Journal. [1966]

As of January 31, money supply totaled P2,974.2 million, compared with P3,066.9 million as of December 31. Currei~cy in circulation
totaled P1,418.9 million as cf January 31 (47.7% of total money
supply), compared with P1,483.2 million as of December 31.
As of January 31, domsstic bank credit outstanding totaled P7,383.0 million, compared with P7.418.2 million as of December 31. Also
as of January 31, deposit liabilities of commercial banks totaled P3,996.2 million, compared with P4,002.0 million as of December 31. As
of January 31, required reserves of the commercial banking system
totaled P327.0 million and excess reserves totaled 1 55.4 million,
compared with! 401.5 million and P63.9 million as of December 31,
respectively.
On April 1, President Marcos approved the Administration's
program to assist financially distressed industries. The President
reportedly directed officials of the Development Bank of the Philippines
to implement the program immediately.
As of April 1C, gross international reserve holdings of the Central
Bank totaled $195.3 million, compared with $188.6 million and $180.2
million as of March 31 and February 15, respectively.
The foreign exchange market over the past 30 days continued
to be a buyer's market, reflecting the pressure of decreasing Central
Bank spot rates. As of April 21, the interbank rate declined further
to a new low of P3 8890. Merchant prime spot rates likewise declined
to P3.8820 buying and P3.9060 selling. Volume on the forward market

continued to be light. Forward rates on transactions not covered by
the Central Bank declined to P3.9400, P3.1650, and P3.9950 for 30,
60, and 90 days, respectively. Rates on transactions covered by the
Central Bank also declined to P3.S150, T 3.9250, and P3.9350 for 30,
60, and 90 days, respectively.
On March 29, the Central Bank issued Circular 219 which removed
special time-deposit requirements for certain categories of imports in
force since 1952. Subsisting special time deposits, however, are to be
held by the banks until maturity.
Central Bank Governor Castillo announced that P33.4 million
has been released in refunds on exchange differentials as of March
24. The total of all refund applications so far received by the Central
Bank amounts to P58.0 million.
Manila Stock Market
By Leonardo L. Recio
L. Recio & Company, Inc.
WITH the expected substantial increase in earnings of the major
copper mines and the credit relaxation by the Central Bank,
volume during April soared to 346,000,000 shares, valued at
P23,500,000, compared with previous fgures of 536,000,000 shares,

