TRADE WITH THE UNITED STATES.

(See Index, under "United States.")

SHIPPING. At the beginning of 1899 there were 162 vessels, of 67,107 tons, of which 51 were steamers, of 26,744 tons net. In 1807 there entered the ports of Chili 1,734 vessels, of 3,140,760 tons, and cleared 1,628, of 2,943,514 tons.

Banking and Money.

The number of joint-stock banks of issue was 23 in 1898. There is no State bank. Their joint capital amounted to 40,689,665 pesos, and their registered issue to 12,733,160 pesos, the total issue authorized (1895) being 24,000,000 pesos. The banks are (1895) required to guarantee their note issue by depositing gold, Government notes, or securities in the Treasury. There are also a number of land banks which issue scrip payable to bearer and bearing interest, and lend money secured as a first charge on landed property and repayable at fixed periods. The hypothecary and commercial notes in circulation in 1895 amounted to 145,249,700 pesos.

The conversion law of 1892 provided for the redemption of the paper currency at the rate of 24d. per peso. That of February 11, 1895, provided that the redemption should be effected from June 1 of that year, at the rate of 18d. per peso, and authorized the issue of the coinage described under "gold and silver coins" (see Index), the proceeds of the sales of nitrate lands being devoted to this purpose. The new coinage, however, must, from December 31, 1895, or later, as the prescribed conditions might require, be withdrawn and replaced by silver pesos of 25 grammes weight .900 fine, or their equivalent in gold. From 1895 to 1898, inclusive, the mint coined: Gold, 42,699,530 pesos; silver, 8,009,354 pesos. The metallic and paper money in circulation on February 29, 1896, was: Gold, 26,423,337 pesos; new silver, 6,118,118; Treasury bills, 154,000 pesos; Government notes, 9,064,190 pesos; banknotes, 19,939,558 pesos; total, 61,699,703 pesos.

In July, 1898, the President was authorized to issue 50,000,000 paper pesos, to lend to the banks 20,000,000 at 4 per cent., and in order to withdraw the paper issue at the end of 4 years, to raise a loan of £4,000,000.

Shipping, Railroads, Post-Office, Telegraphs, Coins, Money, Weights and Measures. (See Index.)

BOLIVIA.

Returns issued by the Bolivian Government show the area and population of the State to have been, for the period extending over 1890-1893: Area, 567,360 square miles, and population, 2,019,549. For further details, consult "Commercial Year Book," Volume III, page 134.

As a result of the war with Chili, 1879-80, Bolivia mortgaged to that country the Litoral department, area 29.910 square miles, containing the port of Antofagasta. The aboriginal, or Indian, population of Bolivia is estimated at 1,000,000; the mestizos, or mixed races, at 500,000, and the whites about 500,000.

The revenue and expenditure, as estimated by the Government, have been as follows for the years indicated; the figures represent bolivianos, which are the equivalent of the 5-franc piece:

The outstanding debt in 1898 was stated as follows: External, 1,084,555 bolivianos; internal, 3,707,541 bolivianos.

The general financial condition in 1896 is shown as follows (in bolivianos): Liabilities of the banks to the public (note circulation, bonds, deposits, shares, etc.), 19,500,000; liabilities of the public to banks, 18,800,000; public debt, external and internal, 10,000,000; public indebtedness, gross, 28,800,000; net, 9,300,000.

The agricultural products about suffice for domestic consumption alone. The mineral wealth of the country is great, including silver, copper, tin, antimony, bismuth, gold etc. The silver mines of Potosi are estimated to have yielded, from their discovery in 1545 down to 1864, about $3,000,000,000. The total output of all the silver mines in 1897 is estimated at 11,765,470 ounces. The chief tin mining center is in the Huanuni district, but the metal is found almost wherever silver is worked. The annual production of concentrated tin ore is about 4,000 tons. Copper, of fine quality, is found in the Corocoro district, the annual output, in the form of barilla, being about 3,000 tons.

