SO U TH A M E R I C A N H A N D BO OK
A c om p ila ti o n
o
f i nfo r m a ti o n
an
d
i ndeb tedness fo rei g n c o m m er c e
,
o
i ic s
s ta t s t
d
an
ra
r e g a r d ng
s
d b y th e
e
N ATI O N A L F O RE IG N T R A DE CO U N C I L
S tone S tre et N e w Yo rk City
,
PRICE
,
T WE NTY FI VE C E N T S
-
th e p ub lic
ilway develop m ent
f the Sou th Ame ric a n R ep u b lic s
Publi h
i
G r ea ter
p
r os
p
i t y t h r ou g h g r e a te r
er
f
or ei g n
tr a de
.
N AT I O N AL F O R E I G N T R AD E C O U N C I L
4
1
9
1
5
1
9
1
)
(
The first N ationa l F oreign T rade C onvention at Was h ingto n
M a y 2 7 2 8 1 9 1 4 recognized t h e need of a permanent organiza
t ion which sho ul d promote c o operation by the government
and the commercial industrial and financial interests and
endeavor to co ordinate the foreign trade activities o f the
nation
and authorized the creation o f the N ationa l F oreign
Trade C ounci l f o r th at purpose
Th e C ouncil has an authori zed
maximum membership o f fifty merchants manuf acturers rail
road and steamship men and b ankers representing all sections
o f the U nited States and co l lective l y standing for the genera l
interest Of all e l ements engaged in foreign trade
N o n politica l
and n on p artisan its function is investigatory a nd advisor y
and it seeks e f fective l y to c o operate with other organi z ations in
t h e encouragement O f sound national f oreign trade policy
Through its committees the C ounci l is constantly investigating
and from ti m e to time pub l ic l y report s upon problems arising
in oversea commerce
T he membership O f t h e C ouncil is as
f o ll ows
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C H A I RM A N : JA M E S A FA RR E L L Presi dent U nited States
Stee l C orporation N ew York City
T RE A S U R E R : W A LT E R L C L A R K N ew York C ity
S E C RET A R Y : R O B E RT H P A T CH I N N ew York C ity
J O H N J AR N O L D Vice President F irst N ational B ank C hicago
Ill
W I L LI S H B O O T H Vice President Security Trust
Savings
B ank L o s Angeles C ali f ornia
’
S A N D CA P E N B usiness M en s League St Louis M O
J A G CA R S O N Presi d ent C arson N ava l Stores C o S a
vannah G a
E A S C L A R K E President Lackawanna Steel C o N ew York
C ity
S A M U E L P C O L T President U nited S t ates R ubber C o N ew
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vm k o
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32 8 2 8 5
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MA U R I CE C O STE R F oreign M anager Westinghouse E l ec
M anufacturing C o N ew York C ity
F G C RO W E L L Vice Pres ident Ha ll B aker G rain C o
K ansas Ci ty M O
CA P T R O B E RT D O LL A R President T he R obert D o l lar C o
San F rancisco C a l ifornia
O
N
O
A
N
V
ice
President
B
l
oede
l
onovan
Lumber
D
D
V
J J
M i ll s B e ll ingham Wash
J OH N F F I T GE R A L D C hairm an F oreign T rade C ommittee
B oston C ham ber Of C ommerce B o s t o n M a s s
u
O
GE
RS
F
L
A
N
N
E
R
Y
C
hairman
Pittsb
rgh
F
oreign
T
rade
R
J
C ommission Pittsburgh Pa
P A S F R A N K LI N Vice President International M ercanti l e
M arine N ew York C ity
L S G O L D STE I N N ew Orl eans Association o f C omm erce
N ew Orl eans La
L L O Y D C G R I SC OM N ew York C ity
FA I R F A X H A RR I S O N President Southern R ai l way C o Wash
in g t o n D C
H G H E R GET Pekin I ll
JA M E S J H I LL C hairm a n G r eat Northern R ai l way C o
St P aul M inn
H E N R Y H O WA R D Vice President M erri m ac C hemical C o
B oston M ass
C H A R L E S E J E N N I N G S President C E J ennings C o New
York C ity
A L B A B J O H N S O N President B a l d win Locomotive Works
hi l ade l phia P a
D W K E M P N E R G a l veston C otton E xchange G a l veston
T exas
CY R U S H M C C ORM I C K President International Harvester
C orp oration C hicago Il l
N
E
President
American
C
ast
Iron
Pipe
C
o
A
M
W
C
R
J
B irmingham Al a
C H A R L E S M M U C H N I C Vice President Americ a n Locomotive
Sal es C orporation New York C ity
B A RTO N M Y E R S President C hamber o f C ommerce N orfo l k
Va
M A O U D I N F oreign M anager G eneral E l ectric C o S ch e n e c
tady N Y
W I LLI A M P I G OTT President Seatt l e C ar
F oun d ry C o
Seatt l e Wash
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WE L D I N G R I N G M ai l ler Q u er e a u N ew York C ity
J O H N D R YA N President Amal gam ated C opper C o N ew
York C ity
W I L LI A M H R U S S E President R usse
B urgess Inc M em
phis T enn
W L S A U N D E R S C hairman Of B oard Ingerso ll R and C o
N ew York C ity
C H A R L E S A S C H I E RE N J R President C harles A Schieren C o
N ew York C ity
W D S I M M O N S President Simmons H ardware C o St Louis
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W I LL A R D STR A I G HT J P M organ
C o N ew York C ity
C o C hicago Ill
G F S U L B E RGE R Sul zberger So ns
S T E WA RT K TAY L O R President T he S K T ay l or Lumber C o
M obi l e A l a
E P T H OM A S President U S Stee l Products C o N ew York
C it y
F A VA N D E R LI P President N ationa l C ity B ank N ew York
C ity
H
WH
E
E
L
R
I
G
HT
President
C
onso
l
idation
C
oal
o
W
C
J
B al timore M d
T H E O B W I L C O X P ort l and Fl ouring M i l ls C o P ortland
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of the C ouncil
6 4 Stone Street
N ew York C it y
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F O R E WO R D
American business men are turning to South America not
onl y as a market f or exports and a source o f imports but l ike
wise as a field for investment
T his has created a need f or a comp act but comprehensive
compil ation o f f acts and statistics o f the trade finance and
rail r o ad situation in the ten Sout h American repub l ics
To
meet the need this p amph l et is presented
T he Latin American C ommittee o f the N ational F oreign
T rade C ounci l appointed l a st autumn in gathering in f ormation
which was l ater made t h e b asis o f t h e report o f the committee
appointed by the Secretary o f C ommerce and whic h is r e
printed herein f ound that no o n e o f the pub l ications contain
ing in f ormation wit h regard to Sout h America embodied a ll
t h e in f ormation required to f orm the b asis o f an inte ll igent
report
T he very accurate and ab l e reports issued from time to time
by the D epartment o f C ommerce do not give the detai l s as to
G overnment finances nor do the various B razi l and Argentine
or South American year books w h ich have been pub l ished in
London present their f acts in an entire l y satisfactory f orm
T h e pub l ications o f the P an Am erican U nion moreover whi l e
containing muc h o f t h e in f ormation desired f ail ed to give al l
the data in any one thereo f
I t was there f ore deemed de
sirab l e t o co ll ate f rom the various sources above re f erred to and
present the information and statistics regarding Sout h American
government finances rai l way dev elopment and f oreign trade
T h is p amphlet there f ore is a compil ation o f the in f ormation
contained in the reports o f the D epartment o f C ommerce the
pub l ications o f the P an American U nion the S outh American
B razilian and Ar g en t in e y ea r books and the reports o f t h e
C ounci l o f F oreign B ond h olders ( B ritish )
Th e basis o f comparison in commercial statistics is formed
by t h e years 1 9 1 0 1 9 1 1 and 1 9 1 2 t h e l atter a characteristic
norma l year in which the volume and val ue o f t h e trade o f
most o f the Latin American repub l ics f ell somewhat short o f
1 9 1 3 wherein Latin American trade established a high water
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v iii
mark
T he trade of the year 1 9 1 4 was curtail ed both by the
eff ect o f a general commercial depressi on preceding the E uro
pean war and by the viol ent dis l ocation t o which that con
fl ic t subj ected after the first week in August the commerce o f
all neutral nations
T he year 1 9 1 2 there f ore may be r e
garded as a fair b asis o f comparison of the normal business con
T he total figures of
d it ion s prevai l ing in the several states
’
each country s exports and imports for the year 1 9 1 3 are given
in a separate tab l e taken from the pub l ications o f the P an
American U nion
In presenting the information in this f orm the N ational
F oreign T rade C ounci l is aware that there may b e certain errors
in compi l ation that som e o f the in f ormation contained herein
is now out o f date and t h at the work is perhaps not as c ompr e
h en s iv e as might be desired
I t is hoped however that the
information presented in this f orm may serve a usefu l purpose
and be of val ue to those interested in the devel opment o f the
trade o f the U nited States with the various countries o f South
America
In addition to the statistical in f ormation is presented an
anal ysis made by the N ational F oreign T rade C ouncil o f the
first eff ect o f the E uropean war on Latin American trade al so
the report Of the Latin American T rade C ommittee appointed
by the Secretary o f C ommerce o f the U nited States t h e H on
o r a b le W
C R e dfield upon the devel opment o f systematic
pol icy necessary f or the extension o f commerce between the
U nited States and the Sister repub l ics
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P
R E O RT O F
L AT I N A M E RI CAN T RA D E CO M M I TT E E
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Oc to b e r 2 , 1 9 1 4
T he informal conference assemb l ed at Washington on Sep
t emb er 1 0 1 9 1 4 by t h e S ecretary o f State and t h e Secretary o f
C ommerce brought toget h er a n umb er o f diplomatic and con
sul ar representatives o f republics o f Sout h and C entral America
and r epresentatives o f American business an d o f commercia l
and industrial organiz ations inc l uding the Ch amber o f C o m
merce o f the U nited States o f America the Sout h ern C om
m er cia l C ongress and the N ationa l F oreign T rade C ouncil
A f ter a general discussion w h ic h broug h t f ort h prominent l y
t h e commercial needs o f both the U nited States and the sister
repub l ics a reso l ution was adopted requesting the Secretary o f
C ommerce to appoint a genera l committee on Latin American
trade t o consist of the members of the Latin American co m
m it t ee al ready appointed by the N ational F oreign Trade C ouncil
and representative men from various p arts Of the U nited States
Secretary R ed field according l y ap pointed as members o f th e
committee :
J O H N B A RR E T T D irector G enera l the Pan Ameri can U nion
W ashington D C
W I LL I A M B A YN E president o f the N ew York C o f fee E x
change N ew York N Y
W B CA M P B E LL president P erkins C ampbell C o C in
c in n a t i
Ohio
R O B E R T D O LL A R president R obert D o l lar C o S an F ran
cisco C a l
JA M E S A FA RR E LL o f N ew York chairman N ational
F oreign T rade C ounci l
W I L LI A M A GA S T O N president N ational Shawmut B ank
B oston M ass
J P G R A C E president W R G race C o N ew York N Y
FA I RF A X H A RR I S O N president Sout h ern R ai l way C o Was h
in g t on D C
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A L B A B J O H N S O N president B al dwin Locomotive Works
Phil adel phia P a
C J OW E N S mana ging director Southern C ommercial
C ongress Washington D C
L E W I S W P A R K E R presi d ent Parker C otton M ill s G reen
vill e S C
W I LLI A M E PE C K p r es id en t Willia m E Peck
Co N ew
York N Y
W I LLI A M SC H A L L M u ll er Schall
C O N ew York N Y
W D S I M M O N S president Simmons H ardware C o St
Louis M O
W I L L A R D STR A I G HT with J P M organ
C o N ew York
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P T H OM A S president U nited States Steel Products C o
N e w York N Y
*
R and N ew York N Y
J H WA DD E LL H ard
D A N I E L W A RRE N American T rading C o N ew York N Y
H A RR Y A WH EE L E R vice president U nion T rust C o
C hicag o I ll
*
D ece a sed
In his l etter Of appointment of members the Secretary O f
C ommerce wr ote
T h e e n l a rg e d c o m m i t t e e w i ll i t is e x p e c t e d o rg a ni z e i t s e lf a s i t s e e s
fit w i ll c o ns u l t a s m a y b e r e q u i re d wi t h t h e d i p l o m a t i c a n d c o ns u l a r
re p re s en t a t i v e s o f L a t in A m eri c a a n d w i ll b e a ssis t e d in a n y wa y p ra o
I t shou ld b e u n
t i c a b le b y t h e D e p a rt m e n t s O f S t a t e a n d C o m m e rc e
d e r s t oo d h o w e v er t h a t t h e c o m m i t t e e h a s n o o f fi c i a l re l a t i o ns w i t h t h e
G o v ern m e n t b u t t h a t it re p re s e n t s a n ef f o rt o n t h e p a rt o f t h e co m
m er c ia l a n d fin a n c i a l w o rl d t o d e a l in a p ra c t i c a l a n d b u sin e ss l i k e wa y
