M UC-NRLF 00 o SOUTH AMERICAN HANDBOOK A compilation of information and statistics regarding the public indebtedness, foreign commerce and railway development of the South American Republics Published by the NATIONAL FOREIGN TRADE COUNCIL 64 Stone Street, New York City PRICE, TWENTY-FIVE CENTS PRESERVATION COPY ADDED lyyl IM'HI Greater prosperity through greater foreign trade." A/2 NATIONAL FOREIGN TRADE COUNCIL (1914-1915) The first National Foreign Trade Convention at Washington, May 27-28, 1914, recognized the need of a permanent organiza- tion which should promote co-operation by the government and the commercial, industrial and financial interests and " endeavor to co-ordinate the foreign trade activities of the nation," and authorized the creation of the National Foreign Trade Council for that purpose. The Council has an authorized maximum membership of fifty merchants, manufacturers, rail- road and steamship men and bankers, representing all sections of the United States and collectively standing for the general interest of all elements engaged in foreign trade. Non-political and non-partisan, its function is investigatory and advisory, and it seeks effectively to co-operate with other organizations in the encouragement of sound national foreign trade policy. Through its committees the Council is constantly investigating, and from time to time publicly reports upon, problems arising in oversea commerce. The membership of the Council is as follows : CHAIRMAN: JAMES A. FARRELL, President, United States Steel Corporation, New York City. TREASURER: WALTER L. CLARK, New York City. SECRETARY: ROBERT H. PATCHIN, New York City. JOHN J. ARNOLD, Vice-President, First National Bank, Chicago 111. WILLIS H. BOOTH, Vice-President, Security Trust & Savings Bank, Los Angeles, California. SAN D. CAPEN, Business Men's League, St. Louis, Mo. J. A. G. CARSON, President, Carson Naval Stores Co., Sa- vannah, Ga. E. A. S. CLARKE, President, Lackawanna Steel Co., New York City. SAMUEL P. COLT, President, United States Rubber Co., New York City. 328285 IV MAURICE COSTER, Foreign Manager, Westinghouse Elec. & Manufacturing Co., New York City. F. G. CROWELL, Vice-President, Hall-Baker Grain Co., Kansas City, Mo. CAPT. ROBERT DOLLAR, President, The Robert Dollar Co., vSan Francisco, California. J. J. DONOVAN, Vice-President, Bloedel-Donovan Lumber Mills, Bellingham, Wash. JOHN F. FITZGERALD, Chairman, Foreign Trade Committee, Boston Chamber of Commerce, Boston, Mass. J. ROGERS FLANNERY, Chairman, Pittsburgh Foreign Trade Commission, Pittsburgh, Pa. P. A. S. FRANKLIN, Vice-President, International Mercantile Marine, New York City. L. S. GOLDSTEIN, New Orleans Association of Commerce, New Orleans, La. LLOYD C. GRISCOM, New York City. FAIRFAX HARRISON, President, Southern Railway Co., Wash- ington, D. C. H. G. HERGET, Pekin, 111. JAMES J. HILL, Chairman, Great Northern Railway Co., St. Paul, Minn. HENRY HOWARD, Vice-President, Merrimac Chemical Co., Boston, Mass. CHARLES E. JENNINGS, President, C. E. Jennings Co., New York City. ALBA B. JOHNSON, President, Baldwin Locomotive Works, Philadelphia, Pa. D. W. KEMPNER, Galveston Cotton Exchange, Galveston, Texas. CYRUS H. McCoRMiCK, President, International Harvester Corporation, Chicago, 111. J. R. Me WANE, President, American Cast Iron Pipe Co., Birmingham, Ala. CHARLES M. MUCHNIC, Vice-President, American Locomotive Sales Corporation, New York City. BARTON MYERS, President, Chamber of Commerce, Norfolk, Va. M. A. OUDIN, Foreign Manager, General Electric Co., Schenec- tady, N. Y. WILLIAM PIGOTT, President, Seattle Car & Foundry Co., Seattle, Wash. WELDING RING, Mailler & Quereau, New York City. JOHN D. RYAN, President, Amalgamated Copper Co., New York City. WILLIAM H. RUSSE, President, Russe & Burgess, Inc., Mem- phis, Tenn. W. L. SAUNDERS, Chairman of Board, Ingersoll-Rand Co., New York City. CHARLES A. SCHIEREN, JR., President, Charles A. Schieren Co., New York City. W. D. SIMMONS, President, Simmons Hardware Co., St. Louis, Mo. WILLARD STRAIGHT, J. P. Morgan & Co., New York City. G. F. SULZBERGER, Sulzberger Sons & Co., Chicago, 111. STEWART K. TAYLOR, President, The S. K. Taylor Lumber Co., Mobile, Ala. E. P. THOMAS, President, U. S. Steel Products Co., New York City. F. A. VANDERLIP, President, National City Bank, New York City. J. H. WHEELWRIGHT, President, Consolidation Coal Co., Baltimore, Md. THEO. B. WILCOX, Portland Flouring Mills Co., Portland, Ore. Office of the Council 64 Stone Street, New York Citv. FOREWORD American business men are turning to South America, not only as a market for exports and a source of imports, but like- wise as a field for investment. This has created a need for a compact but comprehensive compilation of facts and statistics of the trade, finance and railroad situation in the ten South American republics. To meet the need this pamphlet is presented. The Latin American Committee of the National Foreign Trade Council, appointed last autumn, in gathering information which was later made the basis of the report of the committee appointed by the Secretary of Commerce, and which is re- printed herein, found that no one of the publications contain- ing information with regard to South America embodied all the information required to form the basis of an intelligent report. The very accurate and able reports issued from time to time by the Department of Commerce do not give the details as to Government finances, nor do the various Brazil and Argentine or South American year books, which have been published in London, present their facts in an entirely satisfactory form. The publications of the Pan American Union, moreover, while containing much of the information desired, failed to give all the data in any one thereof. It was, therefore deemed de- sirable to collate from the various sources above referred to and present the information and statistics regarding South American government finances, railway development and foreign trade. This pamphlet, therefore, is a compilation of the information contained in the reports of the Department of Commerce, the publications of the Pan American Union, the South American, Brazilian and Argentine year books and the reports of the Council of Foreign Bondholders (British). The basis of comparison in commercial statistics is formed by the years 1910, 1911 and 1912, the latter a characteristic normal year in which the volume and value of the trade of most of the Latin-American republics fell somewhat short of 1913, wherein Latin-American trade established a high water Vlll mark. The trade of the year 1914 was curtailed both by the effect of a general commercial depression, preceding the Euro- pean war, and by the violent dislocation to which that con- flict subjected, after the first week in August, the commerce of all neutral nations. The year 1912, therefore, may be re- garded as a fair basis of comparison of the normal business con- ditions prevailing in the several states. The total figures of each country's exports and imports for the year 1913 are given in a separate table taken from the publications of the Pan- American Union. In presenting the information in this form, the National Foreign Trade Council is aware that there may be certain errors in compilation, that some of the information contained herein is now out of date, and that the work is perhaps not as compre- hensive as might be desired. It is hoped, however, that the information presented in this form may serve a useful purpose and be of value to those interested in the development of the trade of the United States with the various countries of South America. In addition to the statistical information is presented an analysis, made by the National Foreign Trade Council, of the first effect of the European war on Latin- American trade; also the report of the Latin- American Trade Committee, appointed by the Secretary of Commerce of the United States, the Hon- orable W. C. Redfield, upon the development of systematic policy necessary for the extension' of commerce between the United States and the sister republics. REPORT OF LATIN-AMERICAN TRADE COMMITTEE October 2, 1914 The informal conference assembled at Washington on Sep- tember 10, 1914, by the Secretary of State and the Secretary of Commerce brought together a number of diplomatic and con- sular representatives of republics of South and Central America, and representatives of American business and of commercial and industrial organizations, including the Chamber of Com- merce of the United States of America, the Southern Com- mercial Congress, and the National Foreign Trade Council. After a general discussion, which brought forth prominently the commercial needs of both the United States and the sister republics, a resolution was adopted requesting the Secretary of Commerce to appoint a general committee on Latin- American trade to consist of the members of the Latin-American com- mittee, already appointed by the National Foreign Trade Council and representative men from various parts of the United States. Secretary Redfield accordingly appointed as members of the committee : JOHN BARRETT, Director General the Pan American Union, Washington, D. C. WILLIAM BAYNE, president of the New York Coffee Ex- change, New York, N. Y. W. B. CAMPBELL, president Perkins- Campbell Co., Cin- cinnati, Ohio. ROBERT DOLLAR, president Robert Dollar Co., San Fran- cisco, Cal. JAMES A. FARRELL, of New York, chairman National Foreign Trade Council. WILLIAM A. GASTON, president National Shawmut Bank, Boston, Mass. J. P. GRACE, president W. R. Grace & Co., New York, N.Y. FAIRFAX HARRISON, president Southern Railway Co., Wash- ington, D. C. ALBA B. JOHNSON, president Baldwin Locomotive Works, Philadelphia, Pa. C. J. OWENS, managing director Southern Commercial Congress, Washington, D. C. LEWIS W. PARKER, president Parker Cotton Mills, Green- ville, S. C. WILLIAM E. PECK, president William E. Peck & Co., New York, N. Y. WILLIAM SCHALL, Muller, Schall & Co., New York, N. Y. W. D. SIMMONS, president Simmons Hardware Co., St. Louis, Mo. WILLARD STRAIGHT, with J. P. Morgan & Co., New York, N. Y. E. P. THOMAS, president United States Steel Products Co., New York, N. Y. *J. H. WADDELL, Hard & Rand, New York, N. Y. DANIEL WARREN, American Trading Co., New York, N. Y. HARRY A. WHEELER, vice president Union Trust Co., Chicago, 111. *Deceased. In his letter of appointment of members, the Secretary of Commerce wrote: " The enlarged committee will, it is expected, organize itself as it sees fit, will consult as may be required with the diplomatic and consular representatives of Latin America, and will be assisted in any way prac- ticable by the Departments of State and Commerce. It should be un- derstood, however, that the committee has no official relations with the Government, but that it represents an effort on the part of the com- mercial and financial world to deal in a practical and businesslike way with the problems of the business relations between Latin America and the United States, on which so much of the welfare of all the countries concerned depends. It is my earnest hope that much may be done through the above-named committee of lasting and general benefit." The committee met at the New Willard Hotel, at Wash- ington, D. C., at 10:30 a. m., Friday, October 2, 1914. The Secretary of Commerce and Robert Rose, foreign trade adviser of the Department of State, were present. James A. Farrell was elected chairman and Robert H. Patchin, 64 Stone Street, New York City, secretary of the committee. Mr. W. E. Peck presented the report of the Latin- American Committee of the National Foreign Trade Council as a basis for discussion. This report was the result of an investigation of Latin- American problems by persons engaged in that com- merce. After a general discussion and certain modifications and amplifications, the report was adopted by the larger committee. It is herewith published in full. The committee will proceed to consider other phases of the trade between the United States and the other Republics of the Western Hemisphere which were discussed at the conference of September 10. REPORT AND RECOMMENDATIONS. Industrial, commercial, and financial conditions throughout the world have been disorganized by the European war. The trade of the United States with Latin America has been seriously affected. The present period of confusion will, however, be succeeded by one of readjustment and reorganization. Your committee was appointed to investigate this situation, and to suggest measures to relieve the emergency and to place the trade of the United States with the sister Republics on a per- manently satisfactory and mutually profitable basis. The products of Argentina, Brazil, Chile, and Peru, exported to the United States differ each from the other, and are dis- similar in turn from those which we in this country import from Bolivia, Colombia, Ecuador, Paraguay, Uruguay, and Venezuela, from the Central American States, and Panama, from Mexico and from Cuba, the Dominican Republic, and Haiti These products for the purposes of this analysis, may be con- sidered together as raw materials, just as the goods which we export to these countries may be classified as manufactures. Mutual advantage for both the United States of America and the other Republics lies in a wider interchange. In a properly comprehensive report the trade of the United States with each of the Latin- American Republics should be separately considered. We