PHILIPPINE GUANO. 199 
value of commercial fertilizers with which Philippine guanos 
would have to compete. 
It is impossible to estimate the value of the guano deposits for 
many of them are inaccessible and transportation is difficult. 
I believe that all of the guanos can be locally used to advantage, 
but those which are low in value would probably not bear trans- 
portation charges as an export. 
1122325 
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