w i t h t h e p ro b l e m s of t h e b u sin e ss rel a t i o ns b e t w e e n L a t in A m eri c a a n d
t h e U ni t e d S t a t e s o n wh i c h s o m u c h o f t h e we l f a r e o f a ll t h e c o u n t ri e s
c o n c ern e d d e p e n d s I t is m y ea rn e s t h o p e t h a t m u c h m a y b e d o n e
"
t h ro u g h t h e a b o v e n a m e d c o m m it t e e o f l a s t in g a n d g e n e ra l b e n e fi t
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T he co m m ittee met at the N ew Willard Hote l at Wash
1 n g t on
D C at
a m F riday O ctober 2 1 9 1 4
T he
Secretary O f C ommerce and R obert R ose foreign trade adviser
O f the D epartment Of State were present
J ames A F arrell wa s e l ected chairman and R ober t H Patchin
6 4 Stone Street N ew York C ity secretary of the co m
mittee
M r W E Peck presented the report o f the Latin American
C omm ittee of the N ational F oreign T rade C ounc il as a basis
for discussion T his report was the res ul t of an inves tigation
o f Latin American p rob l ems by persons engaged in that com
merc e
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xi
After a ge nera l discussion and certain m odifications and
a mp l ifications the repor t was adopted by the l arger c ommittee
It is herewith pub l is h ed in full
T he committee wi ll proceed t o consider other phases of the
trade between the U nited States and the other R epublics o f
the Western Hemisphere which were discussed at t h e conference
o f September 1 0
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R E P O RT
A
N D RE C OM M E NDA T I O N S
Industrial commercial and financial conditions throughout
the world have been disorganized by the E urope an war T he
trade o f the U nited States with Latin America has been seriousl y
Th e present period of co nf usion wi ll h owever be
a f f ected
s ucceeded by one o f readj ustment and reorganiza tion
Your
c ommi t tee was appointed to investigate this situation and to
suggest measures to re l ieve the emergency and to p l ace t h e
t rade Of the U nited States with the sister R epub l ics on a per
m a n en t ly satis f actory and mutua ll y profitab l e b asis
The produc t s Of Argentina B razi l C hi l e and Peru exported
t o the U nited St ates di ff er each from the other and are dis
s imi l ar in turn f rom those which we in this country import
f rom B olivia C olombia E cuador P araguay U ruguay and
V enezuela f rom the C entral American States and P anama
f rom M exico and from C ub a the D ominican R epublic and H aiti
T hese products for the purposes o f this anal ysis may be con
s id er e d together as raw mate r ia l s
j ust as the goods w h ich we
export t o t h ese countries may be c l assified as manuf actures
M utual advantage f or both the U nited States o f America and
the other R ep u b h c s l ies in a W ider interchange
In a properly comprehensive report the trade O f the U nited
S t ates with each of the Latin American R epublics Should be
separate l y considered We realize that in each case t h e prob
l em is di f ferent a n d d em a n d s an individual so l ution
In gen
eral however t h is trade rests so l e l y o n exchange o f commodities
that it has in it s esse ntials been b arter with a sett l ement o f
b a l ances thro ugh London and has not been bui l t up by ex
tensive investment of f oreign capita l as h as been the case wit h
B ritish and G erman trade
The a c c om p a n yin g r e p or t deal s wit h certain underl ying prin
c ip les app l icable t o o u r Latin American trade as a whole
We
f eel that recognition o f basic fac t s a ff ords t h e on l y proper basis
f or meeting prob l ems whic h wh i l e they di ff er in t h e s e v er a l
co u ntries are nevertheless fundamentall y the same
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x ii
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Yo u r committee fee l s that artic l es recent l y appearing in t h e
press regarding commercial Opportunities in C entral and South
America have undu ly emphasized the promising aspects thereof
and have in most instances fai l ed to state that our exporter s
al ready doing b u siness with these regions find that their sal e s
have been decreased rather than increased owing to the war
Your committee recognizes the present ti m e as one when
com petition is l ess e f fective than in the past and than it wi ll b e
in the f uture until E uropean bankers merchants and manu
f a ct u r er s recover from the e f fects Of the war
Your committee moreover be l ieves that an Opportunity is
n o w aff orde d t o place the trade o f the U nited States with othe r
American nations upon a firm foundation supporting a more
comprehensive structure which may be b u i l t as the Situatio n
again more nearl y approaches normal
Your committee feels however that there is great danger
that o u r merchants and manufacturers u nfami l iar with Latin
American conditions may be induced by recent p u b l icity t o
undertake ventur es in that fie l d which not only wil l be u n r e
m u n er a t iv e but actua ll y d isastrous and in their ulti m ate r e
sul t make f or a reaction o f the very heal thy and much to b e
desired interest in foreign trade now manifest throughout the
U nited States an interest whic h if properl y directed shou l d
be o f great permanen t va l ue
,
,
,
.
,
,
,
.
,
,
,
:
,
.
,
,
,
,
,
,
,
,
.
S O UT H
A
M E RI CA N T RA D E C O N DI T I O N S
.
T he trade of the principal South American countries wit h
E ng l and G er m any and the U nited States is shown by t h e
fo ll owing tab l e :
,
,
I m p or ts a n d ex p o r ts of th e S o u th A m er i c a n c o u n t r i es f r o m
E n g la n d , G er m a n y , a n d t h e U n i ted S ta tes f or th e yea r s s p ecified
and
to
.
C
pil d by t h B ur u
fr m
om
e
C untry
o
e
of
o
o
e
a
.
ea
1913
1912
1912
1913
1911
1912
19 12
19 12
19 13
19 12
.
a
e
a
o
a
a
a
a
o o
e
o
a
e
e a
.
a
1
2
3
a
e
o
.
o
e
e
o
o
e
e
e
e
e
e,
o
a
e
o
.
a
e
G r m ny
I m p rts
E xp rts
a
o
Arg ntin
B r z il
Ch i l
E cu d r
U rugu y
P r gu y
C l m bi
V n zu l
B l ivi
o
an
o e
E ngl nd
I m p rts
E xp rt s
Y r
.
F r ign d D m s t ic C m m rc D p rt m n t
ff ic i l r p rts f t h r sp ctiv c unt r i s
ea
e
o
C
om
me
rc
e,
.
U nit d S t t s
I m p rts
E xp rts
e
.
.
of
o
.
a
e
.
o
.
.
1
1
1
1
2
3
2
7 99
2
2
2
2
2
2
2
2
2
1 , 7 8 7 , 32 1
F igur s f 1 9 1 1 d
t k n fr m t h Al m n c h d G t h
F igur s t k n fr m U S D il y C nsu l r d T r d R rt s
F igur s f 1 9 1 1 d
t k n f r m P A m ric n ni n pub l ic ti n
e
ar e
e
a
e
ar e
or
e
o
or
ar e
an
.
'
an
.
a
e
a
ar e
o
o
a
e
a
o
e
a
a
an
a
e
an
e
e
e
a
o
o
a.
.
o
a
o
.
5 90
x iii
T he above figures Show t h at expor t s from G reat B ritain and
G ermany to South America considerab l y excee d import s from
that region
T his balance in favor O f E urope may in a measure b e ex
plai ned by the f act that proceeds o f loans issued by the Sout h
American G overnments in E urope are remitted not in cash
but in goods
.
'
,
,
,
,
.
A M E R I C A N E X P O RT S C O N CE N T R A T E D
.
export trade t o South American countries partic u larl y
and to a l esser degree the C entra l American States is c o n c en
It is estimated that 7 5 per cent O f o u r principa l ex
t r a t ed
port s to South America are the products o f large organizations
Ou r principa l expor t s to the R iver Plate may be ro u gh l y stated
to consist o f agricu l tural machinery and all ied products stee l
produc t s Oil products kerosene gaso l ine etc
and printing
paper o f va r ious k inds
Ou r exports to B razi l C hi l e and
Peru are largel y limited to stee l and Oil products l ocomoti ve s
and electrica l machinery
Ou r trade in cotton c l oths shoes
stockings wearing app are l a n d m iscellaneous goods h a s n o t
made up an I mport ant p art O f th e tota l beca u se o f o u r u n
wi ll ingness o r inabi l ity to meet B ritish and G erman competitio n
E ven be f ore the war o u r export trade t o all Latin America and
notab l y South America had begun to decrease o n account o f t h e
prevai l ing financial stringency
Ou r imports however increased
in val ue and the trade b al ance adverse to the U nited States f o r
the fiscal year 1 9 1 3 1 4 great l y exceeded that o f 1 9 1 2 1 3 both f or
all Latin America and f o r South America al one
T he accomp anying tab l e shows the distribution O f this trade :
Ou r
,
,
,
.
.
.
,
—
—
,
,
,
.
,
.
,
,
,
,
.
,
,
,
,
.
,
,
.
,
,
,
-
-
.
E xp rts
o
.
I m p rt
o
C ntr l A m ric W st
I ndi n r pub l ics d
M xic
S ut h Am ric
T t l
e
a
a
e
a
e
e
e
,
,
an
o
o
e
o
a
a
.
T r a d e ba la n ce
a d ver s e
to th e U n i ted S ta tes ,
s
.
xi v
E F F E CT O F T H E WA R O N S O UTH A M ER I C A N C O U N TR I E S
.
Since A u gust 1 o f this year the countries in South America
whose currenc yis n o t al ready o n a go l d basis have experienced a
serious depreciation Of their paper m oney
T he export O f Copper tin nitrates coff ee and other product s
has been curtail ed because of l oss O f the normal E uropean mar
kets As indicative of financial conditions bank ho l idays and
moratoria were decl ared at the outbreak of hosti l ities which were
extended in certain countries from 6 0 to 90 days T he e f fect has
been damaging to A m erican exporters as under such circum
stances drafts due in August wi ll not be l iquidated unti l N ovem
ber o r D ecember T his means a large accumul ation of draft
indebtedness never contem p l ated by the shipper Specie pay
ments were suspended
C oll ections throughout South America there f ore are di fficu l t
orders are fall ing Of f and after our exporters have comp l eted
their contracts for this year there seem s l ess prospect for new
business unl ess steps are taken to rel ieve the situation
.
,
,
,
,
,
.
,
.
,
,
,
.
.
.
,
,
,
,
.
,
D I FF I C U LT I E S O F S E TT L E M E N T S F OR S O UTH A M E R I C A N TR A D E
.
Since the bal ance o f our trade with South America is heavi l y
against the U nited States there shoul d be exchange f acil ities
which woul d enab l e o u r exporters to Obtain payment fro m bal
ported into
a n c e s created in N ew York in sett l e m ent f or goods i m
this country from South America
Such bal ances however are not maintained in this country
T he external debt O f the South American R epub l ics ( F ederal
State and municipal ) amounts approximatel y to
T he bul k of those f unds were borrowed from G reat B ritain
South America therefore invariab l y has payments to make in
London
T he greater part O f South American banking business more
over is conducted by B ritish owned institutions T hese f acts
together with the faci l ities Off ered by the London discount mar
ket have induced G erman and other E uropean owned banks
trading in South America t o maintain London agencies Sterl ing
credits therefore have been the b asis O f South American trade
Ou r exports to and imports from Latin America are shipped
direct T hey are however ( al m ost excl usive l y in South Ameri
can trade a n d la r g ely in C entral American trade ) paid f o r in
sterl ing bill s o f exchange
,
.
.
,
,
,
,
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.
,
-
.
,
,
-
,
.
,
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,
-
.
,
'
,
,
.
XV
U nited States exporters have in the p ast converted their
doll ars into sterl ing at the rate o f the day drawing against their
South American customers at 9 0 days sight p ayab l e in 90 day s
bi ll s o n London
Importers have accepted 90 days sterl ing bi ll s
which they have l iquidated at the current rate o f ex change
T his has necessitated the conversion of doll ars into sterl ing in t h e
U nited States an d a reconversion in South America from sterl ing
into the currency of the buying country
T hus al t h ough the b al ance of the South American trade o f t h e
U nited States has b een increasing l y heavy against this country
we do n ot make sett l em ent direct We have been ob l iged eithe r
by the ship m ent of go l d o r goods t o sett l e this adverse b al anc e
by remitting t o E ng l and either go l d or goods to meet interest
c h a r g es o n t h e South American debt and t o p ay for goods pur
chased in E urop e by the South American countries
R ecent attempts to estab l ish direct exchange with South
America have not been successful in rel ieving the trade congestion
incident to the dis l ocation o f London exch ange A few N ewY o r k
banking institutions have been ready to extend accom m odation
to American exporters but the credits avai l ab l e have been whol l y
inadequate
T his f act together with the di ffi cul ty o f m aking
co ll ections in South America has serio u s l y emb arrassed ou r
exporters whi l e o u r importers finding it practicall y impossib l e
to dispose O f N ew York bi ll s t o b ankers in South America hav e
been penal ized by the al most prohibitive cost o f London credits
,
,
,
,
,
.
