The Philippine National Treasury consisted of
over 51 metric tons of gold, 32 metric tons of silver bullion,
140 tons of silver coins,
and $27-million in U.S. Treasury notes, plus an undisclosed
amount in bonds, precious gems, and Treasury certificates.
alone was worth $40-million at the time. National City Bank held
private deposits of two metric tons of gold, along with gems,
currency and precious metals in safe deposit boxes. It took four
days to move all this from Manila to Corregidor using Navy
tugboats and small pleasure yachts. The job was completed on
December 27, 1941.
GOLD IS ALSO BALLAST
This account is derived from an
earlier published version of a Mrs. "Woody" Willoughby, whose husband was
stationed in Manila, Philippine Islands, at the time of the outbreak of the war
with Japan. Mr. Willoughby was an accountant and member of the US Army’s
Intelligence division known as G-2, and reported directly to General
MacArthur’s staff and conducted liaison duties with the Vice President and
Chief Justice of the Philippine Islands. Mrs. Willoughby assisted her husband
to inventory a portion of the private
holdings of the Philippine National Treasury.
This account is but just one version of many surrounding the Philippine
National Treasury, all of which, when reviewed in entirety, assist in completing the
puzzle associated with the safeguarding of the Philippine Central Bank securities.
The transcript is quoted verbatim from the actual text with no editing or
changes in any form.
The font used in this article,
P22 TYPEWRITER is
available free from
Copyright is claimed by
Edward Michaud as Author and Corregidor Historic Society as Publisher to prevent any reproduction
of any portions of the article without the full text of a
disclaimer protecting Corregidor from idiots with treasure maps and grand
ideas. We used to think that anyone smart enough to access the internet
wasn't dumb enough to believe in legends of Corregidor Gold, but we