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Show SERIOUSLY CONCERNED OVER PROBABLE LOSS Manila, March 22. Officials of the insular government, members of the Philippine assembly and others in clost touch with the affairs of the Philippine government, are seriously concerned over tho loss In revenues which will result from the establishing establish-ing of reciprocity free trade between the Islands anil the United States, under un-der tho provisions of the Payne tantr bill. It is feared that tho deficit for the first year, due to tho dcreasc-ln dcreasc-ln customs revenues, will approyf mate 5,000,000 pesos (S2.r00.0tU) nnd toot it will Increase from year to year with the growth of American imports if thos" closer trade relations with the United States restore the lelan 's to prosperity. It will becomp posslblo ialer to Impose direct taxation to cov- er the deficiency. In the meantime, 4t i feared that the Philippines will suffer suf-fer seriously during the readjustment reriod and that the government will be forced. In all probabilities, to abandon aban-don many of the Important public "At.rks it has undertaken Governor General Smith has communicated com-municated with Secretary of War j LUcklnson, expressing hl views on tho tariff, and declaring It as his opinion opin-ion that the insular povernmnt would be serlouply crippled financially by the operations of the Payne bill. The consideration of tho tariff quf lien Is having a marked offect on local lo-cal business conditions. Virtually nil future engagement or an important nature are being postponed, as importers import-ers are without any basis of calculation. calcula-tion. It Is expected that this situation situa-tion will continue until the provisions of the new Philippine tariff bill, now telng drafted, are made known. Philippine merchants express a strong desire for tho postponement ot the enforcement of the Payne bill, at I'-ast with respoct to the Phllipplnt-s. for a Kufflclent length of time to allow them to adjust their business arrangements arrange-ments to the new conditions. |
