viii. D. 3 Salt: Carnedo y Peredo 183 



If the request for a loan was granted, there was practically no 

 delay in payment,"'-' apart from the week which was needed for 

 inquiries to be made as to the satisfactory nature of the loan.'" 

 Under ordinary circumstances, two sureties were required, who 

 had to act in common — en mancomun e insolidum.'^ After 1856, 

 a loan society, entitled "La Sociedad Filipina de Fianzas," often 

 guaranteed repayment. No loan could be recalled without in- 

 terest, once it had been made, and no debtor could sell mortgaged 

 property without the consent of the city."- Refusal was based 

 on unsatisfactory security or previous indebtedness. In the case 

 of minors, the leave of the courts had first to be obtained.'* 

 From time to time a special review of the status of the fund, 

 covering a period of ten years or more, was prepared by the "sin- 

 dico procurador." This was termed a "coordinacion," and was 

 the subject of a special charge. He also received 5 per cent of 

 every payment of interest up to date.'* Apart from loans to 

 private individuals, money was also loaned to the city — mainly 

 for public improvement — and to the insular government, and 

 given to the merchants of Manila through their consulado, or 

 board of trade. The purposes for which the city required finan- 

 cial assistance were multifarious, and included such diverse 

 objects as building the roof of the chapel in the Paco cemetery 

 (1819), flooring the Bridge of Spain with stone, paying overdue 

 salaries,"^ repairing the municipal blacksmith's shop on Calle 

 San Fernando (1824), the payment of expenses incurred dur- 

 ing the festivities in connection with the accession of Isabel II, 

 sending deputies to Madrid (1825), building the Divisoria 

 market (then and now the largest market in the Orient) (1851) , 

 building the Quinta market in the same year, and a new public 

 slaughterhouse in 1872, and repairing the municipal theater in 

 Binondo (1856) and the Ayala Bridge (1889)."" 



In 1833 money borrowed from the Franciscans was also re- 

 paid from the same source." On the other hand, when the 

 Escolta was partially destroyed by the great fire of August, 



"Ibid. (1832), 51, 53; (1833), 43. 



"Ibid. (May 12, 1824); (1832), 33, 47-48. 



''Ibid. (1832), 33; (1856), 61. 



'•'Ibid. (1832), 12, 19. 



'■'Ibid. (1833), 11, 39. 



''Ibid. (1833), 40; (1836), 36; (1862), 33-34. 



"Ibid. (1832), 5, 19, 25, 29; (1834), 99-100. 



"Ibid. (1815), 11, 17, 31, 37, 38; (1818), 139-140; (1819), 64; (April 3, 

 1824); (1832),5, 17, 39; (1834), 94; (1835), 37-38, 52; (1850), 44; (1851), 

 124; (1856), 38; (1872), 25-26, 95; (July 13, 1889). 



''Ibid. (1833), 26. 



