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the market to a minor extent. American interest in this product showed a further increase from the small beginnings of 1907, and exports to the United States advanced from a value of $108,086 to $228,565. Cocoanut oil, a product closely related to the copra industry, was also exported to the increased value of $263,069, as compared with $50,662, and took the foremost place among minor exports of the islands for the year.

In the tobacco trade for the year, cigar exports slightly exceeded the record of 1907 and amounted to $1,084,196; but the leaf trade, reaching only $1,581,623, fell short by $375,865 of the total of 1907, while the value of cigarette exports declined from $104,268 to $38,345. In view, however, of the exceptional character of both the leaf and cigarette trade of 1907, it appears that these exports for 1908 were considerably above the average of previous years. As in the past, Philippine cigars found their chief market in the Orient, while Spain and Austria-Hungary took the bulk of the leaf. Of the million dollar exports of cigars, but $21,781 worth found a market in the United States and no American shipments figured in the leaf trade.

Among minor exports of the islands, maguey failed to maintain its steadily increasing values of previous years, but ilang-ilang oil reached the unprecedented amount of $181,638.

RECEIPTS AND EXPENDITURES.

The following statement of revenues and expenditures of the Philippine government, exclusive of all items of a refundable character, covers the period from the date of American occupation, August 18, 1898, to June 30, 1908:

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Receipts and expenditures for the fiscal year ended June 30, 1908.

AVAILABLE FOR ADMINISTRATIVE PURPOSES.

Amount of funds in the Philippine treasury on June 30, 1908, available for purely administrative purposes, exclusive of funds derived from refundable collections and bond issues....

INSULAR.

Insular net revenues for the fiscal year ended June 30, 1908, excluding
all items of a refundable character.,
Net ordinary insular expenditures, including interest on bond issues
and contributions made to the city of Manila and to the provinces in
lieu of land taxes, cancellation of loans to provinces, and contribu-
tions for provincial administrative purposes....

Excess of insular expenditures over revenues..

CITY OF MANILA.

Revenues collected by the city, inclusive of the amount contributed by the insular government under provisions of the charter of the city. Ordinary expenditures of the city, including interest and sinking-fund charges on sewer and waterworks construction bonds

Excess of receipts over expenditures.....

OTHER DISBURSEMENTS.

$6, 114, 842.58

10,899, 261. 44

11, 469, 785. 64

570, 524. 20

2, 226, 226. 15

1, 897, 858. 36

328, 367.79

In addition to the above, disbursements were made from the Congressional relief fund for insular purposes, amounting to $138,476.60. Disbursements were also made under funds which may be designated bond issues, as follows:

Public works and permanent improvement fund.
Manila sewer and waterworks construction fund..

FILIPINO STUDENTS IN THE UNITED STATES.

$458, 959.32 1, 117, 774. 01

At the date of the last annual report, October 31, 1907, 123 Filipino students were being educated in the United States at the expense of the Philippine government, and one student, under the direction of the bureau, was being educated at his own expense. These students were attending institutions as shown in the following list:

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During the year covered by this report, 52 students have returned to the islands. Of these, 1 was sent back on account of ill-health, 3 were returned for misconduct, and 2 because of failure in their studies. The majority of the students returned received degrees or diplomas from the schools where in attendance, and included, in addition to graduates of normal schools, graduates in medicine, law, civil engineering, and agriculture.

Five new appointees have arrived from the islands during the same period and 3 appointments have been made from students already in the United States. One student has been allowed an additional year at his own expense to finish his course in civil engineering, a second has been allowed to remain a year at his own expense on account of his health, and one has been appointed a clerk in this bureau. At this time, therefore, 77 students are undergoing instruction at the expense of the Philippine government.

The past summer, because of the industrial depression, was not favorable for obtaining employment, and the majority of the students in consequence spent their time in summer schools.

The health of the students has been very good throughout, and the attitude of the governing authorities of the institutions where they are in attendance and the relations between the Filipinos and the other students have continued to be most cordial.

The work of these students has been, on an average, very good, and in one or two cases of an exceptionally high order. The value of the movement as a whole to the Philippine government and people must still be left to the future to disclose, but every sign points to its immense importance.

PROVISIONAL GOVERNMENT OF CUBA.

The conduct of affairs requiring action in the United States for the provisional government of Cuba has continued in this bureau. Peace and order have been maintained in the island throughout the year, and at this writing preparations are practically completed for the legislative and executive elections to be held on November 14. Every sign now points to a cheerful acceptation by the Cuban people of the result.

Monthly reports have continued to be received of the extraordinary expenses due to the intervention, which, under the act of Congress approved March 4, 1907, are to be reimbursed from the Cuban treasury. A statement of these expenditures, which belong wholly to the military occupation, from the date of the second intervention to June 30, 1908, follows. The amount paid during the same period from Cuban funds on account of the intervention is also shown. These latter expenditures are made from funds allotted by the provisional government from time to time for expenditures of the Army due directly to its service in Cuba.

Statement of extraordinary expenditures on account of the army of pacification in Cuba.

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Expenditures of the Republic of Cuba on account of American intervention, October 1,

1906, to June 30, 1908.

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SETTLEMENT OF THE DOMINICAN DEBT.

In accordance with the convention of February 8, 1907, proclaimed by the President July 25, 1907, the terms of which were set forth in my last report, the Dominican Republic proposed to pay its debts, as adjusted, 20 per cent in cash and 80 per cent in 5 per cent customs administration sinking-fund gold bonds of the Republic, to be taken at 98 per cent of their face value. The proposition having been accepted by sufficient of the creditors to insure its success, interim certificates representing $20,000,000 of 5 per cent bonds were issued as of February 1, 1908, and delivered to the Morton Trust Company, of New York, which, by agreements with the Dominican Republic dated January 27, 1908, was appointed fiscal agent for the loan and depositary for funds of the Republic. Orders in favor of creditors of the Republic are drawn by its minister of finance against the Morton Trust Company, as depositary, directing payment of cash and of new bonds of the Republic, in accord with the plan of adjustment, upon surrender to the depositary of the old bonds or other evidences of indebtedness held by the creditors. These orders, after approval by the Department of State of the United States, are registered in this bureau as having been drawn in accordance with the convention of February 8, 1907, and then are paid by the depositary when the conditions prescribed therein have been complied with by the creditors. The depositary is required forthwith to cancel all old bonds, notes, etc., surrendered to it and to transmit them with its accounts to the minister of finance of the Republic.

To September 30, 1908, the depositary had paid out, in connection with the old debt of the Republic, $3,065,735.75 in cash and $12,777,350 in the new bonds. As the convention of February 8, 1907, estimated that the debt of the Republic as adjusted would be about $17,000,000, there were on September 30, 1908, old claims outstanding which, when adjusted, will amount to approximately $2,000,000, to meet which the depositary had on hand at that date $1,178,571.64 in cash and $7,222,650 in new bonds.

The convention provides that when all the old debt has been liquidated the balance of cash and of new bonds remaining with the depositary shall be applied first to the retirement and extinction of certain concessions and harbor monopolies which are a burden and hindrance to the commerce of the Republic, and, second, to the construction of certain railroads and bridges and other public improvements necessary to its industrial development.

The Morton Trust Company; as fiscal agent for the new $20,000,000 loan, also acts as transfer agent and registrar of the loan and makes interest disbursements. It receives from the general receiver of Dominican customs $100,000 monthly, which, after paying interest, leaves $200,000 annually for the sinking fund; and in the event that the customs revenues collected in any calendar year exceed $3,000,000, the fiscal agent is to further receive for the sinking fund one-half of such excess.

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