With regard to the Budget Estimates published by the Government of Paraguay, the Council understand that they are merely what is known as "Administrative" Budgets, and they must not therefore be taken as estimates of the actual Revenue and Expenditure of the country. EXCHANGE. The following Table gives the average gold premium for each month throughout the year 1903 Four and a-Half per Cent. Tobacco Loan (1st and 2nd Three per Cent. Consolidated Stock (quoted in London) 111,111,523 £154,322,422 There are also outstanding: INTERNAL DEBT Four per Cent. Debt (Premium Loan and Loan of 1890) ... £1,311,165 4,717,840 £6,029,005 Of the amounts shown above, the following are stated to be in the hands of the Government : New External Three per Cent. Converted Debt- ... ... Three per Cent. Consolidated Internal Stock ... £290,000 46,440,622 7,695 £46,738,317 The foregoing Table has been compiled from figures furnished to the Council by the Director-General of the Treasury, which are stated to show the Debt outstanding on June 30th, 1904. It will, however, be noticed that the figures dealing with the three series of the New External Three per Cent. Converted Debt are almost identical with those obtained from the same source, and given in the Council's last Report as outstanding on June 30th, 1903. No explanation of this has, however, been obtained. Senhor Ernesto Rodolpho Hintze Senhor Rodrigo Affonso Pequito. lin, K.C.M.G., C.B. Portuguese Minister in London ... Marquis de Soveral, G.C.M.G. HISTORY OF THE PUBLIC DEBT (FOREIGN). 1823. Five per Cent. Loan. Amount, £1,500,000. Issued at 87 per cent. The service of this Loan was undertaken by Brazil when the independence of that State was recognised by Portugal. 1832.-Five per Cent. "Dom Miguel" Loan. Amount, £1,600,000. Issued in Paris by Messrs. Outrequin and Jauge, and in London by Messrs. Gower and Co., on behalf of Dom Miguel, who in this year obtained possession of the throne. The portion issued in England is understood to have been converted about 10 years afterwards. As regards the French holding, the Portuguese Government for many years denied liability; but in 1880 the French tribunals upheld the Bondholders' claim. In 1891 a partial liquidation was begun, and since that date negotiations for a settlement have been carried on from time to time, but no definite issue has been reached. 1831 to 1833.-Regency Loans. Issued at 48 per cent. Original amount, £4,700,000; reduced by amor 1835. Three per Cent. Loan. Issued at 70 per cent. Original amount, £6,000,000; reduced by a forced conversion at 60 per cent. to ... ... 3,600,000 1836.-Three per Cent. Loan. Issued at 80 per cent. Original amount, £900,000, secured on Debt due from Brazil. For the most part merged into Brazilian Stock. Portugal's share about... 1837.-Three per Cent. Loan. Issued to capitalise Dividends, etc. Secured on Tobacco Revenues. Original amount, £1,000,000 Total outstanding ... 250,000 1,000,000 £8,940,000 |