of the United States," submitted to the Arbitration Com

mission:

Estimated Revenue

Expenditure

1900-1.

$1,704,500
1,704,500

On the side of Revenue these estimates included $1,700,000 in respect of Customs Receipts, whilst under Expenditure the assignment for the service of Debts amounted to $782,000.

This Budget was originally promulgated for the year ending 30th April, 1901, but was subsequently extended up to the 30th June, 1901.

The actual receipts during the whole period of fourteen months amounted to $2,938,676.

No information is available concerning Expenditure beyond the fact that in the fourteen months a sum of $552,678 was paid on account of the Service of Debts.

According to the Report of the Finance Minister this budgetary period closed with a deficit of $73,151.

Of the Revenue receipts those to be derived from the Customs were estimated at $2,000,000, and under the head of Expenditure the appropriation for the Debt Service was fixed at $800,000.

This Budget was afterwards limited to the eleven months from 1st July, 1901, to 31st May, 1902.

During this period the actual receipts amounted to $1,584,566, of which the Government kept $1,339,014 for its own purposes. This Budgetary period is said to have closed with a deficit of $184,623.

The estimated product of the Customs for this year amounted to $1,854,000 and the proposed Expenditure included $988,917 for the Debt Service.

The actual receipts during this financial year are given at $1,663,575, of which the Government kept $1,435,875 for its own purposes.

The document from which the above information is derived also contains an approximate statement of the total indebtedness of Santo Domingo which is reproduced below in a condensed form :—

* According to the Budget published in the Gaceta Official, of 31st May, 1902, and reproduced on page 351 of the Council's Report for 1901-2, the Estimated Expenditure amounted to $1,721,500.

SPAIN.

EXTERNAL DEBT.

Four per Cent. Perpetual Exterior Debt

Sealed Bonds (1,013,292,100 pesetas), say £40,210,004

HISTORY OF THE DEBT (FOREIGN).

The earlier foreign liabilities of Spain appear to have resulted from financial operations with France, Great Britain and Holland, consequent upon the expenses of various wars. These liabilities were subsequently liquidated and settled by different treaties.

1820-23.-During this period the Constitutional Government

negotiated Five per Cent. "Cortes" Loans in Paris and London, to an aggregate amount of about £21,000,000. On the re-establishment of absolute power by Ferdinand VII. in October, 1823, these Loans were repudiated, and not fully recognised until the death of that sovereign in 1833, though during his reign other foreign liabilities were incurred which considerably increased the total Debt.

1834. According to an official statement, the capital of the External Debt, including the above "Cortes" Loans unconverted, amounted to £42,040,000. With the exception of the British and French Indemnity Bonds, issued in 1828, and representing £3,457,000, the Debt was made convertible into "Active" Five per Cent. Bonds and "Passive" Bonds by a decree promulgated in this year. The "Active" Bonds were issued in respect of 66 per cent. of the original capital, and were to bear interest at once. The "Passive" Bonds, issued against the remaining 333 per cent., were to bear no interest, but a sufficient amount thereof was, from 1836, to be converted to replace the "Active" Bonds, cancelled by a Sinking Fund of per cent. At the same time £7,456,000 Five per Cent. "Active" Bonds (calculated to produce about £4,000,000) were issued through Messrs. Ardoin & Ricardo in Paris. Further, the arrears of interest since 1824 on the "Cortes" Loans were funded into “Deferred" Bonds, which were to be converted into "Active" Five per Cent. Bonds by twelve annual drawings, commencing in 1838. The total amount of "Active," "Passive" and "Deferred" Bonds created was £69,235,100.

1837.-Default took place owing to the Civil War.

1841. In this year the arrears on the "Active" Bonds since 1837 were funded into a 3 per cent. stock, upon which interest

was regularly paid up to December, 1872. The subsequent coupons on the "Active" Bonds, however, remained in default up to 1851.

1851.-A Law was passed to carry out a general settlement of the Debt, with the exception of the Three per Cent. Bonds of 1841. By this settlement the whole of the Active Five per Cent. Bonds and 50 per cent. of the arrears of overdue interest accrued since 1841 were converted into New Deferred Bonds, bearing interest at I per cent. for the first four years, rising thereafter by per cent. every second year up to a maximum of 3 per cent. This maximum was reached in 1870, and duly paid till the end of 1872. The Bondholders converted under protest, and issued "Certifi cates" for the remaining 50 per cent. of arrears of overdue interest which had been confiscated by the Government.

1857.-Three per Cent. Bonds. Amount, £7,545,600.

Issued to

produce a sum of £3,000,000, part of a loan of £5,000,000, which was authorised by a law of 1855, and the balance of which formed an Internal issue. These Bonds appear to have been negotiated in Paris, and, owing to the above confiscation of arrears, were not quoted on the London market.

1867. The "Certificates" referred to above were converted into Three per Cent. Bonds at the rate of £55. 11s. 4d. per £100 "Certificate" issued, and the Passive Bonds, issued in 1834, which had not been already absorbed by purchases of National Lands, were also converted into this Stock at the rate of £510 Three per Cent. Bonds for £340 Passive Bonds, plus £95. 4s. in cash.

1869.-Three per Cent. Bonds. Amount, £43,623,200. Issued in virtue of Laws of 1867 and 1869, which authorised the raising of Loans to produce £4,000,000 and £10.000.000 respectively.

1870. Five per Cent. Loan of £2,318,100. (Known as the Quicksilver Loan.) Issued at 80 per cent. by Messrs. Rothschild & Sons. Secured on an annuity of £150,000, payable out