Arellano’s water colors

Title

Language

English

Source

The American Chamber of Commerce Journal Volume XIII (Issue No.9) September 1933

Year

1933

Rights

In Copyright - Educational Use Permitted

Fulltext

12 THE AMERICAN CHAMBER OF COMMERCE JOURNAL September, 1933 year with clean slates. DIVIDENDS Continuing the policy which the local banks adopted a year ago regarding the inadvisability of declaring dividends in the midst of the depres sed business condition the domestic banks, with Exchange bought Month the exception of one, decided once more not to declare dividends for the year 1932. EXCHANGE TRANSACTIONS The following table shows the extent of ex changes bought and sold during the year ar ranged by months: and sold in 1932 Bought by banks Total exchange Spot Future bought Arellano’s Water Ccrtors January............................................................................... February............................................................................. March.................................................................................. April..................................................................................... May..................................................................................... June..................................................................................... July..................................................................................... August................................................................................. September........................................................................... October............................................................................... November........................................................................... December............................................................................ P 12,543,906 10,744,913 10,105,735 15,726,553 7,833,889 8,354,600 9,200,078 7,424,803 11,189,313 11,701,623 8,577,303 9,802,540 P 7,179,484 9,446,228 3,768,705 8,959,372 7,887,590 8,721,862 9,393,045 6,538,586 8,937,268 17,590,621 7,541,014 14,062,368 P 19,723,390 20,191,141 13,874,440 24,685,925 15,721,479 17,076,462 18,593,123 13,963,389 20,126,581 29,292,244 16,118,317 23,864,908 Total............................................................................ P123,205,256 Pl 10,026,143 P233,231,399 Manuel Arellano recently returned to Manila from Europe and is supplementing his photo graphic work, some of the very best in the city, with studies in water colors that are a distinct addition to contemporary art. The pieces he exhibited to the Journal editor were bits of the old walls of Manila, unexceptionable in choice and skillfully done. This artist can be wished nothing but success His wife, Tinay Arellano, dramatic soprano, is enjoying popularity in Ker opera appearances in Europe; but while her art is better known in Manila than her husband’s, his is of a lasting sort bound to benefit the city permanently. The Journal has always felt that as a rule there is little truthful commenda-< tion to be granted contemporary painting in the Philippines, which either oversteps the limits of simplicity and aspires to what it can not reach, or is garishly exotic and blind to the beauty in the midst of which it lives. Exception is made of the Arellano water colors, which readers are recommended to sec for themselves. Month Sold by banks Spot Future Sold by the Insular Treasurer Total exchange sold January...................................................... February.................................................... March........................................................ April............................................................ May............................................................ June............................................................ July............................................................ August........................................................ September.................................................. October...................................................... November.................................................. December................................................... P 18,224,908 14,522,656 13,299,611 17,362,695 12,478,654 11,678,352 14,489,745 10,704,724 10,331,272 13,738,446 11,412,183 14,263,275 P 8,969,579 4,635,807 6,456,241 6,171,266 4,712,669 5,242,069 6,727,696 6,252,062 23,147,651 6,018,111 6,711,301 9,429,399 P 8,626,900 4,377,205 4,865,851 7,091,507 3,962,003 5,740,000 3,552,175 ■ 2,832,350 2,255,957 4,680,000 2,085,513 1,360,000 P 35,821,387 23,535,668 24,621,703 30,625,468 21,153,326 22,660,421 24,769,616 19,789,136 35,734,880 24,436,557 20,208,997 25,052,674 Total.................................................. P162,506,521 P 94,473,851 P 51,429,461 P308,409,833 MUTUAL BUILDING AND LOAN ASSOCIATIONS The big majority of mutual building and loan associations experienced difficulties of one kind or another during the year. These difficulties are undoubtedly the concomitant effects of the financial crisis which is still going on unabated. Some had cases of mild run, while others suffered from topheavy personnel and expenses due to unbusinesslike methods which may be justified only in prosperous time, but not in lean years like the present. Forseeing that only by the adoption of a conservative loan policy and by the paring down of expenses to a minimum consistent with efficiency will these associations be able to continue doing business with safety to the shareholders, the undersigned found it necessary to promulgate rulings from time to time to the various associations that come under its supervision. Excerpts of some of these rulings are given hereunder. In considering applications for real state loans preference should be given to small loans. This policy will enable the association to serve the greatest number of shareholders with the minimum risk of loss in accordance with the law of averages. The properties to be mortgaged should be conservatively appraised allowing a greater margin of safety than heretofore of, say, at least 50 per cent between the appraised value of the properties and the amount of loans granted. A general plan of economy should be adopted by allowing substantial reductions in office and other general expenses consistent with the ef ficient operation of the association. The salaries of officers and employees, fees of the board of directors and fees paid to other persons working for the associations should also be proportionate ly reduced as an emergency measure. All charges, present and future, in excess of the value oT shares, such as premiums, dues, fines and interest unpaid, should not be carried as Accounts Receivable, taken into profits and distributed as dividends, but carried in suspense account of “uncollected dues, interest, premiums, etc.” The granting of additional loans to borrowers who are in arrears in the payment of interest on the original loans is not a sound loan policy and should therefore be discontinued. Stock loans should not be allowed to run indefinitely with interest unpaid, unless the value of the shares at any time affords sufficient margin for interest for at least six months. When the margin of security is reduced the stock should be liquidated and its value applied to the loan. Comparative Statement of Consolidated Assets and Liabilities of Mutual Building and Loan Associations as of December 31 of the Year Indicated. ASSETS Name of accounts 1932 1931 1930 Loans............................................................................. Cash on hand and in banks..................................... Real estate owned....................................................... Other assets................................................................. 1*20,822,342.89 762,343.36 1,904,659.30 1,947,495.19 1’22,183,570.61 96,791.24 1,413,573.56 1,657,774.15 1’21,836,814.67 231,431.15 1,028,574.23 1,523,091.89 Total...................................................................... 1’25,436,840.74 1’25,351,709.56 1*24,619,911.94 LIABILITIES Capital paid-in............................................................ Reserve......................................................................... Borrowed money......................................................... Other liabilities............................................................ 1’22,533,877.70 1*22,192,186.69 1’20,570,886.49 478,554.50 961,112.24 1,463,296.30 627,219.83 954,996.36 1,577,306.68 649,597.98 2,150,098.99 1,249,328.48 —Judge. Distressed Manager: I’m sorry, but we don’t allow un escorted ladies. Calm Lady: Who the hell says I’m a lady! Stick to Quality GORDON DRY The heart 7?T\T of a good CrllN cocktail MARCHANT’S OLD HIOHLANO Scotch Whisky for Good Highballs Kuenzle & Streiff IMPORTERS 343 T. Pinpin Tel. 2-39-36 Manila, P. I. Total...................................................................... 1’25,436,840.74 1’25,351,709.56 P24,619,911.94 IN RESPONDING TO ADVERTISEMENTS PLEASE MENTION THE AMERICAN CHAMBER OF COMMERCE JOURNAL

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12

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