Section 1
SECTION 1. All vessels of the class designated in section one hundred and seventeen of Act Numbered Three hundred and fifty-five, as amended by Act Numbered Twelve, hundred and thirty-five, of the Philippine Commission, shall, prior to engaging in the coastwise trade, and annually thereafter, take out a license therefor. This license shall be issued by collectors of customs at ports of entry, and the following fees shall be charged therefor: For vessels propelled by steam or other mechanical motive power, one peso and fifty centavos, Philippine currency, per registered net ton; For sailing vessels and vessels not propelled by steam or other mechanical motive power, one peso, Philippine currency, per registered net ton.