186 The Philippine Journal of Science 1913 



immediately instituted by the responsible official, agente de de- 

 mandas, with great vigor, but it was often too late to regain 

 what had been lost through previous inactivity.^* 



In 1851 the first step toward investment in permanent sec- 

 urities was taken by the decision to purchase 63 shares in the 

 Banco Espanol-Filipino de Isabel II, worth 200 pesos each. 

 This bank had been incorporated on August 1, 1851, with a 

 capital of 200,000 pesos in 200-peso shares from the "obras pias" 

 of the four orders.*^ 



The shares were consequently bought on March 30, 1852, and 

 remained as an asset of the fund until its absorption in 1898, 

 paying dividends varying from 8 per cent in 1875 and 1894 to 

 6 per cent in 1873."° 



On February 12, 1869, on the motion of Jose Felipe del Pan, 

 the municipal board also purchased 77 shares in the national 

 bond issue of 200,000,000 escudos (1 escudo equals 50.1 cents 

 United States currency). These shares were valued at 5,975 

 pesos and 20 centavos, and paid on the average 7.5 per cent 

 dividend." 



In 1889 they were converted into 4 per cent treasury bonds at 

 85, bringing in 85 pesos a month.^^ 



When the Carriedo fund ceased to be primarily a loan fund, 



it was transferred to the insular treasury, caja de depositos de 



la tesoreria general de hacienda, where it accumulated at 8 per 

 cent. 



After this, and indeed for some years before, it had developed 

 with great rapidity, mainly owing to the business acumen of 

 Esteban Balbas, Baltazar Giraudier, and Joaquin Inchausti. 

 This development is shown in the following table "^ which is 

 gathered from the statement presented on the last day of each 

 year and which included a general balance sheet, a cash state- 

 s'/bid. (1851), 83; (1852), 48-54; Cuentas de Carriedo (1855-1895); 

 Actas de Carriedo (Feb. 12, March 10, 1869). 



'"Blair and Robertson, The Philippine Islands (1907), 52, 117; The 

 Philippine Census (1903), 4, 541. 



'"Cuentas de Carriedo (1855-1895). 



"Actas de Carriedo (June 28, 1889). 



" Legado de Carriedo. Cuaderno diario de las cobranzas y pagos (Sept. 

 1, 1874-Aug. 31, 1876). 



" This list is complied partly from the Cuentas de Carriedo (1855- 

 1895) and partly from the official list supplied by the municipal board 

 to Francisco Mas y Otzet and published by him in El Diario de Manila 

 (issue of July 24, 1882) which, however, can only be regarded as ap- 

 proximate. 



