the close of 1895, there was outstanding 190,000,000 francs of bank-notes, against which a reserve was held consisting of 83,400,000 gold and 11,600,000 silver. There are at present in Switzerland 18 cantonal banking institutions-that is, institutions whose capital stock is exclusively furnished by the respective cantons, and for all whose liabilities the respective cantons are responsible: 13 purely private institutions, in which the cantons have no interest; and 3 banks of mixed system. The respective cantons are liable only to the amount of their stock. Their share in administration varies according to the amount of stock held. The Federal Assembly reserves the right of fixing at all times the total issue of the Republic and determining the quota of each bank. The banks are required to hold a metallic reserve, distinct and independent of all other reserves of the bank, equal at least to 40 per cent. of their circulation, while the remaining 60 per cent. must either be covered by securities readily convertible or be guaranteed by the canton in which the bank is located, Each bank is required to take the notes of the other banks in payment, and to procure the redemption of the notes of other banks without compensation. On December 31, 1894, there were 34 banks with a paid-up capital of 147,400 francs and note issue of 182,900,000 francs. The estimated amount of money in circulation is placed as follows in 1896: Bank-notes. 175,000,000 francs; gold on hand and in circulation, 117,000,000; silver on hand and in circulation, 54,000,000; and nickel and copper, 5,600,000; total, 351,000,000 francs. The situation of the Swiss banks of issue at the end of the year 1895 was as follows: According to the last census (1887), the population of Spain was 17,565,632. The figures for previous years may be found in Volume I of the Year Book." The area is stated at 197,670 square miles. FISCAL AFFAIRS. The following were the receipts and expenditures of the Government for the years stated: Direct taxes on land, trade, mines, Government salaries, registration, etc. Tobacco monopoly, lottery, mint, and minor sundries... Revenue from national property.. 22,385,451 26,713,942 From the public treasury.. 17,200,000 110,721,019 *82,667,000 gold francs = 88 per cent.; 10,982,000 silver francs = 12 per cent. There is an extraordinary expenditure of 236,344,883 pesetas to be met by loans. On June 20, 1896, the external debt amounted to 1,971,151,000 pesetas; and the internal debt to, redeemable, 1,619,500,000 pesetas; perpetual, 2,350,808,300 pesetas; total debt, 5,941,459,300 pesetas. The floating debt was put at 450,000,000 pesetas. For the year 1896-97 the amount required for the service of the total debt was 314,991,533 pesetas. PRODUCTION AND INDUSTRY. About 80 per cent. of the soil is classed as productive, of which 33.8 per cent. is devoted to agriculture. The wheat yield for 1895 was 78,737,000 English bushels. The number of farm animals in 1895 was estimated as follows: Horses, 383,313; mules and asses, 1,496,703; cattle, 2,071,326; sheep, 16,469,303; goats, 2,820,827; pigs, 1,910,368. The production of minerals and metals for the years 1895 and 1896 was as follows, in metric tons: Coal, in 1896, 1,874,771; in 1895, 1,783,083; iron ore, in 1896, 6,808,000; in 1895, 5,514,329; pig iron, in 1896, 246,326; pig lead, in 1896, 172,695; in 1895, 163,521; copper, in 1896, 2,873,025; in 1895, 2,847,600. There were produced 1,513,998 kilogrammes of quicksilver in 1896, and 222,900 kilos. of silver, against 58,546 for 1895. 1890. 1891. 1892. 1893.. FOREIGN TRADE. The total imports and exports (including the precious metals) have been as follows, in pesetas: Year. Imports. 941,137,925 873,833,503 751,723,597 674,972,142 Exports. Year. 663,022,145 1896. Imports. 753,716,138 768,653,569 734,172,856 Exports. 628,429,567 754,291,722 872,260,197 In 1895, the exports of Spanish wines amounted to 99,962,906 pesetas, 63 per cent. going to France and 12.5 to Great Britain. The following table shows the principal imports and exports, in thousands of pesetas: The foreign commerce was distributed as follows among the leading countries, in thousands of 41,546 39,434 601 469 650 131,525 144,828 232,558 290,954 336,637 7,606 6,384 2,153 2,136 3,142 600 24,604 1,261 105 568 101,706 The principal exports into the United States for the year ending June 30, 1896, were: Chemicals, drugs, dyes, $498,667; fruits, including nuts, $1,458,262; iron ore, $302,327; wines, $542,841. Imports from the United States were: Cotton, unmanufactured, $8,739,024; mineral oil (crude), $664,316; tobacco, unmanufactured, $988,140; wood and manufactures of, $713,561. IMPORTS AND EXPORTS OF GOLD AND SILVER COIN AND BULLION. SHIPPING, RAILROADS, TELEGRAPHS, AND POST-OFFICE. The merchant navy contained, in 1896, 365 steamers of 519,315 tons, and 1,115 sailing ships of 168,143 tons. In 1895 there were 427 steamers of 313,178 tons and 1,041 sailing vessels of 172,729 tons. The total number of ships that entered the ports of Spain and the Balearic Islands during 1896 was 20,457, which was 357 more than in 1895, and 2,781 more than in 1894. The total number that cleared was 17,900 in 1896, 16,756 in 1895, and 17,268 in 1894. In 1894, there were 7,543 miles of railroad open for traffic. The whole of the Spanish railways belong to private companies, but nearly all have obtained guarantees or subventions from the Government. In 1894, there were 23,636 miles of telegraph lines, and length of wire 59,247 miles. In 1893, number of inland messages, 2,886,800; international, 1,279,459; official, 173,676; total, 4,339,935; number of offices, 1,421. The post-office carried in 1894, in the inland service, 81,990,000 letters and post cards, and 47,400 printed papers and samples; in the international service, 19,652,000 