BRAZIL.

According to official data the total assets of BRAZILIAN BANKS, which on December 31, 1916, amounted to 4,031,840 contos (paper conto = $267.50), rose to 4,527,881 contos on the same date of 1917, to 5,912,137 contos on December 31, 1918, and to 6,636,323 contos on February 28 of the present year. The profits of the Bank of Brazil in 1918 were 19,780 contos. The reserve fund of this bank at the present time is 7,385 contos, and its total business in 1918 aggregated 1,182,245 contos-a sum representing nearly one-fifth of the banking business of the Republic.

Under executive decree No. 13584, dated May 7 last, the YOKOHAMA SPECIE BANK (LTD.) is authorized to do business in the country, to establish a branch at Rio de Janeiro and agencies in the cities of São Paulo and Santos. The capital of this bank is 48,000,000 yen (yen = $0.4985), divided into shares of 100 yen each.

The LONDON AND RIVER PLATE BANK has been authorized to establish a branch at Porto Alegre and agencies at Rio Grande and Pelotas.

During the last two months the following BRANCH BANKS were established in Brazil: Bank of Holland & South America, Bank of Portugal & Brazil, and the Guaranty Trust Co. of New York in São Paulo; National City Bank of Recife and the National Bank of Commerce of Porto Alegre at Curityba with agencies at Rio Negro and Porto de Union, State of Parana. The Popular Bank of Rio Grande do Sul and the Industrial and Agricultural Bank have been established at Porto Alegre. The National Ultramarine Bank of Brazil has opened a branch in London with the object of developing Brazilian commerce in Europe.

COLOMBIA.

By decree No. 957, of May 8, 1919, the President has provided that while the ban on exportation of gold coins remains in force in Europe and the United States, no one may export GOLD IN COIN, IN BARS, DUST, or any other form without permission from the Government. Travelers who sail from Colombian ports to foreign parts, however, may carry as much as 200 pesos in gold coin with them upon the payment of regular duties. The same decree establishes a tax of 5 per cent on the value of platinum exported, while the former duties on gold will remain in force, for the exportation of which provisions are stipulated and a board established in the capital of the Republic, presided over by the ministry of the treasury and composed of five members elected from the chambers of commerce of Bogota, Barranquilla, Medellin, Cali, and Manizales.

123428-19-Bull. 1-7

The President has decreed the exemption from postal charges of PACKAGES OF COINED GOLD imported into the country, such packages to be carried free from the office in which they are received from foreign countries to destination.

By law No. 16 of 1919 the assembly of Cundinamarca authorizes the departmental government to contract a domestic or foreign LOAN to the amount of 5,000,000 pesos, either independently or in agreement with the National Government; to provide the securities or guaranties necessary; and to fix the rate of interest and further conditions compatible with commercial usages of the present time and departmental interests. The loan will make possible the extension of the Sabana Railway to the Lower Magdalena and its subsequent prolongation to the Meta River. The departmental government is authorized also to buy the rights now held by the National Government in this railway enterprise and to fix the conditions for the latter

contract.

CUBA.

On June 1 a branch of the INTERNATIONAL BANK OF CUBA was organized in the city of Matanzas. This bank, founded only a year and a half ago, has already 37 branches and over 13,000 depositors in the island.

ECUADOR.

The financial agents of Ecuador in London, Glyn, Mills, Currie & Co., have published the fact that they are ready to pay the coupons of the GUAYAQUIL-QUITO RAILWAY BONDS due between January 2, 1917, and the same date of the present year. A London daily reports that preferred stock in the railway company is quoted at 94 per cent on March 15, 1919, and common stock at 47 and 471 per cent; and a Quito newspaper comments that this statement proves that Ecuadorian credit abroad is being firmly reestablished now that the war has closed and the Government can meet obligations promptly.

Since the banking establishment "Banco Suramericano," recently founded in Quito, has the amount of capital required by law, the President of the Republic authorized it to open on May 8, 1919.

GUATEMALA.

By law No. 1010 of April 29, 1919, the legislative assembly approved the NATIONAL BUDGET for the fiscal year beginning July 1 of the present year and ending June 30, 1920, amounting to 81,119,294 pesos currency, distributed as follows: Administration and justice, 7,885,530; foreign relations, 3,539,356; treasury, 4,974,702; public credit, 23,139,148; industry, 7,514,482; public instruction, 8,419,547; war, 9,770,611; pensions, 875,917; and for

reconstruction of Government buildings, 15,000,000 pesos. The appropriation for public instruction shows an increase of 800,000 pesos, to be used in increasing the salaries of primary teachers.

The TAX ON BEER authorized by presidential decree in July, 1918, brought a revenue of 578,447 pesos in six months, from July to December of the past year.

On April 12 of this year the President signed a law authorizing a PLAN OF ARBITRATION by which the municipality of Guatemala City shall meet its obligations.

The President has granted the municipality of Guatemala City a LOAN OF 600,000 pesos for repairs to be made on the Mixco and Pinula aqueducts.

HAITI.

The Banque Nationale d'Haïti (National Bank of Haiti) has been authorized by the council of state to issue BANK NOTES to the amount of 20 millions gourdes (gourde = $0.20). Notes will be of the following denominations: 1-gourde, 7,500,000; 2-gourde, 5,000,000; 10-gourde, 5,000,000; 20-gourde, 2,500,000.

From an authorized source it is announced that the ROYAL BANK OF CANADA will establish a branch in Port au Prince within the next few weeks. At first a building will be rented, but the bank proposes to buy a site in a central location upon which a fine building will be erected.

HONDURAS.

