Credit
Media
Part of The American Chamber of Commerce Journal
- Title
- Credit
- Creator
- Nichols, W. J.
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XXVII (Issue No. 5) May 1951
- Year
- 1951
- Rights
-
- Fulltext
- May, 1951 AMERICAN CHAMBER OF COMMERCE JOURNAL 155 period. Consolidated Mines moved against the trend on its increasing production and ore shipments. Generally speaking, the market showed vyy little response to news, favorable or otherwise. Congressional approval of an increase in the corporate tax rate to 28%, also a 17% tax on remittances abroad was virtually ignored. Also receiving no attention, marketwise, was a reliable report that the Central Bank will not seek any increase over the current 25% of production which gold mining companies are required to sell to the Bank at its official price of ?70 per ounce. The coming tax-payment season may cause some in crease in offerings; on the other hand, continued inflationary tendencies are likely to sustain demand for equities; hence there appears little change in the immediate market out look in the absence of unforeseen developments. There has been a further advance in the local price for gold which is now quoted around Pl65 per ounce. In the Commercial and Industrial Section, there has been a noticeable firming in fixed-interest securities as a result of institutional buying and limited offerings. San Miguel improved, and sugar shares were higher. Credit By W. J. Nichols General Manager, General Electric (P.I.) Inc. THE annual meeting of the members of the Association of Credit Men, Inc. (P.I.) was held April 17 at the Winter Garden of the Manila Hotel. Following luncheon the representatives of the following companies were elected to serve as directors for the coming year: Colgate Palmolive Philippines, Inc. Bank of the Philippine Islands General Electric (P.I.) Inc. Rehabilitation Finance Corporation National City Bank of New York Filipinas Compania de Seguros Equitable Banking Corporation In addition, representatives of the following firms were elected as alternate directors: Macondray & Company Manila Electric Company Caltex (Philippines) Inc. Following the general meeting the newly elected di rectors met for selection of officers and the following were chosen: President, H. E. Richmiller—Colgate Palmolive Philippines Inc. Vice President, W. J. Nichols—General Electric (P.I.) Inc. Secretary and Treasurer, S. Orosa, Jr.—Equitable Banking Corp. Work is progressing well on the project of compiling a credit manual for the benefit of the Association’s mem bers. It is planned to hold a general meeting early in June to enable the members to offer suggestions and advice on subjects which they wish to have included in the manual. Real Estate By Antonio Varias Vice-President, C. M. Hoskins Co., Inc., Realtors REAL estate sales in the Greater Manila area registered during the month of April numbered 759, with a total value of P8,676,696, as compared with 716, with a total value of P8,721,477, registered during the preceding month of March. Of the April total, 273 sales, with a total value of STEEL FABRICATORS • CONTRACTORS RIVER & HARBOR WORK • SHIPS’ REPAIRS ENGINEERS • MANUFACTURERS MERCHANDISERS Operating: MACHINE SHOPS FOR CONSTRUCTION AND REPAIR FOUNDRY FOR CAST IRON, DRASS 4 BRONZE STRUCTURAL STEEL FABRICATING SHOP MARINE REPAIR SHOPS • WOOD PRESERVING PLANT ATLANTIC, GULF & PACIFIC CO. OF MANILA
- pages
- 155