Real estate

Media

Part of The American Chamber of Commerce Journal

Title: Real estate
Creator: Hoskins, C. M.
Language: English
Source: The American Chamber of Commerce Journal Volume XXIV (Issue No.5) May 1948
Year: 1948
Rights
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 the metropolitan area has The sharpest post-war increase was in the Quiapo area. This is explained by the fact that Quezon Avenue had been opened only shortly be fore the war, and a new set of values resulting from this improvement had not yet become established. Other highly desirable retail areas also show exceptional price advances. In the remainder of the Greater Manila area, land prices have in general ranged between the 1941 figures and up to double these figures. Yet since 1941 the population of — liaa tripled, and there is a distinct shortage of desirable building increased population. When we consider improved properties, the question • of building costs arises. The average increase in building costs is now 3.6 times 1941 costs. There is a gradual drop ping of construction costs, but it does not seem likely that a normal post-war cost basis will be reached for another year or two. In all probability, when a normal price and supply situation is reached on construction materials, we will find that our building costs will level off at about double the 1941 figures. . Residential rental construction has become negligible in recent months, in view of an executive order limiting housing rents to 12% of the assessed value. Despite this drop in residential rental construction, house rentals have eased considerably, due to the extensive construction of homes for owners’ use. Owners have thereby released houses to renters. . - • . - .-------- -------- — uuuuuiB ana snouia De rasen Dy insurance ana snipping auupauivs increased dodS f°r buSmeSS and services caterinS to this by so adjusting their rates for certain types of containers Port of Manila By H. W. Titus Luzon Stevedoring Company, Inc. IN past months the writer of this column has taken oc casion to point out difficulties created by the type of packing employed by firms exporting to the Philippines. COMPARATIVE STATEMENT OF REAL ESTATE SALES IN MANILA Prepared by the Bureau of the Census and Statistics Note: A large percentage of 1945 sales and a diminishing percentage of 1946 sales, represent Japanese Occupation transactions not recorded until after liberation. 1940 1941 1945 1946 1947 1948 January........... P 6,004,145 P 962,970 P 7,943,605 P 4,385,011 P 6,030,012 P3,644,734 February........ 918,873 779,783 1,337,830 2,267,151 7,217,317 3,879,633 March............. 1,415,246 1,532,104 (?) 2,622,190 7,166,866 4,243,719 April............. 883,207 988,380 213,262 1,916,293 8,611,076 May................. 403,866 1,129,736 962,008 3,684,937 4,618,181 June............... 542,187 598,431 1,212,780 3,637,956 3,988,560 July................. 1,324,861 559,742 1,123,565 4,974,862 4,097,183 August............ 1,905,828 1,239,414 699,740 4,438,510 5,627,572 September..,. 1,141,114 815,112 ' 1,870,670 4,698,896 7,437,213 October.......... 993,103 1,182,678 2,096,893 5,545,800 6,083,486 November.... 938,416 858,235 2,555,472 3,340,382 4,177,054 December.... 1,504,004 (?) 2,874,408 4,025,926 3,205,584 Total............ . Pl 7,974,844 PJ0.647.285 P22.890.133 P45.537.914 P68.260.104 P7.524.367 It has been pointed out that effective remedial action can and should be taken by insurance and shipping companies as to minimize losses caused by insufficient packing. An interesting discussion of this subject is that of Alvin S. Ro berts, Manager of the Insurance Company of North Amer ica, in a recent issue of the Canadian Exporter in which he points out that since the close of World War II, for every dollar lost in cargoes as the result of a “major” casualty at sea, two dollars are lost as the result of damage and loss of a “preventable” nature. Under preventable losses are listed fresh-wSter damage, breakage, leakage, slackage, oil-damage, theft, pilferage, non-delivery, etc. In all of these preventable losses one factor is outstanding, —that of insufficient or improper packing. In other words, poor packing continues to be a source of trouble for every one concerned: the shipper, the consignee, the steamship company, and the insurance company. Le gally, of course, if poor packing can be shown in the case of cargo-losses where the carrier has carefully loaded, hand led, stowed, carried, and discharged such cargo, the steam ship company is absolved of responsibility. Actually, a great bulk of the claims with which steamship companies are plagued today, is directly traceable to improper pack aging of goods shipped, and, even though not the responsi bility of the ship, requires costly time and effort in checking and handling correspondence. Shippers and consignees, alike, relying on the insurance companies to protect them BUILDING CONSTRUCTION IN MANILA: 1936 TO 1948 MONTH 1 1930 | (Value) 1 1937 | (Value) 1 1938 | (Value) 1 1939 | (Value) 1 1940 | (Value) 1 1941 | (Value) 1 1945 | (Value) 1 1946 1 | Value) | 1947 I (Value) | 1948 (Value) January.................. P540.030 P426.230 P694.180 P463.430 Pl,124,550 P891.140 P — Pl,662,245 P3,645,970 P6,571,660 February................ 720,110 479,810 434,930 1,063,050 1,025,920 467,790 — 2,509,170 3,270,150 6,827,005 March.................... 411,680 396,890 1,300,650 662,840 ♦ 671,120 641,040 — 3,040,010 3,398,910 7,498,560 April........................ 735,220 659,680 770,130 1,029,310 962,420 408,640 462,020 3,125,180 8,295,640 May........................ 400,220 670,350 1,063,570 1,139,560 740,510 335,210 1,496,700 3,968,460 5,564,870 June........................ 827,130 459,360 754,180 809,670 542,730 418,700 2,444,070 3,904,450 5,898,580 July......................;. 302,340 691,190 756,810 495,910 357,680 609,920 1,741,320 3,062,640 9,875,435 August.................... 368,260 827,660 627,790 622,050 554,570 661,860 306,680 1,418,360 4,889,640 7,428,260 September....... 393,100 777,690 684,590 590,380 53,0830 1,015,250 7,326,570 7,770,310 October.................. 363,120 971,780 718,190 645,310 738,700 699,040 639,030 4,630,550 6,747,240 November............. 460,720 320,890 972,310 461,580 485,100 315,930 1,364,310 4,373,390 7,088,283 December............. 648,820 849,160 503,230 1,105,970 333,490 67,553 1,605,090 5,034,600 4,924,320 Total............ 6,170,750 7,530,690 9,280,560 ’ 9,053,250 8,234,460 5,692,273 12,186,150 47,526,905 73,907,248 Annual Average.. 514,229 627,557 773,380 754,438 686,205 474,356 1,015,513 3,960,575 6,158,937 Compiled by the Bureau of the Census and Statistics from data supplied by the City Engineer’s Office. 162
pages: 161-162