Manila stock market

Media

Part of The American Chamber of Commerce Journal

Title: Manila stock market
Creator: Ortigas, J. J.
Language: English
Source: The American Chamber of Commerce Journal Volume XXX (Issue No. 6) June 1954
Year: 1954
Rights
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 1953-54 Range High Low 185.00 135.00 COMMERCIAL SHARES High 72.50 60.00 105.00 100.00 45.00 26.00 370.00 360.00 12.00 10.00 24.00 22.00 10.00 LOO 7 50 7.00 0.27 3.35 2.80 34.00 7.50 20.50 5.00 11.50 14.50 ____ 0.0525 0 014 100.00 34.50 99.50 29.00 100.00 94.00 13.00 13.00 14.00 13.50 Bank of the Philip pine Islands............. Central Azucareia de Central Azucarera de la Cariota................ Central Azucarera del Pilar.......................... Central Azucarera de China Banking Corp. Cia. de Ctluloaa de Filipinas................... Filipinas Cia. de SeIndustrial Textiles Mfg. Co., P.I.......... Insular Life Assur ance Co.......... .......... Manila Broadcasting Co.............................. Manila Wine MerMayon Metal, class ,4B”........................... Meralco, 6-1/2%....... Metropolitan InsurPasudeco...................... Philippine Air Lincs, Inc.............................. PLDT Co., com........... Philippine Oil Dev elopment Co., Inc.. R & D 4% bonds, 1959. San Miguel Brewery, San Miguel Brewery, 7% pfd...................... San Miguel Brewery, 8% pfd...................... Talisay Silay Milling. Univ. Insurance 8s In demnity.................... 14.00 T—Bond sales reported in uni< Low Close Change Total Sales — 182.00b 00b — 100 00a 45.00 11.00 L 50 20 104 00 104 00 28.00 7.50 14.50 00 00b 00 22 50b 25a 7 00b 3 00b 05b 104.00 — 140 28.00 ~~ 7.50 13.75 .046 28 00b 00 7 14 50 00 .025 99 34.50 33.00 99.00 98 00 34 50 98 50 105.00 105.00 105 — — 20 00 00a Up 3 00 Up .25 Up .05 Off 6.00 T Up 1 50 Up Oil Up 1.50 - 562 240 •315 200 1,000 6,011,250 6,400 122 10 only promptness of settlement of accounts, but also ham pers general business operations. It is hoped that the Bureau of Posts will take remedial measures and will re employ sufficient personnel to improve a service which has given cause for so many complaints during the past few weeks. On the other hand, bank credit executives have noted efforts of bank clients to settle as early as possible the accounts arising from import and other bills, apparently to avoid additional business expenses arising from the imposition of the foreign-exchange fax on certain imported items which so far were exempt. npHE Association of Credit Men, Inc. (P.I.) has organized A a new membership committee in line with its program to invite greater participation in the Association. The Association has also taken steps, through its Board, to make inquiries regarding municipal ordinances in effect in the City of Manila regarding the use of commercial business signs and the numbering of houses. The enforcement of these ordinances will obviously be to the advantage of business firms in their normal business operations. In recent months the Association has also undertaken cer tain projects to simplify collection systems and enthusias tic response has been elicited. Some companies have al ready reported quite favorable results, having noted an increase of payments by check through the mails, this eliminating the need of sending of collectors. 14.00 14.00 s of MOO. Up .50 300 A. L. Amman Transportation. Demonstration Gold Mines.. . Far Eaatern University............ Marinduque Iron Mines.......... Motor Service Co...................... Philippine American Drug Co. Victorias Milling Co., Inc........ O VER-THE- COUNTER High Low .... P 50.00 P 5i .022 00 13 20 50 00 7! 00 9! 135 2 72 96 Close Total Sales P 50.00 11 . 022 9,08 135.00 2 .20 5,00 2.50 2,00 72.00 10 95.00 1,35 Electric Power Production (Manila Electric Company System) By J. F. Cotton Treasurer, Manila Electric Company 1941 Average—16,316,000 KWH Credit By P. Luthi Treasurer, Menzi & Co., Inc. MOST of the larger local business houses, with only a few exceptions, have noted a continuing slowness in collections. It is noteworthy in the comments of reporting firms that accounts which have normally kept payments within 30 days are now running from 45 days up to 90 days. The general attitude among credit executives is to allow ex tensions requested by regular and deserving customers, as the predominant feeling is that business conditions have not improved. However, they are adopting a policy of strictly choosing their customers as a precautionary measure. Some have stated that they expect continued slowness in collections. One credit executive reported that his company is now following the practice of requiring further securities on accounts which heretofore have been fairly prompt but which have become slower. In other doubtful cases a policy has been laid down to revert credit accounts to cash accounts. Among provincial accounts, it has been noted that various excuses are being given for delayed payments,—that they are waiting for the company salesman, that they were not able to collect their own outstanding accounts, that shipments were delayed, etc. One business house reported that in order to accommodate customers it is experimenting with a policy of relaxing the credit terms. Considerable delays in the distribution of mail have been noted lately by many business concerns, resulting in some uneasiness regarding this situation which affects not Kilowatt Hours 1954 1953 January.......................................................... 57,301,000 50,107,000 February........................................................ 52,447,000 45,501,000 March............................................................. 57,779,000 50,789,000 April................................................................ 54,408,000* 49,159,000 May................................................................ 57,775,000** 52,042,000 June................................................................ 51,304,000 July................................................................. 53,877,000 August............................................................ 54,275,000 September..................................................... 53,636,000 October.......................................................... 55,943,000 November..................................................... 53,756,000 December...................................................... 57,968,000 Total......................................... 628,357,000 •Revized ••Partially estimated MAY outpht was 5,733,000 kwh’s;, or 11%, above May, 1953. During the past two months the raf.e of in crease over the preceding year has declined slightly. This is, however, accounted for by the temporary shut down o'f a large industrial cdhcern. New lower power'rates were made effective May 1. Savings for customers are estimated at over P700,000 annually. During the preceding year, residential and commercial rates were also decreased. Total annual cus tomer savings for the three rate reductions are estimated to exceed P2,900,000. Total expenditures for new construction since Libera tion totalling over ?75,000,000 have provided more efficient generating equipment. This couplfed with th'e efforts of well trained, loyal employees and the steadily increasing use of electricity, has made possible the lower rates. ■cor the past two years this column has made a brief report on electric power production for all other areas in the Philippines outside the integrated system served by Meralco. 228
pages: 227-228