MONEY AND CREDIT — WEIGHTS AND MEASURES 773
now Chimbacella) at only 16 minutes distance in coach from Quito. Length of line about 370 (1912) miles. This line was transferred by the Government to the Guayaquil and Quito Railroad Company, and is extended to Quito. Railways for the development of local trade have been undertaken by several local authorities. That from Puerto Bolivar (Machala) to the cocoa districts is being worked and extended ; that from Ambato to the Arayumo River is not yet begun. There is a project for a railway from Bahia de Caraquaz to Quito undertaken by a French company. This has been partially built and is running for about 40 to 50 miles to the important cocoa district of Chone, in Manabi, Avith various stations at Calccta. Another line from Manta to Santa Ana, in the ivory, nut and colfee districts of Manabi, is also in course of construction and will shortly arrive at the (iapital of the Pro- vince Porto Viego.
The total length of telegraphs is about 2,602 miles, Quito being connected with Guayaquil and the coast, with the Republics of Colombia, and Peru, and^ by cable with the rest of the world. There are about 60 telegraph stations. Two telephonic systems with 400 subscribers each are established at Guayaquil, and a system is also in operation in Quito.
The inland correspondence amounts to about 820,000 letters yearly, and the foreign correspondence to 1,809,000 letters and 6,347,000 newspapers and packets.
Money and Credit.
Ecuador having no mint, the coin of the country is minted in England, the United States, and Peru.
There are two banks authorised to issue notes for circulation, viz., the Banco del Ecuador, capital 3,000,000 sucres, and the Banco Comercial y Agricola, capital 5,000,000 sucres. On December 31, 1909, the Government owed 279,187Z. to the former bank, and 252,181/. to the latter. By the banking law of 1897 the banks are required to hold at least half their metallic reserve in gold (IZ. =10 sucres). In 1909 their united gold reserve was 427,383/., and their circulation 6,651,397 sucres.
Other banks are the Banco Hipotecario Avith a capital of 2,000,000 sucres and the Banco Territorial. These are only mortgage loan banks.
On December 31, 1910, the gold and notes in circu'ation were as follows : gold, 5,086,925 sucres (508,692/.) ; silver, 2,782,954 (278,295/.); and nofe 9,834,885 (983, 488^).
Money, Weights and Measures.
A law passed in 1898 provided for a gold standard, which was established on June 4, 1900. The new coinage consists of: the gold condor of 10 sucres weighing 8-136 grams, and containing 7*3224 grams of fine gold (equivalent to the English sovereign), the silver sucre and its sub-divisions, and nickel and copper pieces. The sucre, so called from the likeness of Marshal Sucre (a former President) imprinted on the coin, is legal tender only up to 10 sucres.
By a law of December 6, 1856, the French metrical system of weights and measures was made the legal standard of the Republic ; but is not adopted by commerce. The quintal is equivalent to about 101 pounds.
