Continental publishing company,
Text on page 189
192 The Philippine 'Islands.
it never did. Yet it benefited the Philippines, and gave a great impulse to agriculture, on which large sums of money were expended. The culture of sugar, tobacco, cotton, indigo, and pepper was much developed, and these long remained the staples of . many provinces. fc The company had splendid opportunities, but failed to make the most of them. It broke down the vexatious prohibition to trade with the East and with Spain, which had checked Philippine enterprise, but the dry rot of Spanish incapacity caused its decay. Influence and intrigue brought men into the company that lacked ability, but received large salaries. As a result, it lost the power to compete with experts, while the contraband trade ate into its profits, and the merchants of Manila opposed its monopolies. Finally, in 1830, its privileges were taken away, and the island-colony was opened to the trade of the world, ceased to exist.
a mestizo merchant.
Five years afterward the CompanyFive years afterward the Company