Under an act of Congress approved August 29, 1916, as amended by an act approved May 31, 1922, it is provided that the entire indebtedness of the Philippine government, exclusive of those obligations known as Friar land bonds and of bonds not to exceed $10,000,000 in amount, issued by that government, and secured by an equivalent amount of bonds issued by the Provinces or municipalities thereof, shall not exceed at any one time 10 per cent of the aggregate tax valuation of its property. It is further provided that the entire indebtedness of the city of Manila shall not exceed 10 per cent of the aggregate tax valuation of its property, nor that of any Province or municipality a sum in excess of 7 per cent of the aggregate tax valuation of its property at any one time. The assessed value of taxable real property of the Philippine Islands as at December 31, 1923, was $742,827,053.50; that of the city of Manila as at December 31, 1922, the latest figures available here, was $110,582,824. The following is a statement of the bonded indebtedness of the Philippine government on June 30, 1924: Under the provisions of Act No. 3014, of the Philippine Legislature, approved March 8, 1922, sinking funds for the retirement of bonds issued by the Philippine government are to be invested only in securities of the government of the Philippine Islands or the Government of the United States after the approval of this act. Since the passage of this act the treasurer of the Philippine Islands transferred the following amounts to this bureau for investment: At a cost of $5,100,387.38 bonds of the face value of $5,364,000 were purchased from the above funds and are shown in the following statements of securities belonging to sinking funds and trust funds which are held by this bureau for account of the Philippine govern ment: In the latter part of June, 1923, from the above-mentioned funds, this bureau purchased, as a temporary investment, $2,500,000 United States Treasury 42 per cent notes, series C, due June 15, 1925, at a cost of $2,498,906.26. These notes were sold from time to time during the current year, as funds were needed to purchase such Philippine government bonds and city of Manila bonds as could be secured at favorable prices. In addition to receiving interest at the rate of 42 per cent on the face value of the notes during the time they were held, there was a profit of $18,843.74 realized from the sale of the securities at an increase in price over cost. The following is a statement of the bonded indebtedness of the cities of Manila and Cebu on June 30, 1924, the bonds of which were sold through the Bureau of Insular Affairs: Sinking funds have been provided by law for the retirement of the above-mentioned bonds at or before maturity. RAILWAY BONDS The bonds of railroads, guaranteed as to interest by the Philippine government, outstanding are: Manila R. R. Co. (southern lines) 4 per cent bonds, due 1939. Total.. COINAGE $12, 781, 000 1, 122, 000 1, 500, 000 8, 549, 000 23, 952, 000 As the Philippine mint was not in operation during the year, the total coin in circulation and available therefor on December 31, 1923, as in the previous year, consisted of the following: Pesos 2 50 centavos_ 20 centavos_ 10 centavos.. 5 centavos_ 1 centavo. 11⁄2 centavo (no longer coined) Total INSULAR RECEIPTS AND DISBURSEMENTS 22, 357, 825. 00 6, 273, 829. 00 5, 139, 281. 60 3, 801, 392. 10 1, 006, 863. 60 1,090, 642. 97 51, 659. 64 39, 721, 493. 91 The following is a statement of insular receipts and disbursements of the Philippine Islands, exclusive of all items of a refundable character, expressed in United States currency, for the fiscal (calendar) years 1920, 1921, 1922, and 1923: 1 The payment of the principal of this issue of bonds is also guaranteed by the Philippine government. 2 The Philippine peso equals 50 cents United States currency. |