Philippines in any considerable quantity this year, and, furthermore, it is not unlikely that 15T TT go ^T ~Tr A ^ ~ PHONE higher prices will follow for rice as the N I jI| (C j j.\(( (| )~oN available export surplus dwindles, to which xUL C K N.G' l. C O. _ a_ 2 3 4 5 has been added the normal carry-overs of the three rice-exporting countries. 2 [ a enaddth omlcryoeso AUTO TI 1L-TT'DVZcnITTDV xxfTrT-r AUTTZUITUREZ LVIU MV COINTR~AC1T HAULIN L5 BAGGAGE TRANSFERRED DUMP TRUCKS FOR HIRE H. CARSON, Proprietor. 1955 AZCARRAGA _ _~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~. REAL ESTATE By P. D. CARMAN, San Juan Heights Addition. Sales, City of Manila Feb. 21 to Mar. 21 to Mar. 20 Apr. 20 Santa Cruz........ 'P245,773 f145,865 Quiapo............ 81,150 61,725 Paco.............. 50,756 28,730 Tondo............. 82,232 33,410 Binondo........... 4,500 72,000 Malate............. 25,224 65,258 Sampaloc.......... 94,507 63,049 Santa Ana......... 7,507 15,756 Pandacan............ 12,200 3,351 Ermita........... 93,290 47,460 San Nicolas........ 79,514 133,225 San Miguel........ 1,500 San Miguel........ 60,000 ]-778,153 P729,829 January......... P570,486 February....... 1,151,309 March......... 778,158 April........... 729,829 While sales during the past mcnth were somewhat lower than in March, it is interesting to note an increase of P25,000 over the corresponding month of 1922 and very close to half a million pesos more business in Manila real estate so far this year than during the corresponding period of last year. The exact increase is P482,939. It has been frequently remarked that real estate offers the most sensitive and reliable indication of financial conditions. If this be true, there can be no question that Manila is steadily approaching normal times. During February, 122 homes costing over P'1,000,000 were being erected in Manila, according to the report of the City Engineer, whose report for March shows 147 strong material buildings under construction, not to mention a number of mixed and light material structures. All available information indicates that suburban sales have recently been rather slow. The subdivision of a large estate and several smaller parcels is noted, with fair prices obtained on what sales have been made. NEW MEMBERS Associate Edward J. Christensen, Santa Cruz, I)avao.

Page  19 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL NEW INCORPORATIONS Domestic I I. _vI _iLX. II March 27, 1923. GORDON-HALEY CONSTIRUCTION COMPANY, Manila; capital stock "*400,000, subscribed P'80,300, paid up 120,300. Directors: John Gordon (treasurer), A. E. Haley, George Green, Manuel Gochico, Gregorio Felipe. VIEGELMANN, INC., Manila; general merchants; capital stock P200,000, subscrib(d 140,400, paid up P10,400. Directors: E. Viegelmann (treasurer), W. Schroder, E. Huenefeld, G. Dresbach, E. Krohn. ATIMONAN ELECTRIC COMPANY, INCORPORATED, Manila; electric light and power plant, Atimonan, Tayabas; caipital stock P125,000, subscribed P60,000, paid up P25,000. Directors: William T. Nolting, Albert Sidler, H. E. Merchant (treasurer), Leon Guinto, Alfrc'do Castro. March 28, 1923. THE PHILIPPINE DISTRIBUTORS, INC., Iloilo; general merchants; capital stock P30,000, subscribed P9,200, paid up P'2,400. Directors: Ramon B. Planta, J. S. de la Cruz, Juan A. Escrupulo (treasurer), Sulpicio Bellosillo, P. E. Amigable, E. A. Escrupulo. WINDOW, DOOR AND FURNITURE FACTORY CO., INC., 1442 Misericordia, Manila; capital stock P6,000, subscribed 6,000, paid up P1,500. Directors: J. Arrastia, Mrs. F. V. Arrastia, Florentino Sazon (treasurer), Braulio Bondoc, Mrs. J. M. Bondoc. THE PHILIPPINE CHINESE RICE MERCHANTS' ASSOCIATION, 915 Dagupan St., Manila; no capital stock. Directors: Tan Sio, Chung Quiat Tao, Cheng Liaoco, Poa Nguanco. April 2, 1923. CEBU CHINESE CHAMBER OF COMMERCE, Cebu; no capital stock. Directors: Uy Chulay, Yap Kaitek, Go Chan, Liao Seng Wan, Tomas Liao Lamco, Yap Anton, 'limoteo Yu Tiong, Y. C. Mann, M. Go Tianuy, Tan Unjo, Go Siong Mit. April, 5, 1923 PHILIPPINE CHINESE STEAMSHIP CORPORATION, Manila; capital stock 1'500,000, subscribed P100,000, paid up 125,000. Directors: Li Seng Giap (treasurer), Ty Hoanchay, Dee C. Chuan, Go Jocco, Loo Teng Siu. April 6, 1932. CHINA TRADING COMPANY, INCORPORATED, Manila; general merchants; capital stock 1P100,000, subscribed t*50,000, and up P12,500. Directors: Khu Yek Chiong (treasurer), Lim An, Cu Yeg Keng, Ang Banto, J. Tan Bonliong, N. Kee Suy, Yo He Yam. April 9, 1923. MASONIC TEMPLE ASSOCIATION OF ILOILO, Iloilo; capital stock P100,000, subscribed 128,500, paid up P7,190. Directors: Mateo Goiti, Eriberto Gonzalez, Alva J. Hill (treasurer), R. O. F. Mann, Engracio Padilla, Thos. N. Powell, Serapio C'. Torre, A. G. Yankey, Patricio Zaldariaga ODOM-CANTERA ENGINEERING COMPANY, Manila; engineers and contractors; capital stock t12,500, subscribed and paid up t2,500. Directors: W. J. Odom (treasurer), F. de la Cantera, J. A. Wolfson, Paulino Agra, John Gotamco. CEBU ACADEMY, Cebu; educational institution: capital stock P10,000, subscribed P2,100, paid up P827.50. Trustees: Patricio Ceniza, Hilario Abellana, Olimpio Ce I I I The Chinese American Bank OF COMMERCE BRANCHES AND CORRESPONDENTS THROUGHOUT THE WORLD MANILA BRANCH: PLAZA CERVANTES General Banking Business Transacted ACCOUNTS OF INDIVIDUALS, PROFESSIONAL, SALARIED AND BUSINESS MEN FIRMS AND CORPORATIONS INVITED Telephone 2400 -- ------ -------------------- ----------- WELCH, FAIRCHILD & CO., INC. SUGAR FACTORS AND EXPORTERS MANILA, P. I. Cable Address: WEHALD, MANILA Standard Codes Agents Hawaiian-Philippine Company Operating Sugar Central Silay, Occ. Negros, P. I. Mindoro Sugar Company San Jose, Mindoro, P. I. Matson Navigation Company San Francisco Columbia Pacific Shipping Co. Portland New York Agents: Welch, Fairchild & Co., Inc. 138 Front Street San Francisco Agents: Welch & Co. 244 California Street THE YOKOHAMA SPECIE BANK, LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPAN YEN CAPITAL (PAID UP)............ 100,000,000 RESERVE FUND................. 65,000,000 UNDIVIDED PROFITS............ 4,900,000 MANILA BRANCH 34 PLAZA CERVANTES, MANILA T. ISOBE MANAGER PHONE 1759-MANAGER PHONE 1758-GENERAL OFFICE I!I (

Page  20 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 I1 — r --, II L Viegelmann, Incorporated, invite you to make your bookings for the trip home via Spain and Germany Monthly sailings from Manila via Singapore, Colombo and the Mediterranean Sea connecting at Hamburg by weekly sailing of the combined service of the United American and Hamburg American Lines. Manila P. 0. Box 767 Tel. 2664 - ~ ~ ~ ~ ~ ~ ~ ~ ~ - - I ------- The Hit of the Season CORONAS DE LA ALHAMBRA cA shape that has proved a delight to smokers, the choicest of long Isabela filler in neutral Sumatra wrapper, made with perfect workmanship. PRESIDENTES SUMATRA WRAPPED A new creation Not an imitation By-~- and c7MAKEQUALITY and c~MAKE i I I bellon (treasurer), Aniceta P. de Masecamp, Maria K. Sevilla, Deogracias Queriza, Vicente Rabor, Santiago Regis, Fausto Rabor, Serapio Madjus. April 10, 1923. SPORTS PUBLISHING COMPANY, Manila; publish weekly paper called "Sports," book-selling, book-binding, booking agency and promoters; capital stock P50,000, subscribed P13,500, paid up P13 -400. Directors: E. E. Calvin, Manuel D. Buenaventura (treasurer), Dionisio Fargas, Ramon R. San Jose, Victoriano B. Abrera. April 14, 1923. BARENDTSEEN & CO., INC., Manila; insurance, general brokerage and commision; capital stock P20,000, subscribed P4,000, paid up P1,000. Directors: F. E. Zuellig, E. E. Wing, J. Barendtseen, J. Terol (treasurer), J. L. Rivera. April 17, 1923. COPRA MILLING CORPORATION OF THE PHILIPPINES, Manila; capital stock P5,000, subscribed P1,000, paid up P250. Directors: P. B. Punsalang (treasurer), M. Valle, P. V. Capa, M. Panay, S. del Rosario. AFZELIUS CO., INC., Manila; import and export; capital stock P30,000, subscribed P6,700, paid up P3,730. Directors: I. O. Afzelius, R. Reyes, C. F. Franco, J. E. Alemany, Benito Raquiza (treasurer), T. Sonico, E. S. Zaballero. April 19, 1923. INTERISLAND LINER CO., INC., Manila; to operate coastwise vessels and act as commision agents, general brokers and merchants; capital stock 1P40,000, subscribed P8,000, paid up P2,000. Directors: Francisco S. Gonzalez (treasurer), Salud S. de Gonzalez, L. Flores, A. N. Feliciano, Elias P. Paguyo. SCHEDULE OF MEETINGS Monday, May 7, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, May 8, 1:00 p. m: Regular meeting, Hemp Section. Tuesday, May 8, 4:00 p. m.: Regular meeting, Board of Directors. Wednesday, May 9, 1:00 p. m.: Regular meeting, Active and Associate members. Monday, May 14, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, May 15, 4:00 p. m.: Regular meeting, Board of Directors. Monday, May 21, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, May 22, 1:00 p. m.: Regular meeting, Hemp Section. Tuesday, May 22, 4:00 p. m. Regular meeting, Board of Directors. Wednesday, May 23, 1:00 p. m.: Regular meeting, Active and Associate members. Monday, May 28, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, May 29, 4:00 p. m.: Regular meeting, Board of Directors. Monday, June 4, 1:00 p. m.: Regular meeting, Builders' Section. Tuesday, June 5, 4:00 p. m.: Regular meeting, Board of Directors. Thursday, June 7, 5:00 p. m.: Regular meeting, Embroidery Section. Two excellent crops have replenished the depleted export stocks and the favorable trade balance of India, established in February, 1922, has continued in 1923, with indications of further improvement. I -- -— ~ ~ ~ ~ ~ ~ ~ ~ ~~~~~ ---

