Classification 12tm&*A 
 
 HN-E^TOT 
 
 Department 
 fctv. of Bis^ricRi 
 
 si gmOl D^e .CONFIDENTIAL 
 
 LETTER AND STATEMENT 
 
 FROM THE SECRETARY OF STATE IN RELA- 
 TION TO THE CONVENTION BETWEKX 
 THE UNITED STATES AM) Tllli 
 
 REPUBLIC OF NICARAGUA ^pp c 
 
 (EX. B, 62d, 1st) 
 
 CONCERNING A LOAN WHICH THE REPUBLIC 
 CONTEMPLATES MAKING WITH CITI- 
 ZENS OF THE UNITED STATES 
 
 9 
 
 PRINTED FOR THE USE OF THE SENATE COMMITTEE 
 ON FOREIGN RELATIONS 
 
 
 \Y \sm.\GTON 
 
 1:11
 
 I
 
 SRLF 
 YRL 
 
 THE NICARAGUAN LOAN. 
 
 June 17, 1911. 
 Hon. Shelby M. Cullom, 
 
 United States Senate. 
 
 Dear Senator Cullom: Incompliance with your request, I lake 
 pleasure in inclosing a copy of the remarks I intended to make when 
 called upon by your committee for information upon the Nicaragua 
 
 convention. 
 
 As you know, the President is intensely interested in the Nicaragua 
 
 and Honduras conventions, because (1) they are a practical measure 
 of peace: (2) they are of vast commercial advantage, especially to 
 the Southern States; (3) because, so far from involving entangle- 
 ments, they will greatly reduce actual interference in Central Ameri- 
 can affairs; (4) because they make American diplomacy and American 
 capital helpful to neighboring Republics to which our friendliness is 
 peculiarly due; (5) because they lay the foundations for peace in 
 the neighborhood of the Panama Canal, where constant turbulence 
 is especially intolerable. I will not tire you with further citations of 
 the cogent reasons for this policy. 
 
 We feel that the policy is so clearly right that it needs only to be 
 understood to carry conviction to an impartial mind. Information 
 is what is most needed, and I therefore request that you will be good 
 enough to have printed copies of all the materials presented to your 
 committee regarding the Honduras convention furnished to all the 
 Senators, and will do the same at the earliest practicable moment 
 with all the materials bearing on the Nicaragua convention, so that 
 the Senators may have opportunity to know the facts as to two con- 
 ventions which are of equal importance and identical in principle, 
 and therefore lend themselves to deliberation as one general subject. 
 
 I am, my dear Senator, always, with the kindest regards, 
 Yours, verv sincerely, 
 
 J P. C. Knox. 
 
 Nicaragua, the largest of all the Central American Republics, like 
 Honduras, stretches completely across the isthmus of Central America 
 from the Caribbean to the Pacific. Its area is 50,000 square miles, 
 approximately, being thus a little larger than either Louisiana or New 
 lork,and a little smaller than Alabama or North Carolina: and hasa 
 population of somewhere in the neighborhood of GOO. 000. In the 
 interior and nearer the Pacific side are the two large lakes of Nicaragua 
 and Managua, which are navigable, and thus afford, together with the 
 San Juan River, the only means of communication from the capital to 
 the Caribbean. The topography of the country is very advantageous 
 for the development of its natural resources and of commerce. The 
 
 100528—11 (3)
 
