Variations in United States share of selected Philippine imports within different ranges of tariff preference during stated periods Movement of 223 Commodities and Commodity Groups in Philippine Import Trade from the United States and Possessions according to Tariff Preferences, 1911-1914 to 1922-1926 (Table 39). It will be understood that a narrative discussion of the whole Philippine import-trade movement by commodities and according to the tariff preference accorded different commodities coming from the United States, over the long period July 1, 1910, to December 31, 1926, is not practicable within the limitations of this summary, on these points reference is therefore made to the details of Table 39, pages 132 to 136. and A tabular analysis is presented in Table 39 of all imports from the United States into the Philippines, by individual commodities and somewhat narrowed commodity groups, during the consecutive period, July 1, 1910, to December 31, 1926. The table is arranged alphabetically, based as far as possible on the original Philippine statistical nomenclature, and gives average annual Philippine import values from all sources and from the United States and possessions by commodity items or restricted groups, with indication of the corresponding proportions entered from the United States and possessions and the tariff rates applying to them when imported from other countries (in terms of ad valorem or ad valorem equivalents). Unless otherwise indicated annual averages are shown for the 4%-year period, July 1, 1910, to December 31, 1914, which embraces substantially the pre-war period of United States-Philippine free-trade relations (except the initial months August 6, 1909, to June 30, 1910); the four calendar years 1915-1918, which include most of the World War period; the three calendar years 1919-1921, first following the World War; and the five calendar years 1922-1926, which may be taken to follow the first postwar readjustment period. 3 The short period, Aug. 6, 1909, to June 30, 1910, first following the inauguration of duty-free trade has been omitted in constructing Table 39, because imports of Government supplies are not included in Philippine import statistics for that period, while they are included in the subsequent years. Appendix C AMERICAN INVESTMENTS IN THE PHILIPPINES An exact statement of American investments in the Philippines can not be made, but estimates thereof are quoted below from various official sources. The difficulty of determining the amount of American investments in the islands was stated in 1926 by the Chief of the Bureau of Insular Affairs, War Department, as follows: FOREIGN INVESTMENTS 1 It is at once recognized that it is impossible to state more than approximately the foreign investments in the Philippine Islands. The same difficulties exist there as elsewhere in securing information of this character. Some of the larger properties of foreign ownership are corporate with bonded indebtedness. The owners of the stock would be classed as the owners of the property, whereas the real investors are, in many cases, the holders of the bonds and are widely distributed, being frequently of a nationality other than that of the stockholders. Likewise, there is against many private parties a large indebtedness, the creditors being of a different nationality from the owners. In response to a request from the bureau, it was officially reported in 1924 that the ownership of real property in the Philippine Islands, as determined from tax assessments, was as follows: Filipinos $697, 000, 000 Americans Spaniards_ "Other foreigners' 26, 000, 000 29, 000, 000 11, 000, 000 The largest American investor in the Philippine Islands is, of course, the United States Government and is not included in this tabulation. Omitting the investments of the Government, the total value of American investments in the Philippine Islands is estimated to be $111,000,000. The largest item is the investment in the bonds of the Philippine government by the American public, and the next item would be the investment by the American public in the bonds, of the public utilities in the islands. Against the bonds of the government, Provinces, and municipalities so held in the United States on June 30, 1926, amounting to $67,623,000, there might be set up the cash balances of the Philippine government in the United States on that date, amounting to $54,400,000. These balances are largely the reserves protecting the monetary circulation in the islands and have the effect, when analyzed, of converting the foreign debt of the government into a floating interior debt. It would be a grave error to suppose that the American investments in the islands are constituted largely of American capital sent to the islands for investment purposes. Very largely the holdings of Americans in the islands, except sugar centrals and public utilities, are the result of small investments of former Philippine and American Government officials and employees who have prospered with their business in the islands. Likewise, since American occupation the foreign investments in the islands have not increased by capital from foreign sources, but have increased in value due to the prosperity of the investments. The Spanish, British, and particularly Chinese investors have prospered very largely as a result of the benefits of the American Government. 