realize that in each case the prob- lem is different and demands an individual solution. In gen- eral, however, this trade rests solely on exchange of commodities; that it has, in its essentials, been barter, with a settlement of balances through London, and has not been built up by ex- tensive investment of foreign capital as has been the case with British and German trade. The accompanying report deals with certain underlying prin- ciples applicable to our Latin- American trade as a whole. We feel that recognition of basic facts affords the only proper basis for meeting problems which while they differ in the several countries are nevertheless fundament all v the same. Your committee feels that articles recently appearing in the press regarding commercial opportunities in Central and South America have unduly emphasized the promising aspects thereof , and have, in most instances, failed to state that our exporters already doing business with these regions find that their sales have been decreased rather than increased owing to the war. Your committee recognizes the present time as one when competition is less effective than in the past and than it will be in the future, until European bankers, merchants, and manu- facturers recover from the effects of the war. Your committee, moreover, believes that an opportunity is now afforded to place the trade of the United States with other American nations upon a firm foundation, supporting a more comprehensive structure, which may be built as the situation- again more nearly approaches normal. Your committee feels, however, that there is great danger that our merchants and manufacturers unfamiliar with Latin- American conditions may be induced by recent publicity to undertake ventures in that field which not only will be unre- munerative but actually disastrous, and, in their ultimate re- sult, make for a reaction of the very healthy and much to be desired interest in foreign trade now manifest throughout the United States, an interest which, if properly directed, should be of great permanent value. SOUTH AMERICAN TRADE CONDITIONS. The trade of the principal South American countries with England, Germany, and the United States is shown by the following table: Imports and exports of the South American countries from and ta England, Germany, and the United States for the years specified. Compiled by the Bureau of Foreign and Domestic Commerce, Department of Commerce, from official reports of the respective countries. Country. Year England Germany. United States. Imports. Exports. Imports. Exports. Imports. Exports. Argentina. . . Brazil 1913 1912 1912 1913 1911 1912 1912 1912 1913 1912 $126,305,556 77,509,079 38,599,282 7,779,616 i 2,835,854 1 12,575,508 2 1,295,248 2 7,838,878 3,994,733 3,528.042 $116,154,937 43,006,473 55,340,706 16,561,235 986,148 6,508,127 3799 2 4,376,182 767,031 26,044,974 $68,815,721 52,945,352 33,189,070 5,138,902 2,385,758 17,849,094 2 1,500,958 24,201,125 2,586,986 6,423,802 $55,888,788 51,856,965 28,321,776 2,970,857 2,139,552 7,860,272 2843,459 21,854,211 5,563,768 4,357,101 $59,861,703 48,043,322 16,806,341 8,541,934 2,591,629 1 5,638,402 2 304,888 27,612,037 6,944,136 1,787,321 $22,096,385 141,720,216 24,526,811 14,761,355 3,190,069 2,655,371 2590 2 15,832,882 8,470,563 152,583 Chile .... Peru.. Ecuador . . . Uruguay Paraguay . . Colombia . . Venezuela. . Bolivia figures are for 1911 and are taken from the Almanach de Gotha. 2 Figures taken from U. S. Daily Consular and Trade Reports. 3 Figures are for 1911 and are taken from Pan American Union publication. The above figures show that exports from Great Britain and Germany to South America considerably exceed imports from that region. This balance in favor of Europe may, in a measure, be ex- plained by the fact that proceeds of loans issued by the South American Governments in Europe are remitted, not in cash, but in goods. AMERICAN EXPORTS CONCENTRATED. Our export trade to South American countries particularly, and to a lesser degree the Central American States, is concen- trated. It is estimated that 75 per cent, of our principal ex- ports to South America are the products of large organizations. Our principal exports to the River Plate may be roughly stated to consist of agricultural machinery and allied products, steel products, oil products kerosene, gasoline, etc. and printing paper of various kinds. Our exports, to Brazil, Chile, and Peru are largely limited to steel and oil products, locomotives, and electrical machinery. Our trade in cotton cloths, shoes, stockings, wearing apparel, and miscellaneous goods has not made up an important part of the total because of our un- willingness or inability to meet British and German competition . Even before the war our export trade to all Latin America, and notably South America, had begun to decrease on account of the prevailing financial stringency. Our imports, however, increased in value, and the trade balance adverse to the United States for the fiscal year 1913-14 greatly exceeded that of 1912-13 both for all Latin America and for South America alone. The accompanying table shows the distribution of this trade: Exports. Imports. 1913 1914 1913 1914 Central America, West Indian republics, and Mexico South America $177,627,892 146,147,993 $157,530,244 124,539,909 $224,685,344 217,734,629 $246,405,592 222,677,075 Total 323,775,885 282,070,153 442,419,973 469,082,667 Trade balance adverse to the United States, 1913 1914 In trade with Central America, West Indian republics and Mexico $47 057 452 $88 875 348 In trade with South America 71 586 636 98 137 166 In trade with all Latin America ' 118,644,088 187,012,514 EFFECT OF THE WAR ON SOUTH AMERICAN COUNTRIES. Since August 1 of this year the countries in South America whose currency is not already on a gold basis have experienced a serious depreciation of their paper money. The export of copper, tin, nitrates, coffee, and other products has been curtailed because of loss of the normal European mar- kets. As indicative of financial conditions, bank holidays and moratoria were declared at the outbreak of hostilities, which were extended in certain countries from 60 to 90 days. The effect has been damaging to American exporters, as, under such circum- stances, drafts due in August will not be liquidated until Novem- ber or December. This means a large accumulation of draft indebtedness never contemplated by the shipper. Specie pay- ments were suspended. Collections throughout South America, therefore, are difficult, orders are falling off, and after our exporters have completed their contracts for this year there seems less prospect for new business, unless steps are taken to relieve the situation. DIFFICULTIES OF SETTLEMENTS FOR SOUTH AMERICAN TRADE. Since the balance of our trade with South America is heavily against the United States, there should be exchange facilities which would enable our exporters to obtain payment from bal- ances created in New York in settlement for goods imported into this country from South America. Such balances, however, are not maintained in this country. The external debt of the South American Republics (Federal, State, and municipal), amounts approximately to $1,632,488,580. The bulk of those funds were borrowed from Great Britain. South America therefore invariably has payments to make in London. The greater part of South American banking business, more- over, is conducted by British-owned institutions. These facts, together with the facilities offered by the London discount mar- ket, have induced German and other European-owned banks trading in South America to maintain London agencies. Sterling credits, therefore, have been the basis of South American trade. Our exports to and imports from Latin- America are shipped direct. They are, however (almost exclusively in South Ameri- can trade, and largely in Central American trade), paid for in sterling bills of exchange. United States exporters have, in the past, converted their dollars into sterling at the rate of the day, drawing against their South American customers at 90 days sight, payable in 90 days bills on London. Importers have accepted 90 days sterling bills, which they have liquidated at the current rate of exchange. This has necessitated the conversion of dollars into sterling in the United States, and a reconversion in South America from sterling into the currency of the buying country. Thus, although the balance of the South American trade of the United States has been increasingly heavy against this country, we do not make settlement direct. We have been obliged, either by the shipment of gold or goods, to settle this adverse balance by remitting to England either gold or goods, to meet interest charges on the South American debt, and to pay for goods pur- chased in Europe by the South American countries. Recent attempts to establish direct exchange with South America have not been successful in relieving the trade congestion incident to the dislocation of London exchange. A few New T York banking institutions have been ready to extend accommodation to American exporters, but the credits available have been wholly inadequate. This fact, together with the difficulty of making collections in South America, has seriously embarrassed our exporters, while our importers, finding it practically impossible to dispose of New York bills to bankers in South America, have been penalized by the almost prohibitive cost of London credits. PRESENT PROBLEMS. (1) Because of the war the Latin- American countries are con- fronted by the necessity (a) Of marketing their products despite the shrinkage of world purchasing power. (b) Of obtaining funds to move crops and to continue indispen- sable industrial and agricultural development normally financed by Europe. (2) The United States is confronted (a) By the necessity of holding its normal export trade with Latin America. (b) By the possibility of increasing that trade by filling Latin- American needs for merchandise hitherto purchased in Europe,, which Europe can not now supply. The solution of these problems depends upon (1) Production. (2) Transportation Shipping and insurance. (3) Financing: (a) Of production, (b) of transportation, (c) of settlements. Production in the United States can be maintained if there be a sufficient market at home and abroad for American goods. Pro- duction in South America may continue, but can not be further developed unless financial assistance be obtained. At the present time steamships are available, and sailing regu- larly from this country to the principal ports of Latin America and from those ports to the United States. Many of these ves- sels are unable to obtain full cargoes. Although only a limited number are under the United States flag the above will clearly indicate to exporters, importers, and manufacturers that they need not hold back from entering the field on this account. Before trade can resume its normal course, the exchange prob- lem must be solved, either by the restoration of old, or by es- tablishment of new credit facilities. NEW CREDIT MACHINERY NEEDED. Old methods may no longer be serviceable in the situation which will result from the readjustment following the war. It should now be possible indeed, in the mutual interest of the Latin-American Republics and ourselves, to create new credit machinery to perform the functions of the old, and which will at the same time rid us, at least partially of a dependence upon the London credits and European financial markets which, though essential in the past, has proved to be seriously embarrassing. Deprived of the European loans with which their resources were being developed, Latin- American countries are now under- going a serious curtailment of industry and development. The consequences in many instances will be serious, not only to these countries themselves but also to the countries which expected to supply the materials. It has been increasingly the practice of European bankers to stipulate the use of European material in the projects which they financed. Latin- America is now turning to the United States for funds. This country is hardly in a position to undertake con- siderable investments at the present time, but industries with an already considerable trade at stake may well consider the necessity of protecting that trade by obtaining for their customers some relief from the present stringency. Such investments, if judiciously made would yield an ultimate fair return and meanwhile provide a market for American materials which can not now be sold. The question of creating a market for Latin- American securi- ties in the United States, therefore, is highly important. The development of our trade with those countries is largely depend- ent on its satisfactory solution. ESTABLISHMENT OF COMMERCIAL CREDITS MOST IMPORTANT. Unless the restriction of commercial credits be remedied, however, we will not only be unable to extend our trade but we will lose a considerable portion of that which we already have. The present effort to secure cooperation of American bankers in massing a gold fund to satisfy our obligations abroad by promising to cause London exchange again to approach normal, will lessen to the American importer the expense of liquidating in London his South American indebtedness. It will neverthe- less give effect to the old alienation of the selling power we should derive from purchases of South American products. Liquida- tion