The Banco Español de Isabel II. is a joint-stock company, whose capital is 400,000 dollars, in 1,000 shares of 400 dollars each. It was established in the year 1855, and has generally paid to the shareholders dividends at the rate of six to eight per cent. per annum. It issues promissory notes, discounts local bills of exchange and lends money on mortgage. The general rate of interest in the Philippines fluctuates from six to nine per cent. The yearly operations of the bank exceed 2,000,000 of dollars. The value of about half-a-million of bills of exchange is usually under discount. Its ordinary circulation does not exceed 200,000 dollars in promissory notes and it has deposits and balances to the value of about 1,750,000 dollars. The bank has afforded considerable facilities to commerce, and has answered one of its principal objects, that of bringing into circulation some of the hoarded money of the natives. Most of the foreign houses are shareholders.
The decimal system of accounts and currency was introduced into the Philippines by a royal decree, and an end put to all the complications of maravedis, quartos, and reales de ocho, by the simple adoption of the dollar, divided into one hundred cents. It would be, indeed, a wretched compliment to the population of England (let me say it in passing) if, as certain opponents of improvement have averred, they would never be brought to appreciate or comprehend a change to decimal denominations which the "untutored mind" of the "wild Indian" has already begun to adopt, using his digits as the instruments of the new philosophy, and aided now and then probably by the simple abacus of the Chinese shopkeeper, with whom he has much to do.
The weights and measures used in the Philippines are--
The Arroba (25 lbs. Spanish) = 25·36 English lbs. The Quintal (100 ,, ) = 101·44 ,, The Catty = 1·395 ,, The Pecul of 137 catties (36 lbs. Spanish) = 139·48 ,, Cavan = 25 gautas. Gauta = 8 chupas. Pie = { 12 Spanish inches. { 11 English inches. Vara = { 3 pies. { 33 English inches. Cavan of rice (clean) weighs 132 lbs. avoirdupois. Cavan of paddy 103 1/2 ,, Jar of oil 96 ,,
The following return gives the exports from Manila for the year 1858:--