The times., 1899-03-10
NEW BANKING ENTERPRISES.
Americana to Stnrt Houses Mt Manila
nnH Honolulu.

New York. March 9.-Negotiations have
been pending for weeks past which have
| eliminated finally in definite action by par
ties i'll this city toward the organization Of
a corporation to transact a general banking
business at Manila. Messrs j. and W
Seligman & CO.. of this city. fiscal agents
for the Government. are at the head of the
enterprise. and if unforeseen obstacles are
not encountered the new bank will be ready
for business in short time. The plan has
been approved by the Administration. as it
is understood that Secretary Gage and
others at Washington have been long de-
sirous OF having better banking facilities
at Manila TO meet the peculiar demands OF
military centre where the volume of busi-
ness is considerable and the conditions such
as to call for prompt action by those con-
cerned with the management of the Gov
ernment's financial affairs.
banker familiar with the negotiations
declares. too, that other steps are contem-
plated by which the banking facilities
throughout the newly acquired territory
will be improved and business generally
opened up in conformity with the require
ments of each special community. AL
though the main features of the plan have
been fully considered the arrangement Of
1t is also reported today that the Anglo
California Banking Company, agents for
the SeIigmans in San Francisco. in con-
junction with bankers in this city, San
Francisco. and London. have arranged to
start a bank in Honolulu. AS the United
states banking law cannot yet be applied
to banks in Hawaii, the bill to that effect
having failed of passage at the last session
OF Congress, 1t is probable that the bank
will be organized under the Hawaiian laws,
which are understood to be liberal
although not permitting the issue of bank
notes. The Manila corporation will prob
ably be known as the AnglO-American
Bank. 1t will do a large Government
/ business. in itself a considerable item. and
attract whatever else can be secured from
| other sources. The Chartered Bank of
| India. Australia, and China, with the
agency of the Hongkong and Shanghai
| Banking Corporation, controls now pretty
| much all the business at Philippine ports.
| The government banks OF Spain are also
established at Manila and IlOilo. but their
| business has dwindled so much of late
that they win be likely to offer slight
| competition in future Isaac \. Seligman.
+, of TIE firm CT ]. & w. Seligman & Co.,
| said to day that the new bank would prob
ably be ready for business at Manila
| before long. He could not say. however
just when it would begin operations. He
added:
There has long been a feeling that Manila of
| icrod profitable field for the development o
| Il banking business controlled by Americans. 4
| present ali the Government business is dom
| though the Chartered Bank Of India, Australia
and China, but business has grown cnormousl
within recent months and better facilities ar
needed. 1t is quite that possible opening
in other sections of the territory being con
,i'lercd but definite action in that regard IN
not been taken as yet The present disturbance
ia Manila may temporarily delay the formation
oi the proposed banking company. hut it
probable that order will be soon restored.