of our South American indebtedness in London will pay for British exports to Latin- America, at a time when American merchandise, intimidated by moratoria, remains congested on our docks. Our available money will serve Great Britain's effort to capture South American markets vacated, perforce, by Germany. Whenever there is a great disturbance of the world's finances, American exporters and importers in South American trade are injured, because of their dependence on London. This has happened four times in 25 years. So long as South America must meet interest settlements in London by shipment of goods to the United States, under the old three-cornered system, our South American trade must, to a certain degree, depend upon London exchange. But in view of the facts above mentioned, it has seemed to your committee that the need for independence, emphasized by the present situation, should be recognized. We feel that an attempt should now be made to evolve some plan whereby we might take advantage of our large direct trade with Latin- America to make a market for bills drawn in dollars, and es- tablish a direct exchange, not with the view to eliminating ster- ling credits now or later, but in order to provide an exchange channel which will supplement, offset, or compete with Lon- don, and be available in an emergency when London exchange is disorganized. The maintenance of exchange relations depends on a credit machinery and reciprocal balances. This machinery will par- tially be provided under the Federal reserve act, which permit American banks to open branches abroad and permits a re- discount in this country ot commercial paper, based on ship- ments of commodities in foreign trade. These steps, however, have not yet been effected, and your committee appreciating that the installation of this machinery may require consider- able time, has considered means for temporary relief. COOPERATIVE EXCHANGE AS EMERGENCY MEASURE. A plan for the establishment of a Merchants' " Cooperative exchange," or clearing house for Latin- American trade, has been proposed. This, it has been suggested, would enable importers and exporters of goods to and from Latin- America to watch credits, balances to be remitted on certain definite settling dates. The chief argument for such an institution is that it would bring together exporters and importers among whom there is now no cohesion. Both know their cash re- quirements each month. If the exporters require say $5,000,000 to pay for their October shipments to Brazil, and the importers a like amount to pay for their imports from Brazil, such an exchange might be able easily to liquidate transactions m New York. The plan, however, is open to serious objection for the follow- ing reasons: (1) The necessity and difficulty of securing the cooperation of a sufficient number of importers and exporters. (2) The necessity and difficulty of standardizing credits. (3) The difficulty of reaching an agreement as to the rate of exchange between South American currency and United States dollars. (4) The difficulty due to the seasonal variations of shipments of South American produce and the consequent fluctuation in the demand for balances in New York or South America. (5) The disorganized financial situation in South America, which in- creases the risk in securing settlements in the South American republics. (6) The necessity of creating and maintaining an expert and, there- fore, expensive organization. XIX The difficulty as regards South America, however, would still remain, for it would be impossible within any reasonable time to organize in the principal cities of South America sufficiently extensive cooperative associations of importers and exporters of American products. Standardization of South American credits, therefore, could only be secured by the guaranty of American shippers or im- porters, or by the guaranty of the South American Govern- ments themselves. Your committee, therefore, after careful consideration, feels that the suggested " cooperative exchange" would not be prac- tical, although a powerful banking group or large banking in- stitution willing to assist in maintaining and developing our Latin- American trade might be &ble to secure and render mutually beneficial the organized cooperation of exporters and importers in matching credits. . RECOMMENDATIONS. Your committee, how r ever, believes that the extension of credits might be facilitated and some relief afforded pending the establishment of the Federal reserve banks if, in addition to permitting national banks which have signified their inten- tion to enter the reserve associations to accept commercial paper, action be taken by the Federal Reserve Board to make immedi- ately effective the rediscount provision of the new banking system, thus assuring early establishment of a discount market. Your committee, while appreciating the necessity of con- serving the banking resources of this country for the protection of our domestic situation, nevertheless believe that the cessation or curtailment of our trade with Latin America will in itself be highly injurious to American industry, just as we believe that the extension of this trade would make for the prosperity of the country ai large, as well as of those directly interested. We therefore hope that American banking institutions may be induced to meet the present emergency, not by tentative and inadequate measures, but by extending accommodation suf- ficient at least to assure the maintenance of our already es- tablished trade. EXTENSION OF TRADE. The question of extending American commerce with Latin- America depends primarily, as does the problem of mam- XX taining our trade, upon the establishment of commercial credits, upon our ability to finance Latin- American enterprise, purchase the products of its soil and industries and upon the perfection of our selling machinery. Your committee has not attempted to formulate suggestions as to the manner in which the individual manufacturer should proceed to establish a market for his products in South America. Nor does it here dwell upon the importance of adaptation of the product to the needs of the market or proper packing. Too high praise can not be given the Government, particularly the Department of Commerce under the Hon. W. C. Redfield, for its effective propaganda on these essential points and for its efforts adequately to assist extension of our foreign trade. The enlightened services of the Pan America a Union in safe- guarding good understanding among the Republics of the Western Hemisphere, and in making its information and advice available to all affected by the commercial problems arising at this juncture are worthy of the warmest commendation. CAUTION NOW ADVISABLE. Your committee feels, however, that merchants and manu- facturers now contemplating an entry into the Latin- American field should be careful to avail themselves of the easily acces- sible information concerning these markets. It is suggested that they should at the outset remember that the cost of main- taining individual representatives would probably be too great for any one of them to bear themselves. It is therefore suggested that associations consisting of the smaller firms or corporations engaged in kindred lines of production might be formed, and that either one or more representatives should be sent to South America to look after the interests of such associations, thereby bringing the cost of representation within a reasonable limit. It has been suggested that American manufacturers should combine to send to South America trade exhibits, showing the various articles which they have for sale. Your committee, however, is not inclined to feel that such measures would be productive of any permanent results. It is suggested instead that manufacturers and dealers desiring to place their products in Latin America, and who, for any reason, prefer not to send their own representatives, there could establish connections with export houses already doing business in those countries XXI and maintaining large branch offices in the principal South American cities fully equipped with efficient sale organizations or who have established connections, and in certain lines of goods foodstuffs, notions, and miscellaneous articles join in establishing what might be called for want of a better name an " American store," in certain of the most important cities. Ventures of this, sort, however, require considerable capital and experienced men, and for the sake of the ultimate develop- ment of mutually beneficial commercial relations with Latin- America it is believed that our merchants and manufacturers should not attempt to install their own establishments in Latin- America unless they are prepared to meet initial losses and dis- appointments before realizing even moderate profits in what must necessarily be a developing, Vat her than a ready-made, business. Your committee begs, therefore, to summarize the results of the investigations and to state its belief that the present dis- organization of the trade of the United States with Latin- Amer- ica may best be remedied and placed on a permanently satis- factory basis as follows: 1. The establishment of a dollar exchange. (a) By the ultimate creation of a discount market.* (b) Pending the establishment of a discount market, by the extension of adequate accommodations by banking institutions, and the establishment of reciprocal balances in the United States and in Latin- America for financing Latin- American trade. 2. Perfection of our selling machinery. (a) By furnishing additional support to commission houses already familiar with Latin- American business. (b) By forming associations of merchants and manufacturers to be jointly represented in Latin- America. (c) By obtaining information as to the possibilities of develop- ing retail stores in large La tin- American cities. *The Federal Reserve system has since been put into operation and a discount market created through the growth of transactions in ac- ceptances covering exports and imports. ARGENTINE Area 1,139,196 Square Miles Estimated Population in 1913. .8,700,000. Currency Gold Peso =$.965 Paper Peso = $.4246 In addition to the external loans shown in the table on Page 2, the Argentine Government contracted with a syndicate headed by the National City Bank, of New York City, for the issue of $15,000,000. of one, two and three year six per cent, gold notes. Five million dollars of these notes expire on December 15th, 1915, and a similar amount on December 15th, 1916 and 1917, respec- tively. The notes were issued at the following prices : One Year Notes. . Two Year Notes. . Three Year Notes. 100 99^ 99M DEBT December 1913. Amount Issued Amount in Circulation Annual Service Argentine National Government... Province of Buenos Aires City of Buenos Aires 165,747.391 31,973,219 14 637 683 111,508,901 29,861,481 10 962 470 6,727,306 1.594,374 1 002 780 Various Provinces 8,111,013 7 492 665 536 956 Various Municipalities 2 945 866 2 847 417 179 349 Total Debt 223 415 172 162 672 934 10 040 765 FEDERAL GOVERNMENT LOANS. CN 10 CO t^ 05 O CO C5OCN CO005t^COCOt^l>dr-tO O CN CO I-H O5 IN CO 00 CN 00 -^ t^ O CD CO Tfi r^ IN O -^ CN CO i-HiOi-i (N o O w H 55 W O tt < PH O > & ooooo ooo OOOOOOCNO O^O OOOOOOWO51O tt>O O Ot^- 1^ CO CO "0 -^ CD OO CO O OO * CO CO O5 OOCOO ^ O CO CO t-- >O i-H OO 00 I-H - O I-H CO 00 i-l ''f ) ^H ^H :i a Q v> C iK'O ill i^S 8H :gfe5 . 3 10 S-T5 o o : o "Is ! - 2:22.0 gag : ;so.*gg.5 Jocgac^g 'SlgS .io^^ HIWIO 10 "O 10 -*iO O 10 10 'O CO CO (N gg ;i;oo 05 co-* > ,-s O5 O5 O5 C5 30O5OO.-Hi-HO5OOO'-i OCX050505050005050505 5 CJ a 8.1 "2 * Q O "rt "" "rt C c S|l cw S 1 *"* < xeaa NI aanssj NI aaassj j.aaa BUDGET 1912. Revenue (Approx.) 28,954,848 Expenditures (Approx.) *28,000,000 *Of this sum approximately ^10,040,765 required for service debt. FOREIGN TRADE Countries 1908 1909 1910 1911 1912 Imports from United States. . . United Kingdom Germany $34,351.109 90,103,120 36,522,425 $41.561,415 95,726,325 42 996 315 $46,724,230 105,549,185 58 989 375 $50,521.020 104,335.115 63 557 030 $57,057,505 114,515,800 61 703 550 France Italy 25,550,220 24.041,280 29,723,090 25 927 720 32,472,865 30 663 950 36,695.625 28 318 865 36,301.925 31 350 100 Total imports 263.418.690 292,159,630 339.458.680 353.972.310 371,383,595 Exports to United States. . . United Kingdom Germany France Belgium 12,567,420 75.583,350 33.535,670 27,901,745 34,525,950 25,154,450 77,918,985 39,905,965 37,631,142 39,861,060 24,437.235 77,965.710 43,477,895 36,440.050 29,413 915 23.449,945 88,626.785 41,565,455 38,303,195 34 378 705 31,257,455 117,125,290 52,105,340 34.790,185 35 954 185 Total exports.. 353.195,150 383,443.255 359,584.140 313,333,120 463.577.560 IMPORTS FOR 1912. Articles From United States From United Kingdom From Germany From France Total imports. Automobiles $543 930 $430 530 $822 315 $2 252 835 K 1 cq non Bagging Beams, iron 13,025 94 440 3,299,705 91 035 68.130 1 846 070 5,230 495 815 8.355.140 q O7fj QRK Beverages, n. e. s Binder twine 46,690 2 729 950 169,155 10 655 168,350 5 835 129,525 8 760 1,149,360 2 78*1 1 3O Books and pamphlets. . . Book paper 30,515 7 395 462,520 61 275 58,015 947 850 154.900 2 900 1,254,810 1 i KA 7f> Brick, paving Bridge materials Carriages and cars, ac- cessories and parts of. Cement, hydraulic Cheese 8,375 66,905 64,550 13.545 98,520 776,810 350,550 640,520 15 825 153,625 110,240 406,335 258,135 7 010 109.400 3.265 389.360 752,880 73 890 1,055,840 997,670 1,504,605 3,989.340 2 074 590 Chemical and pharma- ceutical products: Candles, stearin. . . . Medicinal prepara- tions 1,700 340 680 272,460 153 065 104,675 206 685 9,520 1 154 280 1,094,570 2 191 620 Perfumery All other 27,550 1 982 965 206,740 2 086 355 86,690 1 764 010 1.043,180 1 101 350 1,411,500 9 083 685 Cigars. . . 