Journal. [1932]
American Chamber of Commerce of the Philippines.

Page  [unnumbered] C 369994 UNIVERSITY OF MICHIGAN 3 9015 05521 1067 A 5 v 1/2 0itt:' / 9 3 -2) *7~447 A z4.J

Page  [unnumbered] -% We Pay Our Bonds John R. Wilson and Cash For Our vu rcnha se s Bridging Rivers On Philippine Highw ays American Agriculture's Biggest Scarecrow Walter Robb An Appeal to American Intelligence...... t f#iIC~ I,-'i" Other Features and the Usual kk.1 TRULY. A. MAGAZINE -PREEMINENT. IN. THE. PHILIPPINES

Page  [unnumbered] CORONAS Made by and for men who KNOW good tobacco TABACALERA Products EL'ORO During tests made recently in a Manila sawmill, a "Toro" Band Saw had less frequently to be resharpened than other saws of a well known make. These tests prove that "Toro" Saws, being equal in price, are BETTER IN QUALITY. Viegelmann, Schroeder & Co., Inc, 456-466 Dasmarifias, Manila, P. I. P. O. Box 767 - Tel. 2-26-64 WRITE FOR OUR NEW CATALOGUE I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  1 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1 I How To Get More Out of Life If you want to increase the length of your stride, the throw of your chest, become a partner in one of the world's established, essential enterprises. I Of the many such concerns offering sound investment opportunities, the Associated Gas and Electric System is the choice of some 235,000 investors. Operating many subsidiaries in the United \ States, Canada, and the Philippine Islands _ y ~ l and serving 3000 communities with the every day necessities of modern life, the Associated Gas and Electric System constitutes one of America's key enterprises. Millions of people and thousands of industries depend upon it for products in two great industries-electric light and power, and manufactured and natural gas. It is easy to invest in the Associated Gas and Electric System. If desirable you can pay P10.00 down and P10.00 each month. The size of the investment you make is of secondary importance. It is the end that counts-not the beginning. Our employees are our salesmen. Ask them or write us direct for further information about the 7% CONVERTIBLE CERTIFICATES of the ASSOCIATED GAS AND ELECTRIC COMPANY The confidence with which the investing public regards the securities of the Associated Gas and Electric System is best evidenced by the fact that its list of security-holders is world wide and with over 2000 investors in the Philippine Islands. Associated Gas & Electric Securities Co., Inc. Office of Manila Electric Company Listen in every Tuesday evening at 8 o'clock over KZRM-Radio Manila, to the musical program sponsored by the Associated Gas and Electric Systenm. — I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  2 2 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 I I I I II For Better Sound ReproductionSwitch to or install the latest RCA PHOTOPHONE SOUND REPRODUCING EQUIPMENT in your theatre! In order to meet the keen competition that now exists in the "Talkies" -you should equip your theatre with the latest RCA Photophone Sound Equipment which will give your patrons the desired "Sound Satisfaction." RCA Photophone Sound Equipment is the dominant Sound Reproducing Equipment used in the world's greatest theatres, U. S. Army and Navy for all their activities on land and sea. For Theatres of all sizesincluding Portable Units Data and Estimates Furnished on Request -No obligationExclusive Distributors in the Philippines: ERLANGER & GALINGER, INC. 601-Escolta-609 ILOILO MANILA CEBU IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  3 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 3 I NTERNATIONAL HARVESTER COMPANY OF PHILIPPINES MAIN OFFICE: CHACO BUILDING MACHINERY DEPT.: 154 M. DE COMILLAS MANILA, P. I. BRANCHES: CEBU -- DAVAO --- ILOILO --- LEGASPI -- TABACO -- TACLOBAN - VIGAN EXPORTERS OF MANILA HEMP STEAMSHIP AND INSURANCE AGENTS Isthmian Steamship Line Glen Line, Ltd. The Bank Line The Swedish East Asiatic Co., Ltd. The Home Insurance Company of N. Y. Commercial Union Assurance Company Farm Tractors d Industrial Tractors Engines Tractor Plows Tractor Harrows Cultivators Mowers Oil Engines Corn Shellers Corn Grinders Cane Mills Rice Mills Rice Threshers Air Compressors I McCORMICK-DEERING TRACTOR 10-20 & 22-36 H.P. INTERNATIONAL TRUCK A size and type for every purpose INTERNATIONAL, TD) I0' IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  4 4 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 LUZON STEVEDORING CO. INCORPORATED 1909 Manila -Philippine Islands - Davao General Stevedo ring Completely equipped with gear for all classes of cargo and heavy lifts Marine ContractorsShip Chandlers. Own and Operate 150 lighters Deadweight Capacity 18,000 Tons-Tow Boats-Launches-Waterb oats Marine Railways Cable Address Lusteveco Manila P. 0. Box 582 Manila, P. I. ---- -- IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  5 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 5 INSULAR LUMBER COMPANY Manufacturers and Exporters of PHILIPPINE MAHOGANY This superior wood finds its way into many beautiful homes in all parts of the world. The Insular Lumber Co. is the largest and most modern electrically driven hardwood mill; has been in business thirty years and is the Originator of PHILIPPINE MAHOGANY We are always anxious to serve the lovers of good wood for Furniture, Trim and many other uses. MILLS: FABRICA Occidental Negros P. I. MANILA OFFICE: P. O. Box 456 P. V. O. BUILDING Pureza, Sta. Mesa Manila, P. I. LIST OF AGENTS AND DISTRIBUTORS I BLACK & YATES, INC. 1501 Broadway New York City, N. Y. FRANK PAXTON LUMBER CO. Kansas City, Kansas WESTERN HARDWOOD LUMBER CO. Los Angeles, California WHITE BROTHERS San Francisco, California DAVIS HARDWOOD COMPANY San Francisco, California THE ROBERT DOLLAR COMPANY San Francisco, California J. J. MATTHEWS HARDWOOD LUMBER CO. Seattle, Washington PEERLESS HARDWOOD FLG. CO., LTD. 780 Dupont Street Toronto 2, Ontario, Canada JAMES WEBSTER & BRO., LTD. Dock Board Building Pier Head, Liverpool, England PENTZ & ROBERTS (PTY.), LTD. P. 0. Box 2859, Cape Town South Africa E. H. S. SINCLAIR P. 0. Box 7570, Johannesburg South Africa PHILIPPINE LBR. EXPORTATION CO., LTD. Tokyo, Japan CABINET TIMBER TRADING CO. Melbourne, Australia UY BICO & CO. Amoy, China THE ROBERT DOLLAR CO. Shanghai, China HEAD OFFICE: ATLANTIC BUILDING, 260 SOUTHBROAD STREET Philadelphia, Pa., U. S. A. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  6 6 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 NEWS while it is NEWS and 44 Features For Results MANILA DAILY BULLETIN READERS SE C URITY SAFEKEEPING SERVICE O WNERS of securities as well as those responsible for the safekeeping of securities such as executors, trustees and officers of domestic and foreign corporations will find the facilities of our Customers' Securities Department of special value providing as it does both safety and relief from the many details attendant upon ownership or management. SECURITIES in safekeeping with our Customers' Securities Department may be sold or transferred and earnings may be disposed of as you may direct. W E particularly recommend this service to those leaving the Philippine Islands for trips abroad who may wish to have their securities protected against theft and fire, their earnings collected for them and who, at the same time, may maintain complete control during their absence through the worldwide services of this Bank. COMPLETE DETAILS ON APPLICATION THE NATIONAL CITY BANK OF NEW YORK HEAD OFFICE: 55 WALL ST., NEW YORK CITY Manila Office: Cebu Office: NATIONAL CITY BANK BUILDING GOTIACO BUILDING L~ -- -------- ----- ----- ----- _ _ _ _ _ _ _ I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  7 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 7 ' FILIPINAS'' - A COMPANIA DE SEGUROS "FILIPINAS" BUILDING 21 Plaza Moraga, Manila WE INSURE: LIFE HOUSE FURNITURE STEAMSHIPS SHIPMENTS AUTOMOBILES TRUST BONDS FOR FIDELITY & SURETY MORTGAGE I LOANS ROOMS FOR RENT FOR FURTHER INFORMATION CALL AT: Central Office, Room No. 205 Filipinas Building Telephones 2-17-63 & 2-17-64 - MANILA Post Office Box No. 745 I- - Cable Address: "MAHOGANY" Manila Codes: Acme Bentley Philippine Lumber Mfg. Co. Sawmills at Catabangan, Camarines Sur, P. I. MANUFA CTURERS PHILIPPINE and EXPORTERS MAHOGANY OF Specializing in Exports to all Parts of the World. Members of the Philippine Hardwood Export Association. For further particulars address: MANILA OFFICE 1028 JUAN LUNA, MANILA, P. I. mommoma IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  8 8 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 I I --- -- -- — -- 35 YEARS LEADERSHIP IN THE MANUFACTURE OF High Grade Manila Cigars QUALITY SUPREME CORONAS de la ALHAMBRA ESPECIALES EXCELENTES BELLEZAS ~* * ROYALES LONDRES ~* PANETELAS OBTAINABLE IN THE UNITED STATES FROM Glaser Bros.-Judell Co., 475 Fourth Street, San Francisco, Cal. and F. A. Davis ' Sons, 119-121 S. Howard Street Baltimore, Md. Jos. P. Manning Co., 500 Atlantic Ave. ------ Boston, Mass. Sol Loeb Co., Inc., 900 Front Street --- -- - Columbus, Ga. Delta Mercantile Co. ------- - El Centro, Cal. American Factors, Ltd., Fort ' Queen Streets -- - Honolulu, T. H. Rothenberg 6' Schloss Cigar Co., N. W. Cor. 10th P' Broadway - - Kansas City, Mo. Klauber Wangenheim Co., 301 East 4th Street -------- Los Angeles, Cal. Glaser Bros.-Judell Co. - - - - - - - --- Portland, Ore. Klauber Wangenheim Co., Island Ave. 6th to 7th Sts. - -- - San Diego, Cal. Washington Tobacco Co. ------ Washington, D. C. The House of Manila (D. Ochsman) ----- Washington, D. C. Alhambra Cigar & Cigarette Mfg. Co. 31 Tayuman - MANILA - P. O. Box 209 I1 _ I_ _ IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  9 b as Second Class Subscription: = Centrvos at the Subscription: Post Office $3.00 U. S.L WALTER ROBl at Currency, per Edsltr 'ad Manila, P.I. year Manila P. year January, 1932 Vol. XII, No. 1 MYIW We Pay Our Bonds and Cash for Our Purchases By J. R. WILSON, Secretary, American Chamber of Commerce The American Chamber of Commerce Journal, as the official organ of the American Chamber of Commerce of the Phillippine Islands, circulates principally in the Philippine Islands. The material published usually is written for readers in the Philippine Islands-American readers, Filipino i readers and nationals of the various commercial communities here. Recently the Journal has been gaining in circulation in the United States and there has been noticeable a growing demand for material written to readers in the United States. In the November issue there was published an article by Mr. John R. Wilson, Secretary of the American Chamber of Commerce, dealing with the importance of the Philippine market to American manufacturers and American commerce in general. Cablegrams from the United States indicate that that article was read with far greater interest than had been anticipated when it was published. Orders for copies of the Journal sent by cable exhausted the supply and some orders could not be filled. That manifestation of interest is very largely responsible for the publication in this issue of another article by Mr. Wilson. These articles by Mr. Wilson are written more as open letters to the American people than as appeals to the readers of this publication in the Philippine Islands. Attention of Philippine readers is invited to this series of articles, but it is felt necessary to explain to them that Mr. Wilson is addressing himself more to readers in the United States in his treatment of the subject matter.-Ed. During these times when the United States is playing For years, and even now, we pay for our Government, our Foolish Fairy Godfather to most everyone who asks his largess, roads, schools, Constabulary, and every other operation it will probably be expense out of currefreshing to find rent revenues. Conone country that trary to the belief The United States America, the United has poured hun- S. t States contributes dreds of millions of ch t l not one cent for the dollars into the laps c Government of the of people only to be. Philippine Islands. laughed at, reviled: Every official from and ridiculed by::,the Governor Genthe recipients of the A'. i eral to the lowest millions. laborer is paid from The Philippine our own revenues. Islands may i be The United States classed as, in any found practically event it is treated nothing in the Phillike, a stepchild.. ippine Treasury Nevertheless it was when it took over the Philippine Is- the Islands in 1898. lands that made the It found no adeThe Philippines ernm ent. is one debtor of the uThe city of MaUnited States that fnila was bankrupt ed in absolute good iet enue from real faith. Ithasnever estate was derived asked funds for fool- t prhs f t imth o from properties ish purposes and for fronting on streets years it refrained that were lighted at from asking any- night and indistricts thing until condi- where there was tions were such that garbage collection. the judicious ex- Things ran along penditure was war- under Military doranted and Shaded porcions show estates in he vicinity f Manila purchased frc the religious cider with money minion until July 4, mente assurepd - secured by sale cf Philippine bonds in che Uniced Staces The estates shown on plan aggregete 268,647 1, wnt M ment assured. acres, which today could not be purchased for ten times the origin.l purchase price. 11,when Mr. Tt

Page  10 10 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 sular Auditor approved by the Governor General *** the Insular Treasurer, upon order of the Governor General, shall make payment to the proper persons * * * * *." It will be seen that it is not possible for us in the Philippines to spend all our funds for swimming pools, theatres, and other unnecessaries and then find no funds remaining in the strong box for payment of debts. Funds to cover our obligations are taken out first and after that the appropriating bodies may do as they wish with the balance. This system applies not only to bonds of the Insular Government but to those of Provinces, Municipalities and the City of Manila as well. They may have to cut appropriations for schools and public works but not for Metropolitan Water District Photo Novaliches Reservoir under construction. Note discharge tower in foreground. was inaugurated as Civil Governor of the Philippine Islands. Not all the territory of the islands was transferred from military to civil control at that time, but the City of Manila was. One of thefirst considerations of Mr. Taft and his co-workers on the Philippine Commission was to raise revenue, especially for the City of Manila. This was accomplished by the implantation of a complete system of real estate taxation such as exists in every city in the United States. Attention was next directed to territory close to Manila, including the provinces of Cavite, Batangas, Rizal, Laguna, and Bulacan. These provinces were always the hot-beds of trouble and uprisings against the Spanish Government. The reason was obvious. A large percentage of the area of these provinces was owned by the different religious orders and hundreds of thousands of people were tenants of the friars, subject to the whim of the administrators and with no hope of eventually owning their own land unless by revolt and confiscation. Everyone realized that such conditions could not continue and peace be maintained. Mr. Taft opened negotiations with the Religious orders for the purchase of their holdings. The price once agreed upon, the next question was where was the money coming from. An appeal was made to Congress and in 1904 the Government of the Philippine Islands was authorized to issue bonds in the amount of $7,000,000 running for thirty years at four per cent interest. These bonds were sold at 107. With this amount the Government purchased an area of 410,000 acres which, after being subdivided and sold to the occupants, is today worth in the open market not less than seventy million dollars or, in other words, ten times the price paid the Friars. For their redemption and payment of interest, the proceeds from sales to the occupants were deposited in a sinking fund under custody of the Insular Treasurer. Any deficit in the amount necessary to cover interest and amortization was appropriated out of general funds in the treasury. Today the sinking fund is '. intact and when the bonds are due in 1934, they will be paid in strict accordance with their conditions.: " ' ',,': The appropriation of funds for the establishment of sinking funds or the ':' ' redemption of bonds when due does not f^ depend upon annual appropriations of the Philippine Legislature as there was enacted in 1907 a statute which reads in part: "Sec. 2. A continuing annual appropriation is hereby made, from any funds in the Insular Treasury not otherwise appropriated, for the purpose of making payment of any guaranty obligation accruing against the. Government of the Philippine Islands. * * * * Sec. 3. Upon certificate of the In- An de of the extent payment of bonds. The next great need for money was for the improvement of the Port of Manila. Ocean liners could only discharge and receive cargo out in the open harbor. There was no protection from weather and the system cost time and money. Freight rates were based upon demurrage of ships and it took days and sometimes weeks to transfer freight to and from a vessel that now requires only a few hours. An adequately protected harbor with piers meant a saving which directly affected both our producers and consumers. Our copra, hemp, sugar, and tobacco industries developed and were rewarded. Bonds amounting to $10,000,000 were sold in the United States, all above par, and the money used in building a port that has no equal in the Orient. Any ships calling at Manila can tie up alongside piers equipped with modern freight equipment and be perfectly safe from storms of any magnitude. Our next issue of bonds was for the purchase of the Railroad system on the island of Luzon. At the time of American occupation, the only railroad in the islands ran north from Manila, a distance of about one hundred and twenty miles. It was antiquated in every sense of the word, was owned by European capital, and ran only through a highly developed agricultural country. This railroad was not a developing proposition. All it did was to make access to Manila easier. The land on both sides was developed long before the railroad was built but produce came to Manila mostly by water on rivers that were treacherous during the rainy season and too shallow during the dry months. This state of affairs could not be tolerated by Americans who saw the necessity of rail transportation of produce already available and the development of new areas of fertile soil. Even before the purchase from the original owners, the Metropolitan Water District Photo 'NOVALICHES RESERVOIR COMPLETED of this Reservoir obtainable by noting small part of discharge tower above water level

