Manila Stock Market

Title

Manila Stock Market

Creator

Hall, A. C.

Language

English

Source

The American Chamber of Commerce Journal Volume XXVIII (No. 8) August 1952

Year

1952

Rights

In Copyright - Educational Use Permitted

Fulltext

Statistics obtained from the Central Bank show that during the first 6 months of this year foreign exchange transactions of the Philippines resulted in a net receipt of $1,830,000. The deficit of $16,760,000 incurred last January, was wiped out by the narrow monthly margin of surplus noticeable from February to June. Responsible for the favorable tone was the increase registered by receipts from invisible exports over invisible imports which more than offset the unfavorable balance resulting from larger disbursements for visible imports than receipts from visible exports. Receipts aggregated $258,800,000 (from visible ex ports—$165,730,000 and invisible exports—$93,070,000) against disbursements of $256,970,000 (consisting of payments for visible imports of $217,180,000 and invisible imports of $39,790,000). Compared with the correspond ing period in 1951 total receipts showed a decrease of 8.3% while disbursements rose by 1/2%. Local money rates appear to be slightly easier, prob ably due to diminished volume of import licenses released and some liquidation of inventories, which earlier this year were on the high side in anticipation of a continuing inflationary trend which did not develop. Collections are reported to be retired satisfactorily. tt was announced by the Collector of Internal Revenue A that total tax receipts for the 1951-52 fiscal year (ex cluding excise tax on foreign exchange) had already reached a new high of P408,742,000 with June figures not yet tallied and April and May not complete. This figure is about 20% higher than total collections from July 1, 1950, to May 31, 1951, because of the intensified and systematic collection campaign and the imposition of new and increased taxes. It is also reported that excise tax on foreign exchange to talled P179,;261,000 during the period March 29, 1951 (when it was first imposed), and the end of May, 1952. This total represents some P 140,000,000 for the 1951-52 fiscal year and P39,000,000 from March 29 to June 30, 1951. The price of gold in the local free market has ruled remarkably steady during the period under review with an approximate high, low, and close per fine ounce of P105.75, P104.25, and P104.50. 1951-52 Range High Low MINING SHARES High Low Close Change Total Sales Manila Stock Market By A. C. Hall Hall, Picomell, Ortigas S’ Co. June 28 to July 25 EARLY in the month, gold-mining shares showed some further weakness as the difficulties confronting the mining industry were emphasized during the public hearings then being conducted by the Wage Board in regard to the industry’s attempt to obtain a postponement of the effective date of application of the Minimum Wage Law scale. However, selling was never forceful, and during the past week has dried up completely. The lack of offer ings and the growing impression that the industry will receive some compensating tax-relief when the full mini mum wage scale goes into effect have combined to lift some prices from their recent lows, and to give the market a better appearance at the close. Base-metal issues have ruled steady to firm, with the exception of some easiness of a technical nature in Acoje and Philippine Iron Mines as a result of their recent new stock issues. w Following the effective date for subscription to rights, Philippine Iron Mines has staged a sharp rec overy. The commercial and industrial section of the market has been easier in quiet trading. Fixed interest securities ruled quietly firm with offerings negligible. Around this period of the