What the diggers are doing

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Part of The American Chamber of Commerce Journal

Title: What the diggers are doing
Language: English
Source: The American Chamber of Commerce Journal Volume XVIII (Issue No.12) December 1938
Year: 1938
Rights
Fulltext: December. 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL 23 What the Diggers Are Doing SORIANO: International Engineering — Ba tong Buhay: On November 22nd, stockholders of Batong Buhay ap proved the terms of an agreement entered into by their board of direc tors with International Engineering Corp., a Soriano management com pany, whereby the latter undertakes the development of the claims in Kalinga, and the erection of a mill. The agreement requires an increase in the capital stock of Batong Buhay by 100,000,000 shares, (P0.01 par), giv ing shareholders the right to subs cribe to 40,000,000 of the increase at par, and International Engineering or its nominees subscription rights to an equal number. The remaining 20,000,000 shares are optioned to the management company or its nomi nees until December, 1939. The agreement further provides for the payment to the Soriano company of a monthly management fee of Pl,000 until the mill starts operation, and P2,500 monthly after that. In add ition, International Engineering will receive 5% of the operating profits. The Securities and Exchange Com mission having approved this in crease in capital stock, transfer books of the Batong Buhay Mining Com pany were closed from the close of business on Saturday, December 10th, through Monday, December 12th, and stockholders at the close of business December 10th were en titled to subscribe for 4000 new shares at one centavo for each 10,000 shares held. They have until January 14th to pay 1% on the subs criptions to the new stock, the bal ance being payable within six months. Shares sold “ex-rights” be ginning December 9th. Paracale Gold—International En gineering: “It is understood” that International Engineering Corp, is now’ furnishing a full-time engineer to supervise development work on the claims of the Paracale Gold Min ing Company, Inc., and that an un derstanding exists that if, in the opinion of the Soriano company, the property warrants a large amount of development work, International Engineering will undertake the job, and w’ill have the first opportunity of financing. Production: During the month of No vember, the three Soriano gold producers, Antamok, IXL and Masbate Consolidated, turned out a total of P983,457.81 from 101,912 tons of ore. These figures are be low the production figures for October. REDUCING THE RISK The w'ord corporate security is a misnomer. It should be corporate risk. Every investment is a risk w’hich is constantly exposed not only to the effects of social, economic and mo netary changes, few’ of w’hich can be forseen, but also to inter-company operations and activities. No in vestor can ever protect himself against all risks inherent to the ownership of securities. But it is possible, even in these uncertain times, to minimize the risk by following a flexible investment plan adopted to your individual objectives. Reducing the risks can be accomplished by basing each original investment decision on complete, accurate and up to the minute information. This principle must not be confined only to original purchases but should be used periodcally in making “realistic reappraisals” of your portfolio. Merely to keep abreast of events and individual company operations, to separate rumors from facts and to arrive at intrinsic values in the present markets is more than a full-time job. To separate those secur ities w’hich have discounted future possibilities from those which have the greatest opportunity for sound appreciation is beyond the capacity of the individual investor. To minimize successfully one’s investment risks means monthly, daily and even hourly reappraisal of in vestment values. This is a job that Hess & Zeitlin, inc. is equipped for and that it is now doing for many individual and corporate investors. How’ can we be of service to you? It is impossible to tell unless w’e have the opportunity of examining your holdings and studying them in the light of your individual requirements. We welcome the opportunity to be of service to you—your inquiry w’ill be held in strict confidence and will involve no obligation. ZEITLIN^ “SPECIALISTS IN PHILIPPINE SECURITIES” /X KESPOND/NG TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL 24 THE AMERICAN CHAMBER OF COMMERCE JOURNAL December, 1938 Soriano Returns: Andres Soriano, heal of the Soriano business interests, returned this month from a combined business and pleasure trip to the United