The position of the Bank of Portugal on the 31st of The foreign trade of Portugal during the last nine financial periods is shown below: Live Stock.. Raw Materials Thread and Woven Fabrics, etc. 2:019 3:213 3:290 4:379 1:573 2:400 2:476 2:993 2:632 4:776 5:340 5:192 5:326 6:058 6:215 6:669 6:350 6:679 11:007 13:548 13:317 10:801 15:184 14:598 14:660 10:225 12:505 Alimentary Substances Tools, Instruments and 1 Machines 1:585 1:670 1:962 2:321 3:249 3:783 4:051 3:926 3:601 4:450 4:710 35:764 41:123 41:047 41:776 51:834 55:264 58:602 54:086 59:088 Totals Gold and Silver, Coin and Bullion 1:813 895 619 1:019 1:433 1:095 Grand Totals 305 439 346 37:577 42:018 | 41:665 42:795 53:267 56:359 58:907 55:085 59:434 1:638 1:586 1:659 2:013 2:087 1:915 1:821 1845 25:357 27:359 26:747 27:836 31:899 29:770 28:978 28:071 292032 2:226 2:682 3:804 1:814 1:464 1:580 1:752 834 1255 27:583 30:041 30:551 29:650 33:363 31:350 30:730 28:905 30:317 RATE OF EXCHANGE, The mean monthly rate of exchange on London in pence per milreis from January, 1890, to December, 1903, is shown below :— May. 521 Dec. SALVADOR. The External Debt of Salvador was in 1899 converted into 5 per cent. Mortgage Debentures of the Salvador Railway Company, Limited. The Government guarantees a fixed annual subsidy of £24,000 for 18 years from 1899. 1827. The proportion of the Debt of the Central American Federation (£163,000) assumed by Salvador was two-twelfths, £27,200. 1828-59.—No interest was paid during this period. 1860.-Salvador compromised her share of the Debt for 90 per cent. in cash. 1889.-Loan for £300,000, bearing 6 per cent. interest and 2 per cent. accumulative Sinking Fund, issued by the London and South Western Bank at 95 per cent., specially secured on 10 per cent. of the Customs Duties and the rights of the Government in the Railway from Acajutla to Ateos (35 miles) and in the proposed extension to San Salvador. Out of the proceeds of the Loan, a mortgage of the Government's interest in the portion of the Railroad already constructed (Acajutla to Sonsonate), amounting to £183,000, was paid off. The extension of the Railway was only continued for a distance of seven miles from Ateos to La Ceiba. 1892.-Loan of £500,000, beating 6 per cent. interest and I per cent. accumulative Sinking Fund. Issued by Messrs. Brown, Janson & Company in pursuance of a Contract made by the Government with Mr. Scherzer in 1891 for the purpose of the extension of the Railway. Specially secured on 10 per cent. of the Customs Duties, and also by a first mortgage on the line from Ateos to Santa Ana (30 miles). These Bonds were not issued to the public, but were delivered from time to time to the Contractor on the Engineer's Certificates as the works proceeded. 1894.-A Company called the Central American Public Works Company was formed by Mr. Scherzer, and in April, 1894, a Concession was obtained from the Government under which the Contract of 1891 was cancelled. The Public Works Company undertook to complete the line to Santa Ana, to build a branch from Sitio del Niño to San Salvador (24 miles) together with a deviation of 1 miles at the Port of Acajutla, to give the Government £70,000 in fully-paid Ordinary Shares of the Company when issued, and to attend to the service of the Loans of 1889 and 1892. The Government on its part agreed to hand over to the Company the whole of the Railways for a period of 99 years, and to guarantee the Company for 50 years a nett annual profit on working the Railways of 6 per cent. upon a sum of £80,000 secured by a charge of 10 per cent. on the Import Duties. A change of Government took place shortly afterwards, and owing to differences between the Government and the Company the Concession was declared void. In December, 1894, a supplementary Contract was entered into between the Company and the new Government by which it was agreed that :- 1. The £70,000 of Shares of the Public Works Company were to be delivered to the Government by 31st May, 1895. (This was done and the Company took possession of the completed line and commenced the construction of the remainder.) 2. The duration of the Concession was shortened from 99 to 80 years. 3. The guarantee was reduced from £48,000 a year to £24,000 during construction of the line to Santa Ana ; £36,000 during construction to San Salvador, and the full £48,000 was not to be paid until the Railway was entirely finished. 1898.-A Company called the Salvador Railway Company was formed to take over the Concession from the Public Works Company. Proposals were laid before the holders of the 1889 and 1892 Loans to convert their Bonds into First Mortgage Debentures of the Railway Company. Some of the 1889 Bondholders, however, declined to signify their adherence to the scheme, and it was not found possible to arrange for the release of the Mortgage on the first section of the Railway. The Public Works Company had, moreover, undertaken to deliver to the Government all the Bonds by December, 1898, and they therefore approached the Government with the object of securing further legislation in order to get over the difficulty. In this they were not at the time successful, and the Government declined to remit to the Company the sum due under the Guarantee for the half-year ending 31st December, 1898. The funds for the payment of the February and August, 1898, Coupons on the 1889 Bonds were sent by the Government direct to the London and South Western Bank. |