.
,
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,
,
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,
,
,
‘
,
.
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,
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,
,
,
,
.
,
.
P RE S E NT P R O B LE M S
.
th e war the Latin American c ountries are
( 1 ) B ecause
fronted by the necessity
of
-
c on
marketing
their
products
despite
the
Shrinkage
wor
l
f
o
d
( )
purchasing power
a
Of
.
( 6) Of Obtaining f unds to move crops and t o continue in d is p en
sab l e industrial and agricu l tural devel op m ent normall y finance d
by E urope
.
2
( )
T he U nited States is con f ronted
( a ) By the necessity of ho l ding its normal export trade wit h
Latin America
.
B y the possibil i ty o f increasing that trade by fi ll ing Latin
American needs f o r merchandise hitherto purchased in E urope
which E urope can not now supp l y
.
,
xvi
T he so l ution of these prob l ems depends upo n
( 1 ) Produ ction
2
( ) T r a n s p o r t a t io n Shipping and insurance
( 3) F inancing : ( a ) Of production ( b ) o f transportation ( 6 )
s ett l e m ents
.
—
.
,
,
Of
.
Production in the U nited States can be maintained i f there be a
s u f ficient m arket at ho m e and abroad f o r American good S
Pro
d uction in So u th A m erica may continue but can not be f urther
d eve l oped unl ess financial assistance be Obtained
At the present ti m e steamships are avail ab l e and sai l ing regu
la r ly fro m this co u ntry t o the princip al ports o f Latin America
a n d fro m those ports to the U nited States
M any Of these ves
s e l s are unab l e t o Obtain fu ll cargoes
A l though onl y a l imited
n u m ber are u nder the U nited States fl a g the above wi ll c l ear l y
indicate to exporters importers an d manufacturers that t h ey
n eed n o t ho l d back from entering the fie l d on this account
B efore trade can resume its normal course the exchange prob
lem must be so l ved either by the restoration Of O l d or by e s
t a b lis h m en t Of new credit faci l ities
-
.
,
.
,
.
.
,
,
.
,
,
,
.
N E W C RE D I T M A C H I N E R Y N E E D E D
Old m ethods m a y
.
l onger be serviceab l e in the Situation
which will resul t fro m the readj ust m ent fo ll owing the war
It
shoul d now be possib l e indeed in the m utual interest o f the
Latin American R epub l ics and ourse l ves to create new credit
machinery t o perform the functions Of the O l d and which wi ll
a t the same time rid us at l east partiall y of a dependence upon
the London credits and E uropean financial markets wh ic h t h ou g h
e ssential in the past
has proved to b e serious l y embarrassing
D eprived Of the E uropean l oans with which t h eir resources
were being devel oped Latin American countries are now under
T he
g oing a serious curtai l ment o f industry and deve l opment
consequences in m any instances wi ll be serious n o t onl y to these
countries themsel ves but al so to the countries which expected to
supp l y the m aterial s
I t has been increasing l y the p r a c t ice o f E uropean b ankers t o
s ti pu l ate the use O f E uropean materia l in the proj ects which they
financ ed Latin America is now turning to the U nited States for
f unds
T his country is hardl y in a position to undertake con
s id e r a b le investments at the present time b u t i n d u s tr i es wi th a n
a lr ea d y con s i d er a b le tr a d e a t s ta ke m a y well con s i d er th e n eces s i ty
no
.
,
-
,
,
,
,
_
.
,
-
,
.
,
.
'
.
-
.
.
,
x v iii
l ing credits now or l ater but in order to provide an exchange
channe l which wi ll supp l ement O f fset or compete with Lon
don and be avail ab l e in an emergency w h en London exchange
is disorganized
T he maintenance of exchange re l ations depend s o n a credit
machinery and reciproca l b al ances
T his machinery wi ll par
t ia lly be provided under t h e F ederal reserve act which permit
American banks t o Open branches abroad and permits a r e
disco u nt in this country o f commercial paper based o n Ship
ments O f commodities in foreign trade
T h ese steps however
h ave not yet been e ff ected and your commi t tee appreciating
that the install ation o f this machinery m a y require consider
ab l e time has considered means for tempo rary re l i ef
,
,
,
,
.
.
,
,
.
,
,
,
,
.
C O O P E R A T I V E E X C H A N G E A S E M E RGE N C Y M E A S U RE
.
’
A p l an f o r the estab l ishment O f a M erchan t s
C ooperative
exchange
clearing house f o r Latin American trade has
or
been propose d
T his it has been suggested wou l d enab l e
impor ters and exporters of goods to and from Latin Ameri ca
to watch credits b al ances to be remi t ted on certain definite
sett l ing dates
T he chief argument f or such an institution is
that it wo ul d bring together exporters and importers among
whom there is now n o cohesion
B oth know their cash r e
If the exporters requi re say
q u i r em en t s each month
to p ay f or their O ctober Shipments to B razi l and the importers
a l ike am ount t o pay f or their imports from B razil such an
excha n ge might be ab l e easi l y t o l iq u idate transactions in New
York
T he p l an however is open to serious Obj ection f or the fo ll ow
ing reasons :
-
,
,
.
,
,
-
,
.
.
.
,
,
.
,
,
n e c e ssi t y a n d d i ffi c u l t y of s e c u rin g t h e c o o p era t i o n of a
s u ffi c ien t n u m b e r o f i m p ort er s a n d e x p ort er s
( 2 ) T h e n e c e ssi t y a n d d i ffi c u l t y o f s t a n d a rd i z in g cre d i t s
( 3 ) T h e d i f fi c u l t y of r ea c h in g a n a g re e m e n t a s t o t h e ra t e o f e xc h a n g e
b et w ee n S o u t h A m eri c a n c u rre n c y a n d U ni t e d S t a t e s d oll a rs
( 4 ) T h e d i f fi c u l t y d u e t o t h e s ea s o n a l v a ri a t i o ns O f s h i p m e n t s o f S o u t h
A m eri c a n p ro d u c e a n d t h e c o ns e q u e n t fl u c t u a t i o n in t h e d e m a n d f o r
b a l a n c e s in N e w Y ork o r S ou t h A m eri c a
( 5 ) T h e d is org a ni z e d fin a n c i a l si t u a t i o n in S o u t h A m eri c a w h i c h i n
crea s e s t h e ris k in s e c u rin g s e t t l e m en t s in t h e S o u t h A m eri c a n re p u b l i c s
( 6 ) T h e n e c e ssi t y o f cre a t in g a n d m a in t a inin g a n e x p ert a n d t h ere
f o re e x p e nsi v e o rg a ni z a t i o n
(1)
Th e
.
.
.
.
,
.
,
,
.
xi x
T h e di f fic u lty as regar d s South America however wou l d still
remain f or it wo ul d be impossib l e within any reasonable time
to organi z e in the princip al cities o f South America su f ficiently
extensive Cooperative associations o f importers an d exporters
o f American products
Standardization O f Sout h American credits therefore coul d
only be secured b y the guaranty o f American shippers o r im
porters o r by the guaranty o f the South American G overn
ments themse l ves
Your committee therefore after careful co n sideratio n f eels
that the suggested Cooperative exchange would n o t be prae
tica l although a power f u l banking group o r l arge banking in
s t it u t ion willing to a s s r s t in maintaining and deve l oping our
Latin American trade might be ab l e to secure and re n der
mutual ly beneficial the organized Cooperation o f exporters and
importers in matching credits
,
,
,
.
,
,
,
.
,
,
,
”
,
”
-
.
R E C OM M E N DA T I O N S
.
Your committee howeve r be lieves that the extens ion o f
c r edits might be f a ci litated and some relie f a ff orded pending
the es t ab l ishment o f the F ederal reserve b anks i f in addition
to permitting national banks which have signified their in t en
tion to enter the reserve associations to accept commercia l paper
action b e taken by the F ederal R eserve B oard t o make im m e d i
ate l y e ff ective the rediscount provision of t h e new b anking
system thus assuring earl y estab l ishment Of a discount market
Your committee W hi l e appreciating t h e necessity o f co n
serving the banking resources O f this country f o r the protection
o f o u r domest i c Situation neverthe l ess be li eve that the ces s a ti on
,
,
,
,
.
,
,
,
cu r ta i lm en t o
'
or
f
tr a d e
ou r
wi th
L a ti n
A m er i ca
will i n i ts elf
b e h i g h ly i nj u r i ou s to A m er i ca n i n d u s tr y , j ust a s we be l ieve that
th e ex ten s i on of thi s tr a d e wou ld m a ke f or th e p r os p er i ty of th e
as we l l as o f those directly interested We
there f ore hope that Ameri can banking institutions may be
induced to meet the present emergency n o t by t entative and
inadequate measures but by extending accommodation su f
ficien t at l east to assure the maintenan ce of ou r al ready e s
t a b lis h e d tra d e
cou n tr y
at
la r g e ,
.
,
a
,
.
E XTE N S I O N O F T RA D E
.
Th e question of extending Ame r ican commerce with Latin
America depends primarily as does the prob l em of mai n
,
XX
taining our trade upon the estab l ishment O f commercial credits
upon o u r abil it y to finance Latin Am erican enterprise purchase
the produc t s Of its soi l and industries and upon the perfection
Of o u r se ll ing machinery
Your committee has not attem pted t o formu l ate suggestions
as to the manner in which the individua l manufacturer shoul d
proceed to estab lish a market for h is product s in South America
N or does it here dwe ll upon the importance O f adaptation of
the product t o the needs Of the market or proper packing
T O O high praise can not be given the G overnment part ic ul arly
the D epart m ent o f C ommerce under the H on W C R ed field
f or its e f fective propaganda o n these essential points and for
its e ff orts adequate l y t o assist extension Of our foreign trade
T he enlightened services o f the P an America n U nion in sa f e
guarding good understanding among the R epub l ics o f the
Western Hemisphere and in making its information and advice
avai l ab l e to a ll a f fected by the commercial prob l ems arising at
this j uncture are worthy Of the warmest commendat i on
,
,
—
,
.
-
.
.
,
.
.
,
.
.
.
,
.
C A U TI O N
N OW
A D VI S A B LE
Your committee fee l s h owever that merchants and manu
f a ct u r er s now conte m p l ating an entry into the Lat in American
fie l d sh oul d be careful to avai l themse l ves o f the easi l y acces
sible i nf ormation concerning these markets
It is suggested
that they sho u l d at the outset reme m ber t h at t h e cost Of main
taining individ u al representat i v e s woul d probab l y be t oo great
for any on e Of them t o bear themse l ves
It is therefore s u ggested
that associations consi sting o f the small er firms o r corporations
engaged in kindred l ines o f production might be formed and
that either o n e or more representatives shoul d be sent to South
America to l ook after the i nterests of such associa tions thereby
bringing t h e cost o f represent ation withi n a reasonable limit
It has been suggeste d that Ameri can manuf acturers Shoul d
combine to send to South America trade exhibits showing the
various artic l es which they have f or sa l e
Your committee
h owever is not inc l ined to fee l that such measures wo u l d be
productive of any permanent res ul ts
It is suggested instead
that manufacturers and deal ers desiring to p l ace their products
in Latin America and who f o r any reason prefer n o t to send
their own representatives there coul d estab l ish connections
with export houses a l ready doing business in those countries
,
,
-
.
.
,
,
.
,
.
,
,
.
,
,
,
,
and maintaining large branch O f fices in the principal South
American cities full y equipped with efficient sal e organizations
or who have estab l ished connections and in cert ain l ines Of
goods foodstu f fs notions and misce ll aneous artic l es j oin in
estab l ishing what might be call ed f o r want o f a better name an
Amer ican store in certain o f the most import ant cities
V ent u res o f t h is s or t however require considerab l e capital
and experienced men and f or the sake o f the u l timate develop
ment o f mutually beneficial commercial re l ations wit h Latin
Amer ica it is be l ieved that our merchants and manuf acturers
should n o t attempt to insta ll their o wn estab l ishments in Latin
America un l ess t h ey are prepared t o meet initia l l osses and dis
appoi ntments before realizing even moderate profits in what
must necessarily be a deve l oping rather than a read y made
business
Your committee begs therefore t o summarize the results o f
the investigations and to state its belie f t h at the present dis
organization O f t h e trade o f the U nite d States with Latin Amer
ica may best be remedied and placed o n a permanently satis
factory b asis as f o l lows
1 T he establishment o f a do ll ar exc h ange
*
( a ) B y the ul timate creation O f a discount market
( b ) Pending the estab l ishment Of a discount market by t h e
extension Of a d equate accommodations by b anking insti tuti ons
and the estab l ishment O f reciproca l b al ances in the U ni ted
States and in Latin America for fina ncing Latin American trade
2 Perfection o f our sel l ing machinery
( a ) B y furnishing addi tional support t o commission houses
a l ready f ami l iar Wi th Latin A merican business
( b ) B y f orming associations o f merchants and manuf acturers
to be j oi n t l y represented in Latin Ameri ca
( c) B y obtaining i nf ormation as 130 the possibi lities O f deve l op
ing retai l stores in l arge La tin American Ci ties
,
—
—
,
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,
,
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,
-
.
