Banking and finance

Title

Banking and finance

Creator

Arnold, M. D.

Language

English

Source

The American Chamber of Commerce Journal Volume XXX (Issue No. 6) June 1954

Year

1954

Rights

In Copyright - Educational Use Permitted

Fulltext

ident expecting to sign the bill as soon as copies are received at Mala canang. Among the roads included for the first year are the CotabatoDavao road, the Misamis Oriental-Lanao road, the Bacolod north and south roads, the Tacloban-Aboyog-Baybay road, the Manila South Road, the Cagayan Valley Road, etc. Among the bridges to be given priority is the Del Pan Bridge in Manila, the Butuan Bridge in Agusan, and a bridge at Camp 3 in Benguet. LASEDECO Manager Ben Gaston reports to the President on the progress of the resettlement projects in Palawan, Masbate, and Negros; some 12,000 hectares of land in Masbate are now ready for settlement, with some 50 families already settled there. He also in forms the President that some 1,500 drums of lubricating oil, valued at P106 a drum, bought by the former management and found at Panacan, Palawan, will be picked up by the Philippine Navy for its use; numbers of tractors and other farm machinery there “were destroyed due to negligence of the former LASEDECO management.” May 28 — The President signs House Bill No. 324 appropriating P200.000 for the expansion of the College of Agriculture, University of the Philippines, at Los Banos. The President receives Governor Juan Carbonell of La Union who proposes the building of an additional cement plant unit at Bacnotan which would increase the output of the plant from 8,000 to 16,000 bags a day. The President receives Maj. Gen. John W. Sessums, Jr., command ing general of the 13th Airforce, who presents to him a check for P6.000 for the Liberty Wells Campaign raised at various parties of the Officers Club at Clark Airfield. The President receives a group of citizens representing various musical organizations who submit a resolution to him, adopted at the First (3-day) National Music Conference, asking that the Government donate the site formerly occupied by the Aquarium, in Intramuros, for a national theater; the President states he will look into the legal as pects of the matter and otherwise promises to help in the development of Philippine music and the construction of a national theater. May 29 — The President confers with Executive Secretary Castro concerning the case of J. Antonio Araneta, whose appointment as Col lector of Internal Revenue was by-passed at the last session of Congress, it being reported that Mr. Araneta has ceased going to his office. The President will study further the charges brought against Mr. Araneta by Representative Ramon Durano of Cebu before deciding whether to extend an ad interim appointment to him. Meanwhile, Castro states, Deputy Collector Silverio Blaquera “could sign papers.” May 31 — Announced that the President will meet with Speaker Jose B. Laurel, Jr. tomorrow to draw up the agenda for a special session of Congress. The President tells newsmen that he intends to include the bill repealing the exemption from the foreign exchange tax enjoyed by Philippine-American Airways which is depriving the Government of several hundred "thousand pesos of revenue annually; the Northwest Airlines has been paying the tax. The President orders the creation of a committee to study reforms in the Public Service Commission “and to find out ways to improve and reduce the cost of public services”; the plan is to broaden also the Commission’s jurisdiction to embrace railroads, water systems, and shipping. "A downward revision of all public utility rates, with em phasis on telephone, electric, gas, and water services, will be effected.” The President issues a proclamation declaring the period from June 1, 1954, to May 31, 1955, as “Thrift Year”, with a view to encourag ing the people to deposit their savings in the banks for use in the coun try’s economic development program; the thrift campaign will be un dertaken under the sponsorship of the Bankers Association of the Philip pines. Currency—Notes.........................P555.576 P611.333 P612.202 P606.266 LIABILITIES Coins........................ 