 4 
 
 Atlantic coast ports give it easy access to New Orleans and other Gulf 
 cities, and the Pacific ports are available for all large steamers plying 
 between San Francisco and Panama. In the entire country there are 
 not more than 190 miles of railway, and this, with some docks at 
 Corinto, constitutes approximately all the Nicaraguan public improve- 
 ments. The railroad runs from Corinto, the Pacific port, to Managua, 
 the capital, and thence to Granada, the largest city. The central 
 portion of the Republic is mountainous and suitable for the coffee 
 culture, which is one of the chief industries. The eastern slope is 
 composed of a great wilderness, intersected by four large navigable 
 rivers emptying into the Caribbean — the San Juan, the Bluefields, the 
 Rio Grande, and the Wanks or Coco, which latter forms the boundary 
 with Honduras. The Bluefields River is navigable as far as the town 
 of Rama — that is, about 59 miles — for large seagoing vessels, the 
 channel being narrow r , but with a depth of water of from 35 to 50 feet. 
 The same would be true of the Rio Grande if the bar at the mouth 
 thereof were removed, and navigation in that ca.se could be extended 
 for some SO miles up the river. The banks of the rivers of the eastern 
 slope are fertile and are considered by some experts as probably the 
 best banana lands in any of the Republics bordering on the Caribbean 
 
 Besides bananas and other tropical fruits, the principal product ' 
 of Nicaragua are coffee, sugar, cacao, tobacco, rubber, cattle, silver s 
 and gold. The coffee is of fine quality and the area capable of pro 
 ducing it can be very largely increased. The mineral resources" 
 while undoubtedly valuable, have never been systematically and> 
 thoroughly exploited, although the districts of Prinzapolka and 
 Pispis are receiving some attention from American investors. An 
 estimate of the gold exports from Nicaragua for 1908 fixes the total 
 as being somewhat less than $1,000,000. In the cooler and moun- 
 tainous regions there are vast forests of fine yellow pine and mahog- 
 any, and other tropical woods are abundant and not difficult of access. 
 The lands cleared of the timber are especially useful and valuable 
 for agricultural and grazing purposes. 
 
 The natural advantages of this region and. the geographical and 
 strategic importance of the country were recognized by explorers 
 and surveyors from the United States in the early days of the inter- 
 oceanic canal discussion, and as far back as the Jackson and Van 
 Buren administrations commissions sent out by this Government 
 reported favorably on Nicaragua as a site for the proposed Isthmian 
 Canal. 
 
 The eastern portion of Nicaragua is at present without means of 
 communication with the w r est except by the rivers and lakes, as above 
 mentioned, and even in the dry season no extensive traffic is possible 
 overland. The coffee and sugar crops must therefore go out through 
 the Pacific ports, which are quite remote from the United States. If 
 a railway could be built to take this freight to tidewater on the Atlan- 
 tic side, it would reach its natural market in the United States some 
 two weeks sooner. It is now proposed to construct a railway from 
 the port of Rama overland, going via La Libert ad and Boaco to a place 
 called Sabana Grande, to connect with the road running to the Pacific. 
 This proposed railway Mould have a branch running from Boaco to 
 Matagalpa, which is now the center of the coffee and cattle district. 
 The cost of building this road is one of the objects to be provided for 
 in the loan which Nicaragua is now seeking to make.
 
 In October, 1900, a revolution broke oul in the eastern section of 
 Nicaragua, headed by Gen. Juan J. Estrada. On the 1st day of 
 December, conditions in that country having become intolerable and 
 the de facto control of the eastern and western sections, representing 
 each about one-half of the total area of the Republic, having become 
 vested in the leaders of the two factions, thi> Government found 
 itself under the necessity of so declaring and suspended diplomatic 
 relations with Nicaragua, the charge* d'affaires being given Ids 
 passports on that day. Gen. Zelaya escaped from the country 
 December 24, 1909, on board a Mexican war vessel. 
 
