The Anaconda standard., 1898-12-03

diers, when they are paid in gold. take
their money To one Of the banks and
exchange IL for local currency.
The native viii take the Mexican
dollar, worth less than so cents in gold.
I'm preference to the United states dol
lar. worth 100 cents.
IF the United States retain the Phil
ippine islands silver dollars might be
minted for circulation in the archipe-
lago. the same as British dollars have
been placed in circulation in the straits
settlement. Hong Kong and other
places where British influence predomi-
mates. In time the gold standard
might be put in force in the islands. but
In the opinion OF the business men gen.
orally II would have to be accomplished
slowly and consideration would have 10
be given the conservative attitude of
the people and to the fact that they
would have to be educated to the value
OF the new currency.
The Mexican dollar in general circu-
lation i'm the Philippine islands i'm
creases or decreases in value in accord
ance with the quotations for bar silver
In London, which are received every
day by cable in Manila.
The Spanish government has sougnt
in every way to favor home manufac-
lures and has tried to keep exchange
rates favorable to Spanish markets.
This was the reason for its prohibition
Of the importing Of Mexican dollars,
the intention being to supply the ISL
ands with Spanish coins. IL has never
met the demands OF the country. how
ever. with coins bearing the spanish
stamp. and the merchants and the
bankers have been compelled To obtain
needed currency through the snug
glers.
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 a first lien upon the
customs receipts of the port of Manila.
Practically all of the export and inn
port trade of the islands Is in the
hands OF foreigners. There are few
Spaniards engaged i'm trading. but the
bulk of the business In a commercial
way Is done by British. German. Bel
gian and American citizens. These men
do not NEEDLE with the insurrection,
and they have been able 20 maintain
friendly relations, not only with the
Spanish government officials. but with
the natives as well. Hemp and sugar
were the principal articles of export.
Tobacco and copra were exported in
large quantities. There are no official
figures obtainable giving the imports
for the Philippine islands. one of the
largest importing houses, which keeps
statistics of imports and which prac-
tically has complete figures of all goods
shipped into Manila. has kept records
which show the Importation Of goods
to the value of sl7. 400. 900 during the
year 1897. Taking these figures as be-
ing correct. there is a trade belance in
favor of the islands of s23. .999. 29O. that
being the excess of exports over inn
ports.
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 10 the south. and.
according TO the opinion of those most
familiar with the trade. there is no
danger Of an overproduction. IL Is eN-
ported and there would seem 10 be room
for the establishment of a plant for
the making Of cordage. There Is prac-
tically no rope manufactured in the
Philippine Islands"