Page  11 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 1I Government guaranteed interest on the capital invested in new lines. New lines _ were constructed to provinces south of I l Manila. Finally the owners wanted to I sell out and the Government was willing _ | to purchase. The money was raised by the issuance of more bonds. The improve- s ment is evident to any of us who knew conditions formerly and see what they h h are now. The Government is extending the lines, opening up new territory, and, _ most of all, is making money. One of our largest bond issues ($21,500,000) was for extensive irrigation systems. I Due to our wet and dry seasons, it is _1 almost impossible to grow more than one staple crop each year. With irrigation i it is possible to grow two crops of rice. It was found that the amount authorized was more than could be wisely used and - there were only $11,800,000 worth of bonds t actually sold and the balance of the au- a thorization was cancelled. This in itself - will show the careful guarding by our. Governor-General and his Advisors.. At the time of American occupation, Manila was a city of about 200,000 people..^ The water supply was furnished by a municipal plant, the funds for which were derived from a trust fund established a century previously. This system could supply only seven _ _ _ million gallons per day which was not sufficient for drinking and cooking but not fit for either as it was pumped from an Top: Sea wall under open river which was the outlet for the Bottom: Pier 1, showinr refuse of thousands of people living along the banks, and it was augmented by cisterns and open wells scattered all over the city. There was practically no sewerage except in the walled part of the city. Therefore, it was an absolute necessit to provide an adequate water supply, not only for drinking and cooking but more so a health measure for everyone. Cesspools, open wells and dirty streets were breeding places of every infectious disease listed in the calendar. The population was increasing with amazing rapidity and the supply of water becoming more inadequate as time passed. Bonds were sold and the first unit of an adequate water supply was started. This was the Montalban dam in the mountains east of Manila. This unit, with a daily capacity of twenty-two million gallons, together with the original system, was a great stride forward but it was soon found that the increase in population, the installation of modern sewers in a large part of the city, street flushing, etc., taxed both sources to the limit and during the dry season there was not sufficient water for all purposes. At times, street flushing, fountains, and all unnecessary use of water was stopped. The next big unit (Novaliches), with a daily capacity of forty million gallons, has just been put in operation. This is not only sufficient for Manila's present needs but it also supplies other towns surrounding Manila that are within the Metropolitan Water District. Receipts of this branch not only provide for the annual sinking fund but show a handsome profit in addition. Soon other port cities began to clamor for improvements. Cebu, on the island of Cebu, was the shipping port for a number of large hemp and copra producing islands nearby. Harbor conditions were such that ocean going vessels simply shunned the place. It was necessary to ship cargo to Manila on interisland boats for oversea shipment. The insular government, out of its own funds, made wonderful advances in improving port conditions. A sea wall was built, the area back of the wall filled and leased to commercial firms for warehouses. Immediately the first sea wall was finished, and the necessary dredging finished, Cebu became the second oversea shipping port of the Philippines. Within a short period it was seen that a great deal more had still to be done Public Works Photos HARBOR IMPROVEMENTS AT PORT OF CEBU construction. Foreground shows beach upon which goods had to be landed at this port. g large ocean going steamer alongside. before shipping facilities would be adequate. The Insular Government had other uses for its money so bonds were authorized and sold in the United States. A total of $2,000,000 was raised, the work completed, and today the income from wharfage charges is a revenue to the Government over and above sinking fund provisions. Iloilo was the great shipping port for sugar produced on the island of Negros. There again ocean going ships had to lie out in an open roadstead while loading. Demurrage on ships had to be borne indirectly by the producers. Today, after spending over $2,000,000 bond money, Iloilo can accommodate high seas ships alongside river walls in perfect safety. The foregoing furnishes good examples of how the Philippine Government spends its bond secured money. Don't think that there are not ideas of many who would like nothing better than to borrow United States money and spend it for just as unnecessary luxuries as do the countries of Europe, but over here all such schemes must pass the Philippine legislature and after that they must be approved by our Auditor and Governor-General, both of whom are appointed by the President of the United States and who must render an account of their stewardship to him. These two officials are not beholden to a constituency for their offices; they don't have to bow to politics and fulfill pre-election promises. At the end of 1930 we had outstanding bonds totalling $93,402,000, on which we were paying, not merely promising to pay, from 4% to 512% interest. Sinking funds for the redemption of these bonds are growing each year and are secure. This is not such a bad showing for a little fellow that some misguided selfish interests in the United States wish to cast out in the streets. Back of the stability of Philippine bonds there is something of greater importance than judicious administration of the funds. That something is the implied responsibility of the United States Government for the ultimate payment of the obligations and the payment of interest when due. It is true that these bonds contain no specific guarantee of the United States Government but the guarantee is implied inasmuch as all such bonds are issued under authority of the

Page  12 12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 Congress of the United States and the Attorney General of the United States has rendered an opinion to the effect that the United States is honor bound to protect such Philippine bonds. If such tacit responsibility is lacking, which it would naturally be in case of Philippine Independence, the ability of the Philippine Government to borrow would be curtailed as far as the United States is concerned. Such iurtailment of United States credit would not lkiean that the Philippines could not go to some other nation and borrow money at ruinous rates of interest and with special privilege concessions to the lender that would be not only prejudicial but absolutely inimical to the interests of the people and government of the United States. Philippine agriculture, [" ' such as sugar, to- — ~ ' bacco, and coconut, < ' would be paralyz-...: ed, the Government: ' would be bankrupt and everyone knows that a bankrupt will agree to anything to get funds. If the United States Government would only give the Philippines a definite status as American territory, for say thirty years, there would be a field for the investment of American:|, capital just as sound as those cited above to a sum not less _ than one billion dollars. How much safer would such money then be than it would be trying to save professing and designing friends. Here U. S. money would be under the control of its own Government. In other countries it is under the control of God knows whom. WE PAY CASH FOR OUR PURCHASES In how many MANILA countries do Unit- Top: 1899. Mouth of Pasig River. Ships no large ed States producers and nloaded cargo from lighters. and manufacturers Bottom: 1931. Pier 7 considered the largest and n sell their exports on ranging from 10,000 to 22,000 tons. Land in foreground a spot cash basis? United States sellers have to meet the terms offered buyers by Europe. If they refuse, they just don't sell. In the Philippines the average merchant looks with distrust upon goods that are shipped and delivered merely upon acceptance of a sight draft. Practically all goods are shipped to our merchants through a bank and delivery is made upon payment of the draft or upon signing of a "trust receipt" for which the local bank is responsible to the United States bank through whom the papers are sent. It is safe to say that in 99% of the cases some Manila bank guarantees payment before the goods are delivered. In such cases the shipper has nothing further to worry about. His bank pays him cash at time of shipment and from then on it is a matter between the United States and Manila banks. Sounds pretty good to those shippers who have to meet the long credit terms demanded in other countries. Have United States shipers, producers, and manufacturers ever thought why this condition is possible? Probably they take things too much as a matter of course. Perhaps they think their products are so far superior that their customers are willing to do what customers in other countries will not do. This is a mistaken idea; there is just one reason and that reason is one of price. If Mr. German, or M1. Britisher, will put in the warehouse of a Philippine customer an article of equal quality, and they have them, at a less price, one of them will get the business. In most cases, why is it that the United States producer can undersell his European competitor in the Philippines? The answer is simple; it is the Philippine tariff wall erected against every country exO.. A cept the United States. Now the?:i ultimate purveyor of food and raiment to the consuming public is Mr. John Chinaman. No one is going to question his sagacity as a business tman. He buys his merchandise where it costs him least. He is willing to comply with the necessity of establishing his bank credit when he orders his goods provided he makes money thereby. Unfortunately our is,| tariff on cotton textiles does not sufficiently protect American goods against Japan and China. Added to this the fact that Japanese sellers have been shipping vast quantities of goods on sixty or ninety days credit and as a conset quence United States sales of cotton textiles to the Philippines fall off 54%O and increased 10% from Japan. HARBOR U. S. Army Photos For the first six er than 1000 tons could enter river and even those loaded months of 1931 the Japanese sold the most modern pier in the Pacific. Five ships alongside same amount it did d reclaimed at time of harbor dredging. during the first six months of 1930 while the United States sales for the same period dropped 44%. What have United States textile people done to remedy this situation? The very people who cry about the open door in China and malign our Secretary of State because he fails to adopt a firm attitude against Japan in Manchuria are the very ones who are content to see Japan carry away the trade from one of the possessions of the United States, and the one that has been the largest export customer of the United States. Does anyone suppose that Japan's aggression in Manchuria is due to Chinese brigands along the railroad? If so, they have another guess coming. The brigand they are after is the Soviet who is dumping merchandise into Manchuria and underselling the Japanese. Japan can do nothing as long as Manchuria is even nominally governed by the Chinese, so they rout out a few Chinese brigands and (during the process

Page  13 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 13 of elimination they take over the Government of Manchuria; "provisionally" of course, and that will put an end to Soviet dumping. As long as Chinese are purveying to the masses, they will ' ' buy where they can do so cheapest.. ^. " The Japanese merchant in partnership with his Government will see that there is no competition with his country's products. This is nothing new, almost any country except the United States will do something similar; perhaps not so drastic. The United States in imposing restrictions upon the free entry of Philippine products into the United States will take the first step in killing a good customer. The Philippines pay cash for our purchases.? A and if you will not buy our goods we will lack the wherewithal to pay for yours. One of the states has levied a tax of six cents per pound on oleomargarine. This is aimed at coconut oil but other oil grown and manufactured in the United States will suffer, but the real MetroA ones who will bear the burden of the Old pumping station at ti tax will be the poor devils who don't Intake for pumps from ope own cows. Oleomargarine can still be manufactured and sold at less than butter and enough lower so that the cowless person will pay the tax and buy oleomargarine. It is true that a duty on coconut oil will kill Philippine business and reduce the export sales of the United States but it will not prevent the sale of Oleomargarine and the payment of the outlandish tax by people of the United States whose number is sufficient to warrant some economic consideration. In a previous article the imports of United States farm products into the Philippine Islands was talked about. Since then the opposition to Philippine products has grown stronger. If selfish and misguided interests succeed in flimflamming Congress until the Philippines are turned adrift or its products are denied free entry, they can just blame themselves for kicking out a cash customer and take the loss that will ensue. If the Philippine question had been handled for the past thirty years in a business like manner, it would have been a thousandfold better for the Philippines and America b o t h. Compared with Hawaii, the~.. Philippines should be doing a trade of $3,000,000,000 to- / day. Why isn't it, l doing so? Simply " because it is mixed up in politics. There was a time when it didn't matter what the politics of Philippine Governors was. Vice-Governor.^. succeeded to the...: '"' Governorship upon,, the retirement of;i'. the Governor. To-. day it is a political ^ s t e p p i n g stone. ".. Men are sent oliut to the Philippines with the admonish- _i ment to keep things quiet. They listen Water over Montalban spillway during rainy sea po in en to blandishments and act upon the recommendationofsome politician without hesitation or investigation. The net result is chaos. The capitalist, the land owner, the tenant farmer, the laborer, and even the politicians are dissatisfied. It is about time for something to be done. Have this situation investigated by someone who is not looking for a bridge or monument in his honor, someone who has no political ambitions, someone who can inspire confidence in all classes of Filipinos, as well as Americans of many years residence in the = P Philippines. It is strange but true that Americans sent abroad for investigation purposes are warned to avoid A. American residents in the field of ^ l investigation. Ordinarily experience.. begets knowledge but to judge by %'r warnings it begets prejudice. Any investigator after two years residence will admit that actual experience in the islands does beget knowledge of a superior quality. iltan Water District Photo MAKING THE U.S. DOLLAR KNOWN IN rER WORKS ie of American occupation. THE ORIENT river shown in right center. For many years after American occupation, it was impossible to negotiate a dollar draft direct on the United States. Everything in the banking business was on the basis of the Pound Sterling. One of the largest business organizations in the United States remitted all its funds to London in Pounds. All the exchange profits went to foreign bankers, even though the business transactions both ways were between the United States and the Philippines. Private exchange houses with offices in New York and London were making a net profit four, five, six or more per cent off the drafts. They didn't want it made possible for any other banking institutions to enter this field. It was only when a few hard-headed American business men made a decided stand thatj a change took place. It was necessary for Congressional action before United States banks could enter this field. Manila was,the point where this change started and despite the original determined opposition of foreign banks, there is not today a banking center in the Orient but what will buy and sell direct, United - States exchange in U. S. dollars. This condition is due to no other cause exceptthedetermined action of a few Americans doing business over here. If America had not? t H ~come to the Philippines the chances,., i are the unit of exchange would still be the Pound Sterl/. ing and every producer, manufacturer, exporter, or importer, would still nbe paying tribute to foreign banks instead of his own. The plain truth of the matter is that utip until 1930 only a few of our bankers knew anything -.:about foreign exchange. They knew Metropolitlan Water District Photo on which was initial improvement of water supply (Please turn to page 16) d J ksc

Page  14 14 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 Bridging Rivers on Philippine Highways Built with tolls and current taxes, bridges to be useful for centuries are spanning Philippine streams on nearly 5,000 miles of motor roads By Walter Robb. The story of modern highways in the Philippines began in the December issue of this magazine, with a description of the roads. These roads through the 49 provinces of the archipelago now approach a linear total of 5,000 miles. This excludes the second-class and third-class roads, a charge upon the provinces and towns, and includes only the first-class surfaced roads built at provincial and insular cost and maintained at provincial cost by requirement of law. Such highways the Philippines are building at the rate of 207 miles a year, while the second-class type undergoes similar accretions from the third-class roads as they are improved by the towns. Given the prevailing topography of the great islands of the Philippines, such an extensive and expanding road system must of necessity be supplemented with literally thousands of bridges and culverts. Of volcanic origin (or possibly vestigial continental remains), the typical formation of these islands is a mountain range along their longest axis, with valleys sloping everywhere from these central divides to narrow alluvial plains along the shores. The towns and villages are on the shores and in the midst of the plains; and when in the plains, on the banks of streams. For the roads, streams must commonly be bridged near their mouths or at their confluences with other streams. Smaller streams require innumerable culverts. Astonishing allowances for the rapid rise of rivers during floods must be made at many places. Aided, however, by the hydrographic data of the weather bureau, conducted by the Jesuits, the public works bureau has made comparatively few costly underestimates of the scope and force of floods that may be expected at points to be bridged; though in typhoon periods 20 inches or more of rain may descend upon a precipitous watershed during 24 hours. Manila's total rainfall last year, for instance, was nearly 120 inches, nearly all of it in the period from June to October. The city is built on deltas; many of the estuaries have been filled, and others converted into canals for the movement of cargo. The name Tagalog, of the people living in the provinces surrounding Manila, means the place of many floods. Clouds continually cap the central divides of the islands, where showers are incessant. ivulets trickle from Butas Suspension Bridge, 242-1/2 miles north of Ma RuletstklePfom rovince. The skillful native mountaineers build b every least slope stone without the use of mortar, as they terrace the toward the descending larger streams which at last converge into rivers. These meander sluggishly through the plains, until the deluges of the monsoon seasons send them toward the sea at flood speed. They may leave their banks and cover the highways, and even the adjacent fields, and it takes firm bridges and deep-sunk approaches and foundations to withstand their destructive power. This indicates the task the bridges involve. The fact that so many have been built and so many are added each year without mortgaging the country's future revenues for their construction, witnesses the great resources of the islands. But as is the truth about the roads, it must also be noted that not all of these bridges are modern. Though the system of good roads built by the Spaniards went to pot during the revolutionary period from 1896 to 1903, and repairing old roads and building new ones did not begin effectively under the American regime until 1907, when neglect had done mischief to the bridges as well as the roads, there are still standing, incorporated in the permanent highways of the Philippines, 2,991 Spanish-built bridges aggregating a linear measure of 4.01 miles. The public works bureau makes this statement: "Spanish bridge construction was technically very good, in the light of the advancement of the art up to their time. Chinese granite was frequently used for arch-ring construction, of which some fine examples still exist. The old Bridge of Spain, constructed in 1632, across the Pasig river (linking the walled city and Fort Santiago with industrial Manila) was a monument of the bridge-builder's work, until its collapse in 1914 from the undermining of the pier foundations. Technically, the chief defect of their work lay in the sacrifice of waterway by -construction of unduly thick a and heavy masonry I)iers." It. is true that the Spani ards built with brick and stone. with iit steel; necessaril1 the rrlmade healvy piers andl Cormlparat i vely short arches; but their nmassive construclion (lid not want ill pleasinlg aspect, an(l what remains of their work is as beautiful architecturally as it is substantial. The American construction, either reinforced concretec or steel superstructure with concrete piers and foundations, furPublic Works Photo finshes a great strucanila on the Tagudin-Cervantes road into Mountain tural steel market ridge abutments and foundations with rubble and hewn eir fields.. to the Unit ed 31 )T lei

Page  15 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 15 States. This market would be larger if the Philippine tariff The newer ones are 20 feet wide, now the standard width were made high enough to protect American steel from required by the public works bureau. European countries, now selling much steel and many other There are 3 general types of these new bridges: reinforced products in the Philippines and buying very little. concrete slab-and-girder, reinforced concrete arch, and steel American bridge construction in the Philippines is, of course, truss bridges on reinforced concrete piers. Sometimes, admirably adapted to the demands. because of the depth and rapid flow of the water, the piers How largely the Spanish roads and bridges were destroyed are put down in steel casings. Designing the bridges is the during the revolutionary period, and what_______________________________________________ they had been prior to that period, may be illustrated by the provincial engineer's report from Bohol in 1902:. ^ "The majority of the coast towns in the _ province preserve in good condition the publie roads, but not the bridges, the larger part _. of which have decayed. The pueblos of the ^ interior are truly in a lamentable state, for l * nearly all the bridges are actually dangerous _B|l to travelers.... In former days (i. e., f g Spanish times of the 19th century after 1840 I. _ or thereabouts, and until 1896) it was pos- i IE sible to travel from this provincial capital, _l Tagbilaran, as far as the pueblo of Anda, H in the extreme south of the island, without encountering any difficulty along the whole lli road; and likewise as far as Inabanga in the _ north. " i This report tells of an iron bridge the Spaniards were building over the Abatan __ river, 7 miles from Tagbilaran, between the Public Work. Photo towns of Cortes and 1Iaribohok. The revolu- Stone Arch Spanish Bridge: Imus-Bacoor road, Cavite, near Manila. Note the heavy central pier cumtion of 1896 put an end to the work and corn- bering the waterway pelled the Spaniards to leave the island. When peace was responsibility of a special division of the public works bureau, restored 5 years later and the present province of Bohol whose services to the government, and to the towns and provwas organized, January 31, 1901, the iron which had been inces, are coextensive with the bounds of the archipelago. shipped to the site for this bridge was unfit for use; the rapid Bridges are not built except in accordance with plans aperosion to which exposed metal is subject in the Philip- proved, if not drawn, by this bridge-designing division of pines had destroyed it in this short time. the public works bureau. It is in such a country that we study its roads and bridges, Bridges 20 feet wide, of the slab-and-girder reinforced conand ascertain how., I -crete type, cost $380 these foundations of - to $450 per linear public welfare are yard. being built. The - V I <^ Single-span steel eathrly reiportd from t: t far, bwac-bridges with conthe island-provincem X o ts a g crete abutments of Bohol is typical V v - cost $500 to $825 of all of them at < per linear yard. lhat time. Thecen- d Multiple-span bridtral arches of manv ges of this type cost lbridges were de- as t$500 to $685 per re asor military linear yard. reasons. Reinforced conTimber is prac- crete arches cost tically excluded as $5 o$5 e a bridge material in - $60linear t ard. the Philippines, oni All widths are 20 the first-class or feet. The costs are permanent motor all for the clear roads. Its life is - span, bank to bank. too short. The Costs of the bridges Spanirds uiltwithcomplete from end stone, burninglime to end of the abutfrom seashell and ment walls are limestone. Where ston wa lacingWhere deep, costly thney uase bricking. foundation work is which thed F riipno involved the costs are correspondingly learned to make and Public Works Photo higher. lay by instruction Concrete Arch Bridge, Nasugbu, Batangas The sources of they received from the Jesuits and the friars, and by watch- bridge funds are those for the roads: (1) legislative ing and helping Chinese artisans employed on public works. appropriations, (2) half of the poll tax of $1 a year and The Philippine government now avoids the cumbersomeness such other part of this fund as a province may vote, (3) the o)f the Spanish bridges, by using steel and concrete and internal revenue of 712 cents a gallon on gasoline, 5-68/100 leaving the maximum waterway the modern bridge makes cents a gallon on lubricating oil, (4) motor-vehicle license possible. revenue, and (5) acts authorizing provinces to float bonds The older bridges of the American period are 18 feet wide. (Please turn to page 17) I I