 T he revolution progressed with varying success until in the month 
 of September, 1910, the capital of the country fell into the hands of 
 Gen. Estrada, and Dr. dose Madriz, who had succeeded Gen. Zelaya, 
 fled the country, and the control of the entire Republic fell to Gen. 
 Estrada. On the 10th day of September, 1910, the representative 
 of the revolutionary faction at Washington called at the Department 
 of State and exhibited a telegram from Gen. Estrada stating thai 
 among other objects his adminisi rat ion would endeavor to accom- 
 plish the refundment of the national debt, to effect which ii intended 
 to ask the aid of the American Government to obtain a loan in the 
 United States. On September 14, 1910, Estrada's representative 
 was informed that this Government received the communication of 
 his Government with great satisfaction. Subsequently a special 
 commissioner was sent to Managua at the request of the Estrada 
 government, and further proposals looking to the enlistment of the 
 aid of the United States were made. On October 27 an agreement 
 was signed by the four leaders at Managua representing all political 
 factions to rehabilitate the public finances, to pay legitimate claims, 
 foreign and domestic, and to solicit for this purpose the good offi< 
 of the United States for the purpose of negotiating a loan to be guar- 
 anteed by a certain percentage of the customs receipts of the Repub- 
 lic, collected in accordance with the terms of an agreement satisfac- 
 tory to both Governments. In accordance with these overtures from 
 Nicaragua to the United States. Ernest II. Wands, an American 
 citizen, was, with the approval of the department, appointed 1>\ the 
 Government of Gen. Estrada as Nicaragua's financial adviser, and 
 he has since then visited that country in order to make a complete 
 examination of its monetary needs and to gather the data necessary 
 for the negotiation of the proposed loan. An important part of said 
 data is the determination of the probable amount of claims existing 
 against the Government of Nicaragua and which will eventual^ be 
 submitted for hearing and adjustment to a claims commission con- 
 sisting of an American umpire, nominated by the United States, and 
 two commissioners, one an American, the other a Nicaraguan, both 
 selected by the Government at Managua, the foreign representation 
 on the said commission being an evidence of the good faith of Nicara- 
 gua in desiring to reach an equitable settlement of these outstanding 
 claims. 
 
 On January 1. 1911, Gen. Estrada was elected by the constituent 
 assembly President of Nicaragua for the provisional term of two years, 
 and diplomatic relations were on that day resumed with Nicaragua. 
 On January 25 the Nicaraguan minister at Washington, acting under 
 instructions from his Government, called at the department and re- 
 quested to be furnished with the bases of a convention with which
 
 6 
 
 some measure of security might be given to the loan. From that 
 time forward the negotiations proceeded, and upon the change of 
 the presidency in Nicaragua, renewed telegraphic instructions were 
 sent to the Nicaraguan envoy here to proceed with the negotiations, 
 which terminated on June 6, 1910, when the convention was signed 
 which is now before the committee, and. which mutatis mutandis is 
 practically identical with that concluded with Honduras for a similar 
 purpose, which was reported favorably on the 9th instant. 
 
 The dishonesty and corruption of the Zelaya administration 
 left their effect upon the currency system of the country, which is 
 indeed in a lamentable condition. The rate of exchange of the 
 Nicaraguan peso to the American dollar has fluctuated in the past 
 10 years from 295 in January, 1901, to 1,400 in August, 1910, and 
 averaged in 1910 approximately 1,150; that is to say, in 1901, 295 
 Nicaraguan pesos were equivalent to $100 American, and in August, 
 1910, $100 American would buy 1.400 Nicaraguan pesos. Under 
 these circumstances small wonder need be expressed that com- 
 merce in Nicaragua has been stagnated, as merchants refuse to 
 take the risk of being obliged to pay in American gold to-day for 
 what they may have to sell at a loss for Nicaraguan pesos to-morrow. 
 