.
.
,
,
-
-
.
.
.
-
.
-
.
-
.
*
a
T h e F e d era l R e s erv e
d is c o u n t m a rk e t
c ep
t a n ces
c o v erin g
s y s t e m h a s sin c e b e e n
crea t e d t h ro u g h t h e g ro w t h
e x p ort s a n d i m p o rt s
.
p ut
of
in to O p era t i o n a n d
t ra ns a c t i o ns in a c
A RG E N TI N E
S quare M il es
Area
E stimated
Population in
C ur rency G old Peso
Paper Peso
—
1913
.
$ 965
In addition to t h e external loans shown in the table on Page 2
t h e Argentine G overnment contracted with a syndicate headed
by t h e N ational C ity B ank O f N ew York C ity f or t h e issue o f
o f one two and t h ree year s ix per cent go l d notes
F ive mi l lion dollars o f these notes expire on D ecember 1 5 t h 1 9 1 5
1 9 1 6 and 1 9 1 7 r e s p e c
a n d a simi l ar amo un t o n D ecember 1 5 t h
T he notes were issued at the fo l lowing prices
t iv ely
,
,
,
.
,
.
,
,
,
.
On e Year Notes
T wo Year N otes
Th ree Year N otes
D E BT
D ecember 1 9 1 3
.
Am unt in
C ircu l ti n
o
a
rg ntin N ti n l
P r vin c f B u n s Air s
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V ri us Pr vinc s
V ri us M unicip l iti s
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4
I M P ORT S
Fr m
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Fr m
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6
R AI LW AYS
Th e tota l l ength of the Argentine railways i s
miles
( although 300 mi l es are not as yet o ffi cia ll y opened ) with severa l
h undred mi l es under construction
They represent a total
capita l of about
o f whic h that owned b y
f oreign investors forms 88 to 9 0 per cent
B ritis h capital is
heavily predominant amounting to
and t h e
management and equipment of the roads are B ritish to a very
large degree
F rench and B e l gian capitali sts h owever are
acquiring extensive interests having now some
in
these roads
Th e Argentine G overnment owns some
mi l es of road but
h a s h eretofore be en interested in new construction mainly f or t h e
purpose o f o pening up new territory T here are three di f ferent
gauges in use the broad 5 feet 6 inc h es the standard 4 f eet
inches and the narrow 1 meter
feet )
8
Th e fo l lowing tab l e gives the total mileage owned by t h e
G overnment and by private companies
,
,
.
.
,
.
,
,
,
.
.
—
—
,
,
,
,
.
.
,
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G O VE M E L I E
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C ntr l N rt h rn R y
Arg ntin N rt h rn R y
B
M t n
q
Q ui m i li N rt h st
F rm s E m b rc c i
B u n s Air s Pr vinci l ( G
m
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fr m L P l t
t fi f t h m ridi n )
M iddl g
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B r d g ug
S
Ant ni N h u l
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C r d b C ntr l
Pr vinc f S nt F
Pr vin c f B u n s Air s
B u n s Air s M id l nd
T r ns ndin
Ch ubut C ntr l
R f l St m Tr m
R s ri M nd z
C l ni O c m p S t m T r m
T t l
a
ea
a
o
P
.
e
o
o
S
a
e
e
a rr a n
N
R i l r ds
.
e
a
,
C pi t l
a
oa
a
.
O wn d by B ritis h
B u n s Air s G r t S ut h rn
B u n s Air s P ci fi c
B u n s Air s W st rn
C ntr l Arg nt i n
C ntr l C rd b
e
e
o
e
ea
e
o
e
a
e
o
e
e
*
a
e
o
e
e
e
o
a
l st n m d syst m h b a
is w p r t d in six s c ti ns
*Th e
and
e
e
a
o
a
no
a
O
e
e a
e
e
as
e
ee
o
.
by t h c ns l i d t i n f fi s p r t c om p ni
t n d ncy t w rd c ns l i d t i n h a b e n prom i s
or m e d
Th e
e
e
e
o
o
o
a
a
o
o
o
o
ve
a
o
e
a a
s
e
a
e
e
nt in r c nt y rs d in 1 9 1 3 t h m rg r f t h G r t S ut h rn d G r t W st rn w
b in c nsid r d in t h N ti n l Ass m b l y w h n f v ri us r s ns
d
d w
p
p
th
pr p s l w wi t h r w n by t h c m p ni s inv l v d T h F r q u h r S yndic t
v ry l rg
d d by
d i m p rt nt c m p ny
d c m p s d p rt l y f A m ri c n c pit l ists h
A m ric n
r i l r d pr p rti s in B r z i l U rugu y P r gu y
d
w nin g xt nsiv
Arg ntin
d B l i vi
n g ti ting wit h t h G v rn m nt f t h purc h s f t h
w
G v rn m nt r i l w ys but t h pr j ct did t m t ri l i z Th is syndic t is int r st d
i r i l w y c nstructi n in t h n rt h rn p rt f Arg ntin
n e
e e
ro
os e
e
o
e
,
e
e
n
as
a
a
e
an
an
a
a
o
a
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o
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a
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a
a
a
as
,
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e
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as
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no
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a
a
e
.
e
e
or
e
,
o
o
a
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e
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o
o e
o e
o
a
e
a
a
e
o
a
o
an
e
e
o
ea
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o
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o
as
e
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a n
o
an
o a
a
an
ea
e
e,
e
a
a
,
e
o
e e
e
a
e
.
R ailway
construction in Argentin e is t h e key to t h e develop
m ent o f that country and is no w as in the past being pus h ed
f orw ard w it h great energy
S ome i dea o f t h e rapid growt h
in mileage o f the railways may be gained f rom the f o ll o wing
tab l e showing the increase in mileage from 1 8 9 0 to 1 9 1 3
,
,
.
.
,
Y rs
M il s
ea
Y rs
ea
e
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
O
O
O
O
0
0
0
0
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
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O
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o
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0
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e
.
o
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0
0
0
0
0
0
0
0
0
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0
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0
0
Th
R EM A
c h i f l in s f f r ig h t c rri d
th s r ds
t h n tur l pr d u cts
th
c u n t ry I n 1 9 1 2 t h s pr d u cts m unt d t
t ns v l u d t
d g v th r
ds 7 0 p c nt f t h ir gr ss r c ipts
RKS —
e
an
o
a
e
e
e
o
e e
.
e
e
oa
er
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a
a
e
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e
e e
on
e
o
.
oa
o
a
a
a
e
are
e
a
o
of
B O LI V I A
S quare M i l es
Are a
Population
C urrency
.
B oliv a n o
—
centavo s
100
D E BT
F E D E R A L G O VE R N M E N T O B LI G A T I O N S
Y r
I ssu
ea
I
nt r st
e e
e
Sinking
F und
Li bi l iti s
a
e
.
E xt rn l D bt
e
*19
a
e
10
1
5
}
L n C r dit M bi l i r f P ris S c ur d
xp rt duty m in r l d rubb r d in c s
g n r l r v nu s F r f ll B
f d fi c it
l ivi n T x s
L n ( I nd m nity d c r d by J int Arbi
t
ti
T ribun l B l ivi d B r z i l )
T t l E xt rn l D bt
R i l w y G u r nt s )
O n J un 3 0 1 9 1 2
S t t B nds B
Fl ting D bt
T t l B / 1 0 5 33 6 8 8
T r sury N t s ( 3
h l d by B nc d l
N ci n ( R d m b l by 1 0
f C ust m
ip t
f D pt
d N t l T r i t ry )
f B ni
V t r n S l di rs P nsi ns ( h l d by B nc
d l N ci n ( B l ivi Ch i l
T t lI t
l D bt
T t l E xt rn l D bt
G r nd T t l
oa
e
o
o
e
3
on
e a
e
e a
—
e
a
e
:
-
(Ex
e
l usiv
e of
on
a
a
e
a
o
ce
e
e
I ssu d in P ris
e
a
e
ee
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s o
a
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,
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ee
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e
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on
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er n a
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t e
o
.
a
a
e
e
.
e
.
.
In J anuary 1 9 0 9 M essrs J P M organ
C o o f N ew York
contracted with the B o l ivian G overnment for a 6 % loan amount
ing t o
In N ovember 1 9 1 0 with the exception o f
approximatel y
th ese bonds were reso l d to the B o l ivian
G overnm ent payment therefor being made out o f the proceed s
T hese bonds are
o f the C redit M obi l ier l oan mentioned above
now he l d in the T reasury Of the B olivian G overnment and sub
i
t
h
s
t
a
t
nd
o
w
e
t
certain
stipu
l
ations
c
annot
be
reissued
c
t
o
N
j
ing the above arrangement the B o l ivian G overnm ent is sti l l
responsib l e f o r the interest and amortization o f these bonds
,
.
,
.
.
.
,
,
,
,
,
.
,
.
,
,
.
B UD G E T
9
F O R E I G N T R AD E
C u nt ri s
e
o
G rm ny
U nit d Ki n gd
a
e
e
F r nc
Ot h r c untri
T t l
a
.
e
e
es
o
o a
Ex
om
o r t ed
.
to
g it d S t t s
B l giu m
F r nc
G rm ny
U nit d Kingd m
O t h r c unt ri s
T t l
a e
e
n
e
a
e
a
e
o
e
e
o
e
$3 5 0 5 7 8 4 l
o a
.
.
S U P P L E M E N T A R Y C OM P A R A T I V E TA B L E
ART I C L E S
Ar t ic l es
iM
Va
.
PO R T s
e
a
e
r s es
an
o
’
r ea
s
s
u
ea
a
.
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no
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an
.
n
ee
an
anu ac
e
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a
,
,
an
ee
e
e
an
a
e
.
Artic l s
IM P
c ntinu d
O
O t h r d p rts
T ls
I r n m nu f ctur s
J w l ry
G nuin ( f pr c i us
m t ls)
Oth r
L t h r b ts d s h s
M di i
pr p r d
O i l s m in r l d pr ducts
P ints c l rs d v rnis h s
P p r d m nu f c t ur s
S p
S pi rits W i n s
d m lt li
q
B r cid r d c h ic h
S piritu us l i q u rs
Win s
S ug r r fi n d
T xti l m nu f ctur s
L c s m br id ri s d
tri m m ings
Knitt d g ds
W ring pp r l r dy m d
xc pt
W d d m nu f ctur s
U n m nuf ctur d xc pt
M nu f ctur s
F urnitur
Oth r
W l pur
All t h r rti c l s
T t l
e
R T S-
.
Ani m l s l iv
C tt l
II o
d a m m uni t i n
A rm s
B
d t fl :
C er l s n s
P st s l i m nt ry
R ic e
W h t fl ur
C n dl s
C rs d c rri g s
R i l w y c rs
Oth r
C m nt
C l d bri q u ts
C tt n m n u f c tur s
t
m ix d w it h t h r m t ri l
E rt h n w r ti l s
d pip
ing f d
E xp l siv s inc l u d ing p w
dr
Fis h f r s h inc l uding s h ll
fi sh
F r uits
G ol d c in d
H t
H id s d skin s m f
tur s f "
I ns t r u m e nts
m usic l
d
sci nti fi c
I r n a d st l d m f
tu r s :
B t n d r wn
d in
s h ts
M a c h in ry d pp ra t us
El ctric
a
lu
I M P O RT
OF
a
.
o
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a
0
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Va
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.
10
ART I C L E S
Arti c l s
e
V lu
a
.
EXP
ORTS
e
OF
E X P O RT
Arti cl s
e
.
V lu
a
.
e
.
S i l v r C rud
C in d
Ti n
All t h r
T t l
e
.
e
:
o
e
e
o
o a
S U P P L E M E N T A R Y TA B LE ART I C L E S O F E X P O RT S T O B O LI VI A
F ROM UN I TE D ST A TE S I N T H E F I S C A L Y E A R S
E ND I N G J U N E 30 1 9 1 1 A N D 1 9 1 2
—
,
.
