Foreign Commerce.

The official figures, in thousands of pesos, gold, of imports and exports (exclusive of specie) are shown as follows:

1897.

98,289

101,169

The foreign trade (precious dollars, 000's omitted):

metals excluded) of the Republic was distributed as follows (gold

The following were the principal articles of import and export, in thousands of pesos:

The principal articles of import from the United States for the year ending June 30, 1896, were: Agricultural implements, $854,067; cotton manufactures, $316,896; flax, hemp, and jute manufactures, $295.129; iron and steel manufactures, $747,821; naval stores, $220,523; oils, mineral, refined, $914,773; wood, and manufactures of, $1,251,371.

Exports to the United States: Hair, $223,646; hides and skins, not furs, $5,903,424; wool, $2,618,257.

Shipping, Railroads, Telegraphs, Post-Office. (See Index.)

Money and Banking.

Argentine gold coins are full legal tender. Silver coins are legal tender only to the amount of 10 pesos, and bronze coins to the amount of 1 peso.

In 1895, a law was passed authorizing the withdrawal from circulation of all fractional paper currency under 50 cents and the issue of a new series of nickel coins in place thereof. There will be coined 5,000,000 5-cent pieces, 8,700,000 10-cent pieces, and 6,800,000 20-cent pieces.

For gold and silver coins, see Index.

*With wool on.

The actual currency is depreciated paper, fluctuating greatly in value. Gold is quoted at so much premium; for instance, 180 premium-that is, $280 paper to $100 gold.

Gold is also quoted in paper pesos per ounce, and, indirectly, through the price of the sovereign, in paper pesos. Thus, if sovereigns are given at 16.48, the gold dollar is 1648 divided by 5.04=326.98 pesos, i. e., gold is 227 premium.

ARGENTINE BANK CIRCULATION.

The aggregate circulation of the different national banks on March 31, 1896, was as follows:

The area of Brazil is 3,209,878 square miles. An incomplete census in 1872 gave the population at that time as 10,042,458; the census in 1890 states it as 14,332,530, or 4.5 per square mile.

At the census of 1872, there were 3,787,289 whites, 3,801,787 metis, 1,954,452 negroes, and 386,955 Indians. In the northern provinces, the Indian element preponderates, while in Pernambuco, Bahia, Rio de Janeiro and Minas the negroes are numerous. At the seaports, the majority of the population is European.

From 1871 to 1893, the number of immigrants is stated to have been 860,991. The annual rate through Rio, Santos, and Victoria during six years has been: 1890, 107,100; 1891, 218,958; 1892, 86,513; 1893, 84,143; 1894, 63,294; 1895, 164,371; 1896, 157,948. In 1893, there were 17,525 emigrants. Of the emigrants in 1896, 96,324 were Italians, 24,154 Portuguese, 1,070 Germans, 11,366 Austrians and Hungarians. By a contract which commenced January 1, 1893, the "Companhia Metropolitana" has undertaken to introduce 1,000,000 immigrants from Europe and Spanish and Portuguese colonies within 10 years. In September, 1892, the President sanctioned a law permitting Chinese and Japanese immigration.

Fiscal Affairs.

The following figures show the revenue and expenditures-the years 1894-5-6 being provisional. Balances on both sides from former years are omitted; also under revenue the proceeds of loans, balance of deposits, and issues of nickel and paper money:

The public debt on December 31, 1896, is stated as follows, in milreis: External, $171,371,862 (at par), 313,447.333; internal, in paper and gold, 635,698,500; paper money in circulation, 371,641,023; floating debt, 274,278,081; guaranteed debts, 6,893,500; bank-notes, 340,714,370. Total, 1,942,672,807.

Agriculture and Industry.

Coffee is the chief product, after which come sugar, tobacco, and cotton. Annual yield of coffee is estimated at 8,000,000 bags. In Pernambuco, the sugar crop of 1894 yielded 2,468,297 bags. In Rio Grande do Sul, there were 320,000 head of cattle killed in 1897. In Rio de Janeiro, 1894, there were running 15 mills manufacturing goods of the value of about $7,500,000. In Bahia are 10 mills and in Pernambuco 8. Flour is manufactured, 100,000 tons of wheat being ground annually. There are 155 cotton factories, with an invested capital of about 100,000,000 milreis, and employing some 200,000 persons.

Foreign Commerce.

The imports and exports of merchandise (special trade) were as follows:

For years 1840 to 1881, see "Year Book," Volume I, page 14.

In 1894, the exports were $330,570,000; in 1895, the exports were estimated at £36,000,000 and imports at £30,000,000.

The chief exports from Brazilian ports, in 1896, were: Coffee, from Rio Janeiro, 2,784,958 bags of 60 kilogrammes; from Santos, 4, 157,971 bags; Victoria, 273,255 bags; Bahia, 260,981 bags. Cocoa, from Bahia, 7,770 tons. Sugar, from Pernambuco, 164,925 tons. Rubber, from Para, 15,230 tons; from Manaos, 6,599 tons. From Rio Grande do Sul, dried beef, 9,433,325 kilogrammes; tallow, 1,141,362 kilos; hides, 336,773 in number.

