Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1898-12-03

Condition. Exports and Imports.
WASHINGTON, Dec. 3.-Mr. Edward
w. Harden, who was appointed, in
August last. an honorary commissioner
of the United States to make an investi-
CATION OF the financial and industrial
conditions i'll the Philippine islands, has
made his report to the secretary of the
treasury, III the course OF which he says
in part.
Silver is the basis of the currency in
the Philippine islands There is no gold
III general circulation and has been
none for more than 20 years The Mex
lean dollar or date previous to 1877 is
Current IN the islands, and it is prao-
tlcaily the only money III general circu-
lation.
"Ihe HncGuatlon III the demand Tor
money IN dlEerenJ seasons of the year
resulted Ill widely haetuablng rates of
exchange and IN the continued flow OF
money either to or from the islands.
The law which prevented the importa.
ton OF the Mexican dollars of a date
subsequent 60 1877 proved a great hard
ship To business interests, and would
have been much greater evil had it
not been for the laxity OF the officials
which permitted aud encouraged SNUG.
Cling.
After the occupation of Manila by
the American troops permission was
gwen the banks to import silver freely,
and the result has been to keep eX-
cnange rates on more stable basis .
Mr. Harden says Spain kept no record
OF the currency III the islands, but it is
estimated that there is i'll circulation
$6,OO0,000 III Philippine dollars, &c.
O00,0Jo OF subsidiary coins, from $780,
000, co. to $50, 900. 900 of Mexican dollars
and S2,50O,000 of notes of the Banco
Espanol Filipino, a total of from $40,-
O00,O00 to $40, 100000, speaking rous oily,
approximately 80 per capita, on silver
basis, therefore, figuring on our basis,
must be cut i'll two.
Three banking institutions do the
banking business aside from that done
ny the large commercial houses. There
is IL Aaulia savings Institution and
PUB &c pawnshop, conducted by the
church and or great benefit to the poor.
Ire best informed men in Manila are
unanimous in their opinion that under
present conditions the silver currency is
the Ii y one suited to the islands. A
great q, al OF the trade of the Phiip-
pines 3 with China and Japan, the
Strait settlements, India and Australia.
Y '-,e'!..l' :. :? lohg and tedious task to
aed1gzte th9 natives to dollar which
would be worth twice that now in CIR
<culatlon Notwithstanding the Ameri-
cans have force of $1,000 soldiers in
Mania. who are paid in gold, the peo-
pie OF the islands will have nothing but
silver Ii the United States retain the
Philippine Islands, u special coinage of
silver dollars might be minted for circu.
latlon IN the archipelago.
The Mexican dollar, III general circu-
lation N tao Philippine islands, con-
tals 1, grams of silver 300 fine The
purchasing power of the dollar is the
bullion value of the silver contained in
it, aud it increases or decreases in value
in accordance with the quotation for
bar silver IN London, which are re-
celyed every day by cable in Manila
There is an issue of $4,000, 900 of
bonds which was put out by the Span
ish government IN July, 1897, and
which serves as first lien upon the Gus
toms receipts of the port of Manila.
Practically all the export and import
trade of the islands is in the hands OF
foreigners. There are few Spaniards
engaged in trading, but the bulk OF the
business, in a commercial way, is done
by British, German, Belgian and Anne
lean citizens.
The most reliable figures that can DC
obtained on exports from the islands Tor
the year 1897 give the value at fAl
points of shipment of $4l, 342, $50
There are no figures obtalnable CIV
ing the imports for the Philipsiue ISL
ands. Froui figures estinate4 pJ ol .
of the lasger importing houses
amounts to about $li ,342, $50.
Taking these figures as being corrcc
there is trade balance i'll favor o. the
islands OF $23,933, 80, that being the
excess of exports over imports.
The four principal industries of the
islands in the order named are hemp,
sugar, copra and tobacco.
The hemp industry supports a large
proportion of the population of the
southern part of Luzon and islands te
she south and, according to the opinion
Of those most familiar with the trade
there is no danger of an overproduc.
zion. Il is all exported and there would