The chief imports are provisions, hardware, wines and spirits, cotton, woolen, linen, and silk goods, and ready-made clothes. The import trade is chiefly in the hands of Germans, but English goods are largely introduced. The exports are silver, copper, tin and tin ore, and rubber; also, wool, hides and skins, gold, coffee, cocoa, and cinchona.

The trade with the United States will be found in Index, under "Commerce."

The banks in Bolivia are the National Bank and the Bank of Francisco Argandona. There are also three mortgage banks, whose mortgage bonds are held almost exclusively by Bolivians. For Railroads, Post-Office, Telegraphs, Coins, Monetary System, Weights and Measures, see

VENEZUELA.

The territory claimed by Venezuela covers an area estimated at 594,000 square miles; but of this Great Britain claims about 50,000 square miles as belonging to the Colony of British Guiana. In this disputed territory, the population appears to be about 30,000. For the whole country, as claimed by the State, a census taken in 1891 shows the number of inhabitants to have then been 2,323,527.

The revenue and expenditure, for the years ending June 30, have been, in bolivars:

The chief source of revenue is customs, 27,000,000 bolivars in 1896–7.

The outstanding amount of the debt of Venezuela in June, 1898, was £2,638,200, together with the 5 per cent. loan of 1896 for settlement of arrears of railroad guarantees amounting to £1,949,700; total foreign debt, £4,587,900. Internal debt December 31, 1898, 179,783,511 bolivars.

The chief products in the year 1893-94 were: Coffee, 57,571,538 kilogrammes; cocoa, 7,352,240 kilogrammes; hides, 2,311,190 kilogrammes; timber and dye-woods, 8,982,970 kilogrammes; dividivi, 1,946,047 kilogrammes; cattle exported to the number of 11,026.

One-fifth of the population is engaged in agriculture. In 1888, there were stated to be in Venezuela, 8,476,300 cattle, 5,727,500 sheep and goats, 1,929,700 swine, 387,650 horses, 300,560 mules, and 858,970

asses.

Venezuela is rich in metals and other minerals. Gold is found chiefly in the Yuruari Territory. The quantity sent from that district in 1895 was 47,588 oz.; in 1896, 60,674 oz.; in 1897, 43,500 oz.; in 1898, 39,500 oz. There are silver mines in the States of Bermudez, Lara, and Los Andes. Copper and iron are abundant, while sulphur, coal, asphalt, lead, kaolin, and tin are also found. In 1890, copper to the value of £97,990 was exported; in 1894, none. Petroleum is found in Tachira.

The following table shows the progress of Venezuela commerce, in bolivars:

The trade of Venezuela is mostly with Great Britain and the West Indies, the United States, France, Germany, and Colombia. In the year 1895-96, the chief exports were: Coffee, 85,766,157 bolivars; cocoa, 10,091,037 bolivars; hides and skins, 5,313,516 bolivars; while other exports were cattle, caoutchouc, timber, cocoanuts. Gold in bars was exported to the value of 3,613,428 bolivars, and gold and silver coin amounting to 2,607,199 bolivars.

For commerce with the United States, consult Index, under "United States."

For Railroads, Telegraphs, Gold and Silver Coins, Monetary System, Weights and Measures, see Index.

PARAGUAY.

The area of Paraguay is 98,000 square miles. In 1893, the population was estimated at 480,000. Of foreigners in Paraguay in 1887, there were 5,000 Argentines, 2,000 Italians, 600 Brazilians, 740 Germans, 500 French, 400 Swiss, and 100 English.

The revenue and expenditure were as follows for the years indicated (Paraguayan dollars)

In 1874, the principal of the foreign debt of Paraguay stood at £1,505,400, the outstanding amount of loans contracted in 1871 and 1872. In 1885, it was agreed that £850,000 of new bonds should be issued in exchange for this amount; an arrangement was made for the future payment of interest, and an assignment of land was executed in payment of arrears of interest up to July, 1886. Land warrants were issued to holders of unpaid coupons, and the Paraguay Land Company (now called the AngloParaguayan Land Company) was formed to deal with these warrants. Interest under the new arrangement was paid till January 1, 1892. In 1899, the outstanding principal amounted to £994,600, and the arrear bonds, with cost of concession, to £160,000; total, £994,600. The guarantee debt due by the Government to the Paraguayan Central Railway amounted to £6,545. The debt due to Brazil is put at 9,876,500 pesos, and that to the Argentine Republic at 12,393,600 pesos. In 1899 the internal debt amounted to 11,726,347 dollars, including 7.663,617 dollars of notes in circulation.

