Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1918-03-21
PHHIPPNES
ENJOY GREAT
PROSPERITY
War Conditions Responsible
for Sudden Turn,in Islands,
Says Manila Report.

Manila, Feb. neutrality-suspicious.
of The Associated Press.)-The Phil
ippine Islands have enjoyed. during
the past twelve months the greatest
prosperity in their history. War con-
ditions, prices and demands are di-
rectly. responsible. In the past two
years, the balance Of trade in favor OF
the islands has been $50,000,0 900, $50
Of which is to be accounted for in the
unprecedented prosperity of 1917.
Internal trade has leaped to I'M
heard .of proportions. There is more
money in every part of the Philippines
today than yer before. More business
is being donc and the currency reflects
this condition. Despite constant accrs-
tions to the currency, through. impor-
tations from United States minis, the
Philippine bank, the government
financial institution, has had to issue
paper ten, twenty and fifty centavo
bills. n one peso notes.
Internal revenue taxes, collected on
the same basis in 1917 as in 1916,
went up nearly SO 1879 reaching the
highest figure in history.
With the exception of sugar, all de-
%partn1ents of insular trade profted by
the prosperity of the country. Freight
rates quintuplcd n sextupled, for
sugar. and the Philippine producers
often faced a loss on their sales in the
United States.
When the price Of sugar in the
United States was fixed by the food
control board, it vas so regulated that
under existing trans-Paciic rates
profitable transactions in Philippine
sugar were no longer possible. Sam
uel Ferguson, president Of the, govern
ment bank made a special trip to
Washington in the interests of the
smear. mar, aud DNf n S,Io5~o ~ a -
tional ships for the Philippines.
Whether this pledge included provi-
sion for lower freight rates is not
known here. Unless the new ships
bring a substantial reduction in ex-
listing freight rates, il is believed they
VIII not help out the sugar industry.
Hemp, with all the world demand
ing l, lor ships and war vessels, play
ed a big role in the prosperity Of the
Stands. During 1917 it reached record
prices and paid its producers hand
somely. Hundreds of owners Of plan
tations have become rich in the past
two years. Scores OF Americans who
years ago picked out Mindanao, the
land of the untamed Moro, as ideally
suited to hemp, n then struggled
along for years on 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 on 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 freiehts
also rose. This led many business men
to figure that if it were possible to
sell the raw copra-the dried meat of
the cocoanut-at a profit, it would be
much more profitable to extract the
Oil locally. save a large part of the
freight costs n oun hat saving as
profit. During the year, fully twenty
cocoanut oil mills, all Of small capac-
lty were started in Manila alone and
in the, provinces as many more were
inaugurated. - ~,- ,,-- u, .,t.;-Gtc
The tobacco planters, MANUFACTURE
ers and dealers have also had q wear
OF unparalleled business success. The
demand for Philippine tobacco and
such that Philippine and
planters have been able to meet il.
The year saw the cigar production OF
n islands very largely increased
while the acreage planted to tobacco
was also largely increased. But there
are no signs of abatement of the de-
mand.
A similar story can be told in every
line of Philippine business. The
try Is literally rolling in money.