Second Annual Report of the United States High Commissioner to the Philippine Islands: Message From the President of the United States Transmitting the Second Annual Report of the United States High Commissioner to the Philippine Islands Covering the Cale

Excerpt from Second Annual Report of the United States High Commissioner to the Philippine Islands: Message From the President of the United States Transmitting the Second Annual Report of the United States High Commissioner to the Philippine Islands Covering the Calendar Year 1937

The Philippine Islands throughout the year continued to enjoy the blessings of general peace and order and an enviable prosperity. Government finances were in good condition due in part to the receipt of over 95 million pesos of coconut oil excise-tax funds from the United States Government. The fiscal task of officers of the Commonwealth government for the present and immediate future is not the obtaining of revenue, but the exercise of judgment in the expenditure of an exceptionally large income. Their task is to expend the extraordinary or windfall income in such manner as to effect economic adjustments to compensate for the impending loss of duty-free access to the Amer ican market, while at the same time to avoid substantial increase in future governmental costs by reason of maintenance and personnel charges as well as increases in price levels and production costs due to rapid expansion of currency in circulation.

About the Publisher

Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com

This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.