March output breaks P4,000,000-mark again
Media
Part of The American Chamber of Commerce Journal
- Title
- March output breaks P4,000,000-mark again
- Language
- English
- Source
- The American Chamber of Commerce Journal Volume XVII (Issue No.4) April 1937
- Year
- 1937
- Rights
-
- Fulltext
- 32 THE AMERICAN CHAMBER OF COMMERCE JOURNAL April, 1937 '‘Metal & Mineral Markets” Still Bulling Base Metals Tin stocks low, larger quotas released. Copper prices affect England's rearmament program {By the United Press) NEW YORK, April 15.—After registering the widest gains in years during March, non-ferrous metals encountered considerable liquidation during the first half of April on con tinued rumors of impending monetary changes by the United States, France and England. Despite the recent declines, the magazine Metal and Mineral Markets, out today, reported a substantial market for noarly all metals which should make the break m prices only tem porary. The break in copper prices this week left that metal just below its average price for March—15-3/4 cents. Domestic copper was quoted in New York today at 15-1/2 cents. United States mining and refining interests have sought to hold the domestic copper market in line with the general recovery movement, but the exceptional demand abroad, due to high volume munitions manufacture, has speeded up advances. The domestic price level has been lifted seven times in the past eight months to get back on top of the foreign market. Copper has been subjected to terrific speculative interest in London, somewhat to the detriment of the British govern ment’s armament program. The turnover of futures options in London has been at a pace of about 5,000 tons daily. The turnover in New York futures has averaged about 4,000 tons daily for the past two months. Lead prices likewise have fluctuated widely for more than a month and despite a break during the past week, remain near the 1930 level. The average price on New York for March was 7.19 cents, nearly 1 cent above the February price. The advance in lead prices also is blamed by the mming industry on high demand and speculation in Europe. How ever, speculation in lead on the New York Commodity Ex change has increased sharply, almost equalling that in copper. Zinc, while not as active in the past month as lead and copper, has met improved demand and prices have moved steadily higher without the fluctuations of other metals. The average price for March of St. Louis spot was 7.381 cents, almost 1 cent above the previous month. In the general break in commodity prices this week, zinc dropped 1/2 cent. The general industrial picfure continues optimistic, accord ing to Metal and Mineral Markets, and the outlook for con tinued good prices for metals remains the sune. Some traders March Output Breaks P4,000,000-Mark Again IXL Demonstration Suyoc M.ade High Record The P4,000,000-mark in gold bullion production is back again as is shown by the March gold production. The total production reported except Tambis is P4,060,858 as against P3,365,753 of the same month last year and 1*3,658,607 for February 1937, showing an increase of 1*695,105 from that of the same month last year and 1*402,251 from February 1937. Demonstration, IXL Mining and Su yoc topped their product on as of last year, same month, arid of February 1937. Big Wedge had a setback as she pro duced 1*31,648 less than she did last month, showing a drop of 45 per cent. The new flotation unit which was March 1937 Gold Production March 1937 March 1936 Total................................... •Estimate only. Tons Milled Values 1rons Milled Values Antamok Goldfields............ . .. 23,919 ? 513,699 10,616 P 254,528 Baguio Gold Mining............ 5,370 89,284 5,312 96,112 Balatoc Mining.................... 37,721 1,055,538 38,015 1,013,041 Benguet Consolidated.......... . . . 24,867 822.483 24,614 818,011 Benguet Exploration............ 3,477 24,530 2,570 19,450 Big Wedge............................. 2,702 37,302 Cal Horr Mine...................... 5,680 105,308 4,932 82,593 Coco Grove.......................... ... No production 60,472 Demonstration Gold............ 7,210 154,516 5,879 133,539 East Mindanao..................... 2,400 66,000* Gold Creek Mining.............. . . . Included in Antamok 2,384 39,733 Ipo Gold Mines................... 5,350 54,855 5,655 59,778 Itogon Mining Co.:.............. 18,880 269,610 13,069 215,747 I. X. L. Mining................... 7,231 167,560 4,878 129,271 I. X. L. Argos....................... 31,635 Masbate Consolidated......... 40,004 251,422 21,757 138,939 Northern Mining & Dev.. . . 10 72 360 3,964 Salacot Mining................... 4,570 21,477 5,600 39,000 San Mauricio...................... 4,263 175,777 2,725 77,756 Suyoc Consolidated............. 6,732 126,146 4,582 95,410 Tambis Gold Dredging....... . . .Not yet available 22,624 yds. 7,576 United Paracale................... 9,158 93,645 3,806 80,833 210,519 T*4,060,858 156,754 plus P3,365,753 22,624 yds. not operated last month. United Pa racale has an increase of P12,812 from that of the same month last year and a decrease of 1*60,109 from that of her production February 1937. This decrease is due to the closing of one of the sources of ore because of water. Demonstration is higher by 1*20,977 over last year and 1*32,085 over Feb ruary’s production: IXL Mining is higher by 1*38,309 over last year, same month, and 1*15,322 over February. Of the 1*4,060,858 the Benguet Con solidated interests contributed P2,038,183; the Soriano Interests 1*964,316 and the Marsman interests 1*665,250. Some Manila Stock Exchange... (Continued from page 27) be open to inspection by the Governing Committee, Committee of Investigation or any special committee. Conymittees on Publicity and Quotations Article XJ. (a). It shall be the duty of this Committee, under the direction of the President, to keep the public correctly informed concerning matters of public interest having to do with the Exchange; (b) It shall have charge of all matters relating to the collection dissemination and use of quotations; it shall have power to approve or disapprove any application for quotation service to a non-member, or for telephonic or tele graphic wire or wireless connection between the office of a member or a member firm and the office of any cor poration, firm, or individual, not a member of the Exchange, transacting a banking or brokerage business, and it shall have power at any time to disap prove the furnishing of any such quota tion service or any such wire or wireless connection, and to require the discon tinuance thereof. It may inquire into wire or wireless connections of every kind whatsoever between the office of a member and any member or non member, and may require the disconti nuance of any such connection. (c) The Committee shall have the power to. review advertising copy and literature of members and firms of members and to recommend to the Governing Committee such rules and regulations pertaining to advertising and publicity as may appear desirable to maintain the dignity and prestige of the Exchange and just and equitable principles of trade. Failure Due to Unbusinesslike Dealings. Article XVI, Sec. 6. Whenever the Governing Committee shall determine that a member suspended under the provisions of this Article has been guilty of irregularities or unbusinesslike deal(Pleaee turn to page 40)
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