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Amounts and denominations of paper currency sent to the Philippines to June 30, 1908, were:

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On June 30, 1908, there were in circulation 18,883,699 pesos of notes of the insular government secured by a reserve fund in the treasury of 10,083,699 pesos of Philippine silver and $4,400,000 of United States gold.

SILVER COINAGE.

As authorized by the act of Congress approved June 23, 1906, 15,905,000 pesos in Philippine coinage were shipped to the San Francisco mint during the fiscal year for recoinage in accord with the new standard of weight and fineness. To June 30, 1908, 23,905,000 pesos of Philippine coins had been returned to the mint for recoinage, leaving 9,840,501 pesos of the old coins in the islands.

From recoinage and from coinage of 482,732.73 ounces of bullion purchased there were delivered by the San Francisco mint during the fiscal year (including shipment on transport sailed July 5, 1907) 18,120,000 pesos of new Philippine coins, making the total shipments to June 30, 1907, from San Francisco and from Philadelphia:

Pesos....

50-centavos. 20-centavos.

10-centavos.

P21, 657, 000 2, 151, 000 1,046, 000 803, 000

25, 657, 000

Since on June 30, 1908, there had been shipped to the San Francisco mint 23,905,000 pesos of the old coins which should make 36,231,353 pesos of the new, and since the deliveries of new coins to that date, exclusive of 3,000,000 pesos minted from bullion purchased, amounted to 22,657,000 pesos, the Philippine government had on June 30, 1908, in the San Francisco mint or in transit thereto sufficient of the old coins to produce 13,574,353 pesos of the new. When the recoinage is completed, the Philippines will have, from this source and from bullion purchased, a silver circulation of approximately 54,000,000

pesos.

There were paid during the year in connection with Philippine coinage the following charges:

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DEPOSITARIES.

In addition to the depositaries of the Philippine government named in my last annual report, Speyer & Co., of New York City, were designated by the Secretary of War, in March, 1908, as an authorized depositary in the United States for funds of the Philippine government. The total deposits of the treasurer of the Philippine Islands with banks in the United States on June 30, 1908, amounted to $8,034,602.94, as against $13,061,095.86 June 30, 1907. On June 30, 1908, these deposits were secured by $5,875,000 of negotiable securities and $5,000,000 of surety bonds. This arrangement is in accordance with instructions from your office authorizing onehalf of the security for deposits to be in negotiable securities.

STAMPS.

During the fiscal year there were prepared by the Bureau of Engraving and Printing and forwarded to Manila the following Philippine postage stamps:

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Since my last annual report the bonded indebtedness of the Philippines has not changed, standing June 30, 1908, as follows:

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During the fiscal year the bureau received from the Philippines 920 requisitions by mail and 110 by cable, an increase over the preceding year of 308 and 37, respectively. There was disbursed by the bureau for supplies bought for the Philippines and for expenses of shipment, etc., $606,595.89. In addition to actual purchases, the bureau obtains many quotations for the Philippine government to protect it in purchasing in the Manila market. Purchases are made and quotations obtained through the agency maintained in the Whitehall Building, New York City, under the system which has been detailed in previous reports. The personnel of the New York office consists of a purchasing agent and five clerks.

Whenever practicable orders for supplies are placed with firms on the Pacific coast and forwarded to Manila on army transports. The Quartermaster's Department of the Army has ever shown a willingness to assist the bureau in the purchase of supplies in instances where such services could be more readily or advantageously performed by that department than by the New York office, and the

courtesies thus extended have been of much value to the bureau. In the same connection I may add that every department of the Government has shown a spirit of hearty cooperation whenever its aid has been sought in obtaining supplies for the Philippines. As mentioned in my last report, the Post-Office Department and the Government Printing Office incorporate in their annual contracts provisos for the purchase by this bureau of such supplies as may be required by the Philippine government. Valuable assistance has also been rendered by the Government Printing Office in the inspection of all paper purchased for the Philippines, thereby insuring, before shipment, that paper purchased will be satisfactory to the authorities there a matter in which some difficulty had been experienced in the past.

The general receiver of Dominican customs similarly forwards requisitions to the bureau for such supplies as are needed by the receivership, and orders for these supplies are placed by the New York office and the accounts transmitted to the general receiver for settlement.

DISBURSEMENTS.

All disbursements of Philippine revenues in the United States are made by the disbursing agent of this bureau. The disbursements for the fiscal year totaled $2,909,212.70, in payment of 3,987 accounts, and the disbursements from the inauguration of the disbursing office, May 20, 1901, to June 30, 1908, were $33,122,806.80, in payment of 20,110 accounts.

COMMERCIAL STATISTICS.

A compilation of monthly reports of the foreign commerce of the Philippines for record and publication and the quarterly issue of the Summary of Philippine Commerce have been continued. In the latter a number of schedules of minor commercial importance have been merged and tables added giving in detail the trade of each country figuring to any extent in Philippine commerce. A change has also been made in the system of reporting imports, in order to supply this office with data under paragraphs of the tariff schedule as well as in the more general form heretofore received and published. The additional work involved will be more than compensated for by the resulting availability of the information for the study of the operation of the tariff laws and for meeting the wants of Congress in connection with their revision.

