THE ECONOMIC CONDITION OF THE PHILIPPINES 43 



bro-Filipina, but abandoned after about ten years, in spite of 

 tbe wealth of mineral, on account of the scarcity of labor. The 

 first specimen of black copper was obtained in 1864. In 1867 

 the output was 2,464 quintals (2,231 cwt. 83 lbs.) of fine cop- 

 per; in. 1870, 4,020 quintals (3,641 cwt. 8 lbs.). The want of 

 workmen then caused the yield to decline, until in 1875 the 

 mines were closed altogether. 



It is probable that gold occurs in every part of the archipelago. 

 In a small way it has been extracted by the natives for many 

 years in certain places, particularly in Luzon. It is found in- 

 stratified and in creeks, from which the natives prefer to wash 

 it, The best known sources are in Camarines Norte, the moun- 

 tains of Mambulao, Paracale, and Labo and the northern spurs 

 of the Caraballo mountains. Alluvial gold is said to exist 

 largely in Nueva Ecija, near the village of Gapan. In Tayabas 

 the metal is found in the mountains in the neighborhood of the 

 village of Antimonon. In Mindanao, where gold has likewise 

 been discovered, it is believed to be present in particularly prof- 

 itable quantities. Mindoro, Panay, as well as some other small 

 islands, are also places where the precious metal has been found. 



It now remains to inquire into the question whether it would 

 pay to work gold mines at all, for as yet, at all events, no posi- 

 tive proof has been furnished of gold mines being profitable, 

 although during the last few }^ears the subject has been much 

 discussed. In 1893 the Mambulao Gold Mining Syndicate was 

 formed in London, engineers were sent out, and workings Avere 

 actually commenced in Mambulao. Difficulties, however, arose, 

 the principal one no doubt being that a large part of the shares 

 were not allotted, and the working capital was therefore too 

 small. In general, the participators speculated on the advan- 

 tageous sale of a part of their concession and the starting of a 

 limited-liability company. Something of a gold fever broke out 

 in Manila, and on all sides concessions were acquired by En- 

 glishmen, some Germans, and Swiss. Not one of these conces- 

 sions, however, seemed the result of a sound bona fide project. 

 The object in view was always the promotion of companies and 

 disposal of the concession at a good profit, leaving all the risk 

 to the shareholders. It is not impossible that this would actu- 

 ally in some cases have taken place, and that it would have 

 been followed by a speculation in shares similar to that on a 

 former occasion in Singapore and Hongkong, to the detriment 

 of general trade. The rebellion of 1896 fortunately put an end 



