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Estimated Currency Deficit

8,320,565.65

Gold Surplus, as above, converted into Currency

at 850%

8,335,430.65

Total Estimated Surplus in Budget in Currency $14,865.00

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 :

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The premium at the middle of June of the present year

was about 900.

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Series II. (Conversion of Four per Cent.
Redeemable Debt of 1890)
Redeemed...

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Original Amount
Outstanding.

Amount.

£20,863,585
34,900

Four and a-Half per Cent. Tobacco Loan (1st and 2nd
Issues)

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1,200,408
2,985

9,502,588
26,368

3,167,529
8,789

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INTERNAL DEBT.

Three per Cent. Consolidated Stock (quoted in London)

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£20,828,680

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1,197,423

9,476,220

3,158,740

34,661,063

8,549,836

43,210,899

There are also outstanding:

INTERNAL Debt

Four per Cent. Debt (Premium Loan and Loan of 1890) £1,311,165 Four and a-Half per Cent. Loan of 1888-9

4,717,840 £6,029,005

III, III,523 £154,322,422

Of the amounts shown above, the following are stated
to be in the hands of the Government :-
New External Three per Cent. Converted Debt-
First Series

Three per Cent. Consolidated Internal Stock
Four per Cent. Debt (Premium Loan)

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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.

Portuguese Committee.

Finance Minister
British Minister at Lisbon

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Population (1900)

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Right Hon. Sir M. E. Grant
Duff, G.C.S.I.

Ricardo Palmer, Esq.
Simon Symons, Esq.
A. A. Tilleard, Esq.
Edward Wagg, Esq.

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Secretary.
James P. Cooper, Esq.

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£290,000

46,440,622

7,695

£46,738,317

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Senhor Rodrigo Affonso Pequito. Sir Martin Le Marchant Gosselin, K.C.M.G., C.B.

Portuguese Minister in London ... Marquis de Soveral, G.C.M.G.

5,500,000.

357,000 £7. 175. Id.

Dom Carlos.
Senhor Ernesto Rodolpho Hintze
Ribeiro.

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.

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1831 to 1833.-Regency Loans. Issued at 48 per cent. Original amount, £4,700,000 ; reduced by amortisation to

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1833. Six per Cent. Loan.

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Issued at 94 per cent. Original amount, £1,000,000; reduced by redemption, and the balance converted into 3 per cent. Stock to the amount of

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1835. Three per Cent. Loan. Issued at 70 per cent. Original amount, £6,000,000; reduced by at forced conversion at 60 per cent. to

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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

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£4,000,000

90,000

3,600,000

250,000

1,000,000

£8,940,000

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