Credit

Title

Credit

Creator

Nichols, W. J.

Language

English

Source

The American Chamber of Commerce Journal Volume XXIV (Issue No. 8) August 1948

Year

1948

Rights

In Copyright - Educational Use Permitted

Fulltext

In addition to the foregoing, unlisted mining issues were traded as follows: Antipolo 107,000 shares at 19 and 18 centavos; Balatoc, 1,500 shares at P3.40; Benguet Conso lidated, 17,000 shares from P3.80 to P3.40; and Philippine Iron Mines, Common, 200 shares at Pl2. COMMERCIAL AND INDUSTRIAL Philippine Oil Development continued to advance on heavy volume in anticipation of resumption of drilling operations on its Bondoc Lease. Sugar shares were firm on Cariota’s resumption of dividend payments, and reports of a probable Victorias stock dividend later in the year. San Miguel sold ex-dividend during the period. In addition to the foregoing, unlisted commercials traded as follows: Jai Alai 4,000 shares at P22; Manila Jockey Club 1,500 shares at P2.15; and 107 shares Phil ippine Education Preferred at Pl00. High Low Close Change Total Sales Bank of the Philippine Is lands................P65 00 1P 60 00 1[> 65 00 Up P9 00 240 Central Azucarera de la Cariota. 115 00 111 OOx-d 111 00 Up 6 00 276 China Banking Corporation. . 180.00 180 00 180 00 Up 7 00 100 Central Azuca rera de Tarlac 45.00 41 00 45 00 Up 10 00 125 Manila Wine Merchants, Inc. .5.00 5 00 5.00 Up .25 300 Metropolitan In surance Co.... 140.00x-d 140 00 140 00 77 Pampanga Bus Company.... 1.02 1 00 1 02 Off .04 12,112 Philippine Oil Development Co. Inc........... .305 265 27 Up 04 3,029,000 Philippine Rac ing Club........ 1 28 1 22 1 22 Up .02 14,700 San Miguel Bre wery................ 72.00 70 00x-d 70 00 Off 4 00 1,845 Victorias Mil ling Co........... 150.00 120 00 150.00 Up 30 00 399 Williams Equip ment Co., Pfd. — 85.00b Williams Equip ment Co., Com. — — 9 00b — — Credit By W. J. Nichols Treasurer, General Electric (P.I.) Inc. THE recent lifting, under certain restrictions, of the Moratorium on pre-war debts has not yet resulted in any wholesale liquidation of old obligations. Certain legal aspects of the raising of the Moratorium remain to be clarified. It is hoped that within the space of a month or so the situation will clear up somewhat and business firms will know more definitely what the prospects are for collection of old outstanding items. On Tuesday, July 27, the annual general meeting of the Association of Credit Men, Inc. (P.I.) was held at the Town House. Representatives of 34 member firms were present to elect a board of directors for the ensuing year. Luncheon was served after the meeting for members and their guests. The Association is now comprised of 58 companies doing business in the Philippines, and applica tions from several other firms are under consideration. The Association is a non-profit making organization for the exchange of credit information among its members, and the increasing use of its facilities is another indication of the importance which credit managers are attaching to collection work. Several wholesaling firms report that a larger percent age of their accounts are being currently settled by pay ments received through the mails, than was the case be fore the war, when collectors were more extensively used. If this is any indication that customers are now more wil ling to pay their bills without waiting for a visit from the collector, it is of course very welcome news to treasurers. However, there is no reason at this time to believe that any pronounced trend in this direction is in progress. Electric Power Production (Manila Electric Company System) By J. F. Cotton Treasurer, Manila Electric Company ** Partially estimated 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........... ..................................... 26,871,000 19,601,000 O May............ ..................................... 28,294,000 19,241,000 W June............ ..................................... 29,216,000 * 17,898,000 A July............. ..................................... 31,200,000 ♦ * 22,593,000 T August . . . 23,358,000 T September. 23,122,000 H October.... 24,755,000 O November.. . 24,502,000 U December . 25,725,000 R Total.......................................... . . 255,981,000 S The July output, now more than double the 1941 monthly average, was 1,984,000 KWH, or 6.8% above June. The increase over July, 1942, was 8,607,000 KWH, or 38.1%. Should the present rate of increase continue, as now seems probable, the maximum capacity of the system will be reached before the new 50,000 KW Rockwell Station will be completed in 1950. In this event interruptions of service must be expected. Real Estate By C. M. Hoskins C. M. Hoskins S’ Co., Inc., Realtors REAL estate activity for the month of July in the City of Manila consisted largely of the usual volume of small units changing hands. Biggest sale of the month was of a property in the District of San Miguel, comprising 5 adjacent parcels of land with a total area of 5,891 sq. m., bought by Angela Abueg of Manila for P350.000. Mortgage funds continue to be abundant, although the total amount for July registered a considerable dip from the all-time record of about F20,000,000 registered in June. Construction and rehabilitation loans comprise the bulk of the mortgages. Demand for good office-space in permanent buildings continues to be brisk. A newly constructed office building of reinforced concrete had all space contracted for well ahead of completion, on as long as a 6-years’ lease period. This latest addition to Manila’s growing skyline is the Dasmarinas Building, erected by Francisco T. Lopez at a cost of about P500.000. The Manila zoning plan, as prepared by the National Urban Planning Commission, was disapproved by City 289

pages

289

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