32,045 21,605 20 935 8 685 1 415 630 Coal Coffee 782,910 585 23,642,425 381,320 4 980 7 020 25,047,240 1 631 615 Cotton and silk goods.. . . Cotton and woolen goods Cotton goods, made up. . Cotton hose 10,635 75 8,200 750 430,995 682,520 157,340 22 000 275,395 303.845 497,315 1 101 325 518,345 76,075 430,635 223 015 1,447,725 251,842 1,186,140 1 407 220 Cotton laces Cotton tissues: White 2.810 21,305 559,200 4,099,620 415,285 133 420 123,525 77 075 1.349,000 4 813 065 Unbleached (linen) . Printed 12,500 1,605 874,610 2,610,395 3,920 460 140 4.485 68 935 1,127.060 3 693 435 Dyed Color not specified . . 9,370 3,015 4,377,675 534,595 920,095 170,910 244,910 121,190 10.315,680 1,059.655 IMPORTS FOR 1912. Continued Articles From United States From United Kingdom From Germany From France Total imports. Cotton yarn: Colored Unbleached Cotton goods, all other.. Ducks 2,705 70,735 301,675 550 111,845 326.310 2,568.815 493 goO 129,475 52,430 1,064,295 162 180 20.195 46,420 619,455 156 150 1,003.695 1,508.790 6,632,860 1 156 655 Dyes and colors Dynamos and motors, electric Electric wire and cable . . Furniture, wooden 249,550 28,545 102,885 587.060 997,635 219,935 1,205,515 513,055 722,980 1,212,775 1.227.695 308,515 199,185 42,385 96,465 489,640 2.427,250 1,637,755 3,087.700 2,668,230 Glass and plain crystal. . Harvesting machines.. . . Household and cooking utensils Iron and steel wire, gal- vanized : Smooth Up to No. 14 No. 15 and higher Barbed 12,145 1,948,165 52.450 638,990 625 635,030 663,930 46,200 89,910 249.100 53,430 106 320 201,380 14 741,430 1,027,250 13,590 137 085 68,860 95.940 1,500 465 2 825 1,538.850 2,712,855 1,210,210 2,015,735 75,945 926 250 Twisted 3,599 16,485 3,410 27 25,300 Iron and steel wire not galvanized: Up to No. 14 No. 15 and higher. . Iron and steel wire, plated (with bronze, copper, nickel, or tin).. Iron axles and wheels. . . Iron bars and sheets. . . . Iron, galvanized Iron, wrought, n. e. s. . . Jewelry, fine, except watches and loose pre- cious stones Leather and manufac- tures 408,200 19,645 79 87,685 408,135 1.398,165 321,005 15,885 1.283,105 16,495 2,905 5,750 1.156.005 656,150 4,088,950 1,156,670 180,215 758,510 213.970 15,975 27,630 7,750 2,489,430 381,955 377,870 769,525 688,340 75 175 307 80.866 24,985 77,300 620.660 792,230 720.060 41,395 35.605 1.256.735 6,288.590 6.160.145 2.753,025 1,849,545 3,766,540 Locomotives Machinery, general 1, 119,225 1,847,135 2,022,795 293,845 2,572,365 627 459,975 2,188.660 6,939,140 Machines, spare parts.. . Malt 1,132,290 684,510 692,340 59 385 119,950 2,909,925 1 074 280 Manufactures of copper, and bronze, n. e. s Manufactures of stone, earth, glass, etc Materials for port works, n. e. s , Materials for sanitary works, n. e. s 100,795 170,240 105 402.430 987,185 110,280 962,525 281,845 2,050,820 66.075 57,135 144,120 616,460 14,580 3,045 1.073,095 4,667,250 204,035 1,066,365 Motors: Windmills, with or without frame- work, and pumps. . Other, various News print paper Oil: Lubricating Olive 372,580 631.820 727.970 1.301.930 146,075 13,980 316,015 85,595 787,995 3,645 555 85,765 603,725 63,980 5,240 6,866 7.735 10.815 143,525 393,275 1.142,485 1,610,380 2,518,350 4 748 915 Kerosene 2,289,115 156 2 289 275 Naptha, unrefined... Pine, unplaned: White. . . 5,495,150 1,728,450 126,010 140,350 75,895 11,773 43 23,160 5,710,755 2,130,015 Pitch Spruce 8,078,590 1,662,050 3,880 76,925 29,170 50,635 30 14,065 8.164,720 3 689 605 Pipes, iron: Galvanized Other 229,180 51,460 966,955 756,245 83.565 238,810 3,205 34 290 1.294,550 1 171 965 117 730 1 073 510 1 191 240 Railway couplings, steel. Railway freight cars. . . . Railway materials Rice: Unhulled 136,585 558,855 132,810 485.835 2.650,155 4,152,660 30,685 397,810 74,190 237.460 2,480 16,095 93.345 1.147.350 3.812.510 5.013,430 286 055 Hulled 378 76 860 5 020 2 476 215 Sand for building 115 1 024 380 Sardines 516 27,130 26.120 44.485 1.031,425 IMPORTS FOR 1912. Continued Articles From United States From United Kingdom From Germany From France Screws and nuts Seeds: Alfalfa 170.230 401.675 482 156,050 155 145 183,830 73 230 Flax 1,020 100 Corn 332 1 100 Wheat 1 175 39 48 265 Other kinds Silk 41,510 635 26,170 208 055 281,195 428 735 201,115 1 287 600 Steel rails Spirits and cordials 737,685 12 070 2,226,600 462 545 1,343,315 44 365 17,290 1 685 810 Sugar: Refined 215 467 710 228 260 Other 1,669 1,110,785 1 575 Tea . . . 230 306 100 18 930 374 Tin plate, unworked. . . . Thrashing machines with or without motor Tobacco dip Tobacco, leaf 345,530 1.182,175 95,545 378,260 673,230 179,385 2,153,045 19,495 5 119,385 6,285 82,765 67 97 520 4,615 Tramway materials Watches: Gold 107.725 2.270 506,110 15,420 599,020 64 010 20.920 209 035 Other kinds 115,450 26 985 230 270 302 665 Wines Woolen goods: Made up Tissues, all wool.. . . Mixed 9.160 4,150 4,425 3,245 21,235 235,295 3,571,105 2,018,030 39.985 586,865 1,039,340 441,055 3,031,335 504,855 888,125 133 225 Yerba, Brazilian. Importsbyparcel post.etc All other articles . . 3.070 12,223,614 609,945 19,315 571 839,485 21 833 634 944.510 11 791 528 Total 57,057,505 114,515 800 61 703 550 36 301 925 Total imports 1.061.980 740.945 1.335 1.115 7,630 1,069.415 2,341,730 5.088.405 3,183,410 852.550 1,117,385 1,072.030 1,036.860 1,517,030 2.348,005 3,485,160 1.668,460 593.300 1.395.305 9,830,910 1,418,170 5.957.735 2.799.150 4,946,085 3.308,795 90,808.013 371.383.595 EXPORTS FOR 1912. Articles. United States $526.120 United Kingdom Germany France Belgium $739,250 2,415 "170 192,775 128,225 Total. Animal hair and bristles Beef: Frozen $140,530 29,249,075 2,434,810 6,410 791,125 629,145 1,374,760 $93,780 '2,465 3,791,070 $199,585 18,560 2,935 $2,037,285 30.650,285 , 2,434,810 1,351,720 1,181,020 5,732,655 1,419,205 8,820,175 21,019.281 v 33,016,090- 6,683,860 982,360 1,188,785 1,302.320 10.918,710^ 5.417,480 2,713,070 23,974,530* 16,680,505 v 1,707,935 4,667,570 3.443,655 7,389,155 1.387,720 94,410,940 . 56,113.460 , 116,932,979 Chilled Jerked 48.870 Beef extract Bran and shorts Butter Cattle 3.070 255,990 Corn Flax ' 403.585 1.646.815 8.720 ' 994,615 ' 175,010 28,890 8,106,865 9,667,795 48 1.522,145 238,165 120,355 ' 336,530 5,707,860 1,722,597 790 7,487,550 3,^78,285 227,405 4.840,580 125,185 767,445 4,185,110 1,073,586 8,105,340 4,424,545 573,445 1,063,080 585,755 132,655 129,950 631,535 19,800,205 8,842,640 16,024,349 95 6,893,655 4,068,375 44,100 3,430 57,160 1,864,255 1, 534, 725 7,379,580 996,875 1,130 574.995 135.215 54,985 442,700 5,816,675 16,521,995 1,828,080 95 3,877,215 1,080,005 65,855 184 39,055 631,400 6,250 1,031,855 462,080 240,350 1,330 135,550 17,720 6,894,310 i, '553,695 17,337,330 939,436 5,967,110 3,681,380 ' ' 920 66,440 546,105 850 2,713,070 2,374,160 702,245 16,715 476,090 65,835 293.765 11,756,305 5,370.255 860.105 Flour, wheat Frozen meat, n. e. s... Goatskins Meat flour Melted tallow and grease Mutton, frozen Oats Oxhides: Salted Dried Preserved meat Quebracho extract.. . . Quebracho logs Sheepskins, unwashed Whale oil... Wheat Wool, unwashed All other articles Total 31,257,455 117,125,290 52,105,340 34,790,185 35,954,185 463.577,560 RAILWAYS The total length of the Argentine railways is 21,196 miles, (although 300 miles are not as yet officially opened), with several hundred miles under construction. They represent a total capital of about $1,135,220,000, of which that owned by foreign investors forms 88 to 90 per cent. British capital is heavily predominant, amounting to $967,760,000, and the management and equipment of the roads are British to a very large degree. French and Belgian capitalists, however, are acquiring extensive interests, having now some $39,000,000 in these roads. The Argentine Government owns some 3,800 miles of road but has heretofore been interested in new construction mainly for the purpose of opening up new territory. There are three different gauges in use the broad, 5 feet 6 inches, the standard, 4 feet 8 1/2 inches, and the narrow, 1 meter (3.28 feet). The following table gives the total mileage owned by the Government, and by private companies. Railroads. GOVERNMENT LINES. Narrow gauge: Central Northern Ry Argentine Northern Ry Barranqueros-Metan Quimili Northeast Formosa Embarcacion Buenos Aires Provincial (Gov ernment line from La Plata to fifth meridian; Middle gauge: Eastern Ry Broad gauge: San Antonio-Nahuel-Huapi.. . . Puerto Deseado Line Comodoro Rivadavia Total.. , PRIVATE LINES. Broad gauge: Buenos Aires Great Southern.. Miles. 1,731 1,189 127 88 129 62 81 211 15G 92 3,578 Railroads. PRIVATE LINES Continued Broad gauge Continued. Central Argentine Buenos Aires & Pacific Buenos Aires & Western Rosario to Puerto Belgrano.. . . Middle gauge: Entre Rios Argentine Northeastern Buenos Aires Central La Plata-Abasto Narrow gauge: Cordoba Central Province of Santa Fe Province of Buenos Aires Buenos Aires Midland Transandine Chubut Central Rafaela Steam Tram Rosario-Mendoza Colonia Ocampo Steam Tram, Total.. . Miles. 3.022 3,236 1,779 493 729 667 167 11 1,203 1,061 790 321 111 53 51 31 27 17,330 Railroads Capital. Owned by British: Buenos Aires Great Southern. . Buenos Aires & Pacific Buenos Aires & Western Central Argentine "Central Cordoba Total... $213,295,700 219,848,000 99,450,800 192,046,700 74,109,500 $798,750,700 *The last named system has beenjformed by the consolidation of five separate companie- and is now operated in six sections. The tendency toward consolidation has been promis nent in recent years and in 1913 the merger of the Great Southern and Great Western was proposed, and was being considered in the National Assembly, when for various reasons the proposal was withdrawn by the companies involved. The Farquhar Syndicate, a very large and important company and composed partly of American capitalists, headed by an American, and owning extensive railroad properties in Brazil, Uruguay, Paraguay, Argentina and Bolivia, was negotiating with the Government for the purchase of the Government railways, but the project did not materialize. This syndicate is interested in railway construction in the northern part of Argentine. Railway construction in Argentin3 is the key to the develop- ment of that country and is now, as in the past, being pushed forward with great energy. Some idea of the rapid growth in mileage of the railways may be gained from the following table, showing the increase in mileage from 1890 to 1913. Years Miles Years. Miles 1890. . 5 857 1911 18 516 1900 10 286 1912 19,684 1905 12 292 1913 21 196 1910 17,371 REMARKS. The chief lines of freight carried on these roads are the natural products of the country. In 1912 these products amounted to 22,200.000 tons valued at $749.000,000, and gave the roads 70 per cent of their gross receipts. BOLIVIA Area 473,560 Square Miles Population 2,492,377 Currency Bolivano = lOOcentavos = $0.389 DEBT External Debt 1,535,159 Internal Debt 1 066 218 Total 2,601,377 FEDERAL GOVERNMENT OBLIGATIONS Year Issue Interest % Sinking Fund Liabilities. Amount. Issue External *1910 Debt: 5 % 1* % Loan, Credit Mobilier of Paris, Secured on export duty on mineral and rubber, and in case of deficit on general revenues. Free of all Bo- livian Taxes 1,500,000 3% 3% Loan (Indemnity decreed by Joint Arbi- tration Tribunal, Bolivia and Brazil) 35,159 Total External Debt 1,535,159 Internal Debt:- (Ex elusive of Rai 1 wa y Guarantees) : On June 30, 1912 State Bonds B/3,490,285, Floating Debt, B/7,043,403 Total B/10,533,688 842.280 1903 3 % Treasury Notes (3 %) held by Banca de la Nacion, (Redeemable by 10 % of Custom re- 1911 8% ceipts of Depts. of Beni and Natl. Territory) . . Veteran Soldiers' Pensions (held by Banca 104,000 de la Nacion (Bolivia-Chile War) 119,938 Total Internal Debt 1,066,218 Total External Debt 1,535,159 Grand Total . 2.601.377 *Issued in Paris. In January, 1909, Messrs. J. P. Morgan & Co., of New York, contracted with the Bolivian Government for a 6% loan amount- ing to 500,000. In November, 1910, with the exception of approximately 60,000., these bonds were resold to the Bolivian Government, payment therefor being made out of the proceeds of the Credit Mobilier loan mentioned above. These bonds are now held in the Treasury of the Bolivian Government and, sub- ject to certain stipulations, cannot be reissued. Notwithstand- ing the above arrangement, the Bolivian Government is still responsible for the interest and amortization of these bonds. BUDGET Revenue $8,594,000 (1,766,495) Expenditures $8,627,000 (1,773,257) 8 FOREIGN TRADE Countries 1900 1905 1911 1912 Imported from United States Germany United Kingdom Chile $1,787,321 6,423,802 3,528.041 1 549 097 Peru 1 467 281 Argentina 1 178 346 Belgium 999 963 France 947 449 Other countries 1,377,696 Total $5,978,000 $12 303 000 $23 268 562 $19 258 996 Exported to United States Belgium 152,582 1 376 524 France 2 128 573 Germany 4 357 100 United Kingdom 26 044 974 Other countries 998,088 Total $15 975 000 $18 568 000 $33 052 469 $35 057 841 SUPPLEMENTARY COMPARATIVE TABLE Imported from 1909 1910 1911 1912 United States United Kingdom $4,234,000 3 260 000 $2,142,000 3 900 000 $3,945,000 4 908 000 $1,787,000 3 528 000 Germany 2,073,000 3,296 000 4 124 000 6 424 000 ARTICLES OF IMPORT Articles. Value. Articles. Value. IMPORTS. IMPORTS continued Mining $ 446 881 Animals live: Cattle- $ 302 553 Other and parts Tools 633,095 225 340 Horses Arms and ammunition Breadstuffs: Cereals, n. e. s Pastes, alimentary. . . . Rice Wheat flour 482,528 692,047 111,462 72,617 194,541 857,148 Iron manufactures n.e.s.. Jewelry: Genuine (of precious metals) Other Leather boots and shoes Medicines prepared.. 