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UNITED STATES
from $20,000,000 to $22,500,000, or �2.50 per capita, figuring on the total population of the islands. Three banking institutions do the banking business of the Philippine Islands aside from that done by the large commercial houses, which buy and sell exchange, and to a limited extent carry on the business which legitimately belongs to banking institutions. Of the three banks, the two most important are branch concerns, the third being a local institu- tion controlled by Spaniards and natives. The Mexican dollar, in general circulation in the Philippine Islands, contains 47 grams of silver, .900 fine. The value of the dollar has fluctu- ated with the fluctuation in the price of silver. The purchasing power of the dollar is the bullion value of the silver contained in it, and it increases or decreases in value in accordance with the quotations for bar silver in London, which are received every day by cable in Manila. There is an issue of .S40,000,000 of bonds which was put out by the Spanish Government in July, 1897, and which serves as a first lien upon the customs receipts of the port of Manila. A royal decree was issued in July, 1897, authorizing this loan and providing that customs receipts of Manila should be made liable, not only for interest, but for principal, and having also the guaranty of the Spanish Government, These bonds were called " cedulas hypotecaries," payable in forty years, and bearing interest at the rate of six per cent. The issue price was 92. Official statistics give the following figures as the revenue for the Philippine Islands for the fiscal year ended June 30, 1897 : Income Contribution direct $8,496,170.00 Customs receipts 6,200,550.00 Monopolies, opium, etc 1,222,000.00 Lotteries 1,000,000.00 Rent for government property 257,100.00 Miscellaneous 298,300.00 Total $17,474,120.00 Expenditures Obligation general (bonds Spanish Government, etc.) . $1,507,900.46 Egtado (state) 74.000,00 Gracio y Justitia (charity and justice) .... 1,806,277.71 War (army) 6,042.449.43 Haciendo (interior) . . • 1,393,184.08 Navy 3,506,528.58 Gobernacion (government) 2,198,350.05 Fomento (school and education) 615,198.74 Total $17,293,889.65 Deductions 35,737.65
Net expenditures Excess of income
$17,258, 215,
152.00 968.00
There is only one railroad in the islands, running from Manila to Dagu- pan, 192 kilometres in length, equalling 119.3 miles. The telegraph sys- tem is very incomplete, though there are cables running to Hongkong and to Iloilo. According to figures publisht'd in 1894, the total length of the telegraph and cable lines running from Manila to Hongkong, and connect- ing with the southern islands, was 1592 miles. There are 76 offices, and during the year the total number of despatches sent was 157,573. No sta-
