Report on the Financial and Industrial Conditions of the Philippine Islands, 1898 (Classic Reprint) PDF Download

Author: Edward Walker Harden
Publisher: Forgotten Books
ISBN: 9780265156742
Category : Business & Economics
Languages : en
Pages : 36

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Book Description
Excerpt from Report on the Financial and Industrial Conditions of the Philippine Islands, 1898 The currency of the islands was originally gold, in, pieces of $1, $2, and $4, with the Mexican silver dollar and the old Spanish silver dol lars, the latter circulating to a limited extent only. Previous to 1875 the silver was often at a premium over gold. When silver began to depreciate in value the gold coin was rapidly exported and replaced by the Mexican silver dollar, which has for a long time been in general use throughout the Orient. Gold became so scarce through the export of the gold coin, and the silver was taking its place so rapidly, that the Spanish Government took steps to st0p the export of the one and the import of the other. In the spring of 1878 an edict was issued from Madrid prohibiting the import of all silver dollars bearing a date sub sequent to 187 7. This law was maintained until the control of the islands passed to the United States. The amount of money needed for the trade and commerce of the Philippine Islands fluctuates in the different seasons. In the height of the sugar season - say from February to June, when large amounts of sugar are exported - there is a sharp increase in the demand for money. For the ordinary needs of the country little money is used, as the credit system is in vogue throughout the islands, and there is, therefore, no great amount of money needed for the payment of wages to the laboring classes. In the ofi season, when exports are light, the demand for money would become so small that the circulating medium would be found to be much more than sufficient for the needs of the country. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.