"At the time of my assumption of the duties of Governor-General, the Government and the Philippine Legislatures were already committed to the policy of Government ownership of the Philippine Nati-'Sual Bank and of such utilities as has operated the Government jilways in Luzon, and has kept control of all these agencies in the Government. As ture, should be noted:
(1) The total investment has amounted to P. 101,000,000. The. Legislature should also understand that, in addition to the cost of these Government companies, stated above should it be decided' to contin their operations under the present policy and organization, money would have to be provided within the next few years for additional capital investment for the Manila Railroad Company, at least P.15,- }000,000, to close the gap between Tayabas and the Bicol provinces; for the Cebu Cement Ca, in round numbers, P. 2,800,000; " for Sabani Estate P. 250,000; for the National Coal Company, at least 1,000,000.
Text read from the printed page and cleaned; old type leaves the occasional error.