Note 4 — III. Trade and Commerce at the Time of Discovery and Conquest

“Their customary method of trading was by bartering one thing for another, such as food, cloth, cattle, fowls, lands, houses, fields, slaves, fishing-grounds, and palm-trees (both nipa and wild). Sometimes a price intervened, which was paid in gold, as agreed upon, or in metal bells brought from China. These bells they regard as precious jewels; they resemble large pans and are very sonorous. They play upon these at their feasts, and carry them to the war in their boats instead of drums and other instruments. There are often delays and terms for certain payments, and bondsmen who intervene and bind themselves, but always with usurious and excessive profits and interests.” (Antonio de Morga, Sucesos; Bl. and Rb., Vol. 16, p. 128.)