Page  16 16 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 The American Chamber of Commerce OF THE PHILIPPINE ISLANDS (Member Chamber of Commerce of the United States) DIRECTORS AND OFFICERS ALTERNATE DIRECTORS P. A. Meyer, President Sam Fraser H. M. Cavender, Vice-Prusiden Verne E. Miller ohn L. Headington, Treasurer O. M. Shuman o K. Cotterman S. R. Hawthorne W. L. Applegata J C. Rockwell Kenneth B. Day Win. H. Rennold. John R. Wilon, Seretary C. 9. Salmon E. E. Selph, oenral Counsol EXECUTIVE P. A. Meyer, Chairman H. M. Cavender K. B. Day RELIEF W. J. OQ m, Chairman John Qordoq J. R. wilon MANUFACTURING P. A. Meyer, Chairman Fred N. Berry J. L. Headington LEGISLATIVE P. A. Meyer, Chairman Frank B. Ingersoll J. R. Wilson COMMITTEES FINANCE W. H. Rennolds, Chairman 0. M. Shuman FOREIGN TRADE H. B. Pond, Chairman L. L. Spellman M. M. Saleeby PUBLICATIONS P. A. Meyer, Chairman Roy C. Bennett Kenneth P. Day John R. Wilson BANKING AND CURRENCY O. M. Shuman RECEPTION, ENTERTAINMENT AND HOUSE C S. Salmon, Chairman J. L. Headington W. H. Rennolds J. R, Wikoq LIBRARY John Gordon, Chairman SHIPPING H. M. Cavender, Chairman G. P. Bradford E. W. Latie INVESTMENTS P. A. Meyer, Chairman H. M. Cavender I. L. Headington I_ hai Exchange, they would have surrendered and confessed ignorance. What a difference today, after thirty years; there is no city of any importance but what has its foreign exchange connections, either direct or through a correspondent, with any city in the world. Foreign exchange was thought of by the average banker as something akin to alchemy and known only by those who had inherited the art or science, as the case might be, from their forebears. This is what they were told by the London Bankers and private discount houses in America, and they meekly took it as truth, when a little investigation would have taught them that they were dupes. Again it must be said that this awakening was due to the common sensed American pioneers who could not see their way clear to send their Philippine products across the Pacific and their letters of exchange around the world through London. In a previous article it was shown what the Philippine market means to United States farmers and reference was made in the same article to some of the benefits derived by American labor in the manufacture of goods for export to the Philippines. In this article an attempt has been made to outline briefly the advantage as an investment field for United States capital with which are purchased bonds of the Philippine Islands. Had the same consideration of United States authorities been given to the Philippine Islands that was given to either Hawaii or Porto Rico, the trade of the United States. with the Philippine Islands would easily be ten times as great as it now is, or in other words not less than one billion dollars. The neglect of Philippine possibilities has been due principally to two causes. First, politics. Second, misguided altruism on the part of lIndependence Leagues and others of a similar nature. More attention has been lavished upon the governing class, which let us say for purposes of argument is ten per cent of the population, than to the governed class constituting the other ninety per cent. The clamor for cutting the Philippine Islands adrift never assumed alarming proportions until selfish sugar interests, owning stocks in Cuban plantations and mills, enlisted the support of United States domestic sugar producers, cotton interests, dairy interests, and organized labor. These interests seem content, in fact they urge, the destruction of Philippine sugar, tobacco, and coconut interests, with the consequent forcing of eleven million or more Filipinos from the position of wage earners to that of peons. After the damage has been done, these selfish interests may hold up their hands in horror and ask for forgiveness of their sins on the grounds that they were ignorant of facts and possibilities. To destroy these interests of the Philippine Islands would be far more atrocious than the subjugation of weaker powers by the strong that is taking place in different parts of the world at the present moment. The restriction of the free entry of Philippine sugar, coconut products and tobacco, into the United States would be ruinous to the producers and disastrous to t,he Government and all branches of commerce. Such ruination of our trade and Government would be directly reflected in our trade with the United States. To cast the islands adrift at this time would mean that they would be exploited by oriental cheap laborfromi China and Japan. If, and it is not beyond the realm of possibility, the Islands would fall under the control of the Japanese, the sugar interests of Cuba and other countries would find they had thrown a boomerang, as is witnessed by the development of the sugar industry of Formosa undei the Japanese Government. In 1898 the production of centrifugal sugar in Formosa was less than 30,000 tons. It is now more than a million tons. A world known sugar expert has said that the Philippine Islands is the last large field for cane sugar development, in the orient. As matters now stand, the Philippine Islands has not enough labor to exceed its present production of about 700,000 tons. Under Japanese control, with Japanese and Chinese cheap labor, the Philippine Islands would easily outstrip Java or Cuba in the quantity of sugar produced and thereby put on the market a sufficient quantity of sugar in competition with Cuba, Java, and Russia to further depress the sugar market and bring ruin to the industry in Cuba at least, perhaps in the other countries as well, to say nothing of the obliteration of the domestic industry of the United States. This matter of aggression by some other country is not an idle dream, as is proven Iy current events which give a11 the great nations of the world grave concern. If the United States wishes to maintain its prestige among the world powers, it will not abandon its position in the Pacific ocean. The abandonment of the Philippine Islands would mean just that and the ITnited States flag flying on American shipping would be as great, if not a greater, curiosity in the orient than it was prior to 1898. It is squarely up to the people of the United States to choose their course. Are they willing to throw twelve million friends into serfdom? Are they willing to relinquish the Philippines to some other rower? Are they willing to undo all the good work their Government and citizens have done during the past thirty-three years? Are they willing to heed the avaricious selfcentered prophets of America and the Philippines without thinking andt investigating for themselves? OUR TRADE FOUNDATIONS Again we publish a leading article from the trenchant pen of John R. Wilson, secretary of the Chamber of Commerce. The first, in November, dealt with the fundamentals of PhilippineAmerican commerce and proved that free'trade with'the Philippines is beneficial to the United States-beneficial even, and even especially, to the American farmer, dairyman, and cotton-grower. This one deals with two related topics. It explains how the proceeds of Philippine bonds held in the United States are expended on public improvements entailing purchases from the United States and expanding America's market here. It invites attention to the self-sustaining character of the Philippine government, and in general throws a flood of light upon the conservative and constructive financial policy of the islands; and it shows that this stability would be entirely undermined by a scuttle movement setting the Philippines free of American sovereignty. The second takes up a neglected topic, the foreign trade coming into the Philippines over a tariff wall built in 1909, too low for the dumping-to-get-gold onslaughts of the present decade. This article should be carefully read by all. We are pleased to tell our patrons, in thanking them for aid in getting out 4,000 extra copies of this issue, that a copy will reach at least one editor in every county-seat of the United States. Another remarkable article is that from the Philippine-American Chamber of Commerce of New York. It lays the coconut-oil bugaboo, which should never rise to torment the sleep of American dairy interests again. It shows that these interests have been duped by the Cuban-sugar propaganda; cutting the Philippines loose to keep out their coconut oil would not affect the price of butter, nor of cotton-seed. We thank the Philippine-American Chamber of Commerce for a good piece of work and honest exposition of the facts in this mad controversy. We Pay Our Bonds... (',oulintued frorn page 13) New York Exchange or Chicago Exchange or San Francisco Exchange, but if you had asked them for Hongkong or Shang

Page  17 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 17 Bridging Rivers.... (Continued from page 15) 'I e for specific permanent improvements. One of the richest provinces, Pangasinan, voted bonds to bridge the turbulent Agno river with a steel truss structure, one of the longest and most useful bridgesin the Philippines. Tolls will recover the money and pay off the. " -:,;: bonds, as required by law, within 15 - years; and after that no tolls can be BRIW charged. While this makes business in steel and bridge tools for the United States, the provincial bonds are not held there. Provincial government bonds are bought by the Philippine government, which may in turn sell its bonds in the United States to get the money for the indebted province. As stated in December, the Philippines pay 4% to 4'2% for credit, instead of the 8%, at least, they should pay were their bonds not tax-exempt and if they did not enjoy the sovereignty of the United States. Their bonding capacity is 10% of the assessed value of the real property of the islands, within which limit provincial bonds are also counted. Practically all bridge-building is sustained by the islands' current revenues, from the 5 sources mentioned. It is important to keep the fact in mind that the Philippines are building their highway system without indulging the folly of saddling generations to come with: '.\ exorbitant taxes on a great insular debt; and it was originally the wisdom of congress that fixed a I. modest limit to the islands' bonding capacity, which the sagacity of the Philippine government has ever since approved. The Philip- Harrison Bridge, I pines have been served by some remarkable economists; such as Jenks and Conant, who helped shape their currency law and to put them on gold. The paternal interest, too, of the war department, under which they are administered, has helped keep them on an even financial keel. This boon no State of the Union enjoys. The best and most lucrative source of bridge money in the Philippines is the so-called revolving fund voted for bridges 2 years ago this month. It is $2,500,000, reimbursable from tolls collected at the bridges built out of it; so it will be available for bridges indefinitely, or until the act creating it is repealed. Under this fund, 34 bridges have already either been completed and are now in use, or are under construction. They are in 24 of the 49 provinces. One of these is a tough job, bridging the Abra river at Abra Gap, south of Vigan, *JJ orT MAXLADO'O. SOW5 AN it.ns Bl.O(WN 0i:'r UY INis L seat of the bishopric of Nueva Segovia, capital of Ilokos Sur, and metropolis of the Ilokano provinces of the northwest coast of Luzon. The Abra river is wide, deep and swift; it is subject to sudden unpredictable floods; terrific gales blow down the gap, adding to the danger of ferrying the crossing. But the density of population in this region makes a great traffic over the river, the outlet to central Luzon and Manila for Ilokos Norte and Abra as well as Ilokos Sur from Vigan north. Awaiting the favorable dry season on the west coast, when the northeast monsoon is blowing-November to June-the contractor for the Abra bridge is preparing caissons for the pouring of the concrete piers. Tardy rains and sudden floods have surprised him at the work, but he will somehow bridge the treacherous Abra according to plan. This will set in motion a new stream of Ilokano emigrants to the Cagayan valley east of the divide, the provinces of Cagayan and Isasouth. The new road from Bangui to Aparri will open another route into the valley from the north. The new roads and bridges are vital Public Works Photo factors in the pres-.a Union Provinre sing problem of interprovincial migration. Though the Philippines number 7,083 islands all told, only 463 of them exceed 1 square mile in area, and 12 of them accommodate all the population except some 100,000 who are mainly the Mohammedans of the Sulu archipelago off Mindanao. Luzon, area 42,735 square miles, embraces, Manila included, 25 provinces out of the 49 and has a population of 6,548,801. Mindanao, at the south, area about 39,000 square miles (38,024 square miles in her 8 provinces), has a population of but 1,180,755. Even Cagayan province, in northern Luzon, area 5,052 square miles, has but 49 inhabitants per square mile; and neighboring Isabela, area 5,018 square miles, but 28. But Ilokos Sur, area 471 square miles, across the divide from Cagayan and Isabela, has 577 inhabitants to the square mile; and Cebu, near Mindanao, area 1,939 square miles, is hard-pressed to sustain a population of 553 to the square mile. Mindanao, lacking roads, domiciles but 31 inhabitants to the square mile. The final benefit the roads and bridges of the Philippines will confer upon their builders, the Philippine people, will be a more economic distribution of the population and cessation of the immigration to the United States. It is therefore apparent that the prolonged neglect to build roads in Mindanao has been unwise. As a goodly portion of the gasoline fund is at the disposition of the executive, it might be well to _ _ _ use it liberally to correct past negligence in Public Works Photo every region where new roads would stimuio road (Please turn to page 37) Agno River Bridge, 120 miles north of Manila on the Manila-Bagui

Page  18 18 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 American Agriculture's Biggest Scarecrow An appeal to America's intelligence and fairness to understand, correctly, the question of the alleged competition of Philippine coconut oil with domestic oils and fats As in the case of sugar, the American farmer is being misled regarding the alleged competition of Philippine coconut oil with domestic butter, fats, and oils. Two scarecrows, sugar and coconut oil, have been set up to frighten him. He has heard only one side of this case which has been discussed more in the light of politics and buncombe, than of economics. We ask the fair-minded, patriotic farmer to read and consider the economic facts we herewith set forth. We know the American, like every other farmer the world over, is hard hit by the world-wide low price of his Comparatively few American citizens are sufficiently informed about coconut oil to know that it is NOT COMPETITIVE WITH ANY FAT OR OIL PRODUCED IN THE UNITED STATES. The reason for this lack of knowledge is easily explained. Most commodities with which the public comes in contact are of such a character that their inherent qualities are immediately manifested by their appearance and structure, as ascertained through our senses of sight and touch. On the other hand, very few of our citizens ever come in contact with coconut oil except in the finished product, and I 2 3 4 5 6 7 8 9 10 11 1213 14 1516171819 20 2122 234226728293031323334353637383940 Curent Tailf Protecti DANISH BUTTER-CIF NEWYORK in price of Domestic Butter Portion of Tarilf protection -not 21 CENTS P/e LB. 14 CENTS PER LB. availed of because of DOMESTIC 92 SCORE BUTTER AT NEW YORK competition between Domestic 302CENTS PER LB. Butter Producers. OLEOMARGARINE-NEWYORK Spread between Oleomargarine and Butter 19.5/1 CENrT PLB Spread only reduced to 18.341 by duty of 21 lb. on Philippine Coconut Oil - - Maximum theoretical increase in Cost of Oleomargarine by imposing 2f Ib. duty on Coconut Oil. Approximately 53/100 lbs of Coconut Oil used in I lb. of Oleomargarine. CHART-AS OF DEC.I, 1931 Showing atual diferences in price between Domestic Butter. Danish Butter and Domestic Oleomargarine. products. Every right-thinking citizen wants to give our farmers real help, not bogus remedies. The farmer sees Philippine coconut oil coming in, and his first and natural conclusion is that it contributes to the depressed prices he receives for his butter, fats, and oils. But, as we shall see, he might as well complain of rubber coming here on the alleged ground that it competes with our domestic hides and leather. In the farmer's present frame of mind, it is no wonder that the Philippine Coconut Oil Scarecrow, for whatever purpose set up in the farmers' own ranks, looks very realistic. We shall prove that to ask for Philippine independence, together with a duty on Philippine copra and coconut oil, is economically unsound, detrimental to the farmers themselves, and surely detrimental to our people as a whole. There is no more competition between coconut oil and our domestic fats and oils, then there is between rubber and the leather made from the hides of our cattle. have no opportunity to form impressions concerning its characteristics, therefore, they have no means of forming their own ideas concerning its economic relationship to other commodities and other fats and oils. Because of its being a vegetable oil, it is natural that the impression is so easily formed that it must compete with domestic vegetable oils and fats. The lack of knowledge concerning coconut oil's inherent qualities, and the fact that it is a foreign vegetable oil, are the elements which have been used in building the COCONUT OIL SCARECROW. They make it look so real that American farmers have been misled to believe that coconut oil is a destructive competitor of domestic butter, lard, cottonseed oil, and other domestic fats and oils. So realistic has the COCONUT OIL SCARECROW been pictured to American farmers, their fright has been so falsely aroused that they demand the Philippines be cast adrift from the United States, in order that our tariff of 2' per