Page  21 iI I May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 Following the resignation of Secretary H. I. Mozingo, who has left the Islands, Walter Robb, of the Daily Bulletin staff, was appointed to fill the position. Mr. Robb has been a valuable member of the Bulletin force for three years and has also contributed extensively to American newspapers and magazines. His work on the Speakers and Entertainment committees of the Chamber has been highly commendable and it is felt by the Directors that he will bring added life and energy to the numerous activities of the Chamber. He undertakes his new duties the beginning of May. The following excerpt from the remarks of Director Gaches at the luncheon for Senator Walsh will be of interest to many members: "There seems to be an idea among a number of members of this Chamber that the Round Table is an exclusive club or institution here in this Chamber into which it is most difficult to gain admittance. This is entirely wrong. The Round Table is an institution, it is true, but it is an institution of the Chamber, and anyone who comes into the Chamber and sits down in a chair first at the Round Table has a right to sit there and get his meal and participate in any discussion or comment that may come up; and if he is able to hold his own among a bunch of good, strong, rugged Americans, he can sit there; and if he can't, and feels that he can't, the safest thing for him to do if he sits there is to keep still; and if he can't keep still, to sit some other place where he won't get his 'goat' pushed under the table. I say this simply in order to correct an apparent misunderstanding; and those members who contributed toward the purchase and equipment of that table are very glad to have any member of the Chamber sit and get his share." Director Simon Feldstein has returned to Manila after a six months' visit to the United States on vacation, greatly improved in health. He is back at his desk running Erlanger & Galinger, Inc. It is with regret that we announce the impending departure from these shores of E. J. Brown, general agent of the Pacific Mail Steamship Company, who has resigned his post and is leaving for the United States shortly. Mr. Brown has been contributing an interesting monthly article on local shipping to the Journal. Active Member H. Forst left for the United States the early part of last month on an extended vacation. During his absence Mr. J. C. Patty will handle the affairs of Macleod & Company in Manila. Active Member Stanley Williams, manager of the International Banking Corporation, left for the United States on a nine month's vacation. Active Member Verne E. Miller, of the Philippine Education Company, left for the United States on a vacation trip with his family. M. J. Hazelton, his partner, has returned from the homeland and is holding down the lid at the popular Escolta establishment. Active Member Walter S. Price, of Tacloban, Leyte, paid a flying visit to Manila during the middle of February. According to friends of Associate Member Hartford Beaumont, who is in the United States, he is in line for a Federal judgeship for which his name has been recommended by prominent people. Associate Member John A. Christensen t.rs returned to the Philippines fully restored in health after a visit to California. Associate Members P. M. Davis and R. Geraus joined the ranks of the benedicts during the month of April. Mr. and Mrs. Davis left for a honeymoon trip in the Orient. Associate Member A. T. Gillespie, representing the famous S. & W. line of canned goods, was in Manila last month after a tour to India and other parts of the Far East. Associate Member Frank L. Manderfeld, the hustling sales manager of the McCullough Printing Company, is up and about again after a serious illness. Associate Member E. W. Wilson left for the United States via China, Japan and Europe, following his resignation as General Manager of the Philippine National Bank. Associate Member I. Muraski left for the United States on a combined business and vacation trip of several months. Associate Member C. R. Wormwood has left for the homeland to locate there permanently but has been voted a permanent non-resident membership by the Board of Directors. The "For Rent" sign is still out for the room in the basement of the Chamber facing calle T. Pinpin. Prospective lessees are requested to see Director A. B. Green, who has charge of the renting of the premises. The Paper Trade Journal, 10 East 39th St., New York City, has installed a reception room with all facilities for travelling representatives, and invites businessmen engaged in the trade to stop off at its headquarters when in New York. Director C. W. Rosenstock reports that during his recent trip in the United States he saw the Journal displayed at many chambers of commerce and other commedical organizations and that he heard very flattering comments regarding the publication. One chamber secretary recognized Mr. Rosenstock from a portrait published in the Journal about a year ago. ---,-11 I SECURE YOUR BANK CREDITS BY LIFE INSURANCE POLICY IN THE WEST COAST LIFE INSURANCE CO. It will facilitate business, and protect both your bankers and yourselves. J. NORTHCOTT Co., Inc. GENERAL AGENTS MANILA I - I I. I I I I I j//~TRADE MARK REQ. U.S. PAT. OFF. OXFORDS FOR DANCING HAVE YOU SEEN OUR PATENT KID DRESS OXFORDS? Plain toes, blind eyelets, flexible bevelled-edge soles, built for men's feet-with snug heel and instep fitting-formal correct style- the last world in comfortable dress shoes. 68-70 Escolta ---— ~~~~~~~~~~~~~ --- —-- -----— ~~~~~~~~~~~~ ~~~~~~~~~~~~~~. al

Page  22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 SHIPPING NOTES New Rules for Carriage of Goods at Sea _ --- --- I..... Ever since the promulgation of the Hague Rules, 1921, shipping circles all over the world have been discussing these rules and various changes and amendments have been made in them. On September 20 and 21 the United States Shipping Board held open meetings to discuss the amended Hague Rules, now known as Rules for the Carriage of Goods at Sea. The latter part of October conferences were held in London and Brussels to consider the amended rules, at which Norman B. Beecher, admiralty counsel of the Shipping Board, was the American representative. The new Rules, with the new provisions in italics and the eliminations in parentheses, are as follows: ARTICLE I.-Definitions. In these rules(a) "Carrier" includes the owner or the charterer who enters into a contract of carriage with a shipper. (b) "Contract of carriage" means a bill of lading or any similar document of title in so far as such document relates to the carriage of goods by sea. (c) "Goods" includes goods, wares, merchandise, and articles of every kind whatsoever except live animals and cargo carried on deck which by the contract of carriage is stated as being carried on deck and is so carried. (d) "Ship" includes any vessel used for the carriage of goods by sea. (c) "Carriage of goods" covers the period from the time when the goods are (received on the ship's tackle to the time when they are unloaded from the ship's tackle) loaded on to the time when they are delivered from the ship. ARTICLE II.