Be

and virgin forests and, probably, endless mineral wealth. tween 1884 and 1899 the Callao gold mines alone yielded $23,000,000.

The country divides itself naturally into three parts-the north coast strip, the valleys of the Orinoco and its confluents, and the southward projecting area of Amazonas territory, lying between the equator and the fifth parallel of north latitude. The Orinoco River, 1,500 miles in length, is navigable for 1,200 miles from its mouth. It is fed by 436 streams and rivers, some of which are navigable for light-draft vessels. The immediate coast line is hot and unhealthy, but this strip is narrow, and behind it are altitudes where the climate is almost perpetually vernal. The hills are a "white man's country."

FINANCE

In July, 1907, Venezuela's obligation to Great Britain, Germany, and Italy, by virtue of the protocols of Washington, was cancelled, the total sum paid having aggregated $3,567,000.

Since August, 1907, Venezuela has paid to the countries not enjoying preferential treatment 30 per cent. of the customs receipts of La Guaira and Puerto Cabello, amounting to, up to May 1, 1909, $1,199,148.

The financial obligations of the republic and the agreements made by the government have been complied with. During the fiscal years 1907 and 1908, the expenditures of the government on account of these obligations amounted to $3,904,000, and from January 1 to March 31, 1909, $484,000, or a total outlay of $4,388,000, all of which, in accordance with the protocols of Washington, went to the foreign Powers, the 3 per cent. diplomatic debt of 1905, the debt contracted on account of diplomatic agreements, and the non-amortised diplomatic agreement debt. The payments on account of the internal debt from January 1, 1907, to March 31, 1909, amounted to $1,216,703.

The outstanding internal 3 per cent. debt on March 31, 1909,

was $12,040,000, and the outstanding external debt on the same date was $26,253,000, or a total of $38,293,000.

FOREIGN COMMERCE

The foreign commerce of Venezuela, compiled from official Venezuelan reports except as stated, for the year 1910 amounted to 157,181,984.01 bolivars, of which 64,184,206.63 bolivars were imports and 92,997,777.38 bolivars exports. The figures for the preceding year were 50,601,977.68 bolivars imports and 83,049,922.83 bolivars exports, or a total of 133,651,900.51 bolivars. This shows a gain of 13,582,228.95 bolivars in the imports and 9,947,854.55 bolivars in the exports, or a total gain in the foreign commerce of 23,530,083.50.

Estimating the bolivar at 19.3 cents United States gold, the foreign trade of Venezuela for the year 1910 amounted to $30,336,122.91, of which $12,387,551.88 was imports and $17,948,571.03 exports. The gain for the year in imports was $2,621,370.19 and in exports $1,919,935.93, or a total gain during 1910 of $4,541,306.12.

IMPORTS

The imports by principal countries for the two years were as follows:

There were increases in the imports from the United States, the United Kingdom, France, Netherlands, and Spain, and decreases in the imports from Germany, Italy, and Belgium. The increase in imports from the United States was $637,534.07, or 20.2 per cent.; United Kingdom, $1,276,878.95, or 56.7 per cent.; France, $339,749, or 51.5 per cent.; Netherlands, $338,463.56, or 59.5 per cent.; and Spain, $10,705.65, or 2 per cent. The decrease in imports from Germany was $36,282.46, or 1.2 per cent.; Italy, $21,435.60, or 6 per cent., and Belgium, $684.68, or 1 per cent.

A trade estimate places import values at $9,000,000 and exports at $17,000,000, though the latter values were probably somewhat smaller. The principal receiving countries were the United States, $5,550,073; France, $5,496,627; Great Britain, $1,447,784; Germany, $908,260; the Netherlands, $763,642; Cuba, $604,102; and Spain, $589,560.

United States statistics note receipts of Venezuelan merchandise during the calendar year 1908 to the value of $7,028,180 and shipments to the republic to the amount of $2,566,022, the values being practically the same as in the preceding twelve months.

The commerce of the country for the first half of the fiscal year, 1907-8, consisted of exports valued at $8,613,000 and imports, $4,984,000. Imports were received as follows: From Great Britain, $1,804,000; United States, $1,256,000; Germany, $823,800, and the Netherlands, $462,400. Shipments were made to France, $3,409,000; United States, $3,097,000; Great Britain, $622,000; Germany, $485,000; the Netherlands, $365,000; and Spain, $325,000.

The principal exports were coffee, cacao, rubber, and cattle.

The United States exports to Venezuela were mainly wheat flour, cotton manufactures, iron and steel manufactures, illuminating oil, lard, butter, and smaller quantities of a large variety of other articles.

TARIFF

The import tariff of Venezuela divides foreign merchandise into nine classes paying specific rates of duty as follows: (1) 5 centimes of the bolivar per kilogram; (2) 10 centimes of the bolivar per kilogram; (3) 25 centimes of the bolivar per kilogram; (4) 75 centimes of the bolivar per kilogram; (5) I bolivar 25 centimes per kilogram; (6) 2 bolivars 50 centimes per kilogram; (7) 5 bolivars per kilogram; (8) 10 bolivars per kilogram; (9) 20 bolivars per kilogram.

Among the goods admitted free of duty are live animals, iron boiler plates, agricultural implements, barbed wire for fencing, Roman cement, printing papers and their accessories, certain kinds of machinery, iron bridges, etc.

In addition to the internal 3 per cent. debt, and the external debt aggregating over 38 millions of gold dollars to which reference has been made, there are outstanding at least twenty millions of national obligations, perhaps a few millions.

This brings the aggregate debt close to sixty million American dollars, or nearly three million yearly in interest charges. With the revenue of the country ranging between eight and fourteen millions, varying according to the crops and political conditions, it will be apparent how very necessary is a period of rest and recuperation if the republic is to escape insolvency.

Owing to excessive taxation Venezuela has few if any industries, all manufactured materials required being imported, even the sacking necessary for the export of native produce.

APPENDIX E

THE UNITED STATES OF COLOMBIA

NOTE I

THE competitors for the trade of Colombia are the United States, Great Britain, Germany, France, and in a small degree

Italy and Spain. The United States, from its geographical situation, is the natural source of supply for foodstuffs, and it should also be the leading source for iron and steel manufacture and perhaps for textiles. It is not, however. The increase of 70 per cent. in the duties on foodstuffs has caused a large falling off in our shipments of flour and lard.

Figures regarding imports into Colombia, and in a lesser degree exports from the country, are unsatisfactory and deceptive. It is apparent, however, that during the last year or two Great Britain has taken a decided stride ahead of us and other competitors. American capitalists have also seen fit to sell out their control of the Cartagena-Calaman railway and the river steamers to an English company. As a result the new owners naturally purchase their steel rails and equipment and coal in the United Kingdom, but formerly all these articles were sold by us.

As in all other South American countries, German enterprise and commercial good sense are everywhere apparent. There is no German bank, but the need of one is not apparent, as several of the largest commercial houses do a large banking business with German capital. In Baranquilla more than half the importing houses are controlled by German capital.

France buys Colombian coffee and rubber direct, and in prosperous years the trade between the two countries has amounted to nine million dollars annually, but it is very fluctuating.

The leading imports of the United States from Colombia are coffee, hides, rubber, cedar and mahogany, gold and silver and other minerals.

The customs revenues of Colombia amount to about $7,000,000 annually. They are collected chiefly on imports, but the export duties on cattle, coal, and bullion enter into this total.

The internal revenues of the government are drawn from a number of articles, many of which are state monopolies. The