The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-09-24

can make much in Porto Rico. The ma
tives are good traders. They under
stand the markets. and know how to
handle their customers. At present there
are many unpleasant business regula-
tons which form clogs on the wheels of
successful merchandising. These are
gradually being removed, but all sorts
of unpleasant taxes are still levied by the
cities. The man who drives a bullock
cart pays a license. The peddler who
cries chickens through the Street Is as
sessed a certain amount, and 1t Is so
with every trade and profession. Every
merchant has to pay so much to go into
business, varying in amount with the
character and extent of the business
done. All merchants, importers and
bankers are registered, and are divided
into classes and pay proportionately.
In the past the taxes have been much
heavier than now. Under the Spaniards
every municipality had not only its tariff
taxes to pay, but also consumption taxes.
Consumption taxes were paid when the
goods were sold either by the seller or the
purchaser. If you bought a barrel Of
flour, for instance, you would have to
pay the regular price, and from 81 to "a
extra as a consumption tax. This was so
with all things, but 1t Is now, l believe
confined to liquors.
In the custom house as to the importation
of goods The old systems are, Ito some
extent in vogue, and it will be some time
before trade can be managed after our
American methods.
BANKING IN PORTO RICO.
There should be money here in banking.
In the past the Spanish Bank of San
Juan did most of the business 1t does
WHY Ol1 n
Of Uncle Sans national banks should
not paw we'll. 1t could be started in a
moderate way The Porto Ricans would
soon associate 1t with the government.
They would appreciate that 1t would be
safer than the other banks and it would
soon have large deposits. L am told that
one will soon be established with mil
lion dollars capital. but that so far only
100000 have been subscribed.
There is a private American banking
company In San Juan, which has
branches in Ponce and Mayaguez 1t is
operated by Boston parties and does, L
am told, a large business. 1t charges for
every sort of accommodation and does
not do the large ''thank you business
customary with our American banks.
Interest rates are high in Porto Rico.
Loans are made at 10, y and Is per cent,
and 10 per cent is considered very low.
The higher rates are usually on rear es-
tate the loans running for some time and
their collection being by no means sure
without litigation.
A great deal of money is loaned ON
MORTGAGES. Quite a lot of disceuptiny
is done, but 1t is not always safe TO
/ buy mortgage notes. Titles are hard TO
trace The deeds to property are not
always recorded. The laws as to such
matters are not so rigid as with US, and
It is often difficult to tell whether prop
erty is. free from mortgages by the lack
of records.
The titles here go back to the, grants
from the. Spanish crown. By these the
lands were coded in large blocks. me
SPANISH law of inheritance provides thal
a mans property must be divided among
.,his wife and children, and these large
blocks have been divided and SUD
divided until 1t is difficult to ten In whom
the titles to lands really rest. In many
cases YOU have to rely entirely upon.
the deeds and papers In the names 81
the owners, and 1t is not rare to una
a family with unreeorded real estate pa
pers 100 years old.
THE MINES OF PORTO RICO.
From mineral point of view Por o
Rico has not yet been carefully pros,
pected. There are parts of the island
which contain gold. have been SHOWN
nuggets which We're found in the rivers
of the East, but am told that SUCH dfs-
eoveries are few and far between: f'rof.
Hill, of the geological survey, says that
there are large deposits OF iron north
of Juneos and that a French engineer
has calculated that there are at that
point about 35,O00,o0O tons of this ore
sin sight. The deposit contains magnetic
IRON of great purity, no less than two:
thirds OF the ore body being pure non
The ore body Is, In. fact, a little noun
tain of iron about 500 feet high. 1t ~