Section 111
SEC. 111. There shall lie levied, collected, and paid as hereinafter provided: First. A tax of one-eighteenth of one per centum each month upon the average amount of deposits of money, subject to payment by check or draft, or represented by certificates of deposit or otherwise, whether payable on demand or at some future day, made with,any person, bank, association, company, or corporation engaged in the business of banking. Second. A tax of one-twenty-fourth of one per centum each month upon the capital employed by any bank, association, company, corporation, or by any person engaged in the business of banking: Provided, That the words "capital employed" shall not include money borrowed or received from time to time in the usual course of business from any person not a partner of or interested in said bank, association, or firm: And Provided further, That no tax shall be imposed upon the capital employ, d by any bank, association, company, corporation, or any person imaged in the business of banking whose sole business is loaning money on real-estate , security: And Provided further.Thar the amount of capital used by a bank within the Philippine Islands, when such bank is a branch of a bank incorporated under laws of the United States or a foreign country, shall, for the purpose assessment under this article, be determined in the following manner: The total amount of the capital of the bank shall be a renamed, and, likewise, the total amount of the earnings of the bank accruing during the-preceding six months, and also the total amount of the earnings accruing from the bank's business conducted in the Philippine Islands; and such a proportion of the total capital of the bank shall be deemed to have been employed in the Philippine Islands as the earnings in the Philippine Islands hear to the total earnings of the bank. Third. A tax of one-twelfth of one per centum each month upon the average amount of circulation issued by any bank, association, corporation, company, or person engaged in I he business of banking, including as circulation all notes and oilier obligations calculated or intended to circulate or to he used as money, but not including that in the vault of the bank' or redeemed and on deposit for said bank; and an additional tax of one per centum each month upon the average amount of such circulation issued as aforesaid beyond the amount of the paid-in capital of any such bank, association, corporation, or person: Provided, That the additional tax of one per centum each month upon the average amount of such circulation issued beyond the amount of the paid-in capital of any such bank, association, corporation, or person shall not be imposed;, prior to January first, nineteen hundred and live. Fourth. The deposits in associations or companies known as provident institutions, savings banks, savings funds, or savings' institutions, having no capital stock and which do no other business than receiving deposits to he loaned or invested for the sole; benefit of the parties making such deposits and without profit or compensation to the association or company shall be exempt from this tax on so much of their deposits as such institutions have invested in securities satisfactory to the Insular Treasurer, and on all deposits, not exceeding four thousand pesos, made in the name of any one person.