2.046.497 105,702 104,271 155.088 154 297 Candles 366 220 86 315 Cars and carriages: Railway cars Other 272,219 102 944 Paints, colors, and varnishes.. Paper and manufactures Soap 99.604 386.503 97 209 Cement. . . Coal and briquets 148,292 674 512 Spirits, wines, and malt li- Cotton manufactures, not mixed with other material. . 1,684,088 Beer, cider, and "chicha" Spirituous liquors. 80,160 644 226 Earthenware, tiles, and pip- ing of, and porcelain 151,840 Wines Sugar, refined 380.603 1,195 665 Explosives, including powder Fish, fresh, including shell- fish.. 452,490 125 027 Textile manufactures: Laces, embroideries, and 188 666 Fruits 100,636 Knitted goods 174,418 Gold, coined. . . . 107,082 Hats Hides and skins, manufac- tures of Instruments, musical and 447,937 118,023 except waterproof Wood and manufactures: Unmanufactured, except dyewood 763.364 248.087 scientific Iron and steel and manufac- 107,238 Manufactures Furniture- 130.702 tures: Other 75,794 Beaten, drawn, and in Wool, pure- 689.861 sheets 348,456 All other articles 1 887,017 Electric 339,731 Total 19,258.996 10 ARTICLES OF EXPORT Articles. Value. Articles. Value. EXPORTS. Silver- Crude . . 1.675,940 Coined 168,204 Bismuth 836,366 Tin 23,432,658 Coca . ... 286,417 Wolfram 202.165 1,318 389 All other articles 1,104,816 p n uv._ r fi fl^9 SQ9 Total 35,057.841 SUPPLEMENTARY TABLE ARTICLES OF EXPORTS TO BOLIVIA FROM UNITED STATES IN THE FISCAL YEARS ENDING JUNE 30, 1911 AND 1912. Articles 1911 1912 Breadstuffs: wheat flour $53,072 $16,748 Cars, carriages, other vehicles and parts Chemicals drugs dyes and medicines.... 4,596 38,829 14,927 35,154 Cotton manufactures: cloths All other 273,562 11,003 298.058 17,663 Explosives 63,546 29,496 Iron and steel, and manufactures Leather and tanned skins, manufactures 158,958 31,041 246,076 26,223 Meat and dairy products 52,046 49,206 Oil, mineral refined 68,165 41,583 All other articles 136,825 216.391 Total '$891,624 $991,525 RAILWAYS ROUTES TO THE INTERIOR All foreign trade must pass through foreign territory, as the country is entirely land locked, having lost its coast line to Chile in the war of 1879-1884. Commerce with the outside world passes over one of six routes as follows: To the north by way of the Madeira and Amazon Rivers. To the east by way of Puerto Suarez and the Paraguay River. To the south by way of La Quiaca and the railway from there to Buenos Aires. To the west by way of railway connections with the ports of Antofagasta, Arica and Mollenda. Of the three lines to the Pacific the Antofagasta Railway, British owned, carries much the heaviest freight traffic. It runs 270 miles to the Bolivian frontier, 108 miles from there to Uyuni, and 195 miles from Uyuni to Oruro. The railway from Oruro to La Paz was constructed by the Bolivian Government 183 miles, but is administered by the 11 Antofagasta Railway Co. The distance from Antofagasta to La Paz, by this route, is 711 miles. The shortest and most recently built road to the coast is the Arica-La Paz line, completed in 1912 by Chile meter gauge 264 miles long. As Arica has one of the best harbors on the Pa- cific coast, the railway is expected to become a very important carrier of passengers and freight, especially upon the opening of Panama Canal. There are in all about 800 miles of railway in Bolivia, and construction is going steadily on. In 1906 the Bolivian Govern- ment entered into a contract with Messrs. Speyer & Co. of New York,for the expenditure of $26,700,000 covering the construction of new railways, of which amount $9,730,000 was obtained from Brazil in partial return for the agreement of Bolivia to surrender its claim to certain disputed territory in the north. The con- tract was later turned over to foreign interests, and the actual work on many of the proposed lines has been carried on by the Antofagasta Railway Co. These include the following lines : From Oruro to Cochabamba, From Rio Mulatos to Potosi From Uyuni to Tupiza From Tupiza to La Quiaca. Upon completion, these lines will bs operated by the Anto- fagasta Railway Company for a percentage of their gross earn- ings. Aside from the Antofagasta Railway, and the Guaqui-La Paz line, which belongs to the Peruvian Corporation, all the rail- ways in Bolivia are operating under a Government guarantee. BRAZIL Area 3,218,991 Square Miles Estimated Population in 1911. 23,071,000 Currency Gold Milreis = $0.546 Paper Milreis = $0.3242 In accordance with the Law of June 17th, 1914, the Minister of Finance of Brazil has authorized a funding of the loans as mentioned below in one consolidated issue of 15,000,000., bear- ing 5% interest and guaranteed by a second mortgage on the receipts of the Customs of Rio de Janeiro. If these be insuffi- cient the loan will be equally guaranteed by receipts of other ports. 4J% Loan of 1883. 4|% Loan of 1888 . 4 % Loan of 1889. 5 % Loan of 1895. 5 % Loan of 1908. 4 % Loan of 1910, 4 % Loan of 1911. 5 % Loan of 1913. 4 % Rescission (guaranteed by railway receipts). 5 % Lloyd Brazilian Bonds. 4 % Lloyd Brazilian Bonds. DEBT Federal Loans: External . . . 91,727,180 Internal 54,334,533 t146 061,713 State Loans: External 34,780.990 Internal . . 10,908,185 f f 4- oq 171: Municipal Loans: External . ... 17 167,360 Internal 6 904 006 t 94 071 >: ?fifi Total Debt t215 8 9 2 '-'54 t Approximate. 12 13 N) < fe O H PQ W Q fc O >H <5 S (72 II oo o o* * ^* ^ GO SI* 1 '- 1 2 ^t- co o; -ro t^ ot OX 01 *#< ill ' I-H i-t -;i 5 R sS^li8 s <3 C C G C C3 G G ^*V^ Cco^ws*- 1 " '-**H, *^--t-t 222222 .2 .2 T ^.2' ^j^ 05 2 2 2 v 2 W "S'S'S'S'S 'S 'S O'5 o Ji'S >,'N'N >>'N S '5 "3 .2 rt dpq rtp3 ft rtjs rt rt^j rth- O < >O CD 00 ' ICO l^ C )T-I TjH O O (TO ) TfOOOOO CO ooc^oo ooooo TjHCi C^ ** ^ Go 90 to jm i^a :t^co .2* g2gT: 03 03 OS O 03 t^ ( )03O1 15 CO OOCOOOOOt CO O'O^CO^t^^ IO OtOU3t~OQrJ- i-l >00 8 u PQ fa O H PQ w Q fe O tH 1>-OOO1O 100 00 00 O5 16 t^t^ot^co _! M CQ A <'C'C'C ' . . Great Britain Tobacco Germany Argentina Uruguay .do. .. .do.... .do.... .do... .do.... RAILWAYS At the beginning of 1912 there were in operation 13,840 miles of railways, of which 471 miles were constructed in 1911. There were also under construction at that time 2, 386 miles of railways, and 3,152 miles of proposed road were approved. Nearly all of the Brazilian lines are either owned by the Federal Government or leased to concessionaires with a pro- vision for future reversion to the Government, or are owned by the State Governments. The most extensive construction is in the coffee district in the States of Sao Paulo (3,482 miles in 1912) and Rio de Janeiro. Aside from these States the railway mileage is largely in the States of Rio Grande do Sul (1,350 miles in 1912), Santa Cathar- ina, Parana and Bahia. The Estrado de Ferro do Central, or Central of Brazil Rail- way, which is known as the trunk line of Brazil, is 1,236 miles in length and has cost to date $80,000,000. CHILE Area 292,580 Square Miles Population in 1910 3,415,060 Currency Gold Peso = $0.365 Paper Peso = *0.2061 *Exchange rate of paper peso on January 1, 1914. In addition to the loans as shown in the table on Page 24, the following amounts have been guaranteed by the States : Longitudinal Railway 5% Bonds (Amortization at 2%) 4,026,000. Sociedad Altos Hornos de Conal (Iron Smelting Company at Conal) 5% Bonds 525,000. Since the Chilean Government commenced borrowing abroad in 1822 ; the total amount of money raised has been 54,000,000. This has been allocated as follows: Consolidation of old loans 15,000,000. Armaments 9,000,000. Public Works, etc 27,000,000. Sundries 3,000,000. DEBT Amount. Issued. Amount Outstanding. Federal Gov't. Loans: External Debt 41,612.985 36 170 225 Internal Debt Municipal Loans (External) 8,328,007 800 000 8.328,007 666 040 Total . . 50 740 992 45 164 272 23 HOOO Oi O O OOt>OCOOOOO oo OOOOO cS cS.a O O ^, >OO "o'o'o'o'o {2 Debt of ebt al Debt eaty per nter 1, 191 Bolivi Intern h P Rate of Interest 00 00 00 00 00 1 O -! i-H ^H 40,0f4 98,234,336 107,483,257 122,664,742 650,408 243,111 157.395 115,782,911 120,676,723 137,643.153 27 RAILWAYS At the beginning of 1912, there were in operation 3.948 miles of railways, approximately one-half being Government -owned and the other half private-owned. The most prominent lines are the Antofagasta & Bolivia Rail- way (274 miles) ; The Arica-La Paz Railway., the Chilean section of which is 129 miles in length; the Central Railway System, comprising the road between Valparaiso & Puerto Montt, with branches (the main line being over 700 miles in length) and the northern section of the Longitudinal Railway, from Pueblo Hundido to Pintados, about 441 miles in length. This latter road was completed in 1913 at a cost of nearly $15,000,000. Many of the Government-owned railways show a heavy annual deficit. The gauges of the railways vary from 2 feet to 5 feet 5 inches. COLOMBIA Area 435,278 Square Miles Estimated Population (1912) 5,073,000 Currency Gold Dollar-$l. U. S. Currency. DEBT Amount in Circulation External Debt . . 4,034 680 Internal Debt 919 793 Total Debt 4 954 473 Year Issue Rate of interest Sink- ing- Fund. Denomination. Amount Issued. Amount in circulation Exter nal debt Redeem- Redeemable at ^ | able by par in payment Tenders of revenue ( ) Consolidated External Debt of 1896 Government Bonds Secured on Bogota Sabana Railway. Object for conver- sion of paper currency 2,687,800. 300,000. 300,000. *1, 184,980. 2,282,900. 289,400. 292,400. 1,169,980 . 1896 1906 1911 1913 tlnter 3% 5% 6% 6% nal debt ( 2 ) External Gold Loan of 1911 Redeemable in 30 years and guaranteed by special charge of 3% on entire Cus- toms Receipts. (OSix Per Cent. External Debt of 1913 (Total authorized amount 1,500,- 000.)Secured by 7% of Customs Duties Total External Debt 4,472,780. 4,034,680. 27,500 22,000 85,900 595,980 2,500,000 6,800 60,694 10,240 9,632 13,280 36,879 45,884 52,946 1,131,232 Cambao Highway Bonds Amaga Railway Drafts 127,500 249,750 782,914 595,980 2,500,000 877,300 827,010 2,839,490 149,129 50,980 458,122 162,211 509,485 3,116,421 Antioquia " " Cauca Railway Drafts (For construction) 1 (Special Series)... Occidente Railway Drafts Treasury Bills Certificates of Foreigners Treasury Certificates Certificates of War of 1895 Certificates for Bounties on Exports(1907) " (Special) " for Military Rewards " of War of 1899 Total Internal Debt Total External Debt " Internal Debt . $13,246,292 $ 4,598,967 4,472,780 2,649,258 4,034,680 919,7^3 [ Sterling = $5.00] Total Colombian Debt . . 7,122,038 4,954,473 *Amount issued to December 1913. t Prom the Report of the Minister of the Treasury, as of June 30, 1913. C 1 ) Issued in London. ( 2 ) Issued in Paris. 28 29 BUDGET. 1913 Revenue 3,214,660 ($15,641,303) Expenditure 3,210,809 ($15., 620,588) FOREIGN TRADE Countries. 1912 Countries. 1912 Imports from Exports to United States $15,832,882 United States $ 7 612 037 4 376 182 7,838,878 Germany 1,854,211 Germany 4,201,125 France 625,199 2,011,886 Spain . . . 302,918 Italy 1 172 847 74,470 Other countries 1,127,860 Other countries 9,155,884 *Total Imports . . $23,964,623 tTotal Exports $32.221,746 *The Imports into Colombia increased from $12.488,503 in 1907 to $23,964,623 in 1912. tThe Exports from Colombia increased from $13,791.443. in 1907 to $32,221,746. in 1912. ARTICLES OF IMPORT From From Articles!? Total United Articles. Total. United States States. Animals $26,016 $1,608 Machinery-continued Arms and accessories. 57.439 27,203 Ceramics, crockery, For arts and etc 503.579 157,674 sciences $620.251 $349,060 Drugs and medicines . 838.347 390.546 Musical instruments 69,622 17,398 Electric machinery Oils and fat products . 171,733 94,457 and equipment .... Explosives 175,638 94,116 110,922 48,876 Perfumes, soaps, etc. . Paper and cardboard. 152,169 477,522 92.064 96.629 Food products 3,054.952 1,573,257 Textiles 10,547,134 1.667,131 Metals 2,916.924 1,060,274 Varnishes, paints, etc. 125,862 48,824 Machinery: Wines, liquors etc., . . 835,772 68,172 Agricultural and 38 1 ,587 182 017 All other articles .... 1,884,249 749.062 Locomotives. . . . 1,031,711 876863 Total 23,964,623 $7,612,037 ARTICLES OF EXPORT Articles. Value. Articles. Value. Animals $150 605 $594 188 Bananas 1,996.999 Rubber 736 427 Coffee 16 777 908 442 461 Gold 6.634,914 Wood and lumber 15 289 Hats, Panama 1 174 641 281 885 Hides 2 661 721 Ivory nuts .... 