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the capital of Honduras, and entered into a convention to unify the monetary system, the Customs duties, the weights and measures, the fiscal laws, and the Consular Service of Central America. In February, a concession was granted for a railway from Trujillo Bay to Juticalpa, with a branch to Tegucigalpa.

It was announced in December that Messrs. J. Pierpont Morgan & Co. would finance the redemption of the debt of Honduras, which is chiefly in English and French hands.

The Annual Report of the Panama Canal Commission put the total cost of construction at 59,400,000l., on a grand total, with purchase price and cost of sanitation, of 75,000,000l. The 1906 Estimate was 27,800,000l. Up to October 30, 1909, 38,200,000l. had been expended by the Commission. The Culebra cut was carried half-way through by the end of the year and is expected to be completed within four years. A United States Naval and Military Commission has been appointed to study the best means of fortifying the Canal zone. Among recent visitors to the Canal is Sir John Jackson, the Andean railway contractor. He expressed himself pleased with the progress of the work and with the sanitation of the zone and foretold that the Canal would be finished in 1915.

A large area of forest and pasture land was thrown open to immigration, comprising nearly all the Pacific slope of the Republic, and including the provinces of Chiriqui and Veragua. An appropriation of $10,000 was made towards agricultural colonies. A railroad was projected from Panama to David.

In Nicaragua early in October a revolution broke out on the Atlantic coast against President Zelaya, who had ruled with great severity, and had been believed to aim at forcibly confederating the five States of Central America with himself as head. Its leader, General Estrada, assumed the Presidency in October and made his authority complete along the Atlantic Coast region. A reign of terror was thereafter reported, from which it appeared that Zelaya had not been extinguished. New York reports charged him with having had 500 revolutionists shot out of hand, including two American subjects (p. 437). United States cruisers were ordered to the coast. Several Americans were reported to be imprisoned by Zelaya at Managua. Meanwhile the Revolution was spreading. The United States Government did not, however, intervene, but on December 1 handed the Nicaraguan chargé d'affaires his passports, declaring in a Note that the Government would hold personally responsible all who were concerned in the execution of the two Americans-Messrs. Grace and Cannon. The Note described the Zelaya régime as "a blot on the history of Nicaragua." Zelaya made overtures to Estrada offering to retire on the condition that the Nicaraguan Congress be authorised to elect his successor, but the Congress being under his control these overtures were rejected. On December 16, Zelaya telegraphed to President Taft that he had resigned "to avoid harm to my country and desiring it

to renew friendly relations with the United States." Señor Madriz then became President, and Zelaya left for Mexico. The year closed in much uncertainty as to the immediate future, and the question of the death of the two United States citizens remained to be dealt with at Washington.

V. WEST INDIES AND GUIANA.

The most important event in the British West Indies was the appointment and work of the Royal Commission on Trade Relations (p. 454). The Commission is not expected to complete its work and report until late in 1910. At the opening of the Legislature of Jamaica in February, Sir Sidney Olivier said he expected a surplus of 100,000l. at the end of the year, besides a fund of 60,000l. for use in the event of earthquakes or hurricanes. Sir Henry Blake, a former Governor, visited the island with Lady Blake in the spring. Notwithstanding earthquakes, hurricanes and drought, he noted great progress, due chiefly to the banana trade. The rebuilding of Kingston has made much progress during the year and the commercial quarter is now wholly restored. The leading English insurance companies withdrew from fire insurance business in Jamaica after settling earthquake losses of 1907 on an 85 per cent. basis. A severe hurricane, with heavy floods and landslips and the loss of twenty lives, was reported on November 20. The Governor made a tour of the region of disaster and reported that the damage to public works could be repaired from current revenue without drawing on the insurance fund. The Holland Bay