year, local stock prices usually register their annual lows, principally due to the fact that money is at its tightest around this season. In the writer’s view, this year is unlikely to prove any excep tion to the others, as prospects indicate easier money condi tions during the last half of the year. 0 0 7 315 0.155 0925 0.028 80 ----2.85 0 2 0 0.0775 2.00 80 ___ 0036 0.002 5 0 30 10 04 0 29 0 0 0 0 0 0.16 1275 0.06 3 26 0 32 0 0 0 305 035 13 1951-52 High 143 0.17 0.185 0.01 0.05 00 105 00 15 00 15 00 171 00 110 00 00 100 00 50 00 30 00 27 50 25 00 12 00 10 00 0 36 0 27 5 50 3 20 0 0 18 12 105 0 0 0 085 50 100 00 23 7 00 50 20 5 50 00 50 25 00 0 0925 0 012 43 00 26 50 100 00 00 108 0 102 00 16 00 13 50 7 00 00 Company M. S. E. Mining Share Acoje Mining Co....... Antamok Goldfields. . Atok Big Wedge MinBaguio Gold Mining Co............................... Balatoc Mining Co... Batong Buhay Gold Benguet Consolidated. Coco Grove, Inc. ... Consolidated Mines, Inc.............................. Hixbar Gold Mining Co............................... Itogon Mining Co.... I.X.L. Mining Co.. .. Lepanto Consolidated. Masbate Consolidated. Mindanao Mother Lode.......................... P a r a c a 1 e Gumaus Philippines Iron Mines, Inc................ San Mauricio Mining Co............................... Surigao Consolidated.. Suyoc Consolidated .. United Paracale Min ing Co....................... 105.10 98.44 .19 .043 .17 .04 102 Off 3.61 Off .01 2.85 3 15 Off .25 22,110 .095 2.00 .003 1.15 .035 .037 .26 .085 .041 .82 .165 2.70 .20 .28 .012 .07 .0775 2.00 .0028 1 00 .035 .035 .26 .08 .04 .78 .031 .1375 2.15 .19 .265 .012 .06 COMMERCIAL SHARES Bank of the Philippine Bogo-Medelling MilCentral Azucarera de la Cariota................ Central Azucarera de Pilar.......................... Central Azucarera de Tarlac....................... Filipinas Cia. de SeIndustrial Textiles Mfg. Co. P.I........... Manila Broadcasting Co.............................. Manila Wine MerMarsman 8s Co., com . Mayon Metal, class “B”........................... Mayon Metal, class Meralco, 6-1/2%........ Metropolitan Insur ance Co.................... Pasudeco...................... Philippine Air Lines, Philippine Guaranty Philippine Oil Dev elopment Co., Inc... San Miguel Brewery, San Miguel Brewery, 7% pref................... San Miguel Brewery, 8% pref................... Universal Insurance 8s Indemnity........... Williams Equipment, Cia. Celulosa de Filipinas................ Cia. Gral. de Tabacos de Filipinas, 6% bond.......................................... Credit Corp, of the Philippines.... Manila Jockey Club, Inc................. Philippine Iron Mines, Inc (rights). . 2 Off Up Off Off 037 26 08 04 82 039 145 Up Off Off Up 125a 2 High Low 120.00 120.00 112 00 00 40 00 25 00 11 00 3.50 6.00 25.00 39.00 25.00 10.00 3.50 5.00 25.00 .044 .04 38.50 38.50 100.00 98.00 105.00 103.00 6.00 6.00 P10.00 97.00 6.00 2.35 .30 .'so .0002 .10 .003 .002 .02 .01 .009 55 Off .25 20 Off .005 265 — 012 — 185,000 100 ,100,000 12,100 10,000 1,663,000 55,500 .0625 Off .0125 Close Change Total Sales 120 00 20 00a 110 110 00 00 25 00 10 00 30a 3 50 20a 11a 102 150 20 00b 50b 6 25 00 04 38 50 98 00a 104 50 12 6 Off 5.00 Off 5.00 Off 2.00 Up Off Up 00b 00 10.00 .30 .01 2.00 Up 1.50 Off 1.00 Close 97.00 6.00 2.35 .13-1/3 160 189 13 2,386 80 6,400 500 665 70,000 18,160 489 260 496 Total Sales 10.00 24,750 97.00 6.00 2.35 .13-1/3 P20.000.00 64 2,800 203,251 Credit By C. M. Muilenburg Manager, Credit 8 * Collection Department International Harvester Company of Philippines SEVERAL local credit men have indicated that collec) tions are continually getting more difficult. Some have suggested that collections are harder now than 303

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