The San Francisco call., 1901-11-17
BRINGS REPORT
OF Commission
Charles A. Conant Re
turns From Mission
to Manila.
Says American Bankers Are
Wanted in the New
Possessions.

If you have any money to lend and can
get to the Philippine Islands before any
action is taken on the report Charles A
Conant is taking to Washington YOU can
turn it Loose among the "Goo-goos' at
the interest rate of ~ per cent per an
mum.
Charles A. Conant is guest at the Pal
ace Hotel. He was sent to the Philip
pines several months ago by Secretary of
War Root to investigate the coinage and
banking systems of Uncle Sans new pos
sessions. He returned yesterday on the
steamship China, in company with u. r.
Williams, secretary or the Philippine
4 Commission. lie and Williams are loInt
AlercuIIeS from Governor IaIt 10 Presl-
sion the report OF the Philippine Commls-
sion 1or the year ending october 15.
ms is me report 1cr Which the Presi-
dent is salo To pe Walung ana which was
supposed TO be taking a serial course of
shlpwreck on the transports Sheridan,
warren ana Hancock
Conant did leave Manila on the Sheri-
dan, but when at Nagasak he learned
that the transport had developed leaks
that would have TO be plugged before she
crossed the Paeihc, ana he, Williams and
the report transferred themselves to the
China and came on to San Francisco
Civil rule in the Philippines, according
70 Mr.. Sonant, has proved a big success.
The commission now ruling such of the
tlnplnoS-Legaroa, a Manila capitalist;
IaVera, Manila physician who was ed
ucated in Paris and Luzuniaga, a prom
lnent citizen of the island of Negros
The commission he's the confidence of
the people and IS doing its best to give
them ali the good things the American
constitution guarantees TO its supporters.
Mourn McKinley's Death.
''The death of Mckinley was mourned
throughout LuZon as deeply as in Ohio
i and memorial SPrViCtaS OF
mony were celebrated by the natives
throughout the territory under the rule OF
! Governor Taft"
That's what Mr.. Conant said when
! asked as TO what he thought of the re-
sumption of military rule in the Philip
/ pines.
Regarding his own particular mission
! Mr.. Conant was communicative in a gen.
| eral way He says the Philippines are in
need of proper banking facilities. When
| tbs legislature Of this country passed a
law limiting the letting of commercial
| franchises TO one years duration it put a
stop to the commercial development of the
\ Philippines.
This restriction SAYS Mr. Conant
J puts a stop to all railroad enterprise ano
absolutely prevents any mining develop
ment."
There are sugar and other plantations
| already established, however, and the
/ owners, like agricuhurists in every land
| are occasionally in need of ready money
! The ruling rate of interest for such ac-
! commodation is 40 p=r cent per annum
and loans at that rate are only made in
! cases where there exists cast-iron pros
pect Of repayment
Money-Lenders' Paradise.
One bank, Mr.. Conant says does make
loans on crops at the nominal rate of 25
per cent By the time the transaction be-
tween borrower and lender has been COM
pleted, however, the regulation 40 per cent
looks like cheap rate. The % per cent
lender takes a mortgage on the crops He
takes the crops and assumes the right TO
dispose of them at his own figure, and be-
tween the making of the loan and the
selling of the crop supplies the borrower
with all his working and living necessi-
ties at such price as the lender sees fit to
charge.
There are two branches of English
banks in Manila, but their business is re-
stricted to dealing in foreign exchange
| There is also a Spanish bank.
There is a great field for an American
! bank, and particularly for corporation
willing TO deal in mortgages" says Mr..
/ Conant. "The Philippine Commission is
! gradually getting land titles in proper
1 shape, and when things get on a business
/ basis in that part of the world there will
4 be plenty opportunity for all kinds OF
I business men,"
Mr.. Conant, with Mr.. Williams, the re-
port and United States Senator Bacon OF
/ Georgia, who has been visiting Uncle
! Sans new possessions, will all leave to-
/ day for Washington.