-Risks. Subject of the provisions of Article (V) VI, under every contract of carriage of goods by sea the carrier, in regard to the receipt, handling, loading, stowage, carriage custody, care, (and) unloading, and delivery of such goods, shall be subject to the responsibilities and liabilities and entitled to the rights and immunities hereinafter set forth. ARTICLE III.-Responsibilities and Liabilities. 1. The carrier shall be bound before and at the beginning of the voyage to exercise due diligence to (a) make the ship seaworthy; (b) properly man, equip, and supply the ship; (c) make the holds, refrigerating and cool chambers, and all other parts of the ship in which goods are carried, fit and safe for their reception carriage, and preservation. 2. Subject to the provisions of Article IV, the carrier shall (be bound to provide for the) properly and carefully handl(ing) e, load(ing), stow(age), carry (carriage, custody), keep, care for, (and) unload(ing) (of), and deliver the goods carried. 3. After receiving the goods into his charge, the carrier or the master or agent of the carrier shall on (the) demand (of) issue to the shipper (issue) a bill of lading showing, amongst other things(a) The leading marks necessary for identification of the goods as the same are furnished in writing by the shipper before the loading of such goods starts, provided such marks are stamped or otherwise shown clearly upon the goods if uncovered, or on the cases or coverings in which such goods are contained, in such a manner as should ordinarily (will) remain legible until the end of the voyage. (b) The number of packages or pieces, or the quantity or weight, as the case may be, as furnished in writing by the shipper (before the loading starts). (c) The apparent order and condition of the goods. Provided that no carrier, master, or agent of the carrier shall be bound to issue a bill of lading showing any description, marks, number, quantity, or weight which he has reasonable ground for suspecting do not accurately represent the goods actually received. 4. Such a bill of lading shall be prima facie evidence of the receipt by the carrier of the goods as therein described in accordance with section 3 (a), (b), and (c) (issued in respect of goods other than goods carried in bulk and whole cargoes of timber shall be prima facie evidence of the receipt by the carrier of the goods as therein described in accordance with section 3 (a), (b), and (c). Upon any claim against the carrier in the case of goods carried in bulk or whole cargoes of timber the claimant shall be bound, notwithstanding the bill of lading, to prove the number, quantity, or weight actually delivered to the carrier). 5. The shipper shall be deemed to have guaranteed to the carrier the accuracy at the time of shipment of the description, marks, number, quantity, and weight as furnished by him, and the shipper shall indemnify the carrier against all loss, damages, and expenses arising or resulting from inaccuracies in such particulars. The right of the carrier to such indemnity shall in no way limit his responsibility and liability under the contract of carriage to any person other than the shipper. 6. Unless (written) notice of a claim for loss or damage and the general nature of such claim be given in writing to the carrier or his agent at the port of discharge before or at the time of the removal of the goods into the custody of the person entitled to delivery thereof under the contract of carriage, such removal shall be prima facie evidence of the delivery by the carrier of the goods as described in the bill of lading, and in any event the carrier and the ship shall be discharged from all liability in respect of loss or damage unless suit is brought within two years (12 months) after the delivery of the goods or the date when the goods should have been delivered. In the case of any actual,or apprehended loss or damage the carrier and the rece've: shall give all possible facilities to each other for inspecting and tallying the goods. 7. After the goods are loaded the bill of lading to be issued by the carrier, master, or agent of the carrier to the shipper shall, if the shipper so demands, be a "shipped" bill of lading, provided that if the shipper shall have previously taken up any document of title to such goods he shall surrender the same as against the issue of the "shipped" bill of lading, but at the option of the carrier such document of title may be noted at the port of shipment by the ll.! ~ -i\ Manila to San Francisco [ OVER "THE SUNSHINE BELT" via Hongkong, Shanghai, Kobe, Yokohama and Honolulu Pres. TAFT, May 19 Pres. CLEVELAND, June 2 PACIFIC MAIL STEAMSHIP CO. E. J. BROWN, General Agent 104 Calle Nueva Phone 1915 Managing Agents for U. S. SHIPPING BOARD,,_ I NORTH AMERICAN LINE HONGKONG TO SAN FRANCISCO Arrive Leave Leave San FPranSTEAMER Hongkong Shanghai cisco "Korea Maru".. June 3 June 8 July 3 "Siberia Maru". June 30 July 3 July 30 MANILA TO SAN FRANCISCO (Via Shanghai Direct) Arrive STEAMER Leave leave San FranManila Shanghai cisco "Tenyo Maru" May 26 May 29 June 22 "Shinyo Maru" June 17 June 21 July 16 "Talyo Maru" July 15 July 19 Aug. 13 lWFirst class tickets interchangeable at all ports of call with Pacific Mail, Canadian Pacific and Admiral Lines. SOUTH AMERICAN LINE1 Arrive Leave I.eave ValSTEAMFR Hongkong Yokohama paraiso "Seiyo Maru" June 5 June 19 Aug. 22 For Passenger and Freight nlformation Apply to TOYO KISEN KAISHA Chaco Bldg. Phone 2075 I I ]

Page  23 I May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 carrier, master, or agent with the name or names of the ship or ships upon which the goods have been shipped and the date or dates of shipment, and when so noted the sa'me shall for the purpose of this rule be deemed to constitute a "shipped" b;11 of l'in Kg (no "received for shipment" bill of lading or other document of title shall have I en previously issued in respect of the lg ods). (In exchange for and upon surrender of a 'received for shipment" bill of lading the shipper shall be entitled when the g'onds hlave been loaded to receive a "shipped" bill of lading.) IA "received for shipment" bill of ladng, which has subsequently been noted by the carrier, master, or agent with the name or names of the ship or ships upon whici the goods have been shipped and the date or dates of shipment shall for the purpose of these rules be deemed to constitute a "shipped" bill of lading.) 8. Any clause, covenant, or agreement in a contract of carriage relieving the carrier or the ship from liability for loss or damage to or in connection with goods arising from negligence, fault, or failure in the duties and obligations provided in this article or lessening such liability otherwise than as provided in these rules shall be null and void and of no effect. ARTICLE IV.-Rights and Immunities. 1. Neither the carrier nor the ship shall be liable for loss or damage arising or resulting from unseaworthiness unless caused by want of due diligence on the part of the carrier to make the ship seaworthy and to secure that the ship is properly manned, equipped, and supplied. Whenever loss or damage has resulted from unseaworthiness the burden of proving the exercise of due diligence shall be,on the carrier or other person claiming exemption under this section. 2. Neither the carrier nor the ship shall be responsible for loss or damage arising or resulting from(a) Act, neglect, or default of the master, mariner, pilot, or the servants of the carrier in the navigation or in the management of the ship; (b) Fire; (c) Perils, dangers, and accidents of the sea or other navigable waters; (d) Act of God; (e) Act of war; (f) Act of public enemies; (g) Arrest or restraint of princes, rulers or people, or seizure under legal prqcss. (h) Quarantine restrictions; (i) Act or omission of the shipper or owner of the goods, his agent or representative; (f) Strikes or lockouts or stoppage or restraint of labor from whatever cause, whether partial or general; (k) Riots and civil commotions; (1) Saving or attempting to save life or property at sea; (m) Inherent liability for wastage in bulk or weight or inherent defect, quality, or vice of the goods; (n) Insufficiency of packing; (o) Insufficiency or inadequacy of marks; (p) Latent defects not discoverable by due diligence; (q) Any other cause arising without the actual fault or privity of the carrier or without the fault or neglect of the agents, servants, or employees of the carrier; but the burden of proof shall be on the person claiming the benefit of this exception to show that neither the actual fault or privity of the carrier nor the fault or neglect of the agents, servants, or employees of the carrier contributed to the loss or damage. 