The Mozambique company is a Lisbon company, incorporated by royal charter (1891), for a term of 5o years, renewable on expiry. Its capital is £1,500,000, much of which is foreign, and it holds sovereign rights over the territories of Manica and Sofala, an area of 153,666 sq.km. Its main activities are agricultural, but mining operations are very promising. Its capital Beira (q.v.) is the natural port of Rhodesia, and the carrying trade is constantly developing. The total trade of the territory was valued at £13,156,131 in 1925. In 1924 a profit of £152,079 was re corded. Gold, both reef and alluvial is produced, as also silver, tin and copper. Coal measures are known. The chief agricul tural products are : cotton, of good staple, mainly on the Zam bezi, and in Manica, Chimoio, Neves Ferreira and Buzi ; sisal at Chupanga on the Zambezi; maize throughout the territory; oil seeds; rice, in increasing quantity, and citrus fruits. In 1926 there were 88,o6o head of cattle in the territory.
The Nyasa company, which began work in 1894, had rights similar to those of the Mozambique company. It has had under its control territories. with area 73,292 square miles, in the north, the region between the Rovuma, the Lurio and Lake Nyasa. Porto Amelia, the capital, is about 15o miles north of Mozam bique: Trade is mostly in the hands of Indians, and develop ment has been slow and inconsiderable. Agricultural and mineral possibilities are probably considerable. Active prospecting is going on, and there are said to be indications of coal, oil, graphite, mica, iron, and alluvial gold. The territory of the, company is being taken over by the provincial Government in 1929.
The difficult conditions of the last few years have disappeared, and the financial condition of the colony is encouraging. The escudo currency is now on a firm basis. Transfers to Portugal now cost only 3%. Revenue is mainly derived from customs, a hut tax (for which in 1925 a poll tax was substituted) and a tax on labourers who emigrate ; the last source is not available in the territories of the chartered companies. The budget for 1927-28 shows total receipts 328,483,961 escudos, of which 318, 978,090 escudos rank as ordinary. This is a great increase on the preceding year. The total expenditure is 311,397,476 escudos, leaving a surplus of normal receipts over necessary expenditure of over 1,70o contos, which is to be used for development. The colony has no external debt.
Economic Conditions and Commerce.—Economic develop ment is considerable in the province, especially in the Mozambique company's territory. The Portuguese, however, have lacked capi tal to carry out large enterprises, while the constant ministerial changes at Lisbon and the financial embarrassment of Portugal have reacted unfavourably on Mozambique. Development has
been most marked where British interests were concerned and British capital was forthcoming. The transit trade is large, Lou renco Marques serving the eastern Transvaal, and Beira being the chief port for Rhodesia, Katanga and British Nyasaland. A railway from Beira to the Zambezi, completed in 1922, was built with British capital to meet the needs of the Nyasaland protectorate. This railway superseded the route by the Zambezi. The Beira-Zambezi railway also opened up rich tracts suitable for sugar, cotton and other crops. Moreover it brought a step nearer the exploitation on a large scale of the coalfields on the north side of the Zambezi near Tete. Another railway, from In hambane to Delagoa bay (28o m. long), built in sections, is open to Inharrime. This line also serves fertile regions.
Imports were, in order of value: iron, steel and machinery and building material; flour, cereals in grain, cotton stuffs, timber, petrol; others were alcoholic drinks, automobiles and rice. The chief exports were, in order of importance, sugar, copra, maize, fresh fruit, coal, sisal, mangrove bark, nuts, beans and cotton.
Apart from local trade, the transit. trade to British dominions through Lourenco Marques and Beira is most important. The chief exports to the Union of South Africa are copra, sugar, fresh fruit and ground-nuts; the chief imports from that source being coal, maize, fresh milk, eggs, beer and potatoes. In 1926, 33.07% of imports came from the British Empire, 14.46% from the Union of South Africa, 14.11% from Germany, and 13.86% from Portugal.