Note 7 — Trade and Agriculture Since the American Advent

From the time of the American occupation up to May, 1902, the two foreign banks—the Hong-Kong and Shanghai Banking Corporation and the Chartered Bank of India, Australia, and China (vide Banks, p. 258)—were the only depositaries for the Insular Treasury, outside the Treasury itself. In the meantime, two important American banks established themselves in the Islands—namely, the “Guaranty Trust Company,” and the “International Banking Corporation.” On May 15, 1902, the “Guaranty Trust Company” was appointed a depositary for Philippine funds both in Manila and in the United States; and on June 21 following the “International Banking Corporation” was likewise appointed a depositary for the Insular Treasury, each being under a bond of $2,000,000. These two banks also act as fiscal agents to the United States in the Philippines.7