3. The shipper, to the same extent as the carier, shall not be responsible for loss or damage sustained by the carrier or the ship arising or resulting from any of the causes I II' I I - "DOLLAR LINE" REGULAR SERVICE Manila to Boston and New York via Suez Manila to San Francisco, Seattle and Vancouver I 406 Chaco Building Telephone 2094 ------ I - MANILA SEATTLE VIA HONGKONG - SHANGHAI - KOBE - YOKOHAMA Leaves Arrives Manila Seattle S.S. PRESIDENT GRANT - - - - - - May 6 May 29 S.S. PRESIDENT MADISON - - - - - May 18 June 10 S. S. PRESIDENT McKINLEY - - - - - May 30 June 22 S.S. PRESIDENT JACKSON - - - - - June 11 July 4 S.S. PRESIDENT JEFFERSON - - - - June 23 July 16 ONLY TWO-DAY STOP AT HONGKONG TWENTY-THREE DAYS MANILA TO SEATTLE OPERATED FOR ACCOUNT OF U.S. SHIPPING BOARD BY ADMIRAL ORIENTAL LINE MAISAGING AGENTS PHONE 2440 24 DAVID i I I I i I --- --- I I i I I I i I i I I I Luzon Stevedoring Co., Inc. Lightering, Marine Contractors, Towboats, Launches, Waterboats, Shipbuilders and Provisions. SIMMIE C&8 GRILK Phone 302 Calle Madrid Water Front It 11. -- -- - -----, I ---

Page  24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 particularized in the above section 2 under the headings (b), (c), (d), (e), (f), (g), (h), (j), k), (p), and (g).. (3) 4. Any deviation in saving or attempting to save life or property at sea or any deviation authorized by the contract of carriage, provided that such deviation shall be reasonable, having regard to the service in which the ship is engaged, shall not be deemed to be an infringement or breach of these rules or of the contract of carriage, and the carrier shall not be liable for any loss or damage resulting therefrom. (4) 5. Neither the carrier nor the ship shall be responsible in any event for loss or damage to or in connection with goods in any amount beyond ~100 per package or unit, or the equivalent of that sum in other currency, unless the nature and value of such goods have been declared by the shipper before the goods are shipped and have been inserted in the bill of lading. By agreement between the carrier, master, or agent of the carrier and the shipper another maximum amount than mentioned in this paragraph may be fixed, provided that such maximum shall not be less than the figure above named. The declaration by the shipper as to the nature and value of any goods declared shall be prima facie evidence, but shall not be binding or conclusive on the carrier. (5) 6. Neither the carrier nor the ship shall be responsible in any event for loss or damage to or in connection with goods if the nature or value thereof has been willfully misstated by the shipper. (6) 7. Goods of an inflammable or explosive nature or of a dangerous nature, (unless) the nature and character whereof are unknown to the carrier (have been declared in writing by the shipper to the carrier) before shipment and to the shipment whereof the carrier, master, or agent of the carrier has not consented (to their shipment), may at any time before delivery be destroyed or rendered innocuous by the carrier without compensation to the shipper, and the shipper of such goods shall 7 1 1 1 1 1 I I I I im II. --- - ~ - -- - - -- - - - A Famous Banker Recently Said, "I do all of my real thinking and planning outside of bank- ing hours - and usually outside ot the bank - at home." In the quiet of his home, a man can really think and work. What medium is better suited to record his ideas and plans than that on which he relies in business hours —typewriting! Typewriting is writing minus drudgery; writing that soon becomes so nearly automatic that the mind is left free for clearer thought and more exact expression. Many a man finds that a short, uninterrupted session with his Underwood Portable at home results in a better arrangement of his work next day, with perhaps an extra hour of leisure at the end. Away from home-anywhere-this compact, reliable typewriter helps the traveler to communicate fluently and easily with his family and with his business associates. The machine you will eventually carry. Smith, Bell & Co., Inc. I be liable for all damages and expenses directly or indirectly arising out of or resulting from such shipment. If any such goods shipped with such knowledge and consent shall become a danger to the ship or cargo, they may in like manner be destroyed or rendered innocuous by the carrier, without liability on the part of the carrier, except to general average, if any (compensation to the shipper). ARTICLE V. (7) A carrier shall be at liberty to surrender in whole or in part all or any of his rights and immunities under (this article) these rules, provided such surrender shall be embodied in the bill of lading issued to the shipper. ARTICLE (V) VI.-Special Conditions. Notwithstanding the provisions of the preceding articles, a carrier, master, or agent of the carrier and a shipper shall in regard to any particular goods be at liberty to enter into any agreement in any terms as to the responsibility and liability of the carrier for such goods, and as to the rights and immunities of the carrier in respect of such goods, or his obligation as to seaworthiness, or the care or diligence of his servants or agents in regard to the receipt, handling, loading, stow(ing) age, carriage, custody, care, (and) unloading, and delivery of the goods carried by sea, provided that in this case no bill of lading has been or shall be issued and that the terms agreed shall be embodied in a receipt which shall be a nonnegotiable document and shall be marked as such. Any agreement so entered into shall have full legal effect; provided, that this article shall not apply to ordinary commercial shipments made in the ordinary course of trade, but only to other shipments where the character or condition of the property to be carried or the circumstances, terms, and conditions under which the carriage is to be performed are such as to reasonably justify a special agreement; ARTICLE (VI) VII.-Limitations on the Application of the Rules. Nothing herein contained shall prevent a carrier or a shipper from entering into any agreement, stipulation, condition, reservation, or exemption as to the responsibility and liability of the carrier or the ship for the loss or damage to or in connection with the custody and care and handling of goods prior to the loading on and subsequent to the (unloading) delivery from the ship on which the goods are carried by sea. ARTICLE (VII) VIII.-Limitation of Liability. The provisions of these rules shall not affect the rights and obligations of the carrier under (the) any statute for the time bring in force (convention) relating to the limitation of the liability of owners of seagoing vessels. REDUCED RATE ON FURNITURE The Associated Steamship Lines at a meeting on April 25 reduced the freight rate on rattan and bamboo furniture, Manila to Pacific Coast, from $10 to $6 per ton of 40 cubic feet. This rate compares favorably with the rate on furniture from Hongkong and from Shanghai. As the Philippine product is superior to that made in China and enters the United States free of duty, this reduction in rate should stimulate the local manufacture of rattan and bamboo furniture. I I 'A Sole Agents for the Underwood Typewriter Co. Hongkong Bank Building Fourth Floor Phone 810 -~- ~ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Page  25 I May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL k. -I PRIZES FOR BANKERS AND STUDENTS 11 The Chicago Trust Company is offering a number of valuable prizes for research relating to business development and the modern trust company as well as other allied subjects. A triennial research prize will be.awarded every three years for the study which is considered to contain the greatest original contribution to knowledge and advancement in the field outlined. The award may be made for an unpublished manuscript or for any paper published during the triennial period. The initial award w'll be made in the autumn of 1925. No restrictions are made as to eligibility of contestants for this prize. The