States and Eu rope. It is understood that he continued negotiations initiated sometime ago, for the listing of I X L stock on the board of the San Francisco Stock Exchange. It is planned to follow this listing with that of the Antamok Masbate Consolidated shares. MARSMAN: Dividends: Marsman Investments, Ltd., top holding company of the Marsman or ganization, declared an interim dividend of 7-1/2 percent last month. The dividend, paid on December 15th, amounted to £37,500, or approximately P375.000 for the 1,000,000 shares outstanding. Meanwhile, Marsman and Company, Inc., DAWSON WHISKY which acts as an operating, financing and holding company, declared its regular P5 per share dividend, which was paid on December 1st. San Mauricio, which had not paid a div idend since soon after the mine commenced production, declared a 50% (based on par value) dividend. On the same day—No vember 28th—the boards of directors of Coco Grove and United Paracale met and declared dividend payments, of two cen tavos each per share. The Coco Grove dividend, which was paid on December 16th, is the first yet de clared. The United Paracale money was distributed on December 13th, and brought total dividends for 1938 to 5 centavos per share. Aggregate money distributed by these three producing mines is slightly more than Pl,000,000, with Suyoc Consolidated un heard from as we went to press. It was expected that Suyoc would declare at least 1/2 centavo per share, and possibly as much as one centavo. HAUSSERMANN: Consolidated Mines: Hess and Zeitlin’s market letter of December 10th contained the following paragraph: “Reflecting confidence in the future of the Masinloc chromite operation, Judge John W. Haussermann, this morning by telephone from Washington, D. C., ap proved a modification of the Benguct Consolidated Mines contract, enabling Consolidated Mines to participate im mediately to the extent of 10% in the earnings from the operation of the property, 50% participation to follow as soon as Benguet has been ful ly reimbursed for its expenditures. A. F. Duggleby, of the Benguet Consoli dated Mining Co., announced further this morning that cables just re ceived from General Refractories Corp., opening negotiations for the immediate resumption of orders of Masinloc ore indicated improved industrial conditions in the United States, particularly in the steel industry, curtailment of which dur ing the depression forced a suspension of Masinloc shipments. These inquiries mentioned an immediate shipment of 2,000 tons, and purchase of 10,000 to 15.000 tons during the coming year. Here tofore, there has been no European out let for Philippine chromite because of prohibitive freight rates to European ports. Such rates, however, have just been reduced to the point where Phil ippine chromite can successfully com pete with other ores, and, resulting from the lively' interest evinced by European customers in Masinloc ore, negotiations are now under way to supply' the full chromite requirements of such consu mers in the manufacture of refrac tories.” Dividends: Benguet Consolidated this month declared two fourth-quarter divi dends. Besides the regular dividend of P0.30 per share, Benguet paid an extra Christmas present of P0.20. The divi dend was paid on December 20th, to stock holders of record as of the 9th. The action brought 1938 dividends to Pl.40, compared with Pl last year. Balatoc paid P0.20 per share this month, bringing its total dividends to Pl. 10 per share, compared with an even Pl last year. Ipo Gold Mines declared a fourth quarter dividend of P0.005 per share, bringing the 1938 total to P0.016. Last year Ipo paid a total of P0.015 per share, and also de clared a 3% stock dividend. NIELSON: Lepanto: This copper producer turned out P132.920 from 12,770 tons, an average copper-gold recovery of Pl0.41 per ton, and a new all-time record for the mine. Total production for the first eleven months of 1938 amounts to P329.376. During NovemWITH ANY MINERAL, IS THE SAFEST AND MOST SUITABLE BEVERAGE IN THE EAST Liguan Coal Mines ^AfahionaL ^J-Aockiat Yx Peter Dawson SKOAL SCOTCH WHISKY 3MITH,BELU( CQLTD. SOLE DlSTkiawTOM Mineij at: Liguan Albay Head Office: 315 National City Bank Bldg. Manila Tel. 2-22-93 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OE COMMERCE. JOURNAL December, 1938 THE AMERICAN CHAMBER OF COMMERCE JOURNAL her, the mill produced 1,318 tons of con centrates. Mill heads averaged 2.95 per cent copper, Pl.61 gold, and 0.67 ounces of silver per ton. Copper extraction averaged 87.11 percent, while gold and silver aver aged 83.4 and 79.6 percent, respectively. The average grade of concentrate assayed 24.9 percent copper, 0.186 ounces of gold, and 5.167 ounces of silver. It