Credit
Media
Part of The American Chamber of Commerce Journal
- Title
- Credit
- Creator
- Muilenburg, C. W.
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXVIII (No. 12) December 1952
- Year
- 1952
- Rights
-
- Fulltext
- Manila Stock Market By A. C. Hall Hall, Picomell, Ortigas & Co. October 18 to November 28 EARLY in the period under review, gold shares drifted into new low ground, but recovered partially following the Atok-Big Wedge Mining Company’s announcement that it had reached an amicable settlement with its labor union as regards the valuation to be accorded to the com pany’s “give-aways” to labor. This agreement, which is expected to serve as a basis for the industry, will reduce the actual cash disbursement required under the Mini mum Wage Law, and will enable the Company to continue its operations. The constructive attitude shown by labor in this matter is encouraging, but, as mentioned in this column last jnonth, gold mining has been reduced to the barest subsistence level, and requires a much greater degree of assistance if it is to survive at all. In the meantime, investors are unlikely to show any interest in this group’s securities. The price of gold in the free market has moved in a narrow range during the past six weeks, but has displayed a firmer tone during the last few days. The approximate price range has been P104 to P106.50 per fine ounce, closing at the latter figure. In the base-metal section, little interest has been dis played with the exception of Consolidated Mines which has been sharply higher and active during the past ten days or so. The strength in this issue is principally due to a couple of 20% cash-dividend declarations during the past month. In the commercial and industrial section, the market has ruled steady in very restricted trading. Fixed-interest securities have firmed, but, at closing levels, the demand is small. Overall conditions continue unfavorable for equities as a whole.. Money is easier at the moment, but this is con sidered a temporary situation, and not a reversal of the past year’s deflationary tendency. The unsatisfactory state of general business retards a more constructive attitude to ward securities. 100 00 75 171 00 00 105 111 00 100 00 50 00 30 325 00 00 320 00 12 00 10 00 27 50 25.100 00 36 5 50 0 12 0 12 107 8 30 0 25 3 20 0 085 0 085 00 100 23 7 00 50 27 50 0 00 20 5 25 00 0925 0 012 46 •43 00 101 00 108 0 96 26 50 93 00 102 16 00 13 00 50 7 00 6 00 Central Azucarera de Central Azucarera de la Cariota............... Central Azucarera de Pilar....................... Central Azucarera de China Banking Corpo ration ...................... Cia. de Celulosa de Filipinas.................. Filipinas Cia. de SeIndustrial Textiles Mfg. Co. P.I.......... Manila Broadcasting Co............................ Manila Wine Mer chants..................... Mayon Metal, class “B"......................... Mayon Metal, class Meralco, 6-1/2%....... 1 Metropolitan Insur ance Co................... Pasudeco..................... Philippine Air Lines, Inc........................... Philippine Guaranty Philippine Oil Deve lopment Co., Inc.. . Philippine Racing Club, Inc................ San Miguel Brewery San Miguel Brewery 7% pref.................. 1 San Miguel Brewery 8% pref.................. 1 Univ. Insurance & In demnity Co............ Williams Equipment T Bond sales reported in units of P100. Company Commonwealth Insurance Co.. Manila Jockey Club................ Philippine Long Distance Tel ephone Co. 6% bonds (1966). Polo Coconut Plantation, Inc... Tabacalera, 6% bonds (1962) . Victorias Milling Co., Inc......... 78.00 38.00 12.00 25.00 9.50 3.50 21.00 78.00 78 00 00 100 00 38.00 38 00 282 00b 12 25.00 8.30 3.50 21.00 .0525 25 00 9 50 20b 50 111 Ha 00 ISO .043 Off 2.00 Up .25 Up .20 Up 3.00 T 220 10 140 5,400 50 13,450 625 1951-52 Range MINING SHARES -.00b 21.00 366 5 00b 00b 045 90b 36.00 33.50 36 00 101.00 100.00 101 105.00 105.00 Over-The-Countei High r160.oo 2.30 00 210 108.00b 50b 100.00 700.00 100.00 130.00 77 Close P160.00 2.30 Total Sales 331 P 44,000 5 P102.000 170 0.315 0.155 0.0925 0.028 7.80 2.15 0.14 0.06 2.80 1.60 0.0036 0.0015 5.30 3.50 0.042 0.011 0.29 0.16 0.17 0.0625 0.075 0.031 0.96 0.59 0.05 0.024 0.43 0.09 0.1275 0.06 3.26 1.20 0.32 0.17 0.305 0.185 0.13 0.05 M. S. E. Mining Share Acoje Mining Co........ Antamok Goldfields. . Atok Big Wedge MinHigh 98.96 .18 .04 92 09 16 Close Change Total Sales 98.33 .175 .04 Off Off .21 .005 8,817,490 213,000 35,500 Baguio Gold Mining Co. Balatoc Mining Co.. . Batong Buhay Gold Benguet Consolidated x Consolidated Mines, Inc.x........................ Hixbar Gold Mining Co............................ Itogon Mining Co.. . . I.X.L. Mining Co.. . . Lepanto Consolidated.. Masbate Consolidated Mindanao Mother Lode........................ Paracale Gumaus Con solidated................. Philippine Iron Mines, San Mauricio Mining Company................. Surigao Consolidated. United Paracale Min-Ex-Dividend 2 15 1.75 .0017 3.60 .024 1 3 0015 50 034 2.50 0625b 1.75 .0017 3.50 .042 Off Off Off Off Up .20 .25 .0005 .30 5,563 .007 3,304,000 .0725 .075 .87 .034 0625 032 81 032 .15b .065 .075 .84 .032 Off .005 ,Up .037 Off .01 Up .002 .13 09 .1225 Off .0125 623,500 .105 105 .105 Off .01 20,000 2 25 2.40 29,542 .23 .23 .06 .0525 COMMERCIAL SHARES .19 .225 Off Off .045 .005 .06 80,000 1951-52 Range High Low 143.00 105.00 22.00 12.00 15.00 15.00 High Low Close Change Total Sales Bank of the Philippine Islands................... — — 130.00b — — Binalbagan - Isabela - . SugarCentral......... 22.00 22.00 22.00 Up 5.00 133 Bogo-Medellin Mill ing Co..................... — — 15.00a — — Credit By C. W. Muilenburg Manager, Credit and Collection Department International Harvester Company of Philippines THE Association of Credit Men, Inc. (P.I.) has announced the active participation of three additional members effective December 1, 1952. These three are the Allied Brokerage Corporation, Manila Daily Bulletin Publishing Co., Inc., and Fred Wilson 8s Company, Inc. Active membership as at December 1, 1952, stands at 76 members. The Association is drawing an increasing amount of interest among business firms and it is anticipated that membership will be further increased in the near future. Credit executives report little change during the past month. Most of them indicate that collections are as hard and as slow as at any time this year. A few report that collections are somewhat harder and that clients request longer time and larger limits, with the result that the large suppliers are in effect financing smaller clients. A few report collections somewhat better and suggest that money was tighter last month than any month this year, with money somewhat more plentiful at present. Some sources report that circulation of money has improved slightly in the past month. During August and September, bank deposits were built up at a satisfactory rate, but during October and November deposit build-up was slow and, as is usual, withdrawals in December will probably be heavy. With the releasing of licenses by the Import Control Office for the second semester, import vo lume will increase and banks are now concerned more with import than domestic business. Sugar is also beginning 484 to move, with milling to continue until about March, 1953. Sugar .will bring in a substantial amount of dollars, which will improve local conditions. Bank receivables are still paid fairly well on time. With the arrival of imports li censed for the second semester, bank funds can begin to be available for other uses. It is expected that government financing might be available in January to provide for construction, which has lagged during the year. Trade sources report drugs still scarce. Indications are that merchants are not doing as well as was expected at the beginning of the holiday shopping season and tex tiles are not demanding the level of prices anticipated by textile merchants. It appears that there are ample stocks of textiles, particularly in some specialty lines. Other ship ments are expected before Christmas. Conditions pre vailing in specific lines naturally affect the general credit and collection situation. Some expect Christmas shopping to get under way at a better level soon to offset the slow beginning. The building trade is now experiencing a great short age of lumber for its projects. Lumber yards, which for merly were well stocked with all sizes and kinds of lumber, are now almost empty. Consequently, prices are going up. Form lumber and sawn lumber have increased in price by at least 30% and the tendency is for further increases. This shortage can be attributed to the fact that large quan tities of logs are being exported to foreign countries to take advantage of dollar payments. Very small quantities of logs are arriving in Manila. Another factor in the in crease of prices is the increase in the minimum wage of forest workers which has increased the cost of production considerably. Galvanized-iron sheets continued scarce, and gauge 24 is unavailable in the local market. The shipment of gauge 26, which PRISCO received, was distributed to storm-stricken areas in the provinces. With the rainy season over, the demand for this item will increase, and unless more shipments are received soon an acute shortage will be felt by builders and houseowners. Electric Power Production (Manila Electric Company System) By R. J. Baker Comptroller, Manila Electric Company Real Estate By Antonio Varias Vice-President, C. M. Hoskins &• Co., Inc., Realtors 1941 Average—16,316,000 KWH Kilowatt Hours 1952 1951 January.................................... 