donors have in mind particularly officers of banks, business executives, practicing attorneys, members of teaching staffs and graduate students in the field of economics and finance. Two annual monograph prizes, a first prize of $300 and a second prize of $200, will be given for briefer studies, not exceeding 20,000 words in length. They will be awarded annually, beginning in the autumn of 1923. This competition is open to students in schools of commerce and law and in departments of economics of colleges and universities. Ralph E. Heilman, professor of economics and dean of the school of commerce, Northwestern University, Chicago, is chairman of the committee of award. Professor Everett S. Lyon of the University of Chicago is secretary of the committee and will be glad to furnish any further information desired. All papers submitted must be in the hands of the secretc.ry of the committee not later than August 31 of the year in which the prize sought is offered. TRADE OPPORTUNITIES No. 35 The Blair Shipping Company, 485 California Street, San Francisco, offer their services free in bringing in touch local importers with American manufactures, and local exporters with importers in the States. No. 36 A San Francisco firm, buyers and commission merchants, desire to act as purchasing agents or buying representatives on the basis of small commissions for Manila firms. They are likewise interested in the importation of Philippine products. No. 37 A firm in Baltimore, Md., the personnel of which is experienced in all phases of foreign trade and is organized for both importing and exporting, desires to extend its activities through the Far East territory and to represent Manila firms as purchasing agents, shipping agents, or in any other capacity. Further particulars may be obtained at the Secretary's office. A Hongkong taxicab company has recently bought 30 cars of a well-known American make for use in that city. The original estimate of 300,000 tons for the Australian sugar crop has been reduced to 265,000 tons. The yield averages one ton of sugar to 7 tons of cane, as against 8 tons last year. 20 for 20 for 30 ce Mnts:: 30 cents LIGGETT & MYERS TOBACCO CO. -I I ---- FIRE INSURANCE E. E. ELSER Atlas Assurance Co., Ltd. London Fire Insurance The Employers Liability Assurance Corporation, Ltd., London Fire, Plate Glass, Automobile and Accident Insurance The Continental Insurance Co. New York Fire Insurance Information as to rates or other matters pertaining to Fire Insurance cheerfully furnished by E. E. ELSER Kneedler Building 224 Calle Carriedo Cable Address-"EDMIL," Manila. P. 0. Boe 598 Phone 129

Page  26 May, 1923 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL I iWITH THE BOARD OF DIRECTORS. -- i Tuesday, April 3, 1923. Present: Directors Elser, Gaches, Green, Heath, Reis and Russell. A letter from the Spanish Chamber of Commerce together with a copy of its letter to the Director of Posts criticizing the despatch of mail from the Post Office to railroad stations, and asking for the cndorsement of this Chamber, was read alnd, on motion, referred to Mr. Gaches for the preparation of the draft of a letter to the Director of Posts. Offers of a subscription from the PostTelegraph Review and of advertising from the International Trade Developer were laid on the table. A letter from the Governor General requesting the Chamber to consider the matter of getting tourists to stay longer in Manila and making their stay more attractive, was read and discussed. The Secretary was instructed to acknowledge receipt of the letter with thanks and state that we have already taken up the matter. A letter from the San Francisco Journal stating that the misinformation published in that paper to the effect that this Chamber was opposed to the extension of the coastwise shipping laws to the Islands, was being corrected, was read. Tuesday, April 10, 1923. Present: Directors Elser, Gaches, Green, Heath, Feldstein, Reis, Rosenstock and Russell. The Acting President read the resignation of H. I. Mozingo as Secretary of the Chamber, effective April 10. The resignation was accepted and a month's salary was voted Mr. Mozingo in lieu of vacation. With the approval of the Directors present, A. Schipull was appointed Acting secretary. Transfer of Active membership of the Cooper Company to Wm. T. Nolting was approved. Application of Affiliate Member Edward E. Christensen for Associate membership was approved. Associate Member P. C. Wormwood tendered his resignation because of his impending departure for the United States. The Secretary was instructed to inform Mr. Wormwood that the Chamber desires to keep in touch with all members who leave,the Islands permanently aFd for this reason he would be kept on the rolls as a non-resident member, which does not necessitate his payment of dues but maintains his good standing as an Associate member. A cablegram from Havana, signed "Clifford," relative to engaging an attorney to oppose income tax collections, was read. A circular from Major R. A. Gillmore, U. S. A., requesting aid for the Boy Scouts, was read and action postponed until the next meeting. The session was suspended to hear a committee from the Board of Directors of the American School consisting of Bishop C. F. Mosher, E. G. Abry and S. M. Berger, who requested the aid and support of the Chamber. On motion, it was decided to circulate a subscription among the members of the Chamber for yearly individual subscriptions of ~50, more or less. Upon the session being resumed, the Board authorized the Acting President to appoint a committee to confer with the Governor General in regard to his views on the relation between the Philippine National Bank and the sugar centrals. The Acting President named Directors Gaches, Feldstein and Russell as members of this committee. A letter from the Director of Posts in answer to one addressed to him by Acting President Elser relative to the forwarding of mail to the provinces, regarding which matter the Spanish Chamber of Commerce has requested the aid of this Chamber, was read. Bills totalling P6,363.16, approved by the Finance and Auditing committee, were ordered paid. An offer from Mr. J. N. Noon to make stenographic reports of all important speeches at Chamber meetings, the cost to be shared jointly by the Chamber and two American newspapers, was favorably received, but no definite action was taken, pending arrangements with the newspapers. The Acting President was authorized to see Mr. Noon with the object of engaging him as Secretary of the Chamber on a full time basis. The Acting President was authorized to cancel the mortgage of H. W. Elser without expense to the Chamber, on condition No matter how many boxes of Favoritos J. Dotres you may buy, always you will find them constant in their excellent quality. Smoked from the Batanes to Mindanao 20c. each -P-4.75 a box -I I I I I i i I.1 For sale everywhere it EXPENDIO TABACALERA 57 Escolta MANILA Telephone 10 ------

Page  27 May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL that the interest be paid up to the time the money has been satisfactorily loaned to another party, provided this period does not exceed 30 days. Tuesday, April 17, 1923. Present: Directors Elser, Gaches, Green, Health, Feldstein, Reis, Rosenstock, Russell and Pond. Consideration of assistance to the Boy Scouts was deferred and the matter laid on the table. An opinion by General Counsel E. E. Selph on Regulation No. 22 (revised) of the Bureau of Internal Revenue, was read. The Board extended to Mr. Selph a vote of thanks for his opinion. It was decided that a copy be sent to the Collector of Internal Revenue, requesting the removal of the obnoxious regulation, the letter to be drafted by Mr. Selph. A letter from an Active member concerning the prospects of delayed mails owing to the discontinuance of the Canadian Pacific Steamship Company's calls at this port, was read. It was decided to send a copy of the letter to Chairman Lasker of the Shipping Board, urging a more direct and speedier service between United States ports and Manila by Shipping Board vessels. A letter from the Pacific Mail Steamship containing information relative to direct sailings from New Orleans to the Philippines by vessels of the Tampa-Inter-Ocean Steamship Company, was read and ordered filed. It was decided to hold the selection of a Secretary in abeyance until the next meeting. An