and delivering the bonds for transmittal. Full records are kept of all issues of bonds, of the transfer of registered bonds from one owner to another, and of canceled bonds which have been purchased, refunded, or have been redeemed at maturity. Accounts are opened with each holder of registered bonds. Quarterly schedules are prepared for the payment of interest on all United States registered bonds, on the three Philippine issues, and on the Manila sewer and water bonds. The schedules on the 3.65 per cent bonds of the District of Columbia are prepared semiannually, and those on the Spanish indemnity certificates annually. These schedules show the amount of registered bonds of each loan standing in the name of every owner; the amount due at each date of payment, and the address to which the Treasurer of the United States is to forward checks for interest. The assignments of all registered bonds presented for transfer to other parties or for redemption are carefully examined. The assignments of much the larger part of the values involved are made by attorneys, executors, administrators, guardians, and representatives of banks and other corporations, and it is necessary that the papers showing the authority of such agents shall be examined, indexed, and filed for instant reference. No inconsiderable labor is involved by the errors and omissions of owners who present bonds for transfer. The following table shows the number and amount of new bonds received during the year: NUMBER AND AMOUNT OF BONDS ISSUED During the YEAR ENDED JUNE 30, 1906. NUMBER AND AMOUNT OF BONDS ISSUED DURING THE YEAR ENDED JUNE 30, 1906– NOTE. The United States not being responsible for the payment of the Spanish indemnity certificates, this table does not inclu de five said certificates in the number of bonds issued during the year. See tables on pages 415 and 416. NUMBER AND AMOUNT OF BONDS Canceled During the YEAR ENDED JUNE 30, 1906. Five-twenties of 1862, 6 per cent. Funded loan of 1891, 44 per cent. District of Columbia, fifty-year Philippine loan of 1914–1934, land purchase, 4 per cent, permanent. Philippine loan of 1915-1935, public improvements, 4 per cent, interim. Philippine loan of 1915-1935, public improvements, 4 per cent, permanent. Philippine loan of 1916-1936, public improvements, 4 per cent, interim. Philippine loan of 1916-1936, public improvements, 4 per cent, permanent. City of Manila, sewer and water, 4 per cent, interim. City of Manila, sewer and water, 4 per cent, permanent. 250 7,450 200 19,000 42,000 41.350 122,000 127 24,650 439,000 Total. 87,318 58,202, 550 8,535, 360 174, 450, 730 241, 188, 640 NOTE.-The United States not being responsible for the payment of the Spanish indemnity certificates, this table does not include four said certificates in the number of bonds canceled during the year. See table on page 416. NUMBER AND AMOUNT OF Bonds, In SUMMARY FORM, ISSUED AND CANCELED, AND THE TOTAL NUMBER HANDLED DURING THE LAST TEN YEARS. Amount. Total handled. Number. FOUR PER CENT BONDS, FUNDED LOAN OF 1907, AND 3 PER CENT BONDS, LOAN OF 1908-1918, REFUNDED AT 2 PER CENT. On September 28, 1905 (Circular No. 100), the Secretary of the Treasury gave notice to the owners of coupon and registered bonds of the 4 per cent funded loan of 1907 and the 3 per cent loan of 1908-1918, that after October 2, 1905, bonds of these issues would be received for refunding into the 2 per cent consols of 1930. The amounts received and canceled under this circular were as follows: In exchange for the foregoing, bonds of the 2 per cent consols of 1930 were issued as follows: At the date of the previous report of this office there had been issued three series of 4 per cent Philippine bonds under acts of Congress approved March 8, 1902, July 1, 1902, and March 2, 1903, and acts of the Philippine Commission approved by the President of the United States February 20, 1905, and January 25, 1906. These issues were: Philippine loan of 1914-1934, land purchase... $7,000,000 2,500,000 1,000,000 By agreement between the Secretary of the Treasury and the Secretary of War it had been arranged that the issues and transfers of these bonds should be made in this office, the interest being paid by the Treasurer of the United States on schedules prepared by this office. During the last year an additional issue of $1,000,000 in bonds of the Philippine government was made, the proceeds to be used for public improvements, which bonds are redeemable at the pleasure of the Philippine government after February 1, 1916, and payable February 1, 1936. It has been necessary to issue each of the four series of Philippine bonds before it was possible to prepare engraved bonds. Blank forms for temporary use were printed on an ordinary printing press and used until permanent engraved bonds could be prepared. During the year the public-improvement issues of 1915-1935 and of 1916-1936, as well as the Manila issue of 1915-1935, have all been reissued in engraved bonds, with the exception of $27,000 of the first issue of public-improvement bonds. The land-purchase bonds had been previously reissued. DESTRUCTION OF SURPLUS BONDS. As the period expires for which bonds of the various loans have been issued, there is necessarily left on hand a surplus of unissued bonds. It is impossible to foresee how many will be required of each denomination, and, besides, the printing of engraved bonds is a process requiring considerable time to secure perfect work. Prior to this year the last destruction of surplus bonds was under instructions of the Secretary of the Treasury dated June 18, 1901. On May 12, 1906, the following-described surplus bonds were, on order of the Assistant Secretary of the Treasury, delivered to the destruction committee of the Treasury Department: Of the above number one bond of each denomination, 15 bonds in all, amounting to $46,770, was (after cancellation) returned for preservation in the specimen book of this office, and the remainder was destroyed. A very full record of the transaction was made on the book devoted to this purpose. During the last fiscal year schedules have been prepared in the office and delivered to the Treasurer of the United States for the payment of interest on registered bonds as shown in the following table: |