In conformity with the terms of article XV of the Proceedings of the Fourth International Pan American Conference held in Buenos Aires August 20, 1910, and ratified by the national congress on January 30, 1913, the President on March 1 of this year promulgated the general budget which the Director of the Bureau created in Habana for the protection of trade-marks and titles, submitted to the consideration of the nations which, in accordance with Article XIII, ratified the Convention. The payment of $278.72 gold, Honduras's share in the expenses of installation and the first year of service of the American International Bureau, is authorized.

MEXICO.

According to statistics recently submitted to the press by the secretaryship of the treasury and public credit, the FOREIGN DEBT of the country, exclusive of interest, amounts to 286,944,251 pesos (pesos Mexican = $0.50 United States gold), while the interior debt totals 138,795,550 pesos and the total interest on both up to June 30, 1919, was 103,832,284 pesos, or 68,002,939 pesos on the exterior and 35,829,345 on the interior. Hence the total of the public debt with interest is 529,572,085 pesos.

The secretaryship of the treasury has abrogated the presidential decree which required mining companies who exported gold and silver ore to the United States to reimport 25 per cent of the refined metal, thus permitting FREE EXPORTATION OF METALS in the future.

PANAMA.

In accordance with authorization of a law of the national assembly the President procured the services of the well-known American financier and accountant, Addison T. Ryan, to advise in the REORGANIZATION OF THE PUBLIC TREASURY of Panama, as he had previously done in the Republic of Haiti. Mr. Ryan, who was recommended for the office by the Government of the United States, began investigations early in February of the present year, and according to unanimous press reports the results of his labors are already being happily felt throughout the country, since funds are collected promptly and various bureaus have been modified to the advantage of all concerned, so that obligations may be met by the treasury and the administrative offices conducted efficiently. From July 1, 1919, the treasury is to be directed by a branch of the International Banking Corporation, which will establish agencies in various parts of the Republic. At present Mr. Ryan is engaged in drawing up the budget of receipts and expenditures for the fiscal year beginning July 1.

Acting in accord with authorization contained in a law of the national assembly, the President obtained the services of Dr. Clarence J. Owens, the American expert in banking affairs, especially agricultural banking institutions, with a view to founding a NATIONAL AGRICULTURAL BANK. Dr. Owens reached the Isthmus about the middle of May, accompanied by Boris A. S. Aronow, Thomas R. Preston, Robert M. Estes, Emilio M. Amores, and Charles H. Baker, to undertake an examination of economic and agricultural conditions in the Republic and report concerning the establishment of a bank of the nature indicated. After collecting interesting data in Panama the Owens commission went into the interior of the country, leaving E. M. Amores in charge of the office at Panama City. Dr. Owens urges the founding of a Pan-American commercial school in Panama, to which students from the United States and Latin American countries will be sent.

The President has been authorized by the National Assembly to contract a LOAN OF $1,000,000 for the payment of national debts that are due.

The SALARIES of the supreme judge, minister of state, and other officials were fixed by law No. 37 of March 17, 1919.

PARAGUAY.

By resolution No. 372, of February 11, 1919, the ministry of the treasury fixes the RATE OF GOLD EXCHANGE at 1,795 per 100 in the payment of import duties and tariff on goods destined for internal consumption.

The Financial and Commercial Review ("Revista Financiera y Comercial") of Buenos Aires reports the following statistics with regard to the state of PARAGUAYAN BANKS on December 31, 1918: Banco Mercantil-deposits in gold, 1,460,000 pesos (gold pesos=$0.964 U.S.); deposits in currency, 54,710,000 pesos; savings accounts, in pesos, gold, 680,000, paper, 31,860,000; loans, gold, 2,590,000, paper, 85,490,000; cash on hand, gold, 630,000, paper, 18,070,000. Bank of the Republic-deposits in gold, 1,780,000, paper, 44,700,000; savings, gold, 200,000, paper, 4,310,000; loans, gold, 3,870,000, paper, 27,970,000; cash on hand, gold, 4,740,000, paper, 25,940,000. Bank of Spain and Paraguay-deposits, gold, 750,000, paper, 22,920,000; savings, gold, 250,000, paper, 7,070,000; loans, gold, 720,000, paper, 29,960,000; cash on hand, gold, 280,000, paper, 10,140,000. Agricultural Bank-deposits, currency, 2,580,000; loans, paper, 25,580,000; cash on hand, currency, 3,430,000. The capital of the Mercantile Bank is 25,000,000 pesos, paper, with a reserve fund of 14,100,000; that of the Bank of the Republic is 4,000,000 pesos, gold, with a reserve fund of 1,500,000 gold and 300,000 paper; that of the Bank of Spain and Paraguay is 8,980,000, paper, with a reserve fund of 880,000; and that of the Agricultural Bank is 34,590,000, paper, with 1,730,000 reserve. Including the assets of the Banco Constructor (with a capital of 1,550,000 pesos, paper), the Commercial Credit fund (1,550,000 pesos, paper), the Industrial & Commercial Agency of Villarrica (1,360,000 pesos, paper), and the office of exchange, which received 10,000,000 pesos in bills from the Government and 830,194 pesos, gold, and has a reserve amount of 3,310,000 pesos, paper, the total of the principal accounts of the institutions enumerated at the end of 1918 were as follows: Capital invested, 4,830,000, gold, and 83,564,000, paper; reserves, 1,500,000, gold, and 20,570,000, paper; deposits, 4,165,000, gold, and 126,060,000, paper; savings, gold, 1,328,000; paper, 43,280,000; loans, 7,177,000, gold, and 174,227,000, paper; cash on hand, 4,723,000, gold, and 59,936,000, paper. These figures demonstrate the fact that Paraguay has developed rapidly within the past four years, not only commercially, but also in the amount of private savings accounts, since bank deposits have more than doubled since 1914.

By presidential decree No. 9153, regulating articles 38 and 39 of law No. 236, the TAX ON EVERY HEAD OF CATTLE sold