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Location of Japan distorted in order to show relation to Philippine Islands

ment of Americans assisted by Filipinos to a government of Filipinos aided by Americans, are set forth in the annual reports.

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This somewhat lengthy statement of the genesis and character of the people of the Philippine Islands is justified because of the most important bearing which it has upon the status of the present debt of the Government of the Philippine Islands. As is shown at length in a later chapter, this debt was incurred by the Philippine Commission, constituted by the United States Government. The manner of its presentation and its management were and are such as to lead investors in these bonds to understand that the United States Government, while not directly responsible for the debt, yet is obligated to see that proper provision is made for its payment, principal and interest. Under a continued American protectorate there is no question as to the intrinsic value of these bonds. No bonds could be better secured.

When the time comes to grant the Filipinos complete independence, the United States, as a matter of good faith with the holders of these bonds issued under its auspices, should retain control of the customs, upon which the payment of the principal and interest of the present debt should be made a first charge, until that debt with interest is fully liquidated.

Appropriate provision should also be made to protect the holders of the bonds of the Manila RailwaySouthern Lines and those of the Philippine Railway, which bonds have been guaranteed as to interest by the Philippine Government.

LOCATION, TOPOGRAPHY AND NATURAL

RESOURCES

The Philippine Islands lie between 5° and 22° North Latitude and 117° and 127° East Longitude. They com

pose an archipelago forming the most northern group of islands in the Malayan or Eastern Archipelago. They lie wholly within the tropics. The archipelago is bounded on the west by the China Sea and on the east by the Pacific Ocean.

Manila, the capital, is 8,100 miles from San Francisco, 6,400 miles from Seattle, 9,400 miles from Panama. It is 600 miles from Hong Kong, 1,400 miles from Singapore, 1,900 miles from Yokohama.

The archipelago numbers 3,141 islands, of which 2,775 contain less than one square mile; 1,095 are large and fertile enough to be inhabited. The important islands are Luzon, on which Manila is located (40,969 square miles), and Mindanao (36,292 square miles). These comprise about seven-tenths of the entire land surface, estimated at 115,026 square miles. The islands of Samar, Negros, Panay, Palawan, Mindoro, Leyte, Cebú, Bohol and Masbate are also important. The total water surface within the area occupied by the archipelago is 705,115 square miles. The islands are quite mountainous. The two great islands present a variety of surface with broad plains and level valleys. Active and extinct volcanoes form a striking feature of many Philippine landscapes.

The islands are well watered. They are favored with what has been described as "one of the most healthful tropical climates in the world."

The flora, birds and fish are of great variety and contain many beautiful species. The islands are poor in indigenous mammals. As would be expected, insect life is much in evidence.

The forests are extensive and contain a great variety of beautiful and serviceable woods.

The mineral resources of the islands are diversified, but so far little developed. Coal and gold are found in almost every island in the archipelago.

INDUSTRIES AND COMMERCE

The industries of greatest present importance are agriculture and fishing. The forest and mineral products are of great potential value, but as already stated, but little development has taken place.

In fact even agriculture is very backward, notwithstanding the great efforts which have been put forth under the American administration to stimulate and improve agricultural operations.

Abaca (Manila hemp) is the most important fibre as well as the most important export product of the islands, composing about 40% in value of the total exports. The value of the exports of hemp in 1913 was $21,121,084; in 1914, $19,194,815; in 1915, $21,339,100.

Copra, or the dried meat of the cocoanut, together with cocoanut oil, afford the next most important group, composing 25% of the total exports. The value of copra exported in 1913 was $9,545,724; in 1914, $7,980,270. In 1915 there was a marked increase to $11,111,554. Cocoanut oil is an increasingly valuable article of export. The export value of this production in 1915 was $2,820,501. Exports of sugar and tobacco amounted in value respectively in 1915 to $11,310,215 and $3,704,934.

Important groups of imports are cotton goods and iron and steel. In 1915 the value of the imports of cotton goods was $11,791,414; 73% being from the United States. The imports of iron and steel in 1915 amounted in value to $4,430,000, a falling off from 1914 of $2,553,000 and from 1913 of $4,183,800.

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