Executive Speaks on the Mining Boom in the Islands:
Possibilities of Base Metals industry, declared Mr. Conrado A. Uy, president and "general capital will be welcomed in the Philippines mining manager of the Cagayan Iron Ca., in a speech before members of the Shanghai Chapter of the Chinese Institute of Mining and Metallurgy on June 27. Mr, Uy, who spoke on "The Mining Boom and the Pos ities of Base Metals in the Philippines' said that he had learned from reliable sources that there were possibilities for Chinese capital here to get into the Philippine mining industry. If this were so, he could assure them that it would be very much welcomed in his country. The Philippines. people had always respected the Chinese businessman because. of his honesty and fairness.
Mr. Uy said that he understood that his friend Mr. Amada Yuzon had spoken to members of the Institute on the Philippines mining industry in general and its prospects in particular. Mr. Yuzon had dwelt at Tength on the enormous min wealth hidden beneath the mountains, hills and rivers of the Philippines, the output of production dur-Ing the last five years, and the different kinds of minerals found.
ras the speaker's purpose to give as! faithful picture of the mining boom jand. the possibilities of base metals the Philippines as possible.
'The year 1996 was the banner year of the Philippines, an auspicious beginning to the lite of the Commonwealth, Inaugurated on November 15, 1995. Never before in the, history' of the country had govern: ment Ananeés been more stable and secure. internal revenue trid cus toms collections reached new levels that went over those of 1027 and 1090, "Foreign trade was augmented, insular trade hummed with activity new impetus was given to every me of endeavour.
people became optimistic under these promising conditions which came Inthe wake of the min-Ing boom that crept in almost perceptibly about May, 1038. The Feason Why generat business recovery in the United States augmented the Boom inthe Philippines was. th most of the exports of the Philippines were marketed in the United States and were up to this allowed there without duty. The increased buying power in the Philippines was direced towards mining investments and speculation, Supplementary to thie was the investment by American citlzens of a large sum in the islands. 23 per cent, of which was in the mining business.
Text read from the printed page and cleaned; old type leaves the occasional error.