45,152,000 40,713,000 February.................................. 42,450,000 37,066,000 March....................................... 45,128,000 30,117,000 April.......................................... 42,798,000 39,197,000 May........................................... 45,580,000 40,405,000 June........................................... 45,223,000 40,712,000 July........................................... 47,542,000 42,041,000 August...................................... 47,988,353 42,817,000 September............................... 47,216,626 41,852,000 October.................................... 50,072,814* 44,017,000 November................................ 4 7,590,000** 42,628,000 December................................ 45,655,000 REAL ESTATE sales registered in the Greater Manila area during the month of November, 1952, numbered 536, with a total value of P6,661,919, as compared with 672, with a total value of P7,341,565, registered during the preceding month of October. Of the November sales, 145, with a total value of P3,360,520, represented deals within Manila proper, and 391, with a total value of P3,301,399, were sales within the cities of Quezon and Pasay, and in the suburban towns of Caloocan, Makati, Malabon, Navotas, Mandaluyong, Paranaque, and San Juan. Among the bigger sales registered during the month were: Total........................ 497,211,000 •■Partially estimated txue to November being a 30-day month with 5 Sundays and one holiday, output decreased about ■ 2,500,000 kwh from October. However, the increase over November, 1951, amounted to 4,962,000 kwh, or 11.2%. We expect the two new 4,000 kw units at the Blaisdell Station to be in operation for the holiday season. Building Construction By Juan J. Carlos President, Philippine Contractors’ Association DURING the month of October, the Office of the City Engineer approved building permits for construction work amounting to ?4,040,150. For the same period last year, the volume of work authorized amounted to ?4,465,040 in comparison with P3,380,U0 in 1950 and P5,035,115 in 1949. Among the big projects that were started during the month under review were: A l-story steel factory building for the Philippine Match Co., Ltdon Posadas Street, Sta. Ana, estimated at P400.000; On Oriente Street, Binondo, a 4-story reinforced-concrete apart ment building for Salustiana Dee, costing P300.000; For the Earnshaw Docks & Honolulu Iron Works, at Tacoma and 2nd Streets, Port Area, a l-story steel building, estimated at Pl50,000; A l-story steel building at Mendiola and Pandacan for the San Miguel Brewery, costing P 200,000; At 343 Echague Street, a 4-story reinforced-concrete building for R. de Skawivski, estimated at Pl50,000; For the rehabilitation of the Philippine Columbian Club Building on Taft Avenue, an estimated P80.000. The assignment of several lots in Malabon, Paranaque, Mandaluyong, San Juan, and Muntinlupa by Vicente Madrigal to Susana Realty, Inc. for the sum of P773.740; A property with a lot of 965.8 square meters on M. H. del Pilar Street, Malate, sold by Angela Dizon to Gamboa Estate, Inc. for P315,000; Three 2-story houses with a lot of 1,000 square meters on Misericordia Street, Sta. Cruz, sold by Rosario Mortel to Benito U. Galan for P85.000; A property with a lot of 610 square meters on Pennsylvania Street, Malate, sold by Emiliano J. Valdez to Demetrio Munoz for P76.000; A property with a lot of 493.4 square meters on Gastambide Street, Sampaloc, sold by Consuelo, Catalina & Delfina Reyes to the University of the East for P 74,000; A parcel of 1,742 square meters on Cabildo Street, Intramuros, sold by Francisco Boix to Zacarias M. Aquino for P66.199; and A parcel of 4,587 square meters in Forbes Park Subdivision, Ma kati, sold by Ayala Securities Corporation to Primo Santos for P61.924. T) eal estate mortgages registered in the Greater Manila area during the month of November numbered 614, with a total value of P8,961,399, as compared with 739, with a total value of P18,034,193, registered during the preceding month of October. Of the November total, 257, with a total value of ?4,358,362, represented deals within Quezon City, Pasay City, and in the suburban towns of Caloocan, Ma kati, Malabon, Navotas, Mandaluyong, Paranaque, and San Juan. REAL ESTATE SALES, 1952 January.......... February. . . . March............. April............... May................ June................ Manila ?6,085,610 2,629,939 3,757,283 2,216,532 2,978,391 2,388,796 Quezon City Pl,592,939 1,052,519 1,809,583 1,249,898 1,277,309 1,598,090 Pasay Suburban City Towns Total P197.596 274,017 366,011 352,130 687,001 440,171 *1,285,689 2,066,314 1,427,608 1,239,492 1,346,563 2,348,711 *9,161,834 6,022,789 7,360,485 5,058,052 6,289,264 6,775,768 485