Besides yerba maté, the chief products are: Maize, of which 8,229,823 acres were cultivated in 1890; manioc, 7,015,862 acres; beans, 2,574,962 acres; tobacco, 1,980,611 acres; sugar-cane, 887,796 acres; mani, 719,816 acres; potatoes and vegetables, 540,894 acres; rice, 371,492 acres; lucerne, 192,736 acres; cotton, 126,313 acres, and coffee, 69,970 acres.

Paraguay contains valuable minerals which are now unworked. Iron abounds in the south and marble in the north, and pyrites, copper, and kaolin are found.

The following is the value of the imports (gold dollars) and exports (paper dollars):

The chief imports are textiles-85 per cent. from Great Britain: wines, rice. About 48 per cent. of the total imports come from Great Britain. The chief exports are yerba maté, or Paraguay tea, 6,547,642 kilogrammes, valued at 5,475,633 dollars currency in 1897; tobacco, 1,064,593 kilos, value 595,609 dollars; hides, 1,959,293 dollars; timber, 1,164,162 dollars.

The banks are the Agricultural Bank, with a nominal capital of 3,250,000 pesos, supplemented in 1896 by the additional sum of 1,000,000 pesos; the Territorial Bank, Mercantile Bank, Bank of Milleres and Company, and the Industrial Bank at Concepcion.

Paper money is the chief circulating medium, the value of the paper peso being about 15 cents, the amount in circulation being about 5,957,000 pesos. In 1896, the issue of 8,000,000 dollars over a period of five years was authorized. Gold premium about 660 per cent.

For Railroads, Telegraphs, Gold and Silver Coins, Monetary System, Weights and Measures, see Index.

URUGUAY.

The area of Uruguay is estimated at 72,111 square miles. No census of population has ever been taken, but estimates made in 1879 place the number of inhabitants then at 438,245, and an estimate in 1898 as 840,725.

The revenues and expenditures of the State were as follows for the years indicated:

The chief items of expenditure are the cost of the public debt, administration, and public force. The estimated expenditure for 1898-99 amounted to $15,799,231; revenue, $15,973,546.

The public debt in January, 1899, was stated to be as follows (Uruguayan dollars): External, 100,325,072 dollars; international, 4,113,476 dollars; internal, 19,986,848 dollars; making a total of 124,425,396 dollars.

The total value of real property in 1895 was 275,806,015 pesos. The department of Montevideo is credited with 128,503,716 of this, the provinces of Paysandu and Salto coming next with 14,635,326 and 12,745,807 pesos, respectively.

PRODUCTION AND INDUSTRY. - The raising of cattle and sheep is the chief industry. In 1896, there were declared to be 5,881,402 head of cattle, 392,246 horses, 15,589 mules, and 16,397,484 sheep. Total value of flocks and herds is estimated at 73,038,000 pesos. In 1894, 86,322,000 pounds of wool were exported; in 1895, over 100,000,000 pounds. Agriculture is said to be increasing. The yield of wheat for 1894 was 205,112 hectolitres; maize, 59,837. Public companies facilitate the acquisition of land. Tobacco, olives, and the vine are also cultivated. Gold, silver, copper, lead, magnesium, and lignite coal are also mined.

The "special" trade (merchandise only) was as follows, in gold dollars:

1890.

1894.
$23,800,370

1895.
$25,386,106

1896.
$25,530,184

1897.
$19,512,216

Imports... $32,364,627
Exports...... 29,085,519 33,479,511 32,543,643 30,403,063 29,319,573

The following statement shows the imports from and the exports to the countries named:

The exports of wool in 1898 were 41,012,000 kilogs., valued at 10,716,000 dollars; in 1899, 39,315,000 kilogs., value 14,272,000.