Page  19 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 19 pound on coconut oil may be imposed also on Philippine coconut oil now entering here free of duty. To force Philippine independence on false economic grounds, and bring about inevitable economic chaos in those islands, is indefensible from every standpoint of national duty to the Philippines, and economic benefits to all Americans. Coconut oil is crushed from copra. the dried meat of the coconut. Onethird of the coconut production of the world is consumed in the United States. It comes here in the form of oil made by crushing mills in the Philippines, and also in the shape of copra from which the oil is extracted by mills in this country. Since 1922 coconut oil carries a duty of 2' per pound, except that coming from our insular possessions with which we have free trade. Naturally, therefore, practically all of our imports of this oil come from the Philippines. Copra comes in free of duty from any country. Therefore, about 45 % of our copra imports come from countries other than the Philippines and, therefore, bought on an international price basis. In order to show that coconut oil does not compete with any fats, or oils produced by American farmers, we must first know what it is, and for what purposes it is used. Coconut oil is really a vegetable fat. We think of oil as being liquid, but coconut oil must be heated to 76~ Fahr. before it becomes liquid. This quality of "hardness" is not possessed by any domestic oil or fat. Coconut oil, only, has certain other characteristics which are explained later in this pamphlet. Those interested will find all technical assertions made in this pamphlet corroborated in any standard work on the chemistry of fats and oils. We all know that rubber is not produced in the United States, and that it comes from the rubber trees in Malayasia. We know that rubber has qualities of resiliency, waterproofing, and insulation. We know it is used in making waterproof footwear, waterproof outergarments, automobile tires, electrical insulators, and is indispensable for many distinct kinds of finished articles. No farmer would be misled into believing that there was any competition between rubber used in making wading boots, and leather used in making riding boots or street shoes. The farmer who raises cattle, producing hides for leather, knows that rubber boots do not compete with leather boots and shoes. An import tax on rubber would accomplish nothing in the way of making leather boots or shoes more suitable than rubber boots for wading a stream. Coconut oil, exactly as in the case of rubber, possesses inherent qualities which, as we shall show, make it an indispensable ingredient in the manufacture of a number of products of (P'lease turn to page 22) '-'' ' " ' Is Your Bea -: 4 * ITO UGH We Want Men with tough, wiry beards to challenge this I M EN claim that Palmolive Shaving Cream will soften the toughest beard in one minute. No finger-rubbing; hot water or cold; hard water or soft. A pretty broad statement, we'll agree; you may doubt it. But if true, you want that kind of shaving. 1000 men told us what they wanted in a shaving cream; we set to work to give it to them. It took some time and research but it's here, and differs from any other shaving cream, or soap, that you have ever known. 5 New Delights These you'll find-these new shaving joys, these comforts unknown before:1. Multiplies itself in lather 250 times. 2. Softens the beard in one minute. 3. Maintains its creamy fullness for 10 minutes on the face. 4. Strong bubbles hold the hair erect for cutting. 5. Fine after effects, due to palm and olive oil content. I I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  20 20 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 i Here's how to get Manilas! Genuine Manila Long Filler Cigars in cellophane are obtainable in your city or nearby! Distributors furquest toC. A. BOND Philippine Tobaoco Atent: 15 Williams Street, New York City or Collector of Internal Revenue Manila, P. I. M A N IL AS made under sanitary conditions will satisfy your taste! (Health Bulletin No. 28) Rules and Regulationsfor the Sanitary Control of the Factories of Tobacco Products. "Section 15. Insanitary Acts.-No person engaged in the handling, preparation, processing, manufacture, or packing of tobacco product or supervising such employment, shall perform, cause, permit, or suffer to be permitted any insanitary act during such employment, nor shall any such person touch or contaminate any tobacco products with filthy hands or permit the same to be brought into contact with the tongue or lips, or use saliva, impure water, or other unwholesome substances as a moistening agent;..." Comment on the Current Talkies BY BERYL HUGHES Suicide Fleet was a wartime name for the fleet of torpedo boat destroyers, which cruised up and down the seas on the look-out for U-boats. Shipping on one of these boats was a hazardous occupation. William Boyd, Robert Armstrong and James Gleason find themselves jerked out of their pleasant jobs at Coney Island and away from the girl they all three like very much by the world war, and put aboard a destroyer. There is plenty of action in this picture and some of the battle scenes are as stirring as a Sousa march. Coming to the Radio. Reachingfor the Moon. Douglas Fairbanks as a wall street magnate falls in love with a luscious blond who is not at all impressed by his method of courtship. She leads him a merry chase to London and back before she confesses that she had loved him all the time. Bebe Daniels, and Edward Everett Horton contribute beauty and fun to the picture. It is a whirlwind from start to finish. Coming to the Lyric. Merely Mary Ann brings back the ever-popular team of Charles Farrell and Janet Gaynor in a charming romance of London rooming houses and a cottage in Devon. The story of a little London maid-of-all-work and a brilliant, eccentric musician is the theme of Merely Mary Ann. Janet Gaynor is more wistfully charming than ever as the little drudge who blossoms into an heiress and proves to the now famous composer that money and fame are worthless without love. Coming to the Metropolitan. The Tarnished Lady at the Fox brings a face that is new to Manila moviegoers. Tallulah Bankhead, the girl from Alabama who made good in a big way in London, and will make good in the movies if all her pictures are as good as this one. Tarnished Lady is the sort of picture Ruth Chatterton or Constance Bennett play so well; strong, sophisticated drawing room sort of thing. Clive Brook gives his usual suave, perfect performance. Coming to the Fox. Sin of Madelon Claudet at the Ideal, marks the film debut of another stage actress, Helen Hayes. Take a lot of handkerchiefs with you when you go to see the picture, and you must see it for it is more than just good-it is excellent. There will be more tears shed than in Madam X and Sonny Boy, and really The Sin of Madelon Claudet is a combination of the best in those two old tear teasers. Lewis Stone, Neil Hamilton and Frankie Dorro lend support. The Public Defender at the Radio brings back Richard Dix, this time instead of being the hard working lad who has little time to play, he is the rich playboy who has nothing to do. He had dabbled in crime detection and when he meets a girl whose father has been framed by his partners and is headed for the penitentiary, he goes into sleuthing in a big way. There are some exciting moments and some hearty laughs in The Public Defender, and Richard Dix does a workmanlike job as the gentleman with a duel personalitylikable fellow, and shrewd detective. The Spider at the Metropolitan. How are your nerves? They will have to be good to stand this thriller. Edmund Lowe is the magician who unravells the mystery of a man killed in the theatre during one of his performances. The thrills, shivers, and suspense are geared high in this mystery story. Cuban Love Song at the Ideal. This should be good with Lawrence Tibbett's voice, Lupe Valez's love making and Jimmy Durante's hilarious foolishness. Lawrence Tibbett has protrayed all sorts of picturesque soldiers in the past, this time he is a playboy marine. The caste is excellent and the songs will be liked by all. City Streets coming to the Fox. This is the lowdown on the beer racket. The beer-runner is Gary Cooper, catapulted into the racket by fate. He has been (Please turn to page 35) i I I METROPOLITAN THEATRE TALKING PRODUCTIONS to be shown soon MERELY MARY ANN Janet Gaynor Charles Farrell THE SPIDER Edmund Lowe Lois Moran Jean Hersholt EAST LYNNE Ann Harding Clive Brook Conrad Nagle - II I' - -- I- -- I I IA V P E S M N I T E - - IN RESPONDINGvc TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  21 January, 1932 Janury. 932THE AMERICAN CHAMBER OF COMMERCE JOURNAL 21 TALKING PRODUCTIONS to be shown soon CITY STREETS Gary Cooper Paul Lucas Sylvia Sidney MAN OF THE WORLD with William Powell RANGO Tale of the jungle with native cast SCENES FROM COMING SHOWS 7T1p rou:-,Joel McCrae and Constance Bennett in Born To Lore coming to the new IRodio. Next: Edmund Lowe at the Metropolitan in the mystery thriller Th(' Spider. Lawrence Tibbett aind Lope Valez in a scene from Cubon Lore to show at the Idcol. Jimmie Durante and1 Ernest Torrence are in this one too and~ it is hound to lbe gonul. Next ro~r:-The three Rover boys, Robert Armstrong. Jimmie Gleason and William Boyd in The Suicidc Flect ait the Radio. This is two fistced adventure with the American navv. Good for everyonie from S to SO. Garv Cooper, Paud Lucas andl Sylvia Sidney in City ~Stre't~s coming to the Foa. This racketeer picture has less, racket and miore real interest than most filmis of its sort. T'hird rnnr: —llelen Haves in the Sin of Modclon (In dt,Iat the Idcol. This puicture is making motion lpictuire list ory aund is claimedl to tbe one of the greatest dramnas of mother love ever filmned. Helen Haves is a new-comer to the talkies. Next: Douglas Fairbanks utod Behe D)aniels in 1?eacring for the Moon at the Lric. IDoug's fans are in for a lot of fuin in this talkie. Next: Taltillah Bankhead and Clive Brook in The Torn~ished Lody at the Fox. No amateurs these stars. Lost rnw:-Walter Huston and Phillips Holmes in The Criminonl Code at the Metropolitan. This is a big picture andl don't miss it.. Next: Janet Gaynor and Charles Farrel are reunited again as wistful young lovers in the cinderella story, Merely Mory Ami at. the Metropolitan. William Haines and Ernest Torrenee in Gel-Rich-Quick lfllnford at the Ideol. I The L Y R I C offers you the utmost in motion pictures-as evidenced by the following list of superb Talking Productions to be exhibited soon Dishonored MARLENE DIETRICH VICTOR McLAGLEN Hlells_.Angels Reaching For T'helMoon DOUGLAS FAIRBANKS BEBE DANIELS THE BEST IN SOUND MOTION PICTURES I I' 1 I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  22 22 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 American Agriculture's... (Continued from page 19) basic necessity in our modern mode of living. As in the case of rubber, a duty on coconut oil would not make other fats and oils suitable as substitutes for coconut oil for these purposes. Unfortunately, from the standpoint of public understanding, the relatively essential characteristics of coconut oil are obscure, and only discernible through the medium of chemistry, whereas the essential qualities of rubber are clearly apparent to us through our senses of sight and touch. If we were to examine the subject of competition between rubber and leather, we would first have to consider the fields of usage in which each of these commodities was used, and then find out to what extent rubber and leather could, in a practical manner, be used interchangeably as a raw material, imparting the requisite qualities to the finished products. Let us examine the principal products made of fats and oils and see how and why coconut oil is employed as an ingredient, and to what extent, if any, it competes with any domestic fat or oil. These principal products are: Many of us clearly recall the days of the old washboard, with which the washing of clothes was largely a matter of elbow grease, employing soaps, the cleansing qualities of which were, at best, vastly inferior to qualities of soaps we have today containing the proper proportion of coconut oil, and which have greatly lessened the housewife's drudgery. Every farmer's wife is thoroughly familiar with the modern types of toilet and laundry soaps, soap chips, and powders which are used in washing machines, and which have made the washing of heavy, as well as dainty, fabrics an easy task. Every housewife knows that the finer and more dainty types of garments worn today, could not be washed by the old method of harsh soap and elbow grease; she knows that the life of the frail fabrics used today would be very short, were it not for the freely lathering modern types of soap which loosen the dirt without the use of harsh, mechanical action, and injurious chemicals. Many manufacturers of these fabrics are very careful to recommend the use of moder soaps which actually contain large proportions of coconut oil. There is no fat or oil produced in the United States which will impart the necessary lathering and cleansing qualities to our modern types of soap. These essential qualities in soap can be produced only by the liberal use of coconut oil. We know that the strength-in an automobile tire is supplied by the strong cotton fabric over which the rubber is molded, and that rubber supplies the resilient tread which is an indispensable part of the tire. The cotton for the fabric of the tire is produced in the United States, but the tire could not be made without the use of the imported rubber. In just the same manner coconut oil, from the Philippines, is the imported ingredient essential to combine with other soapmaking fats and materials to produce the satisfactory finished product. None of the modern varieties of white laundry soap, soap flakes, beads of soap, and soap powders foi washing dainty fabrics, dishwashing, laundering, and other household purposes, could be made without large proportions of coconut oil. 1. 2. 3. 4... Soap-Toilet and Laundry Table Fats-Oleomargarine Confectionery and Fancy Biscuits Cooking Fats-Shortening, Frying, Etc. Paint, Varnish, Linoleum-Drying Oil Products No. 1-SOAPMAKING: Sixty per cent (60%) of all of the coconut oil consumed in the United States is used in the manufacture of toilet, laundry, and chip soaps, and other cleansing products. Does the use of this coconut oil in soapmaking, injure our domestic oils and fats? A study of the functions of coconut oil in soapmaking shows conclusively that it is absolutely indispensable, and not interchangeable, with any fat or oil used in the production of modern types of soap. 21 years of Service to the Insuring Public More than P 9,000,000.00 of Assets THE INSULAR LIFE ASSURANCE COMPANY, LTD. I Insular Life Building Insular Life Bldg. Manila, P. I. L~ -- _ _ _ _ _ _ _ _ _ I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  23 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 None of the well-known types of toilet soap would have their present superior qualities without the proper proportion of coconut oil. With these cold facts before him, will the farmer regard coconut oil as an unfriendly competitor, or as an indispensable blessing, contributing to clean garments, clean households, clean linen, and clean human bodies. Exclude coconut oil and, consequently, make much inferior soap from domestic products exclusively, or impose a heavy duty on it, and thus correspondingly increase the price of the 3,300,000,000 pounds of soap we consume, and the dairymen and cottonseed oil producers responsible for this, will hear from the housewives of this country. The dairymen will not find the American people so generously willing, as they are today, to gra it a 14~ per pound duty on butter. No American farmer is intentionally producing one pound of any fat or oil for use in the manufacture of soap. All of the domestic oils and fats produced by American farmers, except linseed oil (for paint-making), when recovered in their natural prime condition, find a more profitable outlet in the manufacture of edible products, and are completely absorbed in the field of edible usage. All domestic oils and fats, which are used in the manufacture of soap in this country, are incidental byproducts which result from the processing or refining of our primary fats and oils for edible usage. In the United States, there is a great shortage of fats and oils for soapmak;ng purposes, necessitating the importation of about 43% of the total quantity used. Since we must import for this purpose huge quantities of material, why not import coconut oil, universally acknowledged the most indispensable material for soapmaking? Why put a duty on it, and inflate the price of soap, an article of prime necessity and universal use? Even if we could increase our domestic production of fats and oils for soapmaking purposes, we still must import coconut oil to make the soap our customs demand, for we could not grow coconuts in any section of our country. According to the United States Bureau of the Census for the calendar year 1929, the production of soaps in the United States was approximately 3,300,000,000 pounds, or over 26 pounds per capita. In the production of this huge quantity of soap, using a total of 1,618,953,000 pounds of all kinds of fats and oils, coconut oil constituted 393,914,000 pounds, equivalent to 24.2% of the total. Almost a billion pounds of low-grade refuse oils and fats of domestic origin were made far m)re serviceable for soapmaking, chiefly because of the 393,914,000 pounds of coconut oil mixed with them. Does this look like coconut oil hurts our domestic fats and oils? On the contrary, is it not rendering them an outstanding service? Why, then, put a duty on it? We are confident that the agricultural chemists, associated with any agricultural college in the United States, will be glad to bear out the facts herein stated, that the coconut oil we use in the manufacture of soap, cannot be replaced by any fat or oil of domestic origin, and that modern types of soaps, with their high-cleansing qualities, could not be made without it. No. 2-TABLE FATS-BUTTER AND OLEOMARGARINE: On the coconut oil going into butter substitutes (oleomargarine) the dairy interests base their complaint that the competition between butter and oleomargarine could be greatly minimized by placing obstacles in the way of the free importation of coconut oil from the Philippines. Again we shall see that coconut oil is no factor in the limitations on the price of butter. The price of foreign butter, plus the duty, and the over or under production of butter in the United States, are the factors which control the price of our butter. If the production of domestic butter is below domestic requirements, the price of butter tends to advance to the cost of foreign butter delivered to New York, plus the duty of 14~ per pound. If the production of domestic butter exceeds the domestic demand, then the competition between domestic butter producers, in their I I Announcing DINING CAR SERVICE for FIRST and THIRD class Passengers on BAGUIO-ILOCOS EXPRESS American and Filipino Food. Prepared by Experienced Cook. Under Manila Hotel Management. Regular Meals and Short Orders Served at Reasonable Charges. Ask for the Menui and the List of Miscellaneous Dishes. Refreshments, Wines, Cigars and Cigarrettes also Obtainable at the Dining Car. Place orders in the Dining Car. For those who cannot take meals in Dining Car, attendants will serve meals ordered in lunch boxes. Third Class Dining Car MANILA RAILROAD COMPANY,I I I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  24 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 efforts to dispose of their surplus production, results in the price of butter declining below the duty-paid New York price of foreign butter, as is the case now (December 1, 1931). (Note the chart on page 18). The wholesale price of 92 score butter at New York is actually 412/ per pound below the duty-paid price of Danish butter, much more than enough to prohibit the importation of this foreign butter. Oleomargarine is not a factor in determining the price of domestic butter. The price of oleomargarine is controlled entirely by the cost of the raw materials from which it is made, whereas the price of butter, as we have just stated, is controlled by two entirely different factors. The farm and creamery production of butter is now estimated by the United States Department of Agriculture to be 2,100,000,000 pounds per annum. The total production of all kinds of eleomargarine in the United States, in the year 1929, was 356,244,000 pounds, or only about 16.9% of the quantity of butter produced in this country. Considering the number of our poor people, who can afford oleomargarine only, or must even do without anything, it is difficult to see how the dairymen can expect a greater percentage in favor of butter. Assuming that it would be fair to American consumers of limited incomes to prohibit their obtaining a normal amount of table fat in their daily diet, this prohibition could never actually be accomplished by imposing any duty on Philippine coconut oil and copra from other countries. To illustrate the futility of accomplishing this objective, it is only necessary to know that.53 pound of coconut oil is used in one pound of vegetable oleomargarine, and that if the duty of 2, per pound on coconut oil from foreign countries were levied on Philippine coconut oil, it would be equivalent to 1.06 cents on the coconut oil content of each pound of vegetable oleomargarine. Assuming that a 10% profit on this additional cost of 1.06 cents per pound were added by the manufacturer, then the additional cost, because of this duty, would be 1.16 cents per pound of oleomargarine. For years the price of butter in the United States has been 15 to 25 cents per pound higher than the price of oleomargarine. At present the actual spread is 191/. If this 1.16/ per pound were added to the price of oleomargarine, the spread between butter and oleomargarine, on today's market, could be approximately 1812/ instead of 1912 per pound. The difference would still be so great, that the millions of smaller budgets of this country, especially after the great depression, would still buy oleomargarine in preference to the much higher priced butter. A budget considering the purchase of a Ford is not likely to buy a Rolls Royce, and even an increase of a few dollars on the Ford will still not make the Rolls Royce attractive to a Ford budget. Not a pound of additional butter would be sold, nor would there be a fractional increase in the price of butter. The dairymen, therefore, would not in the least be benefitted. The insignificance of coconut oil, as used in the production of oleomargarine, is clearly revealed by the fact that during the calendar year 1929 the production of domestic edible fats and oils in the United States was approximately 6,200,000,000 pounds, and the consumption of coconut oil during that year in oleomargarine was only 185,507,000 pounds, or barely 3 %. Are the dairymen so credulous as to believe that if that small percentage were eliminated and replaced by domestic oils and fats, it would increase the price of oleomargarine enough to reduce the spread of from 15/ to 25/ per pound between the butter and oleomargarine prices to make oleomargarine less competitive than it is to-day? If Philippine coconut oil going into oleomargarine paid the present 2/ duty, that would amount to $3,710,000, which is about one-half of 1% of the market value ($650,000,000) of our butter production. Even if this duty were a factor in determining the price of butter, which it is not, how can the dairymen anticipate any benefit by this drop-in-the-bucket duty? Let us assume, for the sake of argument, that such a Quality Printing is as essential to your business as well-tailored clothes are to the successful salesman. Attractive letterheads, billheads, cards, envelopes, labels, etc., are silent but powerful salesmen. Why not let them carry your message in the most effective way? The McCullough Imprint ensures quality printing and all that it implies. McCullough service means expert supervision and the intelligent handling of your printing problems. Whatever your printing needs may be, you are assured the utmost satisfaction when McCullough does the job. May we serve you? McCULLOUGH PRINTING CO. Division of Philippine Education Co., Inc. I 101 ESCOLTA Phone 2-18-01 MANILA, P. 1.. ' — 1 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  25 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 25 high duty were placed on coconut oil, that none were used in the manufacture of oleomargarine, and that only domestic fats and oils were used for that purpose. Whatever competition there may be between oleomargarine and butter would still exist, and butter would be no better off than it is today. The present duty of 2$ per pound on coconut oil is equal to 57% ad valorem on the current price of 3.5$ per pound CIF New York. If the present duty on coconut oil were doubled, it would be 114 % ad valorem on present prices. That would be an unconscionable duty. Yet, even then, the cost of producing oleomargarine would be increased only by 2.32$ per pound, still insignificant, in comparison with the normal spread which exists between the prices of butter and oleomargarine. Even such a duty would afford no economic grounds beneficial to butter, or other domestic oils and fats, and whatever competition there may be between butter and oleomargarine, will still exist and butter will be no better off than it is today. Everyone wants to give the farmer assistance that is assistance. Our dairymen already have a home market which consumes their entire butter output. Our people have put an import duty of 14$ per pound on the importation of butter from foreign countries. This is approximately 50 % ad valorem of the present wholesale New York price of butter. In addition to this, Congress has imposed on oleomargarine an import duty of 14$ per pound. Besides this an excise tax of 10$ per pound is levied on any butter substitutes, imported or domestic, which have a color resembling butter, and an excise tax of D!$ per pound on uncolored or white oleomargarine. The American dairymen, therefore, seem to be liberally protected against competition from without and from within. We begrudge him none of this protection. On the other hand we do not believe that he should ask for a duty on Philippine coconut oil which in practice will do him no good, but which would impose an enormous additional and unnecessary burden on the American people. With a duty on coconut oil, there is no economic reason for believing that butter, or any other domestic oils and fats, would be any better off than they are today. No. 3-CONFECTIONERY AND FANCY BISCUITS: No domestic produced fat or oil possesses the indispensable properties of coconut oil, necessary in the manufacture of confectionery and fancy biscuits: Every household is familiar with the fancy biscuits which aresold today by large commercial bakers. Every woman and child knows that many varieties of fancy cookies, with their very palatable cream fillings and frosted icings. These frostings and fillings can only be made from an oil which is solid at normal temperatures, yet will become liquid at temperatures only slightly below that of the human body. Not one of our domestic fats or oils possess these characteristics. These commercial biscuits are not consumed as quickly after baking as homemade cakes. They must, therefore, be filled and iced with a creamy material which will not become dry, brittle, or unpalatable from the development of objectionable rancid tastes which come with age. In other words, these fancy biscuits, with their fillings and icings, must be made so that they will be wholesome and palatable when they reach the ultimate consumer, usually weeks after they have been baked. Few consumers know that these products could not be manufactured, and would not be obtainable were it not for edible coconut oil and its resultant derivative, commonly described as pressed vegetable stearine. Fifteen per cent of all the coconut oil consumed in the United States is used ii the manufacture of confectionery, and fancy bakery products, and no fat or oil produced in the United States can take its place in the field of usage. No matter what the rate of duty on it might be, it would be paid, resulting only in inflated prices of those products, and no benefit whatsoever to the domestic producers of fats and oils. No. 4-COOKING FATS AND OILS-FOR SHORTENING. I I I --- L The Philippine Guaranty Company, Inc. (Our Bonds are accepted by the United States Army, United States Navy and by all the Bureaus of the Insular Government) FIRE INSURANCE SURETY BONDS We execute Bonds of various kinds specially CUSTOMS BONDS, FIRE ARMS BONDS, INTERNAL REVENUE BONDS, PUBLIC WORKS BONDS FOR CONTRACTORS, COURT BONDS for Executors, Administrators and Receivers and Personal Bail Bonds in criminal cases. WE ALSO WRITE FIRE INSURANCE Loans secured by first mortgage on properties in the City of Manila, San Juan and Pasay on the monthly amortization plan. Call or write for particulars: 2nd Floor, Insular Life Building, 290 Plaza Cervantes, Manila, P. I. V. SINGSON ENCARNACION Presiden t Phone 2-41-11 J. McMICKING Manager P. 0. Box 128 L j I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  26 26 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 FRYING, ETC.: Outside of the dairy interests, cottonseed oil interests set up the chief complaint against coconut oil. Eighty per cent of domestic cottonseed, peanut, and corn oils go into vegetable shortening or lard substitutes, and practically all of the balance, less the loss from refining, goes into cooking and salad oils, and a little in oleomargarine. The chemical characteristics of all the domestic oils and animal fats used in this group are such as to make them highly adaptable for cooking purposes. The chemical characteristics of coconut oil, on the other hand, make it highly undesirable for cooking purposes. Coconut oil does not possess the required shortening properties, is not easily emulsified with other material, sputters, and foams on heating to frying temperatures. Therefore, it is not used to any appreciable extent for shortening, frying purposes, salad oils, etc., and cannot be said to compete in this field. All oils have not the same characteristics. Many are not PHILIPPINE PARENTS Kl of FORESIGHT,... are learning that children thrive on Soie's emulsion of cod liver oil, because only 2 teaspoonfuls a day contain more vitamins A and D than all the milk and butter anyone can drink and eat in one day They are learning what vitamins are, and: that they are necessary parts of good meals....Education teaches mother to believe the truth of science, that Nature stores these body- and mine building materials in the liver of the cod fish, from which men take the] in the form of oil. Philippine mothers are learning that Boie's emulsion of this oil co, tains twice as much of the oil as most other emulsions —a teaspoonful < Boie's equals a tablespoonful of most kinds. Cod liver oil as prepared in Boie's emulsion benefits children in so many ways that mothers who begin letting their children have it will not cease providing it: for it gives children B st 2 1 " appetite, good digestion, rapid growth, bone ble. The world over, oils are selected for specific ause they have the required properties. It is at our people demand soap, confectionery, bisade from coconut oil, and coconut oil only. In Ida bought from the United States nearly 25,000,of cottonseed oil for use in the manufacture of ortening and salad oils, paying 7.7' per pound uld have bought coconut oil at 6.52~. There is no e coconut oil going into Canada. Canada wanted il because that best suited her purposes. It was one oil replacing another. The same holds with ntry, and we should not be penalized by imposon something we need and which has no real substitute. farmers are producing more hog lard than can d in the United States, with the result that we ring the year 1929, to the housewives of Northern Europe, for cooking purposes, approximately 850,000,000 pounds, or from 30% to 40% of our domestic hog lard production. Europe, paying a much higher price, is a better market for our surplus edible fats and oils, than is our own soap kettle. It is better business to complete our soap requirements by importing cheaper inedible fats together with coconut oil. The latter constitutes about half of these importations for soapmaking, and makes possible the quality of soaps, confectionery, and fancy biscuits demanded by the American consumer. The price received for the lard exported to Northern Europe determines the r price in our domestic market and, therefore, controls the price of cottonseed oil m and vegetable lards. Thus the price of hog and vegetable lards are controlled by world prices (this may vary during - a shortage of cottonseed just before the f new harvest comes in). Even if the small amount of coconut oil going into oleomargarine were eliminated, we still would have to export almost a billion pounds of oils and fats, and the export price of this would still determine the price of the balance. It must be clear, therefore, that even if coconut oil did pay a duty, it would not in the least measure be a factor in determining the ruling prices of domestic oils and fats. The real cmnpetition in this group is clearly not between coconut oil on the one hand, and our domestic oils and fats on the other. It is between hog lard and cottonseed oil, and that cannot be relieved by putting a duty, on coconut oil. Coconut oil from the Philippines, therefore, does not compete in any way with domestic fats and oils produced by American hog raisers, cotton growers, corn growers or soya bean growers, nor is it a factor in determining the prices of these oils. No. 5-PAINT, VARNIS:I, AND LINOLEFIM —DRYIN(; OIL PRODUCTT: Just as actual practice and technical research ihave proven that coconut oil is indispensable for making soap and for certain confectioneries and cream fillings for bisclits, so it is likewise proven to be wholly unsuitable as a drying oil, and therefore, as (;overnnment records show, 10none what ever is use(d for this purpose. fERICAN CHAMBER OF COMMERCE JOURNAL A and tooth material, strength to repel germs. It certainly benefits the nervous system, probably nourishes the brain: a marked change in mental alertness soon takes place in children taking this wonderful emulsion. FORMULA:-Cod Liver Oil 500 cc.; ('alc. Hypophos. 10 grrn.; PIot. and Sol. Hypophos. aa 5 grm.; Syrup and Flavoring s.q. 1 lit. DRUG STORES SELL BOIE'S EMULSION Made by Philippine American Drug Company BOTICA BOIE: MANILA INSIST ON BOIE'S EMULSION-DOUBLE VALUE -- --- -- ---— - - --- IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AM

