He referred to the time when the war over the Philippines was going on, at which time he was Mayor of San Francisco. He said, "Then we hardly knew where the Philippines were." He dwelt upon the marvelous resources of the Islands and warned us not to be like the old miner, who before the "Days of '49" said that he saw a sign advertising the village that is now San Francisco, for sale for five dollars. When asked, "Why he didn't buy it," he said, "He didn't' have the five dollars, and anyway he didn't want it then." Governor Wood finished the speeches with a stirring address. "Capital is safe in the Philippines. Take an interest in them," he said. "They are big, there are wonderful resources and there is big work to do here. The American Flag is still at the top of the pole. The progress of the Philippine people in the last twenty-three years cannot be paralleled, it could not have been accomplished without their cooperation and without our aid." He referred to the so-called laws of discouragement that are said to impede business. "I want to get hold of them and correct them, but they cannot be changed in a hurry. The United States stands for the development of trade and the open-door in the Pacific. One of the best piers in the world will be built; the harbor rivals Seattle, and Manila will be a great port and a distributor of the products of the Far East. There is room for expansion, labor is cheap. Germany, the beaten nation, has learned to live without import or export and understands cheap living. Competition will be keen. They are out to gobble up South American trade. We must get busy. The war talk is tommy-rot. Of course there will be wars in the future, but only irresponsible people think of war at present." Manuel Queson, in a long interview, after the "Wood-Forbes" report was out, said, "I do not agree with the report as the Islands are ready for independence." Sergio Osmena, referred to as a great power and known as the "Sphinx of the Philippines," was reticent at first, but later he talked freely about the marvelous resources of the Islands and stated that he, too, believed the Islands ready for independence. Chapter XI Hongkong