FINANCE — PRODUCTION AND INDUSTRY — COMMERCE 649
Finance. — The revenues and expenditures of the central government for six fiscal years were : —
Revenues Expenditure
Dollars 83,007.493 70,073,814
1918
1919
19201
1W1 i
Dollars Dollars Dollars Dollars 98,387,749 \ 78,019,163 73,694,018 84,289,98$ 91, £30,064 1 55,215,272 57,210,230 83,549,778
i Estimated. The total debt service in 1921 amounted to 3,459,281 dollars.
Production and Industry. — The principal products aie rice, Manila hemp, coconut, sugar cane, corn, tobacco and maguey. The total area cultivated to these crops during 1919-20 was 7,513,305 acres, the largest single crop being rice (3,453,347 acres). The total production of rice in 1919-20 was 2,533,623,664 litres.
Agriculture is still in a somewhat primitive condition, although rapid steps are lieing made in its improvement, through different branches of the government. Modern sugar centrals have been installed in the largest sugar producing regions. The abaca (Manila hemp) industry has been greatly benefited through a government system of inspection and grading. A fibre grading law has been in force since January, 1915, by which the grades of Philippine fibres, especially abaca and maguey, have been standardised. Nine large modern cocor.ut oil factories are in successful operation.
The Islands possess about 40,000 square miles of forests furnishing chiefly timber, but also gums and resins, great quantities of rattan and bamboo, tan and dye haiks and dye wood*.
The Philippines is rich in mineral wealth, as shown by the reports of new discoveries of mineral deposits. The most important mineral deposits found in the Islands are gold, iron, silver, copper, and coal. Other minerals of non-metallic nature capable of great development are clay, stone, limestone, lime, asbestos, gypsum, gas, petroleum, sulphur, asphalt, alum, manganese, gems and precious stones, salt, and mineral waters.
On account of the abundance of suitable local materials for hat-making and the excellent prices offered for Philippine hats, the manufacture of hats is a profitable industry. In 1919, 540,332 hats, valued at 1,470,026 pesos, were exported, chiefly to the United States, United Kingdom, Italy, and France. Philippine hats are made from native materials, such as bamboo, buri, sabutan, and pandan.
Commerce. — The values of imports and exports for fiscal years ending June 30 are stated as follows in U.S. dollars : —
Imports Exports
44,479,861 50,915,061
1916
45,973,625 61,464,031
1917
51,983,278 71,715,375
83,763 290 114,576,393
107,774,000 113,118,000
In the calendar year ending December 31, 1919, the commerce wasmainlv distributed as follows : —
