Banking and finance

Title

Banking and finance

Creator

Simmons, W. M.

Language

English

Year

1953

Rights

In Copyright - Educational Use Permitted

Fulltext

purser, later arrested when the plane landed on an island under the control of Nationalist China, is brought back to the Philippines from Formosa to undergo trial. The President signs a number of executive orders reducing the 1952 taxes in Sorsogon and Marinduque. Feb. 19 — The President receives Archbishop Rufino J. Santos, recently appointed to the office by Pope Pius XII; he was accompanied by Papal Nuncio Egidio Vagnozzi. The President also receives a delegation from the Filipino Printers Association, headed by Ramon C. Ordoveza, who presents a resolution requesting the ratification of the ruling recently adopted by the Cab inet that after June 30, of this year, no more Iprimary and intermediate) textbooks printed abroad for use in Philippine public and private schools be permitted entry into the country. Feb. 21—The President authorizes the establishment of formal Philippine diplomatic relations with the Republic of Korea, as recom mended by the Secretary of Foreign Affairs, and at the invitation of the Korean Government; it is anticipated that the President will ac credit Maximino Bueno, Philippine alternate representative to the United Nations for the Unification and Rehabilitation of Korea, as charge d’affaires. Feb. 23 — The second ECAFE (Economic Commission for Asia and the Far East) Conference on Trade Promotion opens a 10-day session in the Manila Hotel, and Secretary of Commerce and Industry Cornelio Balmaceda is elected Chairman of the Conference. In the evening, President Quirino entertains the 200 delegates at Malacafian and voices his welcome. ECAFE Executive Secretary Dr. P. S. Lokanathan expressed the thanks of the delegates for the reception. Foreign Minister Alberto Martin Artajo of Spain arrives in the Philippines on an 8-day state visit on invitation of the Philippine Govern ment. Feb. 24 — The President receives Spanish Foreign Minister Artajo and his entourage. (Official receptions and dinners followed on suc ceeding days.) The President directs Budget Commissioner Joven to dispose of some 25,000 metric tons of Burma and Siam rice bought by the National Rice and Com Corporation to supplement the local production which has shown an unexpected increase; the proceeds will be used to settle the NARIC’S indebtedness to the Philippine National Bank. The President approves the release! of ?5,600,000 for the con struction and maintenance of national and provincial and chartered city roads, streets, and bridges, the sum to be taken from the undis tributed collections of the Motor Vehicle Fund. Feb. 26 — The President accepts the decoration, “Gran Collar de la Orden de Isabel la Catolica”, conferred on him by the Government of Spain through the visiting Spanish Foreign Minister. The Minister also presented him, as a gift to the Filipino people, with a number of items of Rizaliana, consisting of documents about Rizal in Spain. Feb. 27 — The President approves the release of Pl,567,353 for the construction and development of irrigation projects to increase rice production. The President signs an executive order creating a decoration to be known as the "Order of Sikatuna" (commemorating the first treaty— Pacto de Sangre or the "Blood Compact”, between Legaspi and the Bohol Chief Sikatuna, in 1565). The first award is to be made to the Spanish Minister of Foreign Affairs shortly. There will be four ranks in the Order,—Raja, Lakan, Maginoo, and Maharlika. Feb. 28 — The President receives George Peabody, public rela tions counsellor of the Philippine Association in the United States, who reports that while two years ago more than 85% of the news from the Philippines appearing in American newspapers was of an un favorable nature, this has now dropped to less than 2%, based on a 6month survey of over 50,000 news stories. Banking and Finance By W. M. Simmons Manager The National City Bank of New York COMPARATIVE statement Bank ; As of Dec. 31, Assets 1949 International Reserve... . P460.689 Contribution to Interna tional Monetary Fund. 30,000 Account to Secure Coin age..................................... 113,306 Loans and Advances........ 77,047 Trust Account-Securities Stabilization Fund.... — Domestic Securities......... 92,197 Other Assets........................... 20,390 P793.629 of condition of the Central Currency and coins issued total P651,064,057. Black market dollars are quoted about P275. Open market rates on fine tael bars reached Pl20 per ounce on January 20, but have since receded to a present market of Pl 10. Combined balance sheets of all banks as of the end of Decem ber, 1952: (In thousands of Pesos) Liabilities Currency—Notes............. P555.576 Coins............. 74,384 Demand Deposits—Pesos 117,682 Securities Stabilization Fund................................. 2,000 . Due to International Monetary Fund........... 22,498 Due to International Bank for Reconstruc tion and Development. 2,389 Other Liabilities............... 2,636 Deferred Credits............... — Capital................................. 10,000 Undivided Profits.......... 4,464 Surplus................................. — P919.010 As of As of As of Nov. 28, Dec. 29, Jan. 30, 1952 1952 1953 (In thousands of !Pesos). P472.172 P454.157 P451.359 30,000 30,000 30,000 107,570 106,940 106,940 50,180 54,165 54,140 231,857 235,438 235,233 41,428 42,279 41,338 P918.207 P922.979 P919.010 P546.280 P579.584 P561.630 90,309 89,945 89,433 235,135 205,899 219,305 12,233 12,233 20,545 496 497 496 2,383 2,383 2,380 2,811 2,733 3,546 3,652 568 1,199 10,000 10,000 10,000 7,776 12,005 343 7,132 7,132 10,133 Resources Loans and Discounts............................................................ 394,072 Overdrafts................................................................................ 211,960 Cust. Liab. Accept, under L/ C and T. R..................... 105,674 Stocks, Bonds and Other Securities................................ 101,499 Other Real and Chattel Property Owned..................... 2,083 Banking House, Furniture and Fixtures......................... 15,355 Due from Banks.................................................................... 233,097 Cash........................................................................................... 33,602 Checks and Other Cash Items.......................................... 5,237 Other Resources..................................................................... 68,708 Total Resources........................................................ 1,171,287 Liabilities Capital Stock........................................................................... 39,899 Surplus Reserves and Undivided Profits........................ 64,184 Due to Banks......................................................................... 25,036 Cashiers’, Managers’ and Cert. Checks........................... 4,561 Dividends Payable................................................................ 375 Individual Deposits Subject to Checks........................... 304,838 Savings and Time Deposits................................................ 312,054 Deposits of Public Funds................................................... 216,842 Bills Payable........................................................................... 46,199 Other Liabilities..................................................................... 157,299 Total Liabilities........................................................ 1,171,287 (NOTE: The information contained herein has been derived from responsible sources, but the National City Bank of New York assumes no respon sibility for its accuracy). P793.629 P918.207 P922.979 The International Reserves as of January 31, 1952, were as follows: Central Bank International Reserves...................... $225,679,402.00 Net FX Holdings Other Banks.................................. 66,722,446.00 Japan Open Account..................................................... 8,617,523.00 Total...................................................................... $301,019,371.00 This is a decline of $4,857,545 from the preceding month. Manila Stock Market By A. C. Hall Hall, Picomell, Ortigas & Co. January 24 to February 20 DURING the period of this review, with the notable exception of San Mauricio, which advanced sharply on good development news, the mining share market has displayed an easier tendency, with most of the leading issues registering modest losses. The market action appears to be in the nature of a normal technical correction follow ing the previous month’s gain. 107

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