The national budget for 1915 estimated the receipts at 16,985,000 bolivianos (say, $6.607, 165) and the expenditures at 21,453,938 boliv ianos (say, $8,345,271.88). Bolivia is ranked among the gold-standard countries, although no gold has as yet been actually coined. To the theoretical monetary unit, the boliviano, are assigned 100 centavos representing 0.63904 grammes of gold .91666 fine, or say .58579 grammes of fine gold (B12.50 to the I sterling). Its par value in terms of currency of the United States is $0.3893, and the value therefore of $1.00 United States currency, expressed in terms of Bolivian currency, is Bs 2.5685. The normal rate of exchange in Bolivia for 90-day drafts on London fluctuates around per boliviano. This rate declined after 1 Aug. 1915 to 14Y4d. per boliviano, with remittances scarce and difficult to procure even on that basis. The quotations in Bolivia for exchange on New York are more or less nominal, even under normal conditions, and vary from Bs 2.60 to Bs 2.80 per $1.00 currency of the United States. Cosby, J. T., 'Latin American Monetary Systems and Exchange Conditions,' New York 1915.
Transportation and A plan of railway construction has been adopted, the fundamental object of which is to facilitate traffic toward both the Atlantic and the Pacific by means of branch lines radiating from the principal railway system, the Antofagasta Oruro-La Paz Railway. The lines from Mol lendo and Arica were mentioned above. One of the branch lines, running to Rio Mulato and Potosi, has been inaugurated. The Oruro Cochabamba branch is designed to furnish an outlet for a department in which the soil is most fertile and the climate commendable. The Bolivian government is active in the construc tion of railways, the establishment of automo bile routes and the building of new trails lead ing into the vast agricultural regions of eastern Bolivia. The labor supply of Bolivia is limited by the fact that the conditions of life are ex tremely difficult in the regions where the min ing centres are located, due to the high altitude of these regions and to the aridity. which char acterizes the highlands of Bolivia. The pur pose of the government is to afford easy com munication with the lowlands of eastern Bo livia, and thus make available a constant and dependable supply of food to the highlands in which the mines are located.
The Atocha-Tupiza section of the Uyuni Tupiza Railway was all that remained to be constructed in 1917 of the line to connect La Paz with Buenos Aires, of primary importance in the development of commercial, political and social solidarity between these two countries. It is believed that this route will attract a great deal of the business at present enjoyed by the Transandine Railway connecting Buenos Aires with Santiago, the Bolivian route having the advantage of being open throughout the year.
A South American periodical says that the saving in time by the Bolivian route in com parison with the Transandine route would be two or three days during the summer months, that is, from September to March or April; but in winter, when the Transandine road is closed, and mails must go by way of the Strait of Magellan, the saving of time would be about 10 days. It is also believed that this through
Bolivian route will become an important rival of the Panama Canal, since it will offer quicker and more direct transportation from Europe to the west coast of South America. The com pletion of the Madeira-Mamore Railway prom ises to be even more important than the other achievements just mentioned, for this line af fords an outlet to the Atlantic by way of the Madeira and Amazon rivers for the forest products of an enormous region.
Bolivia forms a part of the Universal Postal Union. All the large towns are served. In the interior the mail is carried by postilions. Capi tals of departments and some of the rural cen tres of population are united by telegraph and have telephone service. There are 317 post offices with 732 officials. In 1914, 5,215,501 pieces of postal matter were handled. The ex tent of telegraph lines, both public and private, is 4,259 miles, operated by 216 officers. Wire less telegraph stations are authorized at La Paz, Riberalta or Villa Bella, Cobija, Trinidad, Santa Cruz, Puerto Suarez and Gran Chaco.
In 1917 the Bolivian government authorized the contract of two loans of f1,000,000 each for the completion of the Potosi-Sucre and Atocha Tupiza lines. The first of these is to connect Potosi with the capital, Sucre and the second to form the last link between La Paz and Bue nos Aires. The construction of La Quiaca Tupiza line was being rapidly pushed in 1917 by French contractors and the government had in hand the funds necessary for its completion, a loan of f1,000,000 having been secured to that end in France in 1913. Another loan of $2,400,000 secured in New York was also being used for the construction of the electric line from La Paz to the Yungas provinces, which are rich in forests and mineral wealth, being the best gold regions of the republic. The Ochabamba-Oruro line, under construction for several years, was finished in 1917. As the plan of the La Paz-Yungas line is to surmount the Cordilleras and tap the tropical regions, the great rubber belt will be given easy connection with the railways and the sea coast. Most of these roads will also be able to supply cheaper timber to the great stretches of timberless up lands where bricks are now being used in many places for mining purposes. Extensive tracts of the best agricultural lands in Bolivia will be opened up, through railway connection, with the outside world, thus making actual out of potential wealth. Yet, notwithstanding all these efforts of the Bolivian government, the vast extent of trackless country comprising the greater part of its territory is still without rail ways, for the mountainous nature of the coun try makes their construction very difficult and their maintenance still more so.