The formation of the Philippine Coal ning and Development Company, Limited, may be looked upon as an en: couraging sign of the t That there are profitable coalfields in Mindoro and Cebu, has long been believed; that the increased and constantly increasing num-jiier of steamers plying in Philippine waters and calling at insular ports, together with the establishing of "new manufacturing enterprises will create a home market for all the good coal that may be dug in these islands is also evident; under these circumstances it appears that the recently organised company is assured of a prosperous future. And the names of the gentlemen com-"posing the board of directors are an excellent guarantee that the affairs of the corporation will be well managed. The statements made in the prospectus of the company, in the opinion of those who have had an opportunity to investigate, are fair and conservative. The fact that one-third of all the shares are already subscribed for, and the stock on the market is selling at par, is certainly an
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