offer of ]150 a month for the vacant room on the ground floor from a tailoring establishment was refused on the ground that it was not deemed desirable to have a tailor shop in the building. The renting of the room was left in the hands of Director Green. The Acting Secretary was authorized to engage the services of a special policeman to guard the Chamber's premises. Tuesday, April 24, 1923. Present: Directors Elser, Gaches, Green, Heath, Feldstein, Rosenstock, Russell and Pond. Substitution of Active membership representation of International Banking Corporation from Stanley Williams to W. D. Whittemore, was approved. Resignation of Mr. Williams as chairman of the Banking and Currency committee was accepted, Mr. Williams being about to leave for the United States. In response to a request from the Governor General for the naming of a representative of the Chamber at the conference suggested by the Secretary of Commerce and Communications for the purpose of devising ways and means of improving the telegraphic service between Manila and the southern islands, Mr. Pond was named by the Acting President. A letter from the Director of Posts to Mr. Gaches containing detailed data on the C. O. D. parcels post business done at the Manila Post Office, was read. Correspondence from President Cotterman relative to employing an attorney in the income tax matter, was read and discussed. It was decided to send a questionnaire to the Active and Associate members, asking them whether or not the Chamber should employ an attorney and what amount they would be willing to contribute toward a retainer. The Acting President was authorized to engage Walter Robb as Secretary of the Chamber at a salary not to exceed i750 per month. The transfer of P1,500 from the General Fund to the Journal Fund, to be employed as working capital, was authorized. I I I m We PHILIPPINE GUARANTY COMPANY, INC. (Accepted by all the Bureaus of the Insular Government) Executes bonds of all kinds for Customs, Immigration and Internal Revenue. DOCUMENTS SURETYSHIPS For Executors, Administrators, Receivers, Guardians, etc. We also write Fire and Marine Insurance ow rates iberal conditions ocal investments oans on real estate repayable by monthly or quarterly instalments at ow interest Call or write for particulars Room 403, Filipinas Bldg. P. 0. Box 128 Manila, P. I. Manager's Tel 2110 Main Office Tel. 441 I I i h... — - -— ~ ~ ________________ I I THE FIRE SEASON IS HERE IS YOUR WATCHMAN WATCHING or does he just wake up in time to say "Good Morning" when you open upHE WILL HAVE TO MAKE HIS ROUNDS if you provide him with a Hardinge Watchman's Clock and enough patrol stations to cover your entire plant. If he fails the paper dial will tell you. He can't fool the clock for you have the key. Come in and let us tell you more about it. -I. I Ii H. E. HEACOCK CO. il I' I 1i

Page  28 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 Current Decisions of the Supreme Court of the Philippine Islands Relating to Commerce and Industry Edited by Attorney E. E. SELPH, General Counsel, American Chamber of Commerce CHARTER PARTIES; IMPLIED GUARANTY; DAMAGES On August 14, 1918, the plaintiff corporation and the defendant entered into the following contract as contained in the letter copied verbatim hereinbelow, and admitted by the defendant: "MITSUI BUSSAN KAISHA, LTD. "Manila, August 14, 1918. "Mr. Louis McCall, "Manila, P. I. "Dear Sir: "Re-Cargo S. S. Tenpaisan Maru "We beg to confirm having booked via the above named vessel, as follows: SeptemberOctober shipment, ship's owner's option. "About 8,000 barrels of coconut oil @ G$14.00 per barrel, Mania/San Francisco, this includes all deck space for oil all tank, space for oil @ G$65.00 per 40 cft. subject to approval or captain. "About 15,000 bales of hemp, small bale, @ G$13.00 per bale, Manila/Frisco. "This booking the ship's owner reserve the right of 10% margin and subject to license of the Imperial Japanese Government. '-Shippers of the cargo shall send sufficient lighters alongside the steamer in orcer to keep the constant work. "Kindly sign the duplicate and return us. "Yours faithfully, (Sgd.) "MITSUI BUSSAN KAISHA, LTD. "S. TAKESHITA, "Assistant Manager." "Confirmed. "LOUIS McCALL." Upon the arrival of the Tenpaisan Maru at the port of Manila her master approved Ii I- - -- --- -- ----- -- - - -- ----— ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ — ________~~~~~~~~~~~_ ~II I I I BUSINESS AND PROFESSIONAL DIRECTORY B. A. GREEN REAL ESTATE Improved and Unimproved City, Suburban and Provincial Properties Expert valuation, appraisement and reports on real estate Telephone 507 34 Escolta Cable Address: "BAG" Manila Manila Philippine Islands Philippine Cold Stores Wholesale and Retail Dealers in American and Australian Refrigerated Produce. STORES AND OFFICES Calle Echague, Manila, P. I. Derham Building Manila Phone 1819 P. 0. Box 2103 Morton & Ericksen Surveyors AMERICAN BUREAU OF SHIPPING MARINE AND CARGO SURVEYORS SWORN MEASURES Cable Address: Telephone 1921 "TOURVANT," Manila P.. Box 2106 W. W. LARKIN C. B. STURTEVANT Member PUBLIC CARGO CHECKER American Institute of Accountants We act as public checkers for all incoming and outgoing cargo ex ship, Government Piers or Cable Address — Clarlar." Warehouses. All work carefully and expeditiously done under personal expert supervision Masonic Temple, Manila. Cable Address: BAILEY, Manila HANSON & ORTH The Bailey Stevedoring Co, Inc. Stevedores BUYERS AND EXPORTERS Compradores and Salvage of Hemp and Other Fibers Contractots Phone 446 DERHAM BUILDING 301-305 Pacific Bldg. Telephone 1840 P.O. Box 517 Water Front, Aduana MADRIGAL & CO ANGOSTEENS PRESERVED 113-121 Muelle de Binondo, Manila M _____ ~~~~Manufactured by COAL CONTRACTORS GUAN JOO JOLO For Sale at COCONUT OIL MANUFACTURERS M Y SAN & CO. MILL LOCATED AT CEBU 69 Escolta Manila, P. I. Maia. I. STURTEVANT'S PHILIPPINE TOURIST AGENCY Manila, P. I. Tel. 1921 P. 0. Box 2106 Office: Room 9 Derham Building, Port Area Cable Address. "TOURVANT" I I I I I Telephone 1669 P. 0. Box 1431 Hashim-Franklin Car Co. Hashim Bldg. 883-885 Rizal Ave. AUTOMOBILE ACCESSORIES, SUPPLIES AND REPAIRS Hours: 9-12, 3-6 Tel. 557 A. M. LOUIS X-RAY LABORATORY 305 Roxas Bldg., Manila, P. I. Escolta, Corner Calle David 1 I - - -- -~

Page  29 I I I l t 5r May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 'ith3 contract and exacted a bonus of 12 per ton. There is no evidence to show that the plaintiff had informed the defendant that the tank in question could not be used for transporting oil in bulk. The charter contract between the parties was therefore perfected by the plaintiff agreeing to carry the said oil under the above-mentioned conditions that were imposed by the master of the ship and which were accepted by the defendant, but none of them had reference to the fact that the ship's tank could not hold oil in bulk. In the instant case we must consider, although impliedly, that there was a guaranty on the part of the plaintiff that the ship was in proper condition to carry the oil as agreed. But it turned out that the tank was not such as to carry oil in bulk for transportation, which resulted in the plaintiff not being able to fulfill its part of the obligation. Due to the plaintiff's failure to comply with its part of the contract the defendant suffered damages insofar as he was deprived of earning 140,000 which he would have earned by subleasing the ship's tank to the Philippine Vegetable Oil Company for the transportation of oil in bulk. Mitsui Bussan Kaisha Ltd. vs. Louis McCa'l. XX. Off. Gaz. p. 2965, December 30, 1922. DAMAGES FOR INFRINGEMENT OF TRADEMARK. 1. PROPERTY; TRADE-MARK; INFRINGEMENT; DAMAGES.-The owner of a trade-mark is entitled to the actual damages he has suffered by reason of an infringement. I. ID.; ID.; ID.; ID.-In determining the amount of these damages, the measure adopted is either what the infringer gained or what the owner lost. 3. ID.; ID.; ID.; ID.-The extent of defendant's sales do not constitute a just measure of damages. In addition the extent of the injury caused to the credit of the owner's mark by its use on inferior goods must be taken into account. Defendant's acts may have injured plaintiff's business without enabling defendant to make an equivalent gain. 4. ID.; ID.; ID.; ID.