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Exports by Groups of Articles

banco, bank, gold, united, principal, uruguay and francs

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According to the Boletin del Ministerio de Hacienda, the exports by groups of articles for the years 1914 and 1915 were as follows: The fdreign trade of Uruguay has been studied with a view to ascertaining also the percentage of each of the main divisions of the imports and exports. The result appears in the following table, which shows the average of recent .years, thus minimizing the effects of Uruguay's chief exports to the United States are leathers, meat products and wool. Her principal imports from the United States are passenger automobiles, cotton cloth, drugs and chemicals, flour, hardware and tools, knit goods, iron and steel, lubricating oil, rosin, sugar and tinplate.

The manufacturing industries of Uruguay are on a small scale as a rule, but a noteworthy exception is the immense establishment of the Liebig Company at Fray Bentos. In Monte video there are flour mills and boot and shoe factories. Several woolen-mills, brick and tile works and glass and bottle factories are in operation. Other manufactures are: Furniture, cotton and linen cloth, cement, etc.

Money, Banking and Finance.— Uruguay's monetary system is based on the gold standard, the theoretical unit being the Uruguayan gold peso, divided into 100 centesimos and represent ing 1.697 grammes of gold .917 fine or say 1.5561 grammes of pure gold. Its par value in terms of the currency of the United States is $1.0342 and the par value of $1, currency of the United States, in terms of Uruguayan cur rency is $0.96689 pesos. But, inasmuch as Uruguay has never actually coined the peso or other .gold-piece, the circulation consists of banknotes and foreign gold coins, which are legal tender at the following rates: United States Eagle $9 66 pesos English Sovereign 4 70 " German 20 marks 4 60 " French 20 francs 3 73 " Belgium 20 francs 3 73 Italy 20 lire 3 73 Spanish Doblon 4 82 " Brazil 20 rnilreis 10 56 " Argentine $5 00 pesos.... 4 66 Exchange rates are quoted normally in Montevideo as follows: London 90 d/s 51 11/16d = $1 00pesos London Sight 50 Id = 1 00 Paris 90 d/s francs... 5 421 = 1 00 " Paris Sight francs.... 5 36 = 1 " Berlin 90 d/s marks.. 4 41 = 1 00 " Berlin Sight marks.... 4 34 = 1 00 " New York Sight U. S. cy.. $1 00 =0.973 "

The principal banks in Montevideo are: Banco de la Republica, Banco Popular del Uruguay, Banco Comercial, Banco Espanol, Banco Frances, Banco Aleman Transatlantic°, Banco Britinico de la Arn6rica del Sud, Banco Anglo Sud-Americano, Banco de l.ondres y Rio de la Plata, London and Brazilian Bank, Limited, and a branch of the National City Bank of New York. The first mentioned is really a state institution, its capital having been contributed solely by the government. It is administered by directors who, although ap pointed by the President of the republic with the consent of the Senate, enjoy complete in dependence. In this connection we quote the observations of the Uruguayan delegation to the First Pan-American Financial Conference: °Its employees are selected among the most able men, after, having passed certain exam inations, and the principal officials of the coun try, including the First Magistrate himself, take pride in not interfering with the independence of the bank, and they do their utmost to help increase its resources and credit. This bank, which to-day exercises a vital influence in the economy of the country by stimulating indus tries and trade, has 24 branches and agencies distributed among the principal cities and towns of the interior, and consequently can claim from an international point of view the financial representation of the republic. In the near future the bank will be in a position to extend its field of operations to North, Central, and South America, establishing there also agencies and branches, for its capital is rapidly increas ing by means of accumulated profits.° The budget for the fiscal year 1916-17 esti mated expenses at $30,525,402.64 and receipts $29,452,776.55. For 1915-16 the figures were: $29,477,311.81 for expenses, including interest on public debts, and $29,578,000 for revenue, the chief sources of revenue, under the conditions created by the war, having been: As contributors to revenue we mention the following government institutions: The Bank of the Republic, the Mortgage Bank, the In surance State Bank and the electric-light and power plants, capitalized with the proceeds of a $4,500,000 loan and constituting a state monopoly.

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