Evening star., 1909-07-18
articles 'the growth, product or manu-
facture OF the Philippine Islands will
be admitted free.

facture OF the Philippine Islands Will
be admitted free.
The inclusion of the words "or manu-
facture'' is the subject of criticism in
many quarters. Many members of Con-
aresS think they would make it possible
TO ship raw materials into the Philippine
Islands for manufacture with cheap labor
and then bring them TO the United States
free of duty.
As originally adopted by the House and
later introduced in the Senate. the Phil
ippine section contained provision re-
d,Iiring that manufactured articles, in or
der TO obtain the benefit OF free admis-
sion into the United States. should not
contain ingredients other than products
of the islands.
Canal Bond Issue.
By action yesterday the tariff conferees
settled the question of giving the Secre-
tary of the Treasury authority to issue
fifty-year bonds at a rate of interest not
exceeding : per cent to cover the entire
cost of purchasing the site and con-
structing the Panama canal. An amend
ment to the tariff bill giving the author
ity was prepared by Secretary MacVeaYh
and delivered to Representative Payne at
the Treasury Department during the
noon recess. 1t was adopted when the
conference was resumed after luncheon
The effect of the bond provision is to
repeal the limit of the authorization con-
tanned In the Spooner act. although : not
interfering with per cent bonds issued
under that authority to the amount OF
1851 $50. The estimated cost of the
canal Is s3T5.2O1 600 which will be the
figures named in the new authorization,
and bonds at the rate of 3 per cent may
be issued as they are needed, therefore,
TO the amount of $3.50. 569,OOO
It is understood that bonds to the
amount of fifty millions. covering the
cost of the canal property and the Canal
Zone. will be issued at an early date In
order to reimburse the Treasury work
ing balance from which the money paid
for the property was drawn.
There is no longer any question that
the corporation tax amendment will be
accepted. Attorney General Wickersham
still has IT IN his custody. but the draft
and they have found It to be satisfac-
tory.
1t will tax the net earnings, OF corpora
tions organized for profit at the rate of
per cenA Some difficulty was expert
enced In working out the deductions or
exemptions, but II is understood that all
objections to those features have been
removed.
woolen Schedules Considered.
Practically the only subject considered
during the forenoon session Of the con-
ference was the wooden schedule. Three
reductions were made on women's and
children's dress goods, tops and yarns.
During the afternoon session an effort
was made to dispose of the cotton
schedule, and many of the Senate's
specific rates were adopted. Work on this
schedule was not concluded. however,
as there were numerous other questions
on which the conferees desired DISPOSE
tion before adjourning until Monday.
The metal schedule, with the exception
of iron ore and few OF its products,
practically has been agreed upon. Some
OF the paragraphs may be reopened when
the iron ore question has been settled.
On wire nails the rate of those of one
inch or mJre in length was fixed at four
tenths OF one cent per pound. and on the
smaller sizes three-fourths OF a cent.
The changes represent an increase on
the smaller sizes and a decrease on the
larger sizes in comparison with the
The conferees adjourned at o'clock
Until Monday.
Changes In Conference.
The only changes made in the wool
schedule from existing law have been
a per cent reduction on the cheaper
grades of women's and children's dress
goods. per cent reduction on cheaper
grades OF woolen yarns. and a slight
reduction on wool tops. classifying them
between secured wool and yarns.
The conferees will probably compromise
oi tiiC outy pi icHiOhS Hdli Ndy tClWEcu
the House and Senate rates.
Financial circles are considerably con-
ccrned over the terms of the Panama
bond authorization, fearing that the new
per cent may depreciate the value Of
existing issues of per cent bonds, II
tile new issue is to be used as security
for bank circulation.
II is said that IL the expected de-
probation should result and The outstand-
ing . per cent OF all issues should fall
below par. the controller of the cur
rency would have to call upon the banks
to put up more bonds security for
circulation and this would disturb the
money market