The imports of coin were, in 1896, $3.918,521: exports, $7,791,020; in 1897, $3,035,679; exports, $3,116,877. For trade with the United States, see Index, under "United States."

For Railroads, Post-Office, Telegraphs, Coins, Weights and Measures, see Index.

In 1896, the Bank of the Republic was established with an effective capital of 10,000,000 pesos. The standard coin is the silver peso, or dollar, of 100 centenas. Approximate value, 4s. 3d.; £84.72. There is about 2,000,000 pesos in silver in circulation, coined in Buenos Ayres. The circulation of foreign silver money is now prohibited, but the only gold coins that have legal currency are foreign.

ECUADOR.

The area of Ecuador is about 120,000 square miles, with about 1,270,000 inhabitants-whites, 100,000; mixed, 300,000; Indians, 870,000. Included are the Galapagos or Tortoise Islands, with an area of 2,400 square miles, and a population of about 200.

The chief towns are the capital, Quito (80,000), Guayaquil (45,000), Cuenca (25,000), Riobamba (12,000), Ambato, Loja, and Latacunga (each about 10,000).

For each of the years 1897 and 1898 the revenue was estimated at 9,093,551 sucrés; expenditure, 11,005,141 sucrés.

The staple produce of Ecuador is cocoa, but coffee, sugar, and rice are successfully cultivated. Ecuador is rich in auriferous ores. Gold-washing is carried on by several native companies, and American companies have been formed to work the mines at Cachavi, Uimbi, and Playa de Oro. Petroleum is so abundant on the coast near Guayaquil that it lies in pools, but is hardly worked. The country is known to be also rich in silver, copper, iron, lead, and coal. ` Mining operations are regulated by the law of August 24, 1892.

The value of the foreign trade, for the years named, has been:

The chief imports are cotton and other tissues and provisions. About 254 per cent. of the imports are from, and 12 7-10 per cent. of the exports to, Great Britain. The chief exports (1898) were: Cocoa, £1,320,227; coffee, £42,253; ivory nuts, £23,080; india-rubber, £93,340; hides, £27,060; straw hats, £8,900. The exports from Guayaquil in 1897 amounted to: Cocoa, £960,031; coffee, £49,640; rubber, £47,232.

For trade with the United States, see Index, under " United States."

Ecuador having no mint, the coin of the country is minted at Birmingham, Eng., in United States, and in Peru. The total silver coinage minted in the four years ending with 1889 was about 1,835,000 sucrés. The value minted in 1890 was £77,000; in 1892, £43,000. The amount of silver coin in circulation is estimated at about 3,000,000 sucrés, or £300,000.

There are two banks authorized to issue notes for circulation, namely, the Banco del Ecuador, capital 2,000,000 sucrés, and the Banco Comercial y Agrícola (into which the Banco Internacional has been merged), capital 500,000 sucrés. The authorized issue of notes depends on the stock of silver in the vaults of the bank, and the banks are bound by law to hold one-third of the value of their circulation in coin, silver and gold, one half of which must be gold. The banks are in no way related to the State, except that they have to present a monthly statement of balances of silver in deposit and notes in circulation. In 1898, the notes of the Bank of Ecuador in circulation amounted to 2,138,170 sucres, and silver and gold reserve, 1,955,424; notes of Banco Comercial y Agrícola to 3,522,242, and silver and gold reserve, 1,495,251.

For Railroads, Post-Office, Telegraphs, Monetary System, Coins, etc., see Index.

FOREIGN STATISTICS OF SHIPPING, RAILROADS, POSTOFFICES, TELEGRAPHS, ETC., ETC.

Shipping.

NUMBER AND TONNAGE OF MERCHANT VESSELS, SAILING AND STEAM, BELONGING TO THE RESPECTIVE COUNTRIES ON JANUARY 1.