Directory_and_Chronicle_1923 — Page 1478

PHILIPPINE ISLANDS

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The value of trade carried by vessels during the year ending December 31st, 1921, is shown in the following table :-

British

Nationality of Vessels

American

Japanese

Dutch

Spanish

Philippine

Swedish

Norwegian

Chinese

French

Danish Mail

Imports P109,387,341

Exports Total Trade

P60,335,999

P169,723,340

74,809,502

64,206,170

139,015,672

29,169,887

20,746,925

49,916,812

6,314,435

13,203,344

19,517,779

1,304,940

5,011,874

6,316,814

3,379,522

484,817

3,864,339

17

1,788,182

1,788,199

·

1,637,253

1,637,253

499,454

325,625

825,079

482,434

482,434

1,750

1,750

4,692,363

10,125,959

14,818,322

Total

P231,677,148 P176,230,645 P407,907,793

On December 31st, 1919, foreign corporations of different nationalities doing business in the Philippines numbered 307 in all. These corporations have either opened branches in the Islands or were organized in foreign countries with the intention of making the Islands the place of their commercial activities. They are distributed among the different countries as follows:-United States, 110; Gt, Britain, 78; Germany, 26; Hongkong, 25; Japan, 12; Australia, 11; Netherlands, 8; Switzer and, 8; Spain 7; France, 7; Canada, 5; Belgium, 3; Straits Settlements, 3; Italy, 2; Austria, 1; India 1.

A large part of the domestic commerce of the Philippine Islands is in the hands of foreigners. The last few years, however, have witnessed a broader activity on the part of the Filipinos.

The principal local trade-centres are Manila, Cebu, Iloilo, Zamboanga, Jolo, palabac, Aparri and Legaspi.

BANKING AND COINAGE

With the exception of the Philippine National Bank, which is a Government-con- trolled institution with an agency in New York and with branches in almost all the big cities in the Philippines, the banks are privately owned, some being British, American and Japanese. The total resources of these banks is as follows: British, P31,592,880; American, P51,676,960; and Japanese, P3,562,499.

There are 10 banking corporations doing business in the Philippines, not including express companies and savings banks which are also available. Of these, four are domestic, namely, The Philippine National Bank, The Bank of the Philippine Islands, The China Bank and the Philippine Trust.

The coins used in the Philippine Islands are of the following denominations:-Peso, one-half peso (50 centavos), peseta (20 centavos), media peseta (10 centavos), five centavos, and one centavo. The paper money is issued in 1, 2, 5, 10, 20, 50, 100, 200, and 500 peso denominations. The Philippine peso is equivalent to fifty cents in United States currency. The Philippine Commission maintained this parity by passing the Gold Standard Act on October 10th, 1903. The new peso now coined contains 20 grammes of silver, 800 fine; the 50 centavo piece contains 10 grammes of silver, 750 fine; 20-centavo piece, four grammes of silver, 750 fine; and the 10-centavo piece, two gramines of silver 750 fine.