74,384 84,385 84,376 84,405 Demand Deposits—Pesos .... 117,682 163,507 156,290 166,621 Securities Stabilization Fund. 2,000 14,620 14,615 14,616 Due to International Mone tary Fund............................... 22,498 496 496 496 Due to International Bank for Reconstruction 8s De velopment ............................... 2,389 2,377 2,376 2,377 Other Liabilities........................ 2,636 6,459 7,483 8,448 Deferred Credits........................ — 1,759 2,364 2,937 Capital......................................... 10,000 10,000 10,000 10,000 Undivided Profits...................... 6,464 700 1,370 1,737 Surplus.......................................... — 13,268 13,268 13,268 P793.629 P908.904 P904.840 P911.171 The International Reserves as of April 30, 1954, were as follows: Central Bank International Reserves........... $222,805,302.53 Japan Open Account (due from).................... 15,153,255.19 Net FX Holdings Other Banks...................... 70,636,053.43 $308,594,611.15 This is a decrease of approximately $6,300,000 as compared to March 31, 1954. Currency and coins issued totalled P690,671,114.00. Money in banks appears a little easier, but this is not true in the local market and up-country where money is still very tight. In many ljnes, overdue receivables seem to be mounting and pressure is required to keep these receivables anywhere near a reasonable ratio to sales. Manila Stock Market By J. J. Ortigas Picornell, Ortigas & Co. April 26 to May 21 IN the mining-share market, the principal feature was the strength of Philippine Oil Development Co. which has shown considerable strength, but the forward move ment has been halted under some profit-taking. The rest of the mining issues have been irregular, but on the whole presents a steadier appearance. The price of gold in the free market was approximately at P106.25 per fine ounce. In the commercial and industrial section, San Miguel Brewery continued to attract quality buying with the net result that further advance has been registered. Fixedinterest securities continued in demand. Banking and Finance By M. D. Arnold Sub-Manager The National City Bank of New York 1953-54 Rente High Low 107.42 82.78 MINING SHARES M.S.E. Mining Share High Low Close Change Total Sales COMPARATIVE statement of condition of the Central Bank: P793.629 P908.904 P904.840 P911.171 As of As of As of As of Dec. 31, .Feb. 26, Mar. 31, Apr.30, 1949 1954 1954 1954 ASSETS (In thousands of pesos) International Reserve........... . P460.689 P465.963 P454.926 P445.611 Contribution to the Interna tional Monetary Fund . .. 30,000 30,000 30,000 30,000 Account to Secure Coinage.. 113,306 106,940 106,940 106,940 Loans and Advances.............. 77,047 18,524 19,724 8,524 Trust Account-Securities Stabilization Fund............. — — — — Domestic Securities............... 92,197 241,094 239,887 262,640 Other Assets............................ 20,390 46,383 53,363 57,456 U.23S U.1J 0.0875 0.037 2.75 0.80 0.0975 0.06 2.10 1.00 0.0026 0.0011 4.60 2.60 0.031 0.015 0.046 0.034 0.305 0.115 0.22 0.14 0.105 0.042 0.45 0.325 0.1475 0.05 0.14 0.06 2.29 1.42 0.31 0.15 0.27 0.17 Acoje Mining Co..... Atlas Cons. Mining 8s Development........... At ok Big Wedge MinBaguio Gold Mining Balatoc Mining Co... Baton g Buhay Gold Benguet Cons. Mining Coco Grove, Inc......... Consolidated Mines, General Base Metals. Hixbar Gold Mining Itogon Mining Co.... Lepanto Cons.............. Mindanao Mother Lode Mines............. Paracale Gumaus Cons. Philippine Iron Mines, San Mauricio Mining Surigao Cons. Mining Co............................... 37 90 02 165 90 09 002 3 00 043 14 05 45 07 14 13 06 90 09 93.06 .145 0775 90 0011 002 2 85 04 3 00 03a 041 20a 1.72 1.60 1.72 .16 .155 .155 .21 .175 .19 Up 1.01 12,683,113 Off .025 366,750 Up .0175 1,001,234 — 1,000 Off .005 76,000 Up .0007 1,550,000 Up .15 1,380 Off .001 1,969,650 Off .05 50,000 Up . 008 50,000 Up .03 505,000 Up .03 Off .02 Off .005 Up .015 160,500 28,000 16,600 36,000 84S.600 227

pages

227

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