was stated that the increase in pro duction was due to uncovering higher-grade ore, plus increased milling efficiency. Lepanto had pretty rough going until this year. At one time, at least, it was thought that it would be necessary to aban don the property, since it was known that the gold on the claims was low-grade, and th«» copper was no better. Benguet Consoli dated abandoned all effort to develop the property, Mr. A. F. Duggleby having a poor opinion of any copper property. How ever, after the Nielson contract was made, new discoveries of higher-grade ore, and the signing of a contract with Japanese buyers for the copper out-put apparently solved Lepanto’s troubles. Hixbar: This latest Nielson acquisition produced P98,060 from 2,810 tons of cop per ore mined during the months of Sep tember, October and November, it was an nounced. Work has been progressing on the property for the past three months, but no publicity was released until a con tract was signed for the sale of the ore. It was stated by officials of Nielson and Company that a road is being built on the property, which will make it possible to mine and transport approximately 3000 tons a month “at a conservative estimate”. Ore at Hixbar is said to average around 10'/? copper, and is shipped direct to the smelter without milling or other treatment. Paracale Guniaus: Treated 3,029 tons of ore during November, for a gross oper ating revenue of P54,047.22 in gold bullion and concentrates. Although average re covery was somewhat above that of October, total production fell off some P3000, due, it was said, to the fact that a larger amount of hard rock was sent to the mill, and the grinding capacity thereby reduced. Hongkong Mines, Ltd.: Has produced P470,495.98 worth of lead and silver con centrates, for the first eleven months of this year. Production for November was about P4000 less than that for the previous month, due to lower mill heads, but it was anticipated that December should register an increase, since the mill capacity is be ing raised to 175 tons daily from 125 tons. Selinsing: The second Nielson and Com pany property outside of the Philippines, Selinsing will go into production in Jan uary of next year, it was announced re cently. Construction work began in July, and has progressed steadily, under very difficult conditions of transportation and labor. Supplies, for example, have to be brought in over twelve miles of river, in which there are a number of rapids, mak ing it impossible to haul more than three tons in the shallow-draft boats which must be used. All large pieces of equipment must be sectionalized. Trucks carry equip ment and supplies four miles from the un loading station to the mine. The ore, how ever, is said to be very nearly free mill ing, and the mill will, therefore, be quite simple. The milling process will consist of a grinding unit, jigs, and flotation cells. The mill building was completed last month. Tinago Consolidated: No details were available as to progress of operations on this property as we went to press. This Girl . . . (Continued from page 12) absence. Ruth was a Moabitess, no Jewess, but a girl from out of town, who had been Choose INTERNATIONALS for HEAVY-DUTY PERFORMANCE Heavy-duty performance. . . digging and smashing their way through tough terrain with bullgrader or giant ripper. . . International TracTracTors get the tough jobs because they are built for them. From radiator to drawbar they are de signed for industrial needs. International Harvester builds ten industrial tractors— five wheel types and five crawler types—for operation on kerosene and Diesel fuel. The wide range of types and sizes in this famous line meet every tractor requirement. A long list of equipment built around these tractors further increases their usefulness. Write for catalogues and complete information. INTERNATIONAL HARVESTER COMPANY OF PHILIPPINES CEBU MANILA DAVAO ILOILO BAGUIO BACOLOD CAGAYAN, OR. MIS. LEGASPI around. Ruth had no hay in her ears. Naomi was prudent, the hardest circum stances upset her only momentarily. Ruth liked this competence, and tended to rely on it. And Naomi chose as the season for arriving back in Bethlehem-Judah, the harvest season when the men would be cutting the barley. Her relatives would be among these men, especially Boaz. It was a long trek, around the sea, and Naomi no doubt told Ruth a good deal about her cousin german Boaz as they whiled away the miles together and rested at the vil lages. The two women would have little enough on which to live when they reached journey’s-end, but Ruth might glean with the harvesters and perhaps some luck would turn up. /.V RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL
pages: 23-25