Stores on hand July 1, 1904, and received during July and August, 1904, on account of Subsistence Department, United States Army.

Stores delivered during July and August, 1904, and remaining on hand August 31, 1904, on account of Subsistence Department, United States Army.

Revenues from sales of ice and other sources during July and August, 1904.

Financial statement of insular cold storage and ice plant for the months of July and August, 1904.*

EXHIBIT 5.

RECEIPTS AND DISBURSEMENTS OF THE INSULAR COLD STORAGE AND ICE PLANT DURING THE FISCAL YEAR 1904.

Earnings..
Expenditures..

Excess of earnings over expenditures..

To arrive at the actual net earnings of the plant for this period it will be necessary to add to the above the following items which were no part of the running expenses of the plant:

Improvement of the plant:

Installing an additional freezing tank, 18 tons capacity.. P17, 151. 08
2 automatic stokers and attachments ordered and deliv-
ered, fiscal year 1903, which have proved worthless....

1 spiral staircase ordered and delivered, fiscal year 1903,
which is worthless as far as concerns the plant..

4 ice wagons delivered June, 1902..

Less 880 tons coal consumed, fiscal year 1904, as yet unpaid for.

4, 117.63

335. 28 2,636.70

24, 240. 69
11, 519. 20

P602, 948. 81

395, 622. 18

207, 326. 63

486

12, 721. 49

220,048. 12

EXHIBIT 6.

REPORT OF THE CHIEF OF THE DIVISION OF CURRENCY.

TREASURY BUREAU, DIVISION OF THE CURRENCY,

Manila, P. I., September 1, 1904.

SIR: In accordance with the provisions of section 11 of Act 938, United States Philippine Commission, which provides that "the chief of the division of the currency shall be required to make to the insular treasurer an annual report covering the affairs and business of the division in detail," I have the honor to submit the following report covering the period from October 10, 1903, the date of the enactment of the Philippine gold-standard act (United States Philippine Commission, No. 938), to September 1, 1904.

CERTIFICATES OF INDEBTEDNESS.

Since the last annual report of the Philippine Commission two additional series of certificates of indebtedness have been issued, pursuant to section 6 of the Philippine coinage act of Congress, approved March 2, 1903. These series were issued upon the same terms and conditions as the two series of last year, and the proceeds, therefrom were used in paying off the two former series upon the dates of their respective maturities. The terms and results of the four series so far issued may be briefly summarized as follows:

Under the Philippine gold-standard act provision is made that a considerable part of the gold-standard fund, which fund is constituted principally from the proceeds of certificates of indebtedness, shall be kept on deposit in New York City. In speaking of the proceeds of the above certificates of indebtedness it should therefore be added that a considerable part of the proceeds realized therefrom has been kept on deposit in New York City, and that up to April 1, 1904, the Philippine government realized upon the average daily balance of this fund in New York an interest of 34 per cent. Since April 1, 1904, the rate has been 3 per cent.

COINAGE OF NEW PHILIPPINES CURRENCY.

Any statement of the expenses connected with the coinage of the new currency requires that the money coined should be separated