New-York tribune., 1901-08-02
PORTO RICAN FINANCES.
MONEY AND BUSINESS CONDITIONS M
PROVING UNDER NEW RULE.
10y TELEGRAPH TO THE TRrBUNE.I

Washington. July 3l.-The Auditor of Porto Rico.
John r. Garrison. formerly First Deputy Con-
troller OF the Treasury who reached here Monday
from the island gives glowing account OF hscal
affairs there and of greatly improved Industrial
conditions He said:
The financial affairs were somewhat muddled
when we took charge IN May, 1889, Under the
Spanish regime there seemed &c be lack OF sys-
TEN. and the management. 20 say me least was
somewhat unsatisfactory. We haye been steaaIiy
able 70 put the financial affairs OF me eonm9a,{fy
lished it was the idea Of the department 20 in
augurate system OF financial management along
able to secure the active operation Of tha: system.
and the genera laNty OF methods has been en-
At the present time the total balance Of moneys
funds is between S5o6c95 and s6o0o5o. These trust
funds which include large IToporIi OPS OF rns
by the President from customs collections In the
in general way t is 10 ssn the aiI5tments Tor
public improvements and instruction, or to meet
current expenses which may exist \ balance Of
reasnpy onang inS%nf te soe + @ sS~
These figures are far in excess ot those & wniSn
the time when the island was under the sovereign
ty OF Spain the amount 9f nnorey on hand was Was
was taken TO meet emergencies. such as we pre-
Considerable dIminution in the amount Of available
funds in the islands treasury for the reason that
furtherin the proposition 70 build good roads and
other improvements contemplated and being made
The school budget alone last year amounted 20
$4,000 while during the present fiscal year IL WIFI
amount 70 probably 100000.
The American system of eovernnrent Is proving
more costly than that Of the Spaniards but IT is
vastly beneficial to the residents OF the Island
in every particular
The genera! business conditions Of the island so
far my observation led good The peo-
pie especially pleased with the recent tree
trade proclamation. This had been pet measure
much gratihcation. q has given the business men
more confidence in their various lines or trade
while prior to the issuance of the proclamat ION
everybody somewhat in doubt as 10 Just What
be done The business element, therefore
is able guide it's actions accordingly. The free
especially 20 the merchants dealing in sugar. This
year the planters disposed of their crops IN many
instances before the law was promulgated
and therefore some of them will not receive much
immediate benefit. but in the future the new law
will highly valuable TO them. well as the
merchants.
in speaking o. the incursion Of Ar erican capital
In Porto Rico Mr.. Garrison said:
Thus far the influx of Americ ey has not
been rapid and prolific as was generally ex-
pected. In the matter OF pTiva' improvements
and the Inauguration OF individual and cOrporate
business projects there seems to be some difculty
experienced in raising the necessary FUNDS; The
trouble all Hes think in the direction OF deSree
of uncertainty that exists regarding titles to lands
and the procurement of concessions All this
nebula will undoubtedly he cleared up within a
short time when American capital will see its way
more clearly get into the island for profitable
investment. Men with money will not invest II
until they are they viii receive returns. and
siOns Is a condition not calculated to encourage De
velOpn1ent.