Page  27 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 27 The real facts in a nut shell are that 75 % of imported coconut oil is such an indispensable ingredient of soap, confectionery, and biscuits, that no matter what the duty on it might be, it still would be imported ii undiminished quantities, so the net result would be correspondingly higher prices on our confectionery and biscuits, and on over 3,000,000,000 pounds of soap, without increasing the price or consumption of an additional pound of butter, or any other kind of domestic fat or oil. Whether or not a duty were put on the remaining 25% of imported coconut oil going into oleomargarine, the price of oleomargarine would be increased so little, if any, as to still leave such an enormous spread between the price of eleomargarine and butter, that the budgets of our poorer people still would continue buying oleomargarine instead of butter. Are the American farmers such poor economists, or so easily deceived. that they will not see this? They complain, and with some EM PR I justice, that thev must sell their products like wheat, meals, lard, FROM THE etc., in foreign markets against world competition, while they O R IE must buy much of their essential I requirements in the highly protected home market. About 50% W Want the thrill of speed of the farmers produce no butter. Leading the great white Empr All of them use soap, confectio- the new Empress of Japan, 2( nery, biscuits, etc., the price of tons, 39,000 tons displacement which would be increased by i- speed... largest, fastest on Paci which would be increased by imposing a duty on coconut oil. ACROSS THE PACII Will the farmers not see that thus, by their own acts, they merely increase the very burden about which they complain? We have heard much talk of the loss to the American farmer arising from the importation of coconut oil, but we have yet to hear how that loss compares with the loss D A Y S he would sustain from a heavduty on coconut oil. In T r. * Want every 1931 luxury?...w dut on coconut oil.ed-of" cuisine, "of-the-Orient Philip G. Wright's, "The Tariff Take First Class. on Animal and Vegetable Oils", * Want lower cost? Go in the prepared under the direction of fine "Empress" Tourist Cal The Institute of Economics, he Third Cabin. sums up his exhaustive study as ON O U R T RI follows: "Finally, the benefit to the T T dairy interests and to cottonseed and peanut growers-the interests chiefly restonsible GO ST. LAWRENCE for the changes in the oils duties-from the duties on * Shortest, most direct rot 1000-mile St. Lawrence Seawa cottonseed, p)eanut, coconut, of gorgeous coast-lines, only.:und soya bean oils, has been open ocean. 3 to 5 sailings we at best small, while the bur- Montreal and Quebec by 13 h den on oil refiners and soap Every type accommodation. u s hs British and Continental po m'anufacturers has been con- 1931 rates. siderable. In the case of TRAVEL BY these oils the burden would CANADIAN AUSTRA seem greatly to outweigh the L I N benefit." between Without helping their own con- VANCOU CTO (litions, do the American farmers, anA inder a misapprehension, want to Honolulu, Suva Nw Zealand force the United States to sud- The White Empresses connect denly grant independence, termi- lulu with C. A. Line Ships. nating our tariff relationship with and Niagara the Philippines, paralize the iindustries of those Islands, launch C A A an impoverished, new, and independent government foredoomed WORL to failure, and in thus leaving ruth lessly sacrifice the friendship which we built up with the Filipinos during the past thirty-thiee years? The farmer, evidently, overlooks the unnecessary and fruitless ill-will this would create in the mind of every Filipino. It would be an ugly spectre in our history. Moreover, we need the friendship of the Filipinos in the Orient. If we grant Philippine independence, it is estimated we shall lose $50,000,000 to $50,000,000 of our present exports to those Islands. The first and heavy loss will be among cotton and dairy products, meat, and bread stuffs. With our markets abroad already enormously shrinking, shall we deliberately lose most of the assured market we have in the Philippines, and do so under thejfruitless misapprehension that Philippine (Please turn to page 36) i P TO PE ALL YEAR ROUND SEAWAY AND ydas SUMMER ROUND TRIP 3 to 4 days eekly from REDUCED FARES uge liners. Direct to 9 630.00 *rts. Low 630 00 LASIAN 540.00 300.00 {IA MANILA VICTORIA,Australia ANR at Hono- VANCOUVER Aorangi AND RETURN DIAN-PACIFIC D'S GREATEST TRAVEL SYSTEM. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  28 28 THE AMERICAN CHAMBER OF COMMERCE JOURNAL *- aCstE. ~* - * January, 1932 SHIPPING REVIEW By H. M. CAVENDER General Agent, The Robert Dollar Company In spite of the optimistic tone at the close of November, cargo movement during December did not come up to expectations. The last half of the month was particularly bad. The holidays, with the usual inventory adjustments and the general period of inactivity at the year-end all tended to cut down tonnage. The desiccated coconut factories took the year-end as a good opportunitv to close down for annual overhaul. We understand too they had some difficulty in obtaining coconuts at workable prices. As a matter of fact, prices in a number of primary markets have been so low for some time that many small producers have been indifferent about disposing of their products, and arrivals in the various concentration centers have been irregular and unsatisfactory. Fairly large quantities of raw sugar were shipped during the month from Iloilo and outports, destined for Atlantic coast ports. A fair tonnage of raw sugar and quite a bit of refined sugar moved to the Pacific coast. As pointed out last nonth, forward sales of sugar have been slow in the United States, with consequent light forward space bookings. While optimism continues, some operators are now of the opinion that recovery will be slower than anticipated, and that the heavy shipments of sugar will not commence until late February or March, and probably will be spread out until quite late in the veer. While definite fimures on Decpm ber cargo movement are not yet available, present indications are that it will be below last year. China and Japan movement has fallen off to some extent compared with recent months, but is still in a better condition than last year. Hemp has continued very slow in all directions, although some fair shipments have been made to Japan. Considerable coconut oil was shipped during the month, the bulk of the total being made up by several tank steamer cargos to the Atlantic coast. Lumber and log market was quite slow, with a light movement to China, Japan and the Pacific coast. The lumber movement to the United Kingdom was quite good. Thexe is considerable tonnage on berth in the Philippines and no likelihood that there will be any shortage of tonnage during the coming p)eak sugar season. Tariff 1-D issued by the Associated Steamship Lines goes in effect January 1st, 1932. This new tariff embodies all changes during the year. r~ THE PRESIDENT LINER FLEET FINEST * NEWEST * LARGEST AMERICAN MAIL LINE DOLLAR STEAMSHIP LINES EAST OR WEST TO NEW YORK "The Short Route to America" Via Via rChinTn.,n, Hanatihi Suez Canal To SEATTLE via CHINA, JAPAN and VICTORIA Pres. Jefferson - Jan. 20 Pres. Madison - Feb. 3 Pres. Cleveland - Feb. 17 Pres. Taft --- March 2 Pres. Jefferson - March 16 Pres. Madison -March 30 Pres. Cleveland - April 13 Pres. Taft - - - April 27.tltll.- o dlJuapll llttluVlual San Francisco Panama Canal Pres. McKinley - Jan. 30 Pres. Grant - - - Feb. 13 Pres. Lincoln - - Feb. 27 Pres. Coolidge - March 12 Pres. Wilson - March 26 and Europe PHILIPPINE INTER-ISLAND STEAMSHIP CO. SUPERIOR INTER-ISLAND SERVICE S. S. "MAYON" Sails Wednesdays from MANILA TO TO ILOILO CEBU ZAMBOANGA ZAMBOANGA CEBU ILOILO Jan. 27 Jan. 20 Feb. 3 Feb. 10 Feb. 17 Feb. 24 Mar. 2 Pres. Monroe - - Jan. 27 Pres. Van Buren - Feb. 10 Pres. Garfield - - Feb. 24 Pres. Polk - - - March 9 Pres. Adams - March 23 Pres. Harrison - April 6 Pres. Hoover - - April 9 Pres. Hayes - - April 20 FOR BOOKINGS AND INFORMATION APPLY TO: THE ROBERT DOLLAR COMPANY General Agents ROBERT DOLLAR BLDG., PORT AREA MANILA - 24 CALL DAVID TELEPHONE 2-24-41 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  29 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 29 The Associated Steamship Lines appears to be were: F, 5-7/8 cents; G, 3-7/8 cents; sales being in a fairly strong position. Most of the regular made of the latter grade at the price indicated. shippers have signed contracts covering contract I was quoted at 5-1/8 cents; J1, 4 cents; S1, commodities andcordialrelationsexistbetweenthe 6 cents; S2, 5 cents and S3, 3-7/8 cents. During associationmembersthemselves aswellasshippers. the first week sellers were offering freely at The report of the Associated Steamship Lines above prices and were also offering some Davao covering the last six months of 1931 will be out E at 8-3/16 cents; H at 3-3/4 cents and by the shortly and we hope to be able to draw some end of the week had reduced prices on Davaos rather interesting comparisons in the next issue to E, 8-1/16 cents; F, 5-7/8 cents; G, 3-7/8 cents; of the Journal. H, 3-5/8 cents; I, 5 cents; J1, 4-3/16 cents; From statistics compiled by the Associated SI, 5-7/8 cents; S2, 4-3/4 cents; S3, 3-3/4 cents. SteamshipLines, there wereexported from the Phil- Housemarks of other provinces were also reduced ippines during the month of November,1931, to- from 1/8 cents to 3/16 cents with sellers willing Ton. Misc. Sailings Tons American Sailing. China and Japan........ 9,459 with 37 of which 968 carried in American bottoms with 8 Pacific Coast Local Delivery.............. 16,588 with 13 of which 10,428 carried in American bottoms with 8 Pacific Coast Overlsand... 468 with 7 of which 319 carried in American bottoms with 4 Pacific Coast Intercoastal 978 with 10 of which 767 carried in American bottoms with 4 Atlantic Coast..........41,943 with 18 of which 16,755 carried in American bottoms with 7 European Ports.........22,527 with 17 of which 102 carried in American bottoms with 2 Australian.............. 194 with 5 of which None carried in American bottoms with None 92,157 with 65 of which 29,339 carried in American bottoms with 13 Passenger traffic from Manila has been light. This of course was expected, as this is the season when many Manila residents return to the Islands. The steerage movement to the United States has amounted to practically nothing, being T e confined to a few relatives of Filipinos w established in the United States. Traffic to Hawaii also continues to decrease. In decided contrast is the steerage movement R E FR A CT O M E ] from the United States and the Hawaiian Islands R F A O M to the Philippines, which exceeds a number of times the departures from the Philippines. tells W hen to cut ca This return movement is split about 40% from11 w t the mainland and 60% from Hawaii. The following figures show the number of.~. passengers departing from the Philippines during the month of December, 1931, (first figure represents first class, second figure intermediate classes, third figure steerage):., (Passenger Statistics)-December, 1931.; China and Japan......... 148 137 *515 Honolulu................. 2 2 t393 Pacific Coast............. 52 10 18 Java..................... 22 1 1 Straits Settlements........ 29 7 3 Europe.................. 19 3 4 Australia................. 8 4 Europe via America...... 4 America via Europe...... 4 *Includes 115 in transit for Honolulu fIncluding 115 transit passengers from Hongkong Mr. R. Stanley Dollar, President of the Dollar Steamship Lines, recently visited the Philippines, arriving on the s. s. President Madison December 7th. While in the Islands he and his party visited southern ports on the s. s. Mayon, and departed for Europe on the s. s. President Harrison. Mr. Dollar expressed himself as being very well impressed with the comparatively good condition of business in the Philippines, and keenly enjoyed his visit here. Mr. J. D. Carriere, Shanghai Agent of the Java-China-Japan Line, was in the Philippines for a short visit early in December, and returned to Shanghai on the s. s. President Wilson December 19th. qW to accept still lower prices in order to get on with business. Some offers were made of F at as low as 5-1/4 cents and I at 4-5/8 cents on shipments from the United Kingdom to the United States. Sellers at the middle of the month were asking for Davao E, 7-7/8 cents; F, 5-3/4 cents; 1, 5-1,'8 cents; Jl, 4-1/4 cents and would have been willing to meet counteroffers at lower prices. The U. S. Navy bought some parcels of F ranging in price from 5 cents to 5-5/16 cents, the shipment position being December and January. A week or so later, Davao sellers' quotations had fallen off to E, 8 cents; F, 5-1/2 cents; I, 5 cents; J1, 3-7/8 cents. Other Housemarks were offering at E, 7-3/8 cents; F, 5-1/2 cents; I, 4-5/8 cents; Ji, 3-3/4 cents with sellers still anxious to do business. During the latter part of the month the U. S. market was exceedingly quiet on account of the absence of demand during the holiday period. In Manila the market at the beginning of the month was E, '15.25; F, PI11.50; I, P9.50; I __ I I I L REVIEW OF THE HEMP MARKET By L. L. SPELLMAN International Harvester Company of Philippines II y/ CPERATEY COOPERATE This report covers VV it Your Central - the Manila hemp mar- Wt y e2 ket for the month of The Zeiss refractometer tells you your exact 25 December with statis- purities, which the mill purities will appro- tticrs p to and including ximate. Cc6perate with the chemist at your December. S. GRADE31st, 1931: The central in acquiring the knack of using it, for it tells you and the central when arket for these grades any field of cane is at the optimum and should be cut. In Formosa alone, 1,800 was very quiet in the are in use and recoveries have increased 15%. beginning of December ~nd sellers' quotations INSTRUMENT DEPARTMENT i n New York were for Philippine American Drug Company, ' 1)avao pressings: F, 6....cents; G, 4 cents; I, 5-1/4 cents; Jl, 4-1/4 Box 299, Manila, P.. cents; S], 6 cents; 82, 5-1/8 cents; S3, 4 cents.Bo 299, Manila, P. I. For llfousemarks of other provinces, quotations IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL I