 The total outstanding foreign bonded indebtedness of Nicaragua 
 is represented by the loan of 1909 for £1,250,000, equivalent in 
 American money at $4.86 to $6,075,000. Of this there is a balance on 
 deposit in London intended under the original loan contract for use 
 in building a railway from the Atlantic to Lake Nicaragua of 
 £389,375, equivalent to $1,892,362.50, so that the total outstanding 
 liabilities of Nicaragua on this loan are represented by approximately 
 $4,200,000. Besides this, Nicaragua ow r es for liquidated external 
 loans and claims some $750,000. Approximately $1,200,000 will be 
 necessary to liquidate the internal indebtedness, and it is proposed to 
 provide a fund of about $4,000,000 for the purpose of meeting the 
 claims arising out of the recent civil war and the award of the com- 
 mission established for the purpose of settling all dascriptions of 
 unliquidated claims against the Government of Nicaragua. The 
 financial expert has estimated that in order to reform the currency and 
 to put it upon a sound and stable basis so as to prevent fluctuation an 
 additional sum of $1,500,000 will be necessary. For the purpose of 
 constructing the railroad it is proposed to provide a fund by means 
 of the loan, $500,000 of which might be spent in the first year, and it 
 has also been planned to provide a general fund. of $250,000 to meet 
 any discrepancies in the foregoing items or for exigencies unforeseen. 
 This brings the total of Nicaragua's immediate needs to $12,400,000. 
 To meet this it is proposed to negotiate a loan, according as mav be 
 found necessary, of from $12,000,000 to $15,000,000, with American 
 bankers, secured by the customs revenues of Nicaragua. The con- 
 vention recently signed by this Government and Nicaragua for this 
 purpose follows the general plan of the convention with Honduras, 
 already favorably reported by your committee to the Senate. 
 
 However, it is to be observed that in the present case the terms and 
 the conditions of the loan have not as yet been decided upon, but only 
 that the contract when drawn in a form satisfactory to Nicaragua and 
 to the lenders shall be submitted for approval to the Government of 
 the United States before final execution. It is proposed to have the 
 contract thus drawn submitted to a financial and legal expert so as
 
 further to safeguard the interests of the borrowers. Mr. Wands, the 
 financial adviser of Nicaragua, is at present in the United Stat 
 sounding various bankers merely to get tentative bids upon which to 
 base a contract, leaving flexible the price of the bonds and the terms 
 in order that he may solicit proposals and determine the best and 
 most advantageous bid. He baa already bad inquiries from bankers 
 in Ohio and Philadelphia, as well as from many New York firms, 
 that the actual negotiation of the loan i- left entirely open. The rea- 
 son for the somewhat different course in the case of Honduras v 
 that the approximate amount of the outstanding indebtedness, includ- 
 ing liability for claims, had already beeu ascertained, and the Morgan 
 
 firm of bankers had already secured an option on about three-fourth- 
 of the bonds held by the council of foreign bondholders before the 
 department had entered on its policy of assisting the Central Ameri- 
 can Kepublcs to rehabilitate their finances. In the present instance 
 the financial adviser of Nicaragua and the claims commissioners had 
 not as yet acquired sufficient data on which to base an estimate of 
 the probable amount of claims and indebtedness. 
 
 The convention provides that the loan shall be placed in the 
 United States; that both Governments will take due note of the pro- 
 visions of the contract covering the loan: that it shall be secured by 
 the customs of Nicaragua; that Nicaragua shall not alter these 
 customs during; the life of the loan without the consent of the United 
 States Government; that the customs shall be collected and admin- 
 istered by a collector general, who shall be appointed by the Govern- 
 ment of Nicaragua from a list of names submitted by the fiscal agent 
 of the loan and approved by the President of the United States; that 
 Nicaragua will accord to this collector all proper protection in the 
 discharge of his duties, and should circumstances justify the I nited 
 States Government may also extend him protection. It will thus be 
 seen that the convention is framed for the purpose of covering no 
 particular contract, and its provisions will only be applicable and the 
 collector general only appointed when a contract satisfactory to both 
 Governments has been negotiated. 
 
 The advantages thus to be obtained by the Government of Nica- 
 ragua can scarcely be overestimated. In tin 1 first place, the interest 
 on her foreign debt, now exceeding 86.000.001). will be reduced from 6 
 to 5 per cent; (2) the complete discharge of old long-standing internal 
 indebtedness ami the prompt discharge of its obligation- will be 
 attained; (3) cash will be provided which will be honestly expended in 
 the building of adequate railway facilities from the interior to the 
 Caribbean; (4) the fluctuation of exchange will be no Longer possible; 
 (5) the attainment of a permanent public tranquillity and material 
 progress and the abolishment of unnecessary expense in the sup- 
 pression of revolutions. 
 
