Appendix B.-Annual report of the chief of the legislative division.. Appendix C.-Third annual report of the law clerk of the executive Appendix D.-Third annual report of the recorder of the Commission. Appendix E.-Third annual report of the chief of the translating REPORT OF THE CHIEF OF THE BUREAU OF INSULAR AFFAIRS TO THE SECRETARY OF WAR. WAR DEPARTMENT, BUREAU OF INSULAR AFFAIRS, SIR: I have the honor to submit the following report of the Bureau of Insular Affairs for the past year: LEGISLATION ENACTED BY THE FIFTY-EIGHTH CONGRESS, THIRD SESSION. The last annual report set forth in detail the legislation desired and urgently recommended by the government of the Philippine Islands for the benefit of the islands. Much was accomplished during the last session of Congress. The most important legislation was that concerning the building and operating of railways and the revision of the tariff in force in the Philippine Islands. RAILWAYS. In accordance with the provisions of the railway legislation, the Philippine government is empowered to enter into a contract with any railway company organized pursuant to the laws of said government or those of the United States or any State thereof, undertaking the building, equipping, operating, and maintenance of any railroad specifically authorized by that government, and to guarantee interest at not to exceed 4 per cent per annum upon bonds issued by such corporation in connection therewith, the contingent liability of the Philippine government being limited in amount to $1,200,000 per year, and in time to thirty years. As a safeguard to the interests of the islands it is provided that the total amount of the bonds upon which interest may be guaranteed is to be limited to the actual amount in cash invested in construction and equipment, and that all payments made by the Philippine government shall be a lien upon the railroad, subject only to the mortgage or deed of trust given as security for the bonds. The total sum expended by the Philippine government under the guaranty is, upon the expiration of the period thereof, to be made payable upon demand to said government, and in default of payment the lien created thereby is to become immediately forecloseable. |