MINING SHARES
Price Range from Aprtl I to 29, 1931
1956-1964 1965 1968 Previous
High Low High Low High Low Close Opening High Low Close Cbanqe Sales
426.28 106.73 286.22 315.87 631.13 381.54 Mining Average......................531.17 553.16 631.13 553.16 583.03 +56.86 -.235.06.1425.0725.145.095 Acoje Mining..........................1125.1125.145.1125 12.75 +.015 5,030,000
80.00 11.00 57.00 32.50 192.00 14.00 Atlas Consolidated..................143.00 156.00 192.00 156.00 168.00 +25.00 10,390.37.0?5.23.075.185.11 *Baguio Gold........................1325.135.185.135.17 +.0375 4,178,000.0125.0018.0033.002.0056.0027 Bateng-Buhay........................0034.0032.0038.0032.0038 +.0004 2,050.000
7.00 2.50 5.00 4.60 10.75 4.70 Penguet Consolidated................ 8.50 8.50 10.25 8.50 9.50 + 1.00 16,100.51.027.64.405.80.64 Beneuet Exploration...................66.67.79.66.75 +.01 28:1,000
-_ '.-.0094.0064.0105.007 Black Mountain.....................008.0082.01031).0082.01 +.0002 58,170,000.1475 0709.09.0725.1025.08 *Consolidsted Mines...................0875.0875.1025.0875.095 +.0075 7,200,000.24.1125.17.085.16.125 Copper Belt..........................14.1375.155.13.13 -.01 1,08g.,000.60.25.40.25.26.23 Frontino..............................24 - - - - -.038.003 - -.004.001 G. B. Metals........................004 - - - -.033.0022.0035.0015.0041.0018 *ltixbar Mining........................0033.0032.0035.0032.0032 -.0001 21,600,000.045 '.0>i64.048.018.04.0215 *Iland Min. & Ind....................031.031.037.031.033 +.001 8,370,000.185.0235.16.0975.145.11 Itoeon-Siyoc Mines...................11.1075.115.1075.14 +.0;. 675,000.86.155.77.61 1.04.73 Lepanto Consolidated.................89.89 1.04.89.s5 +.00 2,244,000.015.005.0084.0084 - - Liberty..............................0045.005.005.005.005 +.0005 450,000.027.003.025.0125.0185.0135 Manila Mining.......................0145.0145.017.0145.1155 +.001 3,420,000.24.03.21.125.37.15 Merinduqie.........................255.26.37.26.315 +.00 27,090,000.50.015.095.05.08.048 Palawan Consolidated................0725.075.08.075.08 +.0075 405,000.55.09.88.425.55.405 Palasan Q'Silver......................41.41.46.405.45 +.01 430,000.275.031.10.0625.14.0625Porale Gurnaus....................1375.1375.1375.1375.1375 - 20,000.265.0105.29.21.42.275 Phihx Mining.......................37.37.42.353.37 - 4,196,000.185.045.1075.0725.12.0825 Philippine Iron......................095.0975.11.095.0(5 - 3,455,000.03.005.0115.0054.0096.0066 *Sainar Mining Co.....................0078.0076.0084.0076.0078 - 15,150,000.04.0086.011.006.01.0072 Surigao Consolidated..................0086 o0o.01086.00?).+.0001 16,00,o00
1.30.25 - -.40.37 Atol-Big Wedge.....................40.37.37.37.37 -.13 1,000.25.001 - - - - Coco Grove.........................001 - - - - -.60.01 - - - - Mindanao Mother Lode..............01 - - - - - -.20.005 - - - - San Macricio........................ 1. - - - - - -.105.001 - - - - United Paracale.......................001 - - - - - -
OIL ISSUES.095.0018.0035.001.0026.0012 Acoje Oil Expl.......................0019.0019.0021.0018.002 +.0001 29,350,000.0825.005.0094.0034.0096.0046 Amoerican-Asiatic......................007.0)68.008.8.1168.0076 +.0006 11,000,000.0185.0024.0034.0012.0036.0015 Anrlo-Phil. Oil........................0026.0025.0031.0025.0024 +.0002 27,250,000.008.003.0045.002.01.002 Filipinas Oil.........................0058.0062.1078.100)2.0071 l1.0318 9,600,000.021.0024.0045.001.0064.0014 Mareimco Min. Cderp......0048.0019.1(1.54.0118.)018 -- 15,500,000.0145.001.0016.001.0035.001 Pacifica, Inc..........................0016.0015.0018.0015.0018 +.0002 2,150,000.017.0046.0135.0064.024.0115 Philcx Oil............................0195.0195.020.5.017.018 -.0015 7,660,000.1325.0048.0062.0012.0033.0015 Philippine Oil.........................0023.0024.0026.0022.0026 +.0013 2,340,000.11.0035.0048.0011.0038.0014REDECO............................0023.0023.002?).0023.0025 +.003231,S50,000.0155.0041.0043.0014.0032.0024 San Jose Oil..........................003 - - -- -.041.0052.008.0039.008.0056 White Eagle..........................0063.0062.008.0552.0076 +.0012 22,300,000
SELECTED COMMERCIAL SHARES
40.97 20.57 35.42 29.94 33.19 30.68 Industrial Average.................. 31.3.5 31.23 32.40 31.23 32.40 + 1.05 -
1.68.96 1.34.82.16.78 A. I. C................................83.83.83.78.78 -.05 5,000
14.75 3.90 6.80 4.00 5.40 4.20 Atlts Fertiliner...................... 4.40 4.40 4.40 4.30 1.7() -.1) 3,800
27.50 6.00 21.10 13.00 11.50 13.25 Bacnotan Cement................... 15.00 15.25 15.50 15.25 13.25 +.25 350
42.50 10.50 28.00 14.10 15.00 14.00 B. F. Goodrich..................... 14.50 14.25 14.50 14.25) 14.50 - 4,050
1.16.68.91.67.80.65 DRB Marketing....................75.65.65.65.65 -.10 2,000
1.54.87 1.14.52.85.52 Elizalde Steel..68.61).85.6?).82 +.11 137,000
1.30.70.79.co.67.62 Filipinas Mutuoal..67.67.67.07.67 - 9,000
17.75 11.75 17.75 15.00 23.00 15.00 Industrial Finance.................... 23.00 - - - - -
2.85.80 1.70 1.42 1.96 1.62 ITEM CO........................... 1.68 1.64 1.70 1.64 1.70 +.02 3,000
2.35.465 1.84 1.40 1.90 1.66 **Manila Wine......................... 1.80 1.80 1.80 1.66 1.60 -.14 31,100
17.25 12.25 16.25 12.25 17.25 13.25 Meralco Securities.................... 14.50 14.50 17.25 14.50 17.25 + 275 58,700
28.00 12.25 28.00 22.00 27.00 20.50 P.L.D.T. "Commona................. 22.00 22.50 2..00 22.50 21).00 + 1.03 9.690
10.00 8.70 10.25 8.60 10.25 9.60 Pvt. Dev. Corp. "A".................. 0.00 9.80 10.25 91.SO 10.10 - 2,100
24.50 3.60 23.00 17.50 24.00 22.00 Republic Cement.................... 23.50 23.50 2:3.50 23.50 21.50 -200.25.07.245.17.23.203 Republic Glass....................23.225.23.2122I.21 --- 357,000
36.50 14.00 35.00 30.00 37.40 33.00 S.M.B. "Comnnon................... 35.00 3450 36.03 34.50 36.03 + 1.00 44,460
1.06.385.86.71.88.84 Tobacco Flue-Curing.................87.84.87.81.87 - 41,000
1.38.32.70.48.65.54 Universal Cerneut....................58.53.63.57.62 +.O1 164,000
21.50 5.30 13.50 8.10 9.40 8.60 La Carlota.......................... 8.80 8.80 8.80 8.60 8.63 -.20 20,000
20.50 2.80 16.50 10.00 10.00 8.50 Tarlste............................ 8.80 8.60 8.60 8.50 8.50 -.30 1,300
*Mininz companies with oil concessions.
**Adjusted to present capitalization

THE JOURNAL OF THE AMERICAN CHAMBER OF COMMERC5
May, 1966

255 ~