Bond Issue Recommended by Governor of P.75,000,000
Manila, Jan. 25.
A total bond issue of 75,000,000 pesos is recommended to the Philippine Legislature by Governor-General Wood in order to rehabilitate Philippine finances. Of this amount, according to the Governor's plan, 45,000,000 would be borrowed direct from the United States} Treasury, without further security than the Philippine Government's promise to pay. This part of General Wood's. recommendations has been approved by the Senate.
Some Senators have objected to the proposal on the ground that it would unduly increase the American hold on the islands, and prove another obstacle to the much cherished ''independencia" programme. Speaker Osmena, who, since the resignation of Mr. Manuel Quezon as president of the Senate, is the virtual boss' in island politics, is believed to favour the Wood plan, however. Indications are that nearly all of General Wood's proposals will be rushed through the legislature at the end of the session. This, it is pointed out, will eliminate much debate and block attempts to reconsider.—- Reuter.
Text read from the printed page and cleaned; old type leaves the occasional error.