Artic l s
e
B r dstu ff s w h t fl ur
C rs c rr i g s t h r v h i cl s a d p
Ch m ic l s drugs dy s d m di c in s
C tt n m nu f c tur s c l t h s
All t h r
I r n d st l d m nu f ctur s
L t h r d t nn d skins m nu f ctur s
M t d d iry pr du c ts
Oi l m in r l r fi n d
:
ea
a
,
a
e
o
a
a
e
a
an
ea
ea
,
.
e
e
:
e
e
a
n
an
e
o
e
.
.
e
an
an
e
a
ee
e
o
,
o
o
,
,
o
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ea
,
a
a
e a
an
a
e
a
,
e
a
a
e
o
e
,
e
T t l
o a
R AI L WAYS
R O UT E S
TO THE
I N T E R I OR
All f oreign trade m u st p ass throug h foreign territory as t h e
c ountry is entirely land locked h aving lost its coast line to
Ch ile in the war o f 1 8 7 9 1 88 4 C ommer c e wit h t h e outside
w orld passes over o n e o f six routes as follows
To the nort h by way o f t h e M adeira and Amaz on R ivers
To t h e east by way o f Puerto Suare z and t h e Paraguay R iver
T o the south by way O f La Q uiaca and the railway from
t h e re to B uenos Aires
To t h e west by w ay of railway c onnections wit h t h e ports
o f Antofagasta Arica and M ollen d a
Of t h e t h ree l ines to the Pacific t h e Anto f agasta Rail w ay
B ritis h owned carrie s muc h t h e heaviest freig h t traffic
It
runs 2 7 0 mi l es to the B olivian frontier 1 08 miles from t h ere
to U yuni and 1 95 miles from U yuni to Oruro
The rai l wa y from Oruro to La Paz was construc ted by t h e
B olivian G o vernment 1 8 3 mi l es but is administered by t h e
,
,
-
.
.
.
.
.
,
,
.
,
,
,
.
—
,
"
BR A I L
S quare M iles
Area
E stimated Population in 1 9 1 1
C urrency G old M i l reis
Paper M i l reis
—
In accordance with the Law of J une 1 7 t h 1 9 1 4 the M inister
of F inance O f B razi l has authorize d a funding o f the l oans as
mentioned bel ow in on e conso l idated issue o f
bear
ing 5 % interest and guaranteed by a second m ortgage on t h e
receipts of the C ustoms o f R io de J aneiro
I f these be in s u ffi
cient the l oan wi ll be equall y guaranteed b y receipts of other
ports
Loan o f 1 883
Loan o f 1 8 88
4
Loan O f 1 8 8 9
Loan o f 1 8 9 5
5
Loan o f 1 9 08
5
4
Loan Of 1 9 1 0
4
Loan O f 1 9 1 1
Loan o f 1 9 1 3
5
4
R escission ( guaranteed by rai l way receipts )
L l oyd B razi l ian B onds
5
4
L l oyd B razi l ian B onds
,
,
‘
.
.
.
.
.
.
.
.
.
.
.
.
D E BT
F d r l L ns
E xt rn l
e
e
a
oa
e
£ 9 1 7 27 l 80
a
,
,
T£ 1 4 6 0 6 1 7 1 3
.
S t t L ns
E xt rn l
I nt rn l
a
e
oa
a
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a
he
M u ni c ip l L ns
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a
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a
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.
T t l D bt
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App r oxi m t
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,
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R AI L WAYS
t he b e g i nni ng o f 1 9 1 2 t he r e w e r e i n o p e r a t i on
mile s
T h ere
o f r a il wa y s o f w hi ch 4 7 1 m iles w e r e c on s t r u c t e d i n 1 9 1 1
w e r e a l s o u n d e r c on s t ru c t i on a t t h a t t i m e
miles o f r a il wa y s
and
miles o f p r o p o se d r o ad w e r e app r o v e d
N e a r l y a ll o f t he B r a z ili a n li n es a r e ei t he r o w n e d b y t he
F e d e r a l G o v e r n m e nt o r le a se d to c on cessi on a i r es w i t h a p r o
o r are o wne d
v isi o n f o r f u t u r e r e v e r si on to t he G o v e r n m ent
b y t he St a t e G o v e r n m e nt s
T h e m o s t e x t e n si v e c on s t r u c t i on is i n t h e c o ff ee d i s t ric t i n
t he St a t es o f S a o P
aul o
m iles i n 1 9 1 2 ) a n d R io d e J a n e i r o
A s i d e f r o m t hese St a t es t he r a il wa y m ile a g e is l a r g el y i n t h e
St a t e s o f R io G r a n d e d o S u l
m iles i n
S a nt a C a t h a r
ina P
a r a n a a n d B a hi a
T h e E s t r ad o d e F e rr o d o C e nt r a l o r C e nt r a l o f B r a z il R ail
w ay w hich is k no w n a s t he t r u nk li n e o f B r a z il is
miles i n
le n gt h a n d h a s c o s t to da t e
At
.
,
,
.
,
.
.
.
,
,
,
,
C H I LE
S q ua r e M il e s
Are a
Po p ul a ti on i n 1 9 1 0
C u rr e n c y
—
*E x
Pes o
Pap e r Pes o
G ol d
ch an ge r at e o f p a p er p e s o o n J an u a r y
1 , 1914
.
a dd i t i o n to t he l o a n s a s sh o w n i n t he t ab le o n P
a ge
f o ll o wi ng a m o u nt s h a v e b e e n g u a r a nt ee d b y t he St a te s
In
L ong i t u d i n a l
R a il wa y
5%
24 ,
th e
B on d s
( A mo rtiz ati o n a t
So cie d a d A l to s H o r no s d e C on a l ( I r on
S m el t i ng C o mpa n y a t C on a l )
S i n ce t he C hile a n G o v e r n m e nt c o mm e n ce d b o rr o w i ng ab r o ad
i n 1 8 2 2 t he tot a l am o u nt o f m on e y r a i s e d h a s b ee n
T hi s h a s b ee n a ll o c a t e d a s f o ll o w s :
,
C on s o li da t i on o f o l d l o a n s
A rmam e nt s
Pu b lic W o rk s e t c
S u n d rie s
,
D E BT
A m o u nt
Fe d er a l G o t L o ans
E t
LD b t
I nt er na l D e b t
Mu ni c i p al L o ans ( E t er nal )
T o tal
v
’
x er n a
.
e
x
'
.
I
ss u ed
.
A m ou n t
O u tstan d in g
.
25
BUD G E T
*
191 1 1912
—
Recei p ts
E x p e n d i t u r es
( E sti m a t e d )
1912 19 13
( A pp r ox )
( A pp r ox )
.
07 0 4 5 0 0 1 1 5 9
.
.
*
F OR E I G N
TRAD E
C o u n t r ie s
351 2 0 5 7 6 7 2 3
A R T IC L E S
A rti cl e s
or
,
.
o or s ,
,
01
,
,
,
.
,
.
,
,
z
,
“
”
.
,
,
.
,
.
z
,
,
or
”
in
ar a
n
,
,
I M P O RT
T ota l
.
B ott l es f or l iquo r
C ar s f portab l e an d aerial rai l w ays
C e m e n t Roman
C oal
C o f f ee grain
C oke
co m mon p re p a red wi t h w aters an d
C l
l
C otton goods
C otton yarn
Gl ass w are
I r on an d stee l an d manu f actures o f
Wire
I ron artic l es f or domestic u s e
Pipes tubes too l s etc
N ai l s
R ai lw ay coup l ings a n d p l ates
I r on a n d stee l un w orked i n b ars
p l ates an d ot h er f orms
Sh eet i ron corrugated gal vani ed
R ai l s f or rai lw ays
L i ve anima l s
C att l e
L ocomotives an d tenders
M ac h inery imp l ements e t c
F or arts an d sciences
M inin g
A gricu l tura l
I ndust ria l
M otors
M a t e rial s f o r L on g itudina l Rai lw ay
M eta l s ot h e r t h an i ron an d stee l
M iner a l w ate r
O l ive an d ot h er edib l e oi l s "
Paper unsi ed f printin g
Paraffi n paste
P fii an d petro l eu m n e s napt h a
g aso l ine e t c
.
OF
.
.
.
,
26
A rtic l es
rom
U nited
States
f
T ota l
.
Petro l eum fixed impure
Petro l eum crude
Pine l umber roug h
Rai lw ay f reig h t cars
Rice
Sacks empty
Sal mon
S i l k t h read and manu f actures
Sugar :
Refined
W h ite
G ranu l ated
,
,
,
.
,
.
,
E X P O RT S O F M I N E R A L S
M ineral s
V al ue
.
M ineral s
.
V al ue
.
.
A R T I C LE S O F E X P O R T
C ountries o f
D estination
Y ear
.
A nim al
products
.
V egetab l e M ineral
products products
.
.
V arious
products
.
T otal
.
U nited
G ermany
.
U nited States
8 84
580
F rance
N et h erl ands
0
0
0
0
0
0
102
0
0
0
0
0
0
0
0
U ruguay
A rgentina
26
1 09
5 8 6 30 2
Ot h er countries
T otal
C O LO M BI A
S quare Mile s
A re a
E stim a te d Po p ulation ( 1 9 1 2 )
C urrency G ol d D ollar
5 , 0 7 3, 00 0
S C urrency
—
.
.
DE B T
A mount
C ircu l ation
in
I nternal D ebt
T o t al D eb t
.
.
Y ear Rate o f
I ssue interest
D enomination
A mount A moun t in
I ssued
circu l ation
.
.
Exter nal deb t
( ) C onso l idated
External D ebt o f
G overnment B onds Secured B ogota
Sabana Rai lw ay Ob ject f or conver
sion f paper currency
( ) Externa l G o l d Loan o f
Redeemab l e in 3 0 years and guaranteed
by special c h arge o f 3 % on entire C us
toms Receipts
p
l D ebt o f 1 9 1 3
( ) S i Per C ent E t
( T ota l aut h orized amount
0 00 ) Secured by 7 % o f C ustoms D uti s
T ota l Externa l D ebt
1
—
on
—
.
o
2
.
19 1 3
6%
1
x
x er n a
.
e
.
TI n t e r
nal d ebt
ambao Hig hw ay B onds
Amag a Rai lw ay D
Antioquia
C auca Rai lw ay D ra f ts ( F or construction )
( Specia l
Occidente Rai lw ay D ra fts
T reasury B i ll s
C ertificates o f F oreigners
T reasury C ertificates
C erti ficates o f War o f 1 8 9 5
C ertificates f or B ounties on Ex ports ( 1 9 0 7 )
( Specia l )
f or M i l itary Re w ards
f War o f 1 8 99
T ota l I nterna l D ebt
.
2 5 0 0 0 00
8 7 7 300
.
.
o
T otal Externa l D ebt
I nternal D ebt
Sterl ing
T otal C o l ombian D ebt
A m oun t issued to D ecember 1 9 1 3
1 Fr om t h e Report f t h e M inister f t h e T reasury as o f J une
) I ssued in London
( ) I ssued in Paris
*
.
”
o
o
1
.
2
.
,
30 , 1 9 13
.
29
BU D GE T
.
F O R E I G N TRAD E
C ountries
C ountries
.
I mports f rom
U nited States
U nited K ing d om
G ermany
F rance
I tal y
Ot h er countries
T ota l I mports
Exports to
U nited States
U nited K in g dom
G ermany
F rance
Spain
Panama
Ot h er countries
TT t l Exports
3
‘
*
o a
Th e I mports into C o l ombia increase d f rom
1 Th e Exports f rom C o l ombia increased f rom
‘
A R T I C LE S
T otal
A r t ic le s a
in
.
0
0
0
O
0
O
0
0
0
0
O
O
0
0
0
O
0
O
0
0
0
0
0
0
O
O
0
0
O
V a l ue
.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
O
O
O
O
O
O
O
T otal
.
.
F ro m
U nite d
States
.
.
,
O
O
O
O
O
.
.
,
.
,
A RT I C L E S
0
A rticl es
,
.
0
I M P O RT
,
x
0
1 9 07 —
.
.
0
,
-
,
rt ic l es
in 1 9 1 2
in 19 1 2
M ac h inery continued
For arts an d
sciences
M usica l instruments
Oi l s an d f at products
Per f umes soaps etc
Paper an d cardboar d
T exti l es
V arnis h es paints etc
Wines liquors etc
A ll ot h er artic l es
T otal
.
,
OF
F rom
U nite d
Stat es
A nimal s
A rm s and accessories
C eramics crockery
D rugs and medicines
E l ectric mac h inery
and equipment
E p l osives
F ood p r oducts
M eta l s
M ac h inery
A gricu l tural and
m ining
Locomotives
to
to
in 1 9 0 7—
'
A
.
.