TRADE WITH THE UNITED STATES.

The trade with the United States is indicated in the following table:

1897.

Year ending June 30. 1892.. 1893. 1894. 1895. 1896. 1898." Exports into United States.. $118,633,604 $76,222,138 $79,360,159 $78,831,476 $71,060,046 $69,039,389 $61,750,369 Imports from United States. 14,291,973 12,388,124 13,866,006 15,165,079 14,258,187 12,450,061 13,317,056

The principal imports from the United States for the year ending June 30, 1896, were: Breadstuffs, $3,499,526; cotton and manufactures, $992,972; iron and steel, and manufactures of, $2,088,708; refined mineral oil, $1,715,894; provisions, $2,540,078, and wood and manufactures, $948,175.

Exports to the United States: Coffee, $54,019,900; hides and skins, not furs, $2,167,016; india-rubber and gutta-percha, crude, $10,205,341; sugar, $3,776,486.

GOLD AND SILVER COIN AND BULLION IMPORTS AND EXPORTS.

The circulation in Brazil is almost entirely paper money. At the end of 1896 it amounted to 712,355,304 milreis; the year before to 683,702,000 milreis. The Government has taken measures to reduce the circulation by withdrawing in 1897 10 per cent.; in 1898, 15 per cent.; in 1899, 20 per cent. In 1897, the Bank of the Republic was reorganized for the purpose of liquidating its debt of about 180,000,000 milreis to the treasury.

For other banking information, circulation, fluctuations in exchange, consult "Commercial Year Book," Volume III, page 129. MONEY.- Nominally the standard of value is gold. Gold and silver coins have almost entirely disappeared, the actual circulating medium being inconvertible paper currency, with nickel and bronze coins. English sovereigns are legal tender."

For gold and silver coins, see Index.

NOTE. For the monetary system, see "Year Book," Volume I, page 65.

* For eighteen months.

PERU.

The area of Peru embraces a territory of 463,747 square miles and a population, at the last census (1876), of 2,621,844. There are besides about 350,000 uncivilized Indians.

The public revenue was until recently mainly derived from the sale of guano and from customs. A direct tax is levied, at the rate of 3 per cent., on the rent derived from real property. In January, 1896, salt was declared by Congress to be a Government monopoly, the proceeds from which shall be devoted exclusively to the ransom of Tacna and Arica.

The revenue and expenditure for the years ending May 31 were estimated as follows:

The public debt is divided into external and internal. The internal debt (1895) is stated at 3,600,000 soles. The foreign debt was made up of two loans, contracted in England in 1870 and 1872, as follows: Railway 6 per cent. loan of 1870, £11,141,580; railway 5 per cent. loan of 1872, £20,437,500; total, £31,579,000.

The chief productions of Peru are cotton, coffee, and sugar. Cotton exports in 1895 amounted to 5,500 tons. Annual export of coffee is about 1,060 tons. The area devoted to sugar cultivation is about 187,000 acres, of which 95,000 are planted with cane. Production in 1896-97 amounted to 65,000 tons. Cocoa, rice, tobacco, wine and spirits, and maize are also cultivated. About 380,000 kilogrammes of cocoa leaves are annually exported, and there are 10 factories for cocaine, the export of which in 1895 was 3,407 kilogrammes.

In 1897, there were 3,475 mining claims, including gold, silver, copper, lead, zinc, quicksilver, coal, salt, sulphur, and petroleum. The amount of minerals exported is about 7,000,000 soles. The total silver production in 1896 was 3,300,000 ounces.

The petroleum beds are vast, but the quality and flow are said to be poor. The capital invested is about 18,781,000 soles.

The foreign commerce is chiefly with Great Britain and Germany. In 1896, the imports amounted to 17,505,148 soles, and exports 25,473,663 soles; 1894, exports, 14,758,635 soles; imports, 11,743,636 soles. The chief exports are sugar, silver and silver ore, cotton, wool, rubber, cocaine, and cocoa leaves.

The chief imports from Great Britain are: Cotton goods, £455,424 in 1896; woolens, £113,440 in 1896; iron, £64,570 in 1896; and machinery, £63,066.

In 1893, Peru's exports to Great Britain amounted to £1,399,287, and her imports from that country were valued at £790,693.

The trade with the United States is insignificant, the total imports from Peru in 1896 amounting to $712,696, and exports $991,228. The principal exports to the United States in 1895 were: Cotton, unmanufactured, $128,959, and hides and skins, $232,519. Imports from the United States: Chemicals, drugs, and dyes, $51,020; cotton, and manufactures of, $80,817; iron and steel, and manufactures of, $96,597; wood, and manufactures of, $100,215.