Page  30 30 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 J1, P7; S1, P11.50; S2, P9.50; S3, P7; but very little business was done at these prices as both buyers and sellers were indifferent. A week or so later buyers were offering for E, P14.25; F, P10.50; I, P8.50; Jl, P6.25; S1, P10.50; S2, P8.50 and S3, P6.25 but no sellers were found who cared to accept these prices; nominal prices quoted at that time being E, P14.25; F, P10.75; I, P8.75; J1, P6.50; S1, P10.75; S2, P9 and S3, P6.50. The local market was exceedingly quiet during this period and by the middle of December nominal prices had declined to: E, P13.75; F, P9.75; I, P8.25; J1, P6; S1, P10; S2, P8.25; S3, P6. There was no change in the last half of the month, prices remaining about the same as they were at the middle of the month. U. K. GRADES: Statistics for November received from London were as follows: Bales Deliveries to Consumers during Novem ber.......................... 32,000 Stocks in Importers' hands on Dec. 1st 25,000 Hemp afloat (including loadings) on D ec. 1st....................... 60,000 London quotations on the 1st of the month were: J2, ~21; K, ~20; L1, ~19; L2, ~17; M1, ~18.15; M2, ~16.5; DL, ~16; DM, ~15. These represented sellers' prices, buyers not being interested. Business was very limited due to parcels arriving and due during the first half of December and the visible supply of hemp for the U. K. being sufficient to fill the next two months' requirements. The market at midmonth was dull with a downward tendency, sellers' quotations were: J2, ~20.5; K, ~19; L1, ~18; L2, ~16; Ml, ~18; M2, ~15.10; DL, ~15.5; DM, ~14.15. Sales were made about this time of K at ~18.10. The market during the latter part of the month went from steady to dull with very little action and at the end of the month b INDANTHREN buyers were holding off and consumers were not buying. Second-hands sold K at ~19; shipping position Feb.-April. The exchange during the month was very erratic but steadied up during the last few days. The Manila market in early December was practically lifeless due in part to the hazardous situation of exchange affecting the Pound Sterling, there being a difference of $0.10 Gold to the pound in the first two days. Nominal quotations for U. K. grades were: J2, P6.50; K, P6; L1, P5.50; L2, P4.75; M1, P5.50; M2, P4.25; DL, P4.25 and DM, P3.75. Exporters were not at all desirous of purchasing at these prices. A decline in price was registered after the first few days and the market quoted as quiet at J2, P5.75; K, P5.50; L1, P5; L2, P4.25; M1, P5; M2, P3.75; DL, P3.75; and DM, P3.50. By the middle of the month the market was still quiet, prices having further declined to J2, P5.50; K, P5; L1, P4.75; L2, P4; M1, P4.50; M2, P3.75; DL, P3.75; DM, P3. In the early second half some exporters were willing to pay P0.25 over these prices for J2 and K grades but sellers were unwilling to accept. The market remained quiet to the end of the month at nominal prices for J2, P5.75; K, P5; L1, P4.74; M1, P4.50; M2 and DL, P3.75 and DM, P3. JAPAN: This market was more or less quiet during the entire month. A sharp drop in the exchange of the Yen at about the middle of December and the placing of an embargo on Gold caused the Japanese market to weaken considerably and by the end of the month the prices being quoted for fiber were below the prices at which it could be replaced at locally. MAGUEY: Very little business was done in this article during the month, prices quoted on the London market being for Cebu No. 2, ~16 and Cebu No. 3, ~15.10. PRODUCTION: Receipts for the week ending Dec. 7th were 18,000 Bs.; for the week ending Dec. 14th 15,000 Bs.; for the week ending Dec. 21st 11,000 Bs. This figures does not include 3,600 Bs. in transit at that time from Davao. These bales are included in the last week ending Dec. 2Sth which shows a total receipt of 23,000Bs. FREIGHT RATES: Contract shippers received notice from the Philippines-Europe Conference that an additional rate of 10%0 would be made on the base rates and additional rates without transshipment which will take effect on April 1st, 1932. This makes the total increase affecting shipments on and after April 1st, 1932, 20%. STATISTICS: The figures below are for the period ending December 31st, 1931: Manila Hemp 1931 1930 Bs. Ba. On January 1st........ 112,802 195,035 Receipts to date........ 1,066,333 1,300,640 1,179,135 1,495,675 "The World's Greatest Dye" FAST TO LIGHT FAST TO WASHING FAST TO WEAR FAST TO WEATHER Indanthren Registered Trade-Mark Shipments toU. K............. Continent............ U.............. Japan........... Elsewhere...... 292,969 307,047 155,453 208,319 226,253 482,189 3:30,440 290,878 62,922 97,298 ltiS,():17 1,385,731 I. G. Farbenindustrie Aktiengesellschaft The Sanitary Steam Laundry Co., Inc. -D' ERS DYEING 908-918 Arlegui DRYCLEANING Telephone 2-35-29 LAUNDERING P.O. Box 529 MANILA, PHILIPPINE ISLANDS DECEMBER SUGAR REVIEW By GEo. H. FAIRCHILD -,:EW YORK MARKET: The American sugar market duringthe month Iu(ler review was on the whole quiet with a flurther decline in prices l ltder those of the prcviols month. Following thell sale of large quant ities of promp)t ship-,ent Cubl)an sugar to refiners at 1.20 cents c. and f. on the 2nd, the market was literally lifeless during the first half of the month, refiners making only IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  31 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 31 insignificant purchases of prompt shipment parcels at 1.15 cents c. and f. on the 7th, 1.13 cents on the 9th and 1.11 cents on the 10th. Prices of refined which declined to 4.40 cents at the beginning of the month were further reduced to 4.20 cents. On the 16th, after two weeks of inactivity a sale of snall parcels of prompt shipment Cubas was effected on the basis of 1.10 cents c. and f. In the absence of any encouraging feature, the American sugar market was in a depressed condition during the latter part of the month with buyers cautious, preferring to deal in spot or near-hand sugars. The market showed a firmer tone at the close of the month when small sales of prompt shipment Cubas were made to refiners on the basis of 1.15 cents c. and f. According to the latest estimates issued by Willet & Gray, the world's 1931-1932 sugar crop will be approximately 3,000,000 tons under that of the previous year, or 300,000 tons more than the official estimate of a month previously. While Cuba's production is placed at 3,000,000 tons, estimates range from 2,200,000 tons to 3,400,000 tons. The amount of sugar that Cuba may produce this year, however, is subject to governmental regulation later on in January. Opposition to the Chadbourne plan in Cuba has been reported and this uncertainty no doubt has had a distressing effect upon the market. According to the Department of Agriculture in Porto Rico, the Porto Rican sugar crop this season is estimated at 892,000 long tons 60,000 tons in excess of Willett & Gray's estimate. These favorable factors were offset by the large accumulated unsold supplies in Java, in the Atlantic Coast and in Cuba, and the Russian threat of sugar-dumping in the world's market. It is to be noted that during the past six months of 1931 there were exported from Russia 235,000 tons of sugar while there was no record of importation up to March, 1931, indicating that Russia has been reducing the sugar rations to the Russian people to the minimum. A New York authority commenting upon the present unsatisfactory sugar situation stated that the collapse of the selling pool organized on September 11th has done much to depress the market. The pool was unsuccessful in marketing the sugar entrusted in its hands at satisfactory prices, and had done much harm to the market by its operations in "cornering spot supplies and effectively strangling the market for futures, thereby paralyzing trading on the Exchange". The same authority advocated doing away with artificial restrictions and trading as a means of correcting over-production and favored letting nature take its course, exemplified by the "survival of the fittest" which Chadbourne characterized as "the law of the jungle". On the other hand, another New York authority sees in concerted efforts at restriction together with the cc6l eration of banking interests in limiting financial assistance to planters, as an effective method of correcting over-production the world over. Philippine Sales: Sales of Philippine sugar during the month of December in the Atlantic Coast amounted to 24,500 tons at prices ranging from 3.10 to 3.25 cents 1. t. Resales amounting to 18,500 tons were made at prices ranging from 3.09 to 3.13 cents 1. t. It is to be noted in this connection, that in the last few Inonths during the current depression, very little Philippine sugar was sold in the New York market, disproving the claim that Philippine sugar depresses the American sugar market. During the last crop Philippine sugars were sold at relatively higher average prices tlan any of the sugars marketed on the Atlantic Coast. Stocks: The latest figures of world's stocks were 5,055,000 tons as complared with 4,378,000 tons at the same time last year and 3,222,000 tons at the same time in 1929. LOCAL MARKET: The local market for centrifugal sugar was quiet and inactive during the month in sympathy with the New York market. Quotations for exports varied from P7.20 per picul in the earlier part of the month down to P7.10 per picul toward the latter part. Crop Prospects: The volume of sugar manl factored to date up to the week ending December 20th is practically the same as that of last year. Although the amount of cane ground has been greater at this time this year than last year, the purities have been very low, thereby relatively reducing the amount of sugar manufactured. The milling results of 26 Centrals to date this year are tabulated below compared with those during the previous crop: (Up to week ending December 20th) Net Cane Tonnage 1930-1931 crop......... 1,828,707 1931-1932 crop......... 1,926,039 Net Sugar Tonnage 1930-1931 crop......... 202,604 1931-1932 crop......... 207,636 Piculs Sugar per Ton Cane 1930-1931 crop......... 1.72 1931-1932 crop......... 1.67 From the milling results shown above, it can be seen that the volume of sugar manufactured to date compared with that during the previous crop shows an increase of 5,000 tons. With this record as a basis for estimating the volume of the current crop, since one-third of the milling season is over, it is reasonable to expect that the 1931-1932 crop will not show a substantial increase over the previous crop However, weather conditions from now on to the end of the milling season may affect the volume of the current crop to an extent that the final outturn Imay be under that of last year. The results so far obtained from the areas planted to POJ 2878 because of immature cane which requires from two to three months more time for maturing than Badila and native cane, has necessitated harvesting and or milling in some places being suspended awaiting an improveiment in purities. In some districts, the yields from POJ 2878 are so far below the yields of the previous years from small experimental plots, Badila is giving more satisfactory results. As POJ 2878 requires a longer maturing period than Philippine climatic conditions in general permit, doubts are heard to the effect that on a large scale it is unlikely to produce the results Interesting Books on the Philippines PAINTINGS OF TWELVE PHILIPPINE WOMEN........... $2.20 Beautiful reproductions in full colors of Christian, Mohammedan, and Pagan Philippine types by the four leading painters of the Philippines-de la Rosa, the Amorsolos, and Miranda. Handsomely bound. INTERESTING MANILA, George A. Miller................. $1.40 Describes the manifold charm of "the ancient and ever loyal city"-Manila. Illustrated. ROMANCE AND ADVENfTURES IN OLD MANILA, Percy A. Hill............................................ $2.20 Rollicking tales of life in Manila during Spanish times drawn from the chronicles of the friars and retold by Mr. Hill for the delectation of readers jaded with ordinary fiction. With frontispiece. 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Jenkins.............................. $.70 Witty and informal chats on life as it is lived in "the Islands," and some of the personalities who live it. VIA GOVERNMENT TRANSPORT, Margaret T. Yates...... $.55 Navy wives and their husbands at sea and on their way. A most entertaining volume. WARY FOLK, Charles S. Banks......................... $2.12 A book of delightful essays on the insect and animal life of the country by the William Beebe of the Philippines. Illustrated. SONNETS OF A SOLDIER, Tech. Sergt. Charles Murray. $.55 You should not miss these Philippine verses by the Corregidor sergeant-especially "Mcgary and His Honey,' "(;oofy Gus," "Corregidor, My Eye!" Illustrated. PHILIPPINE EDUCATION CO., INC. 101-103 Escolta, Manila I Il IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  32 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 anticipated from experimental yields. Philippine Exports: Export statistics for the month of December, 1931, as reported to us showed that 89,234 long tons of centrifugals and 4,606 long tons of refined were exported during the month. Exports of these two grades of sugar for the first two months of the current crop year 1931-1932 are as follows: Centrifugals....... 120,284 long tons Refined......... 6,358 long tons Total.......... 126,642 long tons THE RICE INDUSTRY By PERCY A. HILL of Muflos, Nueva Ecija Director, Rice Producer's Association inces supplying the interprovincial markets. Despite reduced purchasing power, the growing of rice substitutes, and reduction of requirements, it is anticipated that the present crop will be far below the islands' demand. Prevailing prices are, of course, far below production costs in every section of the islands. Last year, the lion of production and the lamb of consumption refused to lie down together; this year they may be more amenable. Flour imports continue in the same volume and at much lower prices, which mitigates subsistence needs somewhat. The buying power of the public in the rice-growing provinces will be very low indeed, this year, due to the low yield and the low prices. It is rumored that more rice experiment stations will be founded, but it is hard to see what they can do toward changing conditions-social, agricultural, or financial. We have had such stations all along, and few growers have ever heard of them, to say nothing of benefits to the industry in general. An ounce of practice is always worth a pound of theory. LUMBER REVIEW By ARTHUR F. FISCHER Director of Forestry Ordinary grades of rice are selling at 14.65 to P4.85 per sack, luxury rice at P5.20 to p5.30. Palay prices are little changed from what they were in November and early December, but an upward trend may be sogl, expected as soon as the ia, carryover from 1930-1931 Te od is a used ulp. As the smal-. ler growers will be under pe' pressure to sell, this trend may be delayed; particularly as quite a number of the rice mills and warehouses will comply with the new cropstorage law, which makes the storage company liable, in case of loss, as from fire, for a third of the palay it may have in storage. The old law asked a bond of the f ill market price, which, of course, was unworkable. The early threshing indicates low yields for the 1931-1932 season. The decrease may be formidable in total; if so, the Philippines will be compelled to import rice as soon as the active supply dwindles. Some growers estimate the decrease at 40et to 50% of the 1930-1931 crop, and this decrease pertains mainly to the prov the corresponding month during the previous year, or a decrease of 39.8%. Looking over the exports to individual countries in the table below, it will be noted that shipments to the United States during the month under review showed an increase of 62.4% as compared with the same month last year. This is to a great extent a reflection of the recent, creation in that country of a demand of Philippine woods for certain special uses. As usual, the exports to Japan consisted mostly of logs, and represented an increase of 20% over shipments during October of last year. As compared however with the preceding month of this year, the October exports to that country showed a reduction of 41.2%. This is due to the depreciation of the yen. Exports to China showed an increase of 60.6% despite the present troubles at Manchuria. As anticipated in last month's review, the depreciation of the pound sterling had an effect on lumber shipments to the United Kingdom. The exports to that country during October decreased 29.2% as compared with shipments during the preceding month, although as compared with the corresponding month last year, there was an increase of 3.670. Thus, statistically, the lumber situation during the month under review showed considerable iInprovement over the same month last year. As a matter of fact, the export trade has been picking ulp for the last three months, and this may afford some ground for optimism. But the following developments in the principal markets for Philippine woods should not be lost sight of in this connection. Lumbermen here should be alert to seeing that proper representations are made in the United States of their products. The termination of the Sino-Japanese trouble in Manchuria is uncertain and it is bound to affect the lumber trade of this country. There is a tightening of money as a result of this trouble in China and Japan and |in South China construction works are being delayed due to refusal of contractors to use Japanese cement. In the United Kingdom rumors persist as to the probability of the early introduction of an The total lumber and timber exports for October, 1931, was 7,652,776 board feet, which is 46.'8% greater than the total exports for the corresponding month in 1930. The lumber deliveries from the mill continued to exceed production, al-| ' r | though there was an in''.'.v t > |crease of the latter of ' 10.5% over the produc-..^ tion during October of last year. The lumber inventories at the mills were only 29,909,958 board feet as against 49,756,522 board feet. for I i I i I I I ----.w I No Smoke with COKE Where clean, intense heat is desired, COKE is an ideal fuel. Light and clean to handle; Burns without smoke or gas; Provides intense heat. Use it for home and industrial purposes instead of coal or wood. If you have a provincial heating problem let us help you to solve it with COKE. Write us. MANILA GAS CORPORATION Manila, P. I. I I i I I I i i I I I i i I I i i I i To Your Good Health in the Best of Good Drinks *an ffiiguel Bale |itlen Brewed by SAN MIGUEL BREWERY f I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  33 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 33 emergency tariff hill, which may affect Philippine woods. Prices for low grades in tile domestic markets continue low. Thus while the lumber situation based on events during the last few months is one of optimism for the immediate future, lumbermen here should proceed with their plans of production with extreme caution. The following statements show the lumber and timber exports, bv countries, and mill production and lumber inventory for the month of October, 1931, as compared with tile corresponding month the previous year. LUMBFRI AND TIMBERT EpXPORT FOR OCTOBER 1931 Destinq.tion Boro1d Feet Vsalle United States........ 2,676,712 P182,573 Japan................. 2,312,92(,a 62,297 China................. 1,457,288 88,309 Great Britain.......... 650,840 55,346 British Africa.......... 457,496 36,051 Canada............ 40,280 4,400 Portuguese Africa....... 36,040 4,059 Ireland................ 12,296 1,017 Netherlands........... 8,480 786 HIongkong.............. 424 44 Australia............... Ilawaii............ TOTAL.............. 7.652,776 14:34,882 1930 Board Feet Value United States........ 1,648,088 P135,853 Japan................. 1,926,656 55,875 China................. 906,936 62,574 Great Britain....... 627,944 51,416 British Africa.......... Canada............... 78,440 7,272 Portuguese Africa....... Ireland............... Netherlands........... 3,816 283 Hongkong.............. Australia............... 10,600 521 Hwaaii.... 7,209 1,396 TOTAL.. 5,209L(), P315.190 aNOTE: This represents mostly solid log scale, that is, 424 board feet to a cubic meter. FOR -13 ' MIT,ITS FOR THE MON'TH OF OCTOBER Lumber Dl)li 'ri's from Mills Iont h 1931 190 ()ctober...... 1., 464,. 3 14,601, 123 Lumb'r Itv 't)ory Month 1931 1930 ()Octoer........ 29,9,95 49,75(,.522 Mill P'roduc'ion Month 1 93 193:() October..... 15,115,929 13,673122 NOTE: 13Board Feet should be used. REAL ESTATE By P. D. CARMAN San Juan Heights Addition considerablle investment froml less fortunate neighbliring counltries anld large sulns of foreign moneyV have unldoubtedly swelled the total of local Re:l Estate sales. It is well known that during tilnes of business ldepressiol:ind failing indulstrial securities the public turns to the greater stability tand safety of Rleal l1state investment. lThis trend should show, anld untloubltedly does show, special strengthl in:a communll ity sulplported largely by liversified agriculture rather than a few indulstries whose failure or decline might seriously affect tle value of local Real Estate. ()On tie other side of the picture are the large Iimbers of potential buyers who fear tlhe uncertainties of possible political change and its effect upon all types of investnent. The breaking of this tdam, holding large sumls of money away from normal investment, should favorably affect the lmbsiness of 1932, if the future statls 1931 ends with a greater total of recorded real estate sales in the City of Manila than any year since 1919; this in spite of generally depressed conditions in most other lines of business and the growing practice of registering sales as of one peso regardless of the actual selling prices. On the other hand, recent totals undoubtedly include some matured sales made on the installment plan five or ten years ago. The stability of the Philippines has attracted \' \ Go 0 t l k J 1 isp YOU kNOWHAT M op 751Ar JUS7c-L, M Jus, C, I 7he CAMERON d&s 'Ma AND THEWf WM~~4 RAZOR From Judge Ed Wynne in The Laugh Parade says, "Don't take my word for it. Try it yourself. All the Ibest people can't be wrong." a 4c o UC 0 WHYTE & MACKAY Scotch Whisky The Electro-Maton Razor o tfit consists of;the Razor with Stra.ight Hceld, Fivc Ra..or Bl,mdcs. and Connecting Cord In a b.ikclitc box with mctal tr..-stand, 'P1ice 22~~ The Cameron Electro-Maton Razor has taken the pull out of the daily shave and has put a smile on every user's face. All AMetal Parts of heElectro-Maton areSolid DIRIGOD I 4 u 40 Philippine American Drug Company 95 ESCOLTA BOTICA BOIE Sold Everywhere Smith, Bell & Co., Ltd. IMPORTERS _ _ _I. IL IV RESPONDING, TC) AnVFRTJ'2qFMFMfIq P.FA.CZF MFATT'Ira? a"F AMFa>asA s,' A 'aAa / AI'ArPr JAL'rl'rl VPJIA if r lly 1 r- f-Lll LilIV LT I U, A LJ r-I 1 Lll~13 TLV7PilV1 f7 r-IV I LJI I fr AVrCL l 1~tIn WLM UP vMMPML ~ r J NAL t.1rAO5SI ~D-~ r t.-tjreluMlKr t6. JUUKNALtb

