The record-union., 1898-12-03

the entire islands, or, approximately,
50 per capita for the total population
of the islands Tt must not be over
looked that these figures are given on
silver basis and that, therefore, in ng-
uring on our own standard. all OF these
figures must be cut in two.
Three banking institutions do the
banking business Of the Philippine ISL
ands, aside from that done by the large
commercial houses, which buy and sell
exchange, and, to a limited extent,
carry on the business which legiti-
mately belongs to banking institutions.
OF the three banks, the two most i'm
portant are branch concerns, the third
being a local institution controlled by
Spaniards and natives.
The question of the future currency
of the islands is one which is Of vital
Importance to all business men in the
islands. The best informed men in
Manila are unanimous in their opinion
that under present conditions the sill
Yer currency is the only one suited to
the islands. A great deal of the trade
of the Philippines is with China and
Japan, the Straits Settlements, India
and Australia. In China, Japan and
basis, though Japan has adopted the
gold standard, having, however, as the
basis of it's currency gold dollar
which is, approximately, worth only
90 cents, and it's currency, therefore,
is on silver basis, the same as China
and India
The natives of the Philippine ISL
ands are conservative to degree in
IA Aa% fnr. - tnfx a,,1
would be a long and tedious task to
educate them to a dollar which would
be WORTH twice that now in circulation.
Notwithstanding the Americans have
a force of 1900 soldiers in Manila
who are paid in gold, the people of
the islands will believe in nothing but
silver. All the soldiers, when they are
paid in gold, take their money to one
of the banks and exchange it for local
currency. The natives will take the
Mexican dollar, worth less than 90
cents in gold, in preference to the
United States dollar, worth 100 cents.
IF the United States retain the
Philippines, a special coinage Of silver
dollars might be minted for circula-
ton in the archipelago, the same as
the British dollar has been put in cir
culation in the Straits Settlements.
Hongkong and in other ports where
British interests predominant. In time
the gold standard might be put in
force in the islands, but in the opin-
ion of the business men generally it
would have to be accomplished slowly,
and consideration would have to be
given to 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 circulation in the
Philippines increases or decreases in
value in accordance with the quota
tions for bar silver in London, which
| are received every day by cable in
Manila.
Practically all of the export and
| import trade of the islands is in the
hands of foreigners. There are a. few
Spaniards engaged in 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 meddle with the insurrec-
| ton, and they have been able to main
tain friendly relations not only with
| the Spanish Government officials, but
the natives as we'll.
THE most reliable figures that can
| be obtained on exports from the ISL
ands for the year 1897 show a total of
SAL ,342 $50. Hemp and sugar were the
principal articles of export. Tobacco
and copra were also exported In large
quantities.
There are no official figures obtain
able giving the imports for the Phil
| ippines. One of the larger importing
houses, which keeps statistics of i'm
ports, and which has practically com-
plete figures of all goods shipped into
Manila has kept records which show
the importation of goods to TIE value
of SIT 100000 during the year 1897.
Taking these figures as being correct,
there is a trade balance in favor~of
the islands of $23, ,999, ,290 that being
the excess Of exports over imports.
1.-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 to the south, and,
according to the opinion Of those most
| familiar with the trade, there is no
danger of an production. 1t is
all exported, and there would seem to
be room for the establishment Of a.
plant for the making Of cordage. There
| is practically no rope manufactured
| in the Philippines"
ArrrMpTED Suicide.