 Nicaragua's ability to meet tin' payment-- on a loan of $12,000,000, 
 amounting to $60,000 per month, out of the customs receipt-, which 
 form only a portion of the general income of the Government, would 
 seem at once apparent. In 1910 the customs receipts of Nicaragua 
 amounted to about 9,000,000 pesos, or approximately $850,000, 
 and it must be remembered that during nearly the entire tune a 
 revolution was in progress. The last revolution in Nicaragua alone 
 is estimated to have cost in the neighborhood of $1,500,000. It has 
 been demonstrated as an absolute certainty in Santo Domingo that
 
 8 
 
 tranquillity will be established ; that the enormous war expenses now 
 amounting on an average for the last five years to about $450,000 
 per annum will be greatly reduced, if not abolished; that under an 
 honest and competent collection and administration of the customs 
 these also will materially increase, and that the commerce of the 
 country will as a result of all these causes be greatly augmented and 
 developed. 
 
 The maintenance of peace in Central America is desirable, not only 
 for the humanitarian motive of preventing useless bloodshed and 
 for the political reason of avoiding danger of European entanglement 
 in the affairs of these countries, but may also be justified from a 
 purely material standpoint of commerce. The total foreign trade 
 of the States of Central America, including Panama, amounted in 
 1909 to about $60,000,000, of which approximately one-half was 
 with the United States. A comparison of these figures with Mexico's 
 total commerce with the United States of $117,000,000 will give some 
 idea of the trade possibilities with the Isthmian Republics, especially 
 if it be borne in mind that under the similar arrangement made with 
 the Dominican Republic the total trade with the United States 
 increased from $4,255,434 in 1903 (prior to the modus vivendi) to 
 $11,400,328 in 1910. 
 
 A statement, which is submitted herewith as an appendix, has been 
 prepared in the department showing somewhat in detail the com- 
 merce with the Central American countries and the proportion of 
 such commerce, import and export, taken and furnished, respec- 
 tively, by the United States. The statement further contains carefully 
 compiled data showing the amount of import and export Central 
 American trade of the ports of Key West, Tampa, and Pensacola, 
 Fla. ; Mobile, Ala.; Pearl River, Miss.; New Orleans, La.; and Gal- 
 veston, Tex., all of which, as well as the more northern ports, may be 
 expected to benefit by any expansion of the Caribbean commerce.
 
 APPENDIX. 
 
 MEMORANDUM RELATIVE TO THE TRADE OP THE I NITED STATES Willi 
 THE STATES OF CENTRAL AMERICA. 
 
 The following table shows the share which the United States 
 enjoyed in 1909 in the import, export, and total trade of each Central 
 
 American State. 
 
 IMPORTS. 
 
 Countries. 
 
 Total. 
 
 From United 
 Rta 
 
 $3. 300. 445 
 2, !"■ 
 
 1.7m,s77 
 
 472, ^7.1 
 
 4,996 527 
 
 1,344; 310 
 
 share of 
 United 
 
 Costa Rica 
 
 $0,109,938 
 
 5,251,317 
 
 1 . 553 
 
 2,218 
 
 8,756.308 
 
 4,176,931 
 
 41 
 
 49 
 57 
 
 
 
 Nicaragua ' 
 
 Panama - 
 
 Salvador 
 
 32 
 
 
 
 EXPORTS. 
 
 Countries. 
 
 Total. 
 
 To United 
 
 Percent ace 
 sham of 
 United 
 States. 
 
 Costa Rica 
 
 18, i: 
 10,079.219 
 
 I 664,522 
 
 1 . 51 1 
 5, 651 
 
 $4,80 
 2,75 
 
 577,616 
 1,271.896 
 l,83f 
 
 59 
 
 Guatemala 
 
 27 
 
 Honduras 
 
 92 
 
 Nicaragua ' 
 
 34 
 
 Panama 2 
 
 s) 
 
 Salvador 
 
 32 
 
 
 
 TOTAL TRADE. 
 
