Manila, June 23, The precarious financial situation in the Philippines has caused drastic cuts in the estimated expenditure of the government, which is attempting to save 20,000,000 pesos end to increase the debt limit to 30,000,000 pesos.
In a recent telegram to the War Department, General Wood and Mr. Forbes urged an immediate increase in the debt limit as the only, means of tiding, the government over the emergency. Similar recommendations had been made previously by Governor Yeater. The Wood-Forbes cable stated that the government was facing bankruptcy, and, apparently as a result of their message, the House of Representatives at once passed a bill raising the debt limit from 15,000,000 to 30,000,000 pesos. Recent press despatches stated that the measure would be rushed through the Senate. According to Governor Yeater, an attempt will be made to amend the bill so as to raise the total debt limit to 50,000,000 pesos.
Text read from the printed page and cleaned; old type leaves the occasional error.