-Where actual intent to mislead the public or to defraud the owner of the trade-mark is shown, the damages may, in the discretion of the court, ke doubled. Forbes, Munn & Co., Ltd. vs. Ang San To XX Off. Gaz. p. 2877, December 16, 1922. OXYGEN Electrolytic Oxygen 99 % pure HYDROGEN Electrolytic Hydrogen 99% pure ACETYLENE Srre'~ 'ADissolved,'i''?^B Acetylene for all purposes;P. WELDING Fully Equipped Oxy-Acetylene Welding Shops / BATTERIES Prest-O-Lite Electric Storage Batteries Philippine Acetylene Co. 281 Cale Cristobal MANILA 1 )E --- ---- -- ------— ~ --- —- Al1 I I NOW is the tie for YOU to enjoy Baguio Get away from the sweltering heat of the lowlands and join the happy throngs that are enjoying the cool, crisp mountain air of Baguio. CABLE ADDRESS: "GASKELLINC" P. 0. Box 1608 Office Tel. No. 2425 CODES: WESTERN UNION BENTLEY'S A. B. C. 5TH EDITION PRIVATE CODES E. Gaskell & Co., Inc. CUSTOMS BROKERS RECEIVING & FORWARDING AGENTS LAND & WATER TRANSPORTATION Bonded & Public Warehousing 103 Juan Luna OFFICES: Tel: 2425-2426 Pier Tel: 2427 f 21, 29, 35 & 41 BODEGAS: Barraca St. Tel: 2424 IN THE HEABT OF THE COMMRCIAL AND FINANCIAL METROPOLIS. i i I Make your reservations now COME BY AUTO OR BY TRAIN PINES HOTEL RESERVATIONS CAN BE MADE AT St. Anthony Hotel, Manila, Phone 378; Luneta Hotel, Manila, Phone 1970; American Express Co., Manila, or Pines Hotel, Baguio. I I I --- - --- -------

Page  30 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL May, 1923 STATISTICAL REVIEW GOVERNMENT FINANCIAL REPORT BY BEN F. WRIGHT, Special Bank Examiner March 10 March 17 March 24 March 31 April 7 April 14 April 21 EXCHANGE: 1. Sold by Treasurer on N.Y., O/D --- —---........................ 300,000.00- -------- 2. "" T/T ______._- - -.- P350,000.00 — 3 " " " " Manila, T/T ---.-....... P2,050,000.00 P200,000.00 -- CIRCULATION: 4. Government(a) Philippine Coins -------—.- ----- - 19,667,858.455 19,688,187.335 P19,676,292.961 19,694,604.341 P19,705,956.821 19,705,000.241 P1 9,700,001.33' (b) Treasure Certificates ---------------- 39,828,788.00 40,428,788.00 41,428,788.00 44,528,788.00 45,528,788.00 46,528,788.00 46.528,788.00 5. Bank Notes —.-... — -------- --- ------------------ 41,274,823.50 41,298,560.40 41,168,092.80 41,391,569.20 41,188,878.50 41,213,528.90 41,026,735.60 Total Circulation. ---. --- —------------ --- -- 100,771,469.955 101,415,537.735 102,273,173.768 105,614,961.542 106,423,623.32) 107,447,317.14) 107,255,524.937 GOVERNMENT RESERVES: 6. Gold Standard Fund, Treasury Manila -.... —....-..- 2,567,562.41 2,569,754.17 2.570,266,22 6,073,654.32 7,073,520.37 8,622,450.45 8,389,229.93 Gold Standard Fund, New York.-.- -. _. 9,703,029.48 9,703,029.48 9,703,029.48 6,203,029.48 5,203,029.48 4,444,018.54 4,444,018.54 Treasury Certificate Fund, Treasury, Manila ---.- 17,251,659.00 17,651,659.00 18,651,659.00 17,251,659.00 17,251,659.00 17,251,659.00 17,251,659.00 Treasury Certificate Fund, New York —.. — -.- 22,577,129.00 22,777,129.00 22,777,129.00 27,277,129.00 29,277,129.00 29,277,129.00 29,277,139.00 Total Reserves ---—. — ----------- -----—. ---.- 52,099,379.89 52,701,571.65 53,702,083.70 56,805,471.80 57,805,337.85 59,595,256.99 59,362,026.47 I, I I I A TIP FOR SALESMEN IN INDIA In India the requirements of successful salesmanship are unique. There are over 300,000,000 inhabitants to be considered as representing the country's buying strength; of these but a relatively small number are of European descent. Clearly, therefore, commercial methods, framed to meet the exigencis of a market governed by European ideals, will require liberal amendment if they are to be successfully applied to non-European conditions. In like degree a man who understands thoroughly the complications of commercial intercourse with the former, may fail entirely through not understanding the vastly different intricacies of the latter. The responsible head of the house who stays at home must also be taught how wide is the divergence between the two fields of enterprise. Immediate results, orders by mail or cable within a few days of the salesman's arrival in his new sphere, are seldom possible. Quick sales are improbable, for India is not a country of hurry. In Karachi, for example, the banks open for business at 11 o'clock in the morning; the average business man is seldom in his office before that hour and thus the day's work must be done in at least two hours less time than in more familiar countries. An hour and half for luncheon is quite the usual thing; by five o'clock the offices are deserted. The only way to do business in India is to do it in India's fashion. The salesman who hopes "to make good" there must be sufficiently adaptable to conform gracefully to the peculiar business customs of the country. The salesman sent to India should be a man endowed by his firm with full executive authority. The proprietors of native firms, many of them with large means and large interests, do not hesitate to display an easily discoverable predilection for dealing with men of an equivalent status. A member of the firm or a director of the company will find it much less difficult to get through the veneer of native reserve than an irresponsible employee. Next to the partner or the director the full authorized salesman holds place. He, too, can approach the native merchant with good chance of success and it is never a mistake for such a salesman to advertise, with discret modesty, the confidence reposed in him. I I "A bewildering field of fragrance and delight" "c7Wanna and dates, in argosy transformed. See the delighted faces of the healthy children and Dad's satisfied smile as the wide dish of Blank's Pork and Beans is placed on the table." Can't you picture the reaction on the man paying the bills? "Why the field, c7VIr. Copy-writer? This is not a plow advertisement. "Fragrance and delight"-"How do you get that way? Remember, you are not writing for a young ladies' seminary. This stuffs going in the 'Pork and Bean Review. You gotta talk brass tacks." Exit Copy-writer. Re-enter copy-writer with revise. "Our goods are best quality. Used in the best families. Packed one dozen in a box. We solicit your trade. Blank's Pork and Beans, best on earth." Business of client expressing enthusiasm: "Just what I wanted." A real honest-to-goodness writer, no matter what he writes, feels strongly. The advertising writer must not only feel that way, but must make his readers feel the same. Sometimes. if let alone, the poor devil really does. But the client is a lily-livered craven who lives in terror of offending someone. So he fixes the copy man's stuff. O! how he fixes it! Some day a Columbus among advertisers will loose the pent-up enthusiasms of his advertising writers and will let himself be carried on the flood. They will write perfectly shocking copy! It will be unlike any copy that ever was. It will not be "copy" at all. It will be literature. It will irritate a few consumers and offend a number of dealers. The advertiser will be scared stiff. There will be articles in the trade papers, editorial comment and space men will make invidious comparisons. But the volume of business, at the year's end, traceable to advertising, will exceed all precedent. The other advertisers will fall in line. Advertising writers will make more money than space sellers. Then the world will come to an end. BRAUN CL ROSEDALE EFFECTIVE ADVERTISING American Chamber of Commerce Building Phone 1204 P. 0. Box 1905 I I I i -- ---