 Countries. 
 
 Costa Rica. 
 Guatemala 
 Honduras. 
 Nicaragua ' 
 
 Panama '-'. . 
 Salvador. . 
 
 Total. 
 
 ■--,. [95 
 I5,33i 
 ) 572, 155 
 
 16,740 
 10,21 
 
 With i 
 States, 
 
 1.^74.417 
 3.604,443 
 1,0! 
 
 3,182.618 
 
 Percentage 
 share oi 
 United 
 
 :.7 
 31 
 79 
 40 
 
 61 
 32 
 
 i The disturbed condition of Nicaraguan affairs following \pi end to all •alreeordse 
 
 The figures given are the firsl four months of thai year only. It is thought, however, thai t! sywillserv. 
 to show (he share of Nicaraguan trade usually enjoyed by the I nited SI 
 
 •' Exclusive of Canal Zo 
 
 The foregoing statistics have been taken from Central American 
 sources in order that comparable figures for the total foreign trade 
 of each country and the trade of each with the I nited States might 
 be obtained. Throughout the remainder of this memorandum sta- 
 tistics published by the United States are used. It should be noted 
 that, whereas the Central American statistics nsed above do not 
 
 (9)
 
 10 
 
 include the traffic between the United States and the Panama Canal 
 Zone, the statistics of the United States do. This is a matter of 
 about .118,500,000 a year. Adding this and allowing for a different 
 statistical period, an approximate figure of $42,500,000 is secured as 
 representing the total trade between the United States and all Cen- 
 tral America in the place of the $30,000,000 mentioned above. 
 
 Of this $42,500,000 of total trade $13,000,000, or 25 per cent, was 
 handled through the gulf ports of the United States; $20,000,000, 
 or 47 per cent, through the port of New York; and $5,000,000, or 11 
 per cent, through the port of San Francisco. The following table 
 shows the amount of Central American traffic which passed through 
 each gulf port during the fiscal year 1909-10: 
 
 KEY WEST. 
 
 
 Imports 
 from — 
 
 Exports 
 to— 
 
 Total. 
 
 Honduras 
 
 $16. 332 
 13, 507 
 
 $1,749 
 424 
 
 $18,081 
 
 Nicaragua 
 
 13,931 
 
 
 
 Total 
 
 29.839 
 
 2,173 
 
 32,012 
 
 
 
 MOBILE. 
 
 Costa Rica. 
 Guatemala. 
 Honduras. . 
 Nicaragua . 
 Panama — 
 
 Total. 
 
 3370, 295 
 
 65, 602 
 
 449. 730 
 
 22, 525 
 
 378. 506 
 
 1.2S6.658 
 
 $25. 526 
 
 28, 537 
 
 102,310 
 
 6.000 
 
 267, 751 
 
 430, 124 
 
 $395, 821 
 94, 139 
 
 552, 040 
 28, 525 
 
 646. 257 
 
 1,716.782 
 
 TAMPA. 
 
 Honduras . 
 
 1117,019 
 
 $12, 588 
 
 $129,607 
 
 NEW ORLEANS. 
 
 Costa Rica... 
 
 $1,587,856 
 
 178, 975 
 
 1,072,567 
 
 437. 567 
 
 607, 849 
 
 $878,816 
 
 391,859 
 
 853, 410 
 
 889, 085 
 
 2, 692. 299 
 
 $2, 466, 672 
 
 Guatemala 
 
 570, 834 
 
 Honduras 
 
 1,925,977 
 
 Nicaragua 
 
 Panama 
 
 1.326,652 
 3, 300, 148 
 
 
 
 Total 
 
 3, 884, 814 
 
 5, 705. 469 
 
 9, 590, 283 
 
 
 
 PEARL RIVER, MISS. 
 