letters and post cards, and 19,037,000 printed papers and samples. There were 2,942 offices. MONEY AND BANKING. On August 28, 1897, and August 29, 1896, the position of the Bank of Spain was as follows, in pounds sterling: The peseta of 100 centesimos is of the value of a franc, or 19.3 cents. Gold coins in common use are 20, 10, and 5 peseta pieces. Silver coins are 5-peseta and single peseta pieces. Both gold and silver coins are of the same weight and fineness as the corresponding French coins. Theoretically, there is a double standard of value, gold and silver, the ratio being 15% to 1. But of silver coins only the 5-peseta piece is legal tender, and the coinage of this is restricted. PORTUGAL. Portugal, including the Azores and Madeira, had a population in 1878 of 4,745,124, and in 1890 of 5,082,247, occupying an area of 34,038 square miles. The only important non-Portuguese element in the population is the gypsies; there are about 3,000 negroes in the coast towns. The population in the north is mainly Galician; further south there has been considerable intermixture with Arabs and Jews, as also with French, English, Dutch, and Frisians. The revenue and expenditure have been, in milreis: According to a Portuguese Government report, the condition of the consolidated 3 per cent. debt on October 30, 1893, and of the redeemable debt on June 1, 1894, with the interest, nominal and after the deductions, were as follows: Thus (taking 4% milreis = £1) the total Portuguese debt amounts to £148,490,104, the nominal interest to £4,897,053, the reduced interest to £2,856,712, and the amortization to £192,556. If 30 per cent. be added for the premium on gold for payments made abroad, the annual charge is 15,395,741 milreis, or £3,221,276. In 1896, the amount of outstanding foreign loans was £74,180,341, and of the internal consolidated stock £57,398,370; total £131,578,711. On December 31, 1895, the net floating debt amounted to £5,744,975. Of the whole area of Portugal, 2.2 per cent. is under vineyards; 7.2 per cent. under fruit trees: 12.5 per cent. under cereals; 2.7 per cent. under pulse and other crops; 26.7 per cent. pasture and fallow; and 2.9 per cent. under forest; 45.8 per cent. waste. In Alemtejo and Estremadura and the mountainous districts of other provinces are wide tracts of common and waste lands, and it is asserted that from 2,000,000 to 4,000,000 hectares, now uncultivated, are susceptible of cultivation. There are three cotton factories at work for exportation to Angola. The population engaged in industries of various kinds, exclusive of agriculture, in 1881, was 90,998. Portugal has about 4,000 vessels engaged in fishing, and the exports of sardines and herrings are considerable. The following shows the value of the imports for consumption and the exports, in milreis: The following table shows the various classes of imports and exports (special trade) in two years, in milreis: The declared values of the leading "special" imports and exports in 1895 were, in milreis: Imports-Wheat, 5,034,964; cotton and cotton yarn, 2,883,297; wool, 1,187,771; iron, 1,561,815; coal, 1,771,211; sugar, 1,793,579; codfish, 1,960,036; leather and hides, 1,018,981; animals, 2,017,000; tobacco leaf, 651,793; tissues, various, 3,223,554; coffee, 632,000. Exports-Wine, 11,291,932; cork, 3,523,833; animals, 2,519,000; copper, 1,707,283; olive oil, 525,600; sardines, 867,877; figs, 326,669; cotton tissues, 879,854; onions, 239,703. The principal exports into the United States for the year ending June 30, 1896, were: Argol, $117,418; cork, unmanufactured, $984,399; india rubber, crude, $740,133; wines, still, $114,584; gold, $4,195; silver, $32. Imports from the United States: Breadstuffs, $2,172,014; cotton, unmanufactured, $214,892; mineral oils, illuminating, $625,479; wood and manufactures of, $293,796. IMPORTS AND EXPORTS OF GOLD AND SILVER COIN AND BULLION. The commercial navy consisted on January 1, 1895, of 258 vessels of 88,885 tons (including 51 steamers of 41,161 tons). The length of railroads open in 1896 was 1,453 miles, of which 914 belong to the State. All the railroads receive subventions from the State. The number of post-offices in 1894 was 4,008. There were carried 27,011,000 letters, 5,764,000 postal cards, and 22,639,000 newspapers, etc. In 1889, there were 366 telegraph-offices, with 3,985 miles of line and 8,839 miles of wire. The milreis, or 1,000 reis, is of the value of $1.08, or 4s. 5d. in English money, and about 4.5 milreis to the £ sterling. Large sums are expressed in contos (1,000 milreis). Gold coins are 10, 5, 2, and 1 milreis pieces, called the coroa, meia coroa, etc. The gold 5-milreis piece weighs 8.8675 grammes, .916 fine, and consequently contains 8.12854 grammes of fine gold. Silver coins are 5, 2, 1, and half testoon (testão) pieces, or 500, 200, and 50 reis pieces. The 5-testoon piece weighs 12.5 grammes, .916 fine, and therefore contains 11.4583 grammes of fine silver. Bronze coins are 40, 20, 10, and 5-reis pieces. The standard of value is gold. The English sovereign is legal tender for 4,500 reis. In the present derangement of the monetary system, Bank of Portugal paper is the chief circulation. The Bank of Portugal, with a capital of 13,500 contos, or 13,500,000 milreis, has the exclusive right of issuing notes. It is the State's banker and the Treasury's disbursing agent. The notes of the Bank are guaranteed by debts owing by the State for advances from time to time by the Bank. On September 30, 1896, the situation of the Bank of Portugal was as follows: Metallic stock, 13,482,000 milreis; note circulation, 57,036,000 milreis; accounts current and deposits, 1,943,000 milreis; commercial account, 13,964,000 milreis; advances on securities, 1,943,000 milreis; balance against Treasury, 15,643,000 milreis. |