Duties. This measure had produced much agitation amongst the commercial classes, but eventually an arrangement had been reached which had been embodied in the Decree of the 9th December.

BUDGET FOR 1903.

The Budget for 1902 having been maintained in force for the year 1903 in virtue of a Decree of Congress, no new Budget has been promulgated.

EXCHANGE.

The average monthly rate of exchange during 1901 and 1902 is shown below:

of the Bonds of the External Debt each year since the

The following Tables, which give the value of Imports and Exports in 1902 as compared with the corresponding figures for 1900, are taken from a Report by Mr. Consul Chambers, which was received at the Foreign Office on the 16th April last. The figures for 1902 are understood to have been converted at the rate of 500 per cent. premium on gold. It may be noted that the premium for 1900 was about 170 per cent., and this may largely account for the great falling off in 1902.

Amount of Guarantee due from Government to
Paraguay Central Railway, 30th April, 1903,
(subject to adjustment)

£994,600 o

76,350 0

£918,250 0

...£1,116,685 16 11