754 708 Total $32 221 746 30 RAILWAYS Railway construction in Colombia has been very slow, there being but approximately 621 miles of railway in operation up to 1912, this mileage being confined to comparatively short lines. As these roads do not connect, goods shipped must go through many transshipments before reaching their destination. The Santa Marta Railway 84 miles in length, 3' gauge ends at Fundacion, but will eventually extend to Magdalena used by United Fruit Co. extensively for freight. The Barranquilla Railway & Pier Co. operates 18 miles 3' gauge track between Puerto Colombia and Barranquilla Business heavy and profitable. The Cartagena Railway 65 miles Cartagena to Calama on the Magdalena. Owned and operated by an American company who also own large fleet of river steamers. Line is 3' gauge and owns eight American locomotives. The Great Northern Central of Colombia now under construc- tion, will run 95 miles (meter gauge) from Puerto Wilches on the Magdalena to Buccamanga and will open up rich country and carry heavy cargo. This line will eventually be extended to Bogota. When completed, the Antioquia Railroad, owned by the Department of Antioquia and subsidized by the National Government, promises to be of great importance. This line will have a 3' gauge and will run 125 miles between Puerto Berro and Medellin. German capital is interested in this en- terprise. Roads Serving Bogota. Miles Track El Dorado-Beltram Line 71 81 3' gauge *Northern Railway 18 *In course of construction. In the east the Cucuta Railway connects the city of that name with Villamizar, where there is an outlet to the sea. Another line runs 18 miles across the Venezuelan frontier from Cucuta to Tachira. The profit of all of these roads has been good and the demand for an outlet for the interior cities and the agricultural and mining sections will continue to attract capital to this field of investment. ECUADOR Area (Estimated) 116,000 Square Miles Population (Estimated) 1,500,000 (one-half to three-fourths are Indians, and about 350,000 half-breeds) . Currency Sucre = $0.487 Condor = Pound Sterling DEBT* Amount Outstanding External Debt . . $13,052,661 Internal Debt 5 721 577 Total Debt $18 774 238 *Asof December 31, 1912. STATEMENT OF THE PUBLIC DEBT ON 31sT DECEMBER, 1912. Commence- ment of Service. Creditors. Interest Sinking Fund. In Circulation 31st Dec., 1912. 1903 1909 1909 1909 1910 1910 1903 1910 1910 1910 1906 1906 1910 1906 1907 1903 1826 1910 1910 1910 1910 1910 1910 1910 EXTERNAL DEBT. (^Condores Bonds. Per cent 4 6 5 4 6 Per cent 1 1 1 4 Dollars 351,614 2,164,228 10,467,578 946,648 116,393 6,200 Guayaquil Railway Prior Lien Bonds " Ordinary " ( J )Salt Certificates 0)Speyer & Co. Loan Series L. Ceitificates.. . Total External Debt INTERNAL DEBT. Inscribed Debt Seiies A, B, C and D Compania Nacional Comercial Bonds of Series H 6 9 10 12 7 7 9 7 9 2 9 I 13,052,661 923,169 19,480 95,528 14,017 245,303 1,074,088 409,777 1,394,468 269,122 5,100 505,804 48,700 2,595 3,978 50,255 58 622,279 23,246 14,610 Banco del Pichincha Consolidated Loans.. . . Banco Comercial y Agricola Banco Comercial y Agricola Consolidated Debt Banco Comercial y Agricola Loans Guaranteed by Patriotic Taxes . . Banco del Ecuador Consolidated Debt Compania Nacional Comercial Loan of 600,000 sucres Smaller Certificates of 25 sucres Column " Ninth of October " Discount of 25 per cent, and 10 per cent of Salaries of 1910 School of Agriculture in Ambato Bills and Promissory Notes Public Instruction Guayaquil Canal Boaid Voluntary Loans ... Flores Road Total Internal Debt 5,721,577 ( l ) Issued in London. 31 32 BUDGET Revenue. . . . Expenditure. 1914 ,$10,218,000. $10,218,000. FOREIGN TRADE Countries. 1910 1911 1912 Imports from United States United Kingdom $ 2,254,303 2,483,945 $ 2,593,493 2 850,326 $ 2,764,109 3,219 238 Germany 1 574 135 2 386 473 2 166 021 France Italy . . 526,615 337 146 715,896 502 500 633,800 507 117 Spain 271,949 444,976 395,104 Peru 59,886 275 730 181,467 Chile 53 946 49 792 85 724 Other countries 462,180 1,498,759 700,263 Total Imports ... . United States $ 4 090 511 $ 3 209 478 $ 3 965 442 United Kingdom 1,140,873 1,021,985 2,060,161 Germany .... 2,248 223 2 197 023 1 529 558 France. . . 4,793,999 4,630,247 4,105,293 Italy 150,485 140,289 150 662 Spain 400 478 481 674 420 152 Peru.. . 72,102 98,496 146 122 Chile 383 860 932 623 633 556 Other countries 385,840 846,218 706,938 Total Exports $13 666 371 $13 558 033 $13 717 884 ARTICLES OF IMPORT (1912) Articles. Value. Articles. Value. Animals, live . . . $47 111 Jewelry $19 807 Arms and ammunition Boats, launches, etc. ... 49,521 10,390 Leather Lumber rough and finished 26,569 94 594 Books, blank and printed. . . . 34,135 Matches 26,917 Boots, shoes, and findings Candles 234,302 155 938 Mineral products 206.445 53 699 Carriages in general Cement , stone, and earth . . . 76,809 56,423 Oils in general Paints and varnishes 115,092 41 063 Clothing, ready-made 624,959 Paper in general 171,167 Cordage, twine, and thread.... 166,328 Perfumery 79,065 Crockery and glassware.... 161 102 Textiles- Drugs and medicines 436,229 Silk fabrics, pure and Foodstuffs 1,849,847 mixed 18,143 Gold and silver coins. . 285 333 All other 2 784 944 Hats and caps 146,185 Vegetable products 54,899 Iron and steel, and manufac- Wines and liquors . . . 375,574 tures of: 830 728 798 971 620 554 Total 10,652,843 33 ARTICLES OF EXPORT Articles. 1911 1912 Articles 1911 1912 Cocoa beans $8,012,296 1.119,558 71,930 37.321 225.750 1,404,501 209,996 $7,653,505 783,787 27.292 1,957 304.567 1,372.051 294.899 Ivory nuts (tagua) . Rubber All other products. Total Gold coin $868.964 682.557 924,515 $936,511 698,965 1,535,749 Coffee Fresh fruits Gold bullion and dust Gold ore and bars. . Hats (Panama $13,557,388 645 $13,609,283 108.601 Grand total. Hides of neat cattle $13,558,033 $13,717,884 RAILWAYS There are in operation about 310 miles of railways, the mos} important line being the Guayaquil Tuito Railway, about 285 miles in legnth. PARAGUAY Area 171,000 Square Miles Population 800,000 Currency Gold Peso $0.965 *DEBT External Debt, Internal Debt. Total Debt. 730,550 572.212 1,302,762 *As of December 31, 1913. SUMMARY OF PUBLIC DEBT AS OF DECEMBER 31, 1913. Year of Issue. Rate of Interest Sinking Fund Loan. Amount Outstand- ing. External Debt: * 1886-1896 3% \% External Debt of 1886-1896. (Original Issue 994,600) 730,550 Total External Debt 730 550 Internal Debt: New Building for Central Post and Telegraph Office Floating Debt, so far as entered in the Govern- ment Accounts, viz.: (a) Debt of Revolution of 1904 25,000 42,575 (b) Treasury Notes issued during 1905-09. . . (c) Debit Balances of Administration of pre- vious Governments, 1910 to March 1912. (d) Overdraft at Banco de la Republica, 31st March 1912, less interest Loan from the Banco de la Republica for $500,- 000. Gold, January 1912, guaranteed by de- posit with the Bank of $10,000,000. Paper; balance of capital with interest at 9 per cent 136,080 155,193 111,364 102,000 Total Internal Debt 572 212 Total External and Internal Debt 1,302,762 *Issued in London. 34 35 BUDGET 1913 Revenue 938,776. Expenditures 1,016,538. FOREIGN TRADE Countries 1907 1908 1909 1910 1911 1912 Imported from United States 5391,377 1 1,036,781 700,197 2,201,869 488,931 348,098 1,682,042 403,272 $7,249,567 $214,967 739,691 255,059 1,150,878 279,570 203,189 726,362 360,684 $202,766 568,085 234,899 733,081 254,330 178,580 1,244,533 239,099 $307,674 672,683 286,669 1,101,443 332,523 362,806 2,603,232 527,704 $6,194,734 $375,895 747,836 416,400 1.754,049 339,540 399,148 1,785.445 964,517 $6,782,830 * $304,888 678.410 364,889 1,500,958 306,610 321,203 1,295,248 318,219 $5,090,425 $22,896 4,064,302 $4,087,198 Argentina France Germany. . . Italy Spain United Kingdom All other Countries. . . Total $3,930,400 $3,655,373 Exports to United States All other Countries. . . Total Exports *Approximately 95% of this amount is credited to Uruguay, Buenos Aires and Germany. EXPORTS AND IMPORTS FOR 1912 Articles of Import Value Articles of Export Value Beverages $281,844 Live Animals $46,937 Drugs. . 215 039 Hides 1 044 753 Government Supplies (for Public works) 119,499 Oranges, tangerines and essence of petit grain 1,238 749 Haberdashery (small wares Timber 846,341 sold by dry good stores) . 380,518 Tobacco 426,955 Hardware 836 621 Yerba mat 6 483 463 1 171 578 Textiles 1 462 367 Total Exports $4 087 198 Ammunition 30,282 Footwear . 6 532 Furniture 4,835 Sundries 581,310 Total Imports $5,090 425 RAILWAYS Except for the single railroad, transportation is altogether by muleback, rude carts or by boat, there being practically no good roads. This railway, from Asuncion to Villa Encar- nacion, is of the same gauge as the railway with which it con- nects in Argentine, and through trains can be run. 36 A projected road, which will be of great importance when built, is the Trans-Paraguayan Railway, running east to the Brazilian frontier, and connecting there with a road to Sao Francisco, on the Atlantic coast. The Farquhar Syndicate controls the Paraguay Central, and is interested in the Trans-Paraguayan line. It is also building a line running west from Asuncion to connect with an Argentine line which will afford direct rail communication with the west coast. PERU Area (Estimated) 440,000 Square Miles Estimated Population 4,500,000 (over one-half are Indians and one-quarter half-breeds). Currency Libra, or Peruvian Pound = $4.8665 DEBT External Debt (Approx.) 1,223,577 Internal Debt (Approx.) 3,572,133 Total Debt (Approx.) 4,795,710 PERU FEDERAL GOVERNMENT OBLIGATIONS Year Issue External Rate Interest Debt: Loan. tl909 5*% (Redeemable in 28* years. 600,000. was used in paying off a GermanLoan contracted in!905.) * 1,143 ,577, Guadeloupe Government College 80,000. Total External Debt 1,223,577. Internal Debt: 1889 1 % ' 2,600,645 . \ These loans were unified and 3,900,240. / amount now outstanding is. 620,401, 1898 Debit balances of budgets to Sept. 24, 1912. . . 207,148. Treasury Notes 156,861 Huacho Railway 72,033 . Cia Nacional de Recaudacion (Tax Collecting Co.) 636,542 , Banks of Peru y Londres, Aleman Transatlan- tico, Popular del Peru and Deutsche Bank. 386,010. Such & Go's. Claim 130,000. Schneider et Cie., balance 411,368 Balance of Purchase (Comandante Aguirre) . . 112,000. Herklotz & Co 21,380. Paul Remant 6,513 . Balance due U. S. A. (War Materials) 862,500 . Balance under contracts of War and Marine. . 9,906. Balance due Ministry of Fomento 31,630. Claims against Public Health Department 7,841 Total Internal Debt. . . . . 3,572,133 Amount Outstanding * Original Amount 2,000,000. f Issued in Paris. 38 In addition to the above the Peruvian Government has con- tracted to issue bonds in connection with the construction of the following Railways: Ucayali Railway 2,000,000. Extension of same to the Coast 475,000. Lima Huacho Railway 830,513. Magdalena Chilete Railway 149,531. Huancayo Ayacucho Railway Sur- vey. .. 12,000. 3,467,044. The Service of interest and amortization on the above Railway bonds will involve a sum of 253,080. BUDGET 1910-1911 Revenue 2,795,775 Expenditures. .2,685,322 "Estimated. *1911-1912 2,784,513 2,784,513 "1912-1913 7,500,000 7,500,000 FOREIGN TRADE Countries. 1910 1911 1912 Imports from United States $ 4,484,214 $ 6,082,352 $ 5 763 423 United Kingdom 8,134,189 8,375,581 6,800,708 Germany 3,842,855 4,608,026 4,557,698 France 2 361,492 1 410 009 1 552 031 Italy 805,461 971,323 1,235,329 Belgium 1,217,892 1,626,494 1,192 277 Other countries 3,360,085 3,410,472 3,926,348 Total Imports $24,206,188 $26 484 257 $25 027 814 Exports to United States $ 9 878 327 $10,187,998 United Kingdom. . 12,234,119 11,983,201 Chile 4,532,791 6,370,163 Germany 1 740 884 2 811 486 France 3,750,560 1,902,394 Belgium 516,186 494,640 Other countries 1 773 117 2 340 213 Total Exports. $34,425 984 $36,090,095 *$45,878 004 * Details not available. 39 ARTICLES OF IMPORT Articles and countries 1910 1911 Articles and countries 1910 1911 Cotton textiles and manufactures: United Kingdom.... Germany $1.770.615 438,676 224,175 132,222 149,202 60,811 59,629 11,986 14,337 $2.131.482 535.076 404.303 169,378 139,605 130.091 99.281 8,189 12.064 Wearing apparel and notions continued Germany United Kingdom.... United States Other countries. . . . Total Furniture : Germany United States United Kingdom.... France Hongkong Other countries. . . . Total Metals and manufac- tures: United Kingdom.... United States Germany $118,796 258,955 58,081 145,483 $12.472 10.769 2.331 3.526 Italy Belgium United States. . . . Spain France 814,530 53,574 40,226 44,007 10,818 6,732 102,969 49,516 45,004 42,912 22,123 4.540 7,536 Japan Other countries. . . Total Wool and animal hair and manu- factures: United Kingdom.... Germany 2.861,653 532,944 277.565 92,726 61,532 42,153 2,501 29,026 3.629,469 638,459 577,760 159,246 84,559 77.513 8.189 6,856 10,138 155,357 1.270.759 498.529 205,570 165.188 36.814 171,631 1,948.984 1,579,651 616.240 490,747 182,843 24.424 18,925 12,432 Belgium Italy France Spain United States Other countries.. . . Total Linen, hemp, jute and other textile fi- bers and manu- factures: United Kingdom.... B.itish India Germany Australia Belgium France 1.038,447 249,441 88.969 31.194 19,636 16.088 13,820 5,133 1.562,720 280,042 188,683 55.531 42,027 20.113 16.998 13.971 10.390 10.283 6.910 1,230 Italy Other countries. . . . Total Stones, earth, coal glass and china- ware: United Kingdom.... Germany 9.166 2.186,026 272,100 142,845 67.955 51.925 26.916 15.178 4.874,246 935.964 476.249 237.524 127,507 59.604 60.305 33.194 32.011 14.044 12.672 France Belgium United States Spain Belgium United States Australia France Italy Chile 11,338 16.321 4.245 Chile Japan Other countries . . . Total Silk, animal and vegetable and manufactures Germany United Kingdom... France Italy Belgium Italy Other countries.. . . Total 17.237 456.185 121,146 63,633 58,120 23.539 7,425 646.178 161.299 66,792 63,964 20,157 19,032 10,399 5.742 4.847 4,053 594,156 322.726 17.421 15.183 16.059 1,989,074 1,530,689 49,034 53,137 36,035 23.943 17,601 16,063 8,939 5,999 5.693 5,596 13.187 Woods, lumber, and manufactures: United States Chile Germany Ecuador Hongkong Japan Japan United Kingdom. .. Hongkong Belgium i'7,333 United States. . . . Other countries. . . Total . 