The money of Peru is silver. The unit coin is the sol = 100 centesimos; nominal value 4 shillings, actual value less than half. The medio sol = 50 centesimos; peseta = 20 do.; real = 10 do.; medio = 5 do. In 1888, the paper money was withdrawn, except for payment of 5 per cent. of customs duties at the rate of 35 paper soles for one of silver. The gold standard was adopted in 1897.

For RAILROADS, POST-OFFICE, and TELEGRAPHS, see Index.

COLOMBIA.

The area of the Republic is estimated to embrace 513,938 English square miles, of which 330,756 square miles are north of the equator, and the remainder south of the equator. According to a census taken in 1870, the population at that date was 2,951,323, and an official estimate of 1881 gives it as follows: Area, 504,773 square miles; population, 3,878,600, or 7.7 per square mile.

This includes 220,000 uncivilized Indians, and the population, 80,000, of the extensive territories attached to each State.

For data of each province, consult Volume III of "Commercial Year Book," page 131.

The following are the official estimates of revenue and expenditure for the years indicated:

The internal debt on June 30, 1896, was: Consolidated, 5,633,046 pesos; floating, 1,892,110 pesos: total, 7,525,155 pesos, exclusive of paper currency amounting to 30,862,352 pesos. The external debt includes £1,913,500 bonds of 1873, and coupon arrears and interest amounting in 1896 to £1,600,942; total, £3,514,442. Negotiations are pending for a settlement of this portion of the debt.

Much of the soil is fertile, but of no present value, from want of means of communication and transport. Coffee cultivation is extending rapidly; cocoa, tobacco, sugar, vegetable ivory, rubber, and dyewoods are produced, besides wheat, maize, plantains, etc. In Tolima are wide grazing districts, the number of cattle, horses, mules, and asses in the department being 390,000. In Colombia the number of these animals is estimated at 3,465,000, besides 3,487,000 goats, sheep, and swine.

The mineral production of Colombia was as follows, in 1897: Gold, placer, 131,817 ounces, value $2,636,340; silver, 5.472,971 ounces, value $3,272,836: copper, 5,325,180 pounds, value $266,258; lead, 38,841,135, value $1,390,517; coal, 882,854 long tons, value $2,648,562.

The foreign trade has been as follows, representing gold values mostly:

The principal imports are foodstuffs, beverages, textiles, and iron and steel goods. The principal exports are coffee, earth nuts, silver ore, cocoa, cotton, dyestuffs, tobacco, hides, caoutchouc, timber. Nearly half the foreign trade is transacted with Great Britain.

The trade with the United States has been as follows:

The chief imports from the United States for the year ending June 30, 1896, were: Books, maps, engravings, etc., $106,796; breadstuffs, $565,963; chemicals, drugs, dyes, etc., $196,810; coal, $76,142: cotton, manufactures of, $434,462; iron and steel, and manufactures of, $602,993; oils, $128,956 (mineral oil, $107,639); provisions, $219,909; sugar (refined), $83,889; wood, and manufactures of, $125,817; gold, $19,000; silver, $26,343.

Exports to the United States: Coffee, $3,029,947; cocoanuts, $118.538; bananas, $600,616; hides and skins, not furs, $735,165; india-rubber (crude), $189,807. Gold, $425,151; silver, $586,196.

The total length of railways in 1896 was 346 miles. Thirty-three regular steamers visit Colombian ports every month; of these 15 are English, 9 American, 4 German, 3 French, 1 Spanish, and 1 Italian. There were 6,835 miles of telegraph in 1894.

The currency of Colombia is almost entirely bank paper. A law was enacted in 1894 providing for the free coinage of gold and the redemption of the paper currency, but owing to the scarcity of gold in the country the purpose has failed. At that date, 1894, the amount of silver, nickel, and paper money held by the banks was as follows: Silver, 1,903,832 pesos; nickel, 17,095 pesos; paper, 986,635

pesos.

In December, 1895, the paper money in circulation amounted to 30,862,352 pesos.

The current legal tender is the peso, or dollar, of 10 reals, although the retail trade generally dopt the old dollar of eight reals, which is usually meant unless peso fuerte or peso de ley is stipualated. Its nominal value is 4s., or 5 francs, but owing to the coinage law which reduced the finenes from .835 to 500, the Colombian dollar is really worth 1s. 1034d. At Panama and Colon, where paper has not yet been introduced, the sol, or Peruvian dollar, is the legal tender. The nickel coin is 22-cent and 5-cent, in every-day use, at a discount for paper. In silver, the peso, and 50 and 80 cent pieces.

In 1896, the foreign debt, in gold, was, principal, $9,567,500; interest, $7,730,552; total, $17,298,062. The interior debt, in paper, was: Consolidated, $5,905,114; floating, $1,892,111; total, $7,797,225.