was
sent alongside and saved a few dollars, whilst the despairing Chinese
became victims to the flames and sharks. The ship's burnt-out hull
was towed to Manila Bay. The remaining dollars were confiscated,
and the captain and chief engineer were prosecuted.

The universal monetary crisis due to the depreciation of silver was
experienced here, and the Government made matters still worse by
coining half-pesos and 20-cent pieces, which had not the intrinsic
value expressed, and exchange consequently fell still lower. In
September, 1887, a Madrid periodical, _Correo de Espana_, stated that
the bastard Philippine 50-cent pieces were rejected in Madrid even by
money-changers. In May, 1888, the peso was quoted at 3s.2 3/4d. (over
19 per cent. below nominal value), and shippers to the Colony, who
had already suffered considerably by the loss on exchange, had their
interests still further impaired by this action of the Treasury. For
Exchange Fluctuations _vide_ Chap, xxxi., "Trade Statistics."

A Custom-house was established and port opened in Zamboanga (Mindanao
Is.) for direct communication with abroad in 1831; those of Sual
(Pangasinan) and Yloilo (Panay Is.) in 1855, and that of Cebu in
1863. The Custom-house of Sual was subsequently abolished, and the
port having been closed to direct foreign trade, the place has lost
its former importance, and lapsed into the state of a lifeless village.

Special permission could be obtained for ships to load in and sail
direct from harbours where no Custom-houses were established, on a
sum of money being lodged beforehand at the _Caja de Depositos _in
Manila, to cover duties, dues, etc., to be assessed.

After the opening of the port of Yloilo, three years elapsed before a
cargo of produce sailed thence to a foreign port. Since then it has
gradually become the shipping centre for the crops (chiefly sugar
and sapanwood) raised in the islands of Panay and Negros. From
about the year 1882 to 1897 it attracted a portion of what was
formerly the Cebu trade. Since then the importance of Yloilo has
diminished. Its development as a port was entirely due to foreigners,
and considerably aided agriculture in the Visayas Islands. Heretofore
the small output of sugar (which had never reached 1,000 tons in
any year) had to be sent up to Manila. The expense of local freight,
brokerages, and double loading and discharging left so little profit
to the planters that the results were then quite dis