that
if the excavation had been continued before these pits were flooded,
shale and limestone strata could have been removed, exposing a still
more valuable seam, in which case it might have been worth while
providing pumping-machinery. The cost of extraction and delivery on
the coast was estimated at 75 cents of a peso per ton, whilst Cardiff
coal in Manila was worth, at the time, about eight pesos per ton,
and the Australian product ranged usually at one to one and a half
pesos below that figure, port tax unpaid.

In January, 1898, "The Philippine Mining and Development Company,
Limited," was formed in Hong-Kong with a capital of $1,600,000
(Mex.) in 160,000 $10 shares for the development of Philippine
coal deposits and other industries, under the management of a
Scotch merchant of long standing and good repute in Manila (since
deceased). The Spanish-American conflict which arose four months
later impeded active operations by the company.

In May, 1902, a company styled "Minas de Carbon de Batan" was
constituted to purchase from and exploit the coal-mines of Messrs. Gil
Hermanos, situated in the Island of Batan, Sorsogon Province. The
purchase price was fixed at P500,000, and the company's capital at
P1,000,000 divided into 5,000 equal shares. Hopeful reports were made
on the property by an American, a Spanish, and a Japanese mining
engineer respectively. When I interviewed the Managing Director of
the company, in Manila, two years after its formation, no dividend
had yet been paid to the shareholders.

_Comparative Analyses of Coal_

Source. Fixed Carbon. Volatile matter. Water. Ash.
per cent. per cent. per cent. per cent.
Cardiff 83.00 8.60 4.50 3.90
Australia 71.45 16.25 2.90 9.40
Cebu 57.94 31.75 9.23 1.08
Rock Spring,
Wyo. 56.50 34.50 6.25 2.75
Cebu 51.96 37.56 7.80 2.68
Cebu 49.50 35.03 11.18 3.62

I do not know that any capitalist has ever received an adequate return
for his investment in Philippine coal-mining.

From the earliest period of the Spanish occupation of these Islands,
attention has been given to _Gold-seeking_.

It is recorded that in the year 1572 Captain Juan Salcedo (Legaspi's
grandson) went to inspec