district was the hurricane centre and the Port Antonio section of the railway was badly damaged. The injury to the banana crop was extensive. The Report for 1908-9 showed a revenue of 933,750l. and expenditure of 911,095l. The public debt on March 31, 1909, was 3,769,8441. Deducting sinking funds, the net liability was 3,222,5781. The imports (1908-9) were of the value of 2,420,3351. and exports 2,268,2541. The sale of lands to small proprietors on the instalment system is attended with much default, the arrears being so heavy that "taking into account the cost of roads, surveys, and staff charges during the period through which instalments are payable, it is to be feared that the Treasury has made little, if any, direct pecuniary profit by these transactions." The estimated population was 848,656 in March, 1909. The outflow of labour to the Panama Canal is 10,000 labourers yearly. An illuminating observation on the vital statistics is made in the Report: "The sudden freshet of marriages let loose by the earthquake (following after two years of very low matrimonial water) has now evidently exhausted itself, and the Island rate has reverted to the average of the five years preceding that spiritual awakening." The average percentage of illegitimate births during the past ten years is 63·5. The Governor's review is

rather discouraging reading, owing to the apathy of the population, but he describes the year as having been moderately prosperous and says that towards its close conditions improved.

From British Guiana there is no news of importance. The Annual Report for 1908-9 showed a revenue of £540,053, a decline of £8,239. The value of the imports was £1,838,947, and exports £2,104,176. The Colony is fairly prosperous. Barbados has done well: the remittances of her 20,000 labourers on the Isthmian Canal are an important factor in the well-being of her teeming population. The revenue for 1908-9 was 189,8051. and expenditure 198,8651.-a decrease of 20,000l. on the first item, ast compared with the previous year. The imports for 1908 were valued at 1,225,8691. and exports 948,1771. The value of the sugar crop was 288,4361. Trade with Canada is increasing. The cotton industry is not expanding. The percentage of illegitimacy is 56.7. Infant mortality is appalling-31.94 in 1908, due to ignorant feeding. An outbreak of yellow fever has restricted the tourist traffic.

The

Trinidad continues to grow in prosperity, but needs fresh capital for the development of her resources. The figures for 1908-9 were not so good as those for the preceding year. The revenue was 834,7451.-a decrease of 36,4561.-and the expenditure 855,050. The exports and imports were of the total value of 5,182,8971., as against 7,282,3271. in the previous year. The crop of cocoa was as large, but prices were lower. trade restrictions imposed by Venezuela have affected the transit trade with Orinoco ports. An outbreak of bubonic plague also hampered trade; yellow fever, too, occurred. The oil industry is developing well. The island now has eighty-one miles of railway, and extensions of another thirty have been sanctioned. The record from the Bahamas is one of stagnation in trade and but slow recovery from the effects of the hurricanes of September-October, 1908. But it appears that the hurricanes of the West Indies are really advantageous, the ultimate effect of the excessive rainfall on the soil being to add to its fruitfulness. The revenue for 1908-9 was 81,8621. and the expenditure 99,6551. -the revenue being 10,000l. less than in the previous year and the expenditure 20,000l. more, partly because of the hurricanes. The imports for 1908 were valued at 369,490. and the exports 183,2391. Of the other British islands there is nothing of sufficient importance to record. Generally speaking, the West Indies are "marking time." The West Indies Committee in London has passed a resolution welcoming preferential trading arrangements between Canada and the British West Indies and Guiana (p. 454), provided that the interests of individual Colonies be safeguarded.

Haiti and San Domingo suffered severely from hurricanes early in November, and from the interior much loss of life was reported. There were difficulties with France in respect of the Banque Nationale d'Haiti, and it was reported that Haiti was negotiating with Germany for the establishment of a German

opposition bank at Port-au-Prince to which the business of the Republic could be transferred. A revolution occurred in October, but was suppressed.

Notice was given in October of a law enacted in May requiring all credits against the State of San Domingo to be presented before January 1, 1910, for adjustment at the rate of 20 per cent. of their nominal value; otherwise the credits will be regarded as non-existent. From Martinique there is nothing to record save increased trade and, in the absence of volcanic disturbance, a hopeful prospect. The total foreign trade of 1908 was of the value of 1,446,226., an increase of 44,735, wholly due to the greater volume of exports, mostly to France.