O F E X P O RT
A rtic l es
.
P l atinu m
Rubber
T obacco
Wood an d l umbe r
All ot h e r artic l es
T o t al
.
.
ue
Va l
.
.
30
R A I L W A YS
Rail w ay c on struc tion in C olombia h as been very slo w t h ere
being b ut a p p ro ximatel y 6 2 1 miles o f rail w ay i n o p er a tio n u p
to 1 9 1 2 t h i s mil eage being c onfine d t o c om p arativel y s h or t
lines A s t h ese roa d s d o not connect goo d s s hi pp e d must g o
t h roug h m a ny transs h i p ments be fore re a c h ing t h eir d estination
’
T h e S anta M arta Rail w ay 8 4 miles in lengt h 3 g au ge
en d s at F u n d acion but w ill eventually e x ten d to M ag d ale n a
u se d by U nite d F ruit C o e x tensively f or freigh t
—
T h e B arr a nquilla Rail w ay
Pier C O O p erates 18 mi l es 3
g au ge tr ac k bet w een Puerto C olombia a n d B a rranq u il l a
B usiness h eavy an d p rofitable
T h e C artagena Rail w ay 65 miles C artagena to C a l am a
on t h e M ag d alena O wne d an d o p er a te d by a n A me ri c a n
c omp any wh o also o w n large fl eet o f river steamers L i n e is
’
3 ga u ge an d o w ns eig h t A merican locomotives
T h e G re a t N orth ern C entral o f C olombia no w un d e r c on s t r u e
ti on will run 95 miles ( meter gauge ) from Puerto Wilc h es o n
t h e M ag d alena to B u cc a m a n g a an d w ill o p en u p ric h co u ntr y
a n d carr y h eavy cargo T h i s line will eventually be e x ten d e d to
B ogota
W h en co m p lete d t h e A ntio quia Railroa d o w ne d b y t h e
D e partment o f A ntioquia an d s u bsi d i z e d by t h e N a tion a l
G overnment p romises to be o f gre a t im p ortance
T h i s li ne
’
will h ave a 3 ga u ge an d w ill run 1 2 5 mile s bet w een P u erto
B erro a n d M e d ellin G erm an ca p ital i s intereste d in t h is e m
,
,
,
.
.
—
,
,
.
.
'
.
.
—
.
.
.
,
.
.
,
,
.
,
.
t er p r is e
.
Roads Servi ng B ogota
E l D orado B e l tram Line
C o l ombia N ational R w y
“N
th
Rai lw ay
.
M i l es
T r ck
a
-
-
l
or
*I n
.
CO
er n
course
of
construction
.
I n t h e east t h e C ucuta Rail w ay connects t h e city o f t h a t
name w it h Villami z ar wh ere t h ere is an outlet to t h e se a
A noth er line runs 1 8 miles across t h e Vene z ue lan frontier fro m
C ucuta to Tac h ira
T h e p rofit o f all o f t h ese roa d s h as been goo d an d t h e d eman d
f or an outlet f or t h e interior citie s an d t h e agricu l tural a n d
mining secti ons will c o nti nue t o a t t r a c t ca p i tal t o t h is fie l d O f
inve stment
,
.
.
.
EC U A D O R
S quare Mile s
( E sti m ate d )
P o pu l a tion ( E stimate d )
one
h
al
f
to
t
h
ree
f
ourt
h
s
are
I
n
d
ians
a
n
d
abo
u
t
(
h al f bree d s )
Cu rrenc y S u cre
C on d or
Poun d S terling
A re a
-
-
,
-
—
D EBT
"
l
As
of
D e e m be r 3 1
c
S TAT E M E NT
,
19 1 2
.
PU B LIC D E B T
OF T H E
C reditors
ON
3I
ST
DECEM B ER
,
1912
.
I nterest Sinking C ircu l ation
F und 3 l st D ec
.
.
.
1912
E X T ER N A L D E T
Per cent Per cent
4
1
( ) C ondores B onds
G uayaqui l Rai l w ay Prior Lien B onds
6
1
Ordin ry
5
1
4
4
( ) S a l t C ertificates
C
Loan Series L
( ) S peyer
A merican B ank N ote C ompany
T ota l External D ebt
I N T ER N A L D E T
I nscribed D ebt Se ies A B C and D
C ompania N acional C m i l B onds O f
Series H
B anco del Pic h inc h a C onso l idated Loans
B anco C omercial y A grico l a
C urrent A ccount
B anco C omercia l y A grico l a
C onso l idated D ebt
B anco C omercia l y A grico l a
Loans G uaranteed by Patriotic T axes
B anco de l Ecuador C onso l idated D ebt
C ompania N acional C omercial Loan o f
sucres
S m ll er C ertificates O f 2 5 sucres
C apital l eased to t h e T reasury
C o l umn N i t h f October
D iscount f 2 5 per cent and 1 0 per cent f
Sa l aries o f 1 9 1 0
Sc h oo l o f A gricu l ture in A mbato
B i ll s and Promissory N otes
Pub l ic I nstruction
G uayaqui l C ana l B oa d
V o l untary Loans
Fl ores Road
T ota l I nterna l D ebt
I ssue d in Lon d on
B
l
.
.
—
—
a
1
.
1
O
—
.
.
.
B
—
r
,
o
.
,
er c a
—
m
—
.
(C
u
( C
.
—
-
.
—
—
—
a
'
n
o
o
.
r
( )
1
.
.
o
.
D o ll ars
,
BU D GE T
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
F O R E I G N TRADE
C ountries
f rom
U nited States
U nited Kingdom
G ermany
F rance
I ta l y
Spain
Peru
Ch i l e
Ot h er countries
T ota l I mpor t s
orts to
it d Sta t es
G ermany
F rance
I tal y
Spain
Peru
Ch i l e
O t h er coun t ries
T otal Exports
mp
or
.
ts
.
.
.
Ex
n
e
.
A RT I C L E S
OF
I M P O RT
( 1 9 1 2)
Ar t ic l es
V al ue
.
A nima l s l ive
A rms and
B oats l aunc h es etc
B oo ks b l ank an d
inted
B oots s h oes an d fin d ings
C andl es
C arriages in general
C e m en t stone and ear t h
Cl ot h ing ready made
C ordage t wi ne and
C rockery and
D rugs and medicines
F oodstu ff s
G o l d an d si l ver coins
Hats and caps
I r on and steel and m f
t ures f
Hard w are
M ac hinery
,
,
,
t
,
,
.
,
,
.
,
-
,
,
,
.
anu ac
,
o
-
. .
A rtic l es
.
V al ue
.
J e w e l ry
Leat h er
Lumber roug h an d finis h e d
M a t c h es
M ineral produc t s
M usical instrument
Oi l s in general
Pain t s and varnis h es
Paper in g enera l
Perf umery
T exti l es
Si l k f abrics pure and
All ot h er
V egetab l e produc t s
W i nes an d l iquors
M isce ll aneous
T otal
,
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
:
,
0
0
0
0
0
.
.
0
0
.
33
A RT I C L E S
A rtic l es
E X P O RT
A rtic l es
.
C ocoa b eans
C o f f ee
F res h f ruits
G o l d bu ll ion and
dust
G ol d
and bars
Hats
( Panama
stra w h ats )
Hi d es f neat catt l e
I vory nuts ( tagua )
Rubber
All ot h er product s
T ota l
G o l d co n
G ran d total
.
or e
OF
.
.
64 5
1
o
.
RAI L W AYS
T h er e a r e i n o p er a tion a bout 3 1 0 m i l es o f r ai l w ay s t h e m o s t
—
i m p ort a nt l ine being t h e Gu a ya qu il T u ito R a i l w ay a bo u t
2 8 5 miles i n le g n t h
,
,
.
P
A RA G U A Y
1 7 1 , 00 0 8 q u a r e M ile s
C u rr enc
y
—
$0 9 6 5
G ol d Peso
*
.
DE B T
External D ebt
I nternal D ebt
T o t al D eb t
*
As
of
D ec embe r 3 1
S U M M A RY
,
19 1 3
OF
.
P U B L I C D E BT
A
S
DECEMBER
OF
Y ear f Rate O f S inking
I ssue
I nterest F und
E xternal D ebt
L oan
o
31 , 1 9 1 3
.
.
.
188 6
—
1 89 6
3%
5%
Ex t ernal D ebt o f
1 88 6 1 8 9 6
-
.
( Origina l
I ssue
T ota l Ext ernal D ebt
I nternal D ebt
N e w B ui l din g f C entral Post and T e l egr ap h
O ffice
Fl oating D ebt so f ar as en t er e d in t h e G overn
m ent A ccounts i
( ) D e b t o f Revo l ution f 1 9 0 4
( b ) T reasury N otes issued during 1 9 0 5 09
( ) D ebit B a l ances f A dministra t ion o f pre
vio s Governments 1 9 1 0 to M arc h 1 9 1 2
( d ) Overdra f t at B anco de l a Repub l ica 3 l t
M arc h 1 9 1 2 l ess interest
Loan f rom t h e B anco de l a Repub l ica f o r $5 00
0 00 G old J anuary 1 9 1 2 guaranteed by d e
os u w it h t h e B ank f
Paper
gl
f capita l w it h i n t erest a t 9 per
cen t
T otal I n t erna l D ebt
T o t al E x t erna l and I nterna l D e b t
or
,
,
v z
.
a
o
-
o
0
n
.
,
,
s
'
,
,
,
,
o
a a n ce
.
* I s s u ed
f
in London
.
o
"
36
”
A p ro jecte d roa d wh ic h w ill be o f gre a t im p ort a nce wh en built
is t h e Tr a ns P a raguayan Rail w ay running east to t h e B r az ili a n
frontie r a n d connecting t h ere wit h a ro a d to S a o F r a ncisc o
o n t h e A tlanti c coast
T h e F a rq u h a r S yn d icate controls t h e Paragu a y C entr a l a n d
i s intereste d in t h e Tr a ns Paraguayan line
I t is a l so b u il d i n g
a l i n e r u n ning w est fr om A suncion to C onnect w
it h a n A rgenti n e
li n e wh ic h will a f f or d d irect rail c ommunication w it h t h e w e s t
co a s t
,
,
-
,
,
,
.
,
-
.
.
PE R U
A re a ( E stimate d )
S quare M iles
E stimate d Po p ulatio n
( ove r on e h al f a r e I n d ians an d one quarte r h al f bree d s )
Cu rrency L ibra o r Peruvian Poun d
-
-
-
,
D EBT
E x terna l D ebt ( A pp r ox )
I nte rna l D ebt ( A pp r ox )
.
.
Tot a l D e b t
PE RU
Y ear
I ssue
—
F E D E R A L G O VE RN M E N T O B L I GA T I O N S
Ra t e
I nteres t
Loan
A mount
Outstandin g
.
Ext ernal D ebt
( Redeemab
l e in 2 8 } years
w as used
in paying ff a G m L
contracted in
G uade l oupe G ove r nm ent C o ll ege
T ota l Ext ernal D ebt
T1 9 0 9
.
o
an
er
oa n
.
.
I n t erna l
1 889
D ebt
1
Th ese l oans w ere unified and
amoun t no w ou t standing is
D ebit ba l ances o f bu d gets t o S ept 2 4 1 9 1 2
T reasury N otes
Huac h o Rai lw ay
C ia N acional de R
d
i
( T ax C o ll ect i ng
Co
B anks o f Peru y Londres Al em an T
tl
tico Popu l ar de l Peru and D eutsc h e B ank
Suc h C o s Cl aim
Sc h neider t C ie ba l ance
B a l ance f Purc h ase ( C oman d ante Aguirre )
H erk l otz C
Paul R e m t
B a l ance due U S A ( War M ateria l s )
B a l ance under contracts o f War an d M ari ne
B a l ance d u M inistry o f F omento
Cl aims agains t P ub l ic Heal t h
T otal I n t ernal D eb t
.
.
eca u
,
.
a c on
.
,
r an sa
an
,
.
'
.
e
.
,
O
O
an
.
.
.
.
.
e
Original A m oun t
I s ued in Pa ris
“
1
'
s
.
.
38
I n a dd ition t o t h e above t h e Peruvian G overnment h as c on
tracte d to issue bon d s in connection wit h t h e construction o f t h e
f ollo w ing Rail w ays
U cayali Rail w ay
Ex tension o f same t o theCo
a st
L ima H uach o
M ag d alena C h ilete Rail w a y
-
H
.
—
-
vey
Th e S ervice O f interest an d amorti z ation
bon d s w ill involve a sum O f
on
t h e above Rail w ay
BU D GE T
*
1 91 0 1 9 1 1
Revenue
Exp en d itures
‘Estimated
*
191 1 1912
.
.