IMPORTS.

The imports, exclusive of gold and silver and United States Government supplies, for the fiscal years 1899-1908 were as follows:

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The favorable showing made for 1908 by the increase shown by this table of $2,132,502 over 1907 is modified by the fact that the increased importation of rice alone more than covers this total increase for the year. Rice imports, which steadily increased from a value of $3,113,423 in 1900 to $11,548,814 in 1904 and as steadily declined in succeeding years to $3,662,493 in 1907, have in the year just closed, through exceptionally high prices obtaining, as well as increased quantities imported, reached a value of $5,861,256. If these increased imports of rice, therefore, having a purely negative bearing on general import conditions, be excluded, it appears that the value of imports remained substantially the same in 1908 as in 1907.

The exceptionally heavy cotton trade of 1907 was not maintained, and the total of $8,011,834 in 1908 was smaller by $404,412 than in the previous year. Reduced values of imports were reported in all the large items of cloths, knit goods, and yarn and thread, offset to some extent by increases in cotton goods of minor importance. The iron and steel importation of 1907 was also abnormally large, and fell in value in 1908 $380,273 short of the two and a half million dollar total of the previous year. A decrease of $134,721 is shown also in the value of vegetable imports.

The opium trade of the islands, which in the earlier years averaged about three-quarters of a million dollars annually, in 1907, under the weight of prohibitive legislation, increased duty, and internal-revenue taxation, amounted to but $513,287. In 1908 opium imports were reduced to $143,670, all of which was admitted during the first half of the fiscal period. By Congressional action it became unlawful after March 1, 1908, to import opium into the Philippines, except by the Government and for medicinal purposes, and this large item of past years loses its prominence in the import trade.

Among items of increased import value in 1908 was fresh beef, which reached a total of $479,557, practically doubling the figures of the previous year. Wheat flour was imported to the value of $1,044,570, or an increase of $155,396 over the trade of 1907. Boot and shoe imports increased from $306,721 to $451,421, while a somewhat smaller gain was made in the half-million dollar silk trade of 1908.

Imports from the United States amounted to $5,079,487 in 1908, and were less by $75,872 than in the previous fiscal period. In the cotton-cloth trade the encouraging figures of 1907 following the tariff legislation of February 26, 1906, were not maintained, and imports of American cloths which increased from a value of $222,951 in 1906 to $1,016,036 in 1907, declined to $533,693 in 1908. Iron and steel imports from the United States suffered a shrinkage of $63,583 coincident with the general decline in this trade, but in the rivalry of the United States and the United Kingdom in this field, American products took first place with imports to the value of $800,753. Of the increased imports of wheat flour, the United States furnished almost the whole of the increase, but in spite of this gain Australian flour maintained its foremost place in the trade of the year. American boots and shoes were imported to the value of $338,929, or $117,911 more than in the previous year, and confirmed the supremacy already established in the insular market. In the illuminating-oil trade the position of the United States was also strengthened in 1908 at the expense of the Dutch East Indies, the only other contributor of importance.

EXPORTS.

The exports, exclusive of gold and silver, for the fiscal years 18991908 were as follows:

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The total exports for 1908 fell short by $896,790 of their value in 1907. The ruling factor in this result was the steady decline in the price of hemp throughout the year; for though the volume of exported products was generally satisfactory, and in some cases-notably in sugar and copra-contributed largely to offset the reduced figures in hemp, the dominance of this industry in the islands' export trade prevented conditions otherwise generally favorable from counteracting the depression in the hemp market.

In quantity the hemp exports were 1,108 tons in excess of those of 1907, and amounted to 114,003 tons, valued at $17,311,758. The average price of shipments during the first quarter of 1908 was $168 per ton, declining to $151 in the second quarter, $146 in the third, and $142 in the fourth, with an average price for the year of $152, as compared with $187 in 1907. This depreciation of $35 per ton resulted in a loss of $3,773,323 to the hemp industry in 1908, in spite of the increased quantity marketed as compared with 1907, and it is to go back to 1902 to find an average price as low as that which ruled in the past year for this important product. Hemp exports found chiefly British and American markets as heretofore, but shipments to the United States declined, amounting to 48,043 tons, as compared with British purchases of 53,760 tons, and for the first time since the act of March 8, 1902, established direct shipments to the United States, fell below shipments to the United Kingdom.

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The sugar trade for the year increased in volume, while the diminished world supply reacted favorably upon the price of the Philippine product as compared with the low figure that prevailed during 1907. Exports increased from 118,395 tons in 1907 to 149,323 tons, which, with the higher price, made an increase of $1,730,206 in the value of the sugar trade of 1908. The total value of the exports was $5,664,666, of which shipments to the United States amounted to $2,036,697 as compared with $234,074 in 1907.

The exceptionally high prices for copra in 1907 were not maintained, but the quantity marketed was so greatly increased that in spite of a material decline in prices copra exports reached a value of $5,461,680, or $1,408,487 in excess of 1907. France, as in previous years, was the leading purchaser, while Spain and Germany were in

62564-WAR 1908-VOL 7—2

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