 Honduras 
 
 
 $2, 549 
 538,003 
 
 $2,549 
 
 Panama 
 
 
 538,003 
 
 
 
 
 
 Total 
 
 
 540, 552 
 
 540,552 
 
 
 
 
 
 PENSACOLA. 
 
 Honduras.. 
 
 $4,432 $4,432 
 
 Panama 
 
 $122,752 | 122,752 
 
 
 
 Total 
 
 4,432 122,752 i 127,184 
 
 
 
 TOTAL GULF PORTS. 
 
 Grand total. 
 
 $5, 322, 762 
 
 $6,813,658 
 
 $12. 136. 420
 
 11 
 
 There was no commerce between Galveston, Tex., and Central 
 America until the beginning of this year, but the figures for four 
 
 months from January to April, 1911, inclusive, show imports from 
 Honduras of $111,515, and exports of $7,930. 
 
 The principal articles which t he I nited States imports from (Vni ral 
 America are bananas, coffee, crude rubber, hides and skin-, and 
 Cabinet woods. Bananas are the most important item, the yearly 
 importation being close to $6,000,000. The yearly importation of 
 coffee is about $3,000,000; of crude rubber, $1,000,000; of bides and 
 skins, $600,000; and of cabinet woods, $350,000. The following table, 
 prepared from statistics of the United States for the fiscal year 
 1909-10. shows the value of the chief article- entering into the trade 
 with each country: 
 
 Countries. 
 
 Articles. 
 
 Value. 
 
 Imports from — 
 Costa Rica 
 
 Bananas 
 
 13,031,566 
 
 
 Coffee 
 
 :««,282 
 
 
 Hides and skins 
 
 101 
 
 
 Crude rubber 
 
 101,384 
 
 Guatemala 
 
 Coffee 
 
 1.430,999 
 
 
 Bananas 
 
 192 
 
 
 ( rude rubber 
 
 78,878 
 
 Honduras 
 
 Bananas 
 
 1,524,843 
 
 
 Coconuts 
 
 120,451 
 
 
 Crude rubber 
 
 117,808 
 
 
 
 
 Nicaragua . . 
 
 Crude rubber 
 
 418 
 
 
 Hides and skins. . 
 
 .'47,890 
 
 
 Bananas 
 
 222,858 
 
 
 Caliinet wood . 
 
 188,258 
 
 
 
 1 Hi, 304 
 
 Panama 
 
 
 
 918.331 
 
 
 
 279. 155 
 
 
 
 175,458 
 
 
 Hides and skins. . 
 
 110,392 
 
 Salvador 
 
 ( oll'ee 
 
 1,100,040 
 
 
 37,720 
 19,634 
 
 
 
 13.909 
 
 Exports to— 
 Costa Rica 
 
 Flour 
 
 33ti. 134 
 
 
 
 881,273 
 
 
 Other iron nad steel manufactures. . 
 
 545,036 
 
 
 
 1.318 
 
 
 
 161 
 
 
 
 139 
 
 < '• uatemala 
 
 
 
 
 
 258,928 
 
 
 
 123,039 
 
 
 
 118,592 
 
 
 'Other iron and steel manufacturer 
 
 303 
 
 Honduras 
 
 
 359 
 
 
 Flour 
 
 152, 710 
 
 
 
 89,049 
 
 
 
 
 
 
 
 
 
 186,513 
 
 
 
 295, lid 
 
 
 
 228, ''11 
 
 
 
 105,129 
 
 
 other iron and si eel manufactures 
 
 109. 260 
 
 
 
 102 
 
 
 Oils 
 
 103,946 
 
 Panama 
 
 
 1.7 
 
 
 
 1,549,022 
 
 
 
 3,625,927 
 
 
 
 1,394,702 
 
 
 
 1,38 
 
 
 
 1,126, 132 
 
 Salvador 
 
 
 284 
 
 
 200,683 
 151,616 
 
 
 
 173,493 
 
 
 
 
 Bureau of Trade 
 
 Relations, 
 
 June 10, 1911. 
 
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