F O R E I G N TR ADE
C oun t ries
f rom
p
States
U nited K ingdo m
G ermany
Fr ance
I tal y
B e lgi u m
Ot h e r count ries
T ota l I mports
t to
‘
g it d States
U nite d K ingdom
Ch i l e
G ermany
F rance
B el g i um
Ot h er count ries
T ota l E por t s
Im
l
Ex
ts
n it e d
or
or
s
n
e
3
.
.
“
x
D etai l s
n ot
3
3
.
*
.
.
avai l a b l e
.
1912 1913
39
A R TI C L E S
rtic l e and countries
C otton textil es an d
m anu f actures
U nited
G e rm any
I tal y
B e l gi u m
U nite d S tat es
A
s
an
Ot e r coun t ries
T otal
Woo l and animal
h air and manu
t
f
U nited
G erm any
Ja
19 10
19 1 1
I M P O RT
OF
A rtic l es an d count ries
Wea i ng appar l an d
notions continued
G erm any
U nited K ing d o m
U nite d S tates
Ot h e r countries
e
r
—
.
.
.
a c u r es z
.
T otal
M etal s an d m f
tures
U nite d King d o m
U n i te d States
G ermany
F rance
I tal y
Ot h er count ies
an u a c
:
F rance
1.
.
.
.
Li nen h emp jute an d
ot h er texti l e fi
b ers and manu
f ac t ures
U nited
B it i h I ndia
A ustra l ia
F r ance
B lg i u m
U nite d S t at e s
I ta l y
Chi l e
Ot h e cou it ie
T ota l
Si l k an i ma l
d
vegetab l e a d
manu f actures
G erman
U ni t e d
F rance
I ta l y
B e lg iu m
H on g kong
fi
p
{J it d States
Ot h e r coun t ries
T o t al
Hides ski ns an d
l e a t h er goo d s
U nite d King d o m
U n i te d S t a t es
G e rmany
F rance
,
,
s
.
e
.
“
.
.
r
r
r
s
.
an
.
n
.
a
r
an
n
e
.
,
,
.
.
.
.
Stones eart h coal
g l ass an d c h ina
w are
U nite d K ing d om
G ermany
B e l gium
U nited States
A ustral ia
F rance
J apan
I tal y
Ot h er countries
T ota l
Woods l um b e r an d
manu f actures :
U nite d S tates
G erm any
E cuador
F rance
{Japait d K ingd om
Hongkong
B e l g iu m
Spain
I tal y
Ot h er count ies
T otal
Paints dyes v a r
nis h es bitu m en
gum
U nited S tates
U nit d K i g d
B el gi um
S al vador
M exico
F rance
I tal y
Ot h er countr es
T ota l
,
,
.
.
.
.
,
,
.
.
n
n
e
.
.
.
r
,
,
,
:
0
e
t ri es
e
.
T otal
Wea ri n g appare l an d
not i ons
I ta l y
F rance
n
o
i
0
0
0
0
19 10
40
A rtic l es and co untries
L i v e animal s
Ch i l e
E cuador
U nited States
G ermany
U nited
Ot h er countrie
T otal
paper
St at l
y
and cardboard
S pain
U nited
U nited States
B el gium
F rance
I tal y
H ongkong
Ot h er countrie
T ota l
T oo l s s h ips stores
m ac h ines
and
ve h ic l es
U nited S tates
U nited
G ermany
B e lgi um
F rance
I tal y
Hongkon g
Ot h er count rie
T otal
M usical instrumen t s
G ermany
U nited S tates
U nited
F rance
Ot h er countrie
T otal
A rms ammunition
and exp l osives :
G ermany
U nited
U nited States
F rance
Hongkong
B e l gium
Ot h e countrie
T ota l
D ry g oods and mis
ll
artic l es
U nited
G ermany
U nited States
F rance
Ch i l e
B el gium
C uba
s
on er
19 10
191 1
Artic l es and countries
D ry goods an d m i
ll
artic
l es continued
I tal y
M exico
Ecuador
J apan
Hongkong
Ot h er O t e
T otal
B everages
F rance
G ermany
U nited
s
a n eo u s
ce
—
.
.
i
c
,
.
un
r
S
. .
s
.
.
B el gium
U nited States
Hongkong
Ot h er count rie
T otal
C omestib l es and
d im
t
A ustral ia
Hongkong
U nite d States
U nite d
G ermany
.
s
.
.
'
,
,
,
.
en
.
.
.
.
.
s
.
a ce u
ca
ro
:
”
.
ce
F rance
B e lgi um
Spain
Portugal
B ra i l
J apan
Ot h er countries
T otal
M ed i c i nes and p h ar
m
l p
ti
ducts
U nited States
F rance
U nited Kingdom
I tal y
B el gium
Hongkong
Ot h er countries
T otal
A rtic l es not c l assified
G ermany
U nited
U nited S tates
F rance
count rie
Ot h
T otal
.
,
s
s
z
.
,
r
c on
.
.
s
19 10
.
.
a n eou s
1
ei
s
.
1 5 6 8 30
,
19 1 1
41
A RT I C L E S
A rtic l es
OT E
H
A r t ic l es
.
T AN
H
R
E
C otton
Woo l
Al paca
Sh eep
L l ama
G uano
Stra w h a t s
Hides
C ocaine
R
C ottonsee d cake
C o ff ee
C ocoa
Ch ar coal
Ra w sugar ( Ch an
caca )
and g ar
g t bl
den t fi
All ot h er
mi
:
or e
o
.
.
r
.
.
or e
G aso l ine
All ot h er
T otal min expo r t s
G ran d to t al e por t s
es
u
.
.
n on
n
er a ls
.
To t al
o
o
se
.
x
.
T otal f nonminera l and o f mineral exports f or
parate l y
TN t given
*
e
or e
.
s
1
or e
.
e a
.
.
.
e
.
M I N RA L S
S i l ver an d copper
bars
C opper and si l ver
bars
C opper and si l ver
matte
C opper and si l ver
S i l ver sul p hide
V anadium
B orat e f 1 m
Si l ver and l ea d
Si l ver bars
C opper
Si l ve ore
C opper ma t te
Lead
MIN
E RA LS
1 ce
E X P O RT
OF
1911
.
not state d separate l y
.
.
RA I L WAYS
I n 1 9 1 3 t h ere w ere in O p er a tion
miles o f rai l w ay t h e
g r e a ter pa rt o f wh ic h is un d er t h e control o f t h e Peruvian C o r
T h is C or p oration w a s f orme d by t h e E uro p e an
p or a t i o n
bon d h ol d ers wh en t h e revenue O f t h e countr y w as ins u ffi cient
t o meet t h e interest on t h e national d ebt t h e bon d h o l d e r s
a g r eein g t o cancel t h e f oreign d ebt in ret u rn f or cert a in con
c ess1 ons
T h e most im p ortant rail w ays are t h e C entral R ail w a y ( 2 4 9
miles ) t h e S out h ern Rail w ay ( 537 miles ) t h e N ort hw este rn
R ail w a y ( 1 2 3 miles ) running from Ancon to S a ya n nort h o f
L im a P
a c a s m a yo an d G u a d elou p e Rail w ay ( 9 8 miles )
Pait a
Piur a R a il w a y ( 6 0 miles ) Tru jillo R ail w ay ( 7 2 m iles ) C h imbote
R ail w ay ( 6 5 miles ) Pisco I ta Rail w ay ( 4 6 miles ) a n d t h e
I lO M o qu e g a Rail w ay ( 1 6 2 miles )
,
.
,
‘
.
"
"
"
,
l
"
"
,
"
"
-
,
-
.
U R UG U AY
S qu a re Miles
A rea
Po p ulation
Cu rrency
.
1 00 C en t is im o s
Peso
—
DE B T
D ebt
Outst andin g D ec
d i g J an
tO t t
*
u
s an
n
.
.
31 19 13
1 19 13
,
.
.
.
,
UR U G U AY
S UM M A R Y
—
Y ear Rate
I ssue interest
Loan
OF
PU B LIC DEBT
Ori ginal
A mount
.
N e w C onso l idated
Exte n l debt
F ive Per C ent Loan o f 1 8 9 6
F ive Per C ent C onversion Loan o f
1 90 5
( ) F ive Per C ent Pub l ic Works Loan f
1 90 9
( ) U ruguay F ive Per cent G o l ds B onds
( A ut h orized A mount
T otal External D ebt
( )
1
( )
1
r
.
a
.
.
.
.
2
o
.
.
1
.
TI n t er
n al D eb t
G uaranteed D ebt
I nternal U nified D ebt
Liquidation D ebt
A mortizab l e D ebt Second Series
U ruguayan Eastern Rai lw ay G uar
antee B onds
B anco de Seguros de l Estado D ebt
State Lands B onds R d m tion D eb t
B razil ian I n t ernational D e t
—
.
. .
e
*
As
TA s
1
( )
2
( )
D ecember 3 1 t 1 9 1 3
O f J anuary l t 1 9 1 3
I ssued in London
I ssued in Paris
of
s
s
,
e
.
.
,
.
.
BU D GE T
A mount
Outstand
in g
44
A RT I C L E S
E X P O RT
OF
( 1 9 1 2)
A rtic l es
V al ue
.
A rtic l es
.
Li v e stock products
B ones and as h
Hides and l eat h er
Live animal s
M eat and ext r acts
Ot h er produc t s
Residues
M ineral products
S t one etc
S and etc
T otal
G ame and fis h
G ame
Fis h
T otal
Ot h er products
Ships stores
T o t al customs
I ncrease b y m arke t v a l ue
T rue to t al val ue
-
A gricu l tural products
Fl our and pastes
F ruits and vegetab l e
G rain and see d s
Hay and f odder
Ot h er products
V al ue
.
.
,
,
.
'
s
.
2
.
R AI LW AYS
A t t h e beginning o f 1 9 1 3 t h ere w ere
miles of r a il w a y s
in o p er a tion all o f 4 f oot 8
inc h gauge a n d p racticall y al l
B ritis h b u ilt F ormerly t h e se w ere all B ritis h o wn e d b u t t h e F a r
r
h
a
S
yn
d
ic
a
te
a
cting
t
h
ro
u
g
h
its
subsi
d
iary
concern
t
h
e
u
q
U ru g uay C o entere d t h e fiel d in 1 9 1 2 an d no w controls t h e
Mi d l an d Line t h e N ort h ern an d t h e N ort hw estern
T h e l evel c h ar a cter o f t h e country p ermits o f easy railroa d con
s tru c tion T h e rail w a y center is Montevi d eo a n d from it
l ine s r u n t o t h e nort h east nort h an d nort hw est
T h ere a re five se p ar a te s y stems o r line s T h e C entral U rugua y
R ail w ay C o
t h e Mi d lan d U rugu ay R ail w a y C o
t h e N ort h
w este rn of U r u g u ay
t h e U ruguay N ort h ern a n d t h e U ru gua y
Ea st C o a st R a il w a y
A l l th e U rug uaya n lines O p erate at a p rofit t h at o f t h e C entr a l
O f t h e tot a l
U ruguay Rail w ay C o in 1 9 1 1 1 2 being
lengt h o f
m i l es a bout
miles a re o p erate d u n d er a
G o v ern ment g ua rantee I n 1 9 1 1 t h e Pan A merican Rail w a y
l ine w a s p ro jecte d b y Americ ans a n d w ork begun on it b u t
t h e terms o f contr a c t w ere not satis fa ctory to t h e G o v ern
ment an d t h e conce s sion w a s t h ere f ore w it h d ra w n by agree
ment an d t h e com p lete d section t u rne d o v er to t h e G overnme n t
Th e U ru gu a y C o is organi z e d un d er t h e l a w s o f S t a te o f
M a ine a n d a contr a ct h as been signe d to const ru ct t h ree lines
,
,
,
.
,
,
.
,
,
.
,
.
.
,
—
—
—
.
.
,
,
—
,
.
,
-
.
,
—
-
.
,
,
,
.
.
,
,
45
one of
m iles fr o m Monte vid eo t o t h e junction o f t h e Mi d
l an d R a il w a y a n d t h e C entral U rug uay Rail w a y anot h e r o f a f e w
miles to co nn e c t t h is line w it h t h e E ast C oast o f U r u g ua y line a t
O l m os a n d a not h er o f 5 0 miles f rom S an C arlos t o Roc h a T h ese
l ines will furnis h t h e Mi d l an d system wit h in d e p en d ent a ccess t o
Monte v i d eo a n d establis h a coast route t o P a lom a
20 5
,
.
,
.
"
V E N E U E LA
S quare s Mi l e s
Po pu lation
Cu rrency
B olivar
—
centimos
1 00
D EB T
A mount
Outstanding
E xternal D eb t
l D ebt
fI t
*
.
n er n a
As
1As
‘
’
D ece m ber 3 1
D ecember 3 1
of
of
.