26.613 300.476 58,957 37.481 40,727 14.108 356.285 163.144 139.040 100,897 52,626 22,814 10.745 4.618 13.935 Spain -. .. . Italy Other countries.. . Total 48,542 Hides, skins, and leather goods: United Kingdom... United States Germany France 437.264 213,200 67.604 62,403 16.433 15.985 1,765,916 491,146 223,551 152,262 72.282 43.812 22.760 19,397 6,467 4,960 Paints, dyes, var- nishes, bitumen gum: United States Germany Japan Italy Spain Other countries.. . . Total Wearing apparel and notions: Italy France . . iV.988 United Kingdom.... Belgium Salvador Mexico 169.261 108,746 124,469 507,819 47.705 26.166 France Italy Other countries.. . . Total . . 12.896 388,521 1.036.637 40 Articles and countries 1910 1911 Articles and countries 1910 1911 Live animals: Chile Ecuador $10,088 3*5,218 $44.425 10,292 5,313 3,309 1,747 786 Dry goods and mis- cellaneous artic- les continued Italy $62.563 55,146 $17,509 16.020 11.927 11,810 9,425 7,922 3,314 1,327.235 173.850 87,241 118.708 63.736 43.350 51,224 25.417 10.331 4,185 1,878 United States Germany United Kingdom.... Other countries. . . . Total Stationery, paper, and cardboard: Mexico Ecuador Japan Hongkong Spain . . 42,353 37,349 156,830 8,465,908 160,715 88,049 82,375 69,449 45,447 31,919 25,111 16.394 45.306 154,574 21.689 35,680 46,829 28,424 16,706 14,667 4,897 65,872 422,898 108,503 98,794 97,310 57,458 36,999 26,361 5,201 5,880 Other countries.. . . Total . . Beverages: France. Spain United Kingdom.... United States Belgium Germany United Kingdom.... Portugal.... Italy Italy Spain Hongkong. . . Other countries.. . . Total . Belgium United States Hongkong 323.466 436.758 269,136 77,644 35,685 57,998 859,404 749,864 809,800 225.503 172,842 49,253 11,733 4,550 10,725 Tools, ships' stores, machines, and vehicles: United States United Kingdom.... Germany Belgium .... Other countries.. . . Total Comestibles and con- diments: Australia Hongkong United States United Kingdom.... 42.752 562.211 801,639 507,400 547,456 370,549 345,219 182,726 497,755 38,065 56,i54 579,920 1,013,886 626.795 568.416 322,906 273,677 185,579 94,935 89,290 59,390 40,552 28.181 14.331 7.586 6,466 France Italy Other countries.. . . Total Musical instruments: Germany 17,066 Italy Chile 894,287 19.986 7.936 8J87 2,034,270 75,960 30,532 11,373 5,499 14,168 France Belgium Spain Portugal Brazil United States United Kingdom.... France Other countries.. . . Total Arms, ammunition, and explosives: Germany United Kingdom.... United States France Hongkong Japan Other countries. . . . Total Medicines and phar- maceutical pro- ducts: United States Germany ' 227,306 3,574.269 118.766 131,346 76,106 144,568 49,701 3.331,990 212.933 210,426 177,568 143,950 53,793 12,983 10,321 48,925 36.109 17.333 67,225 39.331 27,669 137,532 172,171 123,851 102,317 76,569 57,847 8.968 9,076 France United Kingdom.... Italy Belgium Belgium Other countries.. . . Total Dry goods and mis- cellaneous articles United Kingdom.... Germany 34.778 Other countries.. . . Total 30.877 185,676 2,583,430 1,490,550 1,801,962 1,495,523 143,322 561,506 35,374 550,799 336,527 255,510 205,638 142,928 134,417 96,239 78,049 551.364 870,899 16.224 14,959 14,725 7,494 10.888 Articles not classified: Germany United Kingdom.... United States France 94,696 51.229 52,453 United States France Chile Othei countries.. . . Total Belgium Cuba. 198,378 64,290 41 ARTICLES OF EXPORT Articles. 1910 1911 Articles. 1910 1911 OTHER THAN MIN- ERALS Sugar $6,726,237 $7,087,395 MINERALS. Silver and copper bars $3.094,373 (t) Rubber 6,222,662 2,613,733 Copper and silver Cotton 4 938 631 5 003 998 bars.. 2 923 992 $3 118 516 Wool: Alpaca 1 293 305 1 Copper and silver matte 637.097 225,284 Sheep Llama 707.520 344,071 \ 1,972,333 l Copper and silver ore.. .... 601,975 378,851 Guano 883,668 1,354.775 Silver sulphide 448,122 546,916 Straw hats 589,225 2,147,668 Vanadium 447.284 (t) Hides 441,605 524,900 Borate of lime 356,076 330,561 Cocaine Rice 336,522 224 997 366,943 401 291 Silver and lead ore. . Silver bars 182,571 156,448 (t) 220,50 Cottonseed cake. . . . Coffee 132,159 113,038 230.515 247,369 Copper ore Silver ore 144,773 119,117 397,26 280 43 Cocoa 98,970 265,365 Copper matte 50,358 132,85 Charcoal . . 51,983 102,643 Lead ore 19,348 158,06 Raw sugar (Chan- caca) 45,379 500,441 Copper bars Petrbleum 533,440 2.774,34 849,35 Vegetables and gar- Gasoline 46,464 1,092,47 den stuff 41,598 99,495 All other 174,112 (*) erals 1,298,864 (*) Total min. exports. . 9,935,550 (*) Total 24,490,434 (*) Grand total exports. 34,425,984 36,090.095 *Total of nonmineral and of mineral exports for 1911 not stated separately. tNot given separately. RAILWAYS In 1913 there were in operation 1,840 miles of railway, the greater part of which is under the control of the Peruvian Cor- poration. This Corporation was formed by the European bondholders when the revenue of the country was insufficient to meet the interest on the national debt, the bondholders agreeing to cancel the foreign debt in return for certain con- cessions. The most important railways are the Central Railway (249 miles); the Southern Railway (537 miles); the Northwestern Railway (123 miles), running from Ancon to Sayan, north of Lima; Pacasmayo and Guadeloupe Railway (98 miles); Paita- Piura Railway (60 miles) ; Trujillo Railway (72 miles) ; Chimbote Railway (65 miles); Pisco-Ita Railway (46 miles), and the Ilo-Moquega Railway (162 miles). URUGUAY Area. 72,000 Square Miles Population 1,300,000 Currency Peso = 100 Centisimos = $1.034 DEBT Debt. Am't. Outstanding ^External Debt 26,320,708 t Internal Debt 2,269,473 Total Debt 28 590 181 Outstanding Dec. 31, 1913. fOutstanding Jan. 1, 1913. URUGUAY SUMMARY OF PUBLIC DEBT Year Issue Rate interest Sink- ing Fund Loan. Original Amount Amount Outstand- ing *Exter nal Deb t: 1% 1% w. 1% (i) New Consolidated 3*% External debt. (') Five Per Cent. Loan of 1896 20,500,000 1,667,000 6,912,836 1,276,672 1,000,000 16,756,280 1,001,440 6,346,278 1,216,710 1,000,000 1891-96 1896 1905 1909 1913 tlnter 3i% 5% 5% 5% 5% nal Deb Five Per Cent. Conversion Loan of 1905 ( 2 ) Five Per Cent. Public Works Loan of 1909 0) Uruguay Five Per cent. Golds Bonds (Authorized Amount 2,000,000.) Total External Debt 31,356,508 26,320,708 579,000 416,064 43,165 266,401 46,936 631,851 237,237 48,819 1912 1912 4% 4% 5% 5% 5% 5% i Internal Unified Debt Liquidation Debt .... Amortizable Debt Second Series. . . . Uruguayan Eastern Railway Guar- Banco de Seguros del Estado Debt.. . . State Lands Bonds Redemption Debt Brazilian International Debt 2,269,473 *As of December 31st, 1913. fAs of January 1st, 1913. 0) Issued in London. ( 2 ) Issued in Paris. BUDGET 1912 1913 Revenue $35,142,360 7,215,284 Expenditures $35,133,812 7,213,548 42 43 FOREIGN TRADE Countries 1911 Countries 1911 Imported from United States $5,671,318 Belgium $ 3 333 938 United Kingdom Germany 12,648,379 7,894,644 Spain Brazil . . 2.143,455 2 071 535 Argentina 4,173,155 All other Countries 1 352 972 France 3 952 473 Italy 3,348,233 Total $46 590 102 Countries. 1910 1911 1912 Exported to United States $ 2 892 760 $ 1 656 846 $ 2 727 371 Argentina 6 056 857 5 020 125 7 308 823 Austria-Hungary 330 817 792 085 799 437 Belgium 8,016 520 7 460 044 7 853 895 Brazil 4 241 226 3 347 262 3 784 318 Cuba 1 059 409 1 867 573 965 711 France 9 191 260 10 060 148 8 750 361 Germany 4 163 898 6 879 394 7 860 272 Italy 1 640 529 1 369 170 1 297 537 Portugal 194 495 215 308 1 203 261 Spain 596 305 604 681 642 990 United Kingdom & Colonies All other countries 3,590,027 445 246 4,159,170 444 718 6.546,592 664 435 $42,419,349 $43,876,524 $50.405,003 ARTICLES OF IMPORT (1911) Articles. Value. Articles. Value. Beverages $2 224 582 Chemical products, etc. . . 1,433,804 Continued ' Chalk 52 661 $76 279 Cement, Portland.. 981 279 692 365 Coal 2 742 100 144 qc;fi Chinaware 187,546 For roofs 692,365 Food products: Cheese 113 573 Iron in bars and sheets. 697.835 634 419 Coffee 365 174 Nails QQ QQQ Codfish 90 894 Chocolate 129,899 82 818 Sardines Canned goods 91.011 89,599 Galvanized iron. . Rails 81.450 53 998 Fruits 370 006 50 125 Indian corn 317 804 905 318 Oils 737 926 Potatoes. . . 978 165 749 770 Peas 113 028 Oils- Wheat 109 620 283 636 Yerba mat6 1,236,542 129 168 Sugar, refined and Un- Gasoline 45,009 refined 2 338 379 85 784 Rice Glass bottles and flasks Glass, window 637,092 97,323 307,585 Paints, dyes, inks, etc Paper, and manufactures of. . 378.382 1.031,812 59 749 Hides and skins and manu- Sulphur. . . . 79 996 factures 66 805 Iron, steel and manufactures: Cotton 5 370 078 Agricultural machinery Linen. . . 249,387 and implements 552,319 Silk 318,090 Beams. . . 555 211 Woolen 1 773 931 Carriage springs Enameled ware 76,135 150 108 Tobacco 1,321,860 Cutlery Fence wire 63,195 848.326 Furniture Other 258.841 2.680.597 44 ARTICLES OF EXPORT (1912) Articles. Value. Articles. Value. Live-stock products: Bones and ash $198,487 Mineral products: Stone, etc $723 539 Fat 1,808,375 Sand etc 1 540 749 9 295 055 Hair 224,727 Total $2 264 288 Live animals . . . 1,067,721 Meat and extracts. . . 5,920,302 Game and fish: Wool 26,781,539 Game 107 771 Other products 11,631 Fish 3,583 226 460 Total $111 354 Total $45,534 297 Agricultural products: Other products 137 369 Flour and pastes 892,319 103 516 Ships' stores 236,626 Grain and seeds Hay and fodder.. . . 916,891 200,271 Total customs value.... $50,405.003 8 072 4 440 278 Total $2,121,069 True total value $54,845,281 RAILWAYS At the beginning of 1913 there were 1 ,570 miles of railways in operation, all of 4 foot 81/2 inch gauge, and practically all British built. Formerly these were all British owned, but the Far- quhar Syndicate, acting through its subsidiary concern, the Uruguay Co., entered the field in 1912, and now controls the Midland Line, the Northern and the Northwestern. The level character of the country permits of easy railroad con- struction. The railway center is Montevideo and from it lines run to the northeast, north and northwest. There are five separate systems or lines, The Central Uruguay Railway Co., the Midland Uruguay Railway Co., the North- western of Uruguay, the Uruguay Northern and the Uruguay East Coast Railway. All the Uruguayan lines operate at a profit, that of the Central Uruguay Railway Co., in 1911-12 being $1,500,000. Of the total length of 1,570 miles about 1,033 miles are operated under a Government guarantee. In 1911 the Pan-American Railway line was projected by Americans and work begun on it, but the terms of contract were not satisfactory to the Govern- ment, and the concession was, therefore withdrawn by agree- ment and the completed section turned over to the Government. The Uruguay Co. is organized under the laws of State of Maine, and a contract has been signed to construct three lines, 45 one of 205 miles from Montevideo to the junction of the Mid- land Railway and the Central Uruguay Railway, another of a few miles to connect this line with the East Coast of Uruguay line at Olmos, and another of 50 miles from San Carlos to Rocha. These lines will furnish the Midland system with independent access to Montevideo and establish a coast route to Paloma. VENEZUELA Area 394,000 Squares Miles Population 2,743,000 Currency Bolivar = 100 centimes = $0.193 DEBT Amount Outstanding *External Debt 4.086,640 flnternal Debt . . 2,477,707 Total 6.564,347 *As of December 31, 1913. fAs of December 31, 1912. VENEZUELA SUMMARY OF PUBLIC DEBT Year Issue Interest Rate Sink- ing Fund Loan. Original Issue Amount Outstand- ing *Ext ernal D ebt: Three Per Cent. Diplomatic Debt. . . . Total External Debt (a) 5,229,700 4,086,640 1905 tlnte 3% rnal De 1% bt: 5,229,700 4,086,640 National Internal 3% Consolidated Debt 2,419,755 57,952 3% National Internal Convertible Debt. . 2,477,707 *As of December 31, 1913. tAs of December 31, 1912. (a) Issued in London and Berlin. BUDGET July 1 -1913 to June 30-1914 Revenue $10,080,000 Expenditures $10,080,000 46 47 FOREIGN TRADE Countries 1903-4 1906-7 1909-10 1910-11 1911-12 Imported from United States $ 2,855.000 3,732,000 2,229,000 2.660,000 $ 2,534,000 3,790,000 1,977,000 1,673.000 $ 3,560,000 2,874,000 2.058,000 2,440,000 $ 4.025,000 4,445,000 2,665,000 4,340,000 $ 6.236.000 5,116,000 3,149,000 5,895,000 United Kingdom Germany Other countries Total $11,476,000 $ 9,974,000 $10,932,000 $15,475,000|$20,396.000 Exported to United States France Germany $3,975,000 5,470,000 780,000 5,349,000 $ 5,754,000 3,931,000 966,000 4,986,000 $ 5,975,000 5,535,000 1,603.000 3.566,000 $ 6,098,000 5,164,000 3.037,000 4,407.000 $ 8,368,000 7,517,000 4,360,000 5,487,000 Other countries Total $15,574,000 $15,637,000 $16,679,000 $18.706.000 $25,732,000 ARTICLES OF IMPORT Articles United States. United King- dom. Germany France. Nether- lands. All other Total Agricultural imple- ments and acces- sories $ 98 438 $ 166 525 1 36 159 $ 408 $ 34 770 $ 29 $ 336 329 Arms and ammuni- tion. 201 728 10 067 38 391 16 429 17 816 74 834 359 265 Automobiles and ac- cessories Bags and bagging. . . Beer Biscuits Bottles Butter Canned meats Carbonic-acid gas.. . Cement Cheese Coal 96,593 6,677 77 96,547 493 137,977 95,892 1.022 66.461 990 11,365 1,930 215,460 8,638 20,563 6,884 2,692 17,050 939 23.246 461 81 103 3,049 12,213 58,708 12,111 129,871 168,080 20,418 4,585 25,954 5,436 11 742 16.304 101 7 1,912 93 47,443 16,950 49 17 1,454 '10,135 17,617 2,577 1,643 33,718 10,156 2,853 13,874 55,255 4 009 2,658 ' '987 316 1,001 21,483 ' '96 3,678 4 298 117,876 247,244 85,047 134,697 139,300 390,911 181,949 9,448 129,648 67,274 112 517 Confectionery Cotton goods Cotton knit goods.. . Drugs and medicines Earthenware and crockery Electrical appara- tus and accessories Flour 32,978 449,663 1,363 287,718 3,324 120,585 1 085 821 23.480 2,745,304 17,826 32,625 11.602 2.626 11 697 6,132 378.992 114.133 111.579 46,280 8.530 289 12,546 75,396 26,110 130,989 1,387 76 6,374 325,087 44,657 37,817 11,147 2,625 16,522 388,695 226,667 34,170 641 2.285 98,032 4,363,137 430,756 634.898 74,381 136.727 1 OQ7 807 Glassware Hams 22,828 72 697 1,929 795 39,681 679 5,998 20 8,244 309 744 58 79.424 74 'i'lS Hats Iron, and manufac- tures of: Domestic wares.. Manufactures, n. e.s Tubes 8.150 18,609 176,498 40,410 2,619 23,054 99,154 17 486 203,438 118,941 55,367 7 034 7,980 803 14,311 12,026 25.872 11.011 31.247 331 7.152 714 265,460 187,610 363.493 65 644 Unfinished Lamps, lanterns, and accessories. . . Lard Leather Machinery Malt 42,356 7,345 382,184 95.488 289,850 125 17.708 461 6,199 6,607 90,596 10,400 7,442 ' 44,448 62,944 48 381 214 1,221 17 68,008 20,200 501 1,290 9,736 16.052 434 327 ' 1.099 7,932 170 71,613 18,086 388,400 225,386 487,574 48 fi7fi Nails, iron. . . Oils: Benzine, gaso- line and naptha Crude petroleum Engine Kerosene 16.931 14.957 970 15,755 160,958 7.528 672 427 5,739 2 523 17.130 1,677 2.908 103 32 ' '99 2,808 47 2,203 312 1.437 ' 1,932 45.937 17.385 3.600 26.745 163 481 Linseed Olive . 