Page  31 i May, 1923 THE AMERICAN CHAMBER OF COMMERCE JOURNAL CONSOLIDATED BANK REPORTS, FEBRUARY-APRIL, 1923 By BEN F. WRIGHT, Special Bank Examiner 31 Week ending Week ending Week ending Week ending Week ending Week ending Week ending Week ending Week ending Feb. 24 March 3 March 10 March 17 Mar. 2 4 Mar. 31 Apr. 7 Apr. 14 Apr. 21 1. Loans, discount and overdraf ts........ 2. Investments........ 3. Due from banks, agenries and branches in the P. I.... 4. Doe from head office..... 5. Due from other banks.... 6. Cash on hand: (a) Treasury certificates (b) Other rash available for reserve... (c) Bank notes..... (d) Other cash..... Total...... 7. Resources, (not a total of above items).......... 8. Demand deposits...... 9. Time deposits........ t0. Due to head office...... 11. Due to banks, agencies and branchcn in the P. I. 12, IDue to other banks..... 13. Exchange bought since last report-spot....... 14. Exchange sold since last report-spot....... 15. Exchange buught since last report-future...... 16. Exchange sold since last report-future... 17. Debits to individual accoun't's since last repr.... P161,984,692 P#163,112,406 P164,537,410 P165,062,958 P162,738,744 P161,814,861 218,764,430 30,384,308 30,935,728 33,134,063 31,152,109 30,778,850 38,445,634 1,702,417 5,8 13,428 9,09-1,508 434,273 843,277 688,2119 1 1,060,267 255,85 1,267 54,403,039 56.43 6,9610 35,661,673 3.605,9S5 5.32 9,742 2.597,112 4,060,609 7,721,600 7,724, 185 26.973,072 38,751,600 2,01801.874 5,934,672 8,081,412 997,949 669,377 59(0,027 10,338,765 2 54,1659,462 53,960,531 56,410,205 37,898,700 3,1)38,663 6,068,173 2,084,495 2,816,436 7,294,436 9,496,560 2 8,4(67, 750 40,121,525 1,689,136 6,405,485 9,260,787 359,910 764,48(1 427,859 10,813,036 25 8,557.395 54,270,602 56,344,533 36,618,510 2,822,922 7,111,463 4,832(634 4,613,672 6,182,959 8,915,264 28.763.012 40,315,817 1,945,150 6,357,194 9,105,487 781,102 971,634 382,349 11,240,572 2611,451,572 53,415,940 55,988,384 39,33) 418 2,908,372 9,063,46-1 3,575,917 6,356,630 6,096,437 10,376,407 29.067.295 40,463,956 2,627,7011 7,6119, 55 7 9,832,834 777,858 1,084,037 404,558 12,0919, 287 2611, 163,814 55,155, 108 55.1 60,731 39,271,6127 3,1(8,528 (1,397,380 4,742,631 6,0 19,1(4( 4,409,920 8,940,215 28.59 1.878 39,680,919 2,598,775 7,562,178 11,175,566 769,069 795,249 861,397 13,601,281 259,553,581) 53,82349 55,187,14IS 38,47 1,1(80 4,0153,421) 7,955,72.1 3,304,175 4,644,2 11 5,012,055 9,613,893 2 4.7591.885 162,297,568. 27,155,986 38,898,764 2,586,371 7,869,996 12,121,429 847,032 1,058.002 541,703 14, 568.167 257,465,793 53,191,468 55,277,957 3 8.72 7,936 3,788,604 9,350,066 4,613.685 7,901,466 5,534,130 6,007,961 31, 189(148 -P161,464,397 P168,744,548 3(1,725,743 32,686,108 39,222,190 39,4301,843 2,851,365 3.519,574 8,370,103 8,446,437 13,245,047 13,416,972 842,599 1,084,435 996,947 984,304 702,581 640,428 15,787,174 16,126,139 258,794,315 259,449,133 54,249,698 55,332,413 55,163,127 55,456,480 38,122,708 38,908,457 3,9(01,253 3,816,181 101,030,940 9,324,620 4,948,498 4,142,032, 6,582,764 5,955,171 7,537,575 9,296,699 6,913,694 6,5201,135 28,1)25,1118 3(0,19(0,603 I CIRCULATION STATEMENT By M. F. AVELINO Acting Chief Accountant, Treasury Bureau. Scptcmber 30. 19fi0ctober 31, 1922 November 30, 1922 Dec. 30, 1922 Jan. 31, 1923 Feb. 25,1923 March 31, i~s IPesos, sulbsidiary & mhinor P20,190,259.70 P20,022,870.36Mj P19,916,126.69 P21,110,013.495 P19,635,749.245 P19,619,591.605 P119,194,604.345 coins.......... Treasury certificates... 37,057,306.00 35,091,654.00 36,489,502.00 36.038,354.00 35,257,671.00 36,414,3441.00 413,024,257.00 Bank notes: Bank of the Philippine Is. 8,998,777.50 8,998.567.50 8,978,565.00 8,998,367.50 8,999,230.00 8,99S,53(0,011 8,1198,5311.111 Phiipn National Bank 32,393,312,70 32,393.312.70 32,512,297.50 32,223,920.90 32,393,039.20 32,393,039.20 32,393,039.2(1 Total circulation P98,639,655.99 P96,506,404.56'A P97,696,491.10 P98,370.655.895 P96.285,689.445 P97.425,504.805 'P104,110,430.545 MARKET QUOTATIONS BY MONTHS, APRIL, 1923-APRIL, 1922 (Prices on or about 23d of each month) 1923 1922 1 ot COMMODITIES qW Average Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. July June. May Apr. Ap.12 SUGAR: local (per pic))1)................... P211.01) 17.75 16.51) 12.50 13.00 12.62 11.25 11.25 12.75 12.25 11.25 9.50 9.37 12.50 1U. S. Landed terms (ler lb.).............,.... $ 0.080.074.071.052.056.056.051.048.050.050.049.041.039.053 HIEMP: Grade F~ (per picul)........................ P2 2.5 0 25.50 25.00 25.0(1 22.00 16.75 15.75 15.50 15.00 54.50 11.37 13.87 14.00 18.111 Grade J.-U. S. (per picul).P.........114,010 15.25 15.110 15.10) 13.75 13.12 12.75 12.62 12.37 12.25 12.12 12.5(1 13.34 COPRA: Ex-bodcga. (pcr pictil).................. P*13.37 13.50 11.50 12.10 11.25 11.25 10.25 9.50 10.00 10.25 9.75 10,50 10.37 10.85 COCONUT OIL: Local, es-I nk (per Kilo)...................... P 0.364 0.375.320.3201.300.300.272.258.273.280.275.300.298.298 W vI Coast. (pcr lb.).......................,.. $ 0.087.090.080.080.076.076.069.065.067.068.070.075.077.074 TOBACCO: Isa-bela (avers-ge per qutiala)...........P23.00 23.00 19.50 20.00 20.00 19.00 17.50 16.50 57.50 16.50 20.75 21.00 20.00 19.27 Cagayan (average per quintal).........P15.00 11.00 15.00 14.50 14.50 15.51 15.00 14.00 14.011 33.50 17.00 18.00 15.25 15.11) 1R1CE: First class (per sock of 57 % kilos)..-.::...:-,. P 8.0 5 7.95 7.65 7.75 8.65 8.65 8.62 8.35 8.60 8.30 8.10 7.35 7.20 8.10 IMPORTS AND EXPORTS FROM AND TO ATLANTIC! A ND PACIFIC COASTS BY NATIONALITY OF CARRYING VESSELS IMPORTS EXPORTS NATIONALITY OF VESSELS. Period Atlantic Pacific Foreign Total Countries Atlantte Pacific Total Ma~rch, 1923.... Philippines.................March, 1922.....,.. 3 3 12 usonths average... P26 P2,192 P12,218 March, 1923.... P6119,465 P3,154,965 12,516 3,786,946 P5.985,192 P7,372,546 P13,357,738 Amenicn.................................. Marsh, 1922.,..... 1,363,420 2,954,907 5,393 4,323.720 3,578,611 3,604,918 7,183,529 12 msnths average... 6015,479 2,271,133 13,753 2,890,365 2,692,176 3,704,199 6,396,375 March, 1923...,... 4,316,977 373,869 19,679 4,710,525 3,191,581 813,137 4,008,722 British................................... March, 1922...,... 2,21)3,567 277,570 1,241 2,542.378 1,694,843 536,625 2,231,468 12 months average... 4,097,151 641,090 22,348 4.760 189 2,128,999 364,535 2,493,534 M~arch, 1923.... Chinese.St................ arch, 1923... 12 sonoths, average.. 875 875 Slarch, 1923....... 350,812 350,812 Dutch...,.,.,.,.......................... March, 1922.....4,800 4,800 2,023,870 2,023,870 12 months average... 134 2,808 3,342 1.110,275 1,110,275 Starch, 1923...,... 62,647 3,1)63 65,710 23,539 23,539.Jap~anese......................... Marluh, 1922....... 97,946 624 98,571) 285,971 423,275 709,246 12 sonoths average... 4,985 175,854 5,959 186,798 727,72 1 87,024 814,745 Slarch, 1923.... 1,006,528 1,006,528 No srwegisas.,.........................., Mlarch, 1922.... 12 months average.. 2,3 57 21,3 57 2_79,370 279,370 March, 1923....... Spanish,.....,,,..............,.......... Starch, 1922....... 19.221 19 221 12 months average... 1,622 1,622 March, 1923....,. 361,377 365,377 916,417 916,417 Mtail....................March, 1922....83,492 83,492 505,443 505,443 12 mouths average.. 309,214 68 309,282 583,061 183,061 Starch, 1923..... 4,936,442 3,956,858 35,258 8,928,558 10,187,305 9,476,451 19,663,75a Total............... March, 1922.... 3,626,987 3,418,715 26,482 7,072,184 5,559,415 7,094,131 12,653,556 12 months average.. 4,709,972 3,397,811 49,625 8(157,448 5,828,266 5,849,094 11,677,360

Page  32 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL PRINCIPAL EXPORTS May, 1923 Monthly Average for 12 Months Cormmodities _____ March, 1923 March, 1922 Previous to March, 1923 Quantity Value % Quantity Value % Quantity Value % Sugar....................................................... 38,21389 P9,319,784 37.2 48,472,771 6,120,502 28.5 31269435 P4789871 28.3 Hemp............................................... 19,607,873 5,601,733 22.4 17,627,839 4,192,668 19.5 15,363,265 3,579,783 21.1 Coconut Oil................................................................................ 10,544,219 3,387,902 13.5 12,104,608 3,573,669 16.7 8,923,904 2,596,768 15.3 Copra.......................................................,890,634 1,685,478 6.7 22,120,996 3,682.574 17.2 14,518,901 2,392,016 14.1 Cigars (number)............................................ 32,311,527 1,521,675 6.L 26,529,768 883,557 4.1 27,386,552 1,033,321 6.1 Embroideries............................................... 880,314 3.5 488,090 2.3 564,5 7 3.3 Leaf Tobacco............................................... 1,603,618.139,691 1.8 1,928,896 605,190 2.8 1,300,687 380,438 2.3 Maguey.................................................... 2,574,533 447,663 1.8 2,105,977 351,676 1.6 1,819,498 274,132 1.6 Copra Meal................................................. 3,610.4,74 380,774 1.8 4,664266 180,835 1.1 Lumber (cu. meters). 4,985 167.06.3 0.7 1,894 88,037 0.4 4,121 153,653 01.9 Cordage.................................................... 311,696 151,571 0.6 208,577 88,811 0.4 219,049 00,684 0.5 Hats (number).............................................. 61,b63 115,380 0.5 29,361 83,186 0.4 36,851 86,161 0.5 Knotted temp............................................... 34,336 90,210 0.4 22,000 41,300 0.2 34,034 82,971 0.5 Smoking Tobacco.......................................... -19,753 24,994 0.1 2,240 1,020