Dino, That is probably river cane(Arundaneria gigantia) or switch cane(A. tecta). either will work for arrows but the switch cane is better. IMO
You want to harvest mature cane. If the paper like sheath around the nodes is intact, leave it be. If it has started to deteriorate or is gone al together, it is ready to harvest. If it is already tan in color, leave it be. You want the diameter to be about 3/8" at the base.
As far as spine, cane is more forgiving that parallel shafting because of it natural taper. Just make your arrows longer than normal and if necessary, reduce the length a little at a time until they fly right. If you want to spine them, subtract about 10# of spine weight for the natural taper.(if cane arrow spines at 50# it will be like a 40# spined arrow)
If you harvested the cane today you should be able to work it in a month or so.
I usually(but not always) fill the center hole with a bamboo skewer(from local grocery store) or hardwood dowel for the nock and point ends. After that you can taper it for standard glue on points and plastic nocks or you can use trade or stone points and self nocks.