,
1 9 13
19 12
VE N E
.
.
UELA
"
SU M MARY O F P U B LI C D E BT
—
Sink
Y ear I nterest in g
I ssue Rate F und
Ext
l D
t
b
*
er n a
1 90 5
t
rna
l
Origina l
I ssue
.
e
3%
I nte
L oan
Th ree Per C ent D ip l omatic D ebt
T ota l Externa l D ebt
1%
.
.
D e li t
N ationa l I nternal 3 % C onso l idated
D ebt
N ational I nterna l C onvertib l e D ebt
3%
.
A s f D ecember 3 1 1 9 1 3
f D ecember 3 1 1 9 1 2
TA
( a ) I s ued in London and B er l i
*
o
,
S o
,
.
.
s
n
.
BUD GE T
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
A mount
Outstand
ing
47
F O RE I G N TRAD E
C ount ri es
-
-
-
3
3
19 1 1 12
1 9 1 0- 1 1
1 9 09 1 0
1906 7
1 9 03 4
-
3
3
3
3
3
3
3
3
T ota l
A R T I C LE S
A rtic l es
Ag ricu l tural im p l
ments an d acces
i
mm
A rms an d
i
tion
A utomobi l es a n d
i
B ags an d
B ee r
B iscu i ts
B ott l es
B ut t er
C anned meats
C arbonic acid g
C ement
Ch eese
C oa l
C on f ectionery
C o t ton goods
C otton knit goo d s
D ru g s an d medicines
E art h en w are an d
crockery
E l ect rical appara
t u s an d accessories
Fl our
Gl ass w are
Hams
Hats
I ron an d m f
t ures o f
D omestic w ares
M anu f actures n
T ubes
U nfinis h e d
Lamps
l anterns
an d accessories
Lard
Leat h er
M ac h inery
N ai l s iron
Oi l s
B en ine gaso
l ine a n d napt h a
C rude petro l eum
E gine
K erosene
U nited
States
.
K ing
d om
.
OF
I M P O RT
G erm any F rance
A ll ot h er
.
e
$
5
3
35
4 08
s or e s
a
un
ac
ce s s o r e s
.
77
10 1
7
493
93
.
as
-
9 39
.
49
17
9 90
461
.
.
10
.
2 89
795
679
74 4
58
20
anu ac
,
,
e s
.
803
.
.
2 14
.
,
461
32 7
17
1 25
1 03
,
:
z
n
Ot h e r
,
970
67 2
4 27
99
.
57
.
279
58
Q
1 94 6
,
34
36 0
T ota l
48
A rtic l e
'
States K in g d om G ermany F rance
s
.
.
l an d s
.
.
All ot h er
T otal
3
O l ives an d capers
Paints
Ordinary
E name l an d
l ors
Paper
Pi nting
Ot h er
Per f umery
Po w der an d dyna
mite
Rai l roa d m ateria l
9 18
.
89 1
407
co
254
1 80
:
6 17
1 10
r
157
3
522
426
.
58
S p i ces
Stearin an d suet
T o b acco an d p
ducts
T urpentine
V egetab l es d rie d
Wall paper
Windo w gl ass
Wines an d l iquor
Wire
B arbed
G al vani ed &p l ain
Woo l en goods
A ll ot h er artic l e
3
268
.
ro
,
6
s
668
161
1 33
6 09
2 00
207
.
94 2
20 5
95
33 5
26
666
5 69
.
:
994
7 94
z
.
s
.
1 76 l 4 10
.
0
T otal
T otal
19 12
19 1 1
,
,
S tates
.
0
0
0
OF
E X P O RT
F rance G ermany Kin g dom
3
sp
0
.
A R TI C LE S
A rtic l es
0
.
.
l ands
.
countries
T ota l
.
3
3
h a lt
a l ata
B a l sam
C acao
C att l e youn g
C oconuts
C o ff ee
C opper ore
C otton
C otton seed
D eerskins
D ivi divi
F is h sounds
G oatskins
G o l d bull ion
Heron f eat h e r s :
H i d es dr y
,
37 8
87
90 7 29
,
4 86
9
57 1
39
43
174
193
126
-
10
19
579
. .
,
655
9 07 1
.
7 10
3 088
0
0
0
O
0
O
0
0
0
0
0
0
0
O
O
O
O
O
O
19
77
1 35 5 79
9 5 13
174
4 08
87
3
4 16
,
0
llllllll
O
193
,
O
62
742
T otal
G o ld
S i l v r coin
Gr and t ota l
Gr and t o t al
9 4 2 0 8 4 2 6 6 1 5 1 2 2 3 9 39 0 8 6 1 6 35 7 0 4
4 9 2 9 33
10 2 57 9
3 623
19 6 4 7 4
.
e
,
.
,
.
,
,
.
19 1 2
19 1 1
,
_
7 1 2 35 0
,
,
,
.
,
196 474
.
49
RAI L WAYS
Rail w ay b uil d ing in Vene zu ela h a s n o t d evelo p e d to a n y
gre a t e x tent an d t h e lines constructe d are nearly all s h ort one s
b uilt to connect t h e interior wit h t h e coast or lak e p orts
Th e
t o t a l mile a ge in 1 9 1 2 w as only abo u t 5 2 8 an d t h ere are sm a ll
p r os p ects t h at construction w
ill p rocee d muc h more ra p i d ly
i n t h e future t h an in t h e p ast As t h e coast is mountaino u s
r a il w ay buil ding involves muc h tunneling bri d ging
is accom p lis h e d only at consi d erable e xp ense
T h e f ollo w ing
t a ble s h o w s t h e mileage o f t h e d i f ferent lines wit h t h eir b u si
ness a n d ex p en s es f o r 1 9 1 2
,
,
.
,
,
.
,
,
.
,
.
Pas
M i l eage
g
carried
Rai lw ays
s en
.
F reig h t
T ons
er s
.
G ross
revenue
.
.
E xpenses
.
.
La G uaira and C aracas
G reat Rai lw ay o f V enezue l a
M aiquetia to M acuto
C entra l Rai lw ay o f V ene ue l a
Puerto C abe ll o and V a l encia
B o l ivar
C
La V e l a C oro
G uanta
L a C eiba
T ac h ira
S anta B arb ara E 1 V igia
T o t al
.
.
z
a r a n er o
.
.
.
.
R E M AR K S
.
Th e B o l ivar l ine is an Eng l is h l ine connecting t h e port f T ucacas w it h B arquisimeto
wit h branc h l ine 8 mi l es to t h e copper mines at A roa Th e l ine f rom C aracas to La G uaira
is Engl is h w it h many curves a gradient f 4 per cen t and a 3 f oo t gauge F rom C araca
l
G reat R i l w ay o f V
G erman roa d l e ds 1 1 1 mi l es to t h e important to w n
th
I t connects at V a l
f V a l encia is o f 3 f oot gauge and is t h e l o ges t l ine in t h e coun t ry
encia wit h t h e Eng l is h rai l w ay o f t h e sa m e gauge whic h runs 3 3 m il es to Puerto C abe ll o
A t t h e sout h ern end f Lake M aracaibo are t h ree l ines ( t h e l ast t h ree in t h e tab l e above )
w h ic h carry t h e tra f fic f rom t h e l ake boats to t h e Co ff ee p l antations f t h e interior
S o m e construction is cons t ant l y going on but no extensive increase in bui l ding is l ooked
f o an d t h ere seems to be small prospect t h at A mericans can dispose f muc h ro ll in g stock
o t h e r supp l ies in t h e coun t ry
o
o
,
,
.
en ezu e a
a
e
o
o
,
,
.
a
,
n
-
,
.
,
s
.
a
.
.
,
o
o
,
r
r
o
.
.
.
50
G R A N D S U MMA R Y D I ST R I B UT I ON O F T R A D E I M P O R T S
L A T I N A M ER I C A N I M POR T RO M L EA I N G C O MM ER C I A L C O U N T R I E
( F rom t h e B u ll etin o f t h e Pan A merican U n i on )
-
T otal f ro m
all countries
U nited
K ingdom
.
.
,
.
S
D
S F
C ountries
1913
—
—
.
G ermany
.
F rance
.
U nited
States
.
.
Panama
D ominican
Repub l ic
Haiti ‘
N Am i Repub l ics
Per cent f import
.
.
O
.
er
ca n
s
o
.
5
S out h A m erican
P cent o f import
T otal o f t h e 2 0
Repub l ic
Per cent O f import
er
s
219
12
3
.
s
.
s
.
1 00
5
13
27 73
8 68
.
.
.
Part l y stimated
e
2 4 59 »
4
.
F isca l year ending Sept
.
30 , 1 9 1 3
5
.
Estimated
‘
.
I N D EX
Arg ntin
Ar a
B ud g t
C ur r n c y
F o r i g n t ra d
e:
e
e
.
e
e
e
I m po r t s a n d Expo r t s
e—
E xpo r t s
I m po r t s
0
0
0
O
O
o
o
0
0
O
0
0
O
O
O
0
0
O
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
0
0
O
O
O
O
0
0
0
0
0
O
O
B olivi a
o
o
o
o
o
0
0
0
0
0
0
0
O
O
O
0
0
0
O
O
C urr en c y
F o r e ig n t r a d e
—
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
o
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
O
0
0
O
O
O
O
O
O
O
O
O
O
O
I m po r t s a n d
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
O
E xp or t s
‘
Expo r t s
I m po r t s
Pop u l at i o n
P u b l i c d eb t
R a i l wa y s
14, 15
C h il e
B u d get
C urr e n c y
F o r ei g n t ra d e
Expo r t s
I m po r t s
Pop u l at i o n
P u b l i c d eb t
R a i l wa y s
O
—
I m po r t s a n d E xpo r t s
C o l o mbi a :
A r ea
B u d g et
C urr e n c y
F o rei g n t r a d e
E xpo r t s
I m po r t s
Pop u l at i o n
P u b l i c d eb t
R a i l wa y s
.
I m po r t s a n d Expo r t s
—
E cuador
A re a
B u d g et
C urr e n c y
F o r ei g n t r a d e I m po r t s a n d Expo r t s
Expo r t s
I m po r t s
Pop u l at i o n
P u b li c d eb t
R a i l wa y s
Expo r t s o f L at i n A m e r i c a
G r a n d S u mm a r y
-
.
F o rewor d
I m po r t s o f L at i n A m e r i c a
G r a n d S u mm a ry
L at i n A m e r i c a n T r a d e C o m mi tt e e R e po r t o f
A m e r i c a n Expo r t s
C o m m e r c i a l C r e d i t s E s ta b l i s h m e n t o f
C O O p e r at i v e C l e a r i n g H o u s e
E f f e c t o f t h e wa r o n S o u t h A m e r i c a n Co u n t r i e s
Ex t e n si o n o f t r a d e
M e mb e r s o f t h e C o mmi tt e e
N ec e s s i t v o f n e w c r e d i t s y s t e m a n d d o ll a r e xc h a n g e
P r o b l e m s p r e s en t
R e po r t a n d R e co m m e n d at i o n s
S e tt l e m e n t s o f t r a d e b a l a n c e s
S o u t h A m e r i c a n t r a d e co n d i t i o n s
-
,
,
,
.
“
.
x v ii
xv i,
,
N at i o
n al F o r i g n T r a d C o u n ci l
e
e
P a r ag u a y
A rea
B u d get
C u rr e n c y
F o r ei g n t r a d e
Expo r t s
I m po r t s
—
.
.
I m po r t s a n d Exp o r t s
x ii x iii
,
iii
,
iv
,
v
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Pru
e
B u d g et
C urr e n c y
F o rei g n t r a d e
Expo r t s
I m po r t s
Pop ul at i o n
P u b l i c d eb t
R a i l wa ys
U
—
I m po r t s a n d Expo r t s
—
I m p o r t s a n d E xp o r t s
ru g u a y
B u d g et
C urr e n c y
F o rei g n t r a d e
Exp o r t s
I m po r t s
Pop u l at i o n
P u b l i c d eb t
R a i l wa ys
Ve
ne u la
A r ea
B u d g et
C ur r e n c y
F o r ei g n t r a d e I m po r t s a n d E xpo r t s
E xpo r t s
I m po r t s
Pop u l at i o n
P u b l i c d eb t
R a il wa ys
z
e
.
.
—
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
F O UR T E EN D AY U SE
R ET U RN T O D E SK FRO M W H I C H BO RRO W E D
T
h is
b o o k is d u e o n t h e last d at e st am p e d b e l o w ,
o n t h e d at e t o w h i ch r e n e w e d
R e n e w ed b oo ks a r e su b je ct t o i m m ed i at e r e ca l l
.
.
’
6
3
6
5
u
A
25 g
( B 1 39 8 2 2 )
4 76
Be
r k el
ey
or