VI. SOUTH AMERICA.

Dr. Penna, the President of the United States of Brazil, died on June 14. In accordance with the Constitution the Presidency was assumed by the Vice-President, Dr. Nilo Peçanha, a native of Campos and for twelve years a deputy in the Republican Congress. Becoming a Senator, he was made President of the State of Rio Janeiro, where he instituted many financial and administrative reforms. He became Vice-President of the Republic at the age of thirty-eight and has a reputation for strength of character. He will hold office only until the 1910 elections and does not intend to be a candidate for the Presidency. Two candidates are before the country, Señor Ruy Barbosa, a wealthy advocate, who desires a purely civil régime, and Marshal Hermes da Fonseca, a military man, who, however, disavows any intention to set up a military system. President Penna's Message to Congress on May 3, recorded satisfactory foreign relations and promised a voluntary rectification of a frontier question with Uruguay. It has since been made by a new line passing through Lagun Mirim instead of on the western shore. The total revenue for 1908 was 62,063 contos gold, and 377,562 contos paper; but this includes a 4,000,000l. loan. The national balance was stated as 10,300,4911. in London and 64,128,000 contos in paper, silver and nickel. On December 31, 1908, the external debt was 75,944,000l. and 50,000,000 francs. Imports in 1908 were of the value of 35,491,000l., as against 40,597,000. the previous year, and exports 44,155,000l. as against 54,177,000l. Trade during 1909 showed a marked expansion in the chief exports, coffee and rubber. The increase in the value of rubber has been of enormous benefit to Brazil. The President announced the signature of several treaties of arbitration with European Powers and other American Republics. In his last report Mr. Cheetham, the Secretary to the British Legation at Rio, comments on the increasing importation of industrial and farming machinery. Relations with Argentina have been good, and Dr. R. de Oliveira, the Brazilian Minister in London, took occasion to deny that they would be affected for the worse if

Marshal Hermes da Fonseca were elected to the Presidency. "You may take it from me as a most emphatic démenti," he said, "that Brazil has no wish for war, that she would not be led into war by any President, and that the insinuations made. as to Marshal da Fonseca's intentions are all contrary to his past history and are absolutely unsupported by fact." The statistics of the Minister of Commerce show that imports for the first six months of 1909 were of the value of 16,907,575, as against 18,556,4271. for the first half of 1908. The exports were of the value of 23,493,2571. as against 19,792,017. The coffee export was 4,529,527 bags, valued at 8,900,7397., a slight decrease. The rubber exports were 21,848,163 kilos, value 8,802,7931., as against 21,559,371 kilos, value 5,752,4947., in the corresponding period of 1908. A Treaty was concluded with Peru on September 8, in settlement of frontier questions in the Amazon region, the principle being that each country recognises the present possessions of the other. On October 8 a treaty was made with Uruguay by which Brazil made various concessions, ceding the western half of Lagun Mirim with the islands from the southern point to the mouth of the Jaguarao and the islands and the thalweg from the right bank. The navigation of the river was also granted. A number of Germans who had gone to the Upper Amazon as workmen on the MadeiraMamore Railway broke their contracts of service and returned home during the year with complaints that led to the issue of an official warning against the acceptance of labour engagements in the Republic. A Cabinet meeting in November decided on economies in the different departments to the extent of 1,500,0001. sterling. A bomb outrage in Sao Paulo on November 23 caused a destructive fire and the death of several persons.

President Alcorta's Message to the Congress of Argentina dwelt on the amity of international relations and in particular on the conclusion of the arbitration treaty with Brazil. The country was undoubtedly prosperous, and its prosperity was expanding. The Budget for 1908 estimated a revenue of $57,830,105 gold and $83,766,358 paper, or 18,937,4601. sterling. The receipts equalled 22,456,6847.-a surplus of 3,519,2241. The estimated expenditure was $25,519,879 gold and $175,132,992 paper, equalling 20,525,6791. sterling; the amount spent was $24,519,578 gold and $16,431,183 paper, or 19,363,3551. sterling, a saving of 1,162,324. Other calculations showed that the surplus was equivalent to 738,5701. The amount owing on credits in Europe on March 31, 1909, was 100,000l. On December 31, 1908, there was a gold reserve guaranteeing 66 per cent. of the total currency circulation, or an equivalent of 59,477,5231. President Alcorta announced that the new loan would be used for public works and railways, the development of new territories and strengthening the capital of the Banco de la Nacion Argentina. Señor Alcorta's term ends in November, 1910. The official candidate is Dr. Roque Saenz Peña, who obtained leave of absence from his duties as Minister

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