Electric power production

Title

Creator

Cotton, J. F

Language

English

Source

The American Chamber of Commerce Journal Volume XXIV (Issue No.5) May 1948

Year

1948

Rights

In Copyright - Educational Use Permitted

Fulltext

the initial shock of the war-scare has subsided, and the market has been able to recover part of the lost ground. With the exception of Atok-Big Wedge and Lepanto Consolidated, which have registered gains over the month, all listed issues have declined. Mindanao Mother Lode was particularly under pressure at times, with some of the selling emanating from abroad and based on fear of war. Atok-Big Wedge responded well to a 50% stock dividend, while the rise in Lepanto is in sympathy with the strength of copper and copper-mining issues in United States markets. There is no change in the technical position of the market. The secondary correction has been extended during the period. At its April 3 closing of 96.99, as meas ured by the Manila Stock Exchange Mining Share Aver ages, the decline since January 3, 1948, has retraced 59% of the preceding advance. It is still too early to deter mine whether or not the 96.99 level marks the termination of the secondary correction. Further testing of this point is necessary before a more definite conclusion may be reached, but it might be mentioned that the price-curve during the past two weeks appears to be in the process of flattening out. At this time of year, companies issue their yearly reports and hold annual meetings of stockholders. Reports from operating companies and those about to begin operations disclose greater than expected delays in rehabilitation due to material shortages and other difficulties. The industry is deserving of high praise for the manner in which it has solved its problems. Examination of such operating ac counts as are available up to the present, discloses lesser than anticipated cost-increases as compared with pre-war. Generally speaking, annual reports are fully up to expecta tions, and the outlook for 1948 indicates a substantial increase in production. In the writer’s opinion, gold pro duction is likely to run close to ?20,000,000 and other minerals are likely to account for some P8,000,000 during this year. High ] M. S. E. AVERAGE 108 .06 9< Acoje Mining Co. P .27 P Antamok Goldfields.. .024 Atok-Big Wedge Min ing Company* .... .88 Baguio Gold Mining.. . 0675 Batong-Buhay Gold Mines........................ .007 Coco Grove, Inc........ .035 Consolidated Mines... .014 I.X.L. Mining Co... .0625 Lepanto Consolidated . 69 Masbate Consolidated .048 Mindanao Mother Lode........................... 1 08 ParacaleGumausCons. — San Mauricio Mining. .20 Surigao Consolidated. .33 of shares outstanding. «ow Close Change Total Sale >.99 1031.20 off 5 02 .24 P .27 off .03 96,500 .019 021b off- .006 267,000 .72 .83 Up .06 280,590 .0625 .0675 Unchanged 5,000 .0058 .0058 Off .0012 1,550,000 .035 .035 Unchanged 105,000 .013 .013 Off .001 4,535,000 .05 .06 Off- .0075 210,000 .57 .65 Off .05 359,000 .043 .043 Off- .005 *370,000 .85 .89 Off .21 564,500 .14a Off — — .175 .18 Off- .02 188,605 .28 .28 Off .065 334,197 •Prices adjusted to present numl In addition to the foregoing, unlisted mining issues were traded as follows: Antipolo, 100,000 shares, 18 to 20 centavos; Balatoc, 5,000 shares at P3.75; Benguet Consoli dated, 19,000 shares between F3.95 and P3.80; Gold River, 77,000 shares at 1 centavo; Itogons, 100,000 shares from 7-3/4 to 7 centavos; Suyoc, 100,000 from 3-1/4 to 3 cen tavos; and United Paracale 100,000 shares at 9-1/4 to 8-1/4 centavos. COMMERCIAL AND INDUSTRIAL ■Dusiness in the commercial and industrial section was considerably more active than in recent months. High Bank of the Philippine Low <Close <Change Total Sales Islands......................... P70.00 P65.00 P65.00 Off P5.00 114" Central Azucarera de la Cariota................... 100.00 100.00 100 00 Unchanged 190 Filipinas Cia de Segu20.00 20 00 20 00 1,955 Insular Life Assurance Co.................................. 8.00 8 00 8 00 — 164 Marsman and Co.Pfd.. .50 50 .50 Off .02 3,000 Manila Wine Mer chants........................... 5 00 4 75 4.75 Up '.25 6,000 Pampanga Bus Co.. .. 1 06 1 00 1.06 Off .14 5,660 Philippine Guaranty Co. 22.00 22 00 22 00 — 706 Philippine Oil Dev elopment Co............... .21 .16 .205 Up .03 2,200,000 Philippine Racing Club 1.32 1.20 1.24a Off .04 53,000 San Miguel Brewery * . . 70.00 67.00 67.00 Off 2.60 1,591 Victorias Milling Co. 120.00 120.00 120 00 Unchanged 200 Williams Equipment Co. Com..................... 10.00 10.00 10 00 —.. 100 Williams Equipment Co. Pfd........................ 100.00 95.00 95.00 Off 5.00 25 ♦Prices adjusted to present nuinber of shares outstanding. In addition to the foregoing, unlisted commercials were traded as follows: Central Danao, 250 shares at P140; Credit Corporation of the Philippines, 77 shares at P5; Jai Alai, 2800 shares from P20.50 to P23.00; Manila Jockey Club, 500 shares at P2.50; and Philippine Broadcasting, 2,000 shares at P3. Electric Power Production {Manila Electric Company System) By J. F Cotton Treasurer, Manila Electric Company 1941 Average — 15,316,000 KWH 1948 1947 January............................................. 27,301,000 17,543,000 K February........................................... 26,021,000 17,503,000 I . March................................................ 26,951,000 * 20,140,000 L April.................................................. 26,920,000 ** 19,601,000 O May.............................................................................. 19,241,000 W June.............................................................................. 17,898,000 A July............................................................................... 22,593,000 T August......................................................................... 23,358,000 T September................................................................... 23,122,000 October........................................................................ 24,755,000 H November............................................................................ 24,502,000 O December............................................................................. 25,725,000 U .......................... R Total......................................................... 255,981,000----S ♦ * Partially estimated The April output was almost the same as that for March although the month is one day shorter. The in crease over April, 1947, was 7,319,000 KWH or 37.3%. Largely due to seasonal influences, the rapid growth in output has been temporarily checked, but steady in creases in connected load indicate a continued upswing after midyear when the days will be shorter. Real Estate By C. M. Hoskins C. M. Hoskins &• Co., Inc., Realtors THE real estate market today is active, at sound in vestment prices. Except in a few strategic areas, land prices have increased since 1941 less than the prices of any other commodity. 161

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