Page  34 34 34 ~~~THE AMERICAN CHAMBER OF COMMERCE JOURNALJaur,13 January, 1932 THE MIANILA HOTEL. LEADING HOTEL IN THE ORIENT Designed and constructed to secure coolness, sanitation and comfort under tropic climatic conditions Provides every Western convenience combined with every Oriental luxury Finest Dance Orchestra in the Far East Management. HUBERT C. ANDERSON AT LANT'TI C G UL F -AN14D PA~CIFIC CO. OF MANILA ENGINEERS MANUFACTURERS CONTRACTORS 71-77 Muelle de la Industria MANILA, P. I. of the Islands b~e definitely and p~ronmptly determined. City of Manila Sales (50 centavos and over counted as one peso.) 1919.... P21,859,572 1926... P012,710,666 1920... 17,677,811 1927... 11,995,124 1921... 8,227,859 1928... 16,884,814 1922.... 10,082,089 1929... 18,110,918 1923.... 10,277,448 1930.. 16,922,288 1924... 13,038,861 1931.. 18,523,382 1925... 15,404,742 1931 Sales by Districts St~a. Cruz............. 2,471,994 Sampaloc............. 1,972,860 Tondo.............. 1,114,709 Binondo............. 5,470,024 San Nicolas............ 1,481,333 Ermita.............. 859,386 Malate.............. 1,443,539 Paco............... 1,555,992 Intramuros............. 288,357 San M iguel............ 585,828 Santa Mesa............ 121,750 Quiapo.............. 541,357 Santa Ana............ 533,598 Pandacan............. 82,655 P18)523,382 Sales City of Manila Nov. 1931 Dec. 1931 Sta. Crtz........P127,297 1P 77,377 Sampaloc........ 7(0,604 156,524 Tondo.......... 77,404 79,685 Binondo......... 10,000 345 San Nicolas....... 216,400 20,893 Ermita......... 40,235 1,988 Malate......... 44,045 87,617 Paco.......... 43,800 102,345 Intramuros........ 29,000 4,000 San Miguel...... 9,445 Santa Mesa...... 39,000 Quiapo......... 29,046 143,215 Santa Ana........ 12,882 31,900 Pandaean........ 1,200 550 P701,913 P754,890 Individual Deeeml~er Sales Exceeding P50,000. Sampaloc P54,000, Quiapo P83,072, Pato P80,000. TOBACCO REVIEW By P. A. MEYER Alhambra Cigar and Cigarette Manufacturing Co. I Keep ing VF t Azt Fi t y To be fit at fifty means preparedness before that age. The eyes are the first to start breaking under overload. At the first signs of eye trouble — no matter what the age —consult CLARK & CO. optometrists and get their advice about the condition of your eyes. Q 4jg &Co- Always the best in quality SO-94 L5SOL TA PANI. but never higher in price MIASONIC TEM'PLE RAWLEAF: The loctal market was very quiet during Decemher with sizable shipments only to Japan and to the United States (ecraps). Of tite new crop practically no arrivals were registered in Manila. This was due to the inability of coastwise steamers to load at Aparri aa new sandbars block the entrance to the harbor, %which up to January, 6th had not yet been remedied. Approximately 10,000 bales are awaiting shipping opportunity. A few thoutsand bales, oniginating from the Southern part of Ysabela province, have been trucked to Manila via the overland route. December shipment~s abroad and comparative yearly figures are as follows: British Indlia........ China.......... France..... Ilongkong........ Japan. Java.... Rawleaf, Stripped Tobacco and Scraps Kitos 13', 1:14 30 * 80 126,500 2.2t00 - --. -- -- - - - -- - - "I I.1. k In I I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICANCHME OFOMREJONA CHAMBER OF COMMERCE JOURNAL

