1128 NICARAGUA
There are few good roads in the country, but contracts have been made for roads and transport from Momotombo to Matagalpa, 79 miles, and tor 3 roads leading respectively from Matagalpa, from New Segovia, and from the Pizpiz mines in the Cape Gracias district to the head of steamboat navigation on the Cuco Wanks river, about 160 miles from its mouth. A good cart road has recently been completed between Matagalpa and Jinotega, about 24 miles. There is also a road between Puerto Diaz and Juigalpa, of which 7 miles have been constructed ; a highway from the capital to Sierras de Managua, 3 miles constructed ; there will be two branches from this road, one leading to la Cuchilla and the towns to the south by way of Camino del Ventarron, and the other to Cuchilla and the Pacific coast by way of Camino de Chiquilistagua. There will also be a highway from Tipitapa to Matagalpa, of which the last 2 miles are the most difficult of all the stretch of road in the Tamarindo region. Improvements are being made on the roads from Granada to Nandaime, Boaca to Tipitapa, Masaya to Tipitapa, and from Leon to the Pacific coast. For the repairing and making of roads a tax varying from 1 peso (about 22d. ) to 10 pesos is imposed on all male inhabitants over 18 years of age.
The Pacific Railroad of Nicaragua is the only line in the republic, having a total length of 171 miles. The line runs from Corinto to Leon, Managua, Granada, and Diriamba, with branches to El Viejo and Monotombo. There are 20 miles of private railway on the Atlantic coast near the Rio Grande, and, on the west side of Lake Nicaragua, 3 private steam tramways aggregat- ing 3 miles in length. A contract for the construction of a railway from El Bluff (Bluefields) to Lahone Grande (a small place on the line from Managua to Granada), passing through Matagalpa, was entered into by the Govern- ment with a New Orleans Syndicate in 1918. The term of the lease is 99 years, but the entire line must be built within 10 years, otherwise the c n- c.ession lapses.
The national railways have been sold to an American company for two million dollars, 51 per cent, of stock being owned by Brown Bros, and J. W. Seligman and Co. of New York, and 49 per cent, by the Government, but held on escrow by American bankers for a loan of 1,060,000 dollars due.
There are 3,637 miles of telegraph wire, and 130 offices ; also 805 miles of telephone wire and 29 telephone stations. Between December 1, 1915 and October 31, 1916, 351,786 telegrams were sent, and 3921 cablegrams. Receipts 3051£.
The Government has contracted for the installation of wireless tele- graph stations at Managua, Granada, San Carlos, San .luan del Norte and Castillo.
Money, Weights, and Measures.
The National Bank of Nicaragua, with a capital of over 100,000 dollars, was established in Managua in 1912. Other banks are the Commercial Bank of Spanish America and the Anglo Central American Commercial Bank, Ltd.
In 1912 a new monetary unit was introduced, the gold cordoba, equi- valent to the American dollar, containing 1"672 gr. of gold nine-tenths fine, and divided into 100 equal parts. Other gold coins provided for by the monetary law of 1912 are 10, 5 and 2£ cordobas, but no gold coins have ever been struck. As the National Bank suspended the sale of gold drafts on the United States in October, 1914, the monetary reform has fallen to pieces as there is presumably no gold reserve at all behind the cirailation of 2 million paper cordobas. No statements are published either by the Bank or by the Government, and very little silver is in circulation. The country
