SHIPPING AND COMMUNICATIONS — MONEY, ETC. 1353
Shipping and Communications.
In 1911 Uruguay had 30 steamers of a total net tonnage of 23,960 tons, and 62 sailing vessels of a total net tonnage of 27,178 tons.
There entered at the port of Montevideo in 1911, 2,717 vessels of 8,028,786 tons, and cleared 2,699 of 7,946,929 tons. Of the shipping entered 1,272 of 3,790,458 tons were British vei^sels. The port of Monte- video is visited by the steamers of 20 different companies, of which 12 are British, 2 German, 3 French, 2 Italian, and 1 Spanish.
The National roads of Uruguay have a total length of 2,240 miles, and there are about 3,100 miles of departmental roads. The construction and improvement of roads and bridges continues. The hydrographic conditions of the country also supply convenient means of communication. The maritime and river coast from Chuy, the most easterly maritime point, to Santa Rosa, the most northerly point on the river frontier, extends to the length of 685 miles ; while the many affluents of the Uruguay river (about 1,000 miles in total length) provide channels for inland navigation.
At the end of 1911 the railway system of Uruguay open for traffic had a length of 1,534 miles of standard gauge and 36 miles of narrow gauge, all in British hands ; total, 1,570 miles. Important extensions are in pro- gress especially towards the Brazilian boundary. There are 170 miles of tram- way in operation ; the tramway lines of Montevideo have been electrified.
The telegraph lines in operation have a total length of 4,850 miles ; in 1911 319 offices through which 754,424 telegrams passed. Two telephone companies have 16,518 miles of wire. A Government or municipal tele- phone scheme is under consideration.
In 1911 there were 1,018 post offices. The correspondence movement comprised 106,286,323 letters, packets, &c.
Money and Credit.
The Bank of the Republic has a nominal capital, raised in July, 1911, to 20,000,000 dollars. This bank has the exclusive right to issue notes. The president and directors are appointed by the Government. On Jan. 1, 1912, notes to the value of 25,638,911 dollars were in circulation.
The principal banks in Montevideo, in addition to the Bauk of the Republic, are the four British banks, viz., the London and River Plate Bank, the London and Brazilian, the British Bank of South America, and the Anglo-South American Bank ; there are also the German Transatlantic Bank, the Spanish Bank, and the French and the Italian Banks. The Uruguayan Commercial and the Popular Banks enjoy excellent financial reputations, and there are also various land and mortgage banking institutions. In October, 1911, the Government proposed to create a National Insurance Bank with a monopoly of insurance business of all kinds. A Bill to this efi'ect became law early in 1912. It declares a State monopoly of life, fire, labour, and accident risks, and creates a State Insurance Bank operating all descriptions of insurance. The declaration of the date when the mono- poly is to become effective is left to the discretion of the Government. In the meanwhile no new companies may be established. The Insurance Bank opened its doors on March 1, 1912.
Money, Weights, and Measures.
There is no Uruguayan gold coin in circulation, but the monetary standard is gold, the theoretical gold coin being the peso nacional, weighing 1 "697 grammes, '917 fine. The law of June 23, 1862, authorised the coinage of