Page  35 January, 1932 Januar, 1932THE AMERICAN CHAMBER OF COMMERCE JOURNAL 3 35 North Africa........... 27,841 North Atlantic (Europe)..... 93,368 United States.......... 151,200 418,882 Total of 1931........ 20,526,266 Total of 19:10........ 20,116,000 Total of 1929........ 21,287,000 Total of 1928........ 18,811,000 CIGARS: The business with the United States shows some improvement in the quantity shipped, although not accompanied by a corresponding increase in value. Comparative figures for export to the United States follow: COMMENT ON THE CURRENT TALKIES (Continucd fromt pagc 20) a trick rider in rodeos andl circuses. He needs some money in a hurry to save his girl who is being sent to prison after a raid. City Strccls is better and less hackneyed than most of the pictures of the undlerworld. Silvia Sidney, Paul Lucas and William Boyd are the star players. Born To Lovye. Constance Bennett is an Amneican war nurse dloing service in London. She has the courage to step over the line lail (lown by convention to love her young American flying captain while there is time, and lpostpone the wedding until he gets another leave from the front. Instead of leave, he is reported killed and Constance marries a titled Englishman. Then back the American comes and the suffering begins for Constance. It cads with Constance and Craig in each other's arms after a series of almost unbelievable circumstances. Coming to the Radio. New Adventures of JVallingqford coming to the Ideal!. William Haines was saiti a few months ago to be slipping, but he pulls himself up short and gives one of the best performances of his career in this niew picture. ielie has competition too for where is there to be found lbetter troopers thanr Jimily IDurante and Ernest Torrance. The adventures of that gentleman crook, Wallingford, are, well known to theatre goers and the new adventures Jare better and funnier. See it by all means. Year 1927............ 1928............ 1929............ 1930............ 1931............ Average 5 years......... Cigar. 173,814,335 187,360,260 156,600,495 153,572,844 165,193,165 167,308,220 I I GORDON'* DRY The heart of a good cocktail be sure you get Gordon at your club... N N Across America Swiftly, Comfortably on the N~ew NORTH COAST LIMITED ROBERTSON Scotch Wkhisky for GOOD HIGHBALLS Kuenzle & Streiff IMPORTERS 343 T. Pinpin Tel. 2-39-36 Manila, P. I. Newest and finest sleeping cars-box-spring beds -private rooms en suite-barber and valet-large ladies' lounge-card rooms-shower baths-radiobuffet soda fountain-library and writing facilities -lounge, with davenports and overstuffed chairs -roomy observation platform-roller bearings and the "famously good" Northern Pacific meals. Only Two Business Days Seattle to Chicago NO EXTRA FARE A Nnrthern PaciFic Ruilway roprossntativo vaest all stsanships frorn the Orient at Victoria, Vancouver and Snattle. H. will gladly assist you with bag gags and nukes. lsoping car rmaervatsons to all points in the United States.. C L TOWNSEND, Ast.Go..'el Passe.gstrAgent 200 S.;th Ts..,, S..ttle, Wask,gtso A. C. STICcIEY, General Agast 912 Gsosw-se St-st, Vktd, 1s,.C. W. F. CARR, Gassal Ag..t S01 G st'ilxStso, Saenao.*r, B. C. NORTHERN P. ACIFIC RAILWAY I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  36 36 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 American Agriculture's... (Continued from page 27) coconut oil injures oils and fats? Since we have shown that Philippine independence, and a duty on Philippine coconut oil will do our farmers no good-in fact much harm, will our farmers be such poor traders, that by their own agitation and efforts they make their plight worse by losing the Philippine market for some $50,000,000 to $60,000,000 of our products? So long as we buy coconut oil, why not continue our free trade with the Philippines and buy it there where we get the greatest degree of reciprocal trade? Being duty-free from any source today, nearly half of our copra imports come from countries which belong to various European powers and, therefore, purchase by far the lion's share of their imports from their sovereign countries, instead of from the United States. On the other hand, by virtue of free trade, and all our require-.. CHARTERED BANK OF IN Capital and Reserve Fund..................... ~7,0 Reserve Liability of Proprietor................. 3,0( MANILA BRANCH ESTABLISHED 1872 SUB-BRANCHES AT CEBU, ILOILO AND ZAMBOANC Every description of banking business transacted. Branches in ev throughout India, China, Japan, Java, Straits Settlements, Federi French Indo-China, Siam, and Borneo; also in New York. Head Office: 38 Bishopsgate, London, E. C. W. U. A. WHY Recommended By Leading I Drink It for Your Health's Sake ments of coconut oil being bought in the Philippines, the purchasing power of those Islands is increased, and in turn, they buy from us, because of our free trade relationship, a far greater percentage of their imports than do the other countries producing coconut products. Why lose to other countries most of the Philippine market for our products and, besides, impose fruitless additional burdens on ourselves, and benefit none of our domestic products? For thirty-three years we have held the Philippines as American territory. We held them for several years against the wishes of the Filipino people. Against their wishes we imposed a free trade relationship between them and the United States. That trade relationship continues to this day, and the whole development of the Philippines since then is based on it. In addition to that, especially during the great War, our own Government in the Philippines loaned money and went to extreme lengths to encourage the expansion of Philippine sugar and coconut A USTR AL A products. In the light of that, is it C H IN A conceivable that America will sud00,ooo denly terminate the tariff relationship 0,ooo0 with those Islands, and thereby wreck a the very economic set-up for which 3A we are responsible? If we ever comrery important town mitted a national breach of faith, that ated Malay States, would be the outstanding one. Even the Filipinos themselves now realize the blighting consequences of nearby MTE ana r independence, and the termination of free trade. Our farmers have too high a regard for their country to force it to commit such a breach of faith, and to no helpful purpose. )octors Granting Philippine independence at octo s this time would have its repercussions far beyond the Philippines. It would be throwing several firebrands into several places in an already highly inflammable Orient. Until world forces, moral and otherwise, are better organized, and their effectiveness better proven than they are today, an independent Philippines is far more likely to involve us, and most of the Orient, in wars, than were we to continue our sovereignty over them. We firmly believe the Amerin W r ican farmers, after cold second thought, recognizing a duty on Philippine coconut oil to be worse than futile, will refrain from further asking for Philippine independence, and thereby embarrassing aCongress and the President in what is BAN the most delicate, serious, and momentous situation ever existing in the Orient. A volume might be written on the AN economic chaos in the Philippines, and the resulting political and social upsets which would follow nearby Philippine,000.00 independence, and the termination of the,0. tariff relationship. Our thirty-three,000.0 years of splendid service there would be,138.84 wrecked, and bitterness in the hearts of Filipinos substituted for the friendship and gratitude of today. Whether they ever had a dollar invested there or not, 95% of all Americans who have been, or now are in the Islands, strongly counsel us not to hurl firebrands into the Orient, not to compromise our national good Intant, Remittance faith toward the Philippines, and run 2ashier from a partly finished, self-imposed task. For our farmers to ignore all this is bad enough, but to do so because of mnisjudg ITEL. 5-73-06 Nature's Best IMi I THE YOKOHAMA SPECIE LTD. (ESTABLISHED 1880) HEAD OFFICE: YOKOHAMA, JAPR Capital (Paid Up) - 100,000 Reserve Fund - - - 115,000 Undivided Profits - - - - 6,436 MANILA BRANCH 34 PLAZA CERVANTES, MANILA S. DAZAI Manager PHONE 2-37-59-MANAGER PHONE 2-37-55-Accot PHONE 2-37-58-Export, Import, Current Account, C I L IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  37 January, 1932 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 37 ed economics, would be a doubly appaling blunder. Traditionally the American farmer acts right when he understands. In setting before him the other side of this question, we have tried to make him ulnderstand. Will he write to, and call off his great farm organizations, his rep resentatives in Congress, and his legislative agents in Washington? If any reader wishes technical information or the authorities to support any statement made in this pamphlet, he is invited to write the Philippine-American Chamber of Commerce, 51 Madison Ave., New York, N. Y. RAIL COMMODITY MOVEMENTS BY M. D. ROYER Traffic Manager, Manila Railroad Company Thle voliiiie of (oilcimiities received in M\an!ilaL during thle month ( f 1)eenml)er, 19l11, via IManila 1atilroad are as follows: t ice, caIvals.......................... 138,912 Sllugar, p)iclls.....................0............... 500,.36, (.pra, l)ieI ls.................................... 13,).055 I)esiccated Cocomlts in cases......................... 1,53( T 'o)bacco, }ales...................................... 1,628 Llmber andl imber, 1. F........................... 48fi,771 The freight revenue car loading statistics for five weeks ending December 19, 1931 as compared with the same period for the year 1930 are given })elow: FRIGHT REVENUE CAR LOADINGS NUMBER OF FREIGHT INCREASE FREIGIIT CARS TONNAGE OR DECREASE COMMODITIES _ 1931 1930 1931 1930 Cars Tonnage Rice.......... 629 959 6,8; 11, 485 (: 30) (4,624) Palay.................... 96 185 9 3,8 8 (!8 ) (9f ) Sugar.................... 1,3 4 1,132 40,1 S6 32,361 232 7,825 Sugar-cane............... 9,306 7,348 156,895 127,484 1,958 29,411 Copra................... 1,278 1,53 9,939 11,584 (258) (1,645) Coconuts................ 322 302 3,509 3,072 20 437 Molasses................. 134 84 3,739 2,4177 50 1,262 Hemp...........18 13 135 103 5 32 Tobacco................. 22 25 141 179 (3) (38) Livestock................ 60 139 286 69 (79) (403) Mineral Products......... 387 402 4,432 4,961 (75) (529) Lumber and Timber...... 217 201 4,976 4,201 1 775 Other Forest Products.... 7 14 48 86 (7) (38) Manufactures............. 152 289 1,719 3,147 (137) (1,428) All others including LCL.... 3,661 3,91) 28,770 27,283 (255) 1,487 ToTAL,.............. 17.650 1.66),8 262,619 231,000 1,048 31,619 SITMMARY Week ending Saturday, November 21, 1931..... 2,913 2,776 40,356 37,0( 1 137 3,292 Week ending Saturday, November 28, 1931..... 3,312 3,004 49,421 4 1,88 248 4,5.3 Week ending Saturday, December 5, 1931..... 3,1 3,466 51,079 48,149 (45) 2,930 Week en(ing Saturday, I)ecember 12, 19:31.....:3,61 3,571 5:3,66 47,293 9 06,393 Week ending Saturday, Decenber 19, 1931......, 3,731 6s,07)7 53,6361 6018 14,441 TOTAL............. 1 7.5 1 (;()8 2 2.61 ': 300 1.04S 31.619 Bridging Rivers... (Contiiucd from pa)g 17) late homest eading and the founding of permanent border colmmunities. On the other ha:l, te fit the e nef it the ited States hlas from these roadls is tile expansion of her trade to the remnote terminals of the highways, in the niew communities they bring into contact with local and world markets. Another plaper on this general subject, to d(:el with the ports of the Philippines, will ap)pear in February. I. OXYGEN Compressed Oxygen 99.5',%o pure HYDROGEN Compressed Hydrogen 99.8';, pure ACETYLENE | 'Dissolved Acetylene for all purposes WELDING Fully Equip1 ^,ped Oxy-Acetylene Welding Shops. <F, ^ 'BATTERIES /,' Prest-O-Lite (. Electric Stor' age Batteries Philippine Acetylene Co. 281 CALLE CRISTOBAL, PACO MANILA, P. I. NOTE: L igures in Iparelnthesis in(licate decr(ease. CUT YOUR HAULAGE COSTS WITH, ' i I -'U The Improved Ford 1/2- Ton TRUCKS! r l ^;" ^ They are sturdy, durable, economical, and above all-Dependable PLACE YOUR ORDER NOW-EASY TERMS IF DESIRED ["After We Sell We Serve" improved Ford I'/-Ton Truck (Ch.assis. OnlyManila Trad & Supply Co. Standard 131" wheelbase, P1,430.00 CASH Trading. Extra Long 157" wheelbase,?1,560.00 CASIt;. MANILA - ILOILO - CEBU (Ex. Bodega, MAanila) IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  38 38 THE AMERICAN CHAMBER OF COMMERCE JOURNAL January, 1932 e (CONIFIIDILNCIE 0 "If you can keep your head when all about you Are losing theirs and blaming it on you;..." -Kipling in "If." H ISTORY invariably repeats itself. The depression from which we are emerging is not the first that has tried the spirit of people; perhaps it will not be the last. The opening lines of Kipling's famous poem, "IF", has solved all of them; it will solve this one and all others. Confidence is the greatest asset, and keeping our heads is essential to confidence. The General Electric Appliance Corporation of the Philippines established offices and salesroom in the Philippines in the very midst of the depression. We have confidence in the level-headed common sense of the American people, and absolute confidence in the country and people of the Philippines and their ability to work their way out of this dilemma. That confidence has never wavered. We refuse to lose our heads. This depression is but one of many that have passed, leaving us all stronger and better for them. They have trained us to meet this one with the same spirit and courage. All we need is CONFIDENCE.... confidence in ourselves and our neighbors, fighting fairly and squarely without doing injustice to anyone, keeping our heads. We all have that confidence; let's put it to work for us now when the need for it is greatest. GENERAL * ELECTRIC APPLIANCE CORPORATION OF THE PHILIPPINES 24 Escolta Manila I IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  39 January, 1932 THE AMERICAN CHAMBER OF COMM01ERCE JOURNAL 39 PRINCIPAL EXPORTS November, 1931 Monthly average for 12 months November, 1930 previous to November, 1931 Commodities Sugar.......................................................... Hemp......................................................... Coconut Oil.................................................... Copra.......................................................... Cigars (N um ber)................................................ Embroidery..................................................... Magey........................................................ Leaf Tobacco................................................. Desiccated and Shredded Coconuts............................... HatP (Number)................................................ Lumber (Cubic Meters)......................................... Copra Meal.................................................... Cordage....................................................... Knotted Hemp.................................................. Pearl Buttons (Gross)......................................... Canton (low grade cordage fiber)................................ All Other Products........................................ Total Domestic Products....................................... United States Products.......................................... Foreign Countries Products....................................... Grand Total............................................. Quantity Value % Quantity Value % Quantity Value % 33,521,123 P 4,112,738 39 8 43,622,632 P 6,029),31.4 33 2 62,217,725 r 8,182,918 47.8,331,0:36 1,OSS,743 9 6 1 3,490,S94 2.336,450 12 7 11,261,541 1,510,319 8 5 7,532,86i! 1,159,896 1( 2 17,385,S77 1,238,635 23 3 15,381,572 2,89X7,927 16.7 7,174,S83 559,132 4 8 14,74-1,159) 2.062,55 11 2 13,107,708 1,479,791 8.4 16,888,596 56i1,001 4 8 14,786,140 5,93.503 3 0 14,363,352 648,202 3 6 452,087 3 8.167;,1)t 2 3 72,217 0 2 436,554 29,767 783,924 92,506 3 465,S32 49,820 4,S03,506 1,303,(608 11 7 t 11,084:33;S,7S7 1 7 1,61,417 4)5,865 2.6 1,313,437 252,773 2 1 1,093,198 307,1 1 4 1,261,205 284,0 1.3 84,638 157,313 1 2 116,325 352,'2S 1 7 52,66 127,)0 0.4 11,544 382,9118; 3 7,0-13 259,530 1 2 5,X813 222,317 1 0 8,635,(302 303,353 2 6 10,9140,211 -101,;375 2 0 9,229,189) 250,(676 1.1 281,843 98,517 07 3(6i(,S58 1 -I),)I 1)9 5 401,295 159,90 0 6 33,370 35,700( ( 1 S7,2S( 23,1,71 1 1 38,X8S5 81,858 0 3 55,186I 41,682 0 2 (69,735 63,019 2 ' 69,.(63 61,625 0 2 193,926 14,010 52(6,241 57, S!7 0 2 349,372 29,929 531,806 4 6 691,(l:0 3 6 1,189,369 6.8?1I1,268,312 99 3 Pr18,561,270 99() 6 1 17,623,374 99.5 97,283 0.7 99,517 0 4 103,11990 0.5 19,471 17,9)96 17,330 r11,385,074 100 0 P18,(;78,7,3: 100 0 P17,7-44,694 100 0 NOTE.-All quantities are in kilos except where otherwise indicated. PRINCIPAL IMPORTS Monthly average for November, 1931 November, 1930 12 months previous Articles to November, 1931 Value % Value % Value % Cotton Cloths.......... P 1,758,524 11.8 T1 972,212 6 3 P1 1,442,145 9 5 Other Cotton Goods.... 898,559 6.1 794,19(7 5 1 807,136 5.2 Iron and Steel, Except Machinery........... 1,164,514 7.2 1,560,406 10 2 1,623,136 10 8 Rice.................. 84,2911 0.7 63,721 0.2 41,562 0.3 Wheat Flour........... 304,058 2 1 616,996 3 9 543,629 3:.2 Machinery and Parts of.. 698,138 4.8 1,035,39(0 6.7 647,009 4 2 Dairy Products......... 706,894 4.8 539,843 3.4 647,752 4 2 Gasoline............... 355,788 2.5 415,991 2 6 865,183 5 4 Silk Goods............. 452,195 3.1 405,278 2.5 458,924 3.0 Automobiles............ 36,409 2.7 29)8 139 1 8 416,707 2 7 Vegetable Fiber Goods.. 158,043 1 2 157,918 0.9 270,790 1.7 Meat Products......... 373,099 2.6 209,623 1 2 255,413 1.6 Illuminating Oil........ 21R,724 2 0 394,763 2 5 406,703 2 6 Fish and Fish Products... 131,205 1.0 339,297 2.2 233,102 1 5 Crude Oil.............. 595,036 4.1 546,967 3.6 241,544 1.5 Coal................... 164,820 1 2 472,439 3.1 251,516 1.6 Chemicals, Dyes, Drugs, Et.................. 394,497 2 7 368,644 2.4 328,134 2 1 Fertilizers.............. 261,780 1.9 403.175 2.6 298,426 1 9 Vegetables............. 333,000 2.3 269,491 1.7 295,473 1 9 Paper Goods, Except Books.............. 225,066 1.6 303,070 2.0 367,212 2.4 Tobacco and Manufactures of.............. 399,190 2.7 194.203 1.2 458,641 3.0 Electrical Machinery.... 818,630 5.6 574,385 3.8 561,350 3.7 Books and Other Printed Matters.. 192,941 1.4 154,146 1.0 148,706 0.9 Cars and Carriages 117,019 0.9 203,535 1.3 198,407 1.2 Automobile Tires....... 178,607 1 3 180,446 1.1 178,153 1.1 Fruits and Nuts........ 205,047 1 5 319,295 2.1 236,916 1 5 Woolen Goods.......... 69,564 0 85 6,i95 0.5 72,028 0 5 Leather Goods.......... 101,505 0 8 168,515 1.0 152,576 1 0 Shoes and Other Footware.. 12:3,871 0 9 124,004 0 8 122,888 0 7 Coffee................... 105,770 0 8 106,276 0.6 95,310 0 6 BreadstufT, Except Wheat Flour................ 85,161 () 1 124,143 0 7 119,923 0 7 Eggs................... 163,267 1.1 8:3,(1619 0.5 165,538 1 0 Perfumery and Other Toilet Goods......... 123,875 0 8 84,228 05 112,494 0.7 Lubricating il........ 91,681 0 6 2194,270 1 91 155,612 1 0 Cacao Manufactures, Except Candy. Ex-.. 38,899 0) 2 48,244 0.2 68,450 0 4 Glass and Glassware... 95,548 0.0 138,346 0 8 112,795 0.7 Paints, Pigments, Varnishes, Etc.....8.. ar 138,357 0 () 112,773 0 129,338 0.7 Oils not separately listed. 144,295 1.0 91,707 0 5 117,945 0 7 Earthern Stones and Chinaware...... 199,418 1:3 95,071 0 6 98,773 0 6 Automobile Accessories.. 124,725 0.8 1116,500 0 7 102,561 0.6 Diamond and Othier Precious Stones nset.. 28,469 0 2 54,749 0 3 42,084 0.2 oRatan........103,963 0.7 138,805 0.9 92,039 0.4 India Rubber Goods. 81,710 0 5 109,442 0 6 87,261 0.5 Soaps.................. 45,584 0 3 138,691 0 9 127,124 0.7 Matches.... 46,712 0.3 42,903 0.2 44,579 0.2 Cattle.. 31,6 0 51,164 0 3 8,662 Elosives. 51,561 04 36,539 0 2 48,937 0.2 Ceroent - - 7,5()96 44,828 0 2 25,837 0.1 Sugar and IMolases. 41,275 0 3 40,539 0) 2 33,449 0.2 Mofiosn itre Fils 22,7119 0 2 24,189 0 1 46,578 0 2 Other imports.......... 1,256,758 8 4 1,692,762 11.2 1,365,548 8.7 Total.......... P1-,941,357 100.0 P115,842,022 100 0 P15,771,998 100.0 TRAD)E WITHll TlE UNITEI) STATES AND FOREIGN COUNTRIES CARRYING TRADE IMPORTS Monthly average for Nox embler, 1931 November, 1930 12 months previous Nationality of Vessels to November, 1931 Value_ % Value % _Value % American.............. P 5,645,070 37.7 I 8,328,948 54 3 r 4,871,437 33 0 British................. 6,12I,81; 40 9 3,921,715 24 9 4,206,694 28.6 Japanese............... () (i 6 9,25,707 5 9 1,053,676 7.6 Dutch.......... 542,002 3 7 259,670 1 5 683,100 5.1 German............... 735,251 5 0 898,800 5.7 957,070 6.9 Norwegian............ 552,166 3 8 354,790 2.1 79,25 5.7 Philippines........... 20,097 13,477 Spanish................ 1,573 Chinese............... 20,456 0.1 125,707 0 6 55,826 0 8 Swedish................ 1-,5!.1 48,233 0 1 54,717 0.8 Danish................ 28,645 0.2 66,293 0 2 228,479 2.0 Belgian................ 3,016 3,023 Panaman............... 25,879 0 2 336,229 2 0 348,751 2.8 By Freight............ P14,674,484 98 3 P15,29(),778 97 3 P14,838,848 93.3 By Mail.............. 266,873 1.7 551,244 2.7 993,150 6.7 Total.......... P14,941,357 100.0 P15,842,022 100.0 P15,771,998 100.0 I EXPORTS Monthly average for November, 1931 November, 1930 12 months previous Nationality of Vessels to November, 1931 Value % Value % Value % American..............? 3,841,741 34.5 P 7,213,401 39.7 P 6,537,980 37.8 British................. 2,379,385 21.2 4,825,377 26.4 4,242,889 24.3 Japanese............... 2,584,083 23.1 3,847,620 21 1 3,667,287 21.0 German............... 395,510 32 537,715 2.6 354,346 1.5 Norwegian............. 356,714 3.1 919,946 4.7 1,063,050 5.7 Spanish.............. 191 Dutch................. 644,148 6.0 77,324 173,247 0.6 Philippines............. 98,379 0.2 Chinese............... 16,57) 93,776 0.1 44,740 Swedish............... 112,894 0. 6 103,089 0.2 326,886 0.8 Danish................. 566,966( 4.7 596,021 5.4 Panaman............... 197,151 1.4 409,229 2 0 296,054 1.2 By Freight............. 1P11,095,171 97.5 P18,027,751 96.7 P17,432,072 98 4 By Mail............... 289,903 2 5 6i51,032 3 3 312,622 1.6 Total.......... P11,385,074 100 0 P18,678,783 100.0 P17,744,694 100.0 TRADE WITH THE UNITED STATES AND FOREIGN COUNTRIES M.onthly average for November, 1931 November, 1930 12 months previous Countries to November, 1931 Value % Value % Value % United States.......... P17,839,788 68.5 P25,929,942 74.3 P24,658,013 72.5 United Kingdom........ 957,180 3 5 1,178,861 5 5 946,930 2 8 Ja pan................ 2,095,632 7.9 1,841,110 2 7 1,261,774 3.7 China i................ 1,046,255 3 () 863,528 0.8 1,097,344 3.2 French East Indies.... 77,375 0 1 194,517 3.1 39,947 0.1 German y............... 788,992 29 89,700 16 778,175 2.3 Spain.................. 1,027,79 38 482,4918 0.6 714,061 2.2 Australia............... 414,72 1 5 135,550 1.2 200,118 0.7 British East Indies.... 163,591 0 316,077 0.8 385,723 1.2 Dutch East Indies.. 321,108 1 1 210,343 1.6 457,411 1.4 France................ 193,144 0.6 460,594 1 0 325,410 1.0 Netherlands.......... 100,169 0 2 281,654 09 190,602 0.6 Italy................. 390,115 1.3 2119,962 0 6 202,240 0.7 Ho ngon g.............. 55,941 120,362 1.6 68,473 0 3 Belgiu m.............. 245.43 0 8 481,567 0 6 272,201 0.9 Sitzerland............. 179,551 0 5 121,661 0.8 112,312 0.4 Japanese-China..... 71,353 0.1 193,499 0.3 125,999 0.4 Siam.................. 21,494 28,680 0.1 19,057 0.1 Sweden................ 59,008.1 78,074 0.4 91,725 0 3 Canada 51,784 0 1 71,635 0 4 60,316 0.2 Nor ay.............. 33,302 38,396 0.2 41,077 0.1 Austria..2,388 (6,874 8,111 Denmark............... 27,012 29,757 0 1 20,209 0.1 Other Countries....... 163,173 0.6 243,964 0.9 1,534,751 4.7 Total..........21,326,431 100.0 P34,520,805 100 0 P33,611,979 100.0 Manila.. Iloilo... Cebu... Zamboar Jolo.. Davo. Legaspi. T Monthly average for Novemller, 1931 November, 1930 12 months previous Ports to Novemiber, 1931 Value % _Value %__ ale %............... r19,438,251 72 7 r21,819),49 62 5 P21,9.14,1924 64 7............... 4,294,351 16 5 6,644,19 19 2 5,25,751 17.6............... 1,259, 8 4,4)98,375 13 1 3,846,173 11 4 nga........... l165,(027 0 6 218,750 1 ( 240,452 0 9............... 3,1 0 23, 3,712 0 2 22,405 0 2 ).. 7,583 23 115,154 3 0 759,5S9 2.4............... 537,9)2 2 ) 301,266 1.0 873,685 2.7 otal......... P26,326,431 100)0 P34,520,805 100 0 P33,611,979 100 0

Page  40 40 40 ~~~THE AMERICAN CHAMBER OF COMMERCE JOURNALJaur,13 January, 1932 a, BUSINESS AND PROFESSIONAL DIRECTORY Kerr Steamship Co., Inc. General Agents "SILVER FLEET" Express Freight Services Philippines-New York-Boston Philippines-San Francisco (Direct) Roosevelt Steamship Agency Agents Chaco Bldg. Phone 2-14-20 Manila, P. I. Myers - Buck Co., Inc. Surveying and Mapping PRIVATE MINERAL AND PUBLIC LAND I 0 W-n 316 Carriedo Tel. 2-16-10 I I INFO RMAT ION FO R INVESTORS Expert, confidential reports made on Philippine projects ENGINEERING, MINING, AGRICULTURE, FORESTRY, L U M BER, E TC. Hydroelectric projects OTHER COMMERCIAL AND INDUSTRIAL ENTERPRISES BRYAN, LANDON CO. Cebu, P. I. Cable AddreIgs: "1YPIL," Cebu. Manila Wine Merchants LIMITED PHILIPPINES COLD STORES Wholesale and Retail Dealers in American and Australian Refrigerated Produce STORES AND OFFICES Calle Echague Manila, P. I. 174 Juan Luna Manila, P. I. P. 0. Box 403 Phones 2-25-67 and 2-25-68 4i V aPq CHINA BANKING CORPORATION MANILA, P. I. Domestic and Foreign Banking of Every Description HANSON, ORTH & STEVENSON, INC. SALEEBY FIBER CO., INC. International Harvester Co. of Philippines Manila, P. I. Fiber Merchants MACLEOD & COMPANY Buyers and Exporters of P. 0. Baz 1423 Manila, P. I. Manila-Cebu-Vigan-Davaso —Iloilo Hemp and Other Fibeis ____Exporters of Wise Building - Tel. 2-24-18 Hemp and Maguey BRANCHES: Room 318, Pacific Building Agents for New York - London - Merida - Davao Cable Address: 'SALEFIBER" INTERNATIONAL HARVESTER CO. Agricultural Machinery M AD R IG AL &6 CO0. P. 0. Baa 1394 Telephone 22079 "L A U RB A NA" 8 Muelle del Banco Nacional J. A. S TI VE R (Sociedad Miitua de Construcci6n y Pr~stamos) Mania, P I.Attorney-At-Law-Notary Public Maia.ICertified Public Accountant Pr6stamos Hipotecarios Coal Contrac tors and Administration of Estates Inversiones de 'Capital Coconut Oil Manufacturers Inves tmen ts Collections MILLCTDA EUIncome Tax Paterno Building, Calle Helios MILLCTDA EU121 Real, Intramnuros Manila, P. I. MANILA, P. I. The Earnshaws Docks and Honolulu Iron Works Sugar Machinery Slipways Machine Shops Port Area Manila, P. I. IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

Page  41 w I for 13 Fist Sowing of the NEW EiqIt I I The Outstanding BUICK of All Time I I I I I I I 4 Wizard Control: The new Buicks not only have Conventional Drive. They not only have new and advanced Free Wheeling. They not only have new Silent Second Syncro-Mesh Transmission. They have still another vitally important engineering development-the Automatic Clutch —making possible the smooth shifting of all gears without the use of the clutch pedal as well as instantaneous change from free wheeling to conventional drive, or vice versa, at the driver's will. New Ride Regulator: Permitting such precise adjustment of shock absorbers that you virtually design your springs as you ride. New Fisher Steel Bodies Re-inforced with Philippine Hard Wood: Enduring, rot-proof Philippine hard wood is used to strengthen the new Fisher steel bodies on the 1932 Buicks. These tropical bodies mean the utmost in motoring satisfaction for Philippine owners of the 1932 Buicks. I Automotive Sales Company CEBU - 2 Isla de Romero, Manila - ILOILO ---------- -_ __- ----------- IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL