1/2 87 1/2
1900 1 1/2 42 103 1/2 97
1901 2 55 108 102
1902 1 1/2 52 109 102
1903 1 1/2 58 108 104
1904 3 1/2 83 110 107
1905 4 3/4 117 110 106

Up to July 1, 1905, the interest has been regularly paid on the
Prior Lien Bonds. No interest has been paid on the debentures (up to
December, 1905) since July 1, 1891, nor on the 7 per cent. Cumulative
Preference Shares since July 1, 1890. On January 26, 1895, these
shares were officially quoted, for sellers, 0.

Including the termini in Manila (Tondo) and Dagupan, there are 29
stations and 16 bridges along the main line, over which the journey
occupies eight hours. There are two branch lines, viz.:--from Bigaa
to Cabanatuan (Nueva Ecija), and from Angeles (Pampanga) to Camp
Stotsenberg. From the Manila terminus there is a short line (about a
mile) running down to the quay in Binondo for goods traffic only. The
country through which this line passes is flat, and has large natural
resources, the development of which--without a railway--had not been
feasible owing to the ranges of mountains--chiefly the Cordillera of
Zambales--which run parallel to the coast.

The railway is ably managed, but when I travelled on it in 1904 much
of the rolling-stock needed renewal.

In 1890, under Royal Order No. 508, dated June 11 of that year, a 99
years' concession was granted to a British commercial firm in Manila
to lay a 21-mile line of railway, without subsidy, from Manila to
Antipolo, to be called the "Centre of Luzon Railway." The work was to
be commenced within one year and finished within two years. The basis
of the anticipated traffic was the conveyance of pilgrims to the Shrine
of Our Lady of Good Voyage and Peace (_vide_ p. 184); but, moreover,
the proposed line connected the parishes of Dilao (then 4,380 pop.),
Santa Ana (then 2,115 pop.), Mariquina (then 10,000 pop.), Cainta
(then 2,300 pop.), and Taytay (then 6,500 pop.)--branching to Pasig
and Angono--with Antipolo (then 3,800; now 2,800 pop.). The estimated
outlay was about P1,000,000, but the concession was abandoned. The
project has since been revived under American auspices.

Under Spanish government there was a land Telegraph Service from Manila
to all civilized parts of Luzon Island--also in Panay Island from Capiz
to Yloilo, and in Cebu Island from the city of Cebu