y British settlers. The cession was accorded under a solemn
promise not to trade thence with the Spanish colonies of South America.

[120] For example: _vide_ "Memoria leida por el Secretario de la Camara
de Comercio de Manila, Don F. de P. Rodoreda, en 28 de Marzo de 1890,"
p. 6 (published in Manila by Diaz Puertas y Compania).

It remarks: "Jurado Mercantil--El expediente siguio la penosa
perigrinacion de nuestro pesado y complicado engranaje administrativo
y llevaba ya muy cerca de dos anos empleados en solo recorrer dos de
los muchos Centros consultivos a que debia ser sometido, etc."

[121] The following is an extract from the text of the preamble to
a Decree, dated March 19, 1886, relative to the organization of the
Philippine Exhibition held in Madrid, signed by the Colonial Minister,
Don German Gamazo:

"Con el se lograra que la gran masa de numerario que sale de
la Metropoli para adquirir en paises extranjeros algodon, azucar,
cacao, tabaco y otros productos vaya a nuestras posesiones de Oceania
_donde comerciantes extranjeros los acaparan con dano evidente de
los intereses materiales del pais."_

[122] (1) The "Hong-Kong and Shanghai Banking Corporation,"
incorporated in 1867. Position on June 30, 1905: Capital all paid up,
$10,000,000 (Mex.): sterling reserve, L1,000,000; silver reserve,
$8,500,000 (Mex.); reserve liability of proprietors, $10,000,000
(Mex.). (2) The "Chartered Bank of India, Australia, and China,"
incorporated in 1853. Position on December 31, 1904: Capital all
paid up, L800,000; reserve fund, L875,000; reserve liability of
proprietors, L800,000.

[123] "Banco Espanol-Filipino." Position on June 30, 1905: Capital,
P1,500,000; reserve fund, P900,000. It has a branch in Yloilo.

[124] Chop dollars are those defaced by private Chinese marks.

[125] Yloilo had its "Gremio de Comerciantes" (Board of Trade),
constituted by Philippine General-Government Decree of September 5,
1884, and Manila had Chamber of Commerce. Since the Revolution Yloilo
has also a Chamber of Commerce, and Manila several of different
nationalities.

[126] _Vide Board of Trade Journal_ (British) for February and April,
1891.

[127] Manila to Yap, 1,160 miles. Yap to Ponape, 1,270 miles. Ponape
to Apra, 880 miles.

[128] "Vd cuidado de regatear," was the invitation to haggle.

[129] Weaving was taught to the natives by a Spanish priest about
the year 1595.

[130] The extra delay was quite a year, and the cause