38 THE ECONOMIC CONDITION OF THE PHILIPPINES 



which, besides their use in the manufacture of fine native fab- 

 rics, are also employed for superior toilet articles in Europe, 

 especially in the ladies' hat trade. From the current sorts 

 excellent ships' cables and miners 1 ropes are made, and in 

 America, where great quantities are consumed, they are used 

 to make grain-binders for harvesting. Hemp comes into the 

 market in bales of two Spanish piculs (280 pounds English). 

 The price varies much, being subject often to great fluctuations, 

 which naturally give rise to speculation. About the middle of 



THE BAST STRIPS OF THE MUSA TEXTILIS AFTER BEING DRAWN SEVERAL TIMES UNDER THE KNIFE 



the present century the price ranged between $4.00 and $5.00 

 (with high course of exchange), steadily rising. In the sixties 

 we find it from $7.00 to $9.00, and in the eighties $11.00 was 

 the average. In 1890 it was artificially pushed up to $17.00, an 

 immense crash being the natural result, and all this at a high 

 or even higher course (3 / 32d-3 / lid per $). The course now be- 

 gan to fall steadily, until after the outbreak of the war it stood 

 at 1 / lOkl. Of late the prices for fair current have been between 

 $6.00 and $9.00 per picul, at a course of 2/, and at the end of 



