National Affairs: Antipodean Banking

In Washington was made public for the first time the report for 1922 of Governor General Wood of the Philippines. There were promising signs for the future in a satisfactory increase of the school population, more economy in Government, prosecution of those who all but wrecked the Philippine National Bank. The report dealt at length with how the Government was trying to climb out of the hole in which it had been led by the Bank fiasco (TIME, Aug. 27). The story in facts and figures: ¶ The Philippine National Bank, having invested recklessly...

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