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been excluded the sum of $455,093.49, the estimated United States currency value of seized funds in the treasury, treated in former statements as a part of the treasurer's balance until June 30, 1901, at which time the funds

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It will be seen, from the above summary of receipts and expenditures, that the custom-house furnishes about two-thirds of the actual income. Internal revenues supply a very small percentage of the total receipts, as industries are but slowly recovering from the utter prostration caused by war, rinderpest, cholera, locusts, and scant rainfall. It should also be borne in mind that under the Provincial and Municipal Codes, revenues derived from all taxes of an internal character are ceded

* To convert into United States currency and find complete totals, divide all Mexican currency by 2.45, the average rate of exchange for 1902-03, and add the quotient to the total as expressed in United States currency.

to the province within which they are paid. Under the head of miscellaneous revenues come notarial and judicial fees, the income of the Government Cold Storage and Ice-plant in Manila, the new Court of Land Registration, and the Forestry Bureau, with many other lesser items.

All the expenses of the government are fully met, and the following table shows the monthly condition of the treasury from the end of July, 1902, to June 30, 1903:

BALANCE OF FUNDS IN THE INSULAR TREASURY AVAILABLE FOR AFPROPRIATION AT THE CLOSE OF EACH MONTH. [Amounts expressed in United States currency.]

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Every province is required to keep its accounts as exactly as a bank. Auditors from Manila are supposed to check the accounts of provincial treasurers at regular intervals, and only fail to do so because the Department of Finance can not yet secure a sufficient staff of competent and reliable men to overtake the work. A sample provincial balance sheet, taken at random from fortyone of an exactly similar character, between pages 115 and 155 of the Auditor's Report, will show the sources of provincial and municipal revenues, and how they are expended:

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59,504 83 $244,721 25

457 66

789 26

Municipal taxes

Miscellaneous receipts: Sale of supplies to munici

palities and sale of provincial property..

Receipts from Insular Treasury by warrant:

S. No. 708, Acts 163 and 311 (internal-revenue refund)

S. No. 845, Act 580 (forestry refund)
S. No. 961, Act 527 (forestry refund)
S. No. 962, Act 527 (forestry refund)
S. No. 1167, Act 527 (forestry refund)
S. No. 1168 Act 527 (forestry refund)..
Exchanges and adjustments of currency

Total

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