4,298 279 1,597 4 035 14,548 2 799 57 8 749 2,374 5 382 180 728 22.874 201 Q72 Other 3,265 58 l!946 34 ' 90 360 5,753 48 Articles United States. 1 United I Kingdom. 1,268 4,852 180 110 5,999 16,664 426 82,754 28,589 8,241 268 1,938 2,392 133 609 200 207 84.255 994 2,537 170,149 178,356 Germany 918 15.035 11,257 617 53,263 22,800 3.021 23,090 253.946 81,780 5,708 1,098 2,946 668 161 3,695 4,088 66,239 3.755 4.982 40.553 767,354 France. Nether- lands. All other Total Olives and capers. . . Paints: Ordinary $ 1,286 31,644 7,368 41,368 26,427 54,518 17,095 41,974 17,969 1,663 27,115 5,205 5,171 8,063 6,756 4,698 942 13,024 138,388 13,762 4,526 1,079,696 $ 5.072 407 1.363 3 2,045 66.381 $ 891 1.751 2,073 157 27,465 28,527 1,955 16,078 311,139 38,743 2,398 291.085 205 " '95 335 2,260 27,981 794 14.167 167.868 $ 13.746 2.332 254 522 23.068 3.971 1,000 3.030 108,475 3,129 17,236 2.699 1.257 26 666 213,335 ' '13,885 541,239 $ 23.181 56.021 22,495 42.777 138,267 192,861 22,497 164.896 614,731 250,251 38,741 318,069 13,519 8,879 9,152 9,271 8,732 564.176 143,137 22,075 292,282 3,722,473 Enamel and co- lors Paper: Printing Other Perfumery Powder and dyna- mite Railroad material. . . Rice Sardines. "58 11,349 123 1.507 106 15 274 317 569 159,342 "49.662 987.960 1.761.410 78,744 778,176 Spices Stearin and suet. . . . Tobacco and pro- ducts Turpentine Vegetables, dried . . . Wall paper Window glass Wines and liquors.. . Wire: Barbed Galvanized&plain Woolen goods. ..... All other articles. . . . Total . . Coin: Gold ... 5,718.323 1,114,115 4,281.026 3.860 3,199.389 1.666.354 4.648 1,962,895 18,589,397 1.201.367 778.176 Silver Total, 1912.. Total. 1911.. 6.832,438 5.219,577 4,284,886 5,253.865 3.199,389 3,195.945 2,618,330 1,857.564 1,671.002 1.340.904 1,962,895 1.527,034 20,568,940 18.394.889 ARTICLES OF EXPORT Articles. United States France Germany United Kingdom. Nether- lands. Other countries Total. Asphalt Balata Balsam copaiba Cacao $ 294,184 289,552 25,575 385,292 i 603 $ 602,668 87 1,081,805 90,729 $ 637,210 10,668 82,307 $ 9,405 237,451 633 403.738 111,092 14,699 22,657 320,920 M.048 5,533 1,639 154 31 4,036 263,647 11,686 31.021 652 3.339 408 27,910 68,863 5,968 22 27,479 8,i53 25.520 $ ' '378 1,695 44,487 4,166 486 294.862 261 571 171 126 5.333 155.682 ' '14,433 7,981 ' '87 32 5.051 15,428 52,418 29,182 13,279 66,241 1 307.846 90.729 9 1.745,551 $ 303.589 1,767,259 38.658 2,305,475 205,987 16,797 15,137,994 320,920 28.461 13,902 80,962 59.118 15.027 553,558 583,847 367.491 1,265.111 19,144 42,035 9, 071 32.577 4,211 27,910 615,158 16.634 21.709 52.440 61.301 145.936 72.439 280,578 Cattle, young Coconuts Coffee 6,174,207 4,246,624 2,654,093 Copper ore Cotton 2,393 174 77,895 1,649 9.634 365,447 65,493 76,185 1.010,636 655 42,035 9,071 710 3,088 402.060 43 "193 2,564 19 26,753 229.348 213,354 30,521 5.005 ' 25,859 193 8,624 2,070 77 6.716 7,585 1,004 52,483 10 1,640 24,780 56,266 164,373 4,851 2,669 19 135,579 9,513 174 ' '3 8,780 33.950 44,353 Cotton seed Deerskins 39 2,142 "579 ' '14,127 " "416 62 "742 70,682 Divi-divi Fish sounds . . Goatskins Gold bullion Heron feathers Hides, dry Horns Iron ore Magnesite Pearls Plants, live Refrigerated beef. . . Rubber Sabadilla Sole leather Straw, hat Sugar, crude Tonka beans Lumber All other articles Total Gold coin Silver coin Grand total, 1912 Grand total, 1911 4,632 137,156 15,068 26,448 5 1,247 47,334 9,420,842 492,933 6,615,122 102.579 196,474 3,939,086 3,623 1,635.704 712,350 2,142,195 24,465.299 599.135 196,474 9,913.775 7.087,945 6,914,175 6.162.171 3,942,709 4,269,221 1,635,704 2,067,799 712,350 1.063.595 2,142,195 2,026,243 25.260,908 22,676.974 49 RAILWAYS Railway building in Venezuela has not developed to any great extent, and the lines constructed are nearly all short ones, built to connect the interior with the coast or lake ports. The total mileage in 1912 was only about 528, and there are small prospects that construction will proceed much more rapidly in the future than in the past. As the coast is mountainous, railway building involves much tunneling, bridging, etc., and is accomplished only at considerable expense. The following table shows the mileage of the different lines, with their busi- ness and expenses for 1912. Railways Mileage. Pas- sengers carried. Freight. Tons. Gross revenue. Expenses. La Guaira and Caracas Great Railway of Venezuela Maiquetia to Macuto Central Railway of Venezuela Puerto Cabello and Valencia Bolivar 22.75 111.00 4.96 34.25 34.00 109 . 50 33.75 8.43 25.00 50.50 71.00 23.00 78,565 194,840 77,382 215.367 28,042 19,933 11,594 - 731 4,248 5,974 8,139 5,678 61,570 46,917 none 28.816 34,861 38,733 7,009 3,207 2,837 23,205 25.390 11,914 $494,427 531,257 14.633 122.788 202,839 458.399 32,629 7.489 13,544 201.888 357.218 68,909 $217,257 299,692 11,635 77,866 107,995 265,080 31,889 7,087 15,421 112,405 167,660 38.071 $1.352.058 Caranero La Vela & Coro Guanta La Ceiba Tachira Santa Barbara & El Vigia Total 528.14 650,493 284,459 $2.506.020 REMARKS. The Bolivar line is an English line, connecting the port of Tucacas with Barquisimeto, with branch line 8 miles to the copper mines at Aroa. The line from Caracas to La Guaira is English, with many curves, a gradient of 4 per cent and a 3 foot gauge. From Caracas the Great Railway of Venezuela, a German road, leads 111 miles to the important town of Valencia, is of 3-foot gauge, and is the longest line in the country. It connects at Val- encia, with the English railway of the same gauge which runs 33 miles to Puerto Cabello. At the southern end of Lake Maracaibo are three lines (the last three in the table above) which carry the traffic from the lake boats to the coffee plantations of the interior. Some construction is constantly going on, but no extensive increase in building is looked (or, and there seems to be small prospect that Americans can dispose of much rolling stock or other supplies in the country. 50 GRAND SUMMARY DISTRIBUTION OF TRADE IMPORTS, 1913, LATIN AMERICAN IMPORTS FROM LEADING COMMERCIAL COUNTRIES. (From the Bulletin of the Pan-American Union.) Countries. Total from all countries. United Kingdom. Germany. France. United States. 1913 1913 1913 1913 1913 Mexico $97,886,169 10,062,328 6,173,545 5,132,678 24,966,820 8,778,497 3 10,000,000 143,758,736 9,272,278 8,100,125 $12,950,047 1,650,387 1,603,846 751,651 2939,290 1,303,187 32.453,118 16,071,787 730,191 593,319 $12,610,385 2,043,329 713,855 558,327 2 604,038 1,355,417 3970,263 9,473,543 1,677,833 535,544 $9,168,978 402,025 418,111 148.280 2256,255 391,681 3689,634 9,202,720 274,318 817,335 $48,643,778 5,053.060 2,491,146 3,463,662 22,549,026 4,515,871 5,483,678 75.967,525. 5,769,061 5,908,956 Salvador Honduras . . Nicaragua Costa Rica Cuba Dominican Republic. . . Haiti* No. American Republics Per cent of imports 304,131,176 100 408,711,966 21,357,505 326,428,509 120,274,001 28,535,800 '10,354,564 7,671 551 29-.-S9 1,462 50,666,000 18,030,103 39,046,823 12.83 30,542.534 10.04 21,769,337 7.15 159,845,763 52.55 126,959,989 33,850,000 79,881,008 36,028,943 5,837,400 23.058,391 8i,90o!ooo 7769,225 513600,000 4,296,294 69,172,279 37,000,000 57,043,754 29.578,138 4,012,100 22,105,372 32,200,000 5,132,039 58,600,000 2,589,986 36,933,537 31,100,000 31,939,752 6,623,260 4,408,600 2616,053 3537,000 1 363 191 s 4,100,000 1,093,655 60,171,867 31,900,000 51,289,682 20,089,158 7,629,500 2 2,686,714 3450,000 8,530,525 5 6, 300 ,000 6,944 J 36 Bolivia Brazil Chile Colombia Ecuador Paraguay Peru Uruguay Venezuela South American Republics Per cent of imports Total of the 20 Republics Per cent of imports 1,021,621,451 100 283,181,250 27.73 187,433,668 18.35 88,715,048 8.68 165,991,582 16.25 1,325,752,627 100 322,228,073 24.32 217,976,202 16.45 110,484,385 8.34 325,837,345 24.59 2 191 2. 'Partly estimated. ^Fiscal year ending Sept. 30, 1913. Estimated. 51 GRAND SUMMARY DISTRIBUTION OF TRADE EXPORTS, 1913. LATIN AMERICAN EXPORTS TO LEADING COMMERCIAL COUNTRIES. (From the Bulletin of the Pan American Union.) Countries. Total to all countries. United Kingdom Germany France. United States. 1913 1913 1913 1913 1913 Mexico $150,202,808 14,449,926 9,928,724 3,300,254 2 3,861,516 10,432,553 2,467,556 164,823,059 10,469,947 11,315,559 $15,573,552 1,600,029 705,607 13,467 2 515,381 4,364,436 86,000 18,427,163 241,810 5 800,000 $8,219,009 7,653,557 1,699,694 176,112 2 702,256 509,804 s 240,000 4,707,548 2,068,384 5 4,200,000 $3,575,509 21,268 2,030,346 51,500 2 626,083 96,665 59,000 1,684,548 887,907 s 5,000,000 $116,017,854 3,923,354 2,823,851 2,869,188 * 1,766,548 5,297,146 52,130,000 131,783,619 5,600,768 51,000,000 Guatemala Salvador Honduras Nicaragua Costa Rica Panama Cuba Dominican Republic. . . Haiti 4 .... North American Republics Per cent of exports Argentina Bolivia 381,251,902 100 468,999,410 36,551,390 315,164,687 144,653,312 34,315,800 2 13,689,696 5,462,001 44,409,610 65,142,000 29,483,789 42,327,445 11.10 30,176,364 7.91 13,932,826 3.65 273,212,328 71.66 22,207,965 218,195 102,562,923 30,418,801 18,861,800 2 3,957,306 570 14,741,639 2,972,222 8,475,251 116,756,777 29,548,087 41,701,815 55,677,548 5,566,000 2 2,042,278 5200 16,539,110 59,000.000 2,199,053 56.178,368 3,109.758 44,392,410 30,830,378 3,216,200 '1,523,356 1,198,686 2,966,884 s 10,000,000 5,563,768 36,586,981 1,783,017 38,685,561 8,858,313 797,900 2 4,096,863 33,069 1,566,495 5 12,000,000 9,988,043 Brazil. . . Chile Colombia Ecuador Paraguay Peru Uruguay Venzuela South American Republics Per cent of exports Total of the 20 Republics Per cent of exports 1,157,871,695 100 1,539,123,597 100 279,030,868 24.09 158,979,808 13.73 114,396,242 9.87 204,416,172 17.65 321,358,313 20.88 189,156,172 12.22 128,329,068 8.34 477,628,500 31.03 2 1912 3 Partly estimated. 4 Fiscal year ending Sept. 30, 1913. 5 Estimated. INDEX Argentine: PAGE Area 1 Budget 3 Currency 1 Foreign trade Imports and Exports 3 Exports 5 Imports 3, 4, 5 Notes (6%) 1 Population 1 Public debt h 1, 2 Railways 6, 7 Bolivia: Area 8 Budget 8 Currency 8 Foreign trade 9 Exports 10 Imports 9 Population 8 Public debt 8 Railways 10, 11 Brazil: Area 12 Budget 17 Currency 12 Foreign trade Imports and'Exports 17 Exports 21, 22 Imports 17, 18, 19, 20 Population 12 Public debt 12, 13, 14, 15, 16 Railways 22 Chile: Area 23 Budget 25 Currency 23 Foreign trade Imports and Exports 25 Exports 26 Imports 25, 26 Population 23 Public debt 23, 24 Railways 27 53 54 Colombia: Area 28 Budget 29 Currency 28 Foreign trade Imports and Exports 29 Exports 29 Imports 29 Population 28 Public debt 28 Railways 30 Ecuador: Area 31 Budget 32 Currency 31 Foreign trade Imports and Exports 32 Exports 33 Imports 32 Population 31 Public debt 31 Railways 33 Exports of Latin America Grand Summary 51 Foreword vii Imports of Latin America Grand Summary 50 Latin-American Trade Committee, Report of, ix American Exports xiii Commercial Credits, Establishment of xvii Co-operative Clearing House xviii Effect of the war on South American Countries xiv Extension of trade xix, xx Members of the Committee *. ix, x Necessity of new credit system and dollar exchange xvi, xvii Problems, present xv, xvi Report and Recommendations xi, xix Settlements of trade balances xiv South American trade conditions xii, xiii National Foreign Trade Council iii, iv, v Paraguay: Area 34 Budget 35 Currency 34 Foreign trade Imports and Exports 35 Exports 35 Imports 35 55 Population 34 Public debt 34 Railways .' 35, 36 Peru: Area 37 Budget 38 Currency 37 Foreign trade Imports and Exports 38 Exports 41 Imports 39, 40 Population 37 Public debt 37, 38 Railways 41 Uruguay : Area 42 Budget 42 Currency 42 Foreign trade Imports and Exports 43 Exports 44 Imports 43 Population 42 Public debt 42 Railways 44, 45 Venezuela : Area 46 Budget 46 Currency 46 Foreign trade Imports and Exports 47 Exports 48 Imports 47, 48 Population 46 Public debt 46 Railways 49 ^3139822)476 General Library University of Caliform Berkeley U.C. 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