Forest City press. (Forest City, Potter County, D.T. [S.D.]) 1883-19??, 1918-05-16
THE PHILIPPINES
ENJO' .lOSpERiTY.
War Conditions and Prices
Make Their Position an Es-
pecially Favorable One.

Manila (by maiD.-Thc Philippine
islands have enjoyed during the past
II months the greatest prosperity i'm
their history. War conditions. prices
and demands are directly responsible.
In the past two years the balance of
trade in favor of the islands has been
$50, 000, 900. G5 per cent of which IS to
be accounted for in the unprecedented
prosperity of 1917.
Internal trade has leaped to unheard
OF proportions. There is more money
in every part Of the Philippines TODAY
than ever before. More business is he
ing done and the currency reflects
his condition. Despite constant accre-
TONS to the currency, through impor-
tationS from United States mints. the
Philippine bank, the government finan-
cial institution. has had to issue paper
10. 20 and so centavo bills, and one peso
| notes.
Internal revenue taxes, collected on
the same basis i'm 1917 as in 1916. went
up nearly 33 1-3 per cent, reaching the
highest figures in history.
With the exception of sugar. all de-
partMents of inSular trade profiteG by
the prosperity OF me country. Freight
rates quintupled ana sextupled for
sugar, and the Philippine producers
often found a loss on their sales in
the United States.
United States was fixed by the food
control board, it was SO regulated tina
under existing trans-Pacific rates
profitable transactions in Philippine
were no longer possible. Samuel
Ferguson, president of the government
bank. made "a special trip to Wash
fngton in the interests of the sugar men,
and got a pledge or additional Ships
for the Philippines. Whether this pledge
included provision for lower freigh,
rates is not known here. Unless the
new ships bring a substantial reduc-
tion in existing freight rates. it is
believed they will not help out the
sugar industry.
Hemp, with all the world demand
ing it for ships and war vessels. played
a big role in he prosperity Of the
islands. During 1917 it reached record
prices and paid its producers hand
somely. Hundreds of owners planta-
tions have BECOME rich in the past
two years. Scores OF Americans who
wears g picked out Mindanao. the
a of the untamed Moro, as ideally
suited to hemp, n then struggled
along for years OF the verge Of bank
ruptcy, suddenly found their optimism
justified and their years of toll and
hardship repaid by two years OF un-
dreamed of prosperity.
Likewise the %cocoanut planters have
been carried along OF the crest of the
wave of success. During the early
part of the year prices rose steadily
as American manufacturers demanded
the product at any cost. But freishts
also rose. This led many business men
to figure that if it were possible to
sell the raw copra-the dried meat or
the cocoanut-at a profit, it would be
much more profitable to extract the oil
locally, save a large part of the freight
cost~ and count that saving as profit.
During the veal fully 20 cocoanut oil
mills, all of small capacity, were start
ed in Manila alone and in the prov
inces as many more were inaugurateG.
The tobacco planters, manufacturers
and dealers nave also had a yeai of
unparalleled business success. The de-
mand for Philippine tobacco and cigars
from the United States has been such
that Philippine growers and planters
have been unable to meet it. The wear.
saw the cigar production OF the islands
very largely increased, while the acre
g planted to tobacco was also large
ly increased. but there are no signs of
abatement of the demand.
A similar story be old in every
line of Philippine business. The coun-
try is literally rolling in money.