1 From Annual Report of the Chief of the Bureau of Insular Affairs, 1926, p. 8. In 1928 the following estimate of investments by Americans and others in Philippine securities and industries was made by the director of the bureau of commerce and industry, Manila: Certain principal investments of Americans, Filipinos, and others in the Philippine Islands 1 Letter of Sept. 5, 1928, from the director, bureau of commerce and industry, Manila, P. I., to the Governor General's office. "American security holdings only; figures for other nationals not available. Present investments not available; 1918 census gives P3,578,000 ($1,789,000) as the total investment. There are 89 hemp-baling presses. Investors in their order of impotance are: First, Chinese; second, English; third, American; and fourth, Filipino. A conservative estimate of capital invested in these different factories is placed at around P30,000,000 ($15,000,000). There are 90 cigar factories and 29 cigarette factories. Investors in the order of their importance are: Spanish, 50 per cent; German, 20 per cent; and Filipino, Chinese, and American, 30 per cent. Present investments not ascertainable; 1918 census gives 2,100,000 ($1,050,000) as the total investment. Principal investors in order of importance are: Filipino, Chinese, Spanish, and American. A letter from the Acting Governor General of the Philippine Islands of Feb. 10, 1928, to the Bureau of Insular Affairs, War Department, stated the total capitalization of the coconut-oil industry as $6,185,000, of which $5,600,000 is owned by 4 American firms, or 902 per cent of total capitalization. An estimate in 1930 by the trade commissioner of the United States Department of Commerce in Manila placed American investments in the Philippines, other than those of the United States Government, at about $200,000,000, distributed as follows: 1 From report of C. C. Howard, trade commissioner, U. S. Dept. of Commerce, Manila, P. I., Mar. 7, 1930. 2 Laundries were included in the total of $1,634,000. The nationality of the ownership and investments in Philippine sugar lands and sugar centrals was given in 1929 by Mr. Stimson, Secretary of State, as follows:2 The total investments in the Philippine sugar industry, aggregating $190,000,000, distributed as to the character of the investments, and the nationality of the owner of the sugar lands are as follows: A comparison of American direct investments in various foreign countries in different parts of the world, with such investments in the Philippines, appears below: 2 Hearings on H. R. 2667 before the Committee on Ways and Means, 70th Cong., 2d sess., Vol. XVII, p. 10643, statement of Hon. Henry L. Stimson, former Governor General of the Philippine Islands. Asia: China.. Philippine Islands.. $79, 935 113, 754 American direct investments in various foreign countries 1 [Values in thousands of dollars; i. e., 000 omitted] Latin America-Continued. Japan. 28, 459 Netherland East Indies. 29, 466 Latin America: Argentina.. Cuba and other West Indies 331,819 Bolivia Cuba... 61, 619 Dominican Republic.. 193, 606 69, 322 Chile. Haiti 422, 593 14, 191 Columbia. Jamaica 123, 994 21, 941 Ecuador. All other West Indies. 11, 777 29, 340 5, 688 12, 615 123, 712 27,904 232, 538 1 From American Direct Investments in Foreign Countries, Trade Information Bulletin No. 731, November, 1930, U. S. Dept. of Commerce, Bureau of Foreign and Domestic Commerce. In connection with these figures the Bureau of Foreign and Domestic Commerce states: "Foreign 'direct investments,' as herein considered, include those commercial and industrial properties situated abroad and belonging to residents of the United States and its Territories, from which a return is normally expected. They are called 'direct investments' to distinguish them from 'portfolio investments' acquired through the purchase of foreign securities publicly offered and through the international securities movement; by definition, therefore, pure 'interest capital' and capital that moves incidental to a migration of labor are in large part excluded. Investments of the 'portfolio' type are included when they are a part of the holding of American commercial and industrial corporations. Pure 'interest capital' is included when